IL-27

– 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., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (Coherus, Nasdaq: CHRS), today reported financial results for the quarter ended June 30, 2024 and recent business highlights: RECENT BUSINESS HIGHLIGHTS UDENYCA® RESULTS UDENYCA net product sales were $50.9 million in Q2 2024, an increase of 19% compared to $42.7 million in Q1 2024 and a 60% increase compared to $31.7 million in Q2 2023. Total unit demand increased 25% in Q2 2024 compared to Q1 2024, and 138% compared to Q2 2023.Based on data from IQVIA, UDENYCA franchise market share for Q2 2024 was 29.0%, an increase of 4 market share points from Q1 2024. LOQTORZI® LAUNCH UPDATE LOQTORZI, the first and only FDA-approved treatment for recurrent, locally advanced or metastatic nasopharyngeal carcinoma (NPC), commercially launched on January 2, 2024.LOQTORZI net sales in Q2 2024 of $3.8 million, with new patient uptake primarily in relapsed locally advanced and 1L metastatic disease, a potential driver of long-term revenue growth.LOQTORZI can now be ordered in all 33 National Comprehensive Cancer Network (NCCN) institutions.The Centers for Medicare and Medicaid Services granted LOQTORZI a product-specific, permanent J Code, which was implemented on July 1, 2024. ADVANCEMENT OF PROMISING IMMUNO-ONCOLOGY PIPELINE Clinical data from the dose escalation stage of the Phase 1 study of CHS-114, a highly selective cytolytic anti-CCR8 antibody, was presented at the 2024 ASCO Annual Meeting in June. These data showed selective depletion of peripheral CCR8+ regulatory T cells, establishing proof of mechanism for CHS-114, and an acceptable safety profile with no dose-limiting toxicities, and a disease control rate of 47% in heavily pretreated patients with solid tumors. Expansion cohorts evaluating CHS-114 as monotherapy and in combination with toripalimab are currently enrolling patients with advanced/metastatic head and neck squamous cell carcinoma (HNSCC).A Phase 2 study evaluating casdozokitug, an immune regulatory IL-27 antagonizing antibody, in combination with toripalimab and bevacizumab in treatment naïve patients with unresectable locally advanced or metastatic hepatocellular carcinoma is expected to begin enrolling patients in Q4 2024.An Investigational New Drug (IND) application for CHS-1000, a novel humanized Fc-modified IgG1 monoclonal antibody specifically targeting ILT4 (LILRB2), was filed with the U.S. Food and Drug Administration (FDA) in Q2 2024 and received clearance. Coherus plans to initiate a Phase 1 study in the coming months. “The first half of 2024 has been a period of disciplined execution of our strategy, which included improving our capital structure, advancing our innovative oncology pipeline and driving increasing sales of our commercial portfolio. We continue to streamline our operations, solidifying our focus on our oncology business,” said Denny Lanfear, Coherus’ Chairman and Chief Executive Officer. “Bryan McMichael, our newly appointed Chief Financial Officer, will play a key role on our management team as we further translate this oncology focus into shareholder value.” “I am honored to carry forward my work at Coherus in the role of Chief Financial Officer. The strength of the team, commercial portfolio, and pipeline gives me great confidence in the Company’s future,” said Bryan McMichael, Coherus’ Chief Financial Officer. “I look forward to continuing in my partnership with Denny, the Board, and other members of management to execute our strategy and bring value to shareholders.” SECOND QUARTER 2024 FINANCIAL RESULTS Net revenue was $65.0 million during the three months ended June 30, 2024, and included $50.9 million of net sales of UDENYCA, $3.8 million of net sales of LOQTORZI, which was launched on January 2, 2024, $3.8 million of net sales of YUSIMRY, which was divested to Hong Kong King-Friend Industrial Company Ltd. (“HKF”) on June 26, 2024, and other revenue of $6.5 million which included the $6.3 million up-front cash payment received for the outlicense to Apotex, Inc. of the Canadian rights to LOQTORZI on June 27, 2024. Net revenue was $58.7 million during the three months ended June 30, 2023 and included $26.7 million in revenues for CIMERLI, which was divested on March 1, 2024. Net revenue was $142.0 million and $91.2 million for the six months ended June 30, 2024 and 2023, respectively. Total net revenues attributable to the Company’s divested products, CIMERLI and YUSIMRY, during the first half of 2024 and 2023 were $35.9 million and $32.9 million, respectively. Cost of goods sold (COGS) was $28.4 million and $24.8 million during the three months ended June 30, 2024 and 2023, respectively, and $63.0 million and $41.7 million during the six months ended June 30, 2024 and 2023, respectively. UDENYCA COGS included a mid-single digit royalty on net sales which expired on July 1, 2024. The increases in COGS in both 2024 periods were primarily driven by increased unit volumes, and in the second quarter of 2024, a $4.5 million fee for a contract change with a CMO, partially offset by a $9.7 million decrease in royalty costs in the second quarter of 2024, due to the CIMERLI divestiture on March 1, 2024. Research and development (R&D) expenses were $22.0 million and $23.3 million for the three months ended June 30, 2024 and 2023, respectively, and $50.4 million and $57.4 million for the six months ended June 30, 2024 and 2023, respectively. The decreases were primarily due to savings from reduced headcount and lower costs related to biosimilar products, partially offset by increased costs for development of casdozokitug and CHS-114. Selling, general and administrative (SG&A) expenses were $35.2 million and $45.1 million during the three months ended June 30, 2024 and 2023, respectively, and $91.7 million and $94.3 million during the six months ended June 30, 2024 and 2023, respectively. The declines in SG&A compared to the prior year periods were driven primarily by lower headcount. The decrease for the six-month period was partially offset by the net $6.8 million charge in the first quarter of 2024 associated with the full write-off of the outlicense intangible asset and associated release of the CVR liability related to NZV930, obtained in the Surface Oncology, Inc. acquisition. Gain on Sale Transactions, Net which included the divestiture of the YUSIMRY franchise, which closed during the three months ended June 30, 2024, was $22.9 million, and reflects total cash proceeds of $40.0 million, net of assets transferred to HKF, liabilities derecognized, and transactions costs of $0.9 million. Gain on Sale Transactions, net for the first half of 2024 was $177.7 million and included a $154.8 million gain on the divestiture of the CIMERLI franchise, which closed during the three months ended March 31, 2024. There was no gain on Sale Transactions in the first half of 2023. Interest expense was $5.3 million and $9.9 million during the three months ended June 30, 2024 and 2023, respectively, and $16.5 million and $19.7 million during the six months ended June 30, 2024 and 2023, respectively. The declines in both periods were primarily due to prepaying $175.0 million of the principal amount of the senior secured term loan facility that was entered into on January 5, 2022 on April 1, 2024 and prepaying the remaining $75.0 million principal amount on May 8, 2024. This was offset by interest on the $38.7 million principal amount of the new term loan facility and the revenue participation right purchase and sale agreement, both commencing May 8, 2024, as well as an average higher variable rate in the first half of 2024 compared to the first half of 2023. Net loss for the second quarter of 2024 was $12.9 million, or $(0.11) per share on a diluted basis, compared to a net loss of $42.9 million, or $(0.49) per share on a diluted basis for the same period in 2023. Net income for the first half of 2024 was $90.0 million, or $0.73 per share on a diluted basis, compared to a net loss of $118.6 million, or $(1.42) per share on a diluted basis for the first half of 2023. Non-GAAP net loss for the second quarter of 2024 was $16.4 million, or $(0.14) per share on a diluted basis, compared to $32.8 million, or $(0.38) per share for the same period in 2023. Non-GAAP net loss for the first half of 2024 was $52.2 million, or $(0.46) per share on a diluted basis, compared to $92.3 million, or $(1.11) per share for the first half of 2023. See “Non-GAAP Financial Measures” below for a discussion on how Coherus calculates non-GAAP net loss and a reconciliation to the most directly comparable GAAP measures. Cash, cash equivalents and investments in marketable securities were $159.2 million as of June 30, 2024, compared to $117.7 million as of December 31, 2023. 2024 R&D and SG&A Expense Guidance Coherus projects combined R&D and SG&A expenses for 2024 to be in the range of $250 to $265 million. This guidance includes approximately $40 million of stock-based compensation expense and excludes the effects of acquisitions, collaborations, investments, divestitures including expenses incurred on behalf of and reimbursed by Sandoz and HKF to satisfy Coherus’ obligations under the transition services agreements with those entities, restructuring, the exercise of rights or options related to collaboration programs, and any other transactions or circumstances not yet identified or quantified. This guidance is subject to a number of risks and uncertainties. See Forward-Looking Statements described in the section below. Conference Call Information When: Thursday, August 8, 2024, starting at 5:00 p.m. Eastern Daylight Time To access the conference call, please pre-register through the following link to receive dial-in information and a personal PIN to access the live call: https://register.vevent.com/register/BI9dd3f986eeb7428485a66ce1fb34999fPlease dial in 15 minutes early to ensure a timely connection to the call. Webcast: https://edge.media-server.com/mmc/p/kguryzuk An archived webcast will be available on the “Investors” section of the Coherus website at https://investors.coherus.com/events-presentations. About Coherus BioSciences Coherus is a commercial-stage biopharmaceutical company focused on the research, development and commercialization of innovative immunotherapies to treat cancer. Coherus is developing an innovative immuno-oncology pipeline that is expected to be synergistic with its proven commercial capabilities in oncology. Coherus’ immuno-oncology pipeline includes multiple antibody immunotherapy candidates focused on enhancing the innate and adaptive immune responses to enable a robust immunologic response and enhance outcomes for patients with cancer. Casdozokitug is a novel anti-IL-27 antibody currently being evaluated in two ongoing clinical studies: a Phase 1/2 study in advanced solid tumors and a Phase 2 study in hepatocellular carcinoma. CHS-114 is a highly selective, competitively positioned, ADCC-enhanced anti-CCR8 antibody currently in a Phase 1 study as a monotherapy in patients with advanced solid tumors. CHS-1000 is a novel humanized Fc-modified IgG1 monoclonal antibody specifically targeting ILT4 (LILRB2). An IND application has been accepted by the FDA and Coherus plans to initiate a Phase 1 study in the coming months. Coherus markets LOQTORZI® (toripalimab-tpzi), a novel next-generation PD-1 inhibitor, and UDENYCA® (pegfilgrastim-cbqv), a biosimilar of Neulasta®. Neulasta® is a registered trademark of Amgen Inc. Forward-Looking Statements Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Coherus’ expectations about identifying synergies between its I-O pipeline and its commercial operations; Coherus’ expected timing for the start of a Phase 1 study for CHS-1000; Coherus’ expected timing for enrolling patients in a Phase 2 study evaluating casdozokitug; Coherus’ future projections for R&D and SG&A expenses; and Coherus’ expectations about long term revenue growth. Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus’ actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties inherent in the clinical drug development process; risks related to Coherus’ existing and potential collaboration partners; risks of Coherus’ competitive position; the risks and uncertainties of the regulatory approval process, including the speed of regulatory review and the timing of Coherus’ regulatory filings; the risk of FDA review issues; the risk that Coherus is unable to complete commercial transactions and other matters that could affect the availability or commercial potential of Coherus’ products and product candidates; and the risks and uncertainties of possible litigation. All forward-looking statements contained in this press release speak only as of the date of this press release. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the significant risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Coherus’ business in general, see Coherus’ quarterly filing on Form 10-Q for the fiscal quarter ended June 30, 2024 filed with the Securities and Exchange Commission on or about the date of this press release, including the section therein captioned “Risk Factors” and in other documents Coherus files with the Securities and Exchange Commission. Coherus’ results for the fiscal quarter ended June 30, 2024 are not necessarily indicative of its operating results for any future periods. UDENYCA®, UDENYCA® ONBODY™, and LOQTORZI®, whether or not appearing in large print or with the trademark symbol, are trademarks of Coherus, its affiliates, related companies or its licensors or joint venture partners unless otherwise noted. Trademarks and trade names of other companies appearing in this press release are, to the knowledge of Coherus, the property of their respective owners. Coherus Contact Information:For Investors:Jami TaylorHead of Investor RelationsIR@coherus.com For Media:Jodi SieversVP, Corporate Communicationsmedia@coherus.com Coherus BioSciences, Inc.Condensed Consolidated Statements of Operations(in thousands, except share and per share data)(unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023Net revenue$64,979 $58,716 $142,042 $91,152 Costs and expenses: Cost of goods sold 28,368 24,848 62,954 41,722 Research and development 21,955 23,267 50,425 57,421 Selling, general and administrative 35,165 45,144 91,697 94,297 Total costs and expenses 85,488 93,259 205,076 193,440 Loss from operations (20,509) (34,543) (63,034) (102,288)Interest expense (5,334) (9,943) (16,450) (19,655)Gain on Sale Transactions, net 24,085 — 177,732 — Loss on debt extinguishment (12,630) — (12,630) — Other income (expense), net 1,467 1,617 4,336 3,345 Income (loss) before income taxes (12,921) (42,869) 89,954 (118,598)Income tax provision — — — — Net income (loss)$(12,921) $(42,869) $89,954 $(118,598) Net income (loss) per share: Basic$(0.11) $(0.49) $0.79 $(1.42)Diluted$(0.11) $(0.49) $0.73 $(1.42) Weighted-average number of shares used in computing net income (loss) per share: Basic 114,819,965 87,269,614 113,784,636 83,469,247 Diluted 114,819,965 87,269,614 126,174,802 83,469,247 Coherus BioSciences, Inc.Condensed Consolidated Balance Sheets(in thousands)(unaudited) June 30, December 31, 2024 2023Assets Cash and cash equivalents$159,240 $102,891 Investments in marketable securities — 14,857 Trade receivables, net 175,251 260,522 TSA receivables, net 138,317 — Inventory 112,041 130,100 Intangible assets, net 55,455 71,673 Other assets 34,551 49,561 Total assets$674,855 $629,604 Liabilities and Stockholders’ Deficit Accrued rebates, fees and reserve$177,455 $169,645 TSA payables and other accrued liabilities 133,536 — Term loans 36,541 246,481 Convertible notes 227,555 226,888 Other liabilities 183,876 180,015 Total stockholders' deficit (84,108) (193,425)Total liabilities and stockholders’ deficit$674,855 $629,604 Coherus BioSciences, Inc.Condensed Consolidated Statements of Cash Flows(in thousands)(unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023Cash, cash equivalents and restricted cash at beginning of the period$260,227 $16,585 $103,343 $63,987 Net cash provided by (used in) operating activities 59,734 (38,915) 12,968 (107,647) Proceeds from maturities of investments in marketable securities — 47,250 6,200 64,750 Proceeds from sale of investments in marketable securities — 13,282 8,688 13,282 Cash received from CIMERLI sale — — 187,823 — Cash received from YUSIMRY sale 40,000 — 40,000 — Milestone based license fee payment to Junshi Biosciences (12,500) — (12,500) — Purchases of investments in marketable securities — (19,507) — (19,507)Other investing activities, net 156 340 208 366 Net cash provided by investing activities 27,656 41,365 230,419 58,891 Proceeds from 2029 Term Loan, net of debt discount & issuance costs 37,120 — 37,120 — Proceeds from Revenue Purchase and Sale Agreement, net of issuance costs 36,495 — 36,495 — Proceeds from issuance of common stock under ATM Offering, net of issuance costs (52) (74) 1,455 6,761 Proceeds from issuance of common stock under Public Offering, net of issuance costs — 53,625 — 53,625 Proceeds from issuance of common stock upon exercise of stock options — 14 291 117 Proceeds from purchase under the employee stock purchase plan 685 1,337 685 1,337 Repayment of 2027 Term Loans, premiums and fees (260,387) — (260,387) — Taxes paid related to net share settlement (1,711) (305) (2,456) (3,086)Other financing activities (75) (272) (241) (625)Net cash (used in) provided by financing activities (187,925) 54,325 (187,038) 58,129 Net increase (decrease) in cash, cash equivalents and restricted cash (100,535) 56,775 56,349 9,373 Cash, cash equivalents and restricted cash at end of the period$159,692 $73,360 $159,692 $73,360 Reconciliation of cash, cash equivalents, and restricted cash Cash and cash equivalents$159,240 $72,920 $159,240 $72,920 Restricted cash balance 452 440 452 440 Cash, cash equivalents and restricted cash$159,692 $73,360 $159,692 $73,360 Non-GAAP Financial Measures To supplement the financial results presented in accordance with GAAP, Coherus has also included in this press release non-GAAP net loss, and the related per share measures, which exclude from net income (loss), and the related per share measures, stock-based compensation expense, certain acquisition-related expenses, amortization of intangible assets, gain on divestiture, impairments of intangible assets, contingent consideration, loss on debt extinguishment and restructuring charges related to our reduction in workforce. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than similar non-GAAP financial information disclosed by other companies. Coherus encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations set forth below, to more fully understand Coherus’ business. Coherus believes that the presentation of these non-GAAP financial measures provides useful supplemental information to, and facilitates additional analysis by, investors. In particular, Coherus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare Coherus’ results from period to period, and to identify operating trends in Coherus’ business. Coherus also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions. Coherus BioSciences, Inc.Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Loss(in thousands, except share and per share data)(unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023GAAP net income (loss)$(12,921) $(42,869) $89,954 $(118,598)Adjustments: Stock-based compensation expense(1) 7,231 10,077 14,550 21,410 Gain on Sale Transactions, net (24,085) — (177,732) — Loss on debt extinguishment 12,630 — 12,630 — Impairment of out-license asset and remeasurement of CVR liability, net — — 6,772 — Restructuring charges related to reduction in workforce(1) — — — 4,876 Amortization of intangible assets 704 — 1,634 — Non-GAAP net loss$(16,441) $(32,792) $(52,192) $(92,312) GAAP Net income (loss) per share, basic$(0.11) $(0.49) $0.79 $(1.42)Net income (loss) per share, diluted$(0.11) $(0.49) $0.73 $(1.42)Shares used in computing basic net income (loss) per share 114,819,965 87,269,614 113,784,636 83,469,247 Shares used in computing diluted net income (loss) per share 114,819,965 87,269,614 126,174,802 83,469,247 Non-GAAP Net loss per share, basic and diluted$(0.14) $(0.38) $(0.46) $(1.11)Shares used in computing basic and diluted net loss per share 114,819,965 87,269,614 113,784,636 83,469,247 (1) In the six months ended June 30, 2023, stock-based compensation of $1.0 million was classified within Restructuring charges related to reduction in workforce.

– Net revenue of $91.5 million in the fourth quarter and $257.2 million in FY 2023 – – UDENYCA® net sales of $36.2 million in the fourth quarter and $127.1 million in FY 2023– – CIMERLI® net sales of $52.4 million in the fourth quarter and $125.4 million in FY 2023– – LOQTORZI™ and UDENYCA ONBODY™ successfully launched in Q1 2024 – – Reduction of work force of 30% for 2024 initiated on March 7, 2024 – – Conference call today at 5:00 p.m. Eastern Time – REDWOOD CITY, Calif., March 13, 2024 (GLOBE NEWSWIRE) -- Coherus BioSciences Inc. (Coherus, Nasdaq: CHRS), today reported financial results for its fiscal fourth quarter and full year ended December 31, 2023 and recent business highlights: RECENT BUSINESS HIGHLIGHTS CORPORATE RESTRUCTURING SOLIDIFIES FOCUS ON ONCOLOGY On March 1, 2024, Coherus closed the divestiture of the ophthalmology franchise to Sandoz for upfront, all-cash consideration of $170 million plus an additional $17.8 million for CIMERLI product inventory and prepaid manufacturing assets. On or before April 1, 2024, Coherus plans to prepay $175 million of the $250 million principal balance of its term loan with Pharmakon Advisors LP (“Pharmakon”), leaving a residual balance of $75 million and reducing projected annualized Pharmakon related interest payments by about 70%. The sharpened focus in oncology and a subsequent restructuring is expected to result in a reduction in workforce of 30% by the end of 2024, including 35 employees associated with the ophthalmology divestiture, for an estimated annualized cost savings of more than $25 million. Expected SG&A and R&D expenses for 2024 reduced from $301.5 million in 2023 to $250-265 million representing at least a 12% decrease year over year. The $25 million toripalimab NPC approval milestone due to be paid to Junshi Biosciences in Q1 2024 has been restructured such that $12.5 million will be paid in Q2 2024 and the remainder in Q1 2025, potentially adjusted downward for proceeds from Canadian rights. UDENYCA® RESULTS and ONBODY LAUNCH UPDATE UDENYCA net product sales increased 10% in the fourth quarter 2023 to $36.2 million compared to $33.0 million in the third quarter. Total unit demand grew 7% quarter over quarter. UDENYCA Autoinjector presentation unit demand grew 129% quarter over quarter. Since commercial launch in May 2023, more than 727 accounts have ordered the Autoinjector presentation. UDENYCA ONBODY, a novel and proprietary state-of-the-art delivery system for pegfilgrastim-cbqv, was launched in February 2024. High customer demand coupled with confirmed payer coverage, drove robust uptake with 138 accounts ordering ONBODY within the first four weeks of launch. Based on data from IQVIA, rolling 4-week UDENYCA market share as of March 1 was 26%. LOQTORZI™ LAUNCH UPDATE LOQTORZI is the first and only FDA-approved treatment for recurrent or metastatic NPC in all lines of therapy with commercial launch commencing on January 2, 2024. NCCN Guidelines recommend LOQTORZI as the only immunotherapeutic agent with Preferred Category 1 status in first-line treatment for adults with metastatic or recurrent locally advanced NPC in combination with chemotherapy; LOQTORZI monotherapy is also recommended in NCCN guidelines as the only preferred regimen in subsequent lines of therapy. Category 1 represents the highest level of evidence and uniformity among panel members in terms of agreement that translates into ease of reimbursement and the ability to establish a new standard of care for these patients. Payer coverage for LOQTORZI has been confirmed across Medicare Fee for Service, as well as national and regional commercial health plans. Early demand uptake tracking to expectations, with over 59 NPC targeted accounts ordering the product since launch. NOVEL IMMUNO-ONCOLOGY PIPELINE ADVANCES In January 2024, Coherus entered into a clinical collaboration with INOVIO to evaluate LOQTORZI (toripalimab-tpzi) in combination with INO-3112 in a Phase 3 clinical trial as a potential treatment for patients with locoregionally advanced, high-risk, HPV16/18 positive oropharyngeal squamous cell carcinoma (OPSCC), a type of head and neck cancer commonly known as throat cancer. Coherus presented new Phase 1b/2 clinical data for casdozokitug, a first-in-class IL-27 antagonist at the 2023 ESMO IO Congress in December and 2024 ASCO Gastrointestinal Cancers Symposium in January. Results show encouraging signs of antitumor activity and an acceptable safety pro casdozokitug alone and in combination with PD-(L)1 inhibitors with or without bevacizumab in HCC and NSCLC respectively. Importantly, responses were associated with IL-27 related biomarkers and data support planned clinical trials with casdozokitug/ toripalimab-tpzi in NSCLC and HCC. New preclinical data for CHS-1000 has been selected for a poster presentation at the upcoming 2024 AACR Annual Meeting being held April 5-10, 2024, in San Diego. Coherus plans to Investigational New Drug (IND) application in second quarter of 2024 for CHS-1000, a novel ILT4-targeted antibody. “Throughout 2023, Coherus demonstrated significant progress in transforming the Company’s business model and product portfolio for long-term sustainable growth,” said Denny Lanfear, Coherus’ Chairman and Chief Executive Officer. “We are clearly focused on driving our revenues, reducing our costs, and advancing our pipeline, with constant attention to long-term shareholder value. The divestiture of CIMERLI and debt paydown improves our capital structure and sharpens our focus on oncology. With a robust portfolio of FDA-approved products and a promising immuno-oncology pipeline, we are now better positioned than ever to execute on our mission of extending the lives of cancer patients.” FOURTH QUARTER and FULL YEAR 2023 FINANCIAL RESULTS Net revenue was $91.5 million during the three months ended December 31, 2023 and included $36.2 million of net sales of UDENYCA, $52.4 million of net sales of CIMERLI, $2.2 million of net sales of YUSIMRY™ which was launched in July 2023 and $0.6 million of net sales of LOQTORZI which began shipping to distributors in December 2023 in preparation for launch. Net revenue was $45.4 million during the three months ended December 31, 2022. For the twelve months ended December 31, 2023 and 2022, net revenue was $257.2 million and $211.0 million, respectively. The increases in total net revenues were driven by the launches of CIMERLI and YUSIMRY and by the return to growth of UDENYCA throughout 2023. Cost of goods sold (COGS) was $84.6 million and $14.2 million during the three months ended December 31, 2023 and 2022, respectively, and $159.0 million and $70.1 million during the full year ended December 31, 2023 and 2022, respectively. The increases in COGS for the three month and the annual periods each included a $47.0 million charge for the write-down of slow moving YUSIMRY inventory and the related partial recognition of certain firm purchase commitments. Increases in COGS also included $19.4 million and $47.5 million in royalty costs compared to the quarterly and annual periods in the prior year, respectively and increases in product costs of $11.5 million and $25.0 million, respectively, primarily driven by CIMERLI sales. The increase in the year over year COGS was partially offset by a $26.0 million write-down in the third quarter 2022 of inventory at risk of expiration and due to the sale in the second half 2023 of certain of those UDENYCA units having a total original cost of $9.9 million but no carrying value following the write-down. UDENYCA COGS includes a mid-single digit royalty on net sales payable through the first half of 2024, and CIMERLI® COGS includes a low to mid 50% royalty on gross profits. Research and development (R&D) expense for the three months ended December 31, 2023 and 2022 was $26.4 million and $29.0 million, respectively. For the full year ended December 31, 2023 and 2022, R&D expense was $109.4 million and $199.4 million, respectively. The decline compared to the prior year periods primarily resulted from the reduction in scope of the toripalimab collaboration and from the recognition in the first quarter of 2022 of the $35.0 million option exercise fee paid to Junshi Biosciences to license CHS-006. R&D expense for the full year of 2022 also included development costs for additional presentations of UDENYCA and certain manufacturing expenses for YUSIMRY which began to be capitalized in mid-2022. Selling, general and administrative (SG&A) expense was $49.5 million and $53.6 million during the three months ended December 31, 2023 and 2022, respectively, and $192.0 million and $198.5 million during the full year ended December 31, 2023 and 2022, respectively. The decline in SG&A expense in both periods compared to the prior year periods primarily reflects lower headcount, partially offset by transaction costs associated with the Surface acquisition. Net loss for the fourth quarter of 2023 was $79.7 million, or $(0.71) per share on a basic and diluted basis, compared to a net loss of $58.9 million, or $(0.76) per share on a basic and diluted basis for the same period in 2022. Net loss for the full year of 2023 was $237.9 million, or $(2.53) per share on a basic and diluted basis, compared to a net loss of $291.8 million, or $(3.76) per share on a basic and diluted basis for the full year of 2022. Non-GAAP net loss for the fourth quarter of 2023 was $68.9 million, or $(0.62) per share on a basic and diluted basis, compared to non-GAAP net loss of $47.1 million, or $(0.60) per share on a basic and diluted basis for the same period in 2022. Non-GAAP net loss for the full year of 2023 was $186.2 million, or $(1.98) per share on a basic and diluted basis, compared to non-GAAP net loss of $234.8 million, or $(3.02) per share on a basic and diluted basis for the full year of 2022. See “Non-GAAP Financial Measures” below for a discussion on how Coherus calculates non-GAAP net loss and a reconciliation to the most directly comparable GAAP measures. Cash, cash equivalents and investments in marketable securities were $117.7 million as of December 31, 2023, compared to $191.7 million at December 31, 2022. 2024 R&D and SG&A Expense Guidance Coherus is introducing a guidance range of combined 2024 R&D and SG&A expenses from $250 to $265 million. This guidance includes approximately $40 million of stock-based compensation expense and excludes the effects of strategic acquisitions, collaborations or investments, the exercise of rights or options related to collaboration programs, and any other transactions or circumstances not yet identified or quantified. This guidance is subject to a number of risks and uncertainties. See Forward-Looking Statements described in the section below. Conference Call Information When: Wednesday, March 13, 2024, starting at 5:00 p.m. Eastern Time To access the conference call, please register through the following link to receive dial-in information and a personal PIN to access the live call: Please dial-in 15 minutes early to ensure a timely connection to the call. Webcast: An archived webcast will be available on the “Investors” section of the Coherus website at . About Coherus BioSciences Coherus is a commercial-stage biopharmaceutical company focused on the research, development and commercialization of innovative immunotherapies to treat cancer. Coherus is developing an innovative immuno-oncology pipeline that will be synergistic with its proven commercial capabilities in oncology. Coherus’ immuno-oncology pipeline includes multiple antibody immunotherapy candidates focused on enhancing the innate and adaptive immune responses to enable a robust immunologic response and enhance outcomes for patients with cancer. Casdozokitug is a novel anti-IL-27 antibody currently being evaluated in two ongoing clinical studies: a Phase 1/2 study in advanced solid tumors and a Phase 2 study in hepatocellular carcinoma. CHS-114 is a highly selective, competitively positioned, ADCC-enhanced anti-CCR8 antibody currently in a Phase 1/2 study as a monotherapy in patients with advanced solid tumors. CHS-1000 is a preclinical candidate targeting immune-suppressive mechanisms via the novel pathway ILT4 with an IND filing planned in the first half of 2024. Coherus markets LOQTORZI™ (toripalimab-tpzi), a novel next generation PD-1 inhibitor, UDENYCA® (pegfilgrastim-cbqv), a biosimilar of Neulasta®, and YUSIMRY™ (adalimumab-aqvh), a biosimilar of Humira®. Neulasta® is a registered trademark of Amgen, Inc. Humira® is a registered trademark of AbbVie Inc. Forward-Looking Statements Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Coherus’ ability to identify synergies between its I-O pipeline and its commercial operations; Coherus’ expected timing for filing an IND for CHS-1000; Coherus’ future projections for R&D expense and SG&A expense; Coherus’ expectations for timing, principal paid and interest payment reductions for its term loan with Pharmakon Advisors, LP; the size of the reduction of workforce in 2024; and Coherus’ expectations that it will be able to realize value in the future from its pipeline. Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus’ actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties inherent in the clinical drug development process; risks related to Coherus’ existing and potential collaboration partners; risks of Coherus’ competitive position; the risks and uncertainties of the regulatory approval process, including the speed of regulatory review and the timing of Coherus’ regulatory filings; the risk of FDA review issues; the risks of competition; the risk that Coherus is unable to complete commercial transactions and other matters that could affect the availability or commercial potential of Coherus’ products and product candidates; and the risks and uncertainties of possible litigation. All forward-looking statements contained in this press release speak only as of the date of this press release. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the significant risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Coherus’ business in general, see Coherus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission on or about the date of this press release, including the section therein captioned “Risk Factors” and in other documents Coherus files with the Securities and Exchange Commission. Coherus’ results for the fiscal year ended December 31, 2023 are not necessarily indicative of its operating results for any future periods. UDENYCA®, UDENYCA® ONBODY™, YUSIMRY™ and LOQTORZI™, whether or not appearing in large print or with the trademark symbol, are trademarks of Coherus, its affiliates, related companies or its licensors or joint venture partners unless otherwise noted. Trademarks and trade names of other companies appearing in this press release are, to the knowledge of Coherus, the property of their respective owners. Coherus Contact Information: For Investors: Jami Taylor Head of Investor Relations IR@coherus.com For Media: Jodi Sievers VP, Corporate Communications media@coherus.com Coherus BioSciences, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 Net revenue $ 91,524 $ 45,352 $ 257,244 $ 211,042 Costs and expenses: Cost of goods sold 84,567 14,202 158,992 70,083 Research and development 26,368 29,022 109,436 199,358 Selling, general and administrative 49,494 53,621 192,015 198,481 Total costs and expenses 160,429 96,845 460,443 467,922 Loss from operations (68,905 ) (51,493 ) (203,199 ) (256,880 ) Interest expense (10,619 ) (9,385 ) (40,542 ) (32,474 ) Loss on debt extinguishment — — — (6,222 ) Other income (expense), net (129 ) 2,008 5,469 3,822 Loss before income taxes (79,653 ) (58,870 ) (238,272 ) (291,754 ) Income tax provision (benefit) — — (380 ) — Net loss $ (79,653 ) $ (58,870 ) $ (237,892 ) $ (291,754 ) Basic and diluted net loss per share $ (0.71 ) $ (0.76 ) $ (2.53 ) $ (3.76 ) Weighted-average number of shares used in computing basic and diluted net loss per share 111,492,596 77,955,769 94,162,637 77,630,020 Coherus BioSciences, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) December 31, December 31, 2023 2022 Assets Cash and cash equivalents $ 102,891 $ 63,547 Investments in marketable securities 14,857 128,134 Trade receivables, net 260,522 109,964 Inventory 130,100 115,051 Intangible assets, net 71,673 5,931 Other assets 49,561 58,220 Total assets $ 629,604 $ 480,847 Liabilities and Stockholders’ Deficit Accrued rebates, fees and reserve $ 169,645 $ 54,461 Term loans 246,481 245,483 Convertible notes 226,888 225,575 Other liabilities 180,015 92,746 Total stockholders' deficit (193,425 ) (137,418 ) Total liabilities and stockholders’ deficit $ 629, 604 $ 480,847 Coherus BioSciences, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 Cash, cash equivalents and restricted cash at beginning of the period $ 80,711 $ 287,245 $ 63,987 $ 417,635 Net cash used in operating activities (12,937 ) (99,953 ) (174,884 ) (241,124 ) Purchases of investments in marketable securities — (127,382 ) (19,507 ) (127,382 ) Proceeds from maturities of investments in marketable securities 36,212 — 144,360 — Proceeds from sale of investments in marketable securities — — 13,282 — Cash and cash equivalents acquired from Surface Acquisition — — 6,997 — Option payment to Junshi Biosciences — — — (35,000 ) Milestone based license fee payments (1,051 ) (2,429 ) (1,051 ) (2,429 ) Other investing activities, net 42 (87 ) 559 (2,039 ) Net cash provided by (used in) investing activities 35,203 (129,898 ) 144,640 (166,850 ) Proceeds from 2027 Term Loans, net of debt discount & issuance costs — — — 240,679 Proceeds from issuance of common stock under ATM Offering, net of issuance costs (105 ) 6,358 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 524 60 694 691 Proceeds from purchase under the employee stock purchase plan 472 665 1,809 2,320 Taxes paid related to net share settlement (326 ) (123 ) (3,587 ) (3,744 ) Repayment of 2022 Convertible Notes and premiums — — — (109,000 ) Repayment of 2025 Term Loan, premiums and exit fees — — — (81,750 ) Other financing activities (199 ) (367 ) (1,034 ) (1,228 ) Net cash provided by financing activities 366 6,593 69,600 54,326 Net increase (decrease) in cash, cash equivalents and restricted cash 22,632 (223,258 ) 39,356 (353,648 ) Cash, cash equivalents and restricted cash at end of the period $ 103,343 $ 63,987 $ 103,343 $ 63,987 Reconciliation of cash, cash equivalents, and restricted cash Cash and cash equivalents $ 102,891 $ 63,547 $ 102,891 $ 63,547 Restricted cash balance 452 440 452 440 Cash, cash equivalents and restricted cash $ 103,343 $ 63,987 $ 103,343 $ 63,987 Non-GAAP Financial Measures To supplement the financial results presented in accordance with GAAP, Coherus has also included in this press release non-GAAP net loss, and the related per share measures, which exclude from net loss, and the related per share measures, stock-based compensation expense, certain acquisition-related expenses, amortization of intangible assets, contingent consideration, loss on debt extinguishment and restructuring charges related to our reduction in workforce. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than similar non-GAAP financial information disclosed by other companies. Coherus encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations set forth below, to more fully understand Coherus’ business. Coherus believes that the presentation of these non-GAAP financial measures provides useful supplemental information to, and facilitates additional analysis by, investors. In particular, Coherus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare Coherus’ results from period to period, and to identify operating trends in Coherus’ business. Coherus also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions. Coherus BioSciences, Inc. Reconciliation of GAAP Net Loss to Non-GAAP Net Loss (in thousands, except share and per share data) (unaudited) Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 GAAP net loss $ (79,653 ) $ (58,870 ) $ (237,892 ) $ (291,754 ) Adjustments: Stock-based compensation expense(1) 10,797 11,726 42,161 50,737 Loss on debt extinguishment — — — 6,222 Restructuring charges related to reduction in workforce(1) — — 4,876 — Acquisition-related costs(2) 545 — 5,093 — Contingent consideration (920 ) — (920 ) — Amortization of intangible assets 313 — 456 — Non-GAAP net loss $ (68,918 ) $ (47,144 ) $ (186,226 ) $ (234,795 ) GAAP net loss per share, basic and diluted $ (0.71 ) $ (0.76 ) $ (2.53 ) $ (3.76 ) Non-GAAP net loss per share, basic and diluted $ (0.62 ) $ (0.60 ) $ (1.98 ) $ (3.02 ) Shares used in computing basic and diluted net loss per share 111,492,596 77,955,769 94,162,637 77,630,020 (1) In the year ended December 31, 2023, stock-based compensation of $1.0 million was classified within Restructuring charges related to reduction in workforce. (2) Beginning in the third quarter of 2023, the Company began excluding acquisition-related costs in its non-GAAP financial information. To conform to this change, $1.9 million of acquisition-related costs incurred during the quarter ended June 30, 2023 has been excluded from SG&A expense for the year ended December 31, 2023.

Pictured: Businessmen in suits shaking hands/iStock, Tippapatt Coherus BioSciences on Monday announced that it will divest its FDA-approved ophthalmology asset Cimerli (ranibizumab-eqrn)—a biosimilar to Roche’s Lucentis (ranibizumab)—to Novartis’ generics spin-off Sandoz. Under the terms of the transaction, Sandoz will make an upfront all-cash payment of $170 million plus an additional amount for Cimerli product inventory and potential working capital adjustments at the time of the deal’s closing. The companies expect to complete the transaction in the first half of 2024, subject to customary conditions and regulatory approvals. For Sandoz, Monday’s deal with Coherus represents its first major contract since spinning out of Novartis in October 2023. Since the separation, Sandoz has opened its new antibiotic production facility in Austria, along with a biosimilar development site in Germany. It has also launched its Humira biosimilar Hyrimoz in Europe. Sandoz is buying Coherus’ complete Cimerli franchise, which is comprised of its biologics license application, inventory on hand and proprietary commercial software, as well as the biosimilar’s supporting commercial infrastructure including its ophthalmology sales and select field reimbursement teams. Cimerli is an anti-VEGF antibody that won the FDA’s approval in August 2022 as an interchangeable biosimilar to Roche’s Lucentis. The copycat is also indicated for the same five conditions: wet age-related macular degeneration, macular edema following retinal vein occlusion, diabetic macular edema, diabetic retinopathy and myopic choroidal neovascularization. “Since entering the ophthalmology market in 2022, we have gained strong market share and created significant value in a non-core therapeutic area by leveraging our buy-and-bill commercial expertise,” Coherus CEO Danny Lanfear said in a statement. “We believe it is prudent to now monetize these non-core assets to pay down debt, reduce interest costs, and take the opportunity to focus on our core therapeutic area—oncology.” The divestiture will also help Coherus reduce its headcount and overhead costs, allowing the company to better sustain and grow its oncology franchise, according to Lanfear. Coherus’ oncology portfolio is anchored by Udenyca (pegfilgrastim-cbqv), which was approved in November 2018 to reduce the incidence of infections in patients with non-myeloid cancers undergoing myelosuppressive treatment. Udenyca is a biosimilar to Amgen’s Neulasta (pegfilgrastim). Beyond biosimilars, Coherus’ cancer franchise also includes the Junshi-partnered Loqtorzi (toripalimab), which cleared the FDA’s regulatory hurdle in October 2023, becoming the first approved treatment for nasopharyngeal carcinoma. Coherus is also advancing several other oncology assets, including the Phase II anti-IL-27 casdozokitug, being developed for hepatocellular carcinoma and non-small cell lung cancer. Tristan Manalac is an independent science writer based in Metro Manila, Philippines. He can be reached at tristan@tristanmanalac.com or tristan.manalac@biospace.com.