Coherus BioSciences, Inc. (Coherus, Nasdaq: CHRS),
today reported financial results for the quarter ended September
30, 2023, and recent business highlights:
RECENT BUSINESS HIGHLIGHTS
CIMERLI®
- CIMERLI® (ranibizumab-eqrn) net
product sales increased in the third quarter 2023 to $40.0 million
compared to $26.7 million in the second quarter. CIMERLI® sales
have exceeded 100,000 doses since commercial launch on October 3,
2022, and CIMERLI® held a 29% share of the overall ranibizumab
market in the third quarter 2023.
UDENYCA®
- UDENYCA® (pegfilgrastim-cbqv) net
product sales increased in the third quarter 2023 to $33.0 million
compared to $31.7 million in the second quarter. Market share grew
to 16.5% in the third quarter 2023, an increase of 4.3 market share
percentage points compared to the prior quarter.
- As of late September, more than 250
accounts had ordered the autoinjector (AI) presentation of
UDENYCA®, which was launched commercially on May 22, 2023. Coherus
anticipates demand will continue to rise with significantly
improved commercial and Medicare Advantage formulary coverage in
the fourth quarter of 2023 and in 2024.
- Coherus resubmitted the Biologics
License Application (BLA) Supplement for UDENYCA® ONBODY™, the
company's on-body injector presentation of UDENYCA®
(pegfilgrastim-cbqv), to the U.S. Food and Drug
Administration (FDA) for review on October 4, 2023. This
followed the completion and satisfactory resolution of the FDA’s
review of inspection findings at a third-party filler, which was
the only issue identified in the FDA’s September 21, 2023 Complete
Response Letter (CRL). Coherus anticipates potential approval for
the UDENYCA® ONBODY™ in late 2023 or by early 2024.
LOQTORZI™ (toripalimab-tpzi)
- On October 27, 2023, the FDA
approved LOQTORZI™ (toripalimab-tpzi) in combination with cisplatin
and gemcitabine for the first-line treatment of adults with
metastatic or recurrent locally advanced nasopharygeal carcinoma
(NPC), and as monotherapy for the treatment of adults with
recurrent unresectable or metastatic NPC with disease progression
on or after platinum-containing chemotherapy. Commercial launch is
expected in the first quarter of 2024.
- Coherus presented new mechanism of
action data for LOQTORZI™ at the 2023 AACR-NCI-EORTC International
Conference on Molecular Targets and Cancer Therapeutics and at the
38th Annual Meeting of Society for Immunotherapy of Cancer
(SITC).
YUSIMRY™
- Coherus launched YUSIMRY™, a Humira
biosimilar, with a citrate-free and sting-free formulation
delivered via a state-of-the-art autoinjector July 3, 2023.
YUSIMRY™ is now available for sale nationwide through retail, mail
order and specialty pharmacy channels.
Surface Oncology Acquisition and Novel
Immuno-oncology Pipeline
- On September 8, 2023, Coherus
announced the closing of its acquisition of Surface Oncology, Inc.
The acquisition significantly advanced Coherus’ next-generation
immuno-oncology pipeline focused on the tumor micro-environment
with clinical stage anti-IL-27 and anti-CCR8 monoclonal antibody
development programs.
- Coherus presented new preclinical
data for casdozokitug, a first-in-class IL-27 antibody and CHS-114,
a highly selective cytolytic CCR8 antibody at the 38th Annual SITC
meeting.
- Coherus plans to file an
Investigational New Drug (IND) application in first quarter of 2024
for CHS-1000, a novel ILT4-targeted antibody.
“With the approval of LOQTORZI™ and the closing
of the Surface Oncology acquisition, Coherus has all the elements
in place to realize its vision of building an innovative
immuno-oncology company with a commercial-stage PD-1 inhibitor and
a highly competitive, next-generation clinical I-O pipeline focused
on the tumor microenvironment,” said Denny Lanfear, Coherus’
Chairman and Chief Executive Officer. “Our net revenues of $74.6
million in the third quarter represent an increase of 27% compared
to Q2, and our SG&A plus R&D costs year to date have
declined 28% compared to the same period last year. Looking
forward, we expect further revenue growth driven by CIMERLI®, the
UDENYCA® franchise, YUSIMRY™, and LOQTORZI™, while holding the line
on expenses and focusing on returning to profitability.”
THIRD QUARTER 2023 FINANCIAL
RESULTS
Net revenue was $74.6 million
during the three months ended September 30, 2023 and included $33.0
million of net sales of UDENYCA®, $40.0 million of net sales of
CIMERLI®, and $1.4 million of net sales of YUSIMRY™, which was
launched July 3, 2023. Net revenue for the three months ended
September 30, 2022, consisting primarily of UDENYCA® net sales, was
$45.4 million. Net revenue was $165.7 million and $165.7 million
for the nine months ended September 30, 2023 and 2022,
respectively. Year to date revenues remained flat compared to the
prior period 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 offset by increasing revenue from CIMERLI®
and YUSIMRY™ sales during the nine months ended September 30,
2023.
Cost of goods sold (COGS) for
the three months ended September 30, 2023 and 2022 was $32.7
million and $35.2 million, respectively, and $74.4 million and
$55.9 million during the nine months ended September 30, 2023 and
2022, respectively. COGS includes a mid-single digit royalty
payable on net sales of UDENYCA® through the first half of 2024,
and 2023 COGS also includes a low to mid 50% royalty payable on
gross profits of CIMERLI®.
The decrease in COGS for the three months ended
September 30, 2023 compared to the same period in the prior year
was primarily due to the $26.0 million write-down in the third
quarter 2022 of inventory at risk of expiration and due to the sale
in the third quarter 2023 of certain of those UDENYCA units having
a total original cost of $2.4 million but no carrying value
following the write-off, partially offset by a $17.0 million
increase in royalty costs and $8.4 million increase in product
costs primarily driven by CIMERLI sales and the mix of products
sold.
The increase in COGS for the nine months ended
September 30, 2023 compared to the same period in the prior year
was due to a $28.1 million increase in royalty costs primarily
driven by CIMERLI sales, $3.0 million in contract modification fees
with one of our manufacturers for reducing the number of UDENYCA
batches to be produced, and $2.3 million in write-offs, net of
recoveries for inventory that was damaged during processing. These
unfavorable factors were partially offset by the factors associated
with the write-down in the third quarter of 2022 noted above.
Research and development
(R&D) expense for the three months ended September 30,
2023 and 2022 was $25.6 million and $45.8 million, respectively.
For the nine months ended September 30, 2023 and 2022, R&D
expense was $83.1 million and $170.3 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 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. R&D expense for the first nine months of
2022 also included development costs for additional presentations
of UDENYCA® and certain manufacturing expenses for YUSIMRY™ which
began to be capitalized in mid 2022.
Selling, general and administrative
(SG&A) expense was $48.2 million and $44.8 million
during the three months ended September 30, 2023 and 2022,
respectively, and $142.5 million and $144.9 million during the nine
months ended September 30, 2023 and 2022, respectively. The
increase in SG&A expense in the three months ended September
30, 2023 was primarily due to an increase in professional services
fees associated with the acquisition of Surface Oncology that was
completed in September 2023. The decline in SG&A expense in the
nine months ended September 30, 2023 compared to the prior year
period primarily reflects lower headcount.
Net loss for the third quarter
of 2023 was $39.6 million, or $(0.41) per share on a diluted basis,
compared to a net loss of $86.7 million, or $(1.11) per share on a
diluted basis for the same period in 2022. Net loss for the nine
months ended September 30, 2023 was $158.2 million, or $(1.79) per
share on a diluted basis, compared to a net loss of $232.9 million,
or $(3.00) per share on a diluted basis for the same period in
2022.
Non-GAAP net loss for the third
quarter of 2023 was $26.9 million, or $(0.27) per share on a
diluted basis, compared to non-GAAP net loss of $74.4 million, or
$(0.96) per share on a diluted basis for the same period in 2022.
Non-GAAP net loss for the nine months ended September 30, 2023 was
$117.3 million, or $(1.33) per share on a diluted basis, compared
to non-GAAP net loss of $187.7 million, or $(2.42) per share on a
diluted basis for the same period in 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 $131.1 million as of
September 30, 2023, compared to $191.7 million at December 31,
2022.
2023 Revenue and R&D and SG&A
Expense Guidance
Primarily due to the delay in the timing of the
planned commercial launches of the UDENYCA® On-body Injector and of
LOQTORZI™, Coherus is lowering its guidance for 2023 net product
revenue to a range of $250 to $260 million.
Coherus is lowering its guidance range for
combined R&D and SG&A expenses for 2023 from $315 to $335
million to a range of $300 to $310 million. This guidance range
includes $40 to $45 million of stock-based compensation expense and
excludes the Surface Oncology acquisition cost as well as any
potential collaboration upfront or milestone payments.
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: Monday, November 6, 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/BI0eececfba52f4f83a7438c9f002fabc4
Please dial-in 15 minutes early to ensure a
timely connection to the call.
Webcast Link:
https://edge.media-server.com/mmc/p/z2fatkzx
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 is
developing an innovative immuno-oncology pipeline that will 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 first-in-class anti-IL-27 antibody
currently being evaluated in Phase 1/2 clinical trials in lung and
liver cancer. CHS-114 is a highly selective, competitively
positioned, ADCC-enhanced anti-CCR8 antibody currently in a Phase
1/2 study as a monotherapy in patients with advanced solid
tumors.
Coherus’ earlier-stage immuno-oncology pipeline
targets immune-suppressive mechanisms, including CHS-006, a
TIGIT-targeted antibody, being evaluated in a Phase 1/2 clinical
trial in combination with LOQTORZI in patients with advanced solid
tumors, and CHS-1000, a preclinical program targeting the novel
pathway ILT4.
Coherus markets UDENYCA® (pegfilgrastim-cbqv), a
biosimilar of Neulasta®, CIMERLI® (ranibizumab-eqrn), a biosimilar
of Lucentis®, YUSIMRY™ (adalimumab-aqvh), a biosimilar of Humira®
and expects to launch LOQTORZI™ (toripalimab-tpzi), a novel next
generation PD-1 inhibitor, in the U.S. in the first quarter of
2024.
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 identify synergies between its I-O pipeline and its
commercial operations; Coherus’ ability to grow revenues; Coherus’
future projections for R&D expense, SG&A expense and net
product revenue; Coherus’ expectations about gaining new product
approvals, formulary coverage and launching new products in a
timely manner and Coherus’ timing of a return to profitability and
its filing of 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 timing of Coherus’ regulatory
filings; the risk of FDA review issues; the risks of competition;
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’ Quarterly Report on Form 10-Q for
the fiscal quarter ended September 30, 2023 filed with the
Securities and Exchange Commission on November 6, 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 September 30, 2023 are not
necessarily indicative of our operating results for any future
periods.
UDENYCA®, UDENYCA® ONBODY™, CIMERLI®, YUSIMRY™
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:Jami
TaylorVP, 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 |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net revenue |
$ |
74,568 |
|
|
$ |
45,424 |
|
|
$ |
165,720 |
|
|
$ |
165,690 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
32,703 |
|
|
|
35,234 |
|
|
|
74,425 |
|
|
|
55,881 |
|
Research and development |
|
25,647 |
|
|
|
45,808 |
|
|
|
83,068 |
|
|
|
170,336 |
|
Selling, general and administrative |
|
48,224 |
|
|
|
44,831 |
|
|
|
142,521 |
|
|
|
144,860 |
|
Total costs and expenses |
|
106,574 |
|
|
|
125,873 |
|
|
|
300,014 |
|
|
|
371,077 |
|
Loss from operations |
|
(32,006 |
) |
|
|
(80,449 |
) |
|
|
(134,294 |
) |
|
|
(205,387 |
) |
Interest expense |
|
(10,268 |
) |
|
|
(7,540 |
) |
|
|
(29,923 |
) |
|
|
(23,089 |
) |
Loss on debt
extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,222 |
) |
Other income (expense),
net |
|
2,253 |
|
|
|
1,339 |
|
|
|
5,598 |
|
|
|
1,814 |
|
Loss before income taxes |
|
(40,021 |
) |
|
|
(86,650 |
) |
|
|
(158,619 |
) |
|
|
(232,884 |
) |
Income tax provision
(benefit) |
|
(380 |
) |
|
|
— |
|
|
|
(380 |
) |
|
|
— |
|
Net loss |
$ |
(39,641 |
) |
|
$ |
(86,650 |
) |
|
$ |
(158,239 |
) |
|
$ |
(232,884 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per
share |
$ |
(0.41 |
) |
|
$ |
(1.11 |
) |
|
$ |
(1.79 |
) |
|
$ |
(3.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of
shares used in computing basic and diluted net loss per share |
|
97,738,509 |
|
|
|
77,746,895 |
|
|
|
88,277,936 |
|
|
|
77,520,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coherus BioSciences, Inc. |
Condensed Consolidated Balance Sheets |
(in thousands) |
(unaudited) |
|
|
September 30, |
|
December 31, |
|
2023 |
|
2022 |
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
80,259 |
|
|
$ |
63,547 |
|
Investments in marketable
securities |
|
50,818 |
|
|
|
128,134 |
|
Trade receivables, net |
|
216,511 |
|
|
|
109,964 |
|
Inventory |
|
145,785 |
|
|
|
115,051 |
|
Goodwill and intangible
assets, net |
|
46,524 |
|
|
|
5,931 |
|
Other assets |
|
43,886 |
|
|
|
58,220 |
|
Total assets |
$ |
583,783 |
|
|
$ |
480,847 |
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Deficit |
|
|
|
|
|
Accrued rebates, fees and
reserve |
$ |
117,369 |
|
|
$ |
54,461 |
|
Term loans |
|
246,217 |
|
|
|
245,483 |
|
Convertible notes |
|
226,557 |
|
|
|
225,575 |
|
Other liabilities |
|
127,239 |
|
|
|
92,746 |
|
Total stockholders'
deficit |
|
(133,599 |
) |
|
|
(137,418 |
) |
Total liabilities and
stockholders’ deficit |
$ |
583,783 |
|
|
$ |
480,847 |
|
|
|
|
|
|
|
|
|
Coherus BioSciences, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Cash, cash equivalents and restricted cash at beginning of the
period |
$ |
73,360 |
|
|
$ |
275,924 |
|
|
$ |
63,987 |
|
|
$ |
417,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in operating
activities |
|
(54,300 |
) |
|
|
(37,089 |
) |
|
|
(161,947 |
) |
|
|
(141,171 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of investments in marketable securities |
|
— |
|
|
|
— |
|
|
|
(19,507 |
) |
|
|
— |
|
Proceeds from maturities of investments in marketable
securities |
|
43,398 |
|
|
|
— |
|
|
|
108,148 |
|
|
|
— |
|
Proceeds from sale of investments in marketable securities |
|
— |
|
|
|
— |
|
|
|
13,282 |
|
|
|
— |
|
Option payment to Junshi Biosciences |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35,000 |
) |
Cash and cash equivalents acquired from Surface Acquisition |
|
6,997 |
|
|
|
— |
|
|
|
6,997 |
|
|
|
— |
|
Other investing activities, net |
|
151 |
|
|
|
(457 |
) |
|
|
517 |
|
|
|
(1,952 |
) |
Net cash provided by (used in)
investing activities |
|
50,546 |
|
|
|
(457 |
) |
|
|
109,437 |
|
|
|
(36,952 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from 2027 Term Loans, net of debt discount & issuance
costs |
|
— |
|
|
|
49,489 |
|
|
|
— |
|
|
|
240,679 |
|
Proceeds from issuance of common stock under ATM Offering, net of
issuance costs |
|
11,437 |
|
|
|
— |
|
|
|
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 |
|
|
|
79 |
|
|
|
170 |
|
|
|
631 |
|
Proceeds from purchase under the employee stock purchase plan |
|
— |
|
|
|
— |
|
|
|
1,337 |
|
|
|
1,655 |
|
Taxes paid related to net share settlement |
|
(175 |
) |
|
|
(321 |
) |
|
|
(3,261 |
) |
|
|
(3,621 |
) |
Repayment of 2022 Convertible Notes and premiums |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(109,000 |
) |
Repayment of 2025 Term Loan, premiums and exit fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(81,750 |
) |
Other financing activities |
|
(210 |
) |
|
|
(380 |
) |
|
|
(835 |
) |
|
|
(861 |
) |
Net cash provided by financing
activities |
|
11,105 |
|
|
|
48,867 |
|
|
|
69,234 |
|
|
|
47,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
7,351 |
|
|
|
11,321 |
|
|
|
16,724 |
|
|
|
(130,390 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and
restricted cash at end of the period |
$ |
80,711 |
|
|
$ |
287,245 |
|
|
$ |
80,711 |
|
|
$ |
287,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash
equivalents, and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
80,259 |
|
|
$ |
286,805 |
|
|
$ |
80,259 |
|
|
$ |
286,805 |
|
Restricted cash balance |
|
452 |
|
|
|
440 |
|
|
|
452 |
|
|
|
440 |
|
Cash, cash equivalents and
restricted cash |
$ |
80,711 |
|
|
$ |
287,245 |
|
|
$ |
80,711 |
|
|
$ |
287,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, certain acquisition-related
expenses including amortization of intangible assets, 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 |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
GAAP net loss |
$ |
(39,641 |
) |
|
$ |
(86,650 |
) |
|
$ |
(158,239 |
) |
|
$ |
(232,884 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense(1) |
|
9,954 |
|
|
|
12,282 |
|
|
|
31,364 |
|
|
|
39,011 |
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,222 |
|
Restructuring charges related to reduction in workforce(1) |
|
— |
|
|
|
— |
|
|
|
4,876 |
|
|
|
— |
|
Acquisition-related costs, including amortization of
intangibles(2) |
|
2,830 |
|
|
|
— |
|
|
|
4,691 |
|
|
|
— |
|
Non-GAAP net loss |
$ |
(26,857 |
) |
|
$ |
(74,368 |
) |
|
$ |
(117,308 |
) |
|
$ |
(187,651 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share, basic
and diluted |
$ |
(0.41 |
) |
|
$ |
(1.11 |
) |
|
$ |
(1.79 |
) |
|
$ |
(3.00 |
) |
Non-GAAP net loss per share,
basic and diluted |
$ |
(0.27 |
) |
|
$ |
(0.96 |
) |
|
$ |
(1.33 |
) |
|
$ |
(2.42 |
) |
Shares used in computing basic
and diluted net loss per share |
|
97,738,509 |
|
|
|
77,746,895 |
|
|
|
88,277,936 |
|
|
|
77,520,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) In the nine months ended
September 30, 2023, stock-based compensation of $1.0 million was
classified within Restructuring charges related to reduction in
workforce. (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, $1.9 million of
acquisition-related costs, including amortization of intangibles
incurred during the quarter ended June 30, 2023 has been excluded
from SG&A expense for the nine months ended September 30,
2023.
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