Full Press Release Details
Coherus BioSciences Reports Third Quarter 2017
Operating and Financial Results
CITY, Calif., November 6, 2017 Coherus BioSciences, Inc. (Nasdaq: CHRS), today reported financial results and reviewed corporate events for the third quarter ended September 30, 2017.
Corporate Highlights for the Third Quarter 2017 Include:
Immunology (anti-TNF) therapeutic franchise:
Financial Highlights for the Third Quarter and year-to-date 2017
Guidance for the fourth quarter of 2017 and first half of 2018:
CHS-1701 (pegfilgrastim (Neulasta ) biosimilar)
CHS-3351 (ranibizumab (Lucentis ) biosimilar)
CHS-0214 (etanercept biosimilar)
CHS-131 central nervous system anti-inflammatory asset
Conference Call Information
When: November 6, 2017 at 4:30 p.m. ET
Dial-in: (844) 452-6826 (toll free) or (765) 507-2587 (International)
Conference ID: 99333721
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-1420 (adalimumab biosimilar), CHS-0214 (etanercept biosimilar), and CHS-3351 (ranibizumab biosimilar) as well as developing a robust pipeline of future products in four
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, preclinical and 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 in the US and receive marketing approval in Europe for
CHS-1710; make advances in the development of CHS-3351; continue to advance its intellectual property strategy and complete partnering agreements for CHS-1420 and CHS-0214; file an MAA for CHS-0214; and complete additional studies and a licensing agreement for CHS-131. 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 quarter ended September 30, 2017, filed with the Securities and Exchange Commission on November 6, 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.
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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Revenue: | ||||||||||||||||
| Collaboration and license revenue | $ | $ | 162,835 | $ | 1,556 | $ | 189,262 | |||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 42,626 | 64,573 | 130,901 | 195,430 | ||||||||||||
| General and administrative | 13,989 | 13,645 | 56,325 | 36,303 | ||||||||||||
| Total operating expenses | 56,615 | 78,218 | 187,226 | 231,733 | ||||||||||||
| Income (loss) from operations | (56,615 | ) | 84,617 | (185,670 | ) | (42,471 | ) | |||||||||
| Interest expense | (2,392 | ) | (2,420 | ) | (7,152 | ) | (5,611 | ) | ||||||||
| Other income (expense), net | 14 | 1,647 | 3,605 | (3,762 | ) | |||||||||||
| Net income (loss) | (58,993 | ) | 83,844 | (189,217 | ) | (51,844 | ) | |||||||||
| Net loss attributable to non-controlling interest | 4 | 95 | 114 | 428 | ||||||||||||
| Net income (loss) attributable to Coherus | $ | (58,989 | ) | $ | 83,939 | $ | (189,103 | ) | $ | (51,416 | ) | |||||
| Net income (loss) per share attributable to Coherus | ||||||||||||||||
| Basic | $ | (1.09 | ) | $ | 1.93 | $ | (3.68 | ) | $ | (1.25 | ) | |||||
| Diluted | $ | (1.09 | ) | $ | 1.67 | $ | (3.68 | ) | $ | (1.25 | ) | |||||
| Weighted-average number of shares used in computing net income (loss) per share attributable to Coherus | ||||||||||||||||
| Basic | 54,070,872 | 43,469,986 | 51,377,836 | 41,096,783 | ||||||||||||
| Diluted | 54,070,872 | 51,581,298 | 51,377,836 | 41,096,783 |
Coherus BioSciences, Inc.
Condensed Consolidated Balance Sheets
| September 30, 2017 | December 31, 2016 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 135,557 | $ | 124,947 | ||||
| Investments in marketable securities short-term | 14,493 | |||||||
| Other assets | 39,708 | 53,538 | ||||||
| Total assets | $ | 189,758 | $ | 178,485 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Deferred revenue | $ | $ | 1,561 | |||||
| Convertible notes | 75,944 | 75,192 | ||||||
| Convertible notes-related parties | 25,314 | 25,064 | ||||||
| Other liabilities | 33,593 | 57,314 | ||||||
| Total stockholders equity | 54,907 | 19,354 | ||||||
| Total liabilities and stockholders equity | $ | 189,758 | $ | 178,485 |