$CHRS
Coherus BioSciences Inc

2018 Q3 Form 10-Q Financial Statement

#000156459018028562 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $25.37M $15.00M $14.00M
YoY Change 81.21% -1.96% 2.94%
% of Gross Profit
Research & Development $31.60M $31.50M $42.63M
YoY Change -25.86% -46.61% -33.99%
% of Gross Profit
Depreciation & Amortization $800.0K $900.0K $800.0K
YoY Change 0.0% 12.5% 0.0%
% of Gross Profit
Operating Expenses $56.97M $46.47M $56.62M
YoY Change 0.63% -37.47% -27.62%
Operating Profit
YoY Change
Interest Expense $2.425M -$2.400M $2.392M
YoY Change 1.38% 0.0% -1.16%
% of Operating Profit
Other Income/Expense, Net $571.0K -$200.0K $14.00K
YoY Change 3978.57% 100.0% -99.13%
Pretax Income -$58.83M -$49.10M -$59.00M
YoY Change -0.29% -35.31% -170.41%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$58.81M -$49.07M -$58.99M
YoY Change -0.31% -35.37% -170.28%
Net Earnings / Revenue
Basic Earnings Per Share -$1.09
Diluted Earnings Per Share -$867.3K -$840.8K -$1.09
COMMON SHARES
Basic Shares Outstanding 54.07M
Diluted Shares Outstanding 67.85M 54.07M

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $117.2M $126.9M $150.1M
YoY Change -21.92% 1.6% -6.01%
Cash & Equivalents $101.2M $126.9M $135.6M
Short-Term Investments $16.00M $14.50M
Other Short-Term Assets $13.10M $142.0K $21.60M
YoY Change -39.35% -95.24% 25.58%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $130.3M $145.5M $171.6M
YoY Change -24.07% -9.92% -3.21%
LONG-TERM ASSETS
Property, Plant & Equipment $6.800M $12.77M $13.80M
YoY Change -50.72% 18.27% 28.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $800.0K $800.0K
YoY Change 0.0% -57.42% 0.0%
Total Long-Term Assets $11.20M $17.12M $18.20M
YoY Change -38.46% 0.81% 20.53%
TOTAL ASSETS
Total Short-Term Assets $130.3M $145.5M $171.6M
Total Long-Term Assets $11.20M $17.12M $18.20M
Total Assets $141.5M $162.6M $189.8M
YoY Change -25.45% -8.9% -1.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.600M $15.50M $10.10M
YoY Change -24.75% -21.34% -55.9%
Accrued Expenses $16.50M $6.976M $16.70M
YoY Change -1.2% -75.11% -32.93%
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 $24.50M $28.40M $31.40M
YoY Change -21.97% -49.65% -46.23%
LONG-TERM LIABILITIES
Long-Term Debt $102.7M $101.6M $101.3M
YoY Change 1.38% 1.3% 1.4%
Other Long-Term Liabilities $1.800M $2.073M $2.200M
YoY Change -18.18% -17.08% -4.35%
Total Long-Term Liabilities $104.5M $2.073M $103.5M
YoY Change 0.97% -97.98% 1.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.50M $28.40M $31.40M
Total Long-Term Liabilities $104.5M $2.073M $103.5M
Total Liabilities $129.1M $132.1M $133.6M
YoY Change -3.37% -16.41% -16.24%
SHAREHOLDERS EQUITY
Retained Earnings -$775.5M
YoY Change
Common Stock $808.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.40M $30.54M $56.20M
YoY Change
Total Liabilities & Shareholders Equity $141.5M $162.6M $189.8M
YoY Change -25.43% -8.9% -1.37%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$58.81M -$49.07M -$58.99M
YoY Change -0.31% -35.37% -170.28%
Depreciation, Depletion And Amortization $800.0K $900.0K $800.0K
YoY Change 0.0% 12.5% 0.0%
Cash From Operating Activities -$42.80M -$29.90M -$41.50M
YoY Change 3.13% -65.55% -33.06%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$100.0K -$1.800M
YoY Change -72.22% -97.22% 260.0%
Acquisitions
YoY Change
Other Investing Activities $13.30M $14.50M $30.60M
YoY Change -56.54%
Cash From Investing Activities $12.80M $14.40M $28.70M
YoY Change -55.4% -500.0% -5840.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.000M 6.900M 75.10M
YoY Change -98.67% -87.68% 5676.92%
NET CHANGE
Cash From Operating Activities -42.80M -29.90M -41.50M
Cash From Investing Activities 12.80M 14.40M 28.70M
Cash From Financing Activities 1.000M 6.900M 75.10M
Net Change In Cash -29.00M -8.600M 62.30M
YoY Change -146.55% -75.0% -201.8%
FREE CASH FLOW
Cash From Operating Activities -$42.80M -$29.90M -$41.50M
Capital Expenditures -$500.0K -$100.0K -$1.800M
Free Cash Flow -$42.30M -$29.80M -$39.70M
YoY Change 6.55% -64.18% -35.45%

Facts In Submission

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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 commercial-stage biotherapeutics 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. </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: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;">As of September 30, 2018, the Company had an accumulated deficit of $922.2 million and cash and cash equivalents and short-term investments in marketable securities of $117.2 million. In the first quarter of 2018, the Company issued and sold 192,642 shares of common stock at a weighted average price of $9.53 per share through its ATM Offering Program and received total net proceeds of $1.8 million. In April and May 2018, the Company issued and sold 1,451,137 shares of common stock at a weighted average price of $12.75 per share through its ATM Offering Program and received total net proceeds of $17.9 million. In May 2018, the Company completed an underwritten public offering of 5,948,274 shares of its common stock at a price to the public of $14.50 per share, which includes the closing of the full exercise of the underwriters&#8217; option to purchase an additional 775,861 shares of common stock. The Company received net proceeds from the offering of $80.8 million, after deducting the underwriting discounts and commissions and offering expenses (see Note 8). The Company believes that its current available cash and cash equivalents and short-term 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 our 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>
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>
CY2018Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
117200000
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
135557000
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
60000
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
785000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18618894
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16046122
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Into Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3
0
CY2017 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3
0
CY2018Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
233000
CY2017Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
82000
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
459000
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
286000
CY2018Q3 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0
CY2017Q3 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
14000
us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19211000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22575000
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12425000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9802000
CY2018Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
800000
CY2017Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
800000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
3900000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
500000
CY2018Q3 chrs Accrued Clinical And Manufacturing Liabilities Current
AccruedClinicalAndManufacturingLiabilitiesCurrent
5700000
CY2017Q4 chrs Accrued Clinical And Manufacturing Liabilities Current
AccruedClinicalAndManufacturingLiabilitiesCurrent
5462000
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7902000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2074000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2896000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1004000
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1400000
CY2017Q2 us-gaap Type Of Revenue Extensible List
TypeOfRevenueExtensibleList
us-gaap:LicenseAndServiceMember
CY2017Q2 us-gaap Restructuring Charges
RestructuringCharges
3600000
CY2018Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
2100000
CY2018Q1 us-gaap Restructuring Reserve
RestructuringReserve
0

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