$CHRS
Coherus BioSciences Inc

2022 Q1 Form 10-Q Financial Statement

#000155837022007420 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $60.12M $83.03M
YoY Change -27.6% -28.53%
Cost Of Revenue $9.370M $7.511M
YoY Change 24.75% 9.57%
Gross Profit $50.75M $75.52M
YoY Change -32.81% -30.92%
Gross Profit Margin 84.41% 90.95%
Selling, General & Admin $48.75M $39.39M
YoY Change 23.77% 11.43%
% of Gross Profit 96.07% 52.16%
Research & Development $82.92M $203.5M
YoY Change -59.25% 514.65%
% of Gross Profit 163.4% 269.44%
Depreciation & Amortization $767.0K $800.0K
YoY Change -4.13% 33.33%
% of Gross Profit 1.51% 1.06%
Operating Expenses $131.7M $242.9M
YoY Change -45.79% 222.5%
Operating Profit -$80.93M -$167.4M
YoY Change -51.65% -509.51%
Interest Expense $8.969M $5.648M
YoY Change 58.8% 27.47%
% of Operating Profit
Other Income/Expense, Net $32.00K $61.00K
YoY Change -47.54% -10.29%
Pretax Income -$96.08M -$172.9M
YoY Change -44.44% -573.76%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$96.08M -$172.9M
YoY Change -44.44% -586.19%
Net Earnings / Revenue -159.83% -208.28%
Basic Earnings Per Share -$1.24 -$2.37
Diluted Earnings Per Share -$1.24 -$2.37
COMMON SHARES
Basic Shares Outstanding 77.25M 72.83M
Diluted Shares Outstanding 77.25M 72.83M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $325.7M $399.5M
YoY Change -18.48% 106.67%
Cash & Equivalents $325.7M $259.5M
Short-Term Investments $0.00 $140.0M
Other Short-Term Assets $32.78M $25.70M
YoY Change 27.54% 42.78%
Inventory $36.95M $51.61M
Prepaid Expenses
Receivables $117.0M $140.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $512.4M $617.3M
YoY Change -16.98% 56.2%
LONG-TERM ASSETS
Property, Plant & Equipment $7.998M $19.10M
YoY Change -58.13% 179.57%
Goodwill $943.0K
YoY Change 0.0%
Intangibles $2.620M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $9.956M $10.70M
YoY Change -6.95% 2855.8%
Total Long-Term Assets $80.94M $76.04M
YoY Change 6.45% 6.57%
TOTAL ASSETS
Total Short-Term Assets $512.4M $617.3M
Total Long-Term Assets $80.94M $76.04M
Total Assets $593.4M $693.3M
YoY Change -14.41% 48.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.09M $15.48M
YoY Change 36.24% -24.42%
Accrued Expenses $45.89M $44.84M
YoY Change 2.35% 129.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $107.6M
YoY Change 107500.0%
Total Short-Term Liabilities $153.7M $257.6M
YoY Change -40.32% 116.45%
LONG-TERM LIABILITIES
Long-Term Debt $420.5M $298.9M
YoY Change 40.67% 66.8%
Other Long-Term Liabilities $102.0K $750.0K
YoY Change -86.4% -93.24%
Total Long-Term Liabilities $102.0K $750.0K
YoY Change -86.4% -99.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $153.7M $257.6M
Total Long-Term Liabilities $102.0K $750.0K
Total Liabilities $580.8M $565.6M
YoY Change 2.69% 82.9%
SHAREHOLDERS EQUITY
Retained Earnings -$1.146B -$935.7M
YoY Change 22.47% 8.88%
Common Stock $7.000K $7.000K
YoY Change 0.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.56M $127.7M
YoY Change
Total Liabilities & Shareholders Equity $593.4M $693.3M
YoY Change -14.41% 48.61%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$96.08M -$172.9M
YoY Change -44.44% -586.19%
Depreciation, Depletion And Amortization $767.0K $800.0K
YoY Change -4.13% 33.33%
Cash From Operating Activities -$54.05M $1.367M
YoY Change -4053.55% -89.86%
INVESTING ACTIVITIES
Capital Expenditures $615.0K $145.0K
YoY Change 324.14% -91.87%
Acquisitions
YoY Change
Other Investing Activities -$35.00M -$285.3M
YoY Change -87.73% -142750.0%
Cash From Investing Activities -$35.62M -$285.5M
YoY Change -87.52% 17565.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.855M 2.439M
YoY Change -176.06% -37.83%
NET CHANGE
Cash From Operating Activities -54.05M 1.367M
Cash From Investing Activities -35.62M -285.5M
Cash From Financing Activities -1.855M 2.439M
Net Change In Cash -91.52M -281.7M
YoY Change -67.51% -1884.52%
FREE CASH FLOW
Cash From Operating Activities -$54.05M $1.367M
Capital Expenditures $615.0K $145.0K
Free Cash Flow -$54.66M $1.222M
YoY Change -4573.0% -89.55%

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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
615000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
145000
CY2021Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
140330000
CY2022Q1 chrs Upfront And Milestone Based License Fee Payments Investing Activities
UpfrontAndMilestoneBasedLicenseFeePaymentsInvestingActivities
35000000
CY2021Q1 chrs Upfront And Milestone Based License Fee Payments Investing Activities
UpfrontAndMilestoneBasedLicenseFeePaymentsInvestingActivities
145000000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-35615000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-285475000
CY2022Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
191190000
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
544000
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4329000
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2658000
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1730000
CY2022Q1 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
109000000
CY2022Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
81750000
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-181000
CY2021Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-160000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1855000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2439000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-91515000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-281669000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
417635000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
541598000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
326120000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
259929000
CY2022Q1 chrs Product Pipeline Number Of Drug Candidates
ProductPipelineNumberOfDrugCandidates
5
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:justify;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information. Accounting estimates and judgements are inherently uncertain and therefore actual results could differ from these estimates.</p>
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
417195000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
541158000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
440000
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
440000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
417635000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
541598000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
325680000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
259489000
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
440000
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
440000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
326120000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
259929000
CY2021Q4 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
109723000
CY2022Q1 chrs Reserve For Sales Discounts And Allowances Constitute Variable Consideration
ReserveForSalesDiscountsAndAllowancesConstituteVariableConsideration
146294000
CY2022Q1 chrs Provision Related To Sales Made In Prior Period
ProvisionRelatedToSalesMadeInPriorPeriod
-3146000
CY2022Q1 chrs Payments And Customer Credits Issued From Reserve For Discounts And Allowances Constitute Variable Consideration
PaymentsAndCustomerCreditsIssuedFromReserveForDiscountsAndAllowancesConstituteVariableConsideration
154281000
CY2022Q1 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
98590000
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
-5027000
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
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
111433000
CY2021Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
0
CY2022Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
0
CY2022Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2021Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
5317000
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4870000
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
69005000
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
65117000
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
22050000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
23265000
CY2022Q1 us-gaap Inventory Gross
InventoryGross
96372000
CY2021Q4 us-gaap Inventory Gross
InventoryGross
93252000
CY2022Q1 us-gaap Inventory Net
InventoryNet
36945000
CY2021Q4 us-gaap Inventory Net
InventoryNet
37642000
CY2022Q1 us-gaap Inventory Noncurrent
InventoryNoncurrent
59427000
CY2021Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
55610000
CY2022Q1 chrs Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
96372000
CY2021Q4 chrs Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
93252000
CY2022Q1 chrs Prepaid Manufacturing Expense Current
PrepaidManufacturingExpenseCurrent
13400000
CY2022Q1 chrs Prepayments Made To Cmo For Manufacturing Services
PrepaymentsMadeToCmoForManufacturingServices
9000000.0
CY2022Q1 chrs Prepayments Made To Cmo For Other Research And Development Pipeline Program
PrepaymentsMadeToCmoForOtherResearchAndDevelopmentPipelineProgram
4400000
CY2021Q4 chrs Prepaid Manufacturing Expense Current
PrepaidManufacturingExpenseCurrent
13700000
CY2021Q4 chrs Prepayments Made To Cmo For Manufacturing Services
PrepaymentsMadeToCmoForManufacturingServices
8300000
CY2021Q4 chrs Prepayments Made To Cmo For Other Research And Development Pipeline Program
PrepaymentsMadeToCmoForOtherResearchAndDevelopmentPipelineProgram
5400000
CY2021Q1 chrs Inventory Write Off
InventoryWriteOff
3200000
CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
25614000
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
24662000
CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
17616000
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
16849000
CY2022Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
7998000
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
7813000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
800000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
800000
CY2022Q1 chrs Accrued Clinical And Manufacturing Liabilities Current
AccruedClinicalAndManufacturingLiabilitiesCurrent
15237000
CY2021Q4 chrs Accrued Clinical And Manufacturing Liabilities Current
AccruedClinicalAndManufacturingLiabilitiesCurrent
30541000
CY2022Q1 chrs Accrued Co Development Costs For Toripalimab Current
AccruedCoDevelopmentCostsForToripalimabCurrent
15115000
CY2021Q4 chrs Accrued Co Development Costs For Toripalimab Current
AccruedCoDevelopmentCostsForToripalimabCurrent
1926000
CY2022Q1 chrs Lease Liabilities Operating And Financing
LeaseLiabilitiesOperatingAndFinancing
3370000
CY2021Q4 chrs Lease Liabilities Operating And Financing
LeaseLiabilitiesOperatingAndFinancing
3492000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12170000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12168000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
45892000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
48127000
CY2022Q1 chrs Collaboration Agreement Option Exercise Fee Per Program
CollaborationAgreementOptionExerciseFeePerProgram
35000000.0
CY2020Q2 us-gaap Share Price
SharePrice
14.815
CY2022Q1 us-gaap Share Price
SharePrice
12.91
CY2022Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
24824000
CY2022Q1 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
16343000
CY2022Q1 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
911000
CY2022Q1 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
911000
CY2022Q1 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
208000
CY2022Q1 us-gaap Purchase Obligation
PurchaseObligation
43197000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
40693651
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37997305

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