$CHRS
Coherus BioSciences Inc

2017 Q3 Form 10-Q Financial Statement

#000156459017021844 Filed on November 06, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $0.00 $162.8M
YoY Change -100.0% 2172.01%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.00M $13.60M
YoY Change 2.94% 33.33%
% of Gross Profit
Research & Development $42.63M $64.57M
YoY Change -33.99% -5.34%
% of Gross Profit
Depreciation & Amortization $800.0K $800.0K
YoY Change 0.0% 14.29%
% of Gross Profit
Operating Expenses $56.62M $78.22M
YoY Change -27.62% -0.21%
Operating Profit $84.62M
YoY Change -218.82%
Interest Expense $2.392M $2.420M
YoY Change -1.16% 7233.33%
% of Operating Profit 2.86%
Other Income/Expense, Net $14.00K $1.600M
YoY Change -99.13% -780.85%
Pretax Income -$59.00M $83.80M
YoY Change -170.41% -217.2%
Income Tax
% Of Pretax Income
Net Earnings -$58.99M $83.94M
YoY Change -170.28% -217.67%
Net Earnings / Revenue 51.55%
Basic Earnings Per Share -$1.09 $1.93
Diluted Earnings Per Share -$1.09 $1.67
COMMON SHARES
Basic Shares Outstanding 54.07M 43.47M
Diluted Shares Outstanding 54.07M 51.58M

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.1M $159.7M
YoY Change -6.01% 3.9%
Cash & Equivalents $135.6M $159.7M
Short-Term Investments $14.50M
Other Short-Term Assets $21.60M $17.20M
YoY Change 25.58% -51.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $171.6M $177.3M
YoY Change -3.21% -6.34%
LONG-TERM ASSETS
Property, Plant & Equipment $13.80M $10.70M
YoY Change 28.97% 23.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $800.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $18.20M $15.10M
YoY Change 20.53% 16.17%
TOTAL ASSETS
Total Short-Term Assets $171.6M $177.3M
Total Long-Term Assets $18.20M $15.10M
Total Assets $189.8M $192.4M
YoY Change -1.35% -4.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.10M $22.90M
YoY Change -55.9% -9.13%
Accrued Expenses $16.70M $24.90M
YoY Change -32.93% -1.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $31.40M $58.40M
YoY Change -46.23% -29.21%
LONG-TERM LIABILITIES
Long-Term Debt $101.3M $99.90M
YoY Change 1.4%
Other Long-Term Liabilities $2.200M $2.300M
YoY Change -4.35% -97.12%
Total Long-Term Liabilities $103.5M $102.2M
YoY Change 1.27% 28.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.40M $58.40M
Total Long-Term Liabilities $103.5M $102.2M
Total Liabilities $133.6M $159.5M
YoY Change -16.24% -1.36%
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 $56.20M $32.90M
YoY Change
Total Liabilities & Shareholders Equity $189.8M $192.4M
YoY Change -1.37% -4.89%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$58.99M $83.94M
YoY Change -170.28% -217.67%
Depreciation, Depletion And Amortization $800.0K $800.0K
YoY Change 0.0% 14.29%
Cash From Operating Activities -$41.50M -$62.00M
YoY Change -33.06% 3.85%
INVESTING ACTIVITIES
Capital Expenditures -$1.800M -$500.0K
YoY Change 260.0% -79.17%
Acquisitions
YoY Change
Other Investing Activities $30.60M $0.00
YoY Change -100.0%
Cash From Investing Activities $28.70M -$500.0K
YoY Change -5840.0% -84.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 75.10M 1.300M
YoY Change 5676.92% -87.62%
NET CHANGE
Cash From Operating Activities -41.50M -62.00M
Cash From Investing Activities 28.70M -500.0K
Cash From Financing Activities 75.10M 1.300M
Net Change In Cash 62.30M -61.20M
YoY Change -201.8% 16.79%
FREE CASH FLOW
Cash From Operating Activities -$41.50M -$62.00M
Capital Expenditures -$1.800M -$500.0K
Free Cash Flow -$39.70M -$61.50M
YoY Change -35.45% 7.33%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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DeferredRevenueCurrent
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CY2017Q3 us-gaap Related Party Transaction Due From To Related Party Current
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CY2017Q3 us-gaap Due To Related Parties Current
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CY2016Q3 us-gaap Earnings Per Share Diluted
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CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Provision For Doubtful Accounts
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us-gaap Share Based Compensation
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Impairment Of Long Lived Assets Held For Use
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us-gaap Impairment Of Long Lived Assets Held For Use
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Expense
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable Related Parties
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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chrs Increase Decrease In Advance Payments Under License Agreement
IncreaseDecreaseInAdvancePaymentsUnderLicenseAgreement
-1070000
chrs Increase Decrease In Contingent Liability To Collaborator
IncreaseDecreaseInContingentLiabilityToCollaborator
-66255000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
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us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
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us-gaap Proceeds From Related Party Debt
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chrs Proceeds From Issuance Common Stock Offering Net Of Underwriters Discounts And Commissions
ProceedsFromIssuanceCommonStockOfferingNetOfUnderwritersDiscountsAndCommissions
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chrs Proceeds From Issuance Common Stock Offering Net Of Underwriters Discounts And Commissions
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Nature Of Operations
NatureOfOperations
<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;, 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.&nbsp;&nbsp;</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<font style="font-weight:normal;"> </font></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, 2017, the Company had an accumulated deficit of $726.4 million and cash and cash equivalents and investments in marketable securities of $150.1 million. In January 2017, the Company issued and sold 148,827 shares of common stock at a weighted average price of $28.88 per share through its ATM Offering Program and received total net proceeds of $4.2 million, and in February and March 2017, the Company issued and sold 5,294,902 shares of common stock at a price of $24.25 per share from its underwritten follow-on offering and received total net proceeds of $120.4 million (see Note 8). In August 2017, the Company completed a private placement transaction with V-Sciences Investments Pte Ltd, a private limited Singapore company (&#8220;Temasek&#8221;), where it sold an aggregate of 6,556,116 shares of common stock at a purchase price of $11.4397 per share for aggregate gross proceeds of $75.0 million. After deducting offering expense of $0.1 million, the net proceeds were $74.9 million (see Note 8). </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company believes that its current available cash and cash equivalents and investments in marketable securities will be sufficient to fund its planned expenditures and meet the Company&#8217;s obligations <font style="color:#000000;">for at least 12 months following its financial statement issuance date</font><font style="color:#1F497D;">. </font>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.</p></div>
CY2017Q3 chrs Accrued Clinical And Manufacturing Liabilities Current
AccruedClinicalAndManufacturingLiabilitiesCurrent
9937000
CY2017Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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us-gaap Use Of Estimates
UseOfEstimates
<div> <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;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its stock-based compensation, valuation of deferred tax assets, impairment of goodwill and long-lived assets, the valuation of acquired intangible assets, clinical trial accruals, revenue recognition period, contingent consideration, convertible notes valuation, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.&nbsp;&nbsp;</p></div>
CY2017Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
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CY2017Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2016Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Number Of Reportable Segments
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us-gaap Number Of Operating Segments
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CY2016Q3 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Into Level3
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CY2016 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Into Level3
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
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CY2016 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
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us-gaap Available For Sale Securities Gross Realized Gains
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us-gaap Available For Sale Securities Gross Realized Losses
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CY2017Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2016Q3 us-gaap Depreciation And Amortization
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CY2016Q4 chrs Accrued Clinical And Manufacturing Liabilities Current
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CY2016Q4 us-gaap Employee Related Liabilities Current
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CY2017Q2 us-gaap License And Services Revenue
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CY2016Q3 us-gaap Net Income Loss Attributable To Parent Diluted
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us-gaap Net Income Loss Attributable To Parent Diluted
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us-gaap Net Income Loss Attributable To Parent Diluted
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CY2016Q3 us-gaap Interest On Convertible Debt Net Of Tax
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CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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16046122
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14494432
CY2017Q2 us-gaap Restructuring Charges
RestructuringCharges
3600000
CY2017Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
1500000
CY2017Q3 us-gaap Restructuring Reserve
RestructuringReserve
600000

Files In Submission

Name View Source Status
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0001564590-17-021844.txt Edgar Link pending
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