Financial Performance - Net revenue for the three months ended March 31, 2025, was $7.6 million, a significant increase from $2.3 million in the same period of 2024, representing a growth of approximately 229%[13] - The net loss from continuing operations for Q1 2025 was $47.4 million, compared to a loss of $68.0 million in Q1 2024, indicating an improvement of approximately 30%[13] - The company reported a net loss of $56.6 million for Q1 2025, compared to a net income of $102.9 million in Q1 2024, reflecting a significant shift in financial performance[13] - Coherus reported a net loss of $56.569 million for the three months ended March 31, 2025, compared to a net income of $102.875 million for the same period in 2024[18] - The Company reported a basic and diluted net loss per share of $0.49 for the three months ended March 31, 2025, compared to a net income per share of $0.91 for the same period in 2024[108] Expenses and Cost Management - Total costs and expenses decreased to $53.0 million in Q1 2025 from $70.1 million in Q1 2024, a reduction of about 24%[13] - Research and development expenses for Q1 2025 were $24.4 million, down from $28.4 million in Q1 2024, a decrease of about 14%[13] - Selling, general and administrative expenses also decreased to $26.0 million in Q1 2025 from $40.2 million in Q1 2024, a reduction of approximately 35%[13] - Stock-based compensation expense totaled $5,046,000 for the three months ended March 31, 2025, down from $6,816,000 for the same period in 2024[106] Cash and Assets - Cash and cash equivalents decreased to $82.4 million as of March 31, 2025, down from $126.0 million at the end of 2024, a decline of about 35%[12] - Total assets decreased to $371.1 million as of March 31, 2025, from $448.5 million at the end of 2024, a reduction of approximately 17%[12] - The company had cash, cash equivalents, and restricted cash of $82.674 million at the end of March 31, 2025, down from $260.227 million at the end of March 31, 2024[18] - Total current assets were $310.175 million as of March 31, 2025, compared to $341.583 million at December 31, 2024, reflecting a decrease of approximately 9%[12] Liabilities and Deficits - The company has a total stockholders' deficit of $183.5 million as of March 31, 2025, compared to a deficit of $132.0 million at the end of 2024[12] - The company has total liabilities of $554.536 million as of March 31, 2025, slightly down from $580.523 million at December 31, 2024[12] - The total stockholders' deficit increased to $183.470 million as of March 31, 2025, from $131.990 million at the end of December 31, 2024[18] Divestiture and Future Payments - Coherus completed the divestiture of the UDENYCA business to Intas Pharmaceuticals for an upfront cash consideration of $483.4 million, including $118.4 million for product inventory[20] - The company anticipates potential future payments of $37.5 million related to the divestiture of the UDENYCA franchise, contingent on post-closing net sales[7] - The company is eligible for two additional earnout payments of $37.5 million each based on UDENYCA's net sales performance post-divestiture[20] Clinical Development and Pipeline - LOQTORZI was approved by the FDA for the treatment of metastatic or recurrent locally advanced nasopharyngeal carcinoma, with the launch in the U.S. on January 2, 2024[21] - The company is developing casdozokitug, which received orphan drug designation for hepatocellular carcinoma, currently in three ongoing clinical studies[22] - CHS-114, another clinical-stage candidate, is being evaluated in combination with LOQTORZI for advanced solid tumors and head and neck squamous cell carcinoma[25] - Coherus plans to initiate a first-in-human clinical study for CHS-1000, an investigational antibody targeting human ILT4, subject to further evaluation[26] Revenue Recognition and Sales - LOQTORZI generated net product revenue of $7.348 million in the first quarter of 2025, compared to $1.988 million in the first quarter of 2024[48] - McKesson Corporation accounted for 46% of total gross product revenues in Q1 2025, up from 29% in Q1 2024, indicating a shift in customer revenue distribution[48] - The company recognizes revenue from vaccine sales to the U.S. federal government for stockpiling, which allows for revenue recognition even if other criteria are not met[40] Inventory and Reserves - The balance of chargebacks and discounts for prompt payment as of March 31, 2025, was $68.915 million, down from $110.778 million at the end of 2024[51] - The company recorded a total of $216.653 million in reserves for chargebacks, co-pay assistance, and other fees as of March 31, 2025, compared to $275.645 million at the end of 2024[51] - Inventory of continuing operations decreased from $4.2 million as of December 31, 2024, to $3.5 million as of March 31, 2025[60] Debt and Interest Expenses - The 2029 Term Loan, entered on May 8, 2024, has a principal amount of $38.7 million, accruing interest at 8.0% per annum, with interest-only payments until maturity on May 8, 2029[84] - Interest expense on the 2029 Term Loan was $1.3 million for the three months ended March 31, 2025[85] - The company repaid $79.6 million of the 2027 Term Loans on May 8, 2024, which included principal repayment, accrued interest, and a prepayment premium[93] - The company repurchased approximately $170 million of its 2026 Convertible Notes on April 15, 2025, at a cash repurchase price equal to 100% of their principal amount[97] - The annual effective interest rate for the 2026 Convertible Notes is 2.1%, with total interest expense for the three months ended March 31, 2025, amounting to $1,203,000, compared to $1,195,000 for the same period in 2024[98]

[Q1 2025 Business and Financial Highlights](index=1&type=section&id=Q1%202025%20Business%20and%20Financial%20Highlights) Coherus completed its strategic transformation to an oncology company, driven by LOQTORZI growth and advancing immuno-oncology pipeline assets [Overview](index=1&type=section&id=Overview) Coherus reported Q1 2025 results, highlighting its strategic transformation to an oncology company, growing LOQTORZI revenues, and advancing its immuno-oncology pipeline - Completed its strategic transformation to an innovative oncology company in **Q2 2025** with the divestiture of the **UDENYCA franchise**[1](index=1&type=chunk)[3](index=3&type=chunk) - The company is focused on maximizing **LOQTORZI revenues** and advancing its novel immuno-oncology candidates, **CHS-114** and **casdozokitug**, toward key data milestones in **2026**[3](index=3&type=chunk) Q1 2025 Product Net Revenue | Product | Net Revenue (Q1 2025) | | :--- | :--- | | LOQTORZI | $7.3 million | | UDENYCA (Discontinued Operations) | $31.5 million | [Business Highlights and Pipeline Update](index=1&type=section&id=Business%20Highlights%20and%20Pipeline%20Update) Coherus focuses on maximizing LOQTORZI revenue, which saw significant patient demand growth, while advancing its immuno-oncology pipeline and completing the UDENYCA divestiture [LOQTORZI® (toripalimab-tpzi)](index=1&type=section&id=LOQTORZI%C2%AE%20(toripalimab-tpzi)) LOQTORZI achieved $7.3 million in Q1 2025 sales with growing patient demand, maintaining its FDA-approved and NCCN-preferred status for NPC - LOQTORZI net product sales were **$7.3 million** in Q1 2025, with patient demand growing over **15%** compared to Q4 2024[4](index=4&type=chunk) - It is the **only FDA-approved** treatment for recurrent, locally advanced, or metastatic nasopharyngeal carcinoma (NPC) and holds a **'Preferred'** status with a **Category 1 designation** from NCCN for first-line treatment[4](index=4&type=chunk) - Coherus plans to **maximize LOQTORZI's value** by combining it with internal pipeline assets and pursuing external partnerships for label expansions[5](index=5&type=chunk)[8](index=8&type=chunk) [Innovative Immuno-Oncology Pipeline (CHS-114 & Casdozokitug)](index=3&type=section&id=Innovative%20Immuno-Oncology%20Pipeline%20(CHS-114%20%26%20Casdozokitug)) The immuno-oncology pipeline, featuring CHS-114 and casdozokitug, is advancing with promising early clinical data and ongoing trials, targeting key data readouts in 2026 - **CHS-114 (anti-CCR8 antibody):** Presented promising early clinical data at AACR 2025, showing a **confirmed partial response** in a heavily pre-treated PD-1 refractory HNSCC patient, with first data readouts expected in **Q2 2026**[1](index=1&type=chunk)[8](index=8&type=chunk) - **Casdozokitug (IL-27 antagonist):** Enrollment is ongoing in a **Phase 2 randomized trial** in combination with toripalimab/bevacizumab for 1L hepatocellular carcinoma (HCC), with the first data readout expected in **1H 2026**[1](index=1&type=chunk)[8](index=8&type=chunk) [UDENYCA® (Discontinued Operations)](index=3&type=section&id=UDENYCA%C2%AE%20(Discontinued%20Operations)) UDENYCA generated $31.5 million in Q1 2025 net product sales before its divestiture was completed in April 2025 for up to $558.4 million - UDENYCA net product sales were **$31.5 million** for Q1 2025[8](index=8&type=chunk) - In **April 2025**, Coherus completed the divestiture of its UDENYCA franchise for **up to $558.4 million**, with an upfront payment of **$483.4 million** received at closing[8](index=8&type=chunk) [Q1 2025 Financial Performance](index=4&type=section&id=Q1%202025%20Financial%20Performance) Coherus's Q1 2025 financial performance reflects increased revenue from continuing operations, reduced net loss, and the impact of the UDENYCA divestiture on cash [Financial Results from Continuing Operations](index=4&type=section&id=Financial%20Results%20from%20Continuing%20Operations) Q1 2025 revenue from continuing operations significantly increased to $7.6 million, while net loss narrowed to $47.4 million due to reduced R&D and SG&A expenses Q1 Financials from Continuing Operations (YoY Comparison) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Revenue | $7.6M | $2.3M | +$5.3M | | R&D Expenses | $24.4M | $28.4M | -$4.0M | | SG&A Expenses | $26.0M | $40.2M | -$14.2M | | Net Loss | $47.4M | $68.0M | Improved by $20.6M | | Diluted EPS | $(0.41) | $(0.60) | Improved by $0.19 | - The decrease in R&D expenses was primarily due to **reduced co-development costs** for toripalimab and the **termination of the TIGIT Program**[12](index=12&type=chunk) - The decrease in SG&A was mainly driven by a **net $6.8 million charge** in Q1 2024 that did not recur, as well as **lower headcount and operating costs** following recent divestitures[13](index=13&type=chunk) [Discontinued Operations](index=4&type=section&id=Discontinued%20Operations) Discontinued operations reported a Q1 2025 net loss of $9.2 million, a significant shift from Q1 2024's $170.9 million net income, primarily due to the CIMERLI franchise sale gain Net Income (Loss) from Discontinued Operations | Period | Net Income (Loss) | Diluted EPS | | :--- | :--- | :--- | | Q1 2025 | $(9.2) million | $(0.08) | | Q1 2024 | $170.9 million | $1.52 | - The significant year-over-year change was primarily due to the **$153.6 million gain** on the sale of the **CIMERLI franchise** in March 2024 and negative impacts on UDENYCA revenues in Q1 2025 from a **temporary supply interruption**[17](index=17&type=chunk) [Balance Sheet and Cash Flow](index=4&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) Coherus ended Q1 2025 with $82.4 million in cash, a decrease from year-end 2024, with the $483.4 million UDENYCA divestiture cash inflow to be reflected in Q2 2025 Cash and Cash Equivalents | Date | Amount | | :--- | :--- | | March 31, 2025 | $82.4 million | | December 31, 2024 | $126.0 million | - The upfront, all-cash consideration of **$483.4 million** for the UDENYCA divestiture was received in **April 2025** and is not included in the March 31, 2025 cash balance[18](index=18&type=chunk) - Net cash used in operating activities for the three months ended March 31, 2025, was **$25.8 million**[35](index=35&type=chunk) [Appendix: Financial Statements and Reconciliations](index=7&type=section&id=Appendix%3A%20Financial%20Statements%20and%20Reconciliations) This appendix provides detailed unaudited consolidated financial statements, including statements of operations, balance sheets, and cash flows, along with GAAP to non-GAAP reconciliations [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section presents the unaudited consolidated statement of operations for the three months ended March 31, 2025, detailing revenues, costs, and net income or loss from continuing and discontinued operations Condensed Consolidated Statements of Operations (in thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | Net revenue | $ 7,599 | $ 2,308 | | Total costs and expenses | 53,034 | 70,095 | | Loss from operations | (45,435) | (67,787) | | Net loss from continuing operations | (47,398) | (68,036) | | Net income (loss) from discontinued operations, net of tax | (9,171) | 170,911 | | **Net income (loss)** | **$ (56,569)** | **$ 102,875** | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the unaudited consolidated balance sheet as of March 31, 2025, outlining the company's assets, liabilities, and stockholders' deficit compared to December 31, 2024 Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $ 82,411 | $ 125,987 | | Assets held for sale | 138,972 | 116,423 | | **Total assets** | **$ 371,066** | **$ 448,533** | | **Liabilities and Stockholders' Deficit** | | | | Convertible notes | 228,569 | 228,229 | | Total stockholders' deficit | (183,470) | (131,990) | | **Total liabilities and stockholders' deficit** | **$ 371,066** | **$ 448,533** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details cash inflows and outflows from operating, investing, and financing activities for the three months ended March 31, 2025, compared to the prior-year period Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | Net cash used in operating activities | $ (25,826) | $ (46,766) | | Net cash provided by (used in) investing activities | (17,486) | 202,763 | | Net cash provided by (used in) financing activities | (264) | 887 | | **Net increase (decrease) in cash** | **(43,576)** | **156,884** | | Cash, cash equivalents and restricted cash at end of period | $ 82,674 | $ 260,227 | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP net loss from continuing operations to non-GAAP measures, excluding items like stock-based compensation and amortization for a clearer view of operating trends Reconciliation of GAAP to Non-GAAP Net Loss from Continuing Operations (in thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | GAAP net loss from continuing operations | $ (47,398) | $ (68,036) | | Stock-based compensation expense | 5,046 | 6,816 | | Impairment/remeasurement, net | — | 6,772 | | Change in fair value of Royalty Fee Derivative Liability | 810 | — | | Amortization of intangible assets | 667 | 863 | | **Non-GAAP net loss from continuing operations** | **$ (40,875)** | **$ (53,585)** | GAAP vs. Non-GAAP Net Loss Per Share from Continuing Operations | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | GAAP Net loss per share | $ (0.41) | $ (0.60) | | Non-GAAP Net loss per share | $ (0.35) | $ (0.48) |

Core Insights - Coherus BioSciences has completed its strategic transformation to focus on innovative oncology, particularly through the commercialization of LOQTORZI and the advancement of its immuno-oncology pipeline [1][2] Recent Business Highlights - The divestiture of UDENYCA in April 2025 allows Coherus to concentrate on its oncology portfolio, with LOQTORZI revenues expected to be maximized [2] - LOQTORZI net revenue for Q1 2025 was $7.3 million, with patient demand increasing over 15% compared to Q4 2024 [5][9] - The National Comprehensive Cancer Network (NCCN) has designated LOQTORZI as the only treatment with Preferred status for nasopharyngeal carcinoma (NPC) [5] Financial Performance - Net revenue from continuing operations for Q1 2025 was $7.6 million, up from $2.3 million in Q1 2024, primarily due to higher LOQTORZI sales [9] - Research and development expenses decreased to $24.4 million in Q1 2025 from $28.4 million in Q1 2024, attributed to reduced co-development costs and personnel savings [11] - The company reported a net loss from continuing operations of $47.4 million, or $(0.41) per share, compared to a loss of $68.0 million, or $(0.60) per share, in the same period last year [15][16] Pipeline Development - Coherus is advancing its next-generation immuno-oncology pipeline, including CHS-114, which is currently in Phase 1 clinical trials [4][12] - Promising early clinical data for CHS-114 was presented at the AACR Annual Meeting, showing potential for treating various solid tumors [12] - Enrollment is ongoing for a Phase 2 trial of casdozokitug in combination with toripalimab and bevacizumab for first-line hepatocellular carcinoma (HCC), with data readout expected in 1H 2026 [4][12] Cash Position - As of March 31, 2025, cash and cash equivalents totaled $82.4 million, down from $126.0 million at the end of 2024 [18] - The company received an upfront payment of $483.4 million from the divestiture of the UDENYCA franchise, which will be reflected in Q2 2025 financials [18]

Core Insights - Coherus BioSciences has completed its strategic transformation to focus on innovative oncology, with significant advancements in its product pipeline and financial performance [1][3][24] Recent Business Highlights - The company reported positive Phase 1b data for CHS-114, an anti-CCR8 antibody, at the 2025 AACR Annual Meeting, indicating potential for treating various solid tumors [1][3] - LOQTORZI, a next-generation PD-1 inhibitor, generated net revenues of $7.3 million in Q1 2025, with patient demand increasing over 15% compared to Q4 2024 [5][11] - The divestiture of UDENYCA was completed in April 2025, allowing the company to concentrate on its oncology portfolio [3][10] Financial Performance - Net revenue from continuing operations for Q1 2025 was $7.6 million, up from $2.3 million in Q1 2024, primarily driven by higher LOQTORZI sales [11] - The company reported a net loss from continuing operations of $47.4 million, or $(0.41) per share, compared to a loss of $68.0 million, or $(0.60) per share, in the same period last year [17][18] - Cash and cash equivalents decreased to $82.4 million as of March 31, 2025, down from $126.0 million at the end of 2024 [20] Pipeline Development - Ongoing studies for CHS-114 include Phase 1b trials in second-line gastric cancer and head and neck squamous cell carcinoma (HNSCC), with data readouts expected in 2026 [1][13] - Enrollment is ongoing in a Phase 2 trial of casdozokitug in combination with toripalimab and bevacizumab for first-line hepatocellular carcinoma (HCC), with initial data expected in the first half of 2026 [1][13] Strategic Focus - The company aims to maximize LOQTORZI revenues and advance its immuno-oncology candidates, including CHS-114 and casdozokitug, through strategic partnerships and label expansions [3][6][24] - Coherus is positioned to leverage its innovative oncology pipeline to enhance treatment options for cancer patients and drive future growth [3][25]

Coherus BioSciences Conference Call Summary Company Overview - Coherus BioSciences is transitioning to Coherus Oncology, focusing on innovative oncology solutions [3][2] - The foundational asset is Torpalimab, branded as Lactorsi, a next-generation PD-1 inhibitor [3][4] Key Products and Developments - **Torpalimab (Lactorsi)**: - First PD-1 approved based on Chinese data, specifically for recurrent metastatic nasopharyngeal cancer [5] - Established as the standard of care in nasopharyngeal cancer, with strong positioning in NCCN guidelines [6] - Launched last year, with ongoing efforts to expand its use among healthcare providers [6][40] - **Combination Strategies**: - Torpalimab is being developed in combination with other assets, including Casdozo and Zoketo [6][12] - Partnerships with other companies for pivotal trials, including studies in small cell cancer and liver cancer [7][8] - **Casdozo (anti-IL-27)**: - Demonstrated a 17-18% response rate in liver cancer with five complete responses in a study of 27 patients [12] - Focused development in specialized tissues like lung and liver, showing promising early results [14] - **CCR8 Class**: - Emerging as a significant class in immuno-oncology, with Coherus being the first to present US patient data [9][10] - Targeting Tregs in the tumor microenvironment to enhance CD8 T cell activity [11] Market Position and Strategy - The company aims to position Torpalimab as a second-generation PD-1 option as Keytruda approaches patent expiration in 2028 [8] - The strategy includes co-developing Torpalimab with proprietary assets to enhance sales multiples [8] Financial Outlook - The launch of Lactorsi is progressing as expected, with a target market of approximately 2,000 patients [39][44] - Projected annual sales for Lactorsi are estimated between $150 million to $200 million within three years [45] - Recent divestitures totaling around $800 million have significantly improved the company's cash position, allowing for debt repayment and a strong balance sheet [51] Future Development Plans - Upcoming data readouts for both Casdozo and Torpalimab are anticipated next year, with a focus on achieving key benchmarks in response rates and progression-free survival [27][30] - The company is committed to advancing its pipeline with a focus on data-driven decision-making and targeted therapies [34] Additional Insights - The competitive landscape includes other players in the head and neck cancer space, with Coherus aiming to differentiate through unique mechanisms of action [22][24] - The company emphasizes the importance of understanding the right patient populations for treatment, leveraging preclinical data to guide clinical development [33][34] Conclusion - Coherus BioSciences is strategically positioned in the oncology market with innovative products and a robust pipeline, focusing on maximizing patient benefit and shareholder value through targeted therapies and effective market strategies [49][52]

REDWOOD CITY, Calif., May 05, 2025 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (“Coherus,” NASDAQ: CHRS) today announced that its first quarter 2025 financial results will be released after market close on Monday, May 12, 2025. Starting at 5:00 p.m. EDT on May 12, 2025, Coherus’ management team will host a conference call and webcast to discuss financial results and provide a general business update. A webcast replay will be available on https://investors.coherus.com following the conclusion of the live c ...

Core Insights - Coherus BioSciences, Inc. will be webcasting its participation in several upcoming conferences, providing access to presentations via its Investor Events section on the company website [1][2] - The company is a fully integrated commercial-stage innovative oncology firm with an approved PD-1 inhibitor, LOQTORZI®, and a promising pipeline of mid-stage clinical candidates targeting various cancers [4] - Coherus' immuno-oncology pipeline includes multiple antibody immunotherapy candidates aimed at enhancing immune responses against tumors, with ongoing studies for novel treatments [5] Company Overview - Coherus is focused on growing sales of LOQTORZI in nasopharyngeal carcinoma and advancing new indications in combination with pipeline candidates and partners [4] - The company has a robust immuno-oncology pipeline, including Casdozokitug, an IL-27 antagonistic antibody, and CHS-114, a selective anti-CCR8 antibody, both in various stages of clinical trials [5] Upcoming Events - Coherus will participate in the Citizens Life Science Conference on May 8, 2025, at 9:00 a.m. EDT [6] - The company will also present at the HCW BioConnect @ Nasdaq NYC 2025 on May 20, 2025, at 12:00 p.m. EDT [6] - Additional participation includes the TD Cowen 6th Annual Oncology Innovation Summit on May 27, 2025, and the Jefferies Global Healthcare Conference on June 4, 2025 [6]

Coherus BioSciences (CHRS) Update / Briefing April 28, 2025 04:30 PM ET Speaker0 Thank you for standing by, and welcome to the KOL call to discuss CHS-one hundred fourteen Phase one data. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. I would now like to hand the call over to Jody Severs, Investor Relations. Please go ahead. Speaker1 Thank you, Latif, and good afternoon, everyone, and welcome to our presentation of the P ...

– CHS-114 demonstrates clinical efficacy and proof of mechanism in HNSCC in combination with toripalimab – – Confirmed partial response in heavily pretreated PD-1 refractory patient supports expansion in HNSCC and gastric cancer in combination with toripalimab – – A second-line Phase 1 dose optimization study in HNSCC and gastric cancer is ongoing; results expected in the first half of 2026– – Coherus to host investor and analyst call with study investigator, Dr. Douglas Adkins, Washington University, today ...

Coherus BioSciences (NASDAQ: CHRS ) has shed its marketed biosimilar drugs, now only markets the branded drug Loqtorzi (toripalimab), and is focusing on development of its clinical pipeline. When I last covered the name in May 2024, I rated CHRS aScientist and trader of biotech stock. Focus on trading around events such as trial results and NDA/BLA approvals. Also covering companies in industries regulated by the FDA. Articles present my opinion on stocks, but don't constitute investment advice.Analyst’s Di ...