$CHRS
Coherus BioSciences Inc

2020 Q1 Form 10-Q Financial Statement

#000155837020005749 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $116.2M $37.10M
YoY Change 213.17%
Cost Of Revenue $6.855M $2.225M
YoY Change 208.09%
Gross Profit $109.3M $34.87M
YoY Change 213.49%
Gross Profit Margin 94.1% 94.0%
Selling, General & Admin $35.35M $32.68M
YoY Change 8.16% 97.16%
% of Gross Profit 32.33% 93.72%
Research & Development $33.11M $18.79M
YoY Change 76.2% -26.19%
% of Gross Profit 30.28% 53.88%
Depreciation & Amortization $600.0K $700.0K
YoY Change -14.29% -22.22%
% of Gross Profit 0.55% 2.01%
Operating Expenses $75.31M $53.70M
YoY Change 40.25% 27.75%
Operating Profit $40.87M -$16.60M
YoY Change -346.21% -60.51%
Interest Expense $4.431M $4.216M
YoY Change 5.1% 75.08%
% of Operating Profit 10.84%
Other Income/Expense, Net $68.00K $811.0K
YoY Change -91.62% 487.68%
Pretax Income $36.51M -$20.00M
YoY Change -282.49% -54.84%
Income Tax $900.0K $0.00
% Of Pretax Income 2.47%
Net Earnings $35.57M -$20.00M
YoY Change -277.82% -54.84%
Net Earnings / Revenue 30.62% -53.92%
Basic Earnings Per Share $0.50 -$0.29
Diluted Earnings Per Share $0.48 -$0.29
COMMON SHARES
Basic Shares Outstanding 70.66M 69.14M
Diluted Shares Outstanding 74.42M 69.14M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $193.3M $96.40M
YoY Change 100.52% 1.26%
Cash & Equivalents $193.3M $81.52M
Short-Term Investments $14.90M
Other Short-Term Assets $18.00M $14.00M
YoY Change 28.57% -18.13%
Inventory $16.44M $2.312M
Prepaid Expenses
Receivables $167.5M $46.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $395.2M $159.2M
YoY Change 148.23% 41.89%
LONG-TERM ASSETS
Property, Plant & Equipment $6.832M $12.90M
YoY Change -47.04% 8.4%
Goodwill $943.0K $943.0K
YoY Change 0.0%
Intangibles $2.620M $2.620M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $362.0K $14.00K
YoY Change 2485.71% -98.25%
Total Long-Term Assets $71.36M $26.92M
YoY Change 165.12% 65.12%
TOTAL ASSETS
Total Short-Term Assets $395.2M $159.2M
Total Long-Term Assets $71.36M $26.92M
Total Assets $466.5M $186.1M
YoY Change 150.67% 44.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.49M $11.17M
YoY Change 83.34% -21.87%
Accrued Expenses $19.52M $8.857M
YoY Change 120.39% -5.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K
YoY Change
Total Short-Term Liabilities $119.0M $41.40M
YoY Change 187.47% 49.87%
LONG-TERM LIABILITIES
Long-Term Debt $179.2M $176.6M
YoY Change 1.47% 73.14%
Other Long-Term Liabilities $11.10M
YoY Change
Total Long-Term Liabilities $190.3M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $119.0M $41.40M
Total Long-Term Liabilities $190.3M $0.00
Total Liabilities $309.3M $224.6M
YoY Change 37.68% 70.76%
SHAREHOLDERS EQUITY
Retained Earnings -$859.4M -$1.005B
YoY Change -14.47%
Common Stock $1.017B $966.7M
YoY Change 5.16% 18.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $157.3M -$38.50M
YoY Change
Total Liabilities & Shareholders Equity $466.5M $186.1M
YoY Change 150.67% 44.88%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $35.57M -$20.00M
YoY Change -277.82% -54.84%
Depreciation, Depletion And Amortization $600.0K $700.0K
YoY Change -14.29% -22.22%
Cash From Operating Activities $13.48M -$56.98M
YoY Change -123.65% 69.67%
INVESTING ACTIVITIES
Capital Expenditures $1.783M $335.0K
YoY Change 432.24% 313.58%
Acquisitions
YoY Change
Other Investing Activities $200.0K -$14.90M
YoY Change -101.34% 13.74%
Cash From Investing Activities -$1.616M -$15.20M
YoY Change -89.37% 15.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.923M 81.48M
YoY Change -95.19% 4238.5%
NET CHANGE
Cash From Operating Activities 13.48M -56.98M
Cash From Investing Activities -1.616M -15.20M
Cash From Financing Activities 3.923M 81.48M
Net Change In Cash 15.78M 9.159M
YoY Change 72.33% -120.4%
FREE CASH FLOW
Cash From Operating Activities $13.48M -$56.98M
Capital Expenditures $1.783M $335.0K
Free Cash Flow $11.69M -$57.32M
YoY Change -120.4% 70.26%

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<p style="font-family:'Calibri';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.       Organization and Operations</p><p style="font-family:'Calibri';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Description of the Business</p><p style="font-family:'Calibri';font-size:10pt;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">Coherus BioSciences, Inc. (the “Company”, “Coherus”, “we”, our” or “us”) is a commercial-stage biotherapeutics company, focused on the global biosimilar market. The Company’s headquarters and laboratories are located in Redwood City, California and in Camarillo, California, respectively. The Company’s biosimilar pipeline comprises of five  biosimilar drugs, CHS-1420 (an adalimumab (Humira®) biosimilar), CHS-2020 (an aflibercept (Eylea®) biosimilar), CHS-0214 (an etanercept (Enbrel®) biosimilar), a ranibizumab (Lucentis®) biosimilar in-licensed for U.S. commercial rights from Bioeq AG, and a bevacizumab (Avastin®) biosimilar in-licensed for U.S. commercial rights from Innovent Biologics (Suzhou) Co., Ltd.</p><p style="font-family:'Calibri';font-size:10pt;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">The Company commercializes UDENYCA® (pegfilgrastim-cbqv), a biosimilar to Neulasta, a long-acting granulocyte-colony stimulating factor, in the United States.</p><p style="font-family:'Calibri';font-size:10pt;text-align:justify;margin:18pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Liquidity<br/></b><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Calibri';font-size:10pt;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">As of March 31, 2020, the Company had an accumulated deficit of $859.4 million and cash and cash equivalents of $193.3 million. The Company had $35.6 million in net income for the three months ended March 31, 2020. The Company believes that its current available cash, cash equivalents and cash collected from UDENYCA<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> sales will be sufficient to fund its planned expenditures and meet the Company’s obligations for at least 12 months following its financial statement issuance date<span style="color:#1f497d;">.</span> The Company may need to raise additional funds in the future; however, there can be no assurance that such efforts will be successful or that, in the event that they are successful, the terms and conditions of such financing will be favorable. If the Company is unable to obtain adequate financing when needed, it may have to delay, reduce the scope of or suspend one or more of its clinical trials or research and development programs.</p>
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