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Components of Convertible Notes

The following table summarizes information about the components of the Convertible Notes (in thousands):


	March 31,		December 31,
	2020		2019
Principal amount of the Convertible Notes	$	81,750	$	81,750
Unamortized debt discount and debt issuance costs		(2,884)		(3,208)
Convertible Notes	$	78,866	$	78,542
Principal amount of the Convertible Notes - related parties	$	27,250	$	27,250
Unamortized debt discount and debt issuance costs - related parties		(961)		(1,069)
Convertible Notes - related parties	$	26,289	$	26,181
Total Convertible Notes	$	105,155	$	104,723

Components of Interest Expense

The following table presents the components of interest expense (in thousands):


	Three Months Ended
	March 31,
	2020		2019
Stated coupon interest	$	1,538	$	1,538
Accretion of debt discount and debt issuance costs		324		295
Interest expense	$	1,862	$	1,833
Stated coupon interest - related parties	$	512	$	512
Accretion of debt discount and debt issuance costs - related parties		108		98
Interest expense - related parties	$	620	$	610
Total interest expense	$	2,482	$	2,443

Schedule of Future Payments on Debt

Future payments on the Convertible Notes as of March 31, 2020 are as follows (in thousands):


Year ending December 31,
Remainder of 2020	$	6,150
2021		8,200
2022		111,050
Total minimum payments		125,400
Less amount representing interest		(16,400)
Convertible Notes, principal amount		109,000
Less debt discount and debt issuance costs on Convertible Notes		(3,845)
Net carrying amount of Convertible Notes	$	105,155

Term Loan

Components of Interest Expense

The following table presents the components of interest expense (in thousands):


	Three Months Ended
	March 31,
	2020		2019
Stated coupon interest	$	1,754	$	1,620
Accretion of debt discount and debt issuance costs		195		152
Interest expense	$	1,949	$	1,772

Schedule of Future Payments on Debt

Future payments on the Term Loan as of March 31, 2020 are as follows (in thousands):


Year ending December 31,
Remainder of 2020	$	5,299
2021		7,034
2022		7,034
2023		39,187
2024		36,072
2025		11,349
Total minimum payments		105,975
Less amount representing interest		(27,975)
Term Loan, gross		78,000
Less debt discount and debt issuance costs on Term Loan		(4,142)
Net carrying amount of Term Loan	$	73,858

Components of Term Loan

The following table summarizes information about the components of the Term Loan (in thousands):


	March 31,		December 31,
	2020		2019
Principal amount of the Term Loan	$	75,000	$	75,000
Unamortized debt discount and debt issuance costs		(1,142)		(1,337)
Term Loan	$	73,858	$	73,663

Convertible Notes and Term Loan - Schedule of Future Payments on the Term Loan (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Net carrying amount		$ 73,663
Term Loan
Debt Instrument [Line Items]
Remainder of 2020	$ 5,299
2021	7,034
2022	7,034
2023	39,187
2024	36,072
2025	11,349
Total minimum payments	105,975
Less amount representing interest	(27,975)
Term Loan, gross	78,000
Less debt discount and debt issuance costs on Convertible Notes	(4,142)
Net carrying amount	$ 73,858

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2020

Organization and Operations

Schedule of Property and Equipment, Net

Property and equipment, net are as follows (in thousands):


	March 31,		December 31,
	2020		2019
Machinery and equipment	$	12,721	$	12,611
Computer equipment and software		3,382		2,923
Furniture and fixtures		714		714
Leasehold improvements		4,388		4,388
Finance lease right of use assets		255		—
Construction in progress		2,133		1,500
Total property and equipment		23,593		22,136
Accumulated depreciation and amortization		(16,761)		(16,296)
Property and equipment, net	$	6,832	$	5,840

Schedule of Accrued Liabilities

Accrued liabilities are as follows (in thousands):


	March 31,		December 31,
	2020		2019
Accrued clinical and manufacturing	$	8,690	$	7,106
Accrued other		10,830		10,152
Accrued liabilities	$	19,520	$	17,258

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) - USD ($)
$ in Thousands

Common Stock

Restricted Stock Units

Common Stock

2019 Bonus Payout

Common Stock

2018 Bonus Payout

Common Stock

Common Stock Offering, net

Common Stock

Additional Paid-In Capital

2019 Bonus Payout

Additional Paid-In Capital

2018 Bonus Payout

Additional Paid-In Capital

Common Stock Offering, net

Additional Paid-In Capital

Accumulated Other Comprehensive Loss

Accumulated Deficit

Total Coherus Stockholder Equity (Deficit)

2018 Bonus Payout

Total Coherus Stockholder Equity (Deficit)

Common Stock Offering, net

Total Coherus Stockholder Equity (Deficit)

2019 Bonus Payout

Total

Beginning Balances at Dec. 31, 2018

$ 7

$ 946,515

$ (282)

$ (984,831)

$ (38,591)

Beginning Balances, Shares at Dec. 31, 2018

68,302,681

Issuance of common stock upon exercise of stock options

825

Issuance of common stock upon exercise of stock options, Shares

143,523

Issuance of common stock

$ 1,350

$ 8,228

$ 1,350

$ 8,228

Issuance of common stock, Shares

22,195

109,168

761,130

Stock-based compensation expense

9,813

Cumulative translation adjustment

(136)

$ (136)

Net income (loss)

(20,004)

Ending Balances at Mar. 31, 2019

$ 7

966,731

(418)

(1,004,835)

$ (38,515)

Ending Balances, shares at Mar. 31, 2019

69,338,697

Beginning Balances at Dec. 31, 2019

$ 7

1,000,763

(558)

(894,998)

105,214

^[1]

Beginning Balances, Shares at Dec. 31, 2019

70,366,661

Issuance of common stock upon exercise of stock options

4,438

Issuance of common stock upon exercise of stock options, Shares

421,850

Issuance of common stock

$ 2,378

Issuance of common stock, Shares

10,000

134,099

(880)

(49,616)

Stock-based compensation expense

9,945

Cumulative translation adjustment

608

Net income (loss)

35,572

Ending Balances at Mar. 31, 2020

$ 7

$ 1,016,644

$ 50

$ (859,426)

$ 157,275

Ending Balances, shares at Mar. 31, 2020

70,882,994

[1]	The consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated balance sheet included in the Company’s 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2020.

Inventory - Schedule of Balance Sheet Classification (Details) - USD ($)
$ in Thousands

Mar. 31, 2020

Dec. 31, 2019

Inventory

Inventory

$ 16,436

$ 9,807

^[1]

Inventory, non-current

48,632

45,264

^[1]

Total

$ 65,068

$ 55,071

[1]	The consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated balance sheet included in the Company’s 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2020.

Common Stock and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Employee And Nonemployee Stock Option Restricted Stock Units

Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense recorded related to options and restricted stock units granted to employees and nonemployees were as follows (in thousands):


	Three Months Ended
	March 31,
	2020		2019
Cost of goods sold (1)	$	45	$	—
Research and development		3,590		3,658
Selling, general and administrative		5,920		5,836
	$	9,555	$	9,494

Capitalized stock-based compensation expense into inventory	$	434	$	319

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands

Mar. 31, 2020

Dec. 31, 2019

Accumulated depreciation and amortization

$ 23,593

$ 22,136

(16,761)

(16,296)

Property and equipment, net

6,832

5,840

^[1]

Machinery and Equipment

Computer Equipment and Software

12,721

12,611

3,382

2,923

Furniture and Fixtures

714

Leasehold Improvements

Finance lease right of use assets

4,388

255

Construction in Progress

Basis of Presentation and Summary of Significant Accounting Policies

$ 2,133

$ 1,500

[1]	The consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated balance sheet included in the Company’s 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2020.

Common Stock and Stock-Based Compensation - Common Stock Offerings (Details) - At-the-Market Equity Offering Program - Cowen and Company LLC - USD ($)		3 Months Ended
	Oct. 28, 2016	Mar. 31, 2019
Class Of Stock [Line Items]
Maximum amount of sales that agent may sell in shares of its common stock	$ 100,000,000
Percentage of gross sales proceeds of common stock payable as compensation	3.00%
Common stock, shares issued and sold		761,130
Share price		$ 11.17
Gross proceeds from issuance of common stock		$ 8,500,000
Offering expense		300,000
Common stock, net proceeds		$ 8,200,000

Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands

Mar. 31, 2020

Dec. 31, 2019

Mar. 31, 2019

Dec. 31, 2018

Cash and cash equivalents

$ 193,252

$ 177,668

^[1]

$ 81,515

Restricted cash

Restricted cash, non-current

440

240

^[1]

785

Total cash, cash equivalents and restricted cash

$ 193,692

$ 177,908

$ 82,350

$ 73,191

[1]	The consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated balance sheet included in the Company’s 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2020.

Convertible Notes and Term Loan - Components of Convertible Notes (Details) - USD ($)
$ in Thousands

Mar. 31, 2020

Dec. 31, 2019

Feb. 29, 2016

Convertible Notes - related parties

$ 75,000

Convertible Notes

$ 78,866

78,542

^[1]

26,289

26,181

^[1]

Convertible Senior Notes

Unamortized debt discount and debt issuance costs

100,000

$ 100,000

(3,845)

Total Convertible Notes

105,155

104,723

Convertible Senior Notes | Related Party Debt

Unamortized debt discount and debt issuance costs

27,250

(961)

(1,069)

Convertible Notes - related parties

26,289

26,181

Convertible Senior Notes | Parent Company