Full Press Release Details
Coherus BioSciences Reports Second Quarter 2017
Corporate Highlights and Financial Results
Calif., August 7, 2017 -- Coherus BioSciences, Inc. (NASDAQ: CHRS), today reviewed corporate events and reported financial results for the quarter ended June 30, 2017.
Corporate Highlights for the Second Quarter 2017 Include:
therapeutic franchise:
Immunology (anti-TNF) therapeutic franchise:
Financial Highlights for the Second Quarter and year-to-date 2017
Guidance for the second half of 2017 and first half of 2018:
Oncology therapeutic franchise:
Immunology (anti-TNF) therapeutic
Conference Call Information
When: August 7, 2017 at 4:30 p.m. ET
Dial-in: (844) 452-6826 (toll free) or (765) 507-2587 (International)
Conference ID: 52510570
Webcast: http://investors.coherus.com
Please join the 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 and multiple sclerosis. For additional information, please visit
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 the U.S. BLA with the FDA, obtain European approval and complete a partnering agreement
for CHS-1701; initiate a pharmacokinetic study for CHS-1420, file a BLA for and launch 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; and achieve the target ranges for cash use of $40 45 million per quarter in second half of 2017 and $30 35 million per quarter in the first half of 2018. 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 Quarterly Report on Form 10-Q for the period ended June 30, 2017,
filed with the Securities and Exchange Commission on August 7, 2017 and its future periodic reports to be filed with the Securities and Exchange Commission.
Neulasta is a registered trademark of Amgen Inc.
Enbrel is a registered trademark of Immunex Corporation.
Humira is a registered trademark of AbbVie Biotechnology Ltd.
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, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Revenue: | ||||||||||||||||
| Collaboration and license revenue | $ 1,395 | $ 14,068 | $ 1,556 | $ 26,427 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 34,500 | 65,544 | 88,275 | 130,857 | ||||||||||||
| General and administrative | 23,533 | 11,260 | 42,336 | 22,658 | ||||||||||||
| Total operating expenses | 58,033 | 76,804 | 130,611 | 153,515 | ||||||||||||
| Loss from operations | (56,638 | ) | (62,736 | ) | (129,055 | ) | (127,088 | ) | ||||||||
| Interest expense | (2,384 | ) | (2,354 | ) | (4,760 | ) | (3,191 | ) | ||||||||
| Other income (expense), net | 3,620 | (5,060 | ) | 3,591 | (5,409 | ) | ||||||||||
| Net loss | (55,402 | ) | (70,150 | ) | (130,224 | ) | (135,688 | ) | ||||||||
| Net loss attributable to non-controlling interest | 66 | 183 | 110 | 333 | ||||||||||||
| Net loss attributable to Coherus | $ (55,336 | ) | $ (69,967 | ) | $ (130,114 | ) | $ (135,355 | ) | ||||||||
| Net loss per share attributable to Coherus, basic and diluted | $ (1.08 | ) | $ (1.72 | ) | $ (2.60 | ) | $ (3.39 | ) | ||||||||
| Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted | 51,291,787 | 40,698,309 | 50,008,999 | 39,897,142 |
Coherus BioSciences, Inc.
Condensed Consolidated Balance Sheets
| June 30, 2017 | December 31, 2016 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 73,352 | $ | 124,947 | ||||
| Investments in marketable securities - short-term | 44,980 | - | ||||||
| Other assets | 53,919 | 53,538 | ||||||
| Total assets | $ | 172,251 | $ | 178,485 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Deferred revenue | $ | - | $ | 1,561 | ||||
| Convertible notes | 75,687 | 75,192 | ||||||
| Convertible notes-related parties | 25,229 | 25,064 | ||||||
| Other liabilities | 40,478 | 57,314 | ||||||
| Total stockholders equity | 30,857 | 19,354 | ||||||
| Total liabilities and stockholders equity | $ | 172,251 | $ | 178,485 |
Senior Vice President, Investor Relations
Coherus BioSciences, Inc.