Full Press Release Details
Coherus BioSciences Reports First Quarter 2017
Corporate Highlights and Financial Results
REDWOOD CITY, Calif., May 8, 2017 Coherus BioSciences, Inc. (NASDAQ: CHRS), today reviewed corporate events and reported financial results for the
quarter ended March 31, 2017.
Corporate Highlights for the First Quarter 2017 Include:
Immunology (anti-TNF) therapeutic franchise:
Financial Highlights for the First Quarter 2017 include:
Oncology therapeutic franchise:
Immunology (anti-TNF) therapeutic franchise:
Conference Call Information
When: Monday, May 8,
2017 at 4:30 p.m. ET
Dial-in: (844) 452-6826 (toll free) or (765) 507-2587 (International)
Conference ID: 8313325
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 pure-play, global 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, CHS-1701 (pegfilgrastim biosimilar), CHS-0214 (etanercept biosimilar) and
CHS-1420 (adalimumab biosimilar), as well as developing a robust pipeline of future products in four therapeutic areas, oncology, immunology (anti-TNF), ophthalmology
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, including statements regarding Coherus plans,
potential opportunities, expectations, projections, goals, objectives, milestones, strategies, product pipeline, clinical studies, product development, release of data and the potential benefits of its products under development are forward-looking
statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including Coherus ability to obtain positive results with respect to Inter Partes Review petitions seeking
invalidation of certain Abbvie patents; timely launch CHS-1701, file marketing applications and receive marketing approval for CHS-1701 and CHS-1420 in the U.S. and the E.U.; complete a partnering agreement for CHS-1701; make a BLA submission at or near the end of the second quarter of 2017; initiate a PK study
with a formulation not impacted by AbbVie US Patent 166 in the second half of 2017, if the 135 Patent is invalidated by the Patent Trial and Appeal Board; advance intellectual property strategies supporting potential 2018 commercial
launch of CHS-1420; complete a partnering agreement for its immunology (anti-TNF) therapeutic franchise; complete additional studies for and enter into a licensing
agreement with respect to CHS-131; prioritize its use of cash towards CHS-1701 commercialization activities; successfully defend against the trade secret and related
allegations made by Amgen Inc. in the lawsuit filed against Coherus and other parties with respect to CHS-1701 and be able to launch that product on a timely basis. Such forward-looking statements involve
substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and
uncertainties include, among others, the uncertainties inherent in the clinical drug development process, including the regulatory approval process, the timing of our regulatory filings and other matters that could affect the availability or
commercial potential of our biosimilar drug candidates, as well as possible patent litigation. 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 Annual Report on Form 10-K for
the year ended December 31, 2016, filed with the Securities and Exchange Commission on March 14, 2017 and its future periodic reports to be filed with the Securities and Exchange Commission.
Enbrel and Neulasta are registered
trademarks of Amgen Inc.
Humira is a registered trademark of AbbVie Inc.
Coherus BioSciences, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2017 | 2016 | |||||||
| (unaudited) | ||||||||
| Revenue: | ||||||||
| Collaboration and license revenue | $ | 161 | $ | 12,359 | ||||
| Operating expenses: | ||||||||
| Research and development | 53,775 | 65,313 | ||||||
| General and administrative | 18,803 | 11,398 | ||||||
| Total operating expenses | 72,578 | 76,711 | ||||||
| Loss from operations | (72,417 | ) | (64,352 | ) | ||||
| Interest expense | (2,376 | ) | (837 | ) | ||||
| Other expense, net | (29 | ) | (349 | ) | ||||
| Net loss | (74,822 | ) | (65,538 | ) | ||||
| Net loss attributable to non-controlling interest | 44 | 150 | ||||||
| Net loss attributable to Coherus | $ | (74,778 | ) | $ | (65,388 | ) | ||
| Net loss per share attributable to Coherus, basic and diluted | $ | (1.54 | ) | $ | (1.67 | ) | ||
| Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted | 48,711,958 | 39,095,975 |
Coherus BioSciences, Inc.
Condensed Consolidated Balance Sheets
| March 31, | December 31, | |||||||
| 2017 | 2016 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 124,924 | $ | 124,947 | ||||
| Investments in marketable securities - short-term | 49,900 | |||||||
| Other assets | 52,671 | 53,538 | ||||||
| Total assets | $ | 227,495 | $ | 178,485 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Deferred revenue | $ | 1,394 | $ | 1,561 | ||||
| Convertible notes | 75,437 | 75,192 | ||||||
| Convertible notes-related parties | 25,146 | 25,064 | ||||||
| Other liabilities | 48,559 | 57,314 | ||||||
| Total stockholders equity | 76,959 | 19,354 | ||||||
| Total liabilities and stockholders equity | $ | 227,495 | $ | 178,485 |
Senior Vice President, Investor Relations