Coherus BioSciences Reports Fourth Quarter, Full Year 2024 Financial Results and Provides Business Update
Coherus BioSciences (CHRS) reported its Q4 and full year 2024 results, with annual net revenue increasing 4% to $267.0 million. The company's transformation highlights include strong performance of key products: UDENYCA® net revenue grew 62% year-over-year, while LOQTORZI® sales increased 29% quarter-over-quarter.
A significant development is the planned UDENYCA divestiture for up to $558.4 million, expected to close in late Q1 or early Q2 2025. Post-divestiture, Coherus projects approximately $250 million in cash, providing a runway exceeding two years. The company plans to reduce headcount by 30% to about 155 employees.
The company's focus shifts to oncology, with LOQTORZI receiving preferred status in NCCN guidelines for nasopharyngeal carcinoma treatment. Multiple clinical data readouts are expected across their oncology pipeline in 2025/2026, including developments in casdozokitug and CHS-114 programs.
Coherus BioSciences (CHRS) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, con un aumento del fatturato netto annuale del 4% a $267,0 milioni. I punti salienti della trasformazione dell'azienda includono la forte performance dei prodotti chiave: il fatturato netto di UDENYCA® è cresciuto del 62% su base annua, mentre le vendite di LOQTORZI® sono aumentate del 29% rispetto al trimestre precedente.
Un sviluppo significativo è la prevista cessione di UDENYCA per un massimo di $558,4 milioni, che dovrebbe concludersi entro la fine del primo trimestre o all'inizio del secondo trimestre 2025. Dopo la cessione, Coherus prevede circa $250 milioni in contante, garantendo un periodo di operatività superiore a due anni. L'azienda prevede di ridurre il personale del 30%, portandolo a circa 155 dipendenti.
Il focus dell'azienda si sposta verso l'oncologia, con LOQTORZI che riceve lo status di preferenza nelle linee guida NCCN per il trattamento del carcinoma nasofaringeo. Si prevedono molteplici letture di dati clinici nella loro pipeline oncologica nel 2025/2026, inclusi sviluppi nei programmi casdozokitug e CHS-114.
Coherus BioSciences (CHRS) reportó sus resultados del cuarto trimestre y del año completo 2024, con un aumento del 4% en los ingresos netos anuales a $267.0 millones. Los aspectos destacados de la transformación de la compañía incluyen un fuerte rendimiento de productos clave: los ingresos netos de UDENYCA® crecieron un 62% interanual, mientras que las ventas de LOQTORZI® aumentaron un 29% trimestre a trimestre.
Un desarrollo significativo es la desinversión de UDENYCA planificada por hasta $558.4 millones, que se espera que se cierre a finales del primer trimestre o principios del segundo trimestre de 2025. Tras la desinversión, Coherus proyecta aproximadamente $250 millones en efectivo, proporcionando un período operativo que supera los dos años. La empresa planea reducir su plantilla en un 30%, dejándola en aproximadamente 155 empleados.
El enfoque de la empresa se desplaza hacia la oncología, con LOQTORZI recibiendo estatus preferente en las guías NCCN para el tratamiento del carcinoma nasofaríngeo. Se esperan múltiples lecturas de datos clínicos en su pipeline de oncología en 2025/2026, incluidos desarrollos en los programas casdozokitug y CHS-114.
Coherus BioSciences (CHRS)는 2024년 4분기 및 전체 연도 결과를 발표했으며, 연간 순수익이 4% 증가하여 $267.0 백만에 달했습니다. 회사의 전환 포인트는 주요 제품의 강력한 성과를 포함합니다: UDENYCA®의 순수익은 전년 대비 62% 증가했으며, LOQTORZI®의 판매는 분기 대비 29% 증가했습니다.
중요한 발전은 UDENYCA 매각 계획으로 최대 $558.4 백만에 달하며, 2025년 1분기 말 또는 2분기 초에 마감될 것으로 예상됩니다. 매각 후, Coherus는 약 $250 백만의 현금을 예상하고 있으며, 이는 2년 이상의 운영 기간을 제공합니다. 회사는 인력을 30% 줄여 약 155명으로 줄일 계획입니다.
회사의 초점은 종양학으로 이동하며, LOQTORZI는 비인두암 치료를 위한 NCCN 가이드라인에서 우선 지위를 부여받았습니다. 2025/2026년 동안 그들의 종양학 파이프라인에서 여러 임상 데이터 결과가 예상되며, casdozokitug 및 CHS-114 프로그램의 발전이 포함됩니다.
Coherus BioSciences (CHRS) a publié ses résultats du quatrième trimestre et de l'année complète 2024, avec une augmentation de 4% des revenus nets annuels à $267,0 millions. Les points forts de la transformation de l'entreprise incluent la forte performance des produits clés : les revenus nets de UDENYCA® ont augmenté de 62% d'une année sur l'autre, tandis que les ventes de LOQTORZI® ont augmenté de 29% par rapport au trimestre précédent.
Un développement significatif est la cession d'UDENYCA prévue pour un montant pouvant atteindre 558,4 millions de dollars, qui devrait être finalisée à la fin du premier trimestre ou au début du deuxième trimestre 2025. Après la cession, Coherus prévoit environ 250 millions de dollars en espèces, offrant une durée d'exploitation de plus de deux ans. L'entreprise prévoit de réduire ses effectifs de 30%, pour atteindre environ 155 employés.
L'accent de l'entreprise se déplace vers l'oncologie, avec LOQTORZI recevant le statut de préférence dans les directives NCCN pour le traitement du carcinome nasopharyngé. Plusieurs résultats de données cliniques sont attendus dans leur pipeline oncologique en 2025/2026, y compris des développements dans les programmes casdozokitug et CHS-114.
Coherus BioSciences (CHRS) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, mit einem Anstieg des jährlichen Nettoumsatzes um 4% auf $267,0 Millionen. Zu den Höhepunkten der Transformation des Unternehmens gehören die starke Leistung der Hauptprodukte: Der Nettoumsatz von UDENYCA® wuchs im Jahresvergleich um 62%, während die Verkäufe von LOQTORZI® im Quartalsvergleich um 29% zunahmen.
Eine bedeutende Entwicklung ist die geplante Veräußerung von UDENYCA für bis zu 558,4 Millionen Dollar, die voraussichtlich Ende des ersten Quartals oder Anfang des zweiten Quartals 2025 abgeschlossen wird. Nach der Veräußerung rechnet Coherus mit etwa 250 Millionen Dollar in bar, was einen Zeitraum von über zwei Jahren ermöglicht. Das Unternehmen plant, die Mitarbeiterzahl um 30% auf etwa 155 Mitarbeiter zu reduzieren.
Der Fokus des Unternehmens verlagert sich auf die Onkologie, wobei LOQTORZI in den NCCN-Richtlinien für die Behandlung von Nasopharynxkarzinomen den bevorzugten Status erhält. Im Jahr 2025/2026 werden mehrere klinische Datenausgaben in ihrer Onkologie-Pipeline erwartet, einschließlich Entwicklungen in den Programmen casdozokitug und CHS-114.
- Annual revenue increased 4% to $267.0 million in 2024
- UDENYCA sales grew 62% year-over-year to $206.0 million
- LOQTORZI sales increased 29% quarter-over-quarter
- Upcoming divestiture of UDENYCA for up to $558.4 million
- Post-divestiture cash position of $250 million with two-year runway
- LOQTORZI received preferred status in NCCN guidelines
- Q4 2024 net loss of $50.7 million ($0.44 per share)
- 30% workforce reduction planned
- Temporary UDENYCA supply interruption in Q4
- Non-GAAP net loss of $86.3 million for FY 2024
Insights
Coherus BioSciences' Q4/FY2024 results illustrate a strategic pivot to innovative oncology that's beginning to bear fruit financially. The company achieved a 4% annual revenue growth to
The most significant development is the pending UDENYCA franchise divestiture for up to
The company's full-year profitability shift is remarkable – swinging from a
The pipeline story centers on LOQTORZI, which received NCCN's preferred status designation with Category 1 in first-line nasopharyngeal carcinoma, plus two promising assets: casdozokitug (first-in-class IL-27 antagonist) and CHS-114 (CCR8-targeting antibody). The improving clinical data for casdozokitug in hepatocellular carcinoma (response rate increasing from 27% to 38% with deepening responses) represents potential value creation.
Coherus' transformation into an oncology-focused company is backed by tangible clinical progress. LOQTORZI's NCCN designation as the only treatment with Preferred status in nasopharyngeal carcinoma significantly strengthens its competitive position and potential adoption as standard-of-care.
What's particularly promising is their first-in-class IL-27 antagonist casdozokitug, which demonstrated improved efficacy in hepatocellular carcinoma, with overall response rates increasing to 38% from previously reported 27%. More striking is the complete response rate rising to 17.2% from an initial assessment of 0%. These deepening responses across both viral and non-viral disease subtypes suggest potential broad applicability.
The company's strategy of combining LOQTORZI with pipeline assets creates multiple shots on goal. The CCR8-targeting antibody CHS-114 represents an interesting mechanism targeting the tumor microenvironment by specifically depleting regulatory T cells that suppress anti-tumor immunity. With multiple readouts expected in 2025-2026 across head and neck squamous cell carcinoma and gastric cancer, Coherus has created a catalyst-rich clinical development plan.
The UDENYCA divestiture, while reducing near-term revenue, enables greater focus on developing these innovative assets. The clean safety profile mentioned for the casdozokitug combination (no new safety signals) is encouraging for future development, as is the methodical approach to exploring combinations across multiple difficult-to-treat cancer types with high unmet need.
– Annual net revenue increased
– UDENYCA® net revenue increased
– LOQTORZI® net revenue increased
– UDENYCA divestiture on track with Special Meeting of Shareholders taking place March 11, 2025; transaction expected to close late in the first quarter or early in the second quarter of 2025 –
– Post divestiture expected cash of approximately
– Catalyst-driven 2025/2026 with multiple clinical data readouts across the Company’s innovative oncology pipeline –
– Conference call today at 5:00 p.m. Eastern Time –
REDWOOD CITY, Calif., March 10, 2025 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (Coherus or the Company, Nasdaq: CHRS), today reported financial results for the fourth quarter and full year 2024 and provided an overview of recent business updates.
“2024 represents our transformation into an innovative oncology company, culminating in the agreement to divest UDENYCA,” said Denny Lanfear, Coherus Chairman and Chief Executive Officer. “In 2025, we will be sharply focused on maximizing the revenue potential for LOQTORZI while advancing the development of our pipeline, including our first-in-class IL-27 antagonist, casdozokitug, and our CCR8-targeting antibody, CHS-114, in combination with LOQTORZI.”
“Upon the completion of the UDENYCA divestiture and pay-off of our significant debt and royalty obligations, we are projecting a cash position of approximately
RECENT BUSINESS UPDATES
UDENYCA® RESULTS AND DIVESTITURE
- UDENYCA net product sales for Q4 2024 were
$46.3 million , an increase of28% compared to$36.2 million for Q4 2023, despite the temporary supply interruption. UDENYCA net product sales for FY 2024 were$206.0 million , an increase of62% compared to$127.1 million for FY 2023. - Production of UDENYCA by the Company’s third-party labeling and packaging contract manufacturing organization (CMO) resumed in November 2024. An additional final packaging and labeling CMO is expected to deliver saleable product in late Q1 or in early Q2 2025, subject to U.S. Food and Drug Administration (FDA) authorization.
- In December 2024, Coherus announced the divestiture of the UDENYCA franchise for up to
$558.4 million . The transaction is subject to shareholder approval and other closing conditions and is expected to close late in the first quarter or early in the second quarter of 2025.
LOQTORZI® RESULTS
- LOQTORZI, the first and only FDA-approved treatment for recurrent, locally advanced or metastatic nasopharyngeal carcinoma (NPC), commercially launched across all lines of therapy in January 2024.
- In November 2024, the National Comprehensive Cancer Network (NCCN) revised its treatment guidelines for NPC to designate LOQTORZI as the only treatment with Preferred status in NPC, both in first line (1L) with a Category 1 designation and in second line (2L) and later NPC.
- LOQTORZI net product sales for Q4 2024 were
$7.5 million , an increase of29% compared to$5.8 million in Q3 2024. LOQTORZI net product sales in FY 2024 were$19.1 million .
ADVANCEMENT OF INNOVATIVE, NEXT-GENERATION IMMUNO-ONCOLOGY PIPELINE
LOQTORZI (toripalimab-tpzi) is a next-generation, differentiated PD-1 marketed in the U.S. in two indications. Coherus plans to maximize the value of this product by:
- Combining LOQTORZI with internal pipeline assets, casdozokitug and CHS-114 in additional indications; and
- Entering into capital-efficient external partnerships for additional label expansions. Additional partnerships evaluating LOQTORZI with novel promising cancer agents are planned for 2025.
Casdozokitug is a first-in-class, clinical-stage IL-27 antagonist, with demonstrated monotherapy activity in treatment-refractory non-small cell lung cancer (NSCLC) and clear cell renal cell carcinoma (ccRCC), and in combination activity in hepatocellular carcinoma (HCC).
- Phase 2 randomized trial of casdozokitug/toripalimab/bevacizumab in 1L HCC opened for enrollment.
- Reported final data at ASCO-GI 2025 from a Phase 2 trial of casdozokitug/atezolizumab/bevacizumab in 1L HCC. The data showed an overall response rate of
38% compared to initially announced27% 1, and complete responses (CR) per RECIST v1.1 increased to17.2% compared to previously announced10.3% 2 and initial assessment of0% 1, demonstrating both an increase in overall response rate (ORR) and a deepening of responses compared to previous datasets. Importantly, responses were seen in viral and nonviral disease, and toxicity was consistent with the known safety profiles of atezolizumab and bevacizumab, with no new safety signals identified.
CHS-114 is a highly selective cytolytic CCR8 antibody that specifically binds and preferentially depletes CCR8+ tumor regulatory T cells (Tregs) with no off-target binding. Phase 1 dose escalation is complete, establishing safety and proof of mechanism. Coherus expects to:
- Report Phase 1 monotherapy biopsy data as well as CHS-114/toripalimab combination safety data in head and neck squamous cell carcinoma (HNSCC) in 1H 2025.
- Report first data for Phase 1b CHS-114/toripalimab combination dose optimization study in 2L HNSCC in Q2 2026.
- Initiate a Phase 1b CHS-114/toripalimab combination dose optimization study in 2L gastric cancer in Q1 2025 with a first data readout expected in Q2 2026.
| FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS | |||||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| (in thousands) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||
| Products | |||||||||||||||||||||||
| UDENYCA (a) | $ | 46,278 | $ | 36,189 | $ | 10,089 | $ | 205,951 | $ | 127,064 | $ | 78,887 | |||||||||||
| CIMERLI - divested March 1, 2024 | 100 | 52,449 | (52,349 | ) | 27,079 | 125,388 | (98,309 | ) | |||||||||||||||
| YUSIMRY - divested June 26, 2024 | 33 | 2,214 | (2,181 | ) | 7,541 | 3,574 | 3,967 | ||||||||||||||||
| LOQTORZI | 7,522 | 554 | 6,968 | 19,131 | 554 | 18,577 | |||||||||||||||||
| Total net product revenue | 53,933 | 91,406 | (37,473 | ) | 259,702 | 256,580 | 3,122 | ||||||||||||||||
| Other revenue | 211 | 118 | 93 | 7,258 | 664 | 6,594 | |||||||||||||||||
| Total net revenue | $ | 54,144 | $ | 91,524 | $ | (37,380 | ) | $ | 266,960 | $ | 257,244 | $ | 9,716 | ||||||||||
(a) If the contemplated UDENYCA Sale is approved, Coherus anticipates the transaction would close late in the first quarter or early in the second quarter of 2025.
Net revenue for the fourth quarter of 2024, as compared to 2023, decreased
For the full year 2024, UDENYCA net revenue increased
Cost of goods sold (COGS) was
The decrease in cost of goods sold in the full year 2024 compared to 2023 was primarily due to a decrease of
Research and development (R&D) expenses were
Selling, general and administrative (SG&A) expenses were
Interest expense was
Gain on sale transactions, net was
Net income (loss) for the fourth quarter of 2024 was a net loss of
Non-GAAP net loss for the fourth quarter of 2024 was
Cash, cash equivalents and investments in marketable securities were
2025 Outlook
Coherus projects post-UDENYCA-close cash of approximately
Conference Call Information
When: Monday, March 10, 2025, starting at 5:00 p.m. Eastern Time
To access the conference call, please pre-register through the following link to receive dial-in information and a personal PIN to access the live call: https://register-conf.media-server.com/register/BIddb737c625d842e0867fa22a43106197
Please dial in 15 minutes early to ensure a timely connection to the call.
Webcast: https://edge.media-server.com/mmc/p/3dwbidfe
An archived webcast will be available on the “Investors” section of the Coherus website at https://investors.coherus.com/events-presentations.
About Coherus BioSciences
Coherus is a commercial-stage biopharmaceutical company focused on the research, development and commercialization of innovative immunotherapies to treat cancer. Coherus is developing an innovative immuno-oncology pipeline that is expected to be synergistic with its proven commercial capabilities in oncology.
Coherus’ immuno-oncology pipeline includes multiple antibody immunotherapy candidates focused on enhancing the innate and adaptive immune responses to enable a robust antitumor immunologic response and enhance outcomes for patients with cancer. Casdozokitug is a novel IL-27 antagonistic antibody currently being evaluated in three ongoing clinical studies: a Phase 1/2 study in advanced solid tumors including combination with toripalimab in NSCLC, a Phase 2 study in HCC, and randomized Phase 2 study in HCC evaluating casdozokitug in combination with toripalimab and bevacizumab. CHS-114 is a highly selective, competitively positioned, cytolytic anti-CCR8 antibody currently in a Phase 1 study in patients with advanced solid tumors, including HNSCC. CHS-1000 is a novel humanized Fc-modified IgG1 monoclonal antibody specifically targeting ILT4 (LILRB2). An IND for CHS-1000 was allowed to proceed by the FDA in the second quarter of 2024 and proceeding to the first-in-human clinical study is subject to further evaluation in Coherus’ portfolio prioritization process.
Coherus markets LOQTORZI® (toripalimab-tpzi), a novel next-generation PD-1 inhibitor, and UDENYCA® (pegfilgrastim-cbqv), a biosimilar of Neulasta. In December 2024, Coherus announced the planned divestiture of its UDENYCA franchise. The transaction is expected to close late in the first quarter or early in the second quarter of 2025.
Neulasta® is a registered trademark of Amgen, Inc.
Forward-Looking Statements
All amounts included in the press release as of and for the fiscal period ended December 31, 2024 are preliminary, have not been audited and are subject to change upon completion of Coherus’ audited financial statements for the year ended December 31, 2024. Coherus’ audited financial statements for the year ended December 31, 2024 will be included in Coherus’ Annual Report on Form 10-K, which is expected to be filed with the Securities and Exchange Commission (SEC) in the coming days. Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Coherus’ expectations about identifying synergies between its I-O pipeline and its commercial operations; expectations about the timing for any closing of the transaction for the divestiture of the UDENYCA franchise; Coherus’ expected headcount reductions in the future; expectations about post-closing cash and cash runway; expectations about future clinical development milestones and data releases; expectations about future partnerships; statements about additional indications for LOQTORZI in the future; and statements about the timing for Coherus’ additional packaging and labeling CMO for UDENYCA to deliver saleable product.
Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus’ actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties of satisfying all of the conditions to closing the transaction for the divestiture of UDENYCA; the risk that the divestiture of UDENYCA may not happen in the time frame expected by Coherus or at all; the risk of the occurrence of an event that may give rise to the ability of a party to terminate the agreement for the divestiture of UDENYCA; the risk that the transaction for the divestiture of UDENYCA diverts management attention from ongoing business operations; the risk and impact of unforeseen liabilities or expenses related to the transaction for the divestiture of UDENYCA; potential risks of the divestiture of UDENYCA on Coherus’ future financial results and performance; the risks and uncertainties inherent in the clinical drug development process; risks related to Coherus’ existing and potential collaboration partners; risks of Coherus’ competitive position; the risks and uncertainties of the regulatory approval process, including the speed of regulatory review and the timing of Coherus’ regulatory filings; the risk of FDA review issues; the risk that Coherus is unable to complete commercial transactions and other matters that could affect the availability or commercial potential of Coherus’ products and product candidates; and the risks and uncertainties of possible litigation. All forward-looking statements contained in this press release speak only as of the date of this press release. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the significant 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 fiscal period ended December 31, 2024 expected to be filed with the SEC in the coming days after this press release, including the section therein captioned “Risk Factors” and in other documents Coherus files with the SEC, including the definitive proxy statement related to the transaction for the divestiture of UDENYCA that Coherus filed with the SEC on January 28, 2025. Coherus’ results for the fiscal period ended December 31, 2024 are not necessarily indicative of its operating results for any future periods.
UDENYCA®, UDENYCA ONBODY®, and LOQTORZI®, whether or not appearing in large print or with the trademark symbol, are trademarks of Coherus, its affiliates, related companies or its licensors or joint venture partners unless otherwise noted. Trademarks and trade names of other companies appearing in this press release are, to the knowledge of Coherus, the property of their respective owners.
Additional Information and Where to Find It
In connection with the proposed divestiture of UDENYCA, Coherus filed with the SEC a definitive proxy statement on Schedule 14A on January 28, 2025, and it may also file other documents regarding the proposed transaction with the SEC. Promptly after filing its definitive proxy statement with the SEC, the Company started the process of mailing the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN, IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION, RELATED MATTERS AND THE PARTIES TO THE PROPOSED TRANSACTION.
You may obtain a free copy of the proxy statement and other relevant documents (if and when they become available) that are or will be filed with the SEC for free at the SEC’s website at www.sec.gov. Copies of the documents filed with the SEC by the Company will be available free of charge on the Company’s website at https://investors.coherus.com/sec-filings or by contacting the Company’s Investor Relations Department at IR@coherus.com.
References
1 Coherus to Acquire Surface Oncology (2023, June 16) [Press Release]
2 Daneng Li et al., JCO 42, 470-470(2024).
Coherus Contact Information:
For Investors:
Jodi Sievers
VP, Investor Relations & Corporate Communications
IR@coherus.com
For Media:
Argot Partners
(212) 600-1902
coherus@argotpartners.com
| Coherus BioSciences, Inc. | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 (unaudited) | 2023 (unaudited) | 2024 (unaudited) | 2023 (audited) | ||||||||||||
| Net revenue | $ | 54,144 | $ | 91,524 | $ | 266,960 | $ | 257,244 | |||||||
| Costs and expenses: | |||||||||||||||
| Cost of goods sold | 33,858 | 84,567 | 117,553 | 158,992 | |||||||||||
| Research and development | 21,235 | 26,368 | 93,336 | 109,436 | |||||||||||
| Selling, general and administrative | 41,297 | 49,494 | 167,738 | 192,015 | |||||||||||
| Total costs and expenses | 96,390 | 160,429 | 378,627 | 460,443 | |||||||||||
| Loss from operations | (42,246 | ) | (68,905 | ) | (111,667 | ) | (203,199 | ) | |||||||
| Interest expense | (5,346 | ) | (10,619 | ) | (27,158 | ) | (40,542 | ) | |||||||
| Gain (loss) on sale transactions, net | (57 | ) | — | 176,589 | — | ||||||||||
| Loss on debt extinguishment | — | — | (12,630 | ) | — | ||||||||||
| Other income (expense), net | (3,047 | ) | (129 | ) | 3,373 | 5,469 | |||||||||
| Income (loss) before income taxes | (50,696 | ) | (79,653 | ) | 28,507 | (238,272 | ) | ||||||||
| Income tax provision (benefit) | — | — | — | (380 | ) | ||||||||||
| Net income (loss) | $ | (50,696 | ) | $ | (79,653 | ) | $ | 28,507 | $ | (237,892 | ) | ||||
| Net income (loss) per share: | |||||||||||||||
| Basic | $ | (0.44 | ) | $ | (0.71 | ) | $ | 0.25 | $ | (2.53 | ) | ||||
| Diluted | $ | (0.44 | ) | $ | (0.71 | ) | $ | 0.25 | $ | (2.53 | ) | ||||
| Weighted-average number of shares used in computing net income (loss) per share: | |||||||||||||||
| Basic | 115,418,069 | 111,492,596 | 114,553,537 | 94,162,637 | |||||||||||
| Diluted | 115,418,069 | 111,492,596 | 114,830,462 | 94,162,637 | |||||||||||
| Coherus BioSciences, Inc. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (in thousands) | |||||||
| December 31, | December 31, | ||||||
| 2024 (unaudited) | 2023* | ||||||
| Assets | |||||||
| Cash and cash equivalents | $ | 125,987 | $ | 102,891 | |||
| Investments in marketable securities | — | 14,857 | |||||
| Trade receivables, net | 111,324 | 260,522 | |||||
| TSA receivables, net | 11,010 | — | |||||
| Inventory | 113,870 | 130,100 | |||||
| Intangible assets, net | 53,646 | 71,673 | |||||
| Other assets | 32,696 | 49,561 | |||||
| Total assets | $ | 448,533 | $ | 629,604 | |||
| Liabilities and Stockholders’ Deficit | |||||||
| Accrued rebates, fees and reserve | $ | 164,867 | $ | 169,645 | |||
| TSA payables and other accrued liabilities | 11,026 | — | |||||
| Term loans | 36,698 | 246,481 | |||||
| Convertible notes | 228,229 | 226,888 | |||||
| Other liabilities | 139,703 | 180,015 | |||||
| Total stockholders' deficit | (131,990 | ) | (193,425 | ) | |||
| Total liabilities and stockholders’ deficit | $ | 448,533 | $ | 629,604 | |||
* Amounts derived from our audited consolidated financial statements.
| Coherus BioSciences, Inc. | ||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 (unaudited) | 2023 (unaudited) | 2024 (unaudited) | 2023* | |||||||||||||
| Cash, cash equivalents and restricted cash at beginning of the period | $ | 97,953 | $ | 80,711 | $ | 103,343 | $ | 63,987 | ||||||||
| Net cash provided by (used in) operating activities | 28,608 | (12,937 | ) | (20,440 | ) | (174,884 | ) | |||||||||
| Purchases of investments in marketable securities | — | — | — | (19,507 | ) | |||||||||||
| Proceeds from maturities of investments in marketable securities | — | 36,212 | 6,200 | 144,360 | ||||||||||||
| Proceeds from sale of investments in marketable securities | — | — | 8,688 | 13,282 | ||||||||||||
| Cash received from CIMERLI sale | — | — | 187,823 | — | ||||||||||||
| Cash received from YUSIMRY sale | — | — | 40,000 | — | ||||||||||||
| Cash and cash equivalents acquired as part of the Surface acquisition | — | — | — | 6,997 | ||||||||||||
| Milestone payment to Junshi Biosciences | — | — | (12,500 | ) | — | |||||||||||
| Other investing activities, net | (542 | ) | (1,009 | ) | 110 | (492 | ) | |||||||||
| Net cash (used in) provided by investing activities | (542 | ) | 35,203 | 230,321 | 144,640 | |||||||||||
| Proceeds from 2029 Term Loan, net of debt discount & issuance costs | — | — | 36,979 | — | ||||||||||||
| Proceeds from Revenue Purchase and Sale Agreement, net of issuance costs | — | — | 36,486 | — | ||||||||||||
| Proceeds from issuance of common stock under ATM Offering, net of issuance costs | — | (105 | ) | 1,455 | 18,093 | |||||||||||
| Proceeds from issuance of common stock under Public Offering, net of issuance costs | — | — | — | 53,625 | ||||||||||||
| Proceeds from issuance of common stock upon exercise of stock options | — | 524 | 291 | 694 | ||||||||||||
| Proceeds from purchase under the employee stock purchase plan | 241 | 472 | 926 | 1,809 | ||||||||||||
| Repayment of 2027 Term Loans, premiums and fees | — | — | (260,387 | ) | — | |||||||||||
| Taxes paid related to net share settlement | (10 | ) | (326 | ) | (2,476 | ) | (3,587 | ) | ||||||||
| Other financing activities | — | (199 | ) | (248 | ) | (1,034 | ) | |||||||||
| Net cash (used in) provided by financing activities | 231 | 366 | (186,974 | ) | 69,600 | |||||||||||
| Net increase in cash, cash equivalents and restricted cash | 28,297 | 22,632 | 22,907 | 39,356 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of the period | $ | 126,250 | $ | 103,343 | $ | 126,250 | $ | 103,343 | ||||||||
| Reconciliation of cash, cash equivalents, and restricted cash | ||||||||||||||||
| Cash and cash equivalents | $ | 125,987 | $ | 102,891 | $ | 125,987 | $ | 102,891 | ||||||||
| Restricted cash balance | 263 | 452 | 263 | 452 | ||||||||||||
| Cash, cash equivalents and restricted cash | $ | 126,250 | $ | 103,343 | $ | 126,250 | $ | 103,343 | ||||||||
* Amounts derived from our audited consolidated financial statements.
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with GAAP, Coherus has also included in this press release non-GAAP net loss, and the related per share measures, which exclude from net income (loss), and the related per share measures, stock-based compensation expense, certain acquisition and divestiture-related expenses, amortization of intangible assets, gain (loss) on divestiture, impairments of intangible assets, change in fair value of our Royalty Fee Derivative Liability and contingent consideration, loss on debt extinguishment and restructuring charges related to our reduction in workforce. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than similar non-GAAP financial information disclosed by other companies. Coherus encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations set forth below, to more fully understand Coherus’ business.
Coherus believes that the presentation of these non-GAAP financial measures provides useful supplemental information to, and facilitates additional analysis by, investors. In particular, Coherus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare Coherus’ results from period to period, and to identify operating trends in Coherus’ business. Coherus also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions.
| Coherus BioSciences, Inc. | |||||||||||||||
| Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Loss | |||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP net income (loss) | $ | (50,696 | ) | $ | (79,653 | ) | $ | 28,507 | $ | (237,892 | ) | ||||
| Adjustments: | |||||||||||||||
| Stock-based compensation expense(1) | 6,384 | 10,797 | 27,802 | 42,161 | |||||||||||
| Loss (gain) on sale transactions, net | 57 | — | (176,589 | ) | — | ||||||||||
| Loss on debt extinguishment | — | — | 12,630 | — | |||||||||||
| Impairment of out-license asset and remeasurement of CVR liability, net | — | — | 6,772 | — | |||||||||||
| Change in fair value of Royalty Fee Derivative Liability | 4,418 | — | 4,418 | — | |||||||||||
| Restructuring charges related to reduction in workforce(1) | — | — | — | 4,876 | |||||||||||
| Change in fair value of contingent consideration | — | (920 | ) | — | (920 | ) | |||||||||
| Acquisition and divestiture-related costs | 6,669 | 545 | 6,669 | 5,093 | |||||||||||
| Amortization of intangible assets | 667 | 313 | 3,443 | 456 | |||||||||||
| Non-GAAP net loss | $ | (32,501 | ) | $ | (68,918 | ) | $ | (86,348 | ) | $ | (186,226 | ) | |||
| GAAP | |||||||||||||||
| Net income (loss) per share, basic | $ | (0.44 | ) | $ | (0.71 | ) | $ | 0.25 | $ | (2.53 | ) | ||||
| Net income (loss) per share, diluted | $ | (0.44 | ) | $ | (0.71 | ) | $ | 0.25 | $ | (2.53 | ) | ||||
| Shares used in computing basic net income (loss) per share | 115,418,069 | 111,492,596 | 114,553,537 | 94,162,637 | |||||||||||
| Shares used in computing diluted net income (loss) per share | 115,418,069 | 111,492,596 | 114,830,462 | 94,162,637 | |||||||||||
| Non-GAAP | |||||||||||||||
| Net loss per share, basic and diluted | $ | (0.28 | ) | $ | (0.62 | ) | $ | (0.75 | ) | $ | (1.98 | ) | |||
| Shares used in computing basic and diluted net loss per share | 115,418,069 | 111,492,596 | 114,553,537 | 94,162,637 | |||||||||||
(1) In the year ended December 31, 2023, stock-based compensation of
FAQ
What is the value of the UDENYCA divestiture deal for Coherus BioSciences (CHRS)?
How much did UDENYCA sales grow for Coherus (CHRS) in 2024?
What is Coherus BioSciences' (CHRS) projected cash position after the UDENYCA divestiture?
How did LOQTORZI perform in Q4 2024 for Coherus (CHRS)?
What organizational changes will Coherus (CHRS) implement after the UDENYCA divestiture?
