Full Press Release Details
Coherus BioSciences Reports Fourth Quarter and Full Year 2016
Corporate Highlights and Financial Results
REDWOOD CITY, Calif., March 13, 2016 Coherus BioSciences, Inc. (Nasdaq: CHRS), today reviewed corporate events and reported financial results for
the fourth quarter and full year 2016.
Corporate Highlights for the Fourth Quarter 2016 Include:
Oncology therapeutic franchise:
Immunology (anti-TNF) therapeutic franchise:
Financial Highlights for the Fourth Quarter 2016 include:
Fourth Quarter and Full
Year 2016 Financial Results:
Oncology therapeutic franchise:
Immunology (anti-TNF) therapeutic franchise:
When: Monday, March 13, 2017 at 4:30 p.m. ET
Dial-in: (844) 452-6826 (toll free) or (765) 507-2587 (International)
Conference ID: 66529524
Please join the conference call at least 10 minutes early to register. The webcast will be archived on the Coherus
About Coherus BioSciences, Inc.
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 complete a partnering agreement and receive MAA acceptance for CHS-1701, receive MAA
acceptance for CHS-0214, initiate a bioavailability study for CHS-0214 and receive BLA acceptance for CHS-1420, complete a partnering agreement for its immunology (anti-TNF) therapeutic franchise, to complete additional studies for and partner
CHS-131, to prioritize its use of cash towards CHS-1701 commercialization activities, and to successfully defend against the trade secret and related allegations made by Amgen in the lawsuit filed against Coherus and other parties with respect to
CHS-1701 and to be able to launch that product on a timely basis assuming approval of our New Drug Application by the U.S. Food and Drug Administration. 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 13, 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 | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Revenue: | ||||||||||||||||
| Collaboration and license revenue | $ | 214 | $ | 10,198 | $ | 189,476 | $ | 30,041 | ||||||||
| Other revenue | 630 | 630 | ||||||||||||||
| Total revenue | 844 | 10,198 | 190,106 | 30,041 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 59,010 | 51,433 | 254,440 | 213,062 | ||||||||||||
| General and administrative | 15,294 | 10,972 | 51,597 | 36,046 | ||||||||||||
| Total operating expenses | 74,304 | 62,405 | 306,037 | 249,108 | ||||||||||||
| Loss from operations | (73,460 | ) | (52,207 | ) | (115,931 | ) | (219,067 | ) | ||||||||
| Interest expense | (2,369 | ) | (7,980 | ) | (33 | ) | ||||||||||
| Other expense, net | (115 | ) | (373 | ) | (3,877 | ) | (4,838 | ) | ||||||||
| Net loss | (75,944 | ) | (52,580 | ) | (127,788 | ) | (223,938 | ) | ||||||||
| Net loss attributable to non-controlling interest | 23 | 189 | 451 | 678 | ||||||||||||
| Net loss attributable to Coherus | $ | (75,921 | ) | $ | (52,391 | ) | $ | (127,337 | ) | $ | (223,260 | ) | ||||
| Net loss per share attributable to Coherus, basic and diluted | $ | (1.71 | ) | $ | (1.35 | ) | $ | (3.04 | ) | $ | (6.01 | ) | ||||
| Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted | 44,341,121 | 38,935,832 | 41,912,300 | 37,122,008 |
Coherus BioSciences, Inc.
Condensed Consolidated Balance Sheets
| December 31, | December 31, | |||||||
| 2016 | 2015 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 124,947 | $ | 158,226 | ||||
| Other assets | 53,538 | 54,158 | ||||||
| Total assets | $ | 178,485 | $ | 212,384 | ||||
| Liabilities and Stockholders Equity (deficit) | ||||||||
| Deferred revenue | 1,561 | 94,959 | ||||||
| Convertible notes | 75,192 | |||||||
| Convertible notes-related parties | 25,064 | |||||||
| Other liabilities | 57,314 | 124,354 | ||||||
| Total stockholders equity (deficit) | 19,354 | (6,929 | ) | |||||
| Total liabilities and stockholders equity (deficit) | $ | 178,485 | $ | 212,384 |
Senior Vice President, Investor Relations