$CHRS
Coherus BioSciences, Inc.

2021 Q1 Form 10-Q Financial Statement

#000155837021006257 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $83.03M $116.2M
YoY Change -28.53% 213.17%
Cost Of Revenue $7.511M $6.855M
YoY Change 9.57% 208.09%
Gross Profit $75.52M $109.3M
YoY Change -30.92% 213.49%
Gross Profit Margin 90.95% 94.1%
Selling, General & Admin $39.39M $35.35M
YoY Change 11.43% 8.16%
% of Gross Profit 52.16% 32.33%
Research & Development $203.5M $33.11M
YoY Change 514.65% 76.2%
% of Gross Profit 269.44% 30.28%
Depreciation & Amortization $800.0K $600.0K
YoY Change 33.33% -14.29%
% of Gross Profit 1.06% 0.55%
Operating Expenses $242.9M $75.31M
YoY Change 222.5% 40.25%
Operating Profit -$167.4M $40.87M
YoY Change -509.51% -346.21%
Interest Expense $5.648M $4.431M
YoY Change 27.47% 5.1%
% of Operating Profit 10.84%
Other Income/Expense, Net $61.00K $68.00K
YoY Change -10.29% -91.62%
Pretax Income -$172.9M $36.51M
YoY Change -573.76% -282.49%
Income Tax $0.00 $900.0K
% Of Pretax Income 2.47%
Net Earnings -$172.9M $35.57M
YoY Change -586.19% -277.82%
Net Earnings / Revenue -208.28% 30.62%
Basic Earnings Per Share -$2.37 $0.50
Diluted Earnings Per Share -$2.37 $0.48
COMMON SHARES
Basic Shares Outstanding 72.83M 70.66M
Diluted Shares Outstanding 72.83M 74.42M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $399.5M $193.3M
YoY Change 106.67% 100.52%
Cash & Equivalents $259.5M $193.3M
Short-Term Investments $140.0M
Other Short-Term Assets $25.70M $18.00M
YoY Change 42.78% 28.57%
Inventory $51.61M $16.44M
Prepaid Expenses
Receivables $140.4M $167.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $617.3M $395.2M
YoY Change 56.2% 148.23%
LONG-TERM ASSETS
Property, Plant & Equipment $19.10M $6.832M
YoY Change 179.57% -47.04%
Goodwill $943.0K $943.0K
YoY Change 0.0% 0.0%
Intangibles $2.620M $2.620M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $10.70M $362.0K
YoY Change 2855.8% 2485.71%
Total Long-Term Assets $76.04M $71.36M
YoY Change 6.57% 165.12%
TOTAL ASSETS
Total Short-Term Assets $617.3M $395.2M
Total Long-Term Assets $76.04M $71.36M
Total Assets $693.3M $466.5M
YoY Change 48.61% 150.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.48M $20.49M
YoY Change -24.42% 83.34%
Accrued Expenses $44.84M $19.52M
YoY Change 129.71% 120.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $107.6M $100.0K
YoY Change 107500.0%
Total Short-Term Liabilities $257.6M $119.0M
YoY Change 116.45% 187.47%
LONG-TERM LIABILITIES
Long-Term Debt $298.9M $179.2M
YoY Change 66.8% 1.47%
Other Long-Term Liabilities $750.0K $11.10M
YoY Change -93.24%
Total Long-Term Liabilities $750.0K $190.3M
YoY Change -99.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $257.6M $119.0M
Total Long-Term Liabilities $750.0K $190.3M
Total Liabilities $565.6M $309.3M
YoY Change 82.9% 37.68%
SHAREHOLDERS EQUITY
Retained Earnings -$935.7M -$859.4M
YoY Change 8.88% -14.47%
Common Stock $7.000K $1.017B
YoY Change -100.0% 5.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $127.7M $157.3M
YoY Change
Total Liabilities & Shareholders Equity $693.3M $466.5M
YoY Change 48.61% 150.67%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$172.9M $35.57M
YoY Change -586.19% -277.82%
Depreciation, Depletion And Amortization $800.0K $600.0K
YoY Change 33.33% -14.29%
Cash From Operating Activities $1.367M $13.48M
YoY Change -89.86% -123.65%
INVESTING ACTIVITIES
Capital Expenditures $145.0K $1.783M
YoY Change -91.87% 432.24%
Acquisitions
YoY Change
Other Investing Activities -$285.3M $200.0K
YoY Change -142750.0% -101.34%
Cash From Investing Activities -$285.5M -$1.616M
YoY Change 17565.53% -89.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.439M 3.923M
YoY Change -37.83% -95.19%
NET CHANGE
Cash From Operating Activities 1.367M 13.48M
Cash From Investing Activities -285.5M -1.616M
Cash From Financing Activities 2.439M 3.923M
Net Change In Cash -281.7M 15.78M
YoY Change -1884.52% 72.33%
FREE CASH FLOW
Cash From Operating Activities $1.367M $13.48M
Capital Expenditures $145.0K $1.783M
Free Cash Flow $1.222M $11.69M
YoY Change -89.55% -120.4%

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CY2021Q1 us-gaap Marketable Securities Unrealized Gain Loss
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CY2021Q1 us-gaap Depreciation And Amortization
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CY2020Q1 us-gaap Depreciation And Amortization
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ShareBasedCompensation
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ShareBasedCompensation
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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
259929000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
193692000
CY2020Q1 chrs Unpaid Upfront License Fee To Innovent Included In Accounts Payable
UnpaidUpfrontLicenseFeeToInnoventIncludedInAccountsPayable
5000000
CY2020Q1 chrs Non Cash Bonus Payment Settled In Common Stock
NonCashBonusPaymentSettledInCommonStock
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CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2021Q1 chrs Number Of Products
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CY2021Q1 us-gaap Use Of Estimates
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CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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440000
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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440000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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259929000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
193692000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CashAndCashEquivalentsAtCarryingValue
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CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2019Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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0
CY2020Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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0
CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2021Q1 us-gaap Inventory Raw Materials
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CY2021Q1 us-gaap Inventory Work In Process
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CY2021Q1 us-gaap Inventory Finished Goods
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InventoryGross
103678000
CY2020Q4 us-gaap Inventory Gross
InventoryGross
92189000
CY2021Q1 us-gaap Inventory Net
InventoryNet
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CY2020Q4 us-gaap Inventory Net
InventoryNet
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CY2021Q1 us-gaap Inventory Noncurrent
InventoryNoncurrent
52065000
CY2020Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
47956000
CY2021Q1 chrs Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
103678000
CY2020Q4 chrs Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
92189000
CY2021Q1 chrs Prepaid Manufacturing Expense Current
PrepaidManufacturingExpenseCurrent
15400000
CY2020Q4 chrs Prepaid Manufacturing Expense Current
PrepaidManufacturingExpenseCurrent
19400000
CY2021Q1 chrs Cancellation Of Open Purchase Orders With Various Vendors
CancellationOfOpenPurchaseOrdersWithVariousVendors
8300000
CY2021Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
26949000
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
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CY2021Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
17279000
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
16050000
CY2021Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
9670000
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
10108000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
800000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
600000
CY2021Q1 chrs Accrued Clinical And Manufacturing Liabilities Current
AccruedClinicalAndManufacturingLiabilitiesCurrent
30608000
CY2020Q4 chrs Accrued Clinical And Manufacturing Liabilities Current
AccruedClinicalAndManufacturingLiabilitiesCurrent
11365000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10944000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12182000
CY2021Q1 chrs Lease Liabilities Operating And Financing
LeaseLiabilitiesOperatingAndFinancing
3288000
CY2020Q4 chrs Lease Liabilities Operating And Financing
LeaseLiabilitiesOperatingAndFinancing
3132000
CY2021Q1 us-gaap Accrued Liabilities Current
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44840000
CY2020Q4 us-gaap Accrued Liabilities Current
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26679000
CY2020Q4 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
123398000
CY2021Q1 chrs Reserve For Sales Discounts And Allowances Constitute Variable Consideration
ReserveForSalesDiscountsAndAllowancesConstituteVariableConsideration
170033000
CY2021Q1 chrs Provision Related To Sales Made In Prior Period
ProvisionRelatedToSalesMadeInPriorPeriod
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CY2021Q1 chrs Payments And Customer Credits Issued From Reserve For Discounts And Allowances Constitute Variable Consideration
PaymentsAndCustomerCreditsIssuedFromReserveForDiscountsAndAllowancesConstituteVariableConsideration
176971000
CY2021Q1 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
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111433000
CY2019Q4 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
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CY2020Q1 chrs Reserve For Sales Discounts And Allowances Constitute Variable Consideration
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161492000
CY2020Q1 chrs Provision Related To Sales Made In Prior Period
ProvisionRelatedToSalesMadeInPriorPeriod
1038000
CY2020Q1 chrs Payments And Customer Credits Issued From Reserve For Discounts And Allowances Constitute Variable Consideration
PaymentsAndCustomerCreditsIssuedFromReserveForDiscountsAndAllowancesConstituteVariableConsideration
150498000
CY2020Q1 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
99179000
CY2020Q2 chrs Equivalent To Conversion Price Per Common Share
EquivalentToConversionPricePerCommonShare
14.815
CY2021Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
34204000
CY2021Q1 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
15946000
CY2021Q1 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
9753000
CY2021Q1 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
600000
CY2021Q1 us-gaap Purchase Obligation
PurchaseObligation
60503000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9430000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2021Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
1508000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
1451000
CY2021Q1 chrs Operating And Finance Lease Right Of Use Assets
OperatingAndFinanceLeaseRightOfUseAssets
10938000
CY2020Q4 chrs Operating And Finance Lease Right Of Use Assets
OperatingAndFinanceLeaseRightOfUseAssets
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CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2651000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2573000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8375000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9073000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11026000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
11646000
CY2021Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
637000
CY2020Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
560000
CY2021Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
869000
CY2020Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
875000
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
1506000
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2020Q1 us-gaap Lease Cost
LeaseCost
800000
CY2021Q1 us-gaap Lease Cost
LeaseCost
800000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
900000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
800000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2572000
CY2021Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
530000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3293000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
700000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3438000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
360000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2889000
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
16000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
700000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12892000
CY2021Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1606000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1866000
CY2021Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
100000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11026000
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
1506000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y1M6D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.081
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.081
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.058
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.058
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-172947000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
35572000
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
72832953
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
70662185
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.37
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-172947000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
35572000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72832953
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70662185
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3666137
CY2020Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
88232
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
72832953
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
74416554
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.37
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37997305
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13340897
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
900000

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