Coherus BioSciences Reports Third Quarter 2024 Financial Results and Provides Business Update
Coherus BioSciences (CHRS) reported Q3 2024 net revenue of $70.8 million, driven by strong growth in UDENYCA® and LOQTORZI® sales. UDENYCA net product sales reached $66.1 million, up 30% quarter-over-quarter and 100% year-over-year, maintaining 28% market share. LOQTORZI sales grew 54% to $5.8 million. The company reported a Q3 net loss of $10.8 million, or $(0.09) per share. Cash position stood at $97.7 million as of September 30, 2024. The company projects combined R&D and SG&A expenses for 2024 to be between $250-260 million.
Coherus BioSciences (CHRS) ha riportato un fatturato netto nel terzo trimestre 2024 di 70,8 milioni di dollari, guidato da una forte crescita nelle vendite di UDENYCA® e LOQTORZI®. Le vendite nette di UDENYCA hanno raggiunto 66,1 milioni di dollari, con un incremento del 30% rispetto al trimestre precedente e del 100% rispetto all'anno precedente, mantenendo una quota di mercato del 28%. Le vendite di LOQTORZI sono cresciute del 54% fino a 5,8 milioni di dollari. L'azienda ha registrato una perdita netta nel terzo trimestre di 10,8 milioni di dollari, ovvero $(0,09) per azione. La posizione di cassa ammontava a 97,7 milioni di dollari al 30 settembre 2024. L'azienda prevede che le spese combinate per R&D e SG&A per il 2024 siano comprese tra 250 e 260 milioni di dollari.
Coherus BioSciences (CHRS) reportó ingresos netos en el tercer trimestre de 2024 de 70,8 millones de dólares, impulsados por un fuerte crecimiento en las ventas de UDENYCA® y LOQTORZI®. Las ventas netas del producto UDENYCA alcanzaron 66,1 millones de dólares, un aumento del 30% en comparación con el trimestre anterior y del 100% en comparación con el año anterior, manteniendo una cuota de mercado del 28%. Las ventas de LOQTORZI crecieron un 54% hasta 5,8 millones de dólares. La compañía reportó una pérdida neta en el tercer trimestre de 10,8 millones de dólares, o $(0,09) por acción. La posición de efectivo se situó en 97,7 millones de dólares al 30 de septiembre de 2024. La empresa proyecta que los gastos combinados de I+D y SG&A para 2024 estarán entre 250 y 260 millones de dólares.
Coherus BioSciences (CHRS)는 2024년 3분기 순매출이 7천 8백만 달러에 달했다고 보고하며, 이는 UDENYCA®와 LOQTORZI® 판매의 강력한 성장에 의해 주도되었습니다. UDENYCA의 순 제품 판매는 6천 6백 1십만 달러에 달했으며, 이는 전 분기 대비 30% 증가하고 전년 대비 100% 증가한 수치로, 28%의 시장 점유율을 유지하고 있습니다. LOQTORZI의 판매는 54% 성장하여 5백 8십만 달러에 도달했습니다. 회사는 3분기 순손실이 1천 8백만 달러, 즉 주당 $(0.09)이라고 보고했습니다. 현금 위치는 2024년 9월 30일 기준으로 9천 7백 7십만 달러로 나타났습니다. 회사는 2024년도 연구개발 및 판매관리비가 2억 5천만 달러에서 2억 6천만 달러 사이가 될 것이라고 예상하고 있습니다.
Coherus BioSciences (CHRS) a déclaré un revenu net de 70,8 millions de dollars pour le troisième trimestre 2024, grâce à une forte croissance des ventes de UDENYCA® et LOQTORZI®. Les ventes nettes du produit UDENYCA ont atteint 66,1 millions de dollars, en hausse de 30 % par rapport au trimestre précédent et de 100 % par rapport à l'année précédente, maintenant une part de marché de 28 %. Les ventes de LOQTORZI ont augmenté de 54 % pour atteindre 5,8 millions de dollars. La société a enregistré une perte nette de 10,8 millions de dollars pour le troisième trimestre, soit $(0,09) par action. La position de liquidité s'élevait à 97,7 millions de dollars au 30 septembre 2024. L'entreprise prévoit que les dépenses combinées en R&D et SG&A pour 2024 se situeront entre 250 et 260 millions de dollars.
Coherus BioSciences (CHRS) berichtete für das dritte Quartal 2024 einen Nettoumsatz von 70,8 Millionen Dollar, der durch starkes Wachstum bei den Verkäufen von UDENYCA® und LOQTORZI® angetrieben wurde. Der Nettoumsatz von UDENYCA erreichte 66,1 Millionen Dollar, was einem Anstieg von 30% im Vergleich zum Vorquartal und 100% im Vergleich zum Vorjahr entspricht, wobei ein Marktanteil von 28% gehalten wird. Die Verkäufe von LOQTORZI stiegen um 54% auf 5,8 Millionen Dollar. Das Unternehmen meldete im dritten Quartal einen Nettverlust von 10,8 Millionen Dollar, oder $(0,09) pro Aktie. Die Zahlungsmittelposition belief sich zum 30. September 2024 auf 97,7 Millionen Dollar. Das Unternehmen prognostiziert, dass die kombinierten F&E- und SG&A-Ausgaben für 2024 zwischen 250 und 260 Millionen Dollar liegen werden.
- UDENYCA sales increased 100% YoY to $66.1 million
- LOQTORZI sales grew 54% QoQ to $5.8 million
- Lower operating expenses and interest expense compared to previous year
- UDENYCA maintains strong #2 position with 28% market share
- Expected doubling of labeling and packaging capacity to over 1 million UDENYCA units annually
- Net loss of $10.8 million in Q3 2024
- Delay in UDENYCA production resumption at third-party CMO
- Overall revenue decline from $74.6M in Q3 2023 to $70.8M in Q3 2024
- Cash position decreased from $117.7M to $97.7M since December 2023
Insights
Q3 2024 shows significant improvements in Coherus' financial health.
The balance sheet shows
The oncology portfolio is showing promising momentum. UDENYCA maintains strong market position with
The temporary UDENYCA manufacturing delay appears manageable, with 120,000 units backlog expected to clear by year-end. The addition of a second CMO facility will provide important supply chain redundancy and expanded capacity.
– Net revenue of
– UDENYCA labeling and packaging production resuming at third-party contract manufacturing organization –
– LOQTORZI® launch progressing to plan, revenues increase
– Innovative immuno-oncology pipeline advancing to proof-of-concept studies in combination with toripalimab –
– Conference call today at 5:00 p.m. Eastern Time –
REDWOOD CITY, Calif., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (Coherus or the Company, Nasdaq: CHRS), today reported financial results for the quarter ended September 30, 2024 and recent business highlights:
“Revenue growth was strong in the third quarter, with the UDENYCA franchise increasing
“We continue to make progress towards our long-term vision of bringing innovative, next-generation therapies to extend cancer patient survival. Our competitively positioned pipeline, in combination with LOQTORZI, is advancing to plan in tumor types with high unmet medical need and with robust supportive biology,” continued Mr. Lanfear.
RECENT BUSINESS HIGHLIGHTS
UDENYCA® RESULTS
- UDENYCA net product sales were
$66.1 million in Q3 2024, an increase of30% compared to$50.9 million in Q2 2024 and a100% increase compared to$33.0 million in Q3 2023. - Q3 revenue was driven by a
54% increase in demand for ONBODY™ and a higher overall net selling price. - In Q3, UDENYCA maintained its #2 position in the pegfilgrastim class with
28% market share.
UDENYCA SUPPLY UPDATE
- Coherus’ third-party labeling and packaging contract manufacturing organization (CMO) for UDENYCA has informed the Company that production will resume this week, a few weeks later than previously targeted and disclosed. Based on the production schedule, the backlog of UDENYCA lots of approximately 120,000 units will be completed without further interruption or delay by the end of the year.
- The Company has also made significant progress in its previously announced efforts to diversify its labeling and packaging resources. An additional final packaging and labeling CMO has already started production testing and is expected to start manufacturing saleable product by the end of 2024. Commercial supply from that CMO is expected to commence in the first quarter of 2025, subject to U.S. Food and Drug Administration (FDA) authorization. Once the second facility is commercially operational, the Company projects that its labeling and packaging capacity will have doubled to over one million UDENYCA units annually, consistent with the rest of its supply chain.
LOQTORZI® LAUNCH UPDATE
- LOQTORZI, the first and only FDA-approved treatment for recurrent, locally advanced or metastatic nasopharyngeal carcinoma (NPC), commercially launched across all lines of therapy on January 2, 2024.
- LOQTORZI net product sales were
$5.8 million in Q3 2024, an increase of54% compared to$3.8 million in Q2 2024. - The number of LOQTORZI treated patients grew by more than
60% in Q3, with new patient uptake primarily in relapsed locally advanced and 1L metastatic disease, the key driver of long-term revenue growth. - Since launch, nearly
80% of all National Comprehensive Cancer Network (NCCN) institutions have written prescriptions for at least one new patient.
ADVANCEMENT OF PROMISING IMMUNO-ONCOLOGY PIPELINE
- This quarter, the Company expects to open a Phase 2 randomized study evaluating casdozokitug, an immune regulatory IL-27 antagonist in combination with toripalimab and bevacizumab for the treatment of unresectable locally advanced or metastatic hepatocellular carcinoma (HCC) in treatment-naive patients.
- The Company also anticipates final data from its Phase 2 trial of casdozokitug combined with atezolizumab and bevacizumab in first-line HCC in the first quarter of 2025. Coherus has received FDA orphan drug status and fast track designation for casdozokitug in HCC.
- A Phase 1 study evaluating CHS-114, a highly selective cytolytic anti-CCR8 antibody, is ongoing. In the first half of 2025, Coherus expects to report Phase 1 data from expansion cohorts evaluating CHS-114 as monotherapy and in combination with toripalimab in patients with advanced/metastatic head and neck squamous cell carcinoma (HNSCC).
- Coherus plans to initiate Phase 1b dose optimization studies of CHS-114 in combination with toripalimab in patients with HNSCC and gastric cancer in the first quarter of 2025, with initial data for both studies expected in the first half of 2026.
THIRD QUARTER 2024 FINANCIAL RESULTS
Net revenue was
Net revenue was
Cost of goods sold (COGS) was
The increase in COGS for the nine months ended September 30, 2024 compared to the same period in the prior year was primarily due to a
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 loss for the third quarter of 2024 was
Non-GAAP net loss for the third quarter of 2024 was
Cash, cash equivalents and investments in marketable securities were
2024 R&D and SG&A Expense Guidance
Coherus projects combined R&D and SG&A expenses for 2024 to be in the range of
Conference Call Information
When: Wednesday, November 6, 2024, 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.vevent.com/register/BI6dfb4eba6e9a4322a716df863233a53f
Please dial in 15 minutes early to ensure a timely connection to the call.
Webcast: https://edge.media-server.com/mmc/p/fgk872yp
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 immunologic response and enhance outcomes for patients with cancer. Casdozokitug is a novel anti-IL-27 antibody currently being evaluated in two ongoing clinical studies: a Phase 1/2 study in advanced solid tumors and a Phase 2 study in hepatocellular carcinoma. CHS-114 is a highly selective, competitively positioned, ADCC-enhanced anti-CCR8 antibody currently in a Phase 1 study as a monotherapy in patients with advanced solid tumors and in combination with toripalimab in patients with head and neck cancer. CHS-1000 is a novel humanized Fc-modified IgG1 monoclonal antibody specifically targeting ILT4 (LILRB2). Our 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 our portfolio prioritization process.
Coherus markets LOQTORZI® (toripalimab-tpzi), a novel next-generation PD-1 inhibitor, and UDENYCA® (pegfilgrastim-cbqv), a biosimilar of Neulasta®.
Neulasta® is a registered trademark of Amgen Inc.
Forward-Looking Statements
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; Coherus’ expected timing for initiating studies and reporting clinical data for its pipeline product candidates; Coherus’ future projections for R&D and SG&A expenses; Coherus’ expectations about long term revenue growth; Coherus’ expected future packaging and labeling capacity for UDENYCA and Coherus’ expectations about the timing for the end of its UDENYCA supply interruption, including timing for resumption of UDENYCA production from its labeling and packaging CMO, timing for the backlog of UDENYCA lots to be completed by its labeling and packaging CMO and projections for the number of units to be completed, the expected timing for its additional packaging and labeling CMO to manufacture final saleable product, receive FDA authorization for UDENYCA production and commence commercial supply.
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 inherent in the clinical drug development process; risks related to Coherus’ existing and potential collaboration partners; risks of Coherus’ reliance on third-parties; the risks and uncertainties related to manufacturing and supply of Coherus’ products, the risks and uncertainties of the regulatory approval process, including the speed of regulatory review and the timing of Coherus’ regulatory filings; 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’ Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024 filed with the Securities and Exchange Commission on or about the date of this press release, including the section therein captioned “Risk Factors” and in other documents Coherus files with the Securities and Exchange Commission. Coherus’ results for the fiscal quarter ended September 30, 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.
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) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net revenue | $ | 70,774 | $ | 74,568 | $ | 212,816 | $ | 165,720 | |||||||
| Costs and expenses: | |||||||||||||||
| Cost of goods sold | 20,741 | 32,703 | 83,695 | 74,425 | |||||||||||
| Research and development | 21,676 | 25,647 | 72,101 | 83,068 | |||||||||||
| Selling, general and administrative | 34,744 | 48,224 | 126,441 | 142,521 | |||||||||||
| Total costs and expenses | 77,161 | 106,574 | 282,237 | 300,014 | |||||||||||
| Loss from operations | (6,387 | ) | (32,006 | ) | (69,421 | ) | (134,294 | ) | |||||||
| Interest expense | (5,362 | ) | (10,268 | ) | (21,812 | ) | (29,923 | ) | |||||||
| Gain (loss) on Sale Transactions, net | (1,086 | ) | — | 176,646 | — | ||||||||||
| Loss on debt extinguishment | — | — | (12,630 | ) | — | ||||||||||
| Other income (expense), net | 2,084 | 2,253 | 6,420 | 5,598 | |||||||||||
| Income (loss) before income taxes | (10,751 | ) | (40,021 | ) | 79,203 | (158,619 | ) | ||||||||
| Income tax provision | — | (380 | ) | — | (380 | ) | |||||||||
| Net income (loss) | $ | (10,751 | ) | $ | (39,641 | ) | $ | 79,203 | $ | (158,239 | ) | ||||
| Net income (loss) per share: | |||||||||||||||
| Basic | $ | (0.09 | ) | $ | (0.41 | ) | $ | 0.69 | $ | (1.79 | ) | ||||
| Diluted | $ | (0.09 | ) | $ | (0.41 | ) | $ | 0.65 | $ | (1.79 | ) | ||||
| Weighted-average number of shares used in computing net income (loss) per share: | |||||||||||||||
| Basic | 115,210,091 | 97,738,509 | 114,263,256 | 88,277,936 | |||||||||||
| Diluted | 115,210,091 | 97,738,509 | 126,563,551 | 88,277,936 | |||||||||||
| Coherus BioSciences, Inc. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (in thousands) | |||||||
| (unaudited) | |||||||
| September 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Cash and cash equivalents | $ | 97,690 | $ | 102,891 | |||
| Investments in marketable securities | — | 14,857 | |||||
| Trade receivables, net | 167,559 | 260,522 | |||||
| TSA receivables, net | 31,241 | — | |||||
| Inventory | 119,015 | 130,100 | |||||
| Intangible assets, net | 54,313 | 71,673 | |||||
| Other assets | 35,182 | 49,561 | |||||
| Total assets | $ | 505,000 | $ | 629,604 | |||
| Liabilities and Stockholders’ Deficit | |||||||
| Accrued rebates, fees and reserve | $ | 163,315 | $ | 169,645 | |||
| TSA payables and other accrued liabilities | 33,637 | — | |||||
| Term loans | 36,618 | 246,481 | |||||
| Convertible notes | 227,891 | 226,888 | |||||
| Other liabilities | 131,512 | 180,015 | |||||
| Total stockholders' deficit | (87,973 | ) | (193,425 | ) | |||
| Total liabilities and stockholders’ deficit | $ | 505,000 | $ | 629,604 | |||
| Coherus BioSciences, Inc. | |||||||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||||||
| (in thousands) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Cash, cash equivalents and restricted cash at beginning of the period | $ | 159,692 | $ | 73,360 | $ | 103,343 | $ | 63,987 | |||||||
| Net cash used in operating activities | (62,016 | ) | (54,300 | ) | (49,048 | ) | (161,947 | ) | |||||||
| Proceeds from maturities of investments in marketable securities | — | 43,398 | 6,200 | 108,148 | |||||||||||
| Proceeds from sale of investments in marketable securities | — | — | 8,688 | 13,282 | |||||||||||
| Cash and cash equivalents acquired from Surface Acquisition | — | 6,997 | — | 6,997 | |||||||||||
| Cash received from CIMERLI sale | — | — | 187,823 | — | |||||||||||
| Cash received from YUSIMRY sale | — | — | 40,000 | — | |||||||||||
| Milestone based license fee payment to Junshi Biosciences | — | — | (12,500 | ) | — | ||||||||||
| Purchases of investments in marketable securities | — | — | — | (19,507 | ) | ||||||||||
| Other investing activities, net | 444 | 151 | 652 | 517 | |||||||||||
| Net cash provided by investing activities | 444 | 50,546 | 230,863 | 109,437 | |||||||||||
| Proceeds from 2029 Term Loan, net of debt discount & issuance costs | (141 | ) | — | 36,979 | — | ||||||||||
| Proceeds from Revenue Purchase and Sale Agreement, net of issuance costs | (9 | ) | — | 36,486 | — | ||||||||||
| Proceeds from issuance of common stock under ATM Offering, net of issuance costs | — | 11,437 | 1,455 | 18,198 | |||||||||||
| 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 | — | 53 | 291 | 170 | |||||||||||
| Proceeds from purchase under the employee stock purchase plan | — | — | 685 | 1,337 | |||||||||||
| Repayment of 2027 Term Loans, premiums and fees | — | — | (260,387 | ) | — | ||||||||||
| Taxes paid related to net share settlement | (10 | ) | (175 | ) | (2,466 | ) | (3,261 | ) | |||||||
| Other financing activities | (7 | ) | (210 | ) | (248 | ) | (835 | ) | |||||||
| Net cash (used in) provided by financing activities | (167 | ) | 11,105 | (187,205 | ) | 69,234 | |||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (61,739 | ) | 7,351 | (5,390 | ) | 16,724 | |||||||||
| Cash, cash equivalents and restricted cash at end of the period | $ | 97,953 | $ | 80,711 | $ | 97,953 | $ | 80,711 | |||||||
| Reconciliation of cash, cash equivalents, and restricted cash | |||||||||||||||
| Cash and cash equivalents | $ | 97,690 | $ | 80,259 | $ | 97,690 | $ | 80,259 | |||||||
| Restricted cash balance | 263 | 452 | 263 | 452 | |||||||||||
| Cash, cash equivalents and restricted cash | $ | 97,953 | $ | 80,711 | $ | 97,953 | $ | 80,711 | |||||||
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-related expenses, amortization of intangible assets, gain (loss) on divestiture, impairments of intangible assets, 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 | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP net income (loss) | $ | (10,751 | ) | $ | (39,641 | ) | $ | 79,203 | $ | (158,239 | ) | ||||
| Adjustments: | |||||||||||||||
| Stock-based compensation expense(1) | 6,868 | 9,954 | 21,418 | 31,364 | |||||||||||
| Loss (gain) on Sale Transactions, net | 1,086 | — | (176,646 | ) | — | ||||||||||
| Loss on debt extinguishment | — | — | 12,630 | — | |||||||||||
| Impairment of out-license asset and remeasurement of CVR liability, net | — | — | 6,772 | — | |||||||||||
| Restructuring charges related to reduction in workforce(1) | — | — | — | 4,876 | |||||||||||
| Acquisition-related costs, including amortization of intangibles(2) | 1,142 | 2,830 | 2,776 | 4,691 | |||||||||||
| Non-GAAP net loss | $ | (1,655 | ) | $ | (26,857 | ) | $ | (53,847 | ) | $ | (117,308 | ) | |||
| GAAP | |||||||||||||||
| Net income (loss) per share, basic | $ | (0.09 | ) | $ | (0.41 | ) | $ | 0.69 | $ | (1.79 | ) | ||||
| Net income (loss) per share, diluted | $ | (0.09 | ) | $ | (0.41 | ) | $ | 0.65 | $ | (1.79 | ) | ||||
| Shares used in computing basic net income (loss) per share | 115,210,091 | 97,738,509 | 114,263,256 | 88,277,936 | |||||||||||
| Shares used in computing diluted net income (loss) per share | 115,210,091 | 97,738,509 | 126,563,551 | 88,277,936 | |||||||||||
| Non-GAAP | |||||||||||||||
| Net loss per share, basic and diluted | $ | (0.01 | ) | $ | (0.27 | ) | $ | (0.47 | ) | $ | (1.33 | ) | |||
| Shares used in computing basic and diluted net loss per share | 115,210,091 | 97,738,509 | 114,263,256 | 88,277,936 | |||||||||||
(1) In the nine months ended September 30, 2023, stock-based compensation of
(2) Beginning in the third quarter of 2023, the Company began excluding acquisition-related costs in its non-GAAP financial information. To conform to this change,
FAQ
What was Coherus BioSciences (CHRS) revenue in Q3 2024?
How much did UDENYCA sales grow in Q3 2024?
What is CHRS's market share for UDENYCA?
What is Coherus BioSciences' (CHRS) financial guidance for 2024?
