Core Points - Coherus BioSciences, Inc. will release its third quarter 2024 financial results after market close on November 6, 2024 [1] - A conference call and webcast will be hosted by Coherus' management team at 5:00 p.m. ET on the same day to discuss the financial results and provide a business update [1][3] - The press release with the financial results and related materials will be available on the Coherus investor website prior to the conference call [3][4] Conference Call Information - The conference call is scheduled for November 6, 2024, starting at 5:00 p.m. Eastern Time [3] - Participants are required to pre-register to receive dial-in information and a personal PIN for the live call [3] - A live and archived webcast will be accessible on the "Investors" section of the Coherus website [4] Disclosure Information - Coherus utilizes its investor website to disclose material non-public information in compliance with Regulation FD [5] - Contact information for investor relations is provided for further inquiries [5]

Coherus BioSciences, Inc. (NASDAQ:CHRS) Q2 2024 Earnings Conference Call August 8, 2024 5:00 PM ET Company Participants Jami Taylor - Head of Investor Relations Dennis Lanfear - President and Chief Executive Officer Paul Reider - Chief Commercial Officer Theresa LaVallee - Chief Development Officer Rosh Dias - Chief Medical Officer Bryan McMichael - Chief Financial Officer Conference Call Participants Brian Cheng - JPMorgan Chase & Co. Douglas Tsao - H.C. Wainwright & Co. Billal Jahangiri - Truist Securitie ...

Group 1 - Coherus BioSciences reported a quarterly loss of $0.14 per share, better than the Zacks Consensus Estimate of a loss of $0.21, and improved from a loss of $0.38 per share a year ago, representing an earnings surprise of 33.33% [1] - The company posted revenues of $64.98 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 13.85%, compared to year-ago revenues of $58.72 million [2] - Coherus BioSciences shares have declined approximately 62.8% since the beginning of the year, contrasting with the S&P 500's gain of 9% [3] Group 2 - The earnings outlook for Coherus BioSciences is mixed, with the current consensus EPS estimate for the coming quarter at -$0.08 on revenues of $59.86 million, and -$0.63 on revenues of $255.79 million for the current fiscal year [7] - The Zacks Industry Rank for Medical - Biomedical and Genetics is in the top 37% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Financial Performance - Net revenue for Q2 2024 was $64.979 million, an increase of 10% from $58.716 million in Q2 2023[11] - Total costs and expenses for Q2 2024 were $85.488 million, down from $93.259 million in Q2 2023, reflecting a reduction of approximately 8%[11] - Loss from operations decreased to $20.509 million in Q2 2024, compared to a loss of $34.543 million in Q2 2023, representing a 40% improvement[11] - The company reported a net income of $89.954 million for the first half of 2024, a significant turnaround from a net loss of $118.598 million in the same period of 2023[11] - Basic net income per share for the first half of 2024 was $0.79, compared to a loss of $1.42 per share in the first half of 2023[11] - Comprehensive loss for Q2 2024 was $12.921 million, an improvement from a loss of $42.888 million in Q2 2023[12] - For the three months ended June 30, 2024, the company reported a net loss of $12.9 million, translating to a basic net loss per share of $0.11, compared to a net loss of $42.9 million and a basic net loss per share of $0.49 for the same period in 2023[129] Expenses and Cost Management - Research and development expenses for Q2 2024 were $21.955 million, slightly down from $23.267 million in Q2 2023[11] - Selling, general and administrative expenses decreased to $35.165 million in Q2 2024 from $45.144 million in Q2 2023, a reduction of about 22%[11] - Stock-based compensation expense for the six months ended June 30, 2024, was $14,550, down from $22,359 in the prior year[18] - Research and development expenses decreased to $21.9 million for the three months ended June 30, 2024, compared to $23.3 million in 2023, primarily due to reduced personnel costs[171] - Selling, general and administrative expenses decreased by $8.2 million in employee and consultant costs and $3.6 million in stock-based compensation, with a net impairment charge of $6.8 million impacting overall expenses[175] Revenue and Sales - The company achieved a gain on sale transactions of $24.085 million in Q2 2024, with no comparable gain in Q2 2023[11] - UDENYCA generated $50.917 million in revenue for the three months ended June 30, 2024, up from $31.729 million in the same period in 2023[37] - Total net revenues for the three months ended June 30, 2024, were $65.0 million, a 10.7% increase from $58.7 million in the same period of 2023[157] - UDENYCA net revenue increased by $19.2 million due to higher demand, while the launches of YUSIMRY and LOQTORZI contributed $3.8 million each during the three months ended June 30, 2024[167] Cash and Liquidity - The company had cash, cash equivalents, and restricted cash of $159,692 at the end of the period, up from $73,360 at the end of June 30, 2023[18] - The company reported a net cash provided by investing activities of $230,419 for the six months ended June 30, 2024[18] - Total cash, cash equivalents, and marketable securities increased to $159.2 million as of June 30, 2024, up from $117.7 million at the end of 2023[181] - As of June 30, 2024, the company had an accumulated deficit of $1.5 billion but believes available cash will be sufficient to meet obligations for at least the next twelve months[191] Debt and Financing - Interest expense for Q2 2024 was $5.334 million, down from $9.943 million in Q2 2023, indicating a reduction of approximately 46%[11] - The Company entered into a senior secured term loan facility of up to $38.7 million, fully funded on May 8, 2024, with net proceeds of $37.5 million used to repay existing indebtedness[91] - The 2029 Term Loan accrues interest at 8.0% per annum plus a three-month SOFR rate, with interest-only payments until maturity on May 8, 2029[93] - The Company incurred $2.2 million in debt discount and issuance costs related to the 2029 Term Loan, amortized over the five-year term[94] - A loss on debt extinguishment of $12.6 million was recorded due to the payoff of the 2027 Term Loans in May 2024[179] Product Development and Launches - Coherus BioSciences launched LOQTORZI® in the U.S. for the treatment of nasopharyngeal carcinoma, developed in collaboration with Shanghai Junshi Biosciences[21] - The product pipeline includes three candidates: CHS1000, casdozokitug (CHS-388), and CHS-114, with additional candidates licensed to Novartis and GSK[23] - The company plans to start the first-in-human clinical study for CHS-1000, an antibody targeting human ILT4, in the coming months after receiving IND approval in Q2 2024[150] - LOQTORZI was approved by the FDA for the first-line treatment of adults with metastatic or recurrent locally advanced nasopharyngeal carcinoma (NPC) on October 27, 2023, and launched in the U.S. on January 2, 2024[145] Sales Transactions and Divestitures - The Company completed the sale of its YUSIMRY franchise for $40.0 million and the assumption of $17.0 million in inventory commitments[22] - Coherus sold its CIMERLI ophthalmology franchise for $170.0 million plus $17.8 million for product inventory and prepaid manufacturing assets[22] - The YUSIMRY Sale on June 26, 2024, generated a net gain of $22.9 million, with upfront cash consideration of $40.0 million and liabilities assumed of $17.0 million[62] - The CIMERLI Sale on March 1, 2024, resulted in a net gain of $153.6 million, including cash receipts of $187.8 million and transaction costs of $7.2 million[64] Legal and Regulatory Matters - The company has an accrual of $6.4 million related to various legal proceedings and claims as of June 30, 2024[117] - The company is evaluating the impact of recent accounting standards updates on its financial statement disclosures[34] Future Outlook - The company expects net revenue in 2024 to be higher than in 2023, driven by growth in UDENYCA and LOQTORZI sales, despite the divestiture of CIMERLI and YUSIMRY[168] - The company anticipates a gross margin improvement in 2024 due to the expiration of certain royalty obligations and the cessation of profit share expenditures following the CIMERLI Sale[171] - Research and development expenses are expected to be lower in 2024 due to cost containment initiatives and the termination of the TIGIT Program[174]

Exhibit 99.1 Coherus BioSciences Reports Second Quarter 2024 Financial Results and Provides Business Update – Net revenue of $65.0 million in Q2 2024 – – CHS-114 Phase 1 Study Recruitment Continues into Expansion Cohorts in Head and Neck Cancer in Combination with LOQTORZI – – Bryan McMichael Appointed as Chief Financial Officer – – Conference call today at 5:00 p.m. Eastern Time – REDWOOD CITY, Calif., August 8, 2024 -- Coherus BioSciences, Inc. (Coherus, Nasdaq: CHRS), today reported financial results for ...

"With the divesture of YUSIMRY, Coherus reinforces its strategic focus on oncology," said Denny Lanfear, Coherus Chairman and Chief Executive Officer. "The proceeds from the sale of YUSIMRY will bolster our cash position, advance our efforts to become a sustainable and growing oncology company and efficiently allocate our resources for maximum value creation." About Coherus BioSciences Coherus markets LOQTORZI® (toripalimab-tpzi), a novel next-generation PD-1 inhibitor, and UDENYCA® (pegfilgrastim-cbqv), a ...

"With the divesture of YUSIMRY, Coherus reinforces its strategic focus on oncology," said Denny Lanfear, Coherus Chairman and Chief Executive Officer. "The proceeds from the sale of YUSIMRY will bolster our cash position, advance our efforts to become a sustainable and growing oncology company and efficiently allocate our resources for maximum value creation." Latham & Watkins LLP provided Coherus with legal counsel regarding the transaction. Coherus' immuno-oncology pipeline includes multiple antibody immu ...

REDWOOD CITY, Calif., June 05, 2024 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. ((Coherus or the Company, NASDAQ:CHRS) today announced that Rita Karachun, CPA, CGMA, most recently Senior Vice President (SVP) and Global Controller for Merck & Co., Inc., (Merck) was appointed to its Board of Directors effective May 31, 2024. Ms. Karachun has nearly four decades of experience leading finance, accounting, and SEC reporting functions at multi-billion-dollar global companies. Her experience includes more than 1 ...

CHS-114 shown to have an acceptable safety profile with no dose-limiting toxicities (DLTs) in heavily pretreated patients with solid tumors Selective depletion of peripheral CCR8+ regulatory T cells (Tregs) was observed and depletion was maintained over the dosing interval, establishing proof of mechanism Preclinical data and preliminary clinical results support further evaluation of CHS-114 in combination with the anti-programmed cell death protein 1 (PD-1) antibody, toripalimab-tpzi, and other immuno-onco ...

REDWOOD CITY, Calif., May 23, 2024 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. ((Coherus, NASDAQ:CHRS) today announced that senior management will present at the upcoming TD Cowen 5th Annual Oncology Innovation Virtual Summit: Insights for ASCO & EHA on Wednesday, May 29, 2024 at 12:00 p.m. Eastern Daylight Time / 9:00 a.m. Pacific Daylight Time. The presentation will be accessible via Webcast through a link on the Investor Events and Presentations section of the Coherus website: https://investors.coherus ...