Coherus BioSciences Inc

For the period ended Dec 31, 2023. Filed Mar 15, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 15, 2024

CHRS$0.64-21.6%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

(in thousands)


· · Years Ended December 31,
· 2023 · 2022 · 2021
Operating activities · · ·
Net loss	$(237,892)	$(291,754)	$(287,100)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,791	3,699	3,454
Stock-based compensation expense	43,110	50,737	51,364
Write-off of prepaid manufacturing services related to the termination of CHS-2020	—	—	3,210
Inventory write-downs, net	52,595	26,000	5,133
Non-cash amortization of premium (accretion of discount) on marketable securities, net	(3,052)	(730)	1,095
Non-cash interest expense from amortization of debt discount and issuance costs	2,407	6,431	4,257
Non-cash operating lease expense	2,476	2,503	2,207
Upfront and option payments to Junshi Biosciences	—	35,000	136,000
Loss on debt extinguishment	—	6,222	—
Other non-cash adjustments, net	(1,493)	25	588
Changes in operating assets and liabilities:
Trade receivables, net	(150,683)	13,052	34,062
Inventory	(46,734)	(47,348)	(6,253)
Prepaid manufacturing	2,027	(4,214)	3,828
Other prepaid, current and non-current assets	16,155	(13,424)	(5,351)
Accounts payable	23,760	(4,548)	874
Accrued rebates, fees and reserves	113,105	(24,566)	(2,502)
Accrued compensation	(5,373)	596	(230)
Accrued and other current and non-current liabilities	10,917	1,195	17,932
Net cash used in operating activities	(174,884)	(241,124)	(37,432)

Investing activities
Purchases of property and equipment	(286)	(2,039)	(1,289)
Proceeds from disposal of property and equipment	845	—	—
Purchases of investments in marketable securities	(19,507)	(127,382)	(182,485)
Proceeds from maturities of investments in marketable securities	144,360	—	99,692
Proceeds from sale of investments in marketable securities	13,282	—	81,672
Cash and cash equivalents acquired from Surface Acquisition	6,997	—	—
Upfront and option payments to Junshi Biosciences	—	(35,000)	(136,000)
Milestone based license fee payments	(1,051)	(2,429)	—
Net cash provided by (used in) investing activities	144,640	(166,850)	(138,410)

Financing activities
Proceeds from 2027 Term Loans, net of debt discount & issuance costs	—	240,679	—
Proceeds from issuance of common stock to Junshi Biosciences, net of issuance costs	—	—	40,903
Proceeds from issuance of common stock under ATM Offering, net of issuance costs	18,093	6,358	—
Proceeds from issuance of common stock under Public Offering, net of issuance costs	53,625	—	—
Proceeds from issuance of common stock upon exercise of stock options	694	691	10,399
Proceeds from purchase under the employee stock purchase plan	1,809	2,320	3,002
Taxes paid related to net share settlement	(3,587)	(3,744)	(1,753)
Repayment of 2022 Convertible Notes and premiums	—	(109,000)	—
Repayment of 2025 Term Loan, premiums and exit fees	—	(81,750)	—
Other financing activities	(1,034)	(1,228)	(672)
Net cash provided by financing activities	69,600	54,326	51,879

Net increase (decrease) in cash, cash equivalents and restricted cash	39,356	(353,648)	(123,963)
Cash, cash equivalents and restricted cash at beginning of period	63,987	417,635	541,598
Cash, cash equivalents and restricted cash at end of period	$103,343	$63,987	$417,635

Supplemental disclosure of cash flow information
Cash paid for interest	$37,857	$34,878	$18,684
Income taxes paid (refunded), net	$(118)	$40	$1,221

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.