$CHRS
Coherus BioSciences, Inc.

2016 Q4 Form 10-Q Financial Statement

#000156459016028634 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $844.0K $162.8M $7.167M
YoY Change -91.72% 2172.01% -55.35%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.30M $13.60M $10.20M
YoY Change 39.09% 33.33% 155.0%
% of Gross Profit
Research & Development $59.00M $64.57M $68.22M
YoY Change 14.79% -5.34% 268.83%
% of Gross Profit
Depreciation & Amortization $800.0K $800.0K $700.0K
YoY Change 33.33% 14.29% 264.58%
% of Gross Profit
Operating Expenses $74.30M $78.22M $78.38M
YoY Change 19.07% -0.21% 248.76%
Operating Profit $84.62M -$71.22M
YoY Change -218.82% 1008.78%
Interest Expense -$2.400M $2.420M $33.00K
YoY Change 7233.33% 3200.0%
% of Operating Profit 2.86%
Other Income/Expense, Net -$100.0K $1.600M -$235.0K
YoY Change -75.0% -780.85% -84.23%
Pretax Income -$75.90M $83.80M -$71.50M
YoY Change 44.3% -217.2% 805.06%
Income Tax
% Of Pretax Income
Net Earnings -$75.92M $83.94M -$71.33M
YoY Change 44.91% -217.67% 806.17%
Net Earnings / Revenue -8995.38% 51.55% -995.31%
Basic Earnings Per Share -$1.71 $1.93 -$1.86
Diluted Earnings Per Share -$1.71 $1.67 -$1.86
COMMON SHARES
Basic Shares Outstanding 43.65M 43.47M 38.43M
Diluted Shares Outstanding 51.58M 38.43M

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $124.9M $159.7M $153.7M
YoY Change -21.05% 3.9% 52.33%
Cash & Equivalents $125.8M $159.7M $153.7M
Short-Term Investments
Other Short-Term Assets $2.986M $17.20M $35.10M
YoY Change 6.76% -51.0% 93.92%
Inventory
Prepaid Expenses $31.63M
Receivables
Other Receivables
Total Short-Term Assets $161.5M $177.3M $189.3M
YoY Change -18.18% -6.34% 59.24%
LONG-TERM ASSETS
Property, Plant & Equipment $10.80M $10.70M $8.652M
YoY Change 2.82% 23.67% 135.11%
Goodwill $943.0K
YoY Change 0.0%
Intangibles $2.620M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $1.879M $800.0K $800.0K
YoY Change 1186.99% 0.0% -73.89%
Total Long-Term Assets $16.99M $15.10M $13.00M
YoY Change 13.25% 16.17% 26.11%
TOTAL ASSETS
Total Short-Term Assets $161.5M $177.3M $189.3M
Total Long-Term Assets $16.99M $15.10M $13.00M
Total Assets $178.5M $192.4M $202.3M
YoY Change -15.96% -4.89% 56.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.71M $22.90M $25.20M
YoY Change -24.06% -9.13% 471.3%
Accrued Expenses $28.02M $24.90M $25.20M
YoY Change 16.11% -1.19% 227.27%
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 $56.40M $58.40M $82.50M
YoY Change -46.8% -29.21% 71.6%
LONG-TERM LIABILITIES
Long-Term Debt $100.3M $99.90M $0.00
YoY Change
Other Long-Term Liabilities $2.500M $2.300M $79.80M
YoY Change 46.89% -97.12% 61284.62%
Total Long-Term Liabilities $102.8M $102.2M $79.80M
YoY Change 5939.95% 28.07% 61284.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.40M $58.40M $82.50M
Total Long-Term Liabilities $102.8M $102.2M $79.80M
Total Liabilities $158.0M $159.5M $161.7M
YoY Change -27.96% -1.36% 34.75%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.50M $32.90M $40.60M
YoY Change
Total Liabilities & Shareholders Equity $178.5M $192.4M $202.3M
YoY Change -15.95% -4.89% 56.6%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$75.92M $83.94M -$71.33M
YoY Change 44.91% -217.67% 806.17%
Depreciation, Depletion And Amortization $800.0K $800.0K $700.0K
YoY Change 33.33% 14.29% 264.58%
Cash From Operating Activities -$86.80M -$62.00M -$59.70M
YoY Change -1650.0% 3.85% 1070.59%
INVESTING ACTIVITIES
Capital Expenditures -$3.600M -$500.0K -$2.400M
YoY Change 140.0% -79.17% 200.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$800.0K
YoY Change -100.0%
Cash From Investing Activities -$3.600M -$500.0K -$3.200M
YoY Change 157.14% -84.38% 300.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 56.00M 1.300M 10.50M
YoY Change 18566.67% -87.62% -683.33%
NET CHANGE
Cash From Operating Activities -86.80M -62.00M -59.70M
Cash From Investing Activities -3.600M -500.0K -3.200M
Cash From Financing Activities 56.00M 1.300M 10.50M
Net Change In Cash -34.40M -61.20M -52.40M
YoY Change -864.44% 16.79% 580.52%
FREE CASH FLOW
Cash From Operating Activities -$86.80M -$62.00M -$59.70M
Capital Expenditures -$3.600M -$500.0K -$2.400M
Free Cash Flow -$83.20M -$61.50M -$57.30M
YoY Change -1271.83% 7.33% 1232.56%

Facts In Submission

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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Organization and Operations<font style="font-weight:normal;"> </font></p></td></tr></table></div> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Description of the Business </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Coherus BioSciences, Inc. (the &#8220;Company&#8221;, &#8220;Coherus&#8221;, &#8220;we&#8221;, &#8220;our&#8221; or &#8220;us&#8221;) is a late-stage clinical biologics platform company, focused on the global biosimilar market. The Company&#8217;s headquarters and laboratories are located in Redwood City, California and in Camarillo, California, respectively. The Company operates in one segment. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Need to Raise Additional Capital</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of September 30, 2016, the Company had an accumulated deficit of $461.4 million and cash and cash equivalents of $159.7 million. In February 2016, the Company issued and sold $100.0 million aggregate principal amount of 8.2% senior convertible notes due March 31, 2022 (see&#160;Note 6). In May and June 2016, the Company issued and sold 4,025,000 shares of its common stock at $18.00 per share for net proceeds of $69.0 million (see Note 8). The Company believes that its current available cash and cash equivalents together with funding it expects to receive under its license agreement with Daiichi Sankyo<font style="color:#000000;"> </font>will be sufficient to fund its planned expenditures and meet the obligations through at least the next 12 months. In November 2016, the Company entered into an ATM Offering Program with Cowen and Company, LLC (&#8220;Cowen&#8221;), as its sales agent, pursuant to which the Company may sell, through Cowen, up to an aggregate of $100.0 million in shares of its common stock (see Note 11). The Company will 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, research and development programs or commercialization efforts.<font style="font-family:EYInterstate Light;">&nbsp;&nbsp;</font></p></div>
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5505000
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4666000
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2604000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1664000
CY2016Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
40341
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
439000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1891000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2462000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2518000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2595000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
5190000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
15095000
CY2015Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
50000
CY2016Q2 chrs Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
72500000
CY2016Q2 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
3000000
CY2016Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
500000
CY2016Q3 chrs Weighted Average Number Of Shares Outstanding Basic Including Shares Subject To Repurchase
WeightedAverageNumberOfSharesOutstandingBasicIncludingSharesSubjectToRepurchase
43469986
CY2015Q3 chrs Weighted Average Number Of Shares Outstanding Basic Including Shares Subject To Repurchase
WeightedAverageNumberOfSharesOutstandingBasicIncludingSharesSubjectToRepurchase
38426734
chrs Weighted Average Number Of Shares Outstanding Basic Including Shares Subject To Repurchase
WeightedAverageNumberOfSharesOutstandingBasicIncludingSharesSubjectToRepurchase
41096783
chrs Weighted Average Number Of Shares Outstanding Basic Including Shares Subject To Repurchase
WeightedAverageNumberOfSharesOutstandingBasicIncludingSharesSubjectToRepurchase
36515581
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
4825
CY2016Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
83939000
CY2015Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-71334000
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-51416000
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-170869000
CY2016Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
2361000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
86300000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-71334000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-51416000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-170869000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3637441
CY2016Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
4473871
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4989524
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7924249
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14494432
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7924249

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