Full Press Release Details
Coherus BioSciences Reports Corporate Highlights and Second Quarter 2018 Financial Results
REDWOOD CITY, Calif., August 8, 2018 Coherus BioSciences, Inc. (Nasdaq: CHRS), today reviewed corporate highlights and reported financial results
for the quarter ended June 30, 2018.
Second Quarter 2018 Corporate Highlights Include:
Second Quarter 2018 Financial Results:
UDENYCA (pegfilgrastim-cbqv), biosimilar candidate to Neulasta
CHS-1420 (adalimumab
(Humira ) biosimilar)
CHS-3351 (ranibizumab (Lucentis )
biosimilar) and CHS-2020 (aflibercept (Eylea ) biosimilar)
Conference Call Information
Wednesday, August 8, 2018 at 4:30 p.m. ET
Dial-in: (844) 452-6826
(toll free) or (765) 507-2587 (International)
Conference ID: 4562488
Webcast: http://investors.coherus.com
conference call at least 10 minutes early to register. The webcast will be archived on the Coherus website.
About Coherus BioSciences, Inc.
Coherus is a leading biosimilar company that develops and commercializes high-quality therapeutics for major regulated markets. Biosimilars are intended for
use in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases, with the potential to reduce costs and expand patient access. Composed of a team of proven industry veterans with world-class expertise in
process science, analytical characterization, protein production, sales & marketing and clinical-regulatory development, Coherus is positioned as a leader in the global biosimilar marketplace. Coherus is advancing three late-stage clinical
products towards commercialization, UDENYCA (pegfilgrastim-cbqv), CHS-1420 (adalimumab biosimilar) and CHS-0214 (etanercept biosimilar), as well as developing a
robust pipeline of future products in ophthalmology (including CHS-3351, a ranibizumab biosimilar, and CHS-2020, an aflibercept biosimilar), as well as CHS-131, a small molecule for nonalcoholic steatohepatitis (NASH) and multiple sclerosis. For additional information, please visit www.coherus.com.
Forward-Looking Statements
Except for the historical
information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited
to, Coherus expectations regarding the FDA s action date; Coherus expectations regarding regulatory approval for UDENYCA from the European Commission; Coherus ability to enter into commercial collaborations in ex-U.S. territories; Coherus plan to initiate U.S. commercial launch for UDENYCA ; Coherus plan to initiate the clinical development of CHS-3351;
Coherus expectation to continue the preclinical development of CHS-2020; Coherus ability to pursue manufacturing objectives of CHS-1420 in support of a BLA;
Coherus plan to continue to develop partnering options of CHS-1420 for ex-US territories; and Coherus ability to anticipate cash use for the third quarter of
2018. Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties inherent in the clinical drug development process; the risks and uncertainties of the regulatory approval process, including
of Coherus regulatory filings; the risk that Coherus is unable to complete commercial transactions and other matters that could affect the availability or commercial potential of
Coherus biosimilar drug candidates; and the risks and uncertainties of possible patent litigation. All forward-looking statements contained in this press release speak only as of the date on which they were made. Coherus undertakes no
obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks
relating to Coherus business in general, see Coherus Quarterly Report on Form 10-Q for the three and six months ended June 30, 2018, filed with the Securities and Exchange Commission on
August 8, 2018 and its future periodic reports to be filed with the Securities and Exchange Commission. Our results for the quarter ended June 30, 2018 are not necessarily indicative of our operating results for any future periods.
UDENYCA is a trademark of Coherus BioSciences, Inc.
Enbrel and Neulasta are registered trademarks of Amgen Inc.
Humira is a registered trademark of AbbVie Inc.
Lucentis is a registered trademark of Genentech, Inc.
Eylea is a registered trademark of Regeneron Pharmaceuticals, Inc.
Coherus BioSciences, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Revenue: | ||||||||||||||||
| Collaboration and license revenue | $ | $ | 1,395 | $ | $ | 1,556 | ||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 26,519 | 34,500 | 51,974 | 88,275 | ||||||||||||
| General and administrative | 18,391 | 23,533 | 34,968 | 42,336 | ||||||||||||
| Total operating expenses | 44,910 | 58,033 | 86,942 | 130,611 | ||||||||||||
| Loss from operations | (44,910 | ) | (56,638 | ) | (86,942 | ) | (129,055 | ) | ||||||||
| Interest expense | (2,417 | ) | (2,384 | ) | (4,825 | ) | (4,760 | ) | ||||||||
| Other income, net | 3,642 | 3,620 | 3,780 | 3,591 | ||||||||||||
| Net loss | (43,685 | ) | (55,402 | ) | (87,987 | ) | (130,224 | ) | ||||||||
| Net loss attributable to non-controlling interest | 47 | 66 | 52 | 110 | ||||||||||||
| Net loss attributable to Coherus | $ | (43,638 | ) | $ | (55,336 | ) | $ | (87,935 | ) | $ | (130,114 | ) | ||||
| Net loss per share attributable to Coherus, basic and diluted | $ | (0.68 | ) | $ | (1.08 | ) | $ | (1.42 | ) | $ | (2.60 | ) | ||||
| Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted | 63,960,567 | 51,291,787 | 62,051,912 | 50,008,999 |
Coherus BioSciences, Inc.
Condensed Consolidated Balance Sheets
| June 30, 2018 | December 31, 2017 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 130,005 | $ | 126,911 | ||||
| Investments in marketable securities short term | 29,813 | |||||||
| Other assets | 28,495 | 35,700 | ||||||
| Total assets | $ | 188,313 | $ | 162,611 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Convertible notes | $ | 76,750 | $ | 76,206 | ||||
| Convertible notes related parties | 25,583 | 25,402 | ||||||
| Other liabilities | 24,149 | 30,468 | ||||||
| Total stockholders equity | 61,831 | 30,535 | ||||||
| Total liabilities and stockholders equity | $ | 188,313 | $ | 162,611 |
Chief Financial Officer
Coherus BioSciences, Inc.