Coherus BioSciences, Inc. (“Coherus”, Nasdaq:
CHRS), today reported financial results for the quarter ended June
30, 2023, and recent business highlights:
RECENT BUSINESS HIGHLIGHTS
CIMERLI®
- CIMERLI® (ranibizumab-eqrn) net
product sales more than quadrupled to $26.7 million compared to the
prior quarter following the April 1, 2023 implementation of the
permanent, product-specific Q-code.
UDENYCA®
- Coherus launched a single-dose,
prefilled autoinjector (AI) presentation of UDENYCA®
(pegfilgrastim-cbqv) on May 22, representing the first
pegfilgrastim presentation innovation in eight years.
- The U.S. Food and Drug
Administration (FDA) review of the prior approval supplement for
Coherus’ third pegfilgrastim presentation, the UDENYCA® On-body
Injector (OBI), is ongoing. Coherus plans to launch UDENYCA® OBI
directly upon potential approval later this year.
Toripalimab
- The FDA completed inspection of the
toripalimab manufacturing site in China in May, and has scheduled
the clinical site inspections in China to begin in the second half
of August 2023. Coherus anticipates potential FDA approval and U.S.
commercial launch of toripalimab in the second half of 2023.
- The final analysis of the
JUPITER-02 clinical trial (NCT03581786) presented at the American
Society of Clinical Oncology annual meeting in June demonstrated a
statistically significant and clinically meaningful improvement in
overall survival (OS) for nasopharyngeal carcinoma (NPC) patients
who were treated with toripalimab in combination with chemotherapy
versus chemotherapy alone. Median OS was 33.7 months in the
chemotherapy-only treatment arm, and median OS was not reached in
the toripalimab arm, with a hazard ratio of 0.63, representing a
37% reduction in risk of death (95% CI 0.45-0.89; p=0.0083).
YUSIMRY™
- Coherus launched YUSIMRY™, a Humira
biosimilar, with a citrate-free and sting-free formulation
delivered via a state-of-the-art autoinjector on July 3rd. YUSIMRY™
is now available for sale nationwide through retail, mail order and
specialty pharmacy channels.
Surface Oncology Merger and Novel
Immuno-oncology Pipeline
- Coherus announced that it had
entered into a definitive agreement and plan of merger on June 16,
2023 that would result in the acquisition of Surface Oncology, Inc.
(“Surface Oncology”), if completed. The merger is expected to
significantly advance Coherus’ next-generation immuno-oncology
pipeline focused on the tumor micro-environment with clinical stage
anti-IL-27 and anti-CCR8 development programs. The merger is
expected to close following the Surface Oncology special meeting of
stockholders scheduled on September 7, 2023.
- Patient enrollment continues in the
U.S.-based Phase 1/2a dose expansion clinical trial evaluating
CHS-006, a TIGIT-targeted antibody, in combination with toripalimab
in patients with advanced solid tumors (NCT05757492).
- Coherus plans to file an
Investigational New Drug (“IND”) application by year end for
CHS-1000, a novel ILT4-targeted antibody.
“In the second quarter, we had strong execution
on our strategy to build an innovative immuno-oncology company
funded by revenues from FDA-approved products, and we made good
progress across all areas of our business. Compared to the prior
quarter, net revenues increased by 81% to $58.7 million, and we
expect continued revenue growth in the second half of this year
driven by continued success with CIMERLI®, the UDENYCA®
autoinjector and YUSIMRY™ new product launches, as well as the
launches of UDENYCA® On-body Injector and of toripalimab for the
treatment of NPC later this year, if approved,” said Denny Lanfear,
Coherus’ Chairman and Chief Executive Officer. “Coherus is
successfully diversifying into a multi-product commercial
organization with growing revenues supporting the development of
our next-generation immuno-oncology franchise.”
Mr. Lanfear added, “We look forward to closing
the merger with Surface Oncology in the third quarter,
reprioritizing our portfolio, and ultimately advancing a highly
competitive, next-generation immuno-oncology clinical pipeline of
innovative therapeutics focused on the tumor microenvironment. We
will be well positioned to deliver the next step change in cancer
treatment, with the goal of driving enhanced therapeutic benefit to
patients beyond the outcomes achieved with checkpoint inhibitors
alone.”
SECOND QUARTER 2023 FINANCIAL
RESULTS
Net revenue was $58.7 million
during the three months ended June 30, 2023 and included $31.7
million of net sales of UDENYCA® and $26.7 million of net sales of
CIMERLI®, which was launched in October 2022. Net revenue for the
three months ended June 30, 2022, consisting primarily of UDENYCA®
net sales, was $60.2 million. Net revenue was $91.2 million and
$120.3 million for the six months ended June 30, 2023 and 2022,
respectively. Net revenue in the first half of 2023 was reduced by
a $1.7 million charge for a contingent liability related to
resolving a dispute regarding certain UDENYCA® sales from October
2020 through December 2021. The declines were primarily due to a
reduction in the number of units of UDENYCA® sold as well as a
lower net realized price due to increased competition. These
factors were partially offset by increasing revenue from CIMERLI®
sales during the first two quarters of 2023.
Cost of goods sold (COGS) for
the three months ended June 30, 2023 and 2022 was $24.8 million and
$11.3 million, respectively, and $41.7 million and $20.6 million
during the six months ended June 30, 2023 and 2022, respectively.
The increases compared to prior year periods primarily result from
COGS associated with CIMERLI® which was launched in October 2022.
UDENYCA® COGS includes a mid-single digit royalty on net sales
payable through the first half of 2024, and CIMERLI® COGS includes
a low to mid 50% royalty on gross profits. COGS for the first half
of 2023 also includes $3.0 million in contract modification fees
with one of our manufacturers and $2.3 million in write-offs of
inventory that was damaged during processing at one of our
manufacturers. In addition, gross margins were unfavorably impacted
due to product mix resulting from increased volumes of CIMERLI®
sold following the product specific Q-code implementation on April
1st and the launch of UDENYCA® AI in May 2023.
Research and development
(R&D) expense for the three months ended June 30, 2023
and 2022 was $23.3 million and $41.6 million, respectively. For the
six months ended June 30, 2023 and 2022, R&D expense was $57.4
million and $124.5 million, respectively. The decline in R&D
expense compared to the prior year periods primarily resulted from
the reduction in scope of the toripalimab collaboration agreement
and from the recognition in the first quarter of 2022 of the $35.0
million option exercise fee paid to Junshi Biosciences to license
CHS-006.
Selling, general and administrative
(SG&A) expense was $45.1 million and $51.3 million
during the three months ended June 30, 2023 and 2022, respectively,
and $94.3 million and $100.0 million during the six months ended
June 30, 2023 and 2022, respectively. The decline in SG&A
expense compared to the prior year periods primarily reflects lower
headcount.
Net loss for the second quarter
of 2023 was $42.9 million, or $(0.49) per share on a diluted basis,
compared to a net loss of $50.2 million, or $(0.65) per share on a
diluted basis for the same period in 2022. Net loss for the first
half of 2023 was $118.6 million, or $(1.42) per share on a diluted
basis, compared to a net loss of $146.2 million, or $(1.89) per
share on a diluted basis for the first half of 2022.
Non-GAAP net loss for the
second quarter of 2023 was $32.8 million, or $(0.38) per share on a
diluted basis, compared to non-GAAP net loss of $36.3 million, or
$(0.47) per share on a diluted basis for the same period in 2022.
Non-GAAP net loss for the first half of 2023 was $92.3 million, or
$(1.11) per share on a diluted basis, compared to non-GAAP net loss
of $113.3 million, or $(1.46) per share on a diluted basis for the
first half of 2022. See “Non-GAAP Financial Measures” below for a
discussion on how Coherus calculates non-GAAP net loss and a
reconciliation to the most directly comparable GAAP measures.
Cash, cash equivalents and investments
in marketable securities were $144.7 million as of June
30, 2023, compared to $191.7 million at December 31, 2022.
2023 Revenue and R&D and SG&A
Expense Guidance
Coherus expects its 2023 net product revenue
will exceed $275 million, including at least $100 million of
CIMERLI® net revenue.
Coherus projects combined R&D and SG&A
expenses for 2023 to be in the range of $315 to $335
million. This guidance range includes stock-based compensation
expense and excludes the Surface Oncology acquisition cost as well
as any potential collaboration upfront payments to Klinge Pharma
for the in-license of its Eylea® biosimilar program or milestones
payments to Junshi Biosciences due upon U.S. approval of
toripalimab.
This financial guidance also excludes the
effects of any potential future strategic acquisitions,
collaborations or investments, the exercise of rights or options
related to collaboration programs, and any other transactions or
circumstances not yet identified or quantified. This guidance is
subject to a number of risks and uncertainties. See Forward-Looking
Statements described in the section below.
Conference Call
InformationWhen: Wednesday, August 2nd, 2023, 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/BI3fdbdc05783442f89d11db6b94e74a28
Please dial-in 15 minutes early to ensure a
timely connection to the call.
Webcast Link:
https://edge.media-server.com/mmc/p/irz4npdq
A replay of the webcast will be archived on the
“Investors” section of the Coherus website at
http://investors.coherus.com.
About Coherus BioSciences
Coherus is a commercial-stage biopharmaceutical
company focused on the research, development and commercialization
of innovative immunotherapies to treat cancer. Coherus’ strategy is
to build a leading immuno-oncology franchise funded with cash
generated through net sales of its diversified portfolio of
FDA-approved therapeutics.
In 2021, Coherus in-licensed toripalimab, an
anti-PD-1 antibody, in the United States and Canada. The Biologics
License Application for toripalimab in combination with
chemotherapy as treatment for recurrent or metastatic
nasopharyngeal carcinoma is currently under review by the FDA.
Coherus markets UDENYCA® (pegfilgrastim-cbqv), a
biosimilar of Neulasta®, CIMERLI® (ranibizumab-eqrn), a biosimilar
of Lucentis®, and YUSIMRY™ (adalimumab-aqvh), a biosimilar of
Humira®.
Neulasta® is a registered trademark of Amgen, Inc.Lucentis® is a
registered trademark of Genentech, Inc.Humira® is a registered
trademark of AbbVie 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’
ability to build its immuno-oncology franchise to achieve a leading
market position; Coherus’ ability to generate cash and net sales;
Coherus’ investment plans; Coherus’ future projections for R&D
expense, SG&A expense, net product revenue and CIMERLI®
revenue; Coherus’ expectations about its ability to close the
acquisition of Surface Oncology in the third quarter of 2023 or at
all; Coherus’ expectations about advancing its pipeline and
achieving better outcomes than checkpoint inhibitors can on their
own; Coherus’ expectations about launching new products and
Coherus’ timing and ability to file an IND for CHS-1000.
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 relating
to the COVID-19 pandemic; risks related to our 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, international
aspects of Coherus’ business, the need to finish inspections in
China 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; the risks and uncertainties of the acquisition
of Surface Oncology, including whether the conditions to closing of
the merger can be met in a timely manner or at all; 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 June 30, 2023 filed with the Securities
and Exchange Commission on August 2, 2023, including the section
therein captioned “Risk Factors” and in other documents Coherus
files with the Securities and Exchange Commission. Coherus’ results
for the quarter ended June 30, 2023 are not necessarily indicative
of our operating results for any future periods.
UDENYCA®, CIMERLI® and YUSIMRY™, 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:Marek
Ciszewski, J.D.SVP, Investor RelationsIR@coherus.com
For Media:Jodi SieversVP, Corporate
Communicationsmedia@coherus.com
Coherus BioSciences,
Inc.Condensed Consolidated Statements of
Operations(in thousands, except share and per share
data)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net revenue |
|
$ |
58,716 |
|
|
$ |
60,151 |
|
|
$ |
91,152 |
|
|
$ |
120,266 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
24,848 |
|
|
|
11,277 |
|
|
|
41,722 |
|
|
|
20,647 |
|
Research and development |
|
|
23,267 |
|
|
|
41,611 |
|
|
|
57,421 |
|
|
|
124,528 |
|
Selling, general and administrative |
|
|
45,144 |
|
|
|
51,276 |
|
|
|
94,297 |
|
|
|
100,029 |
|
Total costs and expenses |
|
|
93,259 |
|
|
|
104,164 |
|
|
|
193,440 |
|
|
|
245,204 |
|
Loss from operations |
|
|
(34,543 |
) |
|
|
(44,013 |
) |
|
|
(102,288 |
) |
|
|
(124,938 |
) |
Interest expense |
|
|
(9,943 |
) |
|
|
(6,580 |
) |
|
|
(19,655 |
) |
|
|
(15,549 |
) |
Loss on debt
extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,222 |
) |
Other income (expense),
net |
|
|
1,617 |
|
|
|
443 |
|
|
|
3,345 |
|
|
|
475 |
|
Loss before income taxes |
|
|
(42,869 |
) |
|
|
(50,150 |
) |
|
|
(118,598 |
) |
|
|
(146,234 |
) |
Income tax provision |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
$ |
(42,869 |
) |
|
$ |
(50,150 |
) |
|
$ |
(118,598 |
) |
|
$ |
(146,234 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per
share |
|
$ |
(0.49 |
) |
|
$ |
(0.65 |
) |
|
$ |
(1.42 |
) |
|
$ |
(1.89 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of
shares used in computing basic and diluted net loss per share |
|
|
87,269,614 |
|
|
|
77,554,717 |
|
|
|
83,469,247 |
|
|
|
77,405,040 |
|
Coherus BioSciences,
Inc.Condensed Consolidated Balance
Sheets(in thousands)(unaudited)
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
72,920 |
|
|
$ |
63,547 |
|
Investments in marketable
securities |
|
|
71,792 |
|
|
|
128,134 |
|
Trade receivables, net |
|
|
141,308 |
|
|
|
109,964 |
|
Inventory |
|
|
127,835 |
|
|
|
115,051 |
|
Other assets |
|
|
55,736 |
|
|
|
64,151 |
|
Total assets |
|
$ |
469,591 |
|
|
$ |
480,847 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Deficit |
|
|
|
|
|
|
Accrued rebates, fees and
reserve |
|
$ |
84,210 |
|
|
$ |
54,461 |
|
Term loans |
|
|
245,963 |
|
|
|
245,483 |
|
Convertible notes |
|
|
226,228 |
|
|
|
225,575 |
|
Other liabilities |
|
|
87,954 |
|
|
|
92,746 |
|
Total stockholders'
deficit |
|
|
(174,764 |
) |
|
|
(137,418 |
) |
Total liabilities and
stockholders’ deficit |
|
$ |
469,591 |
|
|
$ |
480,847 |
|
Coherus BioSciences,
Inc.Condensed Consolidated Statements of Cash
Flows(in thousands)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Cash, cash equivalents and
restricted cash at beginning of the period |
|
$ |
16,585 |
|
|
$ |
326,120 |
|
|
$ |
63,987 |
|
|
$ |
417,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating
activities |
|
|
(38,915 |
) |
|
|
(50,037 |
) |
|
|
(107,647 |
) |
|
|
(104,082 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of investments in marketable securities |
|
|
(19,507 |
) |
|
|
— |
|
|
|
(19,507 |
) |
|
|
— |
|
Proceeds from maturities of investments in marketable
securities |
|
|
47,250 |
|
|
|
— |
|
|
|
64,750 |
|
|
|
— |
|
Proceeds from sale of investments in marketable securities |
|
|
13,282 |
|
|
|
— |
|
|
|
13,282 |
|
|
|
— |
|
Option payment to Junshi Biosciences |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35,000 |
) |
Other investing activities, net |
|
|
340 |
|
|
|
(880 |
) |
|
|
366 |
|
|
|
(1,495 |
) |
Net cash provided by (used in)
investing activities |
|
|
41,365 |
|
|
|
(880 |
) |
|
|
58,891 |
|
|
|
(36,495 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from 2027 Term Loans, net of debt discount & issuance
costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
191,190 |
|
Proceeds from issuance of common stock under ATM Offering, net of
issuance costs |
|
|
(74 |
) |
|
|
— |
|
|
|
6,761 |
|
|
|
— |
|
Proceeds from issuance of common stock under Public Offering, net
of issuance costs |
|
|
53,625 |
|
|
|
— |
|
|
|
53,625 |
|
|
|
— |
|
Proceeds from issuance of common stock upon exercise of stock
options |
|
|
14 |
|
|
|
8 |
|
|
|
117 |
|
|
|
552 |
|
Proceeds from purchase under the employee stock purchase plan |
|
|
1,337 |
|
|
|
1,655 |
|
|
|
1,337 |
|
|
|
1,655 |
|
Taxes paid related to net share settlement of RSUs |
|
|
(305 |
) |
|
|
(642 |
) |
|
|
(3,086 |
) |
|
|
(3,300 |
) |
Repayment of 2022 Convertible Notes and premiums |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(109,000 |
) |
Repayment of 2025 Term Loan, premiums and exit fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(81,750 |
) |
Other financing activities |
|
|
(272 |
) |
|
|
(300 |
) |
|
|
(625 |
) |
|
|
(481 |
) |
Net cash provided by (used in)
financing activities |
|
|
54,325 |
|
|
|
721 |
|
|
|
58,129 |
|
|
|
(1,134 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
|
56,775 |
|
|
|
(50,196 |
) |
|
|
9,373 |
|
|
|
(141,711 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and
restricted cash at end of the period |
|
$ |
73,360 |
|
|
$ |
275,924 |
|
|
$ |
73,360 |
|
|
$ |
275,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash
equivalents, and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
72,920 |
|
|
$ |
275,484 |
|
|
$ |
72,920 |
|
|
$ |
275,484 |
|
Restricted cash balance |
|
|
440 |
|
|
|
440 |
|
|
|
440 |
|
|
|
440 |
|
Cash, cash equivalents and
restricted cash |
|
$ |
73,360 |
|
|
$ |
275,924 |
|
|
$ |
73,360 |
|
|
$ |
275,924 |
|
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 loss, and the related per share measures,
stock-based compensation expense, 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 Loss to Non-GAAP
Net Loss(in thousands, except share and per share
data)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
GAAP net loss |
|
$ |
(42,869 |
) |
|
$ |
(50,150 |
) |
|
$ |
(118,598 |
) |
|
$ |
(146,234 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense(1) |
|
|
10,077 |
|
|
|
13,850 |
|
|
|
21,410 |
|
|
|
26,729 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,222 |
|
Restructuring charges related to reduction in workforce(1) |
|
|
— |
|
|
|
— |
|
|
|
4,876 |
|
|
|
— |
|
Non-GAAP net loss |
|
$ |
(32,792 |
) |
|
$ |
(36,300 |
) |
|
$ |
(92,312 |
) |
|
$ |
(113,283 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share, basic
and diluted |
|
$ |
(0.49 |
) |
|
$ |
(0.65 |
) |
|
$ |
(1.42 |
) |
|
$ |
(1.89 |
) |
Non-GAAP net loss per share,
basic and diluted |
|
$ |
(0.38 |
) |
|
$ |
(0.47 |
) |
|
$ |
(1.11 |
) |
|
$ |
(1.46 |
) |
Shares used in computing basic
and diluted net loss per share |
|
|
87,269,614 |
|
|
|
77,554,717 |
|
|
|
83,469,247 |
|
|
|
77,405,040 |
|
(1) In the six months ended June 30, 2023, stock-based
compensation of $1.0 million was classified within Restructuring
charges related to reduction in workforce.
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