$CHRS
Coherus BioSciences Inc

2023 Q3 Form 10-Q Financial Statement

#000155837023012915 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $74.57M $58.72M $60.20M
YoY Change 64.25% -2.47% -31.28%
Cost Of Revenue $32.70M $24.85M $11.28M
YoY Change -7.18% 120.34% -32.46%
Gross Profit $41.87M $33.87M $48.92M
YoY Change 311.81% -30.77% -31.0%
Gross Profit Margin 56.14% 57.68% 81.27%
Selling, General & Admin $48.22M $45.14M $51.28M
YoY Change 7.57% -11.96% 27.09%
% of Gross Profit 115.19% 133.29% 104.81%
Research & Development $25.65M $23.27M $41.61M
YoY Change -44.01% -44.08% -24.02%
% of Gross Profit 61.26% 68.7% 85.05%
Depreciation & Amortization $800.0K $800.0K $887.0K
YoY Change -19.6% -9.81% -4.21%
% of Gross Profit 1.91% 2.36% 1.81%
Operating Expenses $73.87M $68.41M $92.89M
YoY Change -18.5% -26.35% -2.34%
Operating Profit -$32.01M -$34.54M -$44.01M
YoY Change -60.22% -21.52% 82.14%
Interest Expense $10.27M $9.943M $6.580M
YoY Change 36.18% 51.11% 14.49%
% of Operating Profit
Other Income/Expense, Net $2.253M $1.617M $443.0K
YoY Change 68.26% 265.01% 3927.27%
Pretax Income -$40.02M -$42.87M -$50.15M
YoY Change -53.81% -14.52% 67.73%
Income Tax -$380.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$39.64M -$42.87M -$50.15M
YoY Change -54.25% -14.52% 67.73%
Net Earnings / Revenue -53.16% -73.01% -83.31%
Basic Earnings Per Share -$0.41 -$0.49 -$0.65
Diluted Earnings Per Share -$0.41 -$0.49 -$0.65
COMMON SHARES
Basic Shares Outstanding 94.47M 80.55M 77.55M
Diluted Shares Outstanding 97.74M 87.27M 77.55M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $131.1M $144.7M $275.5M
YoY Change -54.29% -47.47% -39.38%
Cash & Equivalents $80.26M $72.92M $275.5M
Short-Term Investments $50.80M $71.79M
Other Short-Term Assets $30.00M $35.48M $23.85M
YoY Change -29.52% 48.77% -1.05%
Inventory $66.78M $63.99M $31.74M
Prepaid Expenses
Receivables $216.5M $141.3M $115.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $444.4M $385.5M $446.8M
YoY Change -0.87% -13.72% -32.31%
LONG-TERM ASSETS
Property, Plant & Equipment $6.069M $6.929M $9.553M
YoY Change -36.59% -27.47% -47.02%
Goodwill $943.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.823M $7.523M $10.15M
YoY Change -18.74% -25.87% -2.41%
Total Long-Term Assets $139.4M $84.11M $99.22M
YoY Change 35.84% -15.23% 24.76%
TOTAL ASSETS
Total Short-Term Assets $444.4M $385.5M $446.8M
Total Long-Term Assets $139.4M $84.11M $99.22M
Total Assets $583.8M $469.6M $546.0M
YoY Change 5.97% -13.99% -26.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.09M $29.28M $17.49M
YoY Change 274.02% 67.44% 20.03%
Accrued Expenses $67.11M $41.81M $41.79M
YoY Change -21.95% 0.05% -23.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $239.7M $169.4M $140.8M
YoY Change 39.89% 20.38% -50.97%
LONG-TERM LIABILITIES
Long-Term Debt $472.8M $472.2M $421.0M
YoY Change 0.49% 12.17% 46.64%
Other Long-Term Liabilities $3.513M $102.0K $102.0K
YoY Change 3344.12% 0.0% -86.42%
Total Long-Term Liabilities $3.513M $102.0K $102.0K
YoY Change 3344.12% 0.0% -86.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $239.7M $169.4M $140.8M
Total Long-Term Liabilities $3.513M $102.0K $102.0K
Total Liabilities $717.4M $644.4M $568.6M
YoY Change 10.7% 13.32% -2.52%
SHAREHOLDERS EQUITY
Retained Earnings -$1.500B -$1.460B -$1.196B
YoY Change 16.93% 22.08% 23.87%
Common Stock $11.00K $9.000K $7.000K
YoY Change 57.14% 28.57% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$133.6M -$174.8M -$22.63M
YoY Change
Total Liabilities & Shareholders Equity $583.8M $469.6M $546.0M
YoY Change 5.97% -13.99% -26.17%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$39.64M -$42.87M -$50.15M
YoY Change -54.25% -14.52% 67.73%
Depreciation, Depletion And Amortization $800.0K $800.0K $887.0K
YoY Change -19.6% -9.81% -4.21%
Cash From Operating Activities -$54.30M -$38.92M -$50.04M
YoY Change 46.4% -22.23% 22541.18%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $100.0K -$880.0K
YoY Change -100.0% -111.36% 91.3%
Acquisitions
YoY Change
Other Investing Activities $50.60M $41.47M $0.00
YoY Change -100.0%
Cash From Investing Activities $50.50M $41.36M -$880.0K
YoY Change -11150.33% -4800.57% -103.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.10M 54.32M 721.0K
YoY Change -77.29% 7434.67% -98.46%
NET CHANGE
Cash From Operating Activities -54.30M -38.92M -50.04M
Cash From Investing Activities 50.50M 41.36M -880.0K
Cash From Financing Activities 11.10M 54.32M 721.0K
Net Change In Cash 7.300M 56.77M -50.20M
YoY Change -35.52% -213.11% -171.42%
FREE CASH FLOW
Cash From Operating Activities -$54.30M -$38.92M -$50.04M
Capital Expenditures $0.00 $100.0K -$880.0K
Free Cash Flow -$54.30M -$39.02M -$49.16M
YoY Change 48.23% -20.63% -20667.78%

Facts In Submission

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chrs Upfront And Milestone Based License Fee Payments Investing Activities
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35000000
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Use Of Estimates
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<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>
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CashAndCashEquivalentsAtCarryingValue
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440000
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
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63987000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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RestrictedCash
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73360000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
275924000
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RevenueFromContractWithCustomerIncludingAssessedTax
58716000
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60151000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
91152000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
120266000
CY2022Q4 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
100503000
chrs Reserve For Sales Discounts And Allowances Constitute Variable Consideration
ReserveForSalesDiscountsAndAllowancesConstituteVariableConsideration
309019000
chrs Provision Related To Sales Made In Prior Period
ProvisionRelatedToSalesMadeInPriorPeriod
3509000
chrs Payments And Customer Credits Issued From Reserve For Discounts And Allowances Constitute Variable Consideration
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chrs Reserve For Sales Discounts And Allowances Constitute Variable Consideration
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chrs Provision Related To Sales Made In Prior Period
ProvisionRelatedToSalesMadeInPriorPeriod
-5868000
chrs Payments And Customer Credits Issued From Reserve For Discounts And Allowances Constitute Variable Consideration
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CY2022Q2 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
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6000
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
31000
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AvailableForSaleSecuritiesDebtSecurities
117452000
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AvailableForSaleDebtSecuritiesAmortizedCostBasis
191623000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
43000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
191645000
CY2023Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
11
chrs Impairment Recognized On Securities
ImpairmentRecognizedOnSecurities
0
chrs Contractual Maturities Of Available For Sale Debt Securities Remaining Maturity
ContractualMaturitiesOfAvailableForSaleDebtSecuritiesRemainingMaturity
P1Y
chrs Remaining Contractual Maturities Of Available For Sale Debt Securities Acquisition
RemainingContractualMaturitiesOfAvailableForSaleDebtSecuritiesAcquisition
P9M
chrs Investments Made During Period Marketable Securities
InvestmentsMadeDuringPeriodMarketableSecurities
0
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DebtSecuritiesAvailableForSaleUnrealizedGainLoss
0
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0
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
12874000
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InventoryRawMaterials
10262000
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InventoryWorkInProcess
97945000
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InventoryWorkInProcess
86712000
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InventoryFinishedGoods
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InventoryGross
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InventoryNet
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InventoryNoncurrent
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127835000
CY2022Q4 chrs Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
115051000
CY2023Q2 chrs Prepaid Manufacturing Expense Current
PrepaidManufacturingExpenseCurrent
17600000
CY2023Q2 chrs Prepayments Made To Cmo For Manufacturing Services
PrepaymentsMadeToCmoForManufacturingServices
13900000
CY2023Q2 chrs Prepayments Made To Cmo For Other Research And Development Pipeline Program
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3700000
CY2022Q4 chrs Prepaid Manufacturing Expense Current
PrepaidManufacturingExpenseCurrent
17900000
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PrepaymentsMadeToCmoForManufacturingServices
13000000.0
CY2022Q4 chrs Prepayments Made To Cmo For Other Research And Development Pipeline Program
PrepaymentsMadeToCmoForOtherResearchAndDevelopmentPipelineProgram
4900000
CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
27421000
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
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CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
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CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
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CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
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CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
8754000
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
800000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
900000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1700000
CY2023Q2 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
3500000
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
3500000
CY2023Q2 chrs Accrued Commercial And Research And Development Manufacturing Liabilities Current
AccruedCommercialAndResearchAndDevelopmentManufacturingLiabilitiesCurrent
10338000
CY2022Q4 chrs Accrued Commercial And Research And Development Manufacturing Liabilities Current
AccruedCommercialAndResearchAndDevelopmentManufacturingLiabilitiesCurrent
21774000
CY2023Q2 chrs Accrued Co Development Costs Payable To Junshi Biosciences
AccruedCoDevelopmentCostsPayableToJunshiBiosciences
4559000
CY2022Q4 chrs Accrued Co Development Costs Payable To Junshi Biosciences
AccruedCoDevelopmentCostsPayableToJunshiBiosciences
8356000
CY2023Q2 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
13189000
CY2022Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
5015000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9282000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10634000
CY2023Q2 chrs Lease Liabilities Operating And Financing
LeaseLiabilitiesOperatingAndFinancing
4446000
CY2022Q4 chrs Lease Liabilities Operating And Financing
LeaseLiabilitiesOperatingAndFinancing
4318000
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41814000
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AccruedLiabilitiesCurrent
50097000
CY2022Q1 chrs Collaboration Agreement Option Exercise Fee Per Program
CollaborationAgreementOptionExerciseFeePerProgram
35000000.0
CY2023Q2 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2023Q2 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
11100000
CY2022Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
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14.82
CY2023Q2 us-gaap Share Price
SharePrice
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CY2023Q2 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
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CY2023Q2 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
47952000
CY2023Q2 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
11050000
CY2023Q2 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
839000
CY2023Q2 us-gaap Purchase Obligation
PurchaseObligation
88445000
CY2022Q2 us-gaap Product Liability Contingency Loss Exposure Not Accrued Best Estimate
ProductLiabilityContingencyLossExposureNotAccruedBestEstimate
14000000.0
CY2023Q2 chrs Number Of Derivative Instrument Held For Trading Or Speculative Purpose
NumberOfDerivativeInstrumentHeldForTradingOrSpeculativePurpose
0
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37593041
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36557270
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38118321
CY2023Q2 us-gaap Derivative Asset Notional Amount
DerivativeAssetNotionalAmount
2550000
CY2023Q2 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
8000
CY2023Q2 us-gaap Derivative Liability Notional Amount
DerivativeLiabilityNotionalAmount
3600000
CY2023Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
90000
CY2023Q2 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
41000
us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-82000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38700742
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
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CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
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