Full Press Release Details
Coherus BioSciences Reports Fourth Quarter and Full Year 2017
REDWOOD CITY, Calif.,
March 8, 2018 Coherus BioSciences, Inc. (Nasdaq: CHRS), today reviewed corporate events and reported financial results for the quarter and full year ended December 31, 2017.
Fourth Quarter and Full Year 2017 Financial Results:
CHS-1701 (pegfilgrastim (Neulasta ) biosimilar)
CHS-3351 (ranibizumab (Lucentis ) biosimilar) and CHS-2020 (Eylea biosimilar)
CHS-1420 (adalimumab (Humira ) biosimilar)
(etanercept (Enbrel ) biosimilar)
CHS-131 central nervous system anti-inflammatory asset
Conference Call Information
March 8, 2018 at 4:30 p.m. ET
Dial-in: (844) 452-6826 (toll free) or
(765) 507-2587 (International)
Conference ID: 7098068
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-1420 (adalimumab biosimilar) and
CHS-0214 (etanercept biosimilar), as well as developing a robust pipeline of future products in four therapeutic areas, oncology, immunology (anti-TNF), ophthalmology
including CHS-3351 (ranibizumab biosimilar) and CHS-2020 (aflibercept biosimilar), and CHS-131, a small molecule for 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 resubmit a BLA, receive MAA acceptance, enter into commercial collaborations in ex-U.S. territories for CHS-1701 and initiate U.S. commercial launch; to initiate the clinical development of CHS-3351; to continue the
development of CHS-2020; to expand and optimize the manufacturing of CHS-1420 and prepare a partnering of CHS-1420; to gain the
institution of two Inter Partes Reviews of two patents related to CHS-0214; to complete a global license and development agreement for CHS-131; to control its use of
cash in the first half of 2017. 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,
our ability to close commercial transactions 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, 2017, filed with the Securities and Exchange Commission on March 8, 2018 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.
Lucentis is a registered trademark of Genentech, Inc.
Coherus BioSciences, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Revenue: | ||||||||||||||||
| Collaboration and license revenue | $ | $ | 214 | $ | 1,556 | $ | 189,476 | |||||||||
| Other revenue | 630 | 630 | ||||||||||||||
| Total revenue | 844 | 1,556 | 190,106 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 31,488 | 59,010 | 162,389 | 254,440 | ||||||||||||
| General and administrative | 14,978 | 15,294 | 71,303 | 51,597 | ||||||||||||
| Total operating expenses | 46,466 | 74,304 | 233,692 | 306,037 | ||||||||||||
| Loss from operations | (46,466 | ) | (73,460 | ) | (232,136 | ) | (115,931 | ) | ||||||||
| Interest expense | (2,400 | ) | (2,369 | ) | (9,552 | ) | (7,980 | ) | ||||||||
| Other income (expense), net | (203 | ) | (115 | ) | 3,402 | (3,877 | ) | |||||||||
| Net loss | (49,069 | ) | (75,944 | ) | (238,286 | ) | (127,788 | ) | ||||||||
| Net loss attributable to non-controlling interest | 2 | 23 | 116 | 451 | ||||||||||||
| Net loss attributable to Coherus | $ | (49,067 | ) | $ | (75,921 | ) | $ | (238,170 | ) | $ | (127,337 | ) | ||||
| Net loss per share attributable to Coherus, basic and diluted | $ | (0.84 | ) | $ | (1.71 | ) | $ | (4.48 | ) | $ | (3.04 | ) | ||||
| Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted | 58,343,720 | 44,341,121 | 53,133,620 | 41,912,300 |
Coherus BioSciences, Inc.
Condensed Consolidated Balance Sheets
| December 31, | December 31, | |||||||
| 2017 | 2016 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 126,911 | $ | 124,947 | ||||
| Other assets | 35,700 | 53,538 | ||||||
| Total assets | $ | 162,611 | $ | 178,485 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Deferred revenue | $ | $ | 1,561 | |||||
| Convertible notes | 76,206 | 75,192 | ||||||
| Convertible notes-related parties | 25,204 | 25,064 | ||||||
| Other liabilities | 30,666 | 57,314 | ||||||
| Total stockholders equity | 30,535 | 19,354 | ||||||
| Total liabilities and stockholders equity | $ | 162,611 | $ | 178,485 |
Senior Vice President, Investor Relations