$CHRS
Coherus BioSciences, Inc.

2024 Q4 Form 10-Q Financial Statement

#000155837024014648 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $70.77M
YoY Change -5.09%
Cost Of Revenue $20.74M
YoY Change -36.58%
Gross Profit $50.03M
YoY Change 19.51%
Gross Profit Margin 70.69%
Selling, General & Admin $34.74M
YoY Change -27.95%
% of Gross Profit 69.44%
Research & Development $21.68M
YoY Change -15.48%
% of Gross Profit 43.32%
Depreciation & Amortization $400.0K
YoY Change -50.0%
% of Gross Profit 0.8%
Operating Expenses $56.42M
YoY Change -23.62%
Operating Profit -$6.387M
YoY Change -80.04%
Interest Expense $5.362M
YoY Change -47.78%
% of Operating Profit
Other Income/Expense, Net $2.084M
YoY Change -7.5%
Pretax Income -$10.75M
YoY Change -73.14%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$10.75M
YoY Change -72.88%
Net Earnings / Revenue -15.19%
Basic Earnings Per Share -$0.09
Diluted Earnings Per Share -$0.09
COMMON SHARES
Basic Shares Outstanding 115.2M 115.2M
Diluted Shares Outstanding 115.2M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.69M
YoY Change -25.48%
Cash & Equivalents $97.69M
Short-Term Investments $0.00
Other Short-Term Assets $24.89M
YoY Change -17.02%
Inventory $47.64M
Prepaid Expenses
Receivables $167.6M
Other Receivables $31.24M
Total Short-Term Assets $369.0M
YoY Change -16.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.911M
YoY Change -52.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.377M
YoY Change -5.7%
Total Long-Term Assets $136.0M
YoY Change -2.47%
TOTAL ASSETS
Total Short-Term Assets $369.0M
Total Long-Term Assets $136.0M
Total Assets $505.0M
YoY Change -13.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.89M
YoY Change -40.98%
Accrued Expenses $60.97M
YoY Change -9.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $295.6M
YoY Change 23.33%
LONG-TERM LIABILITIES
Long-Term Debt $264.5M
YoY Change -44.05%
Other Long-Term Liabilities $29.16M
YoY Change 730.09%
Total Long-Term Liabilities $29.16M
YoY Change 730.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $295.6M
Total Long-Term Liabilities $29.16M
Total Liabilities $593.0M
YoY Change -17.34%
SHAREHOLDERS EQUITY
Retained Earnings -$1.500B
YoY Change 0.03%
Common Stock $12.00K
YoY Change 9.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$87.97M
YoY Change
Total Liabilities & Shareholders Equity $505.0M
YoY Change -13.5%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$10.75M
YoY Change -72.88%
Depreciation, Depletion And Amortization $400.0K
YoY Change -50.0%
Cash From Operating Activities -$62.02M
YoY Change 14.21%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $444.0K
YoY Change -99.12%
Cash From Investing Activities $444.0K
YoY Change -99.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -167.0K
YoY Change -101.5%
NET CHANGE
Cash From Operating Activities -62.02M
Cash From Investing Activities 444.0K
Cash From Financing Activities -167.0K
Net Change In Cash -61.74M
YoY Change -945.74%
FREE CASH FLOW
Cash From Operating Activities -$62.02M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023Q3 chrs Stock Issued During Period Value Accelerated Vesting Of Equity Awards
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CY2023Q3 chrs Stock Issued During Period Value Taxes Paid Related To Net Share Settlement Of Equity Awards
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Increase Decrease In Prepaid Expense
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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chrs Increase Decrease In Accrued Rebates Fees And Reserve
IncreaseDecreaseInAccruedRebatesFeesAndReserve
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chrs Increase Decrease In Accrued Rebates Fees And Reserve
IncreaseDecreaseInAccruedRebatesFeesAndReserve
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chrs Increase Decrease In Accrued Compensation
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chrs Increase Decrease In Accrued Compensation
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
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ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Stock Options Exercised
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ProceedsFromStockPlans
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us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Net Cash Provided By Used In Financing Activities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Stock Issued1
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chrs Issuance Cost Of Debt Incurred But Not Yet Paid
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CY2024Q2 us-gaap Gains Losses On Extinguishment Of Debt
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CY2024Q3 chrs Product Pipeline Number Of Drug Candidates
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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 judgments, 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, such as, the estimated effects and uncertainty surrounding the temporary supply interruption relating to the Company’s third-party labeling and packaging CMO for UDENYCA. Accounting estimates and judgments are inherently uncertain and therefore actual results could differ from these estimates.</p>
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Restricted Cash
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q3 us-gaap Restricted Cash
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2024Q3 chrs Provision Related To Sales Made In Prior Period
ProvisionRelatedToSalesMadeInPriorPeriod
300000
CY2023Q3 chrs Provision Related To Sales Made In Prior Period
ProvisionRelatedToSalesMadeInPriorPeriod
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CY2023Q4 chrs 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
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chrs Payments And Customer Credits Issued From Reserve For Discounts And Allowances Constitute Variable Consideration
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CY2024Q3 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
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CY2022Q4 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
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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
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chrs Payments And Customer Credits Issued From Reserve For Discounts And Allowances Constitute Variable Consideration
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CY2023Q3 chrs Reserve For Discounts And Allowances Constitute Variable Consideration
ReserveForDiscountsAndAllowancesConstituteVariableConsideration
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CY2024Q3 us-gaap Available For Sale Securities Debt Securities
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CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2023Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023Q4 us-gaap Inventory Raw Materials
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InventoryGross
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InventoryNet
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InventoryNoncurrent
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InventoryNoncurrent
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CY2024Q3 chrs Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
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CY2023Q4 chrs Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
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CY2024Q3 chrs Prepaid Manufacturing Expense Current
PrepaidManufacturingExpenseCurrent
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CY2024Q3 chrs Prepayments Made To Cmo For Manufacturing Services
PrepaymentsMadeToCmoForManufacturingServices
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CY2024Q3 chrs Prepayments Made To Cmo For Other Research And Development Pipeline Program
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CY2023Q4 chrs Prepaid Manufacturing Expense Current
PrepaidManufacturingExpenseCurrent
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CY2023Q4 chrs Prepayments Made To Cmo For Other Research And Development Pipeline Program
PrepaymentsMadeToCmoForOtherResearchAndDevelopmentPipelineProgram
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CY2023Q4 chrs Prepayments Made To Cmo For Manufacturing Services
PrepaymentsMadeToCmoForManufacturingServices
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CY2024Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
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CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
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CY2024Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
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AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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chrs Finite Lived Intangible Asset Expected Amortization For Each Of Five Succeeding Fiscal Years
FiniteLivedIntangibleAssetExpectedAmortizationForEachOfFiveSucceedingFiscalYears
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CY2024Q3 chrs Accrued Commercial And Research And Development Manufacturing Liabilities Current
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CY2023Q4 chrs Accrued Commercial And Research And Development Manufacturing Liabilities Current
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23470000
CY2024Q3 chrs Accrued Co Development Costs And Milestone Payments
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CY2023Q4 chrs Accrued Co Development Costs And Milestone Payments
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CY2024Q3 chrs Royalty Participation Liability Current
RoyaltyParticipationLiabilityCurrent
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CY2023Q4 chrs Lease Liabilities Operating And Financing
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CY2024Q3 us-gaap Accrued Liabilities Current
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CY2023Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
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CY2024Q3 us-gaap Deferred Income Tax Liabilities Net
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CY2023Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
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CY2024Q3 chrs Royalty Participation Liability Noncurrent
RoyaltyParticipationLiabilityNoncurrent
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CY2023Q4 us-gaap Other Sundry Liabilities Noncurrent
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CY2024Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
12561000
CY2022Q1 chrs Collaboration Agreement Option Exercise Fee Per Program
CollaborationAgreementOptionExerciseFeePerProgram
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CY2024Q1 chrs Milestone Payments Amount Per Each Installment
MilestonePaymentsAmountPerEachInstallment
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CY2023Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
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CY2024Q1 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
170000000.0
CY2024Q1 chrs Disposal Group Including Discontinued Operation Additional Consideration For Product Inventory And Prepaid Manufacturing Assets
DisposalGroupIncludingDiscontinuedOperationAdditionalConsiderationForProductInventoryAndPrepaidManufacturingAssets
17800000
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.133
CY2024Q1 chrs Debt Partial Prepayment To Be Made
DebtPartialPrepaymentToBeMade
175000000.0
CY2024Q1 chrs Minimum Net Sales Convenant Level Agreed To Be Maintained Over Past Year
MinimumNetSalesConvenantLevelAgreedToBeMaintainedOverPastYear
125000000.0
CY2020Q2 us-gaap Share Price
SharePrice
14.82
CY2024Q2 us-gaap Share Price
SharePrice
1.04
CY2024Q3 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
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CY2024Q3 us-gaap Purchase Obligation Due In Next Twelve Months
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CY2024Q3 us-gaap Purchase Obligation Due In Second Year
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CY2024Q3 us-gaap Purchase Obligation Due In Third Year
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450000
CY2024Q3 us-gaap Purchase Obligation
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CY2024Q3 us-gaap Business Combination Liabilities Arising From Contingencies Amount Recognized
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CY2024Q3 us-gaap Business Combination Liabilities Arising From Contingencies Amount Recognized
BusinessCombinationLiabilitiesArisingFromContingenciesAmountRecognized
17000000.0
CY2022Q2 us-gaap Product Liability Contingency Loss Exposure Not Accrued Best Estimate
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CY2024Q3 us-gaap Allocated Share Based Compensation Expense
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CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2024Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2023Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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1107000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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697000
CY2024Q3 us-gaap Net Income Loss
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CY2023Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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EarningsPerShareBasic
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CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
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us-gaap Interest On Convertible Debt Net Of Tax
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CY2024Q3 us-gaap Net Income Loss Attributable To Parent Diluted
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-10751000
CY2023Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-39641000
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
82794000
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-158239000
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115210091
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97738509
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
114263256
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88277936
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
213872
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
144271
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
11942152
CY2024Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
115210091
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
97738509
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
126563551
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
88277936
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.79
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
42877700
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38642448
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29034256
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38300024
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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chrs-20240930.xsd Edgar Link pending
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