0001558370-20-009657 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Entity File Number	001-36721
Entity Registrant Name	Coherus BioSciences, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3615821
Entity Address, Address Line One	333 Twin Dolphin Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	649-3530
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	CHRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,470,437
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001512762
Amendment Flag	false

Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands

Jun. 30, 2020

Dec. 31, 2019

^[1]

Current assets:

Cash and cash equivalents

$ 224,617

$ 177,668

Investments in marketable securities

231,882

Trade receivables, net

172,486

141,992

Inventory

27,192

9,807

Prepaid manufacturing

14,155

8,578

Other prepaid and other assets

5,528

4,964

Total current assets

675,860

343,009

Property and equipment, net

10,320

5,840

Inventory, non-current

53,792

45,264

Operating lease right-of-use assets

10,999

10,649

Intangible assets

2,620

Goodwill

943

Restricted cash, non-current

440

240

Other assets, non-current

1,637

362

Total assets

756,611

408,927

Current liabilities:

Accounts payable

21,179

25,985

Accrued rebates, fees and reserve

66,229

51,120

Accrued compensation

13,169

18,410

Accrued liabilities

25,560

17,258

Other current liabilities

3,626

2,196

Total current liabilities

129,763

114,969

Contingent consideration, non-current

102

Convertible notes due 2022

79,198

78,542

Convertible notes due 2022 - related parties

26,399

26,181

Convertible notes due 2026

222,409

Term loan

74,059

73,663

Lease liabilities, non-current

11,304

10,256

Total liabilities

543,234

303,713

Commitments and contingencies (Note 9)

Stockholders' equity:

Common stock

Additional paid-in capital

1,014,022

1,000,763

Accumulated other comprehensive loss

(257)

(558)

Accumulated deficit

(800,395)

(894,998)

Total stockholders' equity

213,377

105,214

Total liabilities and stockholders' equity

$ 756,611

$ 408,927

[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.

Condensed Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Net product revenue	$ 135,674,000	$ 83,433,000	$ 251,854,000	$ 120,531,000
Operating expenses:
Cost of goods sold	10,139,000	601,000	16,994,000	2,826,000
Research and development	26,173,000	18,883,000	59,280,000	37,672,000
Selling, general and administrative	34,052,000	36,456,000	69,402,000	69,139,000
Total operating expenses	70,364,000	55,940,000	145,676,000	109,637,000
Income from operations	65,310,000	27,493,000	106,178,000	10,894,000
Interest expense (includes related party of $622 and $613 for the three months ended June 30, 2020 and 2019, respectively; and $1,243 and $1,224 for the six months ended June 30, 2020 and 2019, respectively)	(5,408,000)	(4,433,000)	(9,839,000)	(8,649,000)
Other income, net	423,000	558,000	491,000	1,369,000
Net income before income taxes	60,325,000	23,618,000	96,830,000	3,614,000
Income tax provision	1,294,000	51,000	2,227,000	51,000
Net income	$ 59,031,000	$ 23,567,000	$ 94,603,000	$ 3,563,000
Net income per share:
Basic	$ 0.83	$ 0.34	$ 1.33	$ 0.05
Diluted	$ 0.70	$ 0.32	$ 1.20	$ 0.05
Weighted-average number of shares used in computing net income per share:
Basic	71,099,773	69,479,016	70,880,979	69,310,791
Diluted	88,660,280	72,963,972	83,775,353	72,281,564

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Operations (unaudited)
Interest expense from transactions with related party	$ 622	$ 613	$ 1,242	$ 1,224

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Comprehensive Income (unaudited)
Net income	$ 59,031	$ 23,567	$ 94,603	$ 3,563
Other comprehensive income (loss):
Unrealized gain on available-for-sale securities, net of tax	12		12
Foreign currency translation adjustments, net of tax	(319)	(93)	289	(229)
Comprehensive income	$ 58,724	$ 23,474	$ 94,904	$ 3,334

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Condensed Consolidated Statements of Stockholders' Equity (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)

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, 2018

$ 7

946,515

(282)

(984,831)

(38,591)

Beginning Balances, Shares at Dec. 31, 2018

68,302,681

Cumulative translation adjustment

$ (229)

Ending Balances at Jun. 30, 2019

$ 7

977,787

(511)

(981,268)

(3,985)

Ending Balances, shares at Jun. 30, 2019

69,627,148

Beginning Balances at Mar. 31, 2019

$ 7

966,731

(418)

(1,004,835)

(38,515)

Beginning Balances, Shares at Mar. 31, 2019

69,338,697

Issuance of common stock upon exercise of stock options

674

Issuance of common stock upon exercise of stock options, Shares

108,374

Issuance of common stock under the employee stock purchase plan ("ESPP")

1,878

Issuance of common stock under the employee stock purchase plan ("ESPP"), Shares

180,077

Stock-based compensation expense

8,504

Cumulative translation adjustment

(93)

Net income (loss)

23,567

Ending Balances at Jun. 30, 2019

$ 7

977,787

(511)

(981,268)

$ (3,985)

Ending Balances, shares at Jun. 30, 2019

69,627,148

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

(859,426)

157,275

Ending Balances, shares at Mar. 31, 2020

70,882,994

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

Cumulative translation adjustment

289

Ending Balances at Jun. 30, 2020

$ 7

1,014,022

(257)

(800,395)

213,377

Ending Balances, shares at Jun. 30, 2020

71,353,205

Beginning Balances at Mar. 31, 2020

$ 7

1,016,644

(859,426)

157,275

Beginning Balances, Shares at Mar. 31, 2020

70,882,994

Issuance of common stock upon exercise of stock options

3,305

Issuance of common stock upon exercise of stock options, Shares

289,241

Issuance of common stock under the employee stock purchase plan ("ESPP")

2,557

Issuance of common stock under the employee stock purchase plan ("ESPP"), Shares

180,970

Purchase of capped call options related to convertible notes due 2026

(18,170)

Unrealized gain in marketable securities

Stock-based compensation expense

9,686

Cumulative translation adjustment

(319)

Net income (loss)

59,031

Ending Balances at Jun. 30, 2020

$ 7

$ 1,014,022

$ (257)

$ (800,395)

$ 213,377

Ending Balances, shares at Jun. 30, 2020

71,353,205

[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.

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income	$ 94,603	$ 3,563
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,355	1,365
Stock-based compensation expense	18,980	17,486
Non-cash accretion of discount on marketable securities		(127)
Non-cash interest expense from amortization of debt discount	1,523	1,127
Excess and obsolete inventory		410
Other non-cash adjustments	326	4
Non-cash operating lease expense	1,038	818
Upfront license fee payment to Innovent	5,000
Changes in operating assets and liabilities:
Trade receivables, net	(30,677)	(77,385)
Inventory	(25,236)	(16,706)
Prepaid manufacturing	(5,577)	1,158
Other prepaid and current assets	(947)	(2,630)
Other assets, non-current	(1,275)
Accounts payable	(5,132)	4,074
Accrued rebates, fees and reserve	15,109	20,650
Accrued compensation	(2,863)	1,620
Accrued and other liabilities	7,761	1,317
Lease liabilities	(320)	(1,020)
Other liabilities, non-current		(30)
Net cash provided by (used in) operating activities	73,668	(44,306)
Investing activities
Purchases of property and equipment	(4,167)	(517)
Proceeds from disposal of property and equipment	167
Purchases of investments in marketable securities	(231,864)	(14,864)
Proceeds from maturities of investments in marketable securities		9,000
Upfront license fee payment to Innovent	(5,000)
Net cash used in investing activities	(240,864)	(6,381)
Financing activities
Proceeds from common stock offering, net of underwriters discounts, commissions and offering costs		8,153
Proceeds from issuance of Convertible Notes due 2026, net of issuance costs	222,830
Purchase of capped call options related to Convertible Notes due 2026	(18,170)
Proceeds from term loan, net of issuance costs		73,061
Proceeds from issuance of common stock upon exercise of stock options	8,105	1,395
Proceeds from purchase under the employee stock purchase plan	2,557	1,878
Taxes paid related to net share settlement of bonus payout in RSUs	(880)
Other financing activities	(97)
Net cash provided by financing activities	214,345	84,487
Effect of exchange rate changes in cash, cash equivalents and restricted cash		(229)
Net increase in cash, cash equivalents and restricted cash	47,149	33,571
Cash, cash equivalents and restricted cash at beginning of period	177,908	73,191
Cash, cash equivalents and restricted cash at end of period	225,057	106,762
Supplemental disclosure of cash flow information
Non-cash bonus payment settled in common stock	1,498	$ 1,350
Right-of-use assets obtained in exchange for lease obligations related to operating leases	1,388
Right-of-use assets obtained in exchange for lease obligations related to finance leases	$ 1,528

Organization and Operations

6 Months Ended

Jun. 30, 2020

Organization and Operations

Organization and Operations

1. Organization and Operations

Description of the Business

Coherus BioSciences, Inc. (the “Company”, “Coherus”, “we”, our” or “us”) is a commercial-stage biotherapeutics company, focused on the global biosimilar market. The Company’s headquarters and laboratories are located in Redwood City, California and in Camarillo, California, respectively. The Company’s biosimilar pipeline comprises of five biosimilar drugs, CHS-1420 (an adalimumab (Humira®) biosimilar), CHS-2020 (an aflibercept (Eylea®) biosimilar), a ranibizumab (Lucentis®) biosimilar in-licensed for U.S. and Canadian commercial rights from Bioeq AG, and a bevacizumab (Avastin®) biosimilar in-licensed for U.S. commercial rights from Innovent Biologics (Suzhou) Co., Ltd.

The Company commercializes UDENYCA® (pegfilgrastim-cbqv), a biosimilar to Neulasta, a long-acting granulocyte-colony stimulating factor, in the United States.

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Unaudited Condensed Consolidated Financial Statements

The accompanying condensed consolidated financial statements include the accounts of Coherus and its wholly-owned subsidiaries as of June 30, 2020: Coherus Intermediate Corp, InteKrin Therapeutics Inc. (“InteKrin”), and InteKrin’s wholly-owned subsidiary, InteKrin Russia. Unless otherwise specified, references to the Company are references to Coherus and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring accruals that the Company believes are necessary to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim-period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period.

The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2020.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Accounting estimates and judgements are inherently uncertain and the actual results could differ from these estimates.

During the second quarter of 2020, the Company identified that certain of its commercial payer invoices were erroneously overstated. The Company received a refund of $7.5 million from these payers related to fiscal year 2019.

Additionally, the Company recorded an adjustment during the second quarter of 2020 to decrease accrued payer rebates by $5.8 million primarily related to the first quarter of 2020 based on the revised methodology after such invoice overstatements were corrected. These adjustments increased net product revenue by $13.3 million for the three and six months ended June 30, 2020. These adjustments resulted in an increase in net income per share (basic) of $0.19 during the three and six months ended June 30, 2020 and an increase in net income per share (diluted) of $0.15 and $0.16 during the three and six months ended June 30, 2020, respectively. Accrued commercial payer rebates of $21.6 million and $14.0 million were recorded in accrued rebates, fees and reserve as of June 30, 2020 and December 31, 2019, respectively, in the condensed consolidated balance sheet.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets and which, in aggregate, represent the amount reported in the condensed consolidated statements of cash flows (in thousands):


	June 30,		June 30,
	2020		2019
Cash and cash equivalents	$	224,617	$	105,927
Restricted cash		—		50
Restricted cash - non-current		440		785
Total cash, cash equivalents and restricted cash	$	225,057	$	106,762

Restricted cash – non-current consists of deposits for letter of credits that the Company has provided to secure its obligations under certain facility and other leases.

Investments in Marketable Securities

Management determines the appropriate classification of investments in marketable securities at the time of purchase based upon management’s intent with regards to such investment and reevaluates such designation as of each balance sheet date. The Company’s investment policy requires that it only invests in highly-rated securities and limit its exposure to any single issuer. All investments in marketable securities are held as “available-for-sale” and are carried at the estimated fair value as determined based upon quoted market prices or pricing models for similar securities.

The Company classifies investments in marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date. Unrealized gains and losses are reported as a component of accumulated comprehensive income (loss), with the exception of unrealized losses believed to be related to credit losses, which, if any, are recognized through earnings in the period the impairment occurs. Impairment assessments are made at the individual security level each reporting period. When the fair value of an investment is less than its cost at the balance sheet date, a determination is made as to whether the impairment is related to a credit loss and, if it is, the portion of the impairment relating to credit loss is recorded as an allowance through net income. Realized gains and losses and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in other income, net, based on the specific identification method.

Trade Receivables

Trade receivables are recorded net of allowances for chargebacks, chargeback prepayments, cash discounts for prompt payment and credit losses. The Company estimates an allowance for expected credit losses by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. The corresponding expense for the credit loss allowance is reflected in selling, general and administrative expenses. The credit loss allowance was immaterial as of June 30, 2020.

Recent Accounting Pronouncements

The following are the recent accounting pronouncements adopted by the Company in 2020:

Effective January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments — Credit Losses, (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which changed the impairment model for most financial assets and certain other instruments. For trade receivables and other instruments, the Company uses a new forward-looking expected loss model that generally results in the earlier recognition of allowances for losses. The Company is exposed to credit losses primarily through receivables from customers. The Company’s expected loss allowance methodology for the receivables is developed using historical collection experience, current and future economic market conditions, a review of the current aging status and financial condition of the entities. Specific allowance amounts are established to record the appropriate allowance for customers that have a higher probability of default. ASU 2016-13 also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt securities and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt securities, rather than an other-than-temporary impairment that reduces the cost basis of the investment. The adoption of the new guidance did not have a material impact on the Company’s condensed consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment (ASU 2017-04), which simplifies the current requirements for testing goodwill for impairment by eliminating the second step of the two-step impairment test to measure the amount of an impairment loss. ASU 2017-04 is effective for the Company’s interim and annual reporting periods during the year ending December 31, 2020, and all annual and interim reporting periods thereafter. The Company adopted this accounting standard as of January 1, 2020. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (ASU 2018-13), which eliminates certain disclosure requirements for fair value measurements, and requires public entities to disclose certain new information and modifies some disclosure requirements. The new guidance is effective for the Company’s interim and annual reporting periods during the year ending December 31, 2020, and all annual and interim reporting periods thereafter. The Company adopted this accounting standard as of January 1, 2020. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.

The Company has reviewed other recent accounting pronouncements and concluded they are either not applicable to the business or that no material effect is expected on the consolidated financial statements as a result of future adoption.

Fair Value Measurements

6 Months Ended

Jun. 30, 2020

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

Financial assets and liabilities are recorded at fair value. The carrying amounts of certain of the Company’s financial instruments, including cash, cash equivalents, restricted cash, investments in marketable securities, accounts receivable, accounts payable and other current liabilities approximate their fair value due to their short maturities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable. These levels of inputs are the following:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consist of Level 1 and Level 2 assets, and Level 3 liabilities. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds that are included in cash and cash equivalents, and restricted cash. There were no unrealized gains and losses in the Company’s investments in these money market funds.

When quoted market prices are not available for the specific security, then the Company estimates the fair value by using quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third party data providers, including but not limited to, benchmark yields, interest rate curves, reported trades, broker/dealer quotes and market reference data. Level 2 assets consist of corporate notes and commercial paper. Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset.

In certain cases where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3. Level 3 liabilities consist of the contingent consideration.

There were no transfers between Level 1, Level 2 and Level 3 during the periods presented.

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows (in thousands):


	Fair Value Measurements
	June 30, 2020
	Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	223,941	$	223,941	$	—	$	—
Restricted cash (money market funds)		440		440		—		—
Corporate notes and Commercial paper		28,000		—		28,000		—
U.S. government agency securities		203,882		203,882		—		—
Total financial assets	$	456,263	$	428,263	$	28,000	$	—
Financial Liabilities:
Contingent consideration	$	102	$	—	$	—	$	102


	Fair Value Measurements
	December 31, 2019
	Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	155,523	$	155,523	$	—	$	—
Restricted cash (money market funds)		240		240		—		—
Total financial assets	$	155,763	$	155,763	$	—	$	—
Financial Liabilities:
Contingent consideration	$	102	$	—	$	—	$	102

Cash equivalents, investments in marketable securities, which are classified as available-for-sale securities, and restricted cash, consisted of the following (in thousands):


	June 30, 2020
	Cost		Unrealized Gain		Unrealized (Loss)		Estimated Fair Value
Money market funds	$	223,941	$	—	$	—	$	223,941
Classified as cash equivalents	$	223,941	$	—	$	—	$	223,941

Corporate notes and Commercial paper	$	27,999	$	1	$	—	$	28,000
U.S. government agency securities		203,871		11		—		203,882
Classified as investments in marketable securities	$	231,870	$	12	$	—	$	231,882

Restricted cash (money market funds)	$	440	$	—	$	—	$	440
Classified as restricted cash	$	440	$	—	$	—	$	440


	December 31, 2019
	Cost		Unrealized Gain		Unrealized (Loss)		Estimated Fair Value
Money market funds	$	155,523	$	—	$	—	$	155,523
Classified as cash equivalents	$	155,523	$	—	$	—	$	155,523

Restricted cash (money market funds)	$	240	$	—	$	—	$	240
Classified as restricted cash	$	240	$	—	$	—	$	240

As of June 30, 2020, the remaining contractual maturities of available-for-sale securities were less than one year. The average maturity of investments in available-for-sale marketable securities as of June 30, 2020 was approximately 4.7 months. There have been no realized gains or losses on marketable securities for the periods presented. None of the Company’s investments in marketable securities has been in an unrealized loss position for more than one year. The Company determined that it has the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery, thus there has been no recognition of credit losses in the three and six months ended June 30, 2020 and 2019.

1.5% Convertible Notes due 2026

The estimated fair value of the 1.5% Convertible Notes due 2026, which the Company issued in April 2020 (see Note 8) is influenced by interest rates, the Company’s stock price and stock price volatility and is determined by prices observed in market trading. The market for trading of the Convertible Notes due 2026 is not considered to be an active market and therefore the estimate of fair value is based on Level 2 inputs. The estimated fair value of the Convertible Notes due 2026 was approximately $252.2 million (par value $230.0 million) as of June 30, 2020.

8.2% Convertible Notes due 2022

The estimated fair value of the 8.2% Convertible Senior Notes due 2022, which the Company issued in February 2016 (see Note 8) is based on an income approach. The estimated fair value was approximately $113.0 million (par value $100.0 million) as of June 30, 2020 and represents a Level 3 valuation. When determining the estimated fair value of the Company’s long-term debt, the Company uses a single factor binomial lattice model, which incorporates the terms and conditions of the convertible notes and market based risk measurement that are indirectly observable, such as credit risk. The lattice model produces an estimated fair value based on changes in the price of the underlying common shares price over successive periods of time. An estimated yield based on market data is used to discount straight debt cash flows.

Term Loan

The principal amount outstanding under the Company’s Term Loan (see Note 8) of $75 million as of June 30, 2020 is subject to variable interest rate, which is based on a fixed percentage plus three month LIBOR (“LIBOR”), and as such, the Company believes the carrying amount of these obligations approximates fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventory

6 Months Ended

Jun. 30, 2020

Inventory

Inventory

4. Inventory

Inventory consisted of the following (in thousands):


	June 30,		December 31,
	2020		2019
Raw Materials	$	5,331	$	5,089
Work in process		64,651		43,446
Finished goods		11,002		6,536
Total	$	80,984	$	55,071

Balance sheet classifications (in thousands):


	June 30,		December 31,
	2020		2019
Inventory	$	27,192	$	9,807
Inventory, non-current		53,792		45,264
Total	$	80,984	$	55,071

Inventory expected to be sold in periods more than twelve months from the balance sheet date is classified as inventory, non-current on the condensed consolidated balance sheet. As of June 30, 2020 and December 31, 2019, the non-current portion of inventory consisted of raw materials and a portion of work in process.

Prepaid manufacturing of $14.2 million and $8.6 million included in current assets on the condensed consolidated balance sheet as of June 30, 2020 and December 31, 2019, respectively, includes prepayments of $10.1 million and $7.2 million as of June 30, 2020 and December 31, 2019, respectively, made to a contract manufacturing organization (“CMO”) for manufacturing services for UDENYCA®, which the Company expects to be converted into inventory within the next twelve months.

Balance Sheet Components

6 Months Ended

Jun. 30, 2020

Balance Sheet Components

Balance Sheet Components

5. Balance Sheet Components

Property and Equipment, Net

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


	June 30,		December 31,
	2020		2019
Machinery and equipment	$	12,839	$	12,611
Computer equipment and software		3,715		2,923
Furniture and fixtures		1,263		714
Leasehold improvements		4,407		4,388
Finance lease right of use assets		1,447		—
Construction in progress		4,105		1,500
Total property and equipment		27,776		22,136
Accumulated depreciation and amortization		(17,456)		(16,296)
Property and equipment, net	$	10,320	$	5,840

Depreciation and amortization expense was $0.7 million and $1.4 million for the three and six months ended June 30, 2020, respectively, and $0.7 million and $1.4 million for the three and six months ended June 30, 2019, respectively.

Accrued Liabilities

Accrued liabilities are as follows (in thousands):


	June 30,		December 31,
	2020		2019
Accrued clinical and manufacturing	$	10,326	$	7,106
Accrued other		15,234		10,152
Accrued liabilities	$	25,560	$	17,258

Revenue

6 Months Ended

Jun. 30, 2020

Revenue

Revenue

6. Revenue

The Company initiated U.S. sales of UDENYCA^® on January 3, 2019. The Company recorded net product revenue of $135.7 million and $251.9 million during the three and six months ended June 30, 2020, respectively, and $83.4 million and $120.5 million during the three and six months ended June 30, 2019, respectively.

Revenue by significant Customer was distributed as follows:


	Three Months Ended				Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
	Percent of Total		Percent of Total		Percent of Total		Percent of Total
McKesson	37	%	42	%	39	%	43	%
AmeriSource-Bergen Corp	38	%	31	%	37	%	32	%
Cardinal	23	%	25	%	22	%	23	%
Others	2	%	2	%	2	%	2	%
Total revenue	100	%	100	%	100	%	100	%

Product Sales Discounts and Allowances

The activities and ending reserve balances for each significant category of discounts and allowances, which constitute variable consideration, were as follows (in thousands):


	Six Months Ended June 30, 2020
	Chargebacks				Other Fees,
	and Discounts				Co-pay
	for Prompt				Assistance
	Payment		Rebates		and Returns		Total
Balance at December 31, 2019	$	35,159	$	27,494	$	24,494	$	87,147
Provision related to sales made in:
Current period		208,917		49,245		58,645		316,807
Prior period		(159)		(3,287)		(6,108)		(9,554)
Payments and customer credits issued		(219,040)		(31,732)		(51,403)		(302,175)
Balance at June 30, 2020	$	24,877	$	41,720	$	25,628	$	92,225


	Six Months Ended June 30, 2019
	Chargebacks				Other Fees,
	and Discounts				Co-pay
	for Prompt				Assistance
	Payment		Rebates		and Returns		Total
Balance at December 31, 2018	$	—	$	—	$	—	$	—
Provision related to current period sales		65,726		8,593		22,843		97,162
Payments and customer credits issued		(42,368)		(1,095)		(9,692)		(53,155)
Balance at June 30, 2019	$	23,358	$	7,498	$	13,151	$	44,007

Chargebacks and discounts for prompt payment are recorded as a reduction in trade receivables, and the remaining reserve balances are classified as current liabilities in the accompanying condensed consolidated balance sheets.

License Agreements

6 Months Ended

Jun. 30, 2020

License Agreements

License Agreements

7. License Agreements

Bioeq AG

On November 4, 2019, the Company entered into a license agreement with Bioeq IP AG (now Bioeq AG, or “Bioeq”) for the commercialization of a biosimilar version of ranibizumab (Lucentis®) in certain dosage forms in both a vial and pre-filled syringe presentation (the “Bioeq Licensed Products”). Under this agreement, Bioeq granted to the Company an exclusive, royalty-bearing license to commercialize the Bioeq Licensed Products in the field of ophthalmology (and any other approved labelled indication) in the United States. Bioeq will supply to the Company the Bioeq Licensed Products in accordance with terms and conditions specified in the agreement and a manufacturing and supply agreement to be executed by the parties in accordance therewith. The agreement’s initial term continues in effect for ten years after the first commercial sale of a Bioeq Licensed Product in the United States, and thereafter renews for an unlimited period of time unless otherwise terminated in accordance with its terms.

Under the agreement, Bioeq must use commercially reasonable efforts to develop and obtain regulatory approval of the Bioeq Licensed Products in the United States in accordance with a development and manufacturing plan, and the Company must use commercially reasonable efforts to commercialize the Bioeq Licensed Products in accordance with a commercialization plan. Additionally, the Company must commit certain pre-launch and post-launch resources to the commercialization of the Bioeq Licensed Products for a limited time as specified in the agreement.

The Company accounted for the licensing transaction as an asset acquisition under the relevant accounting rules. The Company recorded an upfront and a milestone payment aggregating to €10.0 million ($11.1 million) as research and development expense in the fourth quarter of 2019. The Company is obligated to pay Bioeq an aggregate of up to €25.0 million in additional milestone payments in connection with the achievement of certain development and regulatory milestones with respect to the Bioeq Licensed Products in the United States. The Company will share a percentage of gross profits on sales of Bioeq Licensed Products in the United States with Bioeq in the low to mid fifty percent range. The additional milestone payments and royalties are contingent upon future events and, therefore, will be recorded when it is probable that a milestone will be achieved or when royalties are due. As of June 30, 2020 and December 31, 2019, the Company did not have any outstanding obligations for milestones and royalties to Bioeq.

Innovent Biologics (Suzhou) Co., Ltd.

On January 13, 2020, the Company entered into a license agreement (the “License Agreement”) with Innovent Biologics (Suzhou) Co., Ltd. (“Innovent”) for the development and commercialization of a biosimilar version of bevacizumab (Avastin®) in any dosage form and presentations (“bevacizumab Licensed Product”) in the United States and Canada (the “Territory”). Under the License Agreement, Innovent granted to the Company an exclusive, royalty-bearing license to develop and commercialize the bevacizumab Licensed Product in the field of treatment, prevention or amelioration of any human diseases and conditions as included in the label of Avastin®. Under the License Agreement, the Company also acquired an option to develop and commercialize Innovent’s biosimilar version of rituximab (Rituxan®) in any dosage form and presentations (the “rituximab Licensed Product” and together with the bevacizumab Licensed Product, the “Innovent Licensed Products”) in the Territory. Subject to the terms of the License Agreement, the Company may exercise its option within 12 months of its receipt of certain regulatory materials from Innovent. Following the Company’s option exercise, Innovent’s biosimilar version of rituximab would be deemed an Innovent Licensed Product for all purposes of the License Agreement and Innovent would grant to the Company an exclusive, royalty-bearing license to develop and commercialize Innovent’s biosimilar version of rituximab in the field of treatment, prevention or amelioration of any human diseases and conditions as included in the label of Rituxan®.

Innovent will supply the Innovent Licensed Products to the Company in accordance with a manufacturing and supply agreement to be executed by the parties. Under the License Agreement, the Company acquired the right to require Innovent to perform technology transfer for the manufacturing of the Innovent Licensed Products in the Territory and, upon completion of such technology transfer, the Company will have the exclusive right to manufacture the Innovent Licensed Products in the Territory.

The Company accounted for the licensing transaction as an asset acquisition under the relevant accounting rules. The Company paid Innovent an upfront payment of $5.0 million under the license agreement. This upfront payment was recorded as research and development expense during the first quarter of 2020. Additionally, the Company is obligated to pay Innovent an aggregate of up to $40.0 million in milestone payments in connection with the achievement of certain development, regulatory and sales milestones with respect to the bevacizumab Licensed Product and, if the Company’s option is exercised, an aggregate of up to $40.0 million in milestone payments in connection with the achievement of certain development, regulatory and sales milestones with respect to the rituximab Licensed Product. The Company will share a percentage of net sales of Innovent Licensed Products with Innovent in the mid-teens to low twenty percent range. If the Company exercises its option to acquire Innovent’s biosimilar version of rituximab (Rituxan®), it would be required to pay a fee of $5.0 million. Subject to the terms of the License Agreement, if the Company requests Innovent to perform technology transfer for the manufacturing of the Innovent Licensed Products, it would be required to pay up to $10.0 million for fees related thereto. As of June 30, 2020 the Company did not have any outstanding milestone or royalty payment obligations to Innovent.

The additional milestone payments, option fee for licensing of rituximab (Rituxan®), manufacturing technology transfer fee and royalties are contingent upon future events and, therefore, will be recorded when it is probable that a

milestone will be achieved, option fee or manufacturing technology transfer fee will be incurred or when royalties are due.

Convertible Notes and Term Loan

6 Months Ended

Jun. 30, 2020

Convertible Notes and Term Loan

Convertible Notes and Term Loan

8. Convertible Notes and Term Loan

1.5% Convertible Senior Subordinated Notes due 2026

In April 2020, the Company issued and sold $230.0 million aggregate principal amount of its 1.5% convertible senior subordinated notes due 2026 (the “2026 Convertible Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the offering were $222.2 million after deducting initial purchasers’ fees and offering expenses. The 2026 Convertible Notes are general unsecured obligations and will be subordinated to the Company’s designated senior indebtedness (as defined in the indenture for the 2026 Convertible Notes) and structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables. The 2026 Convertible Notes accrue interest at a rate of 1.5% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2020, and will mature on April 15, 2026, unless earlier repurchased or converted.

At any time before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their 2026 Convertible Notes at their option into shares of the Company’s common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. The initial conversion rate is 51.9224 shares of common stock per $1,000 principal amount of the 2026 Convertible Notes, which represents an initial conversion price of approximately $19.26 per share of common stock. The initial conversion price represents a premium of approximately 30.0% over the last reported sale of $14.815 per share of the Company’s common stock on the Nasdaq Global Market on April 14, 2020. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. If a “make-whole fundamental change” (as defined in the indenture for the 2026 Convertible Notes) occurs, the Company will, in certain circumstances, increase the conversion rate for a specified period of time for noteholders who convert their 2026 Convertible Notes in connection with that make-whole fundamental change. The 2026 Convertible Notes are not redeemable at the Company’s election before maturity. If a “fundamental change” (as defined in the indenture for the 2026 Convertible Notes) occurs, then, subject to a limited exception, noteholders may require the Company to repurchase their 2026 Convertible Notes for cash. The repurchase price will be equal to the principal amount of the 2026 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

The 2026 Convertible Notes will have customary provision relating to the occurrence of “events of default” (as defined in the Indenture for the 2026 Convertible Notes). The occurrence of such events of default could result in the acceleration of all amounts due under the 2026 Convertible Notes.

As of June 30, 2020, the Company was in full compliance with these covenants and there were no events of default under the 2026 Convertible Notes.

The 2026 Convertible Notes are accounted for in accordance with ASC 470-20, Debt with Conversion and Other Options (“ASC 470-20”) and ASC 815-40, Contracts in Entity’s Own Equity (“ASC 815-40”). Under ASC 815-40, to qualify for equity classification (or nonbifurcation, if embedded) the instrument (or embedded feature) must be both (1) indexed to the issuer’s stock and (2) meet the requirements of the equity classification guidance. The Company determined that the 2026 Convertible Notes do contain embedded features indexed to its own stock, but do not meet the requirements for bifurcation, and therefore do not need to be separately accounted for as an equity component. Since the embedded conversion feature meets the equity scope exception from derivative accounting, and also since the embedded conversion option does not need to be separately accounted for as an equity component under ASC 470-20, the proceeds received from the issuance of the convertible debt were recorded as a liability on the condensed consolidated balance sheet.

Capped Call Transactions

In connection with the pricing of the 2026 Convertible Notes, the Company also paid $18.2 million to enter into privately negotiated capped call transactions with one or more of the initial purchasers or their respective affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions are generally expected to reduce the potential dilution upon conversion of the 2026 Convertible Notes in the event that the market price per share of the Company’s common stock, as measured under the terms of the capped call transactions, is greater than the strike price of the capped call transactions, which initially corresponds to the conversion price of the 2026 Convertible Notes, and is subject to anti-dilution adjustments generally similar to those applicable to the conversion rate of the 2026 Convertible Notes. The cap price of the capped call transactions will initially be $25.9263 per share, which represents a premium of approximately 75.0% over the last reported sale price of the Company’s common stock of $14.815 per share on April 14, 2020, and is subject to certain adjustments under the terms of the capped call transactions.

The Company evaluated the capped call transactions under ASC 815-10 and determined that it should be accounted as a separate transaction from the 2026 Convertible Notes and that the capped calls should be classified as equity instruments. Therefore, the capped call premium paid in the amount of $18.2 million was recorded as a reduction to additional paid-in capital. The capped calls will not be subsequently re-measured as long as the conditions for equity classification continue to be met.

The Company incurred $0.9 million of debt issuance costs relating to the issuance of the 2026 Convertible Notes, which were recorded as a reduction to the notes on the condensed consolidated balance sheet. The debt issuance costs is being amortized and recognized as additional interest expense over the six-year contractual term of the notes using the effective interest rate method.

The following table summarizes information about the components of the 2026 Convertible Notes (in thousands):


	June 30,
	2020
Principal amount of the 2026 Convertible Notes	$	230,000
Unamortized debt discount and debt issuance costs		(7,591)
Total 2026 Convertible Notes	$	222,409

If the 2026 Convertible Notes were to be converted on June 30, 2020, the holders of the 2026 Convertible Notes would receive common shares with an aggregate value of $213.3 million based on the Company’s closing stock price of $17.86 as of June 30, 2020.

The following table presents the components of interest expense related to 2026 Convertible Notes (in thousands):


	Three and Six Months Ended
	June 30,
	2020
Stated coupon interest	$	709
Accretion of debt discount and debt issuance costs		253
Total interest expense	$	962

The remaining unamortized debt discount and debt offering costs related to the Company’s 2026 Convertible Notes of approximately $7.6 million as of June 30, 2020, will be amortized using the effective interest rate over the remaining term of the 2026 Convertible Notes of 5.8 years. The annual effective interest rate is 2.11% for the 2026 Convertible Notes.

Future payments on the 2026 Convertible Notes as of June 30, 2020 are as follows (in thousands):


Year ending December 31,
Remainder of 2020	$	1,715
2021		3,450
2022		3,450
2023		3,450
2024		3,450
2025 and beyond		235,175
Total minimum payments		250,690
Less amount representing interest		(20,690)
2026 Convertible Notes, principal amount		230,000
Less debt discount and debt issuance costs on 2026 Convertible Notes		(7,591)
Net carrying amount of 2026 Convertible Notes	$	222,409

8.2% Convertible Notes due 2022

On February 29, 2016, the Company issued and sold $100.0 million aggregate principal amount of its 8.2% Convertible Senior Notes (the “2022 Convertible Notes”). The 2022 Convertible Notes constitute general, senior unsubordinated obligations of the Company and are guaranteed by certain subsidiaries of the Company. The 2022 Convertible Notes bear interest at a fixed coupon rate of 8.2% per annum payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, which commenced on March 31, 2016, and mature on March 31, 2022, unless earlier converted, redeemed or repurchased. The 2022 Convertible Notes also bear a premium of 9% of their principal amount, which is payable when the 2022 Convertible Notes mature or are repurchased or redeemed by the Company.

The 2022 Convertible Notes were issued to Healthcare Royalty Partners III, L.P., for $75.0 million in aggregate principal amount, and to three related party investors, KKR Biosimilar L.P., MX II Associates LLC, and KMG Capital Partners, LLC, for $20.0 million, $4.0 million, and $1.0 million, respectively, in aggregate principal amount.

The 2022 Convertible Notes are convertible at the option of the holder at any time prior to the close of business on the business day immediately preceding March 31, 2022 at the initial conversion rate of 44.7387 shares of common stock per $1,000 principal amount of 2022 Convertible Notes, which is equivalent to an initial conversion price of approximately $22.35 per share, and is subject to adjustment in certain events. Upon conversion of the 2022 Convertible Notes by a holder, the holder will receive shares of the Company’s common stock together, if applicable, with cash in lieu of any fractional share.

The 2022 Convertible Notes are redeemable in whole, and not in part, at the Company’s option with effect from March 31, 2020, if the last reported sale price per share of common stock exceeds 160% of the conversion price on 20 or more trading days during the 30 consecutive trading days preceding the date on which the Company sends notice of such redemption to the holders of the 2022 Convertible Notes. At maturity or redemption, if not earlier converted, the Company will pay 109% of the principal amount of the 2022 Convertible Notes maturing or being redeemed, together with accrued and unpaid interest, in cash.

The 2022 Convertible Notes contain customary negative covenants and events of default (as defined in the Note Purchase Agreement (as defined below)), the occurrence of which could result in the acceleration of all amounts due under the 2022 Convertible Note. As of June 30, 2020, the Company was in full compliance with these covenants and there were no events of default under the 2022 Convertible Notes.

The 2022 Convertible Notes are accounted for in accordance with ASC Subtopic 470-20, Debt with Conversion and Other Options. Pursuant to ASC Subtopic 470-20, the Company evaluated the features embedded in the 2022 Convertible Notes and concluded that the embedded features are not required to be bifurcated and accounted for separately from the host debt instrument.

On April 13, 2020, the Company entered into an amendment (the “Second Amendment”) to the 2022 Convertible Note Purchase Agreement, dated as of February 29, 2016 (the “Note Purchase Agreement”), which amended the definition of Restricted Payment to exclude any payment (including a premium) to a counterparty under a Permitted Bond Hedge Transaction (as defined in the Note Purchase Agreement). The Second Amendment also added to the Note Purchase Agreement a definition of Permitted Bond Hedge Transaction, with such definition including any capped call option (or substantively equivalent derivative transaction) relating to the Company’s common stock purchased by it in connection with any issuance of indebtedness or convertible indebtedness.

The following table summarizes information about the components of the 2022 Convertible Notes (in thousands):


	June 30,		December 31,
	2020		2019
Principal amount of the 2022 Convertible Notes	$	81,750	$	81,750
Unamortized debt discount and debt issuance costs		(2,552)		(3,208)
2022 Convertible Notes	$	79,198	$	78,542
Principal amount of the 2022 Convertible Notes - related parties	$	27,250	$	27,250
Unamortized debt discount and debt issuance costs - related parties		(851)		(1,069)
2022 Convertible Notes - related parties	$	26,399	$	26,181
Total 2022 Convertible Notes	$	105,597	$	104,723

If the 2022 Convertible Notes were to be converted on June 30, 2020, the holders of the 2022 Convertible Notes would receive common shares with an aggregate value of $79.9 million based on the Company’s closing stock price of $17.86.

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Stated coupon interest	$	1,538	$	1,538	$	3,076	$	3,075
Accretion of debt discount and debt issuance costs		332		302		656		597
Interest expense	$	1,870	$	1,840	$	3,732	$	3,672
Stated coupon interest - related parties	$	512	$	512	$	1,024	$	1,025
Accretion of debt discount and debt issuance costs - related parties		110		101		218		199
Interest expense - related parties	$	622	$	613	$	1,242	$	1,224
Total interest expense	$	2,492	$	2,453	$	4,974	$	4,896

The remaining unamortized debt discount and debt offering costs related to the Company’s 2022 Convertible Notes of approximately $3.4 million as of June 30, 2020, will be amortized using the effective interest rate over the remaining term of the 2022 Convertible Notes of 1.75 years. The annual effective interest rate is 9.48% for the 2022 Convertible Notes.

Future payments on the 2022 Convertible Notes as of June 30, 2020 are as follows (in thousands):


Year ending December 31,
Remainder of 2020	$	4,100
2021		8,200
2022		111,050
Total minimum payments		123,350
Less amount representing interest		(14,350)
2022 Convertible Notes, principal amount		109,000
Less debt discount and debt issuance costs on 2022 Convertible Notes		(3,403)
Net carrying amount of 2022 Convertible Notes	$	105,597

Term Loan

On January 7, 2019 (“the “Term Loan Closing Date”), the Company entered into a credit agreement (the “Term Loan”) with affiliates of Healthcare Royalty Partners (together, the “Lender”). The Term Loan consists of a six-year term loan facility for an aggregate principal amount of $75.0 million (the “Borrowings”). The obligations of the Company under the loan documents are guaranteed by the Company’s material domestic U.S. subsidiaries.

The Borrowings under the Term Loan bear interest through maturity at 7.00% per annum plus three month LIBOR. Pursuant to the terms of the Term Loan, the interest rate was reduced to 6.75% per annum plus LIBOR as of January 1, 2020 as the consolidated net sales for UDENYCA^® for the fiscal year ending December 31, 2019 were in excess of $250.0 million. Interest is payable quarterly in arrears and varies with LIBOR. The Company adopted the prospective method to account for future cash payments. Under the prospective method, the effective interest rate is not constant, and any change in the expected cash flows is recognized prospectively as an adjustment to the effective yield. As of June 30, 2020, the effective interest rate is 10.47%.

The Company is required to pay principal on the Borrowings in equal quarterly installments beginning on the four year anniversary of the Term Loan Closing Date (or, if consolidated net sales of UDENYCA^® in the fiscal year ending December 31, 2021 are less than $375.0 million, beginning on the three year anniversary of the Term Loan Closing Date), with the outstanding balance to be repaid on January 7, 2025, the maturity date.

The Company is also required to make mandatory prepayments of the Borrowings under the Term Loan, subject to specified exceptions, with the proceeds of asset sales, extraordinary receipts, debt issuances and specified other events including the occurrence of a change in control.

If all or any of the Borrowings are prepaid or required to be prepaid under the Term Loan, then the Company shall pay, in addition to such prepayment, a prepayment premium equal to (i) with respect to any prepayment paid or required to be paid on or prior to the three year anniversary of the Credit Agreement Closing Date, 5.00% of the Borrowings prepaid or required to be prepaid, plus all required interest payments that would have been due on the Borrowings prepaid or required to be prepaid through and including the three year anniversary of the Term Loan Closing Date, (ii) with respect to any prepayment paid or required to be paid after the three year anniversary of the Term Loan Closing Date but on or prior to the four year anniversary of the Term Loan Closing Date, 5.00% of the Borrowings prepaid or required to be prepaid, (iii) with respect to any prepayment paid or required to be paid after the four year anniversary of the Term Loan Closing Date but on or prior to the five year anniversary of the Term Loan Closing Date, 2.50% of the Borrowings prepaid or required to be prepaid, and (iv) with respect to any prepayment paid or required to be prepaid thereafter, 1.25% of the Borrowings prepaid or required to be prepaid.

In connection with the Term Loan, the Company paid a fee to the Lender of approximately $1.1 million at closing in the form of an original issue discount. Upon the prepayment or maturity of the Borrowings (or upon the date such

prepayment or repayment is required to be paid), it is required to pay an additional exit fee in an amount equal to 4.00% of the total principal amount of the Borrowings.

The obligations under the Term Loan are secured by a lien on substantially all of the Company’s and its Guarantors’ tangible and intangible property, including intellectual property. The Term Loan contains certain affirmative covenants, negative covenants and events of default, including, covenants and restrictions that among other things, restrict the ability of the Company and its subsidiaries to, incur liens, incur additional indebtedness, make loans and investments, engage in mergers and acquisitions, in asset sales, and declare dividends or redeem or repurchase capital stock. Additionally, the consolidated net sales for UDENYCA^® must not be lower than $70.0 million for the fiscal year ending December 31, 2019, (b) $125.0 million for the fiscal year ending December 31, 2020, and (c) $150.0 million for each fiscal year thereafter. A failure to comply with these covenants could permit the Lender under the Term Loan to declare the Borrowings, together with accrued interest and fees, to be immediately due and payable.

On April 13, 2020, the Company entered into an amendment to the Term Loan, which amended the Term Loan’s indebtedness covenant such that the Company could incur Convertible Bond Indebtedness (as defined in the credit agreement governing the Term Loan) in an amount not to exceed the greater of $230.0 million or 20% of the Company’s market capitalization.

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


	June 30,		December 31,
	2020		2019
Principal amount of the Term Loan	$	75,000	$	75,000
Unamortized debt discount and debt issuance costs		(941)		(1,337)
Term Loan	$	74,059	$	73,663

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Stated coupon interest	$	1,754	$	1,801	$	3,507	$	3,421
Accretion of debt discount and debt issuance costs		200		179		396		332
Interest expense	$	1,954	$	1,980	$	3,903	$	3,753

The remaining unamortized debt discount and debt offering costs related to the Term Loan of approximately $0.9 million as of June 30, 2020, will be amortized using the effective rate over the remaining term of the Term Loan of 4.5 years.

Future payments on the Term Loan as of June 30, 2020 are as follows (in thousands):


Year ending December 31,
Remainder of 2020	$	3,546
2021		7,034
2022		7,034
2023		39,187
2024		36,072
2025		11,348
Total minimum payments		104,221
Less amount representing interest		(26,221)
Term Loan, gross		78,000
Less debt discount and debt issuance costs on Term Loan		(3,941)
Net carrying amount of Term Loan	$	74,059

Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies.

Commitments and Contingencies

9. Commitments and Contingencies

Purchase Commitments

The Company entered into agreements with a vendor to secure raw materials and a CMO to manufacture its commercial supply of UDENYCA^®. As of June 30, 2020, the Company’s contractual obligations under the terms of the agreements are as follows (in thousands):


Years ending December 31,
Remainder of 2020	$	12,711
2021		27,485
2022		8,403
2023		600
Total obligations	$	49,199

The Company enters into contracts in the normal course of business with contract research organizations for preclinical studies and clinical trials and contract manufacturing organizations for the manufacture of clinical trial materials. The contracts are cancellable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would only be obligated for products or services that the Company had received as of the effective date of the termination and any applicable cancellation fees.

Contingencies

On March 3, 2017, Amgen filed an action against the Company, KBI BioPharma Inc., the Company’s employee Howard S. Weiser and Does 1-20 in the Superior Court of the State of California, County of Ventura. The complaint alleges that the Company engaged in unfair competition and improperly solicited and hired certain former Amgen employees in order to acquire and access trade secrets and other confidential information belonging to Amgen. On June 1, 2017, Amgen filed a Second Amended Complaint, which alleges as to Coherus (i) unfair competition under California Business and Professions Code Section 17200 et seq., (ii) misappropriation of trade secrets, (iii) aiding and abetting breach of duty of loyalty and (iv) tortious interference with contract. As to defendant Weiser, the Second Amended Complaint alleges (i) unfair competition under California Business and Professions Code Section 17200 et seq., (ii) misappropriation of trade secrets, (iii) breach of contract, (iv) violation of Penal Code Section 502 and (v) breach of duty of loyalty. KBI BioPharma Inc. is not named as a defendant in the Second Amended Complaint. The Second Amended Complaint seeks injunctive relief and monetary damages. On May 2, 2019, the Company and Amgen settled the trade secret action

brought by Amgen. The details of the settlement are confidential but the Company will continue to market UDENYCA^®and began paying a mid-single digit royalty to Amgen for five years starting on July 1, 2019.

Guarantees and Indemnifications

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company would assess the likelihood of any adverse judgments or related claims, as well as ranges of probable losses. In the cases where the Company believes that a reasonably possible or probable loss exists, it will disclose the facts and circumstances of the claims, including an estimate range, if possible.

Leases

6 Months Ended

Jun. 30, 2020

Leases

Leases

10. Leases

In July 2015, the Company entered into the office space for its corporate headquarters in Redwood City, California under an operating lease agreement, which has been subject to amendments to secure additional space such that the total headquarters leased space is approximately 47,789 square feet. The Lease Agreement, provides for certain limited rent abatement and contains annual scheduled rent increases over the lease term. The lease terminates in September 2024 and contains a one-time option to extend the lease term for five years.

The Company also leases laboratory facilities in Camarillo, California. In October 2019, the Company entered into a new laboratory facility lease (“New Camarillo Lease”) of approximately 25,017 square feet in a new location in Camarillo, California as the current Camarillo leases terminate in June 2020 and December 2020. The New Camarillo Lease provides for certain limited rent abatement and annual scheduled rent increases over the lease term. The lease commenced in January 2020 and terminates in May 2027, and contains a one-time option to extend the lease term for five years.

The Company determined that the above facility leases were operating leases. The options to extend the lease terms for these leases were not included as part of the right-of-use asset or lease liability as the Company was not reasonably certain it would exercise those options.

In 2019, the Company entered into a vehicle lease agreement, pursuant to which it currently leases 35 vehicles. Delivery of the vehicles commenced during the first quarter of 2020. The term of each leased vehicle commences upon the delivery of the vehicle and is for a period of 36 months. The vehicles leased under this arrangement were classified as finance leases.

In determining the present value of the lease payments, the Company used the incremental borrowing rate based on the information available on January 1, 2019 (adoption date of ASC 842) for the leases that commenced prior to that date. For all other leases, the Company used the incremental borrowing rate on the lease commencement or the lease modification date, as applicable.

The supplemental information related to Company’s leases is as follows (in thousands):


		June 30,		December 31,
Assets	Balance Sheet Classification	2020		2019
Operating lease	Operating lease right-of-use assets	$	10,999	$	10,649
Finance lease	Property and equipment, net		1,447		—
Total leased assets		$	12,446	$	10,649


		June 30,		December 31,
Liabilities	Balance Sheet Classification	2020		2019
Operating lease liabilities, current	Other current liabilities	$	2,437	$	2,196
Operating lease liabilities, non-current	Lease liabilities, non-current		10,352		10,256
Total operating lease liabilities		$	12,789	$	12,452

Finance lease liabilities, current	Other current liabilities	$	480	$	—
Finance lease liabilities, non-current	Lease liabilities, non-current		952		—
Total finance lease liabilities		$	1,432	$	0

Operating lease costs were $0.8 million and $0.5 million for the three months ended June 30, 2020 and 2019, respectively, and $1.6 million and $1.1 million for the six months ended June 30, 2020 and 2019, respectively. Cash paid for amounts included in the measurement of the operating lease liabilities for the three months ended June 30, 2020 and 2019 was $0.8 million and $0.7 million, respectively, and $1.6 million and $1.3 million for the six months ended June 30, 2020 and 2019, respectively, and was included in net cash used in operating activities in the condensed consolidated statements of cash flows. Finance lease costs and cash paid for amounts included in the measurement of finance lease liabilities were immaterial during the three and six months ended June 30, 2020 and 2019.

As of June 30, 2020, the maturities of the operating and finance lease liabilities were as follows (in thousands):


Years ending December 31,	Operating leases		Finance leases
Remainder of 2020	$	1,646	$	285
2021		3,425		526
2022		3,293		527
2023		3,438		213
2024		2,888		—
2025 and beyond		700		—
Total lease payments		15,390		1,551
Less imputed interest		(2,601)		(119)
Operating lease liabilities	$	12,789	$	1,432

As of June 30, 2020 and December 31, 2019, the weighted average remaining lease term for operating leases was 4.5 years and 4.7 years, respectively. The weighted average discount rate used to determine the operating lease liabilities was 8.1% and 8.2% as of June 30, 2020 and December 31, 2019, respectively. The weighted average remaining lease term for finance leases was 2.9 years as of June 30, 2020. The weighted average discount rate used to determine the finance lease liabilities was 5.8% as of June 30, 2020.

Common Stock and Stock-Based Compensation

6 Months Ended

Jun. 30, 2020

Common Stock and Stock-Based Compensation

Common Stock and Stock-Based Compensation

11. Common Stock and Stock-Based Compensation

Common Stock Offerings

On October 28, 2016, the Company entered into a sales agreement (the “Sales Agreement”) with Cowen to sell shares of the Company’s common stock, with aggregate gross sales proceeds of up to $100,000,000, from time to time, through an at-the-market equity offering program under which Cowen acted as its sales agent (the “ATM Offering Program”). Cowen was entitled to compensation for its services equal to 3.0% of the gross proceeds of any shares of common stock sold through Cowen under the Sales Agreement.

In the first quarter of 2019, the Company sold 761,130 shares of common stock at a weighted average price of $11.17 per share through its ATM Offering Program and received total gross proceeds of $8.5 million. After deducting

commission and offering expenses of $0.3 million, the net proceeds were $8.2 million. Following such sales in the first quarter of 2019, the ATM Offering Program terminated as all shares authorized thereunder had been sold.

Stock-Based Compensation

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				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Cost of goods sold (1)	$	176	$	—	$	221	$	—
Research and development		3,495		2,963		7,085		6,622
Selling, general and administrative		5,754		5,028		11,674		10,864
	$	9,425	$	7,991	$	18,980	$	17,486

Capitalized stock-based compensation expense into inventory	$	438	$	513	$	872	$	831

(1) Stock-based compensation capitalized into inventory is recognized as cost of goods sold when the related product is sold.

Net Income Per Share

6 Months Ended

Jun. 30, 2020

Net Income Per Share

Net Income Per Share

12. Net Income Per Share

Basic net income per share is calculated by dividing the net income by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common shares. Diluted net income per share is computed by dividing the net income by the weighted average number of common shares outstanding for the period plus any diluted potential common shares outstanding for the period determined using the treasury stock method for options, RSUs and ESPP and using the if-converted method for the convertible notes.

The following table sets forth the computation of the basic and diluted net income per share (in thousands, except share and per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Basic net income per share
Numerator:
Net income	$	59,031	$	23,567	$	94,603	$	3,563
Denominator:
Weighted-average common shares outstanding		71,099,773		69,479,016		70,880,979		69,310,791
Basic net income per share	$	0.83	$	0.34	$	1.33	$	0.05
Diluted net income per share
Numerator:
Net income	$	59,031	$	23,567	$	94,603	$	3,563
Add interest expense on convertible notes, net of tax		3,454		—		5,936		—
Numerator for diluted net income per share		62,485		23,567		100,539		3,563
Denominator:
Denominator for basic net income per share		71,099,773		69,479,016		70,880,979		69,310,791
Add effect of potential dilutive securities:
Stock options, including purchases from contributions to ESPP		3,208,580		3,469,172		3,437,358		2,953,049
Restricted stock units		104,092		15,784		96,163		17,724
Shares issuable upon conversion of convertible notes		14,247,835		—		9,360,853		—
Denominator for diluted net income per share		88,660,280		72,963,972		83,775,353		72,281,564
Diluted net income per share	$	0.70	$	0.32	$	1.20	$	0.05

The following outstanding dilutive potential shares were excluded from the calculation of diluted net income per share due to their anti-dilutive effect:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2020	2019	2020	2019
Stock options, including purchases from contributions to ESPP	12,739,884	10,341,798	11,378,471	10,195,378
Restricted stock units	8,750	—	6,442	—
Shares issuable upon conversion of Convertible Notes	—	4,473,871	—	4,473,871
Total	12,748,634	14,815,669	11,384,913	14,669,249

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Taxes

Income Taxes

13. Income Taxes

The Company recorded income tax provision of $1.3 million and $51,000 for the three months ended June 30, 2020 and 2019, respectively, and $2.2 million and $51,000 for the six months ended June 30, 2020 and 2019, respectively, which comprised of state taxes in jurisdictions outside of California for which the Company has a limited operating history. Income tax provision during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items, which are recorded in the interim period in accordance with ASC 740-270. The income tax provision differs from the U.S. federal statutory rate of 21% primarily due to effect of change in the valuation allowance against the Company’s federal deferred tax assets, which reduced the Company’s net tax expense. The Company maintains a full valuation allowance against its net deferred tax assets due to the Company’s history of losses.

Coronavirus Aid, Relief and Economic Security Act

In March 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which includes modifications to the limitation on business interest expense deduction and net operating loss provisions and provides a payment delay of employer payroll taxes during 2020 after the date of enactment. The Company does not expect the CARES Act to have a material impact on the Company’s financial statements.

Related Party Transactions

6 Months Ended

Jun. 30, 2020

Related Party Transactions

Related Party Transactions

14. Related Party Transactions

Convertible Notes

In February 2016, the Company issued Convertible Notes to certain related parties (some companies affiliated with members of the Company’s board of directors), for an aggregate principal amount of $25.0 million (see Note 8 for related party disclosure).

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Basis of Presentation and Summary of Significant Accounting Policies

Unaudited Condensed Consolidated Financial Statements

Use of Estimates

Cash, Cash Equivalents and Restricted Cash


	June 30,		June 30,
	2020		2019
Cash and cash equivalents	$	224,617	$	105,927
Restricted cash		—		50
Restricted cash - non-current		440		785
Total cash, cash equivalents and restricted cash	$	225,057	$	106,762

Restricted cash – non-current consists of deposits for letter of credits that the Company has provided to secure its obligations under certain facility and other leases.

Investments in Marketable Securities

Trade Receivables

Recent Accounting Pronouncements

The following are the recent accounting pronouncements adopted by the Company in 2020:

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Basis of Presentation and Summary of Significant Accounting Policies

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	June 30,		June 30,
	2020		2019
Cash and cash equivalents	$	224,617	$	105,927
Restricted cash		—		50
Restricted cash - non-current		440		785
Total cash, cash equivalents and restricted cash	$	225,057	$	106,762

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Measurements

Financial Assets and Liabilities Measured on a Recurring Basis

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows (in thousands):


	Fair Value Measurements
	June 30, 2020
	Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	223,941	$	223,941	$	—	$	—
Restricted cash (money market funds)		440		440		—		—
Corporate notes and Commercial paper		28,000		—		28,000		—
U.S. government agency securities		203,882		203,882		—		—
Total financial assets	$	456,263	$	428,263	$	28,000	$	—
Financial Liabilities:
Contingent consideration	$	102	$	—	$	—	$	102


	Fair Value Measurements
	December 31, 2019
	Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	155,523	$	155,523	$	—	$	—
Restricted cash (money market funds)		240		240		—		—
Total financial assets	$	155,763	$	155,763	$	—	$	—
Financial Liabilities:
Contingent consideration	$	102	$	—	$	—	$	102

Schedule of Cash equivalents, investments in marketable securities, which are classified as available-for-sale securities, and restricted cash

Cash equivalents, investments in marketable securities, which are classified as available-for-sale securities, and restricted cash, consisted of the following (in thousands):


	June 30, 2020
	Cost		Unrealized Gain		Unrealized (Loss)		Estimated Fair Value
Money market funds	$	223,941	$	—	$	—	$	223,941
Classified as cash equivalents	$	223,941	$	—	$	—	$	223,941

Corporate notes and Commercial paper	$	27,999	$	1	$	—	$	28,000
U.S. government agency securities		203,871		11		—		203,882
Classified as investments in marketable securities	$	231,870	$	12	$	—	$	231,882

Restricted cash (money market funds)	$	440	$	—	$	—	$	440
Classified as restricted cash	$	440	$	—	$	—	$	440


	December 31, 2019
	Cost		Unrealized Gain		Unrealized (Loss)		Estimated Fair Value
Money market funds	$	155,523	$	—	$	—	$	155,523
Classified as cash equivalents	$	155,523	$	—	$	—	$	155,523

Restricted cash (money market funds)	$	240	$	—	$	—	$	240
Classified as restricted cash	$	240	$	—	$	—	$	240

Inventory (Tables)

6 Months Ended

Jun. 30, 2020

Inventory

Schedule of Inventory

Inventory consisted of the following (in thousands):


	June 30,		December 31,
	2020		2019
Raw Materials	$	5,331	$	5,089
Work in process		64,651		43,446
Finished goods		11,002		6,536
Total	$	80,984	$	55,071

Schedule of Balance Sheet Classification

Balance sheet classifications (in thousands):


	June 30,		December 31,
	2020		2019
Inventory	$	27,192	$	9,807
Inventory, non-current		53,792		45,264
Total	$	80,984	$	55,071

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2020

Organization and Operations

Schedule of Property and Equipment, Net

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


	June 30,		December 31,
	2020		2019
Machinery and equipment	$	12,839	$	12,611
Computer equipment and software		3,715		2,923
Furniture and fixtures		1,263		714
Leasehold improvements		4,407		4,388
Finance lease right of use assets		1,447		—
Construction in progress		4,105		1,500
Total property and equipment		27,776		22,136
Accumulated depreciation and amortization		(17,456)		(16,296)
Property and equipment, net	$	10,320	$	5,840

Schedule of Accrued Liabilities

Accrued liabilities are as follows (in thousands):


	June 30,		December 31,
	2020		2019
Accrued clinical and manufacturing	$	10,326	$	7,106
Accrued other		15,234		10,152
Accrued liabilities	$	25,560	$	17,258

Revenue (Tables)

6 Months Ended

Jun. 30, 2020

Revenue

Revenue by Significant Customer

Revenue by significant Customer was distributed as follows:


	Three Months Ended				Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
	Percent of Total		Percent of Total		Percent of Total		Percent of Total
McKesson	37	%	42	%	39	%	43	%
AmeriSource-Bergen Corp	38	%	31	%	37	%	32	%
Cardinal	23	%	25	%	22	%	23	%
Others	2	%	2	%	2	%	2	%
Total revenue	100	%	100	%	100	%	100	%

Activities and Ending Reserve Balances for Each Significant Category of Discounts and Allowances

The activities and ending reserve balances for each significant category of discounts and allowances, which constitute variable consideration, were as follows (in thousands):


	Six Months Ended June 30, 2020
	Chargebacks				Other Fees,
	and Discounts				Co-pay
	for Prompt				Assistance
	Payment		Rebates		and Returns		Total
Balance at December 31, 2019	$	35,159	$	27,494	$	24,494	$	87,147
Provision related to sales made in:
Current period		208,917		49,245		58,645		316,807
Prior period		(159)		(3,287)		(6,108)		(9,554)
Payments and customer credits issued		(219,040)		(31,732)		(51,403)		(302,175)
Balance at June 30, 2020	$	24,877	$	41,720	$	25,628	$	92,225


	Six Months Ended June 30, 2019
	Chargebacks				Other Fees,
	and Discounts				Co-pay
	for Prompt				Assistance
	Payment		Rebates		and Returns		Total
Balance at December 31, 2018	$	—	$	—	$	—	$	—
Provision related to current period sales		65,726		8,593		22,843		97,162
Payments and customer credits issued		(42,368)		(1,095)		(9,692)		(53,155)
Balance at June 30, 2019	$	23,358	$	7,498	$	13,151	$	44,007

Convertible Notes and Term Loan (Tables)

6 Months Ended

Jun. 30, 2020

Debt Instrument [Line Items]

Components of Term Loan

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


	June 30,		December 31,
	2020		2019
Principal amount of the Term Loan	$	75,000	$	75,000
Unamortized debt discount and debt issuance costs		(941)		(1,337)
Term Loan	$	74,059	$	73,663

2026 Convertible Notes

Debt Instrument [Line Items]

Components of Convertible Notes

The following table summarizes information about the components of the 2026 Convertible Notes (in thousands):


	June 30,
	2020
Principal amount of the 2026 Convertible Notes	$	230,000
Unamortized debt discount and debt issuance costs		(7,591)
Total 2026 Convertible Notes	$	222,409

Components of Interest Expense

The following table presents the components of interest expense related to 2026 Convertible Notes (in thousands):


	Three and Six Months Ended
	June 30,
	2020
Stated coupon interest	$	709
Accretion of debt discount and debt issuance costs		253
Total interest expense	$	962

Schedule of Future Payments on Debt

Future payments on the 2026 Convertible Notes as of June 30, 2020 are as follows (in thousands):


Year ending December 31,
Remainder of 2020	$	1,715
2021		3,450
2022		3,450
2023		3,450
2024		3,450
2025 and beyond		235,175
Total minimum payments		250,690
Less amount representing interest		(20,690)
2026 Convertible Notes, principal amount		230,000
Less debt discount and debt issuance costs on 2026 Convertible Notes		(7,591)
Net carrying amount of 2026 Convertible Notes	$	222,409

2022 Convertible Notes

Debt Instrument [Line Items]

Components of Convertible Notes

The following table summarizes information about the components of the 2022 Convertible Notes (in thousands):


	June 30,		December 31,
	2020		2019
Principal amount of the 2022 Convertible Notes	$	81,750	$	81,750
Unamortized debt discount and debt issuance costs		(2,552)		(3,208)
2022 Convertible Notes	$	79,198	$	78,542
Principal amount of the 2022 Convertible Notes - related parties	$	27,250	$	27,250
Unamortized debt discount and debt issuance costs - related parties		(851)		(1,069)
2022 Convertible Notes - related parties	$	26,399	$	26,181
Total 2022 Convertible Notes	$	105,597	$	104,723

Components of Interest Expense

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Stated coupon interest	$	1,538	$	1,538	$	3,076	$	3,075
Accretion of debt discount and debt issuance costs		332		302		656		597
Interest expense	$	1,870	$	1,840	$	3,732	$	3,672
Stated coupon interest - related parties	$	512	$	512	$	1,024	$	1,025
Accretion of debt discount and debt issuance costs - related parties		110		101		218		199
Interest expense - related parties	$	622	$	613	$	1,242	$	1,224
Total interest expense	$	2,492	$	2,453	$	4,974	$	4,896

Schedule of Future Payments on Debt

Future payments on the 2022 Convertible Notes as of June 30, 2020 are as follows (in thousands):


Year ending December 31,
Remainder of 2020	$	4,100
2021		8,200
2022		111,050
Total minimum payments		123,350
Less amount representing interest		(14,350)
2022 Convertible Notes, principal amount		109,000
Less debt discount and debt issuance costs on 2022 Convertible Notes		(3,403)
Net carrying amount of 2022 Convertible Notes	$	105,597

Term Loan

Debt Instrument [Line Items]

Components of Interest Expense

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Stated coupon interest	$	1,754	$	1,801	$	3,507	$	3,421
Accretion of debt discount and debt issuance costs		200		179		396		332
Interest expense	$	1,954	$	1,980	$	3,903	$	3,753

Schedule of Future Payments on Debt

Future payments on the Term Loan as of June 30, 2020 are as follows (in thousands):


Year ending December 31,
Remainder of 2020	$	3,546
2021		7,034
2022		7,034
2023		39,187
2024		36,072
2025		11,348
Total minimum payments		104,221
Less amount representing interest		(26,221)
Term Loan, gross		78,000
Less debt discount and debt issuance costs on Term Loan		(3,941)
Net carrying amount of Term Loan	$	74,059

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies.

Schedule of Non-Cancellable Purchase Commitment


Years ending December 31,
Remainder of 2020	$	12,711
2021		27,485
2022		8,403
2023		600
Total obligations	$	49,199

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases

Schedule of Balance Sheet Classification of Lease Assets and Liabilities

The supplemental information related to Company’s leases is as follows (in thousands):


		June 30,		December 31,
Assets	Balance Sheet Classification	2020		2019
Operating lease	Operating lease right-of-use assets	$	10,999	$	10,649
Finance lease	Property and equipment, net		1,447		—
Total leased assets		$	12,446	$	10,649


		June 30,		December 31,
Liabilities	Balance Sheet Classification	2020		2019
Operating lease liabilities, current	Other current liabilities	$	2,437	$	2,196
Operating lease liabilities, non-current	Lease liabilities, non-current		10,352		10,256
Total operating lease liabilities		$	12,789	$	12,452

Finance lease liabilities, current	Other current liabilities	$	480	$	—
Finance lease liabilities, non-current	Lease liabilities, non-current		952		—
Total finance lease liabilities		$	1,432	$	0

Schedule of maturities of the operating and finance lease liabilities

As of June 30, 2020, the maturities of the operating and finance lease liabilities were as follows (in thousands):


Years ending December 31,	Operating leases		Finance leases
Remainder of 2020	$	1,646	$	285
2021		3,425		526
2022		3,293		527
2023		3,438		213
2024		2,888		—
2025 and beyond		700		—
Total lease payments		15,390		1,551
Less imputed interest		(2,601)		(119)
Operating lease liabilities	$	12,789	$	1,432

Common Stock and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Cost of goods sold (1)	$	176	$	—	$	221	$	—
Research and development		3,495		2,963		7,085		6,622
Selling, general and administrative		5,754		5,028		11,674		10,864
	$	9,425	$	7,991	$	18,980	$	17,486

Capitalized stock-based compensation expense into inventory	$	438	$	513	$	872	$	831

Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Net Income Per Share

Computation of Basic and Diluted Net Income Per Share Attributable to the Company

The following table sets forth the computation of the basic and diluted net income per share (in thousands, except share and per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Basic net income per share
Numerator:
Net income	$	59,031	$	23,567	$	94,603	$	3,563
Denominator:
Weighted-average common shares outstanding		71,099,773		69,479,016		70,880,979		69,310,791
Basic net income per share	$	0.83	$	0.34	$	1.33	$	0.05
Diluted net income per share
Numerator:
Net income	$	59,031	$	23,567	$	94,603	$	3,563
Add interest expense on convertible notes, net of tax		3,454		—		5,936		—
Numerator for diluted net income per share		62,485		23,567		100,539		3,563
Denominator:
Denominator for basic net income per share		71,099,773		69,479,016		70,880,979		69,310,791
Add effect of potential dilutive securities:
Stock options, including purchases from contributions to ESPP		3,208,580		3,469,172		3,437,358		2,953,049
Restricted stock units		104,092		15,784		96,163		17,724
Shares issuable upon conversion of convertible notes		14,247,835		—		9,360,853		—
Denominator for diluted net income per share		88,660,280		72,963,972		83,775,353		72,281,564
Diluted net income per share	$	0.70	$	0.32	$	1.20	$	0.05

Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Income Per Share Attributable to Coherus

The following outstanding dilutive potential shares were excluded from the calculation of diluted net income per share due to their anti-dilutive effect:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2020	2019	2020	2019
Stock options, including purchases from contributions to ESPP	12,739,884	10,341,798	11,378,471	10,195,378
Restricted stock units	8,750	—	6,442	—
Shares issuable upon conversion of Convertible Notes	—	4,473,871	—	4,473,871
Total	12,748,634	14,815,669	11,384,913	14,669,249

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Net product revenue	$ 135,674	$ 83,433	$ 251,854	$ 120,531
Basic net income per share	$ 0.83	$ 0.34	$ 1.33	$ 0.05
Earnings Per Share Diluted	$ 0.70	$ 0.32	$ 1.20	$ 0.05
Commercial payer invoices
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Refund Received	$ 7,500
Commercial payer invoices \| Restatement Adjustment [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Accrued rebates	(5,800)		$ (5,800)
Net product revenue	$ 13,300		$ 13,300
Basic net income per share	$ 0.19
Earnings Per Share Diluted	$ 0.15		$ 0.16
Accrued rebates, fees and reserve \| Commercial payer invoices
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Accrued rebates	$ 21,600		$ 21,600		$ 14,000

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

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

Jun. 30, 2020

Dec. 31, 2019

Jun. 30, 2019

Dec. 31, 2018

Basis of Presentation and Summary of Significant Accounting Policies

Cash and cash equivalents

$ 224,617

$ 177,668

^[1]

$ 105,927

Restricted cash

Restricted cash, non-current

440

240

^[1]

785

Total cash, cash equivalents and restricted cash

$ 225,057

$ 177,908

$ 106,762

$ 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.

Fair Value Measurements - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($) security	Dec. 31, 2019 USD ($)	Apr. 30, 2020	Apr. 13, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jan. 07, 2019 USD ($)	Feb. 29, 2016 USD ($)
Fair Value Disclosures [Line Items]
Fair Value, net transfers	$ 0	$ 0
Fiscal Year End Tags [Abstract]
Average maturity of investments in available-for-sale marketable securities	4 months 21 days
Realized gains or losses on marketable securities	$ 0	0
Investments in marketable securities has been in an unrealized loss position for more than one year \| security	0
Credit losses of marketable securities in continuous loss position	$ 0				$ 0
2026 Convertible Notes
Fair Value Disclosures [Line Items]
Convertible notes, interest rate			1.50%
Debt instrument fair value	252,200,000
Aggregate principal amount	230,000,000.0
2022 Convertible Notes
Fair Value Disclosures [Line Items]
Convertible notes, interest rate							8.20%
Aggregate principal amount	100,000,000.0						$ 100,000,000.0
Term Loan
Fair Value Disclosures [Line Items]
Aggregate principal amount	75,000,000	$ 75,000,000
Level 3 \| 2022 Convertible Notes
Fair Value Disclosures [Line Items]
Debt instrument fair value	$ 113,000,000.0
Maximum
Fiscal Year End Tags [Abstract]
Remaining contractual maturities of available-for-sale securities	1 year
Maximum \| Term Loan
Fair Value Disclosures [Line Items]
Aggregate principal amount				$ 230,000,000.0
Lender
Fair Value Disclosures [Line Items]
Aggregate principal amount							$ 75,000,000.0
Lender \| Term Loan
Fair Value Disclosures [Line Items]
Aggregate principal amount	$ 75,000,000					$ 75,000,000.0

Fair Value Measurements - Schedule of Cash Equivalents, Investments in Marketable Securities Classified as Available-for-Sale Securities and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Cost	$ 223,941	$ 155,523
Estimated Fair Value	223,941	155,523
Cash Equivalents \| Money Market Funds
Debt Securities, Available-for-sale [Line Items]
Cost	223,941	155,523
Estimated Fair Value	223,941	155,523
Investment in Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Cost	231,870
Unrealized Gain	12
Estimated Fair Value	231,882
Investment in Marketable Securities \| Corporate notes and Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost	27,999
Unrealized Gain	1
Estimated Fair Value	28,000
Investment in Marketable Securities \| U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Cost	203,871
Unrealized Gain	11
Estimated Fair Value	203,882
Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Cost	440	240
Estimated Fair Value	440	240
Restricted Cash \| Restricted Cash (Money Market Funds)
Debt Securities, Available-for-sale [Line Items]
Cost	440	240
Estimated Fair Value	$ 440	$ 240

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory
Raw materials	$ 5,331	$ 5,089
Work in process	64,651	43,446
Finished goods	11,002	6,536
Total	$ 80,984	$ 55,071

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

Jun. 30, 2020

Dec. 31, 2019

Inventory

Inventory

$ 27,192

$ 9,807

^[1]

Inventory, non-current

53,792

45,264

^[1]

Total

$ 80,984

$ 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.

Inventory - Additional Information (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Dec. 31, 2019

Inventory [Line Items]

Prepayment made for manufacturing services

$ 14,155

$ 8,578

^[1]

Contract manufacturing organization (CMO)

Inventory [Line Items]

Prepayment made for manufacturing services

$ 10,100

$ 7,200

[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.

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

Jun. 30, 2020

Dec. 31, 2019

Property Plant And Equipment [Line Items]

Total property and equipment

$ 27,776

$ 22,136

Accumulated depreciation and amortization

(17,456)

(16,296)

Property and equipment, net

10,320

5,840

^[1]

Machinery and Equipment

Property Plant And Equipment [Line Items]

Total property and equipment

12,839

12,611

Computer Equipment and Software

Property Plant And Equipment [Line Items]

Total property and equipment

3,715

2,923

Furniture and Fixtures

Property Plant And Equipment [Line Items]

Total property and equipment

1,263

714

Leasehold Improvements

Property Plant And Equipment [Line Items]

Total property and equipment

4,407

4,388

Finance lease right of use assets

Property Plant And Equipment [Line Items]

Total property and equipment

1,447

Construction in Progress

Property Plant And Equipment [Line Items]

Total property and equipment

$ 4,105

$ 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.

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Balance Sheet Components
Depreciation and amortization	$ 700	$ 700	$ 1,355	$ 1,365

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Dec. 31, 2019

Balance Sheet Components

Accrued clinical and manufacturing

$ 10,326

$ 7,106

Accrued other

15,234

10,152

Accrued liabilities

$ 25,560

$ 17,258

^[1]

[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.

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue
Net product revenue	$ 135,674	$ 83,433	$ 251,854	$ 120,531

Revenue - Revenue by Significant Customer (Details) - Net Product Revenue - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Concentration Risk [Line Items]
Percentage of total revenue	100.00%	100.00%	100.00%	100.00%
McKesson
Concentration Risk [Line Items]
Percentage of total revenue	37.00%	42.00%	39.00%	43.00%
AmeriSource-Bergen Corp
Concentration Risk [Line Items]
Percentage of total revenue	38.00%	31.00%	37.00%	32.00%
Cardinal
Concentration Risk [Line Items]
Percentage of total revenue	23.00%	25.00%	22.00%	23.00%
Others
Concentration Risk [Line Items]
Percentage of total revenue	2.00%	2.00%	2.00%	2.00%

Revenue - Activities and Ending Reserve Balances for Each Significant Category of Discounts and Allowances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Accounts Notes And Loans Receivable [Line Items]
Balance at December 31	$ 87,147
Provision related to sales made in:
Current period	316,807	$ 97,162
Prior period	(9,554)
Payments and customer credits issued	(302,175)	(53,155)
Balance at June 30	92,225	44,007
Chargebacks and Discounts for Prompt Payment
Accounts Notes And Loans Receivable [Line Items]
Balance at December 31	35,159
Provision related to sales made in:
Current period	208,917	65,726
Prior period	(159)
Payments and customer credits issued	(219,040)	(42,368)
Balance at June 30	24,877	23,358
Rebates
Accounts Notes And Loans Receivable [Line Items]
Balance at December 31	27,494
Provision related to sales made in:
Current period	49,245	8,593
Prior period	(3,287)
Payments and customer credits issued	(31,732)	(1,095)
Balance at June 30	41,720	7,498
Other Fees, Co-pay Assistance and Returns
Accounts Notes And Loans Receivable [Line Items]
Balance at December 31	24,494
Provision related to sales made in:
Current period	58,645	22,843
Prior period	(6,108)
Payments and customer credits issued	(51,403)	(9,692)
Balance at June 30	$ 25,628	$ 13,151

License Agreements (Details) € in Millions, $ in Millions	3 Months Ended		6 Months Ended
License Agreements (Details) € in Millions, $ in Millions	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Jun. 30, 2020 USD ($)	Jun. 30, 2020 EUR (€)
Bioeq IP AG
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Initial term of agreement			10 years	10 years
Estimated period of performance upfront fee \| €				€ 25.0
Percentage of gross profits on sales			50.00%	50.00%
Bioeq IP AG \| Research and Development Expense.
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront and milestone payment	$ 11.1	€ 10.0
Innovent Biologics (Suzhou) Co., Ltd. \| Licensed Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront and milestone payment			$ 5.0
Innovent Biologics (Suzhou) Co., Ltd. \| Bevacizumab Licensed Product
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional milestone payments			40.0
Innovent Biologics (Suzhou) Co., Ltd. \| Rituximab Licensed Product
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional milestone payments			40.0
Innovent Biologics (Suzhou) Co., Ltd. \| Option exercise fee
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Costs			5.0
Innovent Biologics (Suzhou) Co., Ltd. \| Technology transfer
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Costs			$ 10.0
Innovent Biologics (Suzhou) Co., Ltd. \| Maximum \| Licensed Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of gross profits on sales			20.00%	20.00%

Convertible Notes and Term Loan - Additional Information (Details)				1 Months Ended	6 Months Ended
	Apr. 14, 2020 $ / shares	Jan. 07, 2019 USD ($)	Feb. 29, 2016 USD ($) $ / shares shares	Apr. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) item $ / shares	Apr. 13, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Purchase of capped call options related to Convertible Notes due 2026					$ 222,830,000
Percentage of cap price					75.0
KKR Member
Debt Instrument [Line Items]
Aggregate principal amount			$ 20,000,000.0
MX II Member
Debt Instrument [Line Items]
Aggregate principal amount			4,000,000.0
KMGCP Member
Debt Instrument [Line Items]
Aggregate principal amount			1,000,000.0
Lender
Debt Instrument [Line Items]
Aggregate principal amount			75,000,000.0
2026 Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 230,000,000.0	$ 230,000,000
Convertible notes, interest rate				1.50%
Convertible notes, premium percentage	14.815%			30.00%
Number of events in default					0
Payment for capped call transactions					$ 18,200,000
Common shares at conversion \| shares				51.9224
Principal amount of notes converted into shares				$ 1,000
Debt issuance costs					$ 900,000
Contractual term					6 years
Minimum borrowings for indebtedness defaulters					25.9263
Convertible notes, converted amount					$ 213,300,000
Closing stock, price per share \| $ / shares	$ 14.815				$ 17.86
Number of initial purchasers \| item					1
Unamortized debt discount and debt issuance costs on Convertible Notes					$ 7,591,000
Effective interest rate					2.11%
Debt Instrument Term					5 years 9 months 18 days
2022 Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 100,000,000.0		$ 100,000,000.0
Convertible notes, interest rate			8.20%
Convertible notes, interest rate description					The 2022 Convertible Notes bear interest at a fixed coupon rate of 8.2% per annum payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, which commenced on March 31, 2016
Debt instrument maturity date			Mar. 31, 2022
Convertible notes, premium percentage			9.00%
Common shares at conversion \| shares			44.7387
Conversion price per common share \| $ / shares			$ 22.35	$ 19.26
Principal amount of notes converted into shares			$ 1,000
Percentage of applicable conversion price			160.00%
Convertible trading days			20
Convertible consecutive trading days			30
Percentage to pay in cash of the par value of notes			109.00%
Convertible notes, covenant compliance					The 2022 Convertible Notes contain customary negative covenants and events of default (as defined in the Note Purchase Agreement (as defined below)), the occurrence of which could result in the acceleration of all amounts due under the 2022 Convertible Note. As of June 30, 2020, the Company was in full compliance with these covenants and there were no events of default under the 2022 Convertible Notes.
Convertible notes, converted amount					$ 79,900,000
Closing stock, price per share \| $ / shares					$ 17.86
Unamortized debt discount and debt issuance costs on Convertible Notes					$ 3,403,000
Effective interest rate					9.48%
Term Loan
Debt Instrument [Line Items]
Aggregate principal amount					$ 75,000,000		$ 75,000,000
Debt instrument maturity date					Jan. 07, 2025
Unamortized debt discount and debt issuance costs on Convertible Notes					$ 3,941,000
Remaining unamortized debt discount and debt offering costs					$ 941,000		$ 1,337,000
Effective interest rate					10.47%
Debt Instrument Term					4 years 6 months
Term Loan \| Lender
Debt Instrument [Line Items]
Aggregate principal amount		$ 75,000,000.0			$ 75,000,000
Debt Instrument Term		6 years
Term Loan \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount						$ 230,000,000.0

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

Jun. 30, 2020

Apr. 30, 2020

Dec. 31, 2019

Feb. 29, 2016

Debt Instrument [Line Items]

Convertible Notes

$ 79,198

$ 78,542

^[1]

Convertible Notes - related parties

26,399

26,181

^[1]

2022 Convertible Notes

Debt Instrument [Line Items]

Principal amount of the Convertible Notes

100,000

$ 100,000

Unamortized debt discount and debt issuance costs

(3,403)

Total Convertible Notes

105,597

104,723

2022 Convertible Notes | Related Party Debt

Debt Instrument [Line Items]

Principal amount of the Convertible Notes

27,250

Unamortized debt discount and debt issuance costs

(851)

(1,069)

Convertible Notes - related parties

26,399

26,181

2022 Convertible Notes | Parent Company

Debt Instrument [Line Items]

Principal amount of the Convertible Notes

81,750

Unamortized debt discount and debt issuance costs

(2,552)

(3,208)

Convertible Notes

79,198

$ 78,542

2026 Convertible Notes

Debt Instrument [Line Items]

Principal amount of the Convertible Notes

230,000

$ 230,000

Unamortized debt discount and debt issuance costs

(7,591)

Total Convertible Notes

$ 222,409

[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 Interest Expense of Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Accretion of debt discount and debt issuance costs			$ 1,523	$ 1,127
Interest expense	$ 3,454		5,936
Interest expense	622	$ 613	1,242	1,224
Total interest expense	5,408	4,433	9,839	8,649
2022 Convertible Notes
Debt Instrument [Line Items]
Total interest expense	2,492	2,453	4,974	4,896
2022 Convertible Notes \| Related Party Debt
Debt Instrument [Line Items]
Stated coupon interest	512	512	1,024	1,025
Accretion of debt discount and debt issuance costs	110	101	218	199
Interest expense	622	613	1,242	1,224
2022 Convertible Notes \| Parent Company
Debt Instrument [Line Items]
Stated coupon interest	1,538	1,538	3,076	3,075
Accretion of debt discount and debt issuance costs	332	302	656	597
Interest expense	1,870	$ 1,840	$ 3,732	$ 3,672
2026 Convertible Notes
Debt Instrument [Line Items]
Stated coupon interest	709
Accretion of debt discount and debt issuance costs	253
Interest expense	$ 962

Convertible Notes and Term Loan - Schedule of Future Payments on the Convertible Notes (Details) $ in Thousands	Jun. 30, 2020 USD ($)
2022 Convertible Notes
Debt Instrument [Line Items]
Remainder of 2020	$ 4,100
2021	8,200
2022	111,050
Total minimum payments	123,350
Less amount representing interest	(14,350)
Convertible Notes, principal amount	109,000
Less debt discount and debt issuance costs on Convertible Notes	(3,403)
Net carrying amount	105,597
2026 Convertible Notes
Debt Instrument [Line Items]
Remainder of 2020	1,715
2021	3,450
2022	3,450
2023	3,450
2024	3,450
2025 and beyond	235,175
Total minimum payments	250,690
Less amount representing interest	(20,690)
Convertible Notes, principal amount	230,000
Less debt discount and debt issuance costs on Convertible Notes	(7,591)
Net carrying amount	$ 222,409

Convertible Notes and Term Loan - Term Loan Narrative (Details) - USD ($) $ in Thousands			6 Months Ended	12 Months Ended
	Apr. 13, 2020	Jan. 07, 2019	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2019	Jan. 01, 2020	Feb. 29, 2016
Term Loan
Debt Instrument [Line Items]
Total term of the loan			4 years 6 months
Aggregate principal amount			$ 75,000		$ 75,000
Effective interest rate			10.47%
Net sales					$ 250,000
Debt instrument maturity date			Jan. 07, 2025
Percentage required to pay an additional exit fee on principal amount		4.00%
Consolidated net sales, 2020			$ 125,000
Consolidated net sales, thereafter			150,000
Unamortized debt discount and debt issuance costs on Term Loan			$ 3,941
Term Loan \| Paid on or Prior to the Three Year Anniversary of Closing Date
Debt Instrument [Line Items]
Prepayment premium, description			with respect to any prepayment paid or required to be paid on or prior to the three year anniversary of the Credit Agreement Closing Date, 5.00% of the Borrowings prepaid or required to be prepaid, plus all required interest payments that would have been due on the Borrowings prepaid or required to be prepaid through and including the three year anniversary of the Term Loan Closing Date
Prepayment premium percentage			5.00%
Term Loan \| Paid after the Three Year but on or Prior to the Four Year Anniversary of Closing Date
Debt Instrument [Line Items]
Prepayment premium, description			with respect to any prepayment paid or required to be paid after the three year anniversary of the Term Loan Closing Date but on or prior to the four year anniversary of the Term Loan Closing Date, 5.00% of the Borrowings prepaid or required to be prepaid
Prepayment premium percentage			5.00%
Term Loan \| Paid after the Four Year but on or Prior to the Five Year Anniversary of Closing Date
Debt Instrument [Line Items]
Prepayment premium, description			with respect to any prepayment paid or required to be paid after the four year anniversary of the Term Loan Closing Date but on or prior to the five year anniversary of the Term Loan Closing Date, 2.50% of the Borrowings prepaid or required to be prepaid
Prepayment premium percentage			2.50%
Term Loan \| Paid Thereafter
Debt Instrument [Line Items]
Prepayment premium, description			with respect to any prepayment paid or required to be prepaid thereafter, 1.25% of the Borrowings prepaid or required to be prepaid
Prepayment premium percentage			1.25%
Term Loan \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount	$ 230,000
Percentage Of Market Capitalization	20.00%
Term Loan \| Maximum \| Scenario Forecast
Debt Instrument [Line Items]
Net sales				$ 375,000
Term Loan \| Minimum
Debt Instrument [Line Items]
Consolidated net sales, 2019			$ 70,000
Term Loan \| LIBOR
Debt Instrument [Line Items]
Effective interest rate		7.00%				6.75%
Convertible Notes
Debt Instrument [Line Items]
Total term of the loan			1 year 9 months
Lender
Debt Instrument [Line Items]
Aggregate principal amount							$ 75,000
Lender \| Term Loan
Debt Instrument [Line Items]
Total term of the loan		6 years
Aggregate principal amount		$ 75,000	$ 75,000
Payment of closing fee to the lenders in form of origination issue discount		$ 1,100

Convertible Notes and Term Loan - Components of Term Loan (Details) - Term Loan - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal amount of the Term Loan	$ 75,000	$ 75,000
Unamortized debt discount and debt issuance costs	(941)	(1,337)
Net carrying amount	$ 74,059	$ 73,663

Convertible Notes and Term Loan - Components of Interest Expense on Term Loan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Accretion of debt discount and debt issuance costs			$ 1,523	$ 1,127
Interest expense	$ 3,454		5,936
Term Loan
Debt Instrument [Line Items]
Stated coupon interest	1,754	$ 1,801	3,507	3,421
Accretion of debt discount and debt issuance costs	200	179	396	332
Interest expense	$ 1,954	$ 1,980	$ 3,903	$ 3,753

Convertible Notes and Term Loan - Schedule of Future Payments on the Term Loan (Details) - Term Loan - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Remainder of 2020	$ 3,546
2021	7,034
2022	7,034
2023	39,187
2024	36,072
2025	11,348
Total minimum payments	104,221
Less amount representing interest	(26,221)
Term Loan, gross	78,000
Less debt discount and debt issuance costs on Convertible Notes	(3,941)
Net carrying amount	$ 74,059	$ 73,663

Commitments and Contingencies - Schedule of Non-Cancellable Purchase Commitment (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Commitments and Contingencies.
Remainder of 2020	$ 12,711
2021	27,485
2022	8,403
2023	600
Total obligations	$ 49,199

Commitments and Contingencies - Additional Information (Details)	May 02, 2019
Amgen
Loss Contingencies [Line Items]
Royalty payment term	5 years

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jul. 31, 2015 ft²	Jun. 30, 2020 USD ($) ft²	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) ft² item	Jun. 30, 2019 USD ($)	Dec. 31, 2019
Lessee Lease Description [Line Items]
Future minimum lease payments for the undelivered vehicles \| $		$ 1,551		$ 1,551
Cash paid for amounts included in measurement of lease liabilities \| $		$ 800	$ 700	$ 1,600	$ 1,300
Operating lease weighted average remaining term		4 years 6 months		4 years 6 months		4 years 8 months 12 days
Operating lease Weighted average discount rate		8.10%		8.10%		8.20%
Finance lease weighted average remaining term		2 years 10 months 24 days		2 years 10 months 24 days
Finance lease Weighted average discount rate		5.80%		5.80%
Corporate Headquarters Lease
Lessee Lease Description [Line Items]
Area of office space leased \| ft²	47,789
Lease Expiration Date	Sep. 01, 2024
Option to extend lease				true
Term of optional lease renewal	5 years
New Camarillo Lease
Lessee Lease Description [Line Items]
Area of office space leased \| ft²		25,017		25,017
Lease Expiration Date				May 01, 2027
Option to extend lease				true
Term of optional lease renewal		5 years		5 years
Vehicle leases
Lessee Lease Description [Line Items]
Number of vehicles leased \| item				35
Term of leases		36 months		36 months

Leases - Schedule of Balance Sheet Classification of Lease Liabilities (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Dec. 31, 2019

Assets:

Operating lease right-of-use assets

$ 10,999

$ 10,649

^[1]

Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]

Operating lease right-of-use assets

Finance lease

$ 1,447

Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]

Property Plant And Equipment Net

Total leased assets

$ 12,446

$ 10,649

Liabilities:

Operating lease, liability, current

$ 2,437

$ 2,196

Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]

Other Liabilities Current

Operating lease liability noncurrent

$ 10,352

$ 10,256

Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]

Operating lease liability noncurrent

Total operating lease liabilities

$ 12,789

$ 12,452

Finance lease liabilities, current

$ 480

Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]

Other Liabilities Current

Finance lease liabilities, non-current

$ 952

Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]

Operating lease liability noncurrent

Total finance lease liabilities

$ 1,432

$ 0

[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.

Leases - Operating Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases
Operating lease costs	$ 0.8	$ 0.5	$ 1.6	$ 1.1
Cash paid for amounts included in measurement of lease liabilities	$ 0.8	$ 0.7	$ 1.6	$ 1.3

Leases - Schedule of Maturities of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating leases
Remainder of 2020	$ 1,646
2021	3,425
2022	3,293
2023	3,438
2024	2,888
2025 and beyond	700
Total lease payments	15,390
Less imputed interest	(2,601)
Total operating lease liabilities	12,789	$ 12,452
Finance leases
Remainder of 2020	285
2021	526
2022	527
2023	213
Total lease payments	1,551
Less imputed interest	(119)
Total finance lease liabilities	$ 1,432	$ 0

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

Common Stock and Stock-Based Compensation - Options and restricted stock units granted to employees and nonemployees (Details) - Employees and Nonemployees Stock Option and Restricted Stock Units - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 9,425	$ 7,991	$ 18,980	$ 17,486
Capitalized stock-based compensation expense into inventory	438	513	872	831
Cost of Goods Sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	176		221
Research and Development Expense.
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,495	2,963	7,085	6,622
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 5,754	$ 5,028	$ 11,674	$ 10,864

Net Income Per Share - Computation of Basic and Diluted Net Income Per Share Attributable to the Company (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income	$ 59,031	$ 23,567	$ 94,603	$ 3,563
Denominator:
Weighted-average common shares outstanding	71,099,773	69,479,016	70,880,979	69,310,791
Basic net income per share	$ 0.83	$ 0.34	$ 1.33	$ 0.05
Numerator:
Net income	$ 59,031	$ 23,567	$ 94,603	$ 3,563
Add interest expense on convertible notes, net of tax	3,454		5,936
Numerator for diluted net income per share attributable to Coherus	$ 62,485	$ 23,567	$ 100,539	$ 3,563
Denominator:
Denominator for basic net income per share	71,099,773	69,479,016	70,880,979	69,310,791
Stock options, including purchases from contributions to ESPP	3,208,580	3,469,172	3,437,358	2,953,049
Restricted stock units	104,092	15,784	96,163	17,724
Shares issuable upon conversion of convertible notes	14,247,835		9,360,853
Denominator for diluted net income per share attributable to Coherus	88,660,280	72,963,972	83,775,353	72,281,564
Diluted net income per share	$ 0.70	$ 0.32	$ 1.20	$ 0.05

Net Income Per Share - Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Income Per Share Attributable to Coherus (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	12,748,634	14,815,669	11,384,913	14,669,249
Stock Options, Including Purchases from Contributions to ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	12,739,884	10,341,798	11,378,471	10,195,378
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	8,750		6,442
Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	0	4,473,871	0	4,473,871

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Taxes
Income tax provision	$ 1,294,000	$ 51,000	$ 2,227,000	$ 51,000
U.S. federal statutory income tax rate			21.00%

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Feb. 29, 2016
Related Party Transaction [Line Items]
Research and development expense	$ 26,173	$ 18,883	$ 59,280	$ 37,672
Affiliated Entity
Related Party Transaction [Line Items]
Aggregate principal amount					$ 25,000

Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value Measurements Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 456,263	$ 155,763
Contingent Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	102	102
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	428,263	155,763
Level 1 \| Contingent Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	28,000
Level 2 \| Contingent Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0
Level 3 \| Contingent Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	102	102
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	223,941	155,523
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	223,941	155,523
Money Market Funds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0
Money Market Funds \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0
Restricted Cash (Money Market Funds)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	440	240
Restricted Cash (Money Market Funds) \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	440	$ 240
Restricted Cash (Money Market Funds) \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0
Restricted Cash (Money Market Funds) \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0
Corporate notes and Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	28,000
Corporate notes and Commercial paper \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0
Corporate notes and Commercial paper \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	28,000
Corporate notes and Commercial paper \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0
U.S. government agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	203,882
U.S. government agency securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	203,882
U.S. government agency securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	0
U.S. government agency securities \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 0