0001558370-21-001829 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2020	Jan. 31, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Documents Incorporated by Reference	Part III incorporates by reference certain information from the registrant’s definitive proxy statement for the 2021 Annual Meeting of Stockholders.
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,793,660
Entity Public Float			$ 0.9
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001512762
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 541,158	$ 177,668
Trade receivables, net	157,046	141,992
Inventory	44,233	9,807
Prepaid manufacturing	19,429	8,578
Other prepaid and other assets	5,613	4,964
Total current assets	767,479	343,009
Property and equipment, net	10,108	5,840
Inventory, non-current	47,956	45,264
Operating lease right-of-use assets	9,956	10,649
Intangible assets	2,620	2,620
Goodwill	943	943
Restricted cash, non-current	440	240
Other assets, non-current	2,147	362
Total assets	841,649	408,927
Current liabilities:
Accounts payable	15,201	25,985
Accrued rebates, fees and reserve	81,529	51,120
Accrued compensation	22,244	18,410
Accrued liabilities	22,818	17,258
Other current liabilities	3,861	2,196
Total current liabilities	145,653	114,969
Contingent consideration, non-current	102	102
Convertible notes due 2022	79,885	78,542
Convertible notes due 2022 - related parties	26,628	26,181
Convertible notes due 2026	223,029
Term loan	74,481	73,663
Lease liabilities, non-current	9,948	10,256
Other liabilities, non-current	949
Total liabilities	560,675	303,713
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock ($0.0001 par value; shares authorized: 300,000,000; shares issued and outstanding: 72,513,348 and 70,366,661 at December 31, 2020 and 2019, respectively)	7	7
Additional paid-in capital	1,043,991	1,000,763
Accumulated other comprehensive loss	(270)	(558)
Accumulated deficit	(762,754)	(894,998)
Total stockholders' equity	280,974	105,214
Total liabilities and stockholders' equity	$ 841,649	$ 408,927

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Consolidated Balance Sheets
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	72,513,348	70,366,661
Common stock, shares outstanding	72,513,348	70,366,661

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue:
Net product revenue	$ 475,824	$ 356,071	$ 0
Operating expenses:
Cost of goods sold	37,667	17,078
Research and development	142,759	94,188	110,239
Selling, general and administrative	139,079	137,037	94,177
Total operating expenses	319,505	248,303	204,416
Income (loss) from operations	156,319	107,768	(204,416)
Interest expense (includes related party expense of $2,498, $2,457 and $2,421 for the years ended December 31, 2020, 2019 and 2018, respectively)	(21,166)	(17,601)	(9,684)
Other income, net	554	2,608	4,691
Net income (loss) before income taxes	135,707	92,775	(209,409)
Income tax provision	3,463	2,942	0
Net income (loss)	132,244	89,833	(209,409)
Net loss attributable to non-controlling interest			70
Net income (loss) attributable to Coherus	$ 132,244	$ 89,833	$ (209,339)
Net income (loss) per share attributable to Coherus:
Basic	$ 1.85	$ 1.29	$ (3.22)
Diluted	$ 1.62	$ 1.23	$ (3.22)
Weighted-average number of shares used in computing net income (loss) per share attributable to Coherus:
Basic	71,411,705	69,679,916	65,034,827
Diluted	83,491,898	73,185,943	65,034,827

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Operations
Interest expense from transactions with related party	$ 2,498	$ 2,457	$ 2,421

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 132,244	$ 89,833	$ (209,409)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	288	(276)	468
Comprehensive income (loss)	132,532	89,557	(208,941)
Comprehensive loss attributable to non-controlling interest			70
Comprehensive income (loss) attributable to Coherus	$ 132,532	$ 89,557	$ (208,871)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- 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

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($)	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 Cumulative translation adjustment	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total Coherus Stockholder Equity (Deficit) 2019 Bonus Payout	Total Coherus Stockholder Equity (Deficit) 2018 Bonus Payout	Total Coherus Stockholder Equity (Deficit) Common stock offering, net	Total Coherus Stockholder Equity (Deficit) Cumulative translation adjustment	Total Coherus Stockholder Equity (Deficit)	Noncontrolling Interest	2019 Bonus Payout	2018 Bonus Payout	Common stock offering, net	Cumulative translation adjustment	Total
Beginning Balances at Dec. 31, 2017				$ 6,000				$ 808,060,000	$ 468,000	$ (750,000)	$ (775,492,000)				$ 468,000	$ 31,824,000	$ (1,289,000)				$ 468,000	$ 30,535,000
Beginning Balances, Shares at Dec. 31, 2017				59,840,467
Issuance of common stock			$ 1,000				$ 101,787,000							$ 101,788,000						$ 101,788,000
Issuance of common stock, Shares			7,747,778
Issuance of common stock upon exercise of stock options								2,153,000								2,153,000						2,153,000
Issuance of common stock upon exercise of stock options, Shares				477,019
Issuance of common stock upon vesting of restricted stock units (RSUs), Shares				61,804
Issuance of common stock under the employee stock purchase plan ("ESPP")								1,591,000								1,591,000						1,591,000
Issuance of common stock under the employee stock purchase plan ("ESPP"), Shares				175,613
Stock-based compensation expense								34,984,000								34,984,000						34,984,000
Cumulative translation adjustment																						468,000
Distributions to non-controlling interest								(2,060,000)								(2,060,000)	(70,000)					(2,130,000)
Purchase of the remaining non-controlling interest																	$ 1,359,000					1,359,000
Net income (loss) attributable to Coherus											(209,339,000)					(209,339,000)						(209,339,000)
Ending Balances at Dec. 31, 2018				$ 7,000				946,515,000	(276,000)	(282,000)	(984,831,000)				(276,000)	(38,591,000)					(276,000)	(38,591,000)
Ending Balances, shares at Dec. 31, 2018				68,302,681
Issuance of common stock							$ 8,228,000							$ 8,228,000						$ 8,228,000
Issuance of common stock, Shares			761,130
Issuance of common stock upon exercise of stock options								5,934,000								5,934,000						5,934,000
Issuance of common stock upon exercise of stock options, Shares				863,940
Issuance of common stock upon vesting of restricted stock units (RSUs)						$ 2,165,000							$ 2,165,000						$ 2,165,000
Issuance of common stock upon vesting of restricted stock units (RSUs), Shares		175,054		39,765
Issuance of common stock under the employee stock purchase plan ("ESPP")				$ 289,977				3,518,000								3,518,000						3,518,000
Taxes paid related to net share settlement of bonus payout in RSUs								(815,000)								(815,000)						(815,000)
Taxes paid related to net share settlement of bonus payout in RSUs, Shares				(65,886)
Stock-based compensation expense								35,218,000								35,218,000						35,218,000
Cumulative translation adjustment																						(276,000)
Net income (loss) attributable to Coherus											89,833,000					89,833,000						89,833,000
Ending Balances at Dec. 31, 2019				$ 7,000				1,000,763,000	$ 288,000	(558,000)	(894,998,000)				$ 288,000	105,214,000					$ 288,000	$ 105,214,000
Ending Balances, shares at Dec. 31, 2019				70,366,661																		70,366,661
Issuance of common stock					$ 2,378,000							$ 2,378,000						$ 2,378,000
Issuance of common stock, Shares	134,099
Issuance of common stock upon exercise of stock options								17,061,000								17,061,000						$ 17,061,000
Issuance of common stock upon exercise of stock options, Shares				1,704,764																		1,704,764
Issuance of common stock upon vesting of restricted stock units (RSUs), Shares				89,668
Issuance of common stock under the employee stock purchase plan ("ESPP")								3,801,000								3,801,000						$ 3,801,000
Issuance of common stock under the employee stock purchase plan ("ESPP"), Shares				267,772
Taxes paid related to net share settlement of bonus payout in RSUs								(880,000)								(880,000)						(880,000)
Taxes paid related to net share settlement of bonus payout in RSUs, Shares				(49,616)
Purchase of capped call options related to convertible notes due 2026								(18,170,000)								(18,170,000)						(18,170,000)
Stock-based compensation expense								39,038,000								39,038,000						39,038,000
Cumulative translation adjustment																						288,000
Net income (loss) attributable to Coherus											132,244,000					132,244,000						132,244,000
Ending Balances at Dec. 31, 2020				$ 7,000				$ 1,043,991,000		$ (270,000)	$ (762,754,000)					$ 280,974,000						$ 280,974,000
Ending Balances, shares at Dec. 31, 2020				72,513,348																		72,513,348

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income (loss)	$ 132,244	$ 89,833	$ (209,409)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,888	3,259	3,235
Remeasurement of fair-value contingent consideration		42	(3,230)
Stock-based compensation expense	38,160	33,591	34,797
Non-cash accretion of discount on marketable securities	(155)	(165)	(301)
Non-cash interest expense from amortization of debt discount	3,481	2,339	1,484
Impairment of property and equipment		110	3,861
Excess and obsolete inventory	0	410	0
Other non-cash adjustments	426
Non-cash operating lease expense	2,081	1,789
Upfront and milestone based license fee payments	7,500	11,075
Changes in operating assets and liabilities:
Trade receivables, net	(15,218)	(141,992)
Inventory	(36,188)	(48,184)	(5,484)
Prepaid manufacturing	(10,851)	(672)	7,063
Other prepaid and current assets	(235)	(2,126)	1,146
Other assets, non-current	(1,785)	(348)	(1)
Accounts payable	(9,820)	9,893	(301)
Accounts payable - related parties			(233)
Accrued rebates, fees and reserve	30,409	51,120
Accrued compensation	6,212	10,035	8,466
Accrued and other liabilities	5,486	10,386	69
Lease liabilities	1,439	2,010
Other liabilities, non-current	949	(30)	(428)
Net cash provided by (used in) operating activities	154,145	28,355	(159,266)
Investing activities
Purchases of property and equipment	(7,231)	(1,822)	(789)
Proceeds from disposal of property and equipment	175
Purchases of investments in marketable securities	(273,845)	(20,235)	(42,869)
Proceeds from maturities of investments in marketable securities	274,000	20,400	43,170
Upfront and milestone based license fee payments	(7,500)	(11,075)
Purchase of non-controlling interest related to InteKrin Russia			(300)
Purchase of non-controlling interest related to InteKrin Russia - related party			(400)
Net cash used in investing activities	(14,401)	(12,732)	(1,188)
Financing activities
Proceeds from common stock offering, net of underwriters discounts, commissions and offering costs		8,153	101,748
Proceeds from issuance of Convertible Notes due 2026, net of issuance costs	222,156
Purchase of capped call options related to Convertible Notes due 2026	(18,170)
Proceeds from term loan, net of issuance costs		72,955
Proceeds from issuance of common stock upon exercise of stock options	17,428	5,558	2,082
Proceeds from purchase under the employee stock purchase plan	3,801	3,519	1,591
Taxes paid related to net share settlement of bonus payout in RSUs	(880)	(815)
Principal payments for finance lease obligations	(389)
Net cash provided by financing activities	223,946	89,370	105,421
Effect of exchange rate changes in cash, cash equivalents and restricted cash		(276)	468
Net increase (decrease) in cash, cash equivalents and restricted cash	363,690	104,717	(54,565)
Cash, cash equivalents and restricted cash at beginning of period	177,908	73,191	127,756
Cash, cash equivalents and restricted cash at end of period	541,598	177,908	73,191
Supplemental disclosure of cash flow information
Cash paid for interest	16,959	15,263	8,200
Cash paid for income taxes	3,953	1,732
Right-of-use assets obtained in exchange for lease obligations related to operating leases	1,388	5,267
Right-of-use assets obtained in exchange for lease obligations related to finance leases	1,817
Supplemental disclosures of non-cash investing and financing activities
Purchase of property and equipment in accounts payable and accrued liabilities	109	999	272
Non-cash non-controlling interest reflected in additional paid in capital			1,359
Non-cash employee bonuses settled in common stock	$ 1,498	$ 1,350
Common stock offering costs in accounts payable and accrued liabilities			$ 75

Organization and Operations

12 Months Ended

Dec. 31, 2020

Organization and Operations

Organization and Operations

1.Organization and Operations

Description of the Business

Coherus BioSciences, Inc. (the “Company” or “Coherus”) is a commercial-stage biotherapeutics company, focused on the biosimilar and immuno-oncology market primarily in the United States. The Company’s headquarters and laboratories are located in Redwood City, California and in Camarillo, California, respectively. The Company’s product pipeline comprises of four drugs, CHS-1420 (an adalimumab (Humira) biosimilar), a ranibizumab (Lucentis) biosimilar in-licensed for U.S. and Canadian commercial rights from Bioeq AG, a bevacizumab (Avastin) biosimilar in-licensed for U.S. commercial rights from Innovent Biologics (Suzhou) Co., Ltd. and toripalimab, an anti-PD-1 antibody being developed in collaboration with Shanghai Junshi Biosciences 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

12 Months Ended

Dec. 31, 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

Basis of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The accompanying consolidated financial statements include the accounts of Coherus and its wholly owned subsidiaries as of December 31, 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.

Liquidity

As of December 31, 2020, the Company had an accumulated deficit of $762.8 million and cash and cash equivalents of $541.2 million. The Company had $132.2 million in net income for the year ended December 31, 2020. The Company believes that its current available cash, cash equivalents and cash collected from UDENYCA® sales will be sufficient to fund its planned expenditures and meet the Company’s obligations for at least 12 months following its financial statement issuance date. The Company may need to raise additional funds in the future; however there can be no assurance that such efforts will be successful or that, in the event that they are successful, the terms and conditions of such financing will be favorable. If the Company is unable to obtain adequate financing when needed, it may have to delay, reduce the scope of or suspend one or more of its clinical trials, or research and development programs.

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 reported in the financial statements. Management uses significant judgment when making estimates including, but not limited to: those related to revenue recognition, including determining the nature and timing of satisfaction of performance obligations, and determining the standalone selling price of performance obligations, and variable consideration such as rebates, chargebacks, sales returns and sale allowances, as well as milestones included in collaboration and license arrangements; related to its stock-based compensation, valuation of deferred tax assets, impairment of goodwill and long-lived assets, the valuation of acquired intangible assets, valuation and reserves for inventory, clinical trial accruals, contingent consideration, convertible notes valuation, as well as certain accrued liabilities. Management bases its estimates on historical experience and on other various 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 which resulted in an increase in net product revenue of $7.5 million for the year ended December 31, 2020. The refund adjustment resulted in an increase in basic and diluted net income per share of $0.11 and $0.09, respectively, during the year ended December 31, 2020. Accrued commercial payer rebates of $27.9 million and $14.0 million were recorded in accrued rebates, fees and reserve as of December 31, 2020 and December 31, 2019, respectively, in the consolidated balance sheet.

Foreign Currency

The functional currency of InteKrin Russia, which the Company acquired in February 2014, is the Russian Ruble. Accordingly, the financial statements of this subsidiary are translated into U.S. dollars using appropriate exchange rates. Unrealized gains or losses on translation are recognized in accumulated other comprehensive loss in the consolidated balance sheet.

For the years ended December 31, 2020, 2019 and 2018, the foreign exchange gains and losses recorded in other income, net in the consolidated statements of operations were a net loss of $333,000, net gain of $239,000 and a net loss of $571,000, respectively.

Segment Reporting and Revenue by Geographic Region

The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing biosimilar products and, as part of the InteKrin acquisition, small molecules. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All revenue is generated in the United States of America and all Long-lived assets are primarily maintained in the United States of America.

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash are comprised of cash and highly liquid investments with remaining maturities of 90 days or less at the date of purchase. The Company limits cash investments to financial institutions with high credit standings; therefore, management believes that there is no significant exposure to any credit risk in the Company’s cash, cash equivalents and restricted cash.

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


	Year Ended December 31,
	2020		2019		2018
Cash and cash equivalents	$	541,158	$	177,668	$	72,356
Restricted cash		—		—		50
Restricted cash - non-current		440		240		785
Total cash, cash equivalents and restricted cash	$	541,598	$	177,908	$	73,191

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

The Company classifies the up-front and milestone payments related to licensing arrangements as cash flows from investing activities in its consolidated statements of cash flows.

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. For the years ended December 31, 2020, 2019 and 2018, interest income from marketable securities was $0.6 million, $1.6 million and $1.4 million, respectively.

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 December 31, 2020.

Concentration of Credit Risk

The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company maintains its cash in bank accounts, which at times exceed federally insured limits. The Company attempts to minimize the risks related to cash, cash equivalents and restricted cash by investing in money markets with a broad and diverse range of financial instruments. The investment portfolio is maintained in accordance with the Company’s investment policy, which defines allowable investments, specifies credit quality standards and limits the credit exposure of any single issuer. The Company also maintains restricted cash in money market funds that invest primarily in U.S. Treasury securities. The Company has not recognized any losses from credit risks on such accounts during any of the periods presented. The Company believes it is not exposed to significant credit risk on its cash and money market funds.

The Company is subject to credit risk from trade receivables related to the product sales in the United States. To date, the Company has not experienced significant losses with respect to the collection of trade receivables. The Company believes that its allowance for doubtful accounts was adequate at December 31, 2020.

The Company entered into a strategic commercial supply agreement with KBI Biopharma (“KBI”) for the supply of UDENYCA®. The Company currently has not engaged back-up suppliers or vendors for this single-sourced service. If KBI is not able to manufacture the supply needed in the quantities and timeframe required, the Company may not be able to supply the product in a timely manner.

Fair Value of Financial Instruments

Fair value accounting is applied to all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis.

Inventory

Prior to the regulatory approval of the product candidates, the Company incurred expenses for the manufacture of drug product that could potentially be available to support the commercial launch of its products. The Company began to capitalize inventory costs associated with UDENYCA® after receiving regulatory approval for UDENYCA® in November 2018 when it was determined that the inventory had a probable future economic benefit.

Inventory is stated at the lower of cost or estimated net realizable value with cost determined under the first-in first-out method. Inventory costs include third-party contract manufacturing, third-party packaging services, freight, labor costs for personnel involved in the manufacturing process, and indirect overhead costs. The Company primarily uses actual costs to determine the cost basis for inventory. The determination of whether inventory costs will be realizable requires management review of the expiration dates of UDENYCA®

compared to its forecasted sales. If actual market conditions are less favorable than projected by management, write-downs of inventory may be required, which would be recorded as cost of goods sold in the consolidated statement of operations.

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation and amortization. Maintenance and repairs are charged to expense as incurred, and costs of improvements are capitalized. Depreciation and amortization is recognized using the straight-line method over the following estimated useful lives:


Computer equipment and software		3 years
Furniture and fixtures		5 years
Machinery and equipment		5 years
Leasehold improvements		Shorter of lease term or useful life

Impairment of Long Lived Assets and Acquired Intangible Asset

The Company reviews long-lived assets, including property and equipment, and indefinite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. Impairment, if any, is measured as the amount by which the carrying value of a long-lived asset exceeds its fair value. There were no impairments recorded during the year ended December 31, 2020. For the years ended December 31, 2019 and 2018, the Company recorded an impairment of property and equipment of $0.1 million and $3.9 million, respectively, in research and development within the statement of operations.

The intangible assets of $2.6 million as of December 31, 2020 and 2019 comprise of acquired in-process research and development (“IPR&D”), which represents the fair value assigned to research and development assets that have not reached technological feasibility. The Company reviews amounts capitalized as acquired IPR&D for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. If the carrying value of the acquired IPR&D exceeds its fair value, then the intangible asset is written-down to its fair value. As of December 31, 2020, there have been no such impairments. Once the product candidate derived from the indefinite-lived intangible asset has been developed and commercialized, the useful life will be determined, and the carrying value of the finite-lived asset will be amortized prospectively over the estimated useful life. Alternatively, if the product candidate is abandoned, the carrying value of the intangible will be charged to research and development expense.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The Company tests goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that this asset may be impaired. The goodwill test is based on our single operating segment and reporting unit structure.

The Company compares the fair value of its reporting unit to its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then the Company would need to determine the implied fair value of the reporting unit’s goodwill. If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, then the Company would record an impairment loss equal to the difference. No goodwill impairment was identified through December 31, 2020.

Accrued Research and Development Expense

Clinical trial costs are a component of research and development expense. The Company accrues and expenses clinical trial activities performed by third parties based upon actual work completed in accordance with agreements established with clinical research and manufacturing organizations and clinical sites. The Company determines the actual costs through monitoring patient enrollment, discussions with internal personnel and external service providers regarding the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services.

Net Product Revenue

The Company accounts for sales of UDENYCA® under Topic 606 Revenue from Contracts with Customers. The Company sells UDENYCA® to wholesalers and distributors, (collectively, “Customers”). The Customers then resell UDENYCA® to hospitals and clinics (collectively, “Healthcare Providers”) pursuant to contracts with the Company. In addition to distribution agreements with Customers and contracts with Healthcare Providers, the Company enters into arrangements with group purchasing organizations (“GPOs”) that provide for U.S. government-mandated or privately-negotiated rebates, chargebacks and discounts with respect to the purchase of UDENYCA®. The Company also enters into rebate arrangements with payers, which consist primarily of commercial insurance companies and government entities, to cover the reimbursement of UDENYCA® to Healthcare Providers. The Company provides co-payment assistance to patients who have commercial insurance and meet certain eligibility requirements. Revenue from product sales is recognized when a Customer controls the product, which occurs upon delivery of UDENYCA® to and acceptance by that Customer.

Product Sales Discounts and Allowances

Revenue from product sales is recorded at the net sales price (“transaction price”), which includes estimates of variable consideration for which reserves are established and that result from chargebacks, rebates, co-pay assistance, prompt-payment discounts, returns and other allowances that are offered within contracts between the Company and its Customers, Healthcare Providers, payers and GPOs relating to the sales of UDENYCA®. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions in trade receivables (if the amounts are payable to a Customer) or current liabilities (if the amounts are payable to a party other than a Customer). Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as historical experience, current contractual and statutory requirements, specifically known market events and trends, industry data and forecasted Customer buying and payment patterns. Overall, these reserves reflect the best estimates of the amount of consideration to which the Company is entitled based on the terms of its contracts. The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. The actual amount of consideration ultimately received may differ. If actual results in the future vary from the Company’s estimates, the estimates will be adjusted, which will affect the net product revenue in the period that such variances become known.

Chargebacks: Chargebacks are discounts that occur when Healthcare Providers purchase directly from a Customer. Healthcare Providers, which belong to Public Health Service institutions, non-profit clinics, government entities, GPOs, and health maintenance organizations, generally purchase the product at a discounted price. The Customer, in turn, charges back to the Company the difference between the price initially paid by the Customer and the discounted price paid by the Healthcare Providers to the Customer. The allowance for chargebacks is based on an estimate of sales through to Healthcare Providers from the Customer.

Discounts for Prompt Payment: The Company provides for prompt payment discounts to its Customers, which are recorded as a reduction in revenue in the same period that the related product revenue is recognized.

Rebates: Rebates include mandated discounts under the Medicaid Drug Rebate Program, other government programs and commercial contracts. Rebate amounts owed after the final dispensing of the product to a benefit plan participant are based upon contractual agreements or legal requirements with these public sector benefit providers. Certain rebate amounts commensurate with share utilization of UDENYCA® relative to other pegfilgrastim products. The accrual for rebates is based on statutory or contractual discount rates and expected utilization. The estimates for the expected utilization of rebates are based on Customer and commercially available payer data, as well as data collected from the Healthcare Providers, Customers, GPOs, and historical utilization rates. Rebates invoiced by payers, Healthcare Providers and GPOs are paid in arrears. If actual future rebates vary from estimates, the Company may need to adjust its accruals, which would affect net product revenue in the period of adjustment.

Co-payment Assistance: Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue.

Product Returns: The Company offers its Customers a limited product return right, which is principally based upon whether the product is damaged or defective, or the product’s expiration date. Product return allowance is estimated and recorded at the time of sale.

Other Allowances: The Company pays fees to Customers and GPOs for account management, data management and other administrative services. To the extent that the services received are distinct from the sale of products to the customer, these payments are classified in selling, general and administrative expense in the Company’s consolidated statements of operations, otherwise they are included as a reduction in product revenue.

Cost of Goods Sold

Cost of goods sold consists primarily of third-party manufacturing, distribution, and overhead costs associated with UDENYCA®. A portion of the costs of producing UDENYCA® sold to date was expensed as research and development prior to the FDA approval of UDENYCA® and, therefore, it is not reflected in the cost of goods sold.

On May 2, 2019, the Company and Amgen Inc. and Amgen USA Inc. (collectively “Amgen”) settled a trade secret action brought by Amgen. As a result, cost of goods sold reflects a mid-single digit royalty on net product revenue, which began on July 1, 2019. The royalty cost will continue for five years pursuant to the settlement.

Cost of goods sold for the year ended December 31, 2019, included write-off of prepaid manufacturing costs of $1.3 million due to the cancellation of certain manufacturing reservations, and $0.4 million due to the write-off of excess and obsolete inventory. There were no material inventory write-offs recorded during the years ended December 31, 2020 and 2018.

Research and Development Expense

Research and development costs are charged to expense as incurred. Research and development expense includes, among other costs, salaries and other personnel-related costs, consultant fees, preclinical costs, cost to manufacture drug candidates, clinical trial costs and supplies, laboratory supply costs, upfront and milestone payments under the licensing agreements and facility-related costs. Costs incurred under agreements with third parties are charged to expense as incurred in accordance with the specific contractual performance terms of such agreements. Third-party costs include costs associated with manufacturing drug candidates, preclinical and clinical support activities. In certain cases, amounts received as reimbursement for research and development activities from the Company’s collaborators are recognized as a reduction in research and development expense when the Company engages in a research and development project, jointly with another party, with both parties incurring costs while actively participating in project activities and sharing costs and potential benefits of the arrangement. Costs incurred under arrangements where the Company provides research services approximate the amount of revenues recorded. Advance payments for goods or services to be received in the future to be utilized in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are rendered.

The Company considers regulatory approval of product candidates to be uncertain, and product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained. The Company expenses manufacturing costs as incurred to research and development expense for product candidates prior to regulatory approval. If, and when, regulatory approval of a product is obtained, the Company will begin capitalizing manufacturing costs related to the approved product into inventory.

Costs associated with the development, validation and scaling of manufacturing processes at new third party suppliers and regulatory registration of new third-party manufacturing facilities are recognized as research and development expenses. These costs generally comprise of all costs incurred in such activities prior to the process performance qualification (“PPQ”) production commencement stage at new manufacturing facilities. Costs incurred after the PPQ production commencement at new manufacturing facilities are capitalized as inventory as the regulatory approval at that point becomes probable and the net realizable value of the batches produced during this stage of the process is recoverable.

License Agreements

The Company has entered and may continue to enter into license agreements to access and utilize certain technology. To determine whether the licensing transactions should be accounted for as a business combination or as an asset acquisition, the Company makes certain judgments, which include assessing whether the acquired set of activities and assets would meet the definition of a business under the relevant accounting rules.

If the acquired set of activities and assets does not meet the definition of a business, the transaction is recorded as an acquisition of assets and, therefore, any acquired IPR&D that does not have an alternative future use is charged to expense at the acquisition date. To date none of the Company’s license agreements have been considered to be the acquisition of a business.

Selling, General and Administrative Expense

Selling, general and administrative expenses are primarily comprised of compensation and benefits associated with sales and marketing, finance, human resources, legal, information technology and other administrative personnel, outside marketing, advertising and legal expenses and other general and administrative costs. The Company expenses the cost of advertising, including promotional expenses, as incurred. Advertising expenses were $3.8 million, $4.5 million and $2.8 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Stock-Based Compensation

The Company measures the cost of equity-based service awards based on the grant-date fair value of the award. The compensation cost is recognized as expense on a straight-line basis over the vesting period for options and restricted stock units (“RSU”). The Company accounts for forfeitures as they occur.

On January 1, 2019, the Company adopted the ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payment to employees, with certain exceptions. Prior to the adoption of ASU No. 2018-07, the Company accounted for equity instruments issued to non-employees using the fair value approach. These equity instruments consisted of stock options, which were valued using the Black-Scholes option-pricing model. Stock-based compensation expense was recognized as the equity instruments were earned. The measurement of stock-based compensation was subject to periodic adjustments as the underlying equity instruments vested.

The Company utilizes the Black-Scholes option-pricing model for estimating fair value of its stock options and ESPP granted. Option valuation models, including the Black-Scholes option-pricing model, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award. For RSUs, the Company bases the fair value of awards on the closing market value of the common stock at the date of grant.

Income Taxes

The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance.

The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company does not expect its unrecognized tax benefits to change significantly over the next twelve months.

The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had accrued no amounts for interest and penalties related to income tax matters in the Company’s consolidated balance sheet at December 31, 2020 and 2019.

Operating and Finance Leases

The Company adopted ASU 2016-02, Leases on January 1, 2019. The Company elected the package of practical expedients upon transition, which allows it to apply the guidance prospectively, without reassessing prior conclusions related to contracts containing leases, lease classification and initial direct costs. Accordingly, the results for the years ended December 31, 2020 and 2019 are presented under Topic 842, and the results for the year ended December 31, 2018 are presented in accordance with the prior lease

guidance, ASC Topic 840: Leases. The new standard also provides practical expedients for an entity’s ongoing accounting. The Company elected an accounting policy that does not recognize right-of-use assets and lease liabilities related to short-term leases. The Company also elected the practical expedient to not separate lease and non-lease components for its facility and vehicle leases. The Company did not elect to apply the hindsight expedient.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, other current liabilities, and lease liabilities, non-current in the consolidated balance sheets. The Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise any such options. The Company recognizes operating lease expense for these leases on a straight-line basis over the term of the lease.

In 2019, the Company entered into a vehicle lease agreement, pursuant to which it currently leases 42 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. Assets acquired under finance leases are included in property and equipment, net, other current liabilities, and lease liabilities, non-current in the consolidated balance sheets and are depreciated to operating expenses on a straight-line basis over their estimated useful lives.

With the exception of initial adoption of the new lease standard, where the Company’s incremental borrowing rate used was the rate on the adoption date (January 1, 2019), the operating and finance lease ROU assets and the lease liabilities are recognized based on the present value of lease payments over the lease term at the lease commencement date. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities, as the Company's leases generally do not provide an implicit rate.

Net Income (Loss) per Share Attributable to Coherus

Basic net income (loss) per share attributable to Coherus is calculated by dividing the net income (loss) attributable to Coherus by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common shares. Diluted net income (loss) per share is computed by dividing the net income (loss) 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 (see Note 14).

Comprehensive Income (Loss)

Comprehensive income (loss) is composed of two components: net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to gains and losses that under U.S. GAAP are recorded as an element of stockholders’ equity (deficit), but are excluded from net income (loss). The Company’s other comprehensive income (loss) included foreign currency translation adjustments for the years ended December 31, 2020, 2019 and 2018.

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 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 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 consolidated financial statements.

The following are the recent accounting pronouncements that the Company has not yet adopted:

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which reduces the number of accounting models for convertible debt instruments and convertible preferred stock as well as amends the derivatives scope exception for contracts in an entity’s own equity. ASU 2020-06 is effective for the Company on January 1, 2022, with early adoption permitted. The Company is currently evaluating the potential impact that this standard may have on its consolidated financial statements and related disclosures.

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

12 Months Ended

Dec. 31, 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 and 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.

The Company’s financial instruments consist of Level 1 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.

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 are as follows (in thousands):


	Fair Value Measurements
	December 31, 2020
	Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	538,673	$	538,673	$	—	$	—
Restricted cash (money market funds)		440		440		—		—
Total financial assets	$	539,113	$	539,113	$	—	$	—
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

Contingent Consideration

As part of the InteKrin acquisition in February 2014, the Company recognized contingent consideration associated with potential payments to be made to the former InteKrin stockholders upon (i) the first dosing of a human subject in the first Phase 2 Clinical Trial for CHS-131 (“Earn-Out Payment”), which was achieved and settled by the Company in March 2015, and (ii) per a compound transaction agreement as defined in the purchase agreement (the “Compound Transaction Payment”). The size of the Compound Transaction Payment consideration is tiered based on the size of a license or similar agreement with a third party and the timing of such agreement.

The fair value measurement of the Compound Transaction Payment uses a probability-weighted discounted cash flow approach based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The Compound Transaction analysis as of December 31, 2020 applied a 20% risk-adjusted discount rate to measure present value and also captured an additional 8.0% credit spread for counterparty credit risk given the cash payment. The expected cash flow is based on estimates provided by the Company’s management including the timing and probability of occurrence. The value of the consideration is tiered based on the value of a license or similar agreement with a third party and the timing of such agreement. Generally, increases or decreases in the probability of occurrence would result in a directionally similar impact in the fair value measurement of the Compound Transaction Payment and it is estimated that a 1% increase (decrease) in the probability of occurrence would result in an immaterial fair value fluctuation.

For the years ended December 31, 2020, 2019 and 2018, the Company recognized a loss of $0, a loss of $42,000 and a gain of $3.2 million in other income, net in the consolidated statement of operations, respectively, as a result of the change in the fair value of the Compound Transaction Payment.

The following table sets forth a summary of changes in the estimated fair value of the contingent consideration (in thousands):


Balance as of December 31, 2017	$	3,290
Change in fair value of the contingent consideration liability		(3,230)
Balance as of December 31, 2018		60
Change in fair value of the contingent consideration liability		42
Balance as of December 31, 2019		102
Change in fair value of the contingent consideration liability		—
Balance as of December 31, 2020	$	102

The decrease of $3.2 million in the fair value of the Compound Transaction Payment during the year ended December 31, 2018 was primarily a result of a decrease in the probability of occurrence from 33% to 10% and an extension in the timing of occurrence to a later date.

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 $269.1 million (par value $230.0 million) as of December 31, 2020.

8.2% Convertible Notes due 2022

The estimated fair value of the 8.2% Convertible Senior Notes Due 2022, which the Company issued on February 29, 2016 (see Note 8) is based on an income approach. The estimated fair value was approximately $113.7 million (par value $100.0 million) as of December 31, 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 December 31, 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

12 Months Ended

Dec. 31, 2020

Inventory

Inventory

4.Inventory

The Company began capitalizing inventory in November 2018 once the FDA approved UDENYCA®. Inventory consisted of the following (in thousands):


	December 31,		December 31,
	2020		2019
Raw Materials	$	5,205	$	5,089
Work in process		43,952		43,446
Finished goods		43,032		6,536
Total	$	92,189	$	55,071

Balance sheet classification (in thousands):


	December 31,		December 31,
	2020		2019
Inventory	$	44,233	$	9,807
Inventory, non-current		47,956		45,264
Total	$	92,189	$	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 consolidated balance sheets. As of December 31, 2020 and 2019, the non-current portion of inventory consisted of raw materials and a portion of work in process.

Prepaid manufacturing of $19.4 million as of December 31, 2020 includes prepayments of $8.9 million 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; and prepayments of $10.5 million to various CMOs for other research and development pipeline programs. Prepaid manufacturing of $8.6 million as of December 31, 2019 includes prepayments of $7.2 million to a CMO for manufacturing services for UDENYCA®; and prepayments of $1.4 million to various CMOs for other research and development pipeline programs.

Other Assets, non-current of $2.1 million on the consolidated balance sheet as of December 31, 2020 primarily includes prepayments of $1.3 million made to a CMO for manufacturing services for UDENYCA®, which the Company expects to be converted into inventory after twelve months. The other assets, non current balance was immaterial as of December 31, 2019.

Balance Sheet Components

12 Months Ended

Dec. 31, 2020

Balance Sheet Components

Balance Sheet Components

5.Balance Sheet Components

Property and Equipment, Net

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


	December 31,		December 31,
	2020		2019
Machinery and equipment	$	13,301	$	12,611
Computer equipment and software		3,996		2,923
Furniture and fixtures		1,268		714
Leasehold improvements		5,830		4,388
Finance lease right of use assets		1,451		—
Construction in progress		312		1,500
Total property and equipment		26,158		22,136
Accumulated depreciation and amortization		(16,050)		(16,296)
Property and equipment, net	$	10,108	$	5,840

Depreciation and amortization expense was $2.9 million, $3.3 million and $3.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. During the year ended December 31, 2018, the Company identified an impairment indicator in machinery and equipment and upon further analysis recorded an impairment loss of $3.9 million within research and development expense in the consolidated statement of operations, given the undiscounted future cash flows were less than the carrying amount of the related machinery and equipment. There were no material impairments of property and equipment for the years ended December 31, 2020 and 2019.

Accrued Liabilities

Accrued liabilities are as follows (in thousands):


	December 31,		December 31,
	2020		2019
Accrued clinical and manufacturing	$	11,365	$	7,106
Accrued other		11,453		10,152
Accrued liabilities	$	22,818	$	17,258

Revenue

12 Months Ended

Dec. 31, 2020

Revenue

Revenue

6.	Revenue

The Company initiated U.S. sales of UDENYCA® on January 3, 2019. The Company recorded net product revenue of $475.8 million and $356.1 million during the years ended December 31, 2020 and 2019, respectively. There was no product revenue during the year ended December 31, 2018.

Revenue by significant Customer was distributed as follows:


	Year Ended		Year Ended
	December 31, 2020		December 31, 2019
	Percent of Total		Percent of Total
McKesson	38	%	42	%
AmeriSource-Bergen Corp	37	%	33	%
Cardinal	23	%	23	%
Others	2	%	2	%
Total revenue	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):


	Year Ended December 31, 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		462,328		115,864		114,372		692,564
Prior period		(1,336)		(3,438)		(6,288)		(11,062)
Payments and customer credits issued		(455,571)		(85,862)		(103,818)		(645,251)
Balance at December 31, 2020	$	40,580	$	54,058	$	28,760	$	123,398


	Year Ended December 31, 2019
	Chargebacks				Other Fees,
	and Discounts				Co-pay
	for Prompt				Assistance
	Payment		Rebates		and Returns		Total
Balance at December 31, 2018	$	—	$	—	$	—	$	—
Activity related to 2019 sales		226,901		46,810		70,775		344,486
Payments and customer credits issued		(191,742)		(19,316)		(46,281)		(257,339)
Balance at December 31, 2019	$	35,159	$	27,494	$	24,494	$	87,147

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 consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Licensing Arrangements

12 Months Ended

Dec. 31, 2020

Licensing Arrangements

Licensing Arrangements

7.Licensing Arrangements

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 “Licensed Products”). Under this agreement, Bioeq granted to the Company an exclusive, royalty-bearing license to commercialize the Licensed Products in the field of ophthalmology (and any other approved labelled indication) in the United States. Bioeq will supply to the Company the 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 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 Licensed Products in the U.S. in accordance with a development and manufacturing plan, and the Company must use commercially reasonable efforts to commercialize the 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 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 paid Bioeq an upfront and a milestone payment aggregating to €10 million ($11.1 million), which was recorded as research and development expense in the Company’s consolidated statement of operations for the year ended December 31, 2019. The Company is obligated to pay Bioeq an aggregate of up to €25 million in additional milestone payments in connection with the achievement of certain development and regulatory milestones with respect to the Licensed Products in the United States. The Company will share a percentage of gross profits on sales of 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 December 31, 2020 and 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.

Under the agreement, the Company committed to pay Innovent a $5.0 million upfront payment and 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. The Company accounted for the licensing transaction as an asset acquisition under the relevant accounting rules. The Company recorded research and development expense of $7.5 million during the year ended December 31, 2020 related to an upfront payment and a milestone payment for the bevacizumab Licensed Product. As of December 31, 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.

Debt Obligations

12 Months Ended

Dec. 31, 2020

Debt Obligations

Debt Obligations

8.Debt Obligations

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 December 31, 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 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 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 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):


	December 31,
	2020
Principal amount of the 2026 Convertible Notes	$	230,000
Unamortized debt discount and debt issuance costs		(6,971)
Total 2026 Convertible Notes	$	223,029

If the 2026 Convertible Notes were to be converted on December 31, 2020, the holders of the 2026 Convertible Notes would receive common shares with an aggregate value of $207.6 million based on the Company’s closing stock price of $17.38 as of December 31, 2020.

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



	Year Ended December 31,
	2020
Stated coupon interest	$	2,434
Accretion of debt discount and debt issuance costs		873
Total interest expense	$	3,307

The remaining unamortized debt discount and debt offering costs related to the Company’s 2026 Convertible Notes of approximately $7.0 million as of December 31, 2020, will be amortized using the effective interest rate over the remaining term of the 2026 Convertible Notes of 5.3 years. The annual effective interest rate is 2.11% for the 2026 Convertible Notes.

Future payments on the 2026 Convertible Notes as of December 31, 2020 are as follows (in thousands):


Year ending December 31,
2021		3,450
2022		3,450
2023		3,450
2024		3,450
2025 and beyond		235,175
Total minimum payments		248,975
Less amount representing interest		(18,975)
2026 Convertible Notes, principal amount		230,000
Less debt discount and debt issuance costs on 2026 Convertible Notes		(6,971)
Net carrying amount of 2026 Convertible Notes	$	223,029

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”) and received total net proceeds of approximately $99.2 million, after deducting issuance costs of $0.8 million. 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. If the Company fails to satisfy certain registration or reporting requirements, then additional interest will accrue on the 2022 Convertible Notes at a rate of up to 0.50% per annum in the aggregate. 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 on or after 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 events of default (as defined in the 2022 Convertible Note purchase agreement), the occurrence of which could result in the acceleration of all amounts due under the 2022 Convertible Notes. These events of default include, among others, certain failures to pay amounts due on the 2022 Convertible Notes, to deliver the consideration due upon conversion or to settle uninsured judgments, decrees or orders exceeding $10.0 million, and certain defaults on other indebtedness for money borrowed of at least $10.0 million, insolvency-related events and breaches of representations, subject, in some cases, to a cure period. The 2022 Convertible Notes also contain covenants restricting the Company’s ability to incur additional indebtedness for borrowed

money or convertible preferred stock and to pay dividends or make distributions on the Company’s equity interests, subject to certain exceptions. As of December 31, 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.

The Company granted the holders of the 2022 Convertible Notes certain registration rights requiring the Company to register, under the Securities Act of 1933, as amended, the resale of the shares of common stock issuable upon conversion or settlement of the 2022 Convertible Notes.

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 as of December 31, 2020 and 2019 (in thousands):


	December 31,		December 31,
	2020		2019
Principal amount of the 2022 Convertible Notes	$	81,750	$	81,750
Unamortized debt discount and debt issuance costs		(1,865)		(3,208)
2022 Convertible Notes	$	79,885	$	78,542
Principal amount of the 2022 Convertible Notes - related parties	$	27,250	$	27,250
Unamortized debt discount and debt issuance costs - related parties		(622)		(1,069)
2022 Convertible Notes - related parties	$	26,628	$	26,181
Total 2022 Convertible Notes	$	106,513	$	104,723

If the 2022 Convertible Notes were converted on December 31, 2020, the holders of the 2022 Convertible Notes would receive common shares with an aggregate value of $77.8 million based on the Company’s closing stock price of $17.38.

The following table presents the components of interest expense of the 2022 Convertible Notes for the years ended December 31, 2020, 2019 and 2018 (in thousands):


	Year Ended December 31,

	2020		2019		2018
Stated coupon interest	$	6,150	$	6,150	$	6,150
Accretion of debt discount and debt issuance costs		1,343		1,223		1,113
Interest expense	$	7,493	$	7,373	$	7,263
Stated coupon interest - related parties	$	2,050	$	2,050	$	2,050
Accretion of debt discount and debt issuance costs - related parties		448		407		371
Interest expense - related parties	$	2,498	$	2,457	$	2,421
Total interest expense	$	9,991	$	9,830	$	9,684

The remaining unamortized debt discount and debt offering costs related to the Company’s 2022 Convertible Notes of approximately $2.5 million as of December 31, 2020, will be amortized using the effective interest rate over the remaining term of the 2022 Convertible Notes of 1.25 years. The annual effective interest rate is 9.48% for the 2022 Convertible Notes.

Future payments on the 2022 Convertible Notes as of December 31, 2020 are as follows (in thousands):


Year ending December 31,
2021		8,200
2022		111,050
Total minimum payments		119,250
Less amount representing interest		(10,250)
2022 Convertible Notes, principal amount		109,000
Less debt discount and debt issuance costs on 2022 Convertible Notes		(2,487)
Net carrying amount of 2022 Convertible Notes	$	106,513

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 December 31, 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):


	December 31,		December 31,
	2020		2019
Principal amount of the Term Loan	$	75,000	$	75,000
Unamortized debt discount and debt issuance costs		(519)		(1,337)
Term Loan	$	74,481	$	73,663

The following table presents the components of interest expense:


	Year Ended
	December 31, 2020		December 31, 2019
Stated coupon interest	$	7,053	$	7,063
Accretion of debt discount and debt issuance costs		818		709
Interest expense	$	7,871	$	7,772

The remaining unamortized debt discount and debt offering costs related to the Term Loan of approximately $0.5 million as of December 31, 2020, will be amortized using the effective rate over the remaining term of the Term Loan of 4 years.

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


Year ending December 31,
2021		7,034
2022		7,034
2023		39,187
2024		36,072
2025		11,348
Total minimum payments		100,675
Less amount representing interest		(22,675)
Term Loan, gross		78,000
Less debt discount and debt issuance costs on Term Loan		(3,519)
Net carrying amount of Term Loan	$	74,481

Commitments and Contingencies

12 Months Ended

Dec. 31, 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 December 31, 2020, the Company’s contractual obligations under the terms of the agreements are as follows (in thousands):


Years ending December 31,
2021		40,963
2022		15,946
2023		9,753
Total obligations	$	66,662

The Company enters into contracts in the normal course of business with contract research organizations for preclinical studies and clinical trials and CMO for the manufacture of drug 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

12 Months Ended

Dec. 31, 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 terminated 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 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):


		December 31,		December 31,
Assets	Balance Sheet Classification	2020		2019
Operating lease	Operating lease right-of-use assets	$	9,956	$	10,649
Finance lease	Property and equipment, net		1,451		—
Total leased assets		$	11,407	$	10,649


		December 31,		December 31,
Liabilities	Balance Sheet Classification	2020		2019
Operating lease liabilities, current	Other current liabilities	$	2,573	$	2,196
Operating lease liabilities, non-current	Lease liabilities, non-current		9,073		10,256
Total operating lease liabilities		$	11,646	$	12,452

Finance lease liabilities, current	Other current liabilities	$	560	$	—
Finance lease liabilities, non-current	Lease liabilities, non-current		875		—
Total finance lease liabilities		$	1,435	$	0

Operating lease costs were $3.1 million, $2.4 million and $2.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. Cash paid for amounts included in the measurement of the operating lease liabilities for the years ended December 31, 2020 and 2019 was $3.2 million and $2.7 million, respectively, and was included in net cash used in operating activities in the 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 years ended December 31, 2020 and 2019.

As of December 31, 2020, the maturities of the operating lease liabilities were as follows (in thousands):


Years ending December 31,	Operating leases		Finance leases
2021		3,425		626
2022		3,293		626
2023		3,438		285
2024		2,889		—
2025 and beyond		699		—
Total lease payments		13,744		1,537
Less imputed interest		(2,098)		(102)
Operating lease liabilities	$	11,646	$	1,435

As of December 31, 2020 and 2019, the weighted average remaining lease term for operating leases was 4.1 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 December 31, 2020 and 2019, respectively. The weighted average remaining lease term for finance leases was 2.4 years as of December 31, 2020. The weighted average discount rate used to determine the finance lease liabilities was 5.8% as of December 31, 2020.

Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stockholders' Equity

11.Stockholders’ Equity

Common Stock Offerings

In January 2016, the Company’s shelf registration statement on Form S-3 (File No. 333-208625) (the “Shelf Registration Statement”) was declared effective by the SEC. As of January 18, 2019, the Company’s Shelf Registration Statement expired.

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. The Company had no obligation to sell any shares under the Sales Agreement, and could at any time suspend solicitation and offers under the Sales Agreement. The shares were issued pursuant to the Company’s Shelf Registration Statement. The Company filed a prospectus supplement, dated October 28, 2016, with the SEC in connection with the offer and sale of the shares pursuant to the Sales Agreement. In 2018, the Company issued and sold 1,799,504 shares of common stock at a weighted average price of $12.14 per share through its ATM Offering Program and received total gross proceeds of $21.8 million. After deducting commission of $0.7 million and offering expense of $0.1 million, the net proceeds were $21.0 million. In January 2019, the Company issued and sold 761,130 shares of common stock at a weighted average price of $11.17 per share through its ATM Program and received total gross proceeds of $8.5 million. After deducting commission of $0.3 million, the net proceeds were $8.2 million. As of January 18, 2019, the Company’s Shelf Registration Statement expired and accordingly the ATM Offering Program was terminated.

In May 2018, the Company completed an underwritten public offering of 5,948,274 shares of its common stock at a price to the public of $14.50 per shares, which includes the closing of the full exercise of the underwriters’ option to purchase an additional 775,861 shares of common stock. The Company received total gross proceeds from the offering of $86.3 million. After deducting underwriting discounts and commissions of $5.2 million and offering expenses of $0.3 million, the net proceeds were $80.8 million.

Stock Option Plans and Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Stock Option Plans and Stock-Based Compensation

Stock Option Plans and Stock-Based Compensation

12.Stock Option Plans and Stock-Based Compensation

Equity Incentive Plans

In October 2014, the Company’s board of directors and its stockholders adopted the 2014 Equity Incentive Plan (the “2014 Plan”), which became effective upon the closing of the Company’s IPO on November 6, 2014. The 2014 Plan is subject to automatic annual increases in the number of shares available for issuance on the first business day of each fiscal year equal to four percent (4%) of the number of shares of the Company’s common stock outstanding as of such date or a lesser number of shares as determined by the Company’s board of directors. All remaining shares under the Company’s 2010 Stock Plan (the “2010 Plan”) were transferred to the 2014 Plan upon adoption and any additional shares than would otherwise return to the 2010 Plan as a result of forfeiture, termination or expiration of the awards will return to the 2014 Plan. The 2014 Plan provided for the Company to grant shares and/or options to purchase shares of common stock to employees, directors, consultants and other service providers. As of December 31, 2020, the Company had 240,467 shares of common stock available for future issuance.

In June 2016, the Company adopted the 2016 Employment Commencement Incentive Plan (the “2016 Plan”). The 2016 Plan is designed to comply with the inducement exemption contained in Nasdaq’s Rule 5635(c)(4), which provides for the grant of non-qualified stock options, restricted stock units, restricted stock awards, performance awards, dividend equivalents, deferred stock awards, deferred stock units, stock payment and stock appreciation rights to a person not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to the individual’s entering into employment with the Company. As of December 31, 2020, the Company had 238,589 shares of common stock available for future issuance for new employees. The 2016 Plan does not provide for any annual increases in the number of shares available.

Stock Options

Incentive stock options and non-statutory stock options may be granted with exercise prices of not less than the fair value of the common stock on the date of grant. These stock options generally vest over four years, expire in ten years from the date of grant and are generally exercisable after vesting.

The following table sets forth the summary of option activities under the 2016 and 2014 Plans:


	Options Outstanding
		Weighted-
	Number of	Average
	Options	Exercise Price
Balances at December 31, 2019	17,811,671	$	14.582
Granted - at fair value	4,535,550		17.890
Exercised	(1,704,764)		10.008
Forfeited/Cancelled	(1,627,622)		18.926
Balances at December 31, 2020	19,014,835	$	15.409

Additional information related to the status of options as of December 31, 2020 is summarized as follows:


				Weighted-
		Weighted-		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual Terms	Value (in
	Options	Price		(Years)	thousands)
Options outstanding	19,014,835		15.409	6.60		72,425,719
Options vested and exercisable	11,866,172		14.974	5.54		58,173,433

During the years ended December 31, 2020, 2019 and 2018, the estimated weighted-average grant-date fair value of options granted was $10.94, $9.52 and $7.77 per share, respectively, and the aggregate intrinsic value of options exercised was $14.6 million, $10.3 million and $4.9 million, respectively.

The Company recognized stock-based compensation expenses of $30.3 million, $31.4 million and $33.3 million for the years ended December 31, 2020, 2019 and 2018, respectively, related to stock options. As of December 31, 2020, total unrecognized stock-based compensation expenses related to unvested employee stock options was $68.5 million, which is expected to be recognized on a straight-line basis over a weighted-average period of approximately 2.6 years.

Restricted Stock Units

In August 2017, the Compensation Committee of the Company’s board of directors approved the granting of restricted stock units (“RSUs”) to its employees. RSUs are share awards that entitle the holder to receive freely tradable shares of our common stock upon vesting. The RSUs cannot be transferred and are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The Company’s RSUs generally vest over two to three years from the applicable grant date, provided the employee remains continuously employed with the Company. The fair value of RSUs is equal to the closing price of our common stock on the applicable grant date of the RSUs.

The following table sets forth the summary of RSUs activity, under the 2014 Plan:


	RSUs Outstanding
		Weighted-Average
	Number of	Grant Date Fair
	RSUs	Value
Balances at December 31, 2019	104,750	$	19.544
RSUs granted	1,186,124		17.860
RSUs vested	(223,767)		18.380
RSUs cancelled	(57,450)		17.969
Balances at December 31, 2020	1,009,657	$	17.913

The total fair value of RSUs vested was $4.1 million, $2.7 million and $1.0 million during the years ended December 31, 2020, 2019 and 2018 respectively. The total estimated grant date fair value of RSUs was $21.2 million, $4.3 million and $78,000 granted during the years ended December 31, 2020, 2019 and 2018, respectively. The estimated weighted-average grant-date fair value per share of RSUs granted during the years ended December 31, 2020, 2019 and 2018 was $17.86, $15.11 and $15.60, respectively.

The Company recognized stock-based compensation expense related to RSUs of $6.5 million, $0.8 million and $0.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, total unrecognized stock-based compensation expenses related to unvested RSUs was $12.6 million, which is expected to be recognized on a straight-line basis over a weighted-average period of approximately 1.8 years.

Employee Stock Purchase Plan

In October 2014, the Company’s board of directors and its stockholders approved the establishment of the 2014 Employee Stock Purchase Plan (“ESPP”). The ESPP provides for annual increases in the number of shares available for issuance on the first business day of each fiscal year equal to the lesser of one percent (1%) of the number of shares of the Company’s common stock outstanding as of such date or a number of shares as determined by the Company’s board of directors. The ESPP had 2,752,449 shares of common stock available for future issuance as of December 31, 2020. Eligible employees may purchase common stock at 85% of the lesser of the fair market value of the Company’s common stock on the first or last day of the offering period. The offering periods of ESPP are on May 16 and November 16. The Company recognized stock-based compensation expenses related to ESPP of $1.4 million, $1.3 million and $0.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $0.7 million of unrecognized compensation expense associated with the ESPP, which is expected to be recognized over an estimated weighted-average period of 4.5 months.

Stock-Based Compensation

The stock-based compensation expense is reflected in the consolidated statements of operations as follows (in thousands):


	Year Ended December 31,

	2020		2019		2018
Cost of goods sold (1)	$	583	$	108	$	—
Research and development		13,837		12,912		15,339
Selling, general and administrative		23,740		20,571		19,458
Stock-based compensation expense	$	38,160	$	33,591	$	34,797

Capitalized stock-based compensation expense into inventory	$	1,460	$	1,735	$	—

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

Valuation Assumptions of Awards Granted to Employees

The Company estimated the fair value of each stock option and awards granted under the ESPP on the date of grant using the Black-Scholes option-pricing model. The following table illustrates the weighted average assumptions for the Black-Scholes option-pricing model used in determining the fair value of the awards during the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
	2020		2019		2018
Expected term (years)
Stock options	6.10		6.00		6.00
ESPP	0.50		0.50		0.50
Expected volatility
Stock options	68	%	69	%	71	%
ESPP	58	%	61	%	71	%
Risk-free interest rate
Stock options	1.09	%	2.29	%	2.77	%
ESPP	0.13	%	1.89	%	2.40	%
Expected dividend yield
Stock options	—	%	—	%	—	%
ESPP	—	%	—	%	—	%

Expected Term: The expected term represents the period for which the stock-based awards are expected to be outstanding and is based on the options’ vesting term and contractual term. The Company elected to use the “simplified method” for estimating the expected term, which is calculated as the mid-point between the vesting period and the contractual term of the options, as it has limited historical information to develop expectations about future exercise patterns and post-vesting employment termination behavior.

Expected Volatility: The expected volatility for the years ended December 31, 2020 and 2019 is based on the Company’s historical stock price volatility. The expected volatility for the year ended December 31, 2018 is based on an average historical stock price volatility of industry peers as the Company did not have sufficient trading history for its common stock in those reporting periods.

Risk-Free Interest Rate: The Company based the risk-free interest rate by using an equivalent to the expected term based on the U.S. Treasury constant maturity rate as of the date of grant.

Expected Dividends: The Company has not paid and does not anticipate paying any dividends in the near future, and therefore used an expected dividend yield of zero in the valuation model.

401(k) Retirement Plan

In 2019, the Company’s Compensation Committee approved the Company’s matching of the employees 401(k) Plan (the “401(k) Plan”) whereby eligible employees may elect to contribute up to the lesser of 90% of their annual compensation or the statutorily prescribed annual limit allowable under Internal Revenue Service regulations. The Company made matching contributions of 50% of the first $6,000 of each participant’s contributions into the 401(k) Plan during the years ended December 31, 2020 and 2019. The Company recorded compensation expense related to the match of $0.8 million for each of the years ended December 31, 2020 and 2019.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Taxes

Income Taxes

13.Income Taxes

The components of income (loss) before income taxes are as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Domestic	$	133,615	$	92,584	$	(208,843)
Foreign		2,092		190		(496)
Total	$	135,707	$	92,774	$	(209,339)

Provision for (benefit from) income taxes (in thousands):


	Year Ended December 31,
	2020		2019		2018
Current
Federal	$	—	$	—	$	—
State		3,463		2,942		—
Foreign		—		—		—
Subtotal	$	3,463	$	2,942	$	—

Deferred
Federal	$	—	$	—	$	—
State		—		—		—
Foreign		—		—		—
Subtotal	$	—	$	—	$	—

Provision for income taxes	$	3,463	$	2,942	$	—

Income tax provision for the years ended December 31, 2020 and 2019 of $3.5 million and $2.9 million, respectively, primarily relates to state taxes in jurisdictions outside of California, for which the Company has a limited operating history. There was no income tax provision for the year ended December 31, 2018 due to the Company’s history of losses and valuation of allowances against the deferred tax assets.

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2020		2019		2018
Percent of pre-tax income:
U.S. federal statutory income tax rate	21.00	%	21.00	%	21.00	%
State taxes, net of federal benefit	1.95		1.51		0.16
Foreign rate differences	(0.32)		(0.04)		(0.05)
Permanent items	0.36		(0.64)		0.15
Research and development credit	(4.76)		(4.77)		2.61
Stock based compensation costs	1.31		1.26		(0.84)
Other	(0.28)		(0.71)		3.07
Change in valuation allowance	(16.71)		(14.44)		(26.10)
Effective income tax rate	2.55	%	3.17	%	—	%

Significant components of the Company’s net deferred tax assets as of December 31, 2020 and 2019 consist of the following (in thousands):


	December 31,
	2020		2019
Net operating loss carryforwards	$	94,043	$	138,663
Research and development credits		49,965		43,879
Depreciation and amortization		9,672		7,230
Stock-based compensation		25,983		22,807
Sales related accruals		16,404		7,137
Other accruals		8,013		6,927
Gross deferred tax assets		204,080		226,643
Right-of-use asset		(2,566)		(2,396)
In-process research and development		(589)		(589)
Gross deferred tax liabilities		(3,155)		(2,985)
Total net deferred tax asset		200,925		223,658
Less valuation allowance		(200,925)		(223,658)
Net deferred tax assets	$	—	$	—

ASC 740 (“ASC 740”) requires that the tax benefit of net operating losses, temporary differences and credit carry forwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on our ability to generate sufficient taxable income within the carry forward period. Because of our recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely (as defined in ASC 740) to be realized and, accordingly, has provided a valuation allowance. The valuation allowance decreased by $22.7 million and $13.4 million during the years ended December 31, 2020 and 2019, respectively and increased by $54.6 million during the year ended December 31, 2018.

As of December 31, 2020, the Company had federal net operating loss carryforwards of approximately $430.3 million, which will start to expire beginning in 2036, and various state net operating loss carryforwards of approximately $44.6 million, which have various expiration dates beginning in 2031.

As of December 31, 2020, the Company had federal research and development credit carryforwards for federal income tax purposes of approximately $48.2 million, which will start to expire in 2031, and state research and development credit carryforwards of approximately $18.0 million, which can be carried forward indefinitely.

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences representing net future deductible amounts become deductible. Due to the weight of the negative evidence, which is primarily its history of losses outweighing other positive evidence, the Company has determined that it is more likely than not that its federal net deferred tax assets and certain state net deferred tax assets will not be realized, and therefore, the federal and certain state net deferred tax assets are fully offset by a valuation allowance at December 31, 2020 and 2019. The deferred tax assets were primarily comprised of net operating losses, tax credit carryforwards and stock-based compensation. Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. Under the new enacted tax law, the carry forward period of net operating losses generated from 2018 forward is indefinite. However, the carryforward period for net operating losses generated prior to 2018 remains the same. Therefore, the annual limitation may result in the expiration of certain net operating losses and tax credit carryforwards before their utilization.

The Company files U.S. California and other state income tax returns with varying statutes of limitations. The tax years from 2011 forward remain open to examination due to the carryover of unused net operating losses and tax credits.

A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 is as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Balance at beginning of year	$	11,603	$	18,115	$	15,682
Additions based on tax positions related to current year		1,749		1,206		1,276
Additions (reductions) for tax positions of prior years		(109)		(7,718)		1,157
Balance at end of year	$	13,243	$	11,603	$	18,115

As of December 31, 2020, 2019 and 2018, the Company had approximately $13.2 million, $11.6 million and $18.1 million, respectively, of unrecognized benefits, none of which would currently affect the Company’s effective tax rate if recognized due to the Company’s deferred tax assets being fully offset by a valuation allowance. The Company does not believe there will be any material changes in its unrecognized tax positions over the next twelve months. During the years ended December 31, 2020, 2019 and 2018 the Company did not recognize accrued interest and penalties related to unrecognized tax benefits. The Company does not anticipate a material adjustment of unrecognized tax benefits during the next 12 months that impacts the rate for tax positions of prior years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Income (Loss) Per Share Attributable to Coherus

12 Months Ended

Dec. 31, 2020

Net Income (Loss) Per Share Attributable to Coherus

Net Income (Loss) Per Share Attributable to Coherus

14.Net Income (Loss) Per Share Attributable to Coherus

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


	Years Ended December 31,
	2020		2019		2018
Basic net income (loss) per share
Numerator:
Net income (loss) attributable to Coherus	$	132,244	$	89,833	$	(209,339)
Denominator:
Weighted-average common shares outstanding		71,411,705		69,679,916		65,034,827
Basic net income (loss) per share attributable to Coherus	$	1.85	$	1.29	$	(3.22)
Diluted net income (loss) per share
Numerator:
Net income (loss) attributable to Coherus	$	132,244	$	89,833	$	(209,339)
Add interest expense on 2026 convertible notes, net of tax		3,307		—		—
Numerator for diluted (loss) net income per share attributable to Coherus		135,551		89,833		(209,339)
Denominator:
Denominator for basic net income (loss) per share attributable to Coherus		71,411,705		69,679,916		65,034,827
Add effect of potential dilutive securities:
Stock options, including purchases from contributions to ESPP		3,455,646		3,491,272		—
Restricted stock units		167,597		14,755		—
Shares issuable upon conversion of 2026 Convertible Notes		8,456,950		—		—
Denominator for diluted net income (loss) per share attributable to Coherus		83,491,898		73,185,943		65,034,827
Diluted net income (loss) per share attributable to Coherus	$	1.62	$	1.23	$	(3.22)

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


	Year Ended December 31,
	2020	2019	2018
Stock options, including purchases from contributions to ESPP	9,521,403	10,412,471	14,743,547
Restricted stock units	7,689	22,068	44,387
Shares issuable upon conversion of 2022 Convertible Notes	4,473,871	4,473,871	4,473,871
Total	14,002,963	14,908,410	19,261,805

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

Related Party Transactions

15.	Related Party Transactions

Transactions Associated with Medpace Agreement

A prior member of the Company’s board of directors is also the president and chief executive officer of Medpace Inc. (“Medpace”). As such, Medpace was deemed to be a related party until the director’s resignation on March 1, 2018. As a result, the Company no longer reflects balances and transactions associated with Medpace as related party in its consolidated financial statements as of March 1, 2018. The Company recognized $1.5 million during year ended December 31, 2018 for services rendered by Medpace within research and development expense in the consolidated statements of operations.

Convertible Notes — Related Parties

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).

InteKrin Acquisition

In February 2014, the Company completed the acquisition of the InteKrin for total consideration of $5.0 million. Mr. Dennis M. Lanfear, the chief executive officer of the Company, was the chairman of the board and acting president of InteKrin at the time of the acquisition. As such, the InteKrin acquisition was a related party transaction. Mr. Lanfear also owned 10% of the outstanding securities of InteKrin Russia, a majority owned subsidiary of InteKrin.

In September 2018, InteKrin acquired the outstanding 17.5% of securities of InteKrin Russia held by its non-controlling owners for $0.7 million. As a result of this purchase of the non-controlling ownership in InteKrin Russia, Mr. Lanfear, who was one of the non-controlling stockholders of InteKrin Russia, received $0.4 million in consideration for his shares.

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events

Subsequent Events

16. Subsequent Events

On February 1, 2021, the Company entered into an Exclusive License and Commercialization Agreement (the “Collaboration Agreement”) with Junshi Biosciences for the co-development and commercialization of toripalimab, Junshi Biosciences’ anti-PD-1 antibody in the United States and Canada.

Under the terms of the Collaboration Agreement, the Company will pay $150.0 million upfront for exclusive rights to toripalimab in the United States and Canada, options in these territories to Junshi Biosciences’ anti-TIGIT antibody and next-generation engineered IL-2 cytokine, and certain negotiation rights to two undisclosed preclinical immuno-oncology drug candidates. The Company will have the right to conduct all commercial activities of toripalimb in the United States and Canada. The Company will be obligated to pay Junshi Biosciences a 20% royalty on net sales of toripalimab and up to an aggregate $380.0 million in one-time payments for the achievement of various milestones, including up to $290.0 million for attainment of certain sales thresholds. If the Company exercise its options, it will be obligated to pay an option exercise fee for each of the anti-TIGIT antibody and the IL-2 cytokine of $35.0 million per program. Additionally, for each exercised option, the Company will be obligated to pay Junshi Biosciences an 18% royalty on net sales and up to an aggregate $255.0 million for the achievement of various milestones, including up to $170.0 million for attainment of certain sales thresholds. Under the Collaboration Agreement, the Company retains the right to collaborate in the development of toripalimab and the

other licensed compounds, and will pay for a portion of these co-development activities up to a maximum of $25.0 million per licensed compound per year.

Closing of the Collaboration Agreement is subject to clearance under the Hart-Scott Rodino Antitrust Improvements Act (the “HSR Act”).

In connection with the Collaboration Agreement, the Company entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Junshi Biosciences agreeing, subject to customary conditions, to acquire certain equity interests in the Company. Pursuant to the Stock Purchase Agreement, the Company has agreed to issue 2,491,988 unregistered shares of its common stock, at a price per share of $20.0643, for an aggregate value of approximately $50.0 million, to Junshi Biosciences as a portion of the consideration for the Collaboration.

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

12 Months Ended

Dec. 31, 2020

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

Basis of Consolidation

Liquidity

Use of Estimates

Foreign Currency

Segment Reporting and Revenue by Geographic Region

Cash, Cash Equivalents and Restricted Cash


	Year Ended December 31,
	2020		2019		2018
Cash and cash equivalents	$	541,158	$	177,668	$	72,356
Restricted cash		—		—		50
Restricted cash - non-current		440		240		785
Total cash, cash equivalents and restricted cash	$	541,598	$	177,908	$	73,191

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

The Company classifies the up-front and milestone payments related to licensing arrangements as cash flows from investing activities in its consolidated statements of cash flows.

Investments in Marketable Securities

Trade Receivables

Concentration of Credit Risk

Fair Value of Financial Instruments

Inventory

Property and Equipment


Computer equipment and software		3 years
Furniture and fixtures		5 years
Machinery and equipment		5 years
Leasehold improvements		Shorter of lease term or useful life

Impairment of Long Lived Assets and Acquired Intangible Asset

Goodwill

Accrued Research and Development Expenses

Accrued Research and Development Expense

Net Product Revenue

Net Product Revenue

Product Sales Discounts and Allowances

Cost of Goods Sold

Research and Development Expense

License Agreements

Selling, General and Administrative Expense

Stock-Based Compensation

Income Taxes

Operating and Finance Leases

Operating and Finance Leases

Net Income (Loss) per Share Attributable to Coherus

Comprehensive Income (Loss)

Recent Accounting Pronouncements

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

basis of the investment. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements.

The following are the recent accounting pronouncements that the Company has not yet adopted:

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

12 Months Ended

Dec. 31, 2020

Basis of Presentation and Summary of Significant Accounting Policies

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	Year Ended December 31,
	2020		2019		2018
Cash and cash equivalents	$	541,158	$	177,668	$	72,356
Restricted cash		—		—		50
Restricted cash - non-current		440		240		785
Total cash, cash equivalents and restricted cash	$	541,598	$	177,908	$	73,191

Schedule of Estimated Useful Lives of Property Plant and Equipment


Computer equipment and software		3 years
Furniture and fixtures		5 years
Machinery and equipment		5 years
Leasehold improvements		Shorter of lease term or useful life

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 are as follows (in thousands):


	Fair Value Measurements
	December 31, 2020
	Total		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	538,673	$	538,673	$	—	$	—
Restricted cash (money market funds)		440		440		—		—
Total financial assets	$	539,113	$	539,113	$	—	$	—
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

Summary of Changes in the Estimated Fair Value of Contingent Consideration

The following table sets forth a summary of changes in the estimated fair value of the contingent consideration (in thousands):


Balance as of December 31, 2017	$	3,290
Change in fair value of the contingent consideration liability		(3,230)
Balance as of December 31, 2018		60
Change in fair value of the contingent consideration liability		42
Balance as of December 31, 2019		102
Change in fair value of the contingent consideration liability		—
Balance as of December 31, 2020	$	102

Inventory (Tables)

12 Months Ended

Dec. 31, 2020

Inventory

Schedule of Inventory

The Company began capitalizing inventory in November 2018 once the FDA approved UDENYCA®. Inventory consisted of the following (in thousands):


	December 31,		December 31,
	2020		2019
Raw Materials	$	5,205	$	5,089
Work in process		43,952		43,446
Finished goods		43,032		6,536
Total	$	92,189	$	55,071

Schedule of Balance Sheet Classification

Balance sheet classification (in thousands):


	December 31,		December 31,
	2020		2019
Inventory	$	44,233	$	9,807
Inventory, non-current		47,956		45,264
Total	$	92,189	$	55,071

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2020

Organization and Operations

Schedule of Property and Equipment, Net

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


	December 31,		December 31,
	2020		2019
Machinery and equipment	$	13,301	$	12,611
Computer equipment and software		3,996		2,923
Furniture and fixtures		1,268		714
Leasehold improvements		5,830		4,388
Finance lease right of use assets		1,451		—
Construction in progress		312		1,500
Total property and equipment		26,158		22,136
Accumulated depreciation and amortization		(16,050)		(16,296)
Property and equipment, net	$	10,108	$	5,840

Schedule of Accrued Liabilities

Accrued liabilities are as follows (in thousands):


	December 31,		December 31,
	2020		2019
Accrued clinical and manufacturing	$	11,365	$	7,106
Accrued other		11,453		10,152
Accrued liabilities	$	22,818	$	17,258

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue

Revenue by Significant Customer

Revenue by significant Customer was distributed as follows:


	Year Ended		Year Ended
	December 31, 2020		December 31, 2019
	Percent of Total		Percent of Total
McKesson	38	%	42	%
AmeriSource-Bergen Corp	37	%	33	%
Cardinal	23	%	23	%
Others	2	%	2	%
Total revenue	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):


	Year Ended December 31, 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		462,328		115,864		114,372		692,564
Prior period		(1,336)		(3,438)		(6,288)		(11,062)
Payments and customer credits issued		(455,571)		(85,862)		(103,818)		(645,251)
Balance at December 31, 2020	$	40,580	$	54,058	$	28,760	$	123,398


	Year Ended December 31, 2019
	Chargebacks				Other Fees,
	and Discounts				Co-pay
	for Prompt				Assistance
	Payment		Rebates		and Returns		Total
Balance at December 31, 2018	$	—	$	—	$	—	$	—
Activity related to 2019 sales		226,901		46,810		70,775		344,486
Payments and customer credits issued		(191,742)		(19,316)		(46,281)		(257,339)
Balance at December 31, 2019	$	35,159	$	27,494	$	24,494	$	87,147

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2020

2026 Convertible Notes

Debt Instrument

Components of Convertible Notes

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


	December 31,
	2020
Principal amount of the 2026 Convertible Notes	$	230,000
Unamortized debt discount and debt issuance costs		(6,971)
Total 2026 Convertible Notes	$	223,029

Components of Interest Expense

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



	Year Ended December 31,
	2020
Stated coupon interest	$	2,434
Accretion of debt discount and debt issuance costs		873
Total interest expense	$	3,307

Schedule of Future Payments on Debt

Future payments on the 2026 Convertible Notes as of December 31, 2020 are as follows (in thousands):


Year ending December 31,
2021		3,450
2022		3,450
2023		3,450
2024		3,450
2025 and beyond		235,175
Total minimum payments		248,975
Less amount representing interest		(18,975)
2026 Convertible Notes, principal amount		230,000
Less debt discount and debt issuance costs on 2026 Convertible Notes		(6,971)
Net carrying amount of 2026 Convertible Notes	$	223,029

8.2% Convertible Notes due 2022

Debt Instrument

Components of Convertible Notes

The following table summarizes information about the components of the 2022 Convertible Notes as of December 31, 2020 and 2019 (in thousands):


	December 31,		December 31,
	2020		2019
Principal amount of the 2022 Convertible Notes	$	81,750	$	81,750
Unamortized debt discount and debt issuance costs		(1,865)		(3,208)
2022 Convertible Notes	$	79,885	$	78,542
Principal amount of the 2022 Convertible Notes - related parties	$	27,250	$	27,250
Unamortized debt discount and debt issuance costs - related parties		(622)		(1,069)
2022 Convertible Notes - related parties	$	26,628	$	26,181
Total 2022 Convertible Notes	$	106,513	$	104,723

Components of Interest Expense

The following table presents the components of interest expense of the 2022 Convertible Notes for the years ended December 31, 2020, 2019 and 2018 (in thousands):


	Year Ended December 31,

	2020		2019		2018
Stated coupon interest	$	6,150	$	6,150	$	6,150
Accretion of debt discount and debt issuance costs		1,343		1,223		1,113
Interest expense	$	7,493	$	7,373	$	7,263
Stated coupon interest - related parties	$	2,050	$	2,050	$	2,050
Accretion of debt discount and debt issuance costs - related parties		448		407		371
Interest expense - related parties	$	2,498	$	2,457	$	2,421
Total interest expense	$	9,991	$	9,830	$	9,684

Schedule of Future Payments on Debt

Future payments on the 2022 Convertible Notes as of December 31, 2020 are as follows (in thousands):


Year ending December 31,
2021		8,200
2022		111,050
Total minimum payments		119,250
Less amount representing interest		(10,250)
2022 Convertible Notes, principal amount		109,000
Less debt discount and debt issuance costs on 2022 Convertible Notes		(2,487)
Net carrying amount of 2022 Convertible Notes	$	106,513

Term Loan

Debt Instrument

Components of Interest Expense

The following table presents the components of interest expense:


	Year Ended
	December 31, 2020		December 31, 2019
Stated coupon interest	$	7,053	$	7,063
Accretion of debt discount and debt issuance costs		818		709
Interest expense	$	7,871	$	7,772

Schedule of Future Payments on Debt

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


Year ending December 31,
2021		7,034
2022		7,034
2023		39,187
2024		36,072
2025		11,348
Total minimum payments		100,675
Less amount representing interest		(22,675)
Term Loan, gross		78,000
Less debt discount and debt issuance costs on Term Loan		(3,519)
Net carrying amount of Term Loan	$	74,481

Components of Term Loan

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


	December 31,		December 31,
	2020		2019
Principal amount of the Term Loan	$	75,000	$	75,000
Unamortized debt discount and debt issuance costs		(519)		(1,337)
Term Loan	$	74,481	$	73,663

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies.

Schedule of Non-Cancellable Purchase Commitment


Years ending December 31,
2021		40,963
2022		15,946
2023		9,753
Total obligations	$	66,662

Leases (Tables)

12 Months Ended

Dec. 31, 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):


		December 31,		December 31,
Assets	Balance Sheet Classification	2020		2019
Operating lease	Operating lease right-of-use assets	$	9,956	$	10,649
Finance lease	Property and equipment, net		1,451		—
Total leased assets		$	11,407	$	10,649


		December 31,		December 31,
Liabilities	Balance Sheet Classification	2020		2019
Operating lease liabilities, current	Other current liabilities	$	2,573	$	2,196
Operating lease liabilities, non-current	Lease liabilities, non-current		9,073		10,256
Total operating lease liabilities		$	11,646	$	12,452

Finance lease liabilities, current	Other current liabilities	$	560	$	—
Finance lease liabilities, non-current	Lease liabilities, non-current		875		—
Total finance lease liabilities		$	1,435	$	0

Schedule of maturities of the operating and finance lease liabilities

As of December 31, 2020, the maturities of the operating lease liabilities were as follows (in thousands):


Years ending December 31,	Operating leases		Finance leases
2021		3,425		626
2022		3,293		626
2023		3,438		285
2024		2,889		—
2025 and beyond		699		—
Total lease payments		13,744		1,537
Less imputed interest		(2,098)		(102)
Operating lease liabilities	$	11,646	$	1,435

Stock Option Plans and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Stock Option Plans and Stock-Based Compensation

Summary of Option Activities under 2016 and 2014 Plans

The following table sets forth the summary of option activities under the 2016 and 2014 Plans:


	Options Outstanding
		Weighted-
	Number of	Average
	Options	Exercise Price
Balances at December 31, 2019	17,811,671	$	14.582
Granted - at fair value	4,535,550		17.890
Exercised	(1,704,764)		10.008
Forfeited/Cancelled	(1,627,622)		18.926
Balances at December 31, 2020	19,014,835	$	15.409

Summary of Additional Information Related to Status of Options

Additional information related to the status of options as of December 31, 2020 is summarized as follows:


				Weighted-
		Weighted-		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual Terms	Value (in
	Options	Price		(Years)	thousands)
Options outstanding	19,014,835		15.409	6.60		72,425,719
Options vested and exercisable	11,866,172		14.974	5.54		58,173,433

Summary of RSU Activity, under 2014 Plan

The following table sets forth the summary of RSUs activity, under the 2014 Plan:


	RSUs Outstanding
		Weighted-Average
	Number of	Grant Date Fair
	RSUs	Value
Balances at December 31, 2019	104,750	$	19.544
RSUs granted	1,186,124		17.860
RSUs vested	(223,767)		18.380
RSUs cancelled	(57,450)		17.969
Balances at December 31, 2020	1,009,657	$	17.913

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense is reflected in the consolidated statements of operations as follows (in thousands):


	Year Ended December 31,

	2020		2019		2018
Cost of goods sold (1)	$	583	$	108	$	—
Research and development		13,837		12,912		15,339
Selling, general and administrative		23,740		20,571		19,458
Stock-based compensation expense	$	38,160	$	33,591	$	34,797

Capitalized stock-based compensation expense into inventory	$	1,460	$	1,735	$	—

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

Schedule of Weighted Average Assumptions for Black-Scholes Option-Pricing Model Used in Determining Fair Value of Awards


	Year Ended December 31,
	2020		2019		2018
Expected term (years)
Stock options	6.10		6.00		6.00
ESPP	0.50		0.50		0.50
Expected volatility
Stock options	68	%	69	%	71	%
ESPP	58	%	61	%	71	%
Risk-free interest rate
Stock options	1.09	%	2.29	%	2.77	%
ESPP	0.13	%	1.89	%	2.40	%
Expected dividend yield
Stock options	—	%	—	%	—	%
ESPP	—	%	—	%	—	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Components of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes are as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Domestic	$	133,615	$	92,584	$	(208,843)
Foreign		2,092		190		(496)
Total	$	135,707	$	92,774	$	(209,339)

Schedule of Provision For (Benefit From) Income Taxes

Provision for (benefit from) income taxes (in thousands):


	Year Ended December 31,
	2020		2019		2018
Current
Federal	$	—	$	—	$	—
State		3,463		2,942		—
Foreign		—		—		—
Subtotal	$	3,463	$	2,942	$	—

Deferred
Federal	$	—	$	—	$	—
State		—		—		—
Foreign		—		—		—
Subtotal	$	—	$	—	$	—

Provision for income taxes	$	3,463	$	2,942	$	—

Reconciliation of Statutory U.S. Federal Rate

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2020		2019		2018
Percent of pre-tax income:
U.S. federal statutory income tax rate	21.00	%	21.00	%	21.00	%
State taxes, net of federal benefit	1.95		1.51		0.16
Foreign rate differences	(0.32)		(0.04)		(0.05)
Permanent items	0.36		(0.64)		0.15
Research and development credit	(4.76)		(4.77)		2.61
Stock based compensation costs	1.31		1.26		(0.84)
Other	(0.28)		(0.71)		3.07
Change in valuation allowance	(16.71)		(14.44)		(26.10)
Effective income tax rate	2.55	%	3.17	%	—	%

Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets as of December 31, 2020 and 2019 consist of the following (in thousands):


	December 31,
	2020		2019
Net operating loss carryforwards	$	94,043	$	138,663
Research and development credits		49,965		43,879
Depreciation and amortization		9,672		7,230
Stock-based compensation		25,983		22,807
Sales related accruals		16,404		7,137
Other accruals		8,013		6,927
Gross deferred tax assets		204,080		226,643
Right-of-use asset		(2,566)		(2,396)
In-process research and development		(589)		(589)
Gross deferred tax liabilities		(3,155)		(2,985)
Total net deferred tax asset		200,925		223,658
Less valuation allowance		(200,925)		(223,658)
Net deferred tax assets	$	—	$	—

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 is as follows (in thousands):


	Year Ended December 31,
	2020		2019		2018
Balance at beginning of year	$	11,603	$	18,115	$	15,682
Additions based on tax positions related to current year		1,749		1,206		1,276
Additions (reductions) for tax positions of prior years		(109)		(7,718)		1,157
Balance at end of year	$	13,243	$	11,603	$	18,115

Net Income (Loss) Per Share Attributable to Coherus (Tables)

12 Months Ended

Dec. 31, 2020

Net Income (Loss) Per Share Attributable to Coherus

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 (loss) per share attributable to the Company (in thousands, except share and per share data):


	Years Ended December 31,
	2020		2019		2018
Basic net income (loss) per share
Numerator:
Net income (loss) attributable to Coherus	$	132,244	$	89,833	$	(209,339)
Denominator:
Weighted-average common shares outstanding		71,411,705		69,679,916		65,034,827
Basic net income (loss) per share attributable to Coherus	$	1.85	$	1.29	$	(3.22)
Diluted net income (loss) per share
Numerator:
Net income (loss) attributable to Coherus	$	132,244	$	89,833	$	(209,339)
Add interest expense on 2026 convertible notes, net of tax		3,307		—		—
Numerator for diluted (loss) net income per share attributable to Coherus		135,551		89,833		(209,339)
Denominator:
Denominator for basic net income (loss) per share attributable to Coherus		71,411,705		69,679,916		65,034,827
Add effect of potential dilutive securities:
Stock options, including purchases from contributions to ESPP		3,455,646		3,491,272		—
Restricted stock units		167,597		14,755		—
Shares issuable upon conversion of 2026 Convertible Notes		8,456,950		—		—
Denominator for diluted net income (loss) per share attributable to Coherus		83,491,898		73,185,943		65,034,827
Diluted net income (loss) per share attributable to Coherus	$	1.62	$	1.23	$	(3.22)

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


	Year Ended December 31,
	2020	2019	2018
Stock options, including purchases from contributions to ESPP	9,521,403	10,412,471	14,743,547
Restricted stock units	7,689	22,068	44,387
Shares issuable upon conversion of 2022 Convertible Notes	4,473,871	4,473,871	4,473,871
Total	14,002,963	14,908,410	19,261,805

Basis of Presentation and Summary of Significant Accounting Policies - Additional information (Details)				12 Months Ended
	May 02, 2020	May 02, 2019	Jan. 07, 2019	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($) $ / shares
Organization And Operations [Line Items]
Accumulated deficit				$ 762,754,000	$ 894,998,000
Cash and cash equivalents				541,200,000
Profit Loss				132,244,000	89,833,000	$ (209,409,000)
Interest income from marketable securities				600,000	1,600,000	1,400,000
Impairment of property and equipment					100,000	3,900,000
Intangible Assets Net Excluding Goodwill				2,620,000	2,620,000
Impairment of intangible assets excluding goodwill				0
Write-off of excess and obsolete inventory				0	410,000	0
Advertising expenses				$ 3,800,000	4,500,000	2,800,000
Description of uncertain income tax position				An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.
Accrued interest or Penalties				$ 0	$ 0
Number of Vehicles Leased \| item					42
Term of leases				36 months
Foreign exchange gain (loss)				$ (333,000)	$ 239,000	$ (571,000)
Number of reportable and operating segments \| segment				1
InteKrin Therapeutics Inc
Organization And Operations [Line Items]
Impairment of goodwill				$ 0
In Process Research and Development \| InteKrin Therapeutics Inc
Organization And Operations [Line Items]
Intangible Assets Net Excluding Goodwill				$ 2,600,000	2,600,000
Affiliates of Healthcare Royalty Partners (together, the "Lender") \| Term Loan
Organization And Operations [Line Items]
Total term of the loan			6 years
At-the-Market Equity Offering Program
Organization And Operations [Line Items]
Share price \| $ / shares						$ 12.14
Common stock, net proceeds						$ 21,000,000.0
Amgen
Organization And Operations [Line Items]
Royalty payment term	5 years	5 years
Write-off of prepaid manufacturing costs					1,300,000
Write-off of excess and obsolete inventory					$ 400,000

Basis of Presentation and Summary of Significant Accounting Policies - Use of Estimates (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income from refund received		$ 132,244	$ 89,833	$ (209,409)
Earnings Per Share Basic		$ 1.85	$ 1.29	$ (3.22)
Earnings Per Share Diluted		$ 1.62	$ 1.23	$ (3.22)
Commercial payer invoices erroneously overstated \| Revision of Prior Period, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income from refund received	$ 7,500
Increase in net product revenue		$ 7,500
Earnings Per Share Basic		$ 0.11
Earnings Per Share Diluted		$ 0.09
Commercial payer invoices erroneously overstated \| Accrued rebates, fees and reserve
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accrued payer rebates		$ 27,900	$ 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.

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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.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Basis of Presentation and Summary of Significant Accounting Policies - Summary of Revenue by Geographical Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basis of Presentation and Summary of Significant Accounting Policies
Net product revenue	$ 475,824	$ 356,071	$ 0

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Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basis of Presentation and Summary of Significant Accounting Policies
Cash and cash equivalents	$ 541,158	$ 177,668	$ 72,356
Restricted cash			50
Restricted cash, non-current	440	240	785
Total cash, cash equivalents and restricted cash	$ 541,598	$ 177,908	$ 73,191	$ 127,756

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Computer Equipment and Software
Property and Equipment, Net
Estimated useful lives	3 years
Furniture and Fixtures
Property and Equipment, Net
Estimated useful lives	5 years
Machinery and Equipment
Property and Equipment, Net
Estimated useful lives	5 years
Leasehold Improvements
Property and Equipment, Net
Estimated useful lives, description	Shorter of lease term or useful life

Fair Value Measurements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017	Apr. 30, 2020 USD ($)	Apr. 13, 2020 USD ($)	Jan. 07, 2019 USD ($)	Feb. 29, 2016 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gains and losses on investments	$ 0
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	0
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	0
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount	0
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	$ 0
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1		$ 42,000	$ (3,230,000)
2026 Convertible Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Convertible notes, interest rate	1.50%				1.50%
Aggregate principal amount	$ 230,000,000				$ 230,000,000.0
Principal amount outstanding	223,029,000
8.2% Convertible Notes due 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Convertible notes, interest rate								8.20%
Aggregate principal amount								$ 100,000,000.0
Principal amount outstanding	106,513,000
Term Loan
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Aggregate principal amount	75,000,000	75,000,000
Principal amount outstanding	74,481,000	73,663,000
Other Income, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1	0	42,000	3,200,000
Contingent Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Decrease in fair value of the compound transaction payment	0	$ 42,000	$ (3,230,000)
Level 2 \| 2026 Convertible Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument fair value	269,100,000
Level 3 \| 8.2% Convertible Notes due 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument fair value	$ 113,700,000
Fair Value Measurements Recurring Basis \| Level 3 \| Measurement Input, Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value investment measurement input	20
Fair Value Measurements Recurring Basis \| Level 3 \| Measurement Input, Counterparty Credit Risk
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value investment measurement input	8.0
Fair Value Measurements Recurring Basis \| Level 3 \| Contingent Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Increase (decrease) in expected probability of compound transaction payment occurrence	1.00%
Expected probability of compound transaction payment occurrence			33.00%	10.00%
Maximum \| Term Loan
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Aggregate principal amount						$ 230,000,000.0
Affiliates of Healthcare Royalty Partners (together, the "Lender") \| Term Loan
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Aggregate principal amount							$ 75,000,000.0

Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value Measurements Recurring Basis - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 539,113	$ 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	539,113	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		0
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	538,673	155,523
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	538,673	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

Fair Value Measurements - Summary of Changes in the Estimated Fair Value of Contingent Consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 102	$ 60	$ 3,290
Change in fair value of the contingent consideration liability	0	42	(3,230)
Ending balance	$ 102	$ 102	$ 60

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory
Raw materials	$ 5,205	$ 5,089
Work in process	43,952	43,446
Finished goods	43,032	6,536
Total	$ 92,189	$ 55,071

Inventory - Schedule of Balance Sheet Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory
Inventory	$ 44,233	$ 9,807
Inventory, non-current	47,956	45,264
Total	$ 92,189	$ 55,071

Inventory - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Prepayment made for manufacturing services	$ 19,429	$ 8,578
Other assets, non-current	2,147	362
Contract manufacturing organization (CMO)
Inventory [Line Items]
Prepayment made for manufacturing services	19,400	8,600
Other assets, non-current	1,300
Prepayments made to a CMO for manufacturing services for UDENYCA	8,900	7,200
Prepayments made to a CMO For Other Research And Development Pipeline Program	$ 10,500	$ 1,400
Prepayment conversion to inventory, period	12 months

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment, Net
Total property and equipment	$ 26,158	$ 22,136
Accumulated depreciation and amortization	(16,050)	(16,296)
Property and equipment, net	10,108	5,840
Machinery and Equipment
Property and Equipment, Net
Total property and equipment	13,301	12,611
Computer Equipment and Software
Property and Equipment, Net
Total property and equipment	3,996	2,923
Furniture and Fixtures
Property and Equipment, Net
Total property and equipment	1,268	714
Leasehold Improvements
Property and Equipment, Net
Total property and equipment	5,830	4,388
Finance lease right of use assets
Property and Equipment, Net
Total property and equipment	1,451
Construction in Progress
Property and Equipment, Net
Total property and equipment	$ 312	$ 1,500

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property and Equipment, Net
Depreciation and amortization	$ 2,888	$ 3,259	$ 3,235
Impairment of property and equipment		100	3,900
Material impairments of property and equipment	$ 0	$ 0
Machinery and Equipment \| Research and Development Expense.
Property and Equipment, Net
Impairment of property and equipment			$ 3,900

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet Components
Accrued clinical and manufacturing	$ 11,365	$ 7,106
Accrued other	11,453	10,152
Accrued liabilities	$ 22,818	$ 17,258

Revenue - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue
Net product revenue	$ 475,824	$ 356,071	$ 0

- Definition

+ References

+ Details

Revenue - Revenue by Significant Customer (Details) - Net Product Revenue - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk
Percentage of total revenue	100.00%	100.00%
McKesson
Concentration Risk
Percentage of total revenue	38.00%	42.00%
AmeriSource-Bergen Corp
Concentration Risk
Percentage of total revenue	37.00%	33.00%
Cardinal
Concentration Risk
Percentage of total revenue	23.00%	23.00%
Others
Concentration Risk
Percentage of total revenue	2.00%	2.00%

Revenue - Activities and Ending Reserve Balances for Each Significant Category of Discounts and Allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable
Balance at December 31	$ 87,147
Provision related to sales made in:
Current period	692,564	$ 344,486
Prior period	(11,062)
Payments and customer credits issued	(645,251)	(257,339)
Balance at December 31	123,398	87,147
Chargebacks and Discounts for Prompt Payment
Accounts Notes And Loans Receivable
Balance at December 31	35,159
Provision related to sales made in:
Current period	462,328	226,901
Prior period	(1,336)
Payments and customer credits issued	(455,571)	(191,742)
Balance at December 31	40,580	35,159
Rebates
Accounts Notes And Loans Receivable
Balance at December 31	27,494
Provision related to sales made in:
Current period	115,864	46,810
Prior period	(3,438)
Payments and customer credits issued	(85,862)	(19,316)
Balance at December 31	54,058	27,494
Other Fees, Co-pay Assistance and Returns
Accounts Notes And Loans Receivable
Balance at December 31	24,494
Provision related to sales made in:
Current period	114,372	70,775
Prior period	(6,288)
Payments and customer credits issued	(103,818)	(46,281)
Balance at December 31	$ 28,760	$ 24,494

Licensing Arrangements (Details) $ in Thousands, € in Millions			12 Months Ended
	Jan. 13, 2020	Nov. 04, 2019	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2018 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Research and development expense			$ 142,759	$ 94,188		$ 110,239
Bioeq \| Licensed Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Percentage of gross profits on sales				50.00%	50.00%
Bioeq \| Maximum \| Licensed Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Additional development and regulatory milestones \| €					€ 25
Bioeq \| Research and Development Expense.
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Upfront and milestone payment				$ 11,100	€ 10
Innovent \| Licensed Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Upfront and milestone payment			5,000
Maximum period to exercise option	12 months
Innovent \| Bevacizumab Licensed Product
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Research and development expense			7,500
Innovent \| Rituxan option exercised
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Fees paid			5,000
Innovent \| Technology transfer
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Fees paid			10,000
Innovent \| Maximum \| Bevacizumab Licensed Product
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Aggregate milestone payments			40,000
Innovent \| Maximum \| Rituximab Licensed Product
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Aggregate milestone payments			$ 40,000
Percentage of sales shared			20
Daiichi Sankyo License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Initial term of agreement		10 years

Debt Obligations - 1.5% Convertible Senior Subordinated Notes due 2026 (Details)		1 Months Ended	12 Months Ended
	Feb. 29, 2016	Apr. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) item $ / shares	Apr. 14, 2020 $ / shares
Debt Instrument
Proceeds from offering after deducting initial purchasers' fees and offering expenses			$ 222,156,000
Convertible notes, premium percentage	9.00%
2026 Convertible Notes
Debt Instrument
Aggregate principal amount		$ 230,000,000.0	$ 230,000,000
Convertible notes, interest rate		1.50%	1.50%
Proceeds from offering after deducting initial purchasers' fees and offering expenses		$ 222,200,000
Common shares at conversion \| shares		51.9224
Principal amount of notes converted into shares		$ 1,000
Conversion price per common share \| $ / shares		$ 19.26
Interest rate description		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.
Debt instrument maturity date		Apr. 15, 2026
Convertible notes, premium percentage		30.00%
Convertible notes, covenant compliance			As of December 31, 2020, the Company was in full compliance with these covenants and there were no events of default under the 2026 Convertible Notes.
Number of events in default \| item			0
Debt issuance costs			$ 900,000
Contractual term			6 years
Convertible notes, converted amount			$ 207,600,000
Closing stock, price per share \| $ / shares			$ 17.38	$ 14.815
Remaining unamortized debt discount and debt offering costs			$ 6,971,000
Effective interest rate			2.11%
Debt Instrument Term			5 years 3 months 18 days

Debt Obligations - Capped Call Transactions (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Apr. 14, 2020 $ / shares	Dec. 31, 2020 USD ($) item $ / shares
2026 Convertible Notes
Option Indexed to Issuer's Equity [Line Items]
Closing stock, price per share	$ 14.815	$ 17.38
Capped Call Transactions in connection with the 2026 Convertible Notes
Option Indexed to Issuer's Equity [Line Items]
Payment for capped call transactions \| $		$ 18.2
Number of initial purchasers \| item		1
Initial cap price of capped call transactions	$ 25.9263
Percentage of cap price	75.0
Closing stock, price per share	$ 14.815
Reduction in additional paid-in-capital from capped call premium paid \| $		$ 18.2

Debt Obligations - 2026 Convertible Notes Components (Details) - 2026 Convertible Notes - USD ($) $ in Thousands	Dec. 31, 2020	Apr. 30, 2020
Debt Instrument
Principal amount of the Convertible Notes	$ 230,000	$ 230,000
Unamortized debt discount and debt issuance costs	(6,971)
Total Convertible Notes	$ 223,029

Debt Obligations - 2026 Convertible Notes Interest Expense Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument
Accretion of debt discount and debt issuance costs	$ 3,481	$ 2,339	$ 1,484
2026 Convertible Notes
Debt Instrument
Stated coupon interest	2,434
Accretion of debt discount and debt issuance costs	873
Total interest expense	$ (3,307)

Debt Obligations - 2026 Convertible Notes Future Payments (Details) - 2026 Convertible Notes $ in Thousands	Dec. 31, 2020 USD ($)
Debt Instrument
2021	$ 3,450
2022	3,450
2023	3,450
2024	3,450
2025 and beyond	235,175
Total minimum payments	248,975
Less amount representing interest	(18,975)
Convertible Notes, principal amount	230,000
Less debt discount and debt issuance costs on Convertible Notes	(6,971)
Net carrying amount	$ 223,029

Debt Obligations - 8.2% Convertible Notes due 2022 (Details)		12 Months Ended
	Feb. 29, 2016 USD ($) D $ / shares shares	Dec. 31, 2020 USD ($) $ / shares
Debt Instrument
Proceeds from issuance of Convertible Notes due 2026, net of issuance costs		$ 222,156,000
Convertible notes, premium percentage	9.00%
KKR Member
Debt Instrument
Aggregate principal amount	$ 20,000,000.0
MX II Member
Debt Instrument
Aggregate principal amount	4,000,000.0
KMGCP Member
Debt Instrument
Aggregate principal amount	1,000,000.0
Affiliates of Healthcare Royalty Partners (together, the "Lender") \| KKR Member
Debt Instrument
Aggregate principal amount	75,000,000.0
8.2% Convertible Notes due 2022
Debt Instrument
Aggregate principal amount	$ 100,000,000.0
Convertible notes, interest rate	8.20%
Proceeds from issuance of Convertible Notes due 2026, net of issuance costs	$ 99,200,000
Convertible notes, Issuance Cost	$ 800,000
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, and mature on March 31, 2022, unless earlier converted, redeemed or repurchased. If the Company fails to satisfy certain registration or reporting requirements, then additional interest will accrue on the 2022 Convertible Notes at a rate of up to 0.50% per annum in the aggregate. 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.
Debt instrument maturity date	Mar. 31, 2022
Common shares at conversion \| shares	44.7387
Principal amount of notes converted into shares	$ 1,000
Conversion price per common share \| $ / shares	$ 22.35
Percentage of applicable conversion price	160.00%
Convertible trading days \| D	20
Consecutive trading days \| D	30
Percentage to pay in cash of the par value of notes	109.00%
Minimum order amount to be settled		$ 10,000,000.0
Minimum borrowings for indebtedness defaulters		$ 10,000,000.0
Convertible notes, covenant compliance		As of December 31, 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		$ 77,800,000
Closing stock, price per share \| $ / shares		$ 17.38
Remaining unamortized debt discount and debt offering costs		$ 2,487,000
Amortized effective interest rate convertible notes period		1 year 3 months
Effective interest rate		9.48%
8.2% Convertible Notes due 2022 \| Maximum
Debt Instrument
Additional interest to be accrued upon failure of registration or reporting requirements	0.50%

Debt Obligations - 2022 Convertible Notes Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Feb. 29, 2016
Debt Instrument
Convertible Notes	$ 79,885	$ 78,542
8.2% Convertible Notes due 2022
Debt Instrument
Principal amount of the Convertible Notes			$ 100,000
Unamortized debt discount and debt issuance costs	(2,487)
2022 Convertible Notes
Debt Instrument
Total Convertible Notes	106,513	104,723
2022 Convertible Notes \| Related Party Debt
Debt Instrument
Principal amount of the Convertible Notes	27,250	27,250
Unamortized debt discount and debt issuance costs	(622)	(1,069)
Convertible Notes	26,628	26,181
2022 Convertible Notes \| Parent Company
Debt Instrument
Principal amount of the Convertible Notes	81,750	81,750
Unamortized debt discount and debt issuance costs	(1,865)	(3,208)
Convertible Notes	$ 79,885	$ 78,542

Debt Obligations - 2022 Convertible Notes Interest Expense Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument
Accretion of debt discount and debt issuance costs	$ 3,481	$ 2,339	$ 1,484
Total interest expense	21,166	17,601	9,684
2026 Convertible Notes
Debt Instrument
Stated coupon interest	2,434
Accretion of debt discount and debt issuance costs	873
Interest expense	3,307
2022 Convertible Notes
Debt Instrument
Total interest expense	9,991	9,830	9,684
2022 Convertible Notes \| Related Party Debt
Debt Instrument
Stated coupon interest	2,050	2,050	2,050
Accretion of debt discount and debt issuance costs	448	407	371
Interest expense	2,498	2,457	2,421
2022 Convertible Notes \| Parent Company
Debt Instrument
Stated coupon interest	6,150	6,150	6,150
Accretion of debt discount and debt issuance costs	1,343	1,223	1,113
Interest expense	$ 7,493	$ 7,373	$ 7,263

Debt Obligations - 2022 Convertible Notes Future Payments (Details) - 8.2% Convertible Notes due 2022 $ in Thousands	Dec. 31, 2020 USD ($)
Debt Instrument
2021	$ 8,200
2022	111,050
Total minimum payments	119,250
Less amount representing interest	(10,250)
Convertible Notes, principal amount	109,000
Less debt discount and debt issuance costs on Convertible Notes	(2,487)
Net carrying amount	$ 106,513

Debt Obligations - Term Loan (Details) - Term Loan - USD ($) $ in Thousands			12 Months Ended
	Apr. 13, 2020	Jan. 07, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020
Debt Instrument
Aggregate principal amount				$ 75,000	$ 75,000
Effective interest rate				10.47%
Net sales					250,000
Interest rate description		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 December 31, 2020, the effective interest rate is 10.47%.
Payment terms		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.
Debt instrument maturity date				Jan. 07, 2025
Payment of closing fee to the lenders in form of origination issue discount		$ 1,100
Percentage required to pay an additional exit fee on principal amount		4.00%
Convertible notes, covenant compliance		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.
Consolidated net sales, 2020				$ 125,000
Consolidated net sales, thereafter				150,000
Unamortized debt discount and debt issuance costs on Term Loan				519	1,337
Remaining unamortized debt discount and debt offering costs				$ 519	$ 1,337
Amortized effective interest rate convertible notes period				4 years
Paid on or Prior to the Three Year Anniversary of Closing Date
Debt Instrument
Effective interest rate				5.00%
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
Paid after the Three Year but on or Prior to the Four Year Anniversary of Closing Date
Debt Instrument
Effective interest rate				5.00%
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
Paid after the Four Year but on or Prior to the Five Year Anniversary of Closing Date
Debt Instrument
Effective interest rate				2.50%
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
Paid Thereafter
Debt Instrument
Effective interest rate				1.25%
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
Maximum
Debt Instrument
Aggregate principal amount	$ 230,000
Percentage Of Market Capitalization	20.00%
Maximum \| Scenario Forecast
Debt Instrument
Net sales			$ 375,000
Minimum
Debt Instrument
Consolidated net sales, 2019				$ 70,000
LIBOR
Debt Instrument
Stated interest rate		7.00%				6.75%
Affiliates of Healthcare Royalty Partners (together, the "Lender")
Debt Instrument
Total term of the loan		6 years
Aggregate principal amount		$ 75,000

Debt Obligations - Term Loan Components (Details) - Term Loan - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument
Principal amount of the Term Loan	$ 75,000	$ 75,000
Unamortized debt discount and debt issuance costs	(519)	(1,337)
Net carrying amount	$ 74,481	$ 73,663

Debt Obligations - Term Loan Interest Expense Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument
Accretion of debt discount and debt issuance costs	$ 3,481	$ 2,339	$ 1,484
Term Loan
Debt Instrument
Stated coupon interest	7,053	7,063
Accretion of debt discount and debt issuance costs	818	709
Interest expense	$ 7,871	$ 7,772

Debt Obligations - Term Loan Future Payments (Details) - Term Loan - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument
2021	$ 7,034
2022	7,034
2023	39,187
2024	36,072
2025	11,348
Total minimum payments	100,675
Less amount representing interest	(22,675)
Term Loan, gross	78,000
Less debt discount and debt issuance costs on Convertible Notes	(3,519)
Net carrying amount	$ 74,481	$ 73,663

Commitments and Contingencies - Schedule of Non-Cancellable Purchase Commitment (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Commitments and Contingencies.
2021	$ 40,963
2022	15,946
2023	9,753
Total obligations	$ 66,662

Commitments and Contingencies - Additional Information (Details)	May 02, 2020	May 02, 2019
Amgen
Loss Contingencies
Royalty payment term	5 years	5 years

Leases - Additional Information (Details) $ in Thousands	1 Months Ended		12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Oct. 31, 2019 ft²	Jul. 31, 2015 ft²	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) item
Lessee Lease Description
Number of vehicles leased \| item				42
Term of leases			36 months
Future minimum lease payments for the undelivered vehicles \| $			$ 1,537
Cash paid for amounts included in measurement of lease liabilities \| $			$ 3,200	$ 2,700
Operating lease weighted average remaining term			4 years 1 month 6 days	4 years 8 months 12 days
Operating lease Weighted average discount rate			8.10%	8.20%
Finance lease weighted average remaining term			2 years 4 months 24 days
Finance lease Weighted average discount rate			5.80%
Corporate Headquarters Lease
Lessee Lease Description
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
Area of office space leased \| ft²	25,017
Lease Expiration Date	May 01, 2027
Option to extend lease	true
Term of optional lease renewal	5 years
Vehicle Lease
Lessee Lease Description
Number of vehicles leased \| item				42
Term of leases				36 months

Leases - Schedule of Balance Sheet Classification of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Operating lease right-of-use assets	$ 9,956	$ 10,649
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating lease right-of-use assets	Operating lease right-of-use assets
Finance lease	$ 1,451
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property Plant And Equipment Net	Property Plant And Equipment Net
Total leased assets	$ 11,407	$ 10,649
Liabilities:
Operating lease, liability, current	$ 2,573	$ 2,196
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities Current	Other Liabilities Current
Operating lease liability noncurrent	$ 9,073	$ 10,256
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating and Finance Lease, Liability, Noncurrent	Operating and Finance Lease, Liability, Noncurrent
Total operating lease liabilities	$ 11,646	$ 12,452
Finance lease liabilities, current	$ 560
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities Current	Other Liabilities Current
Finance lease liabilities, non-current	$ 875
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating and Finance Lease, Liability, Noncurrent	Operating and Finance Lease, Liability, Noncurrent
Total finance lease liabilities	$ 1,435	$ 0

Leases - Operating Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases
Operating lease costs	$ 3.1	$ 2.4	$ 2.2
Cash paid for amounts included in measurement of lease liabilities	$ 3.2	$ 2.7

Leases - Schedule of Maturities of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating leases
2021	$ 3,425
2022	3,293
2023	3,438
2024	2,889
2025 and beyond	699
Total lease payments	13,744
Less imputed interest	(2,098)
Total operating lease liabilities	11,646	$ 12,452
Finance leases
2021	626
2022	626
2023	285
Total lease payments	1,537
Less imputed interest	(102)
Total finance lease liabilities	$ 1,435	$ 0

Stockholders' Equity - Additional Information (Details) - USD ($)		1 Months Ended		12 Months Ended
	Oct. 28, 2016	Jan. 31, 2019	May 31, 2018	Dec. 31, 2018
At-the-Market Equity Offering Program
Class Of Stock
Common stock, shares issued and sold				1,799,504
Share price				$ 12.14
Gross proceeds from issuance of common stock				$ 21,800,000
Underwriting discounts and commissions				700,000
Offering expense				100,000
Common stock, net proceeds				$ 21,000,000.0
At-the-Market Equity Offering Program \| Cowen and Company LLC
Class Of Stock
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
Underwriting discounts and commissions		300,000
Common stock, net proceeds		$ 8,200,000
Underwritten Public Offering
Class Of Stock
Common stock, shares issued and sold			5,948,274
Gross proceeds from issuance of common stock			$ 86,300,000
Underwriting discounts and commissions			5,200,000
Offering expense			300,000
Common stock, net proceeds			$ 80,800,000
Closing stock, price per share			$ 14.50
Underwriters' Option to Purchase Additional Shares
Class Of Stock
Common stock, shares issued and sold			775,861

Stock Option Plans and Stock-Based Compensation - Additional Information (Details) - USD ($)		12 Months Ended
	Oct. 31, 2014	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, weighted-average grant-date fair value		$ 10.94	$ 9.52	$ 7.77
Options exercised, aggregate intrinsic value		$ 14,600,000	$ 10,300,000	$ 4,900,000
Stock-based compensation expense		38,160,000	$ 33,591,000	34,797,000
Unrecognized stock-based compensation expenses related to stock options		$ 68,500,000
Unrecognized share-based compensation related to stock options, RSUs and ESPP, period for recognition		2 years 7 months 6 days
Share based payment options grants		4,535,550
Weighted-average exercise price of options granted		$ 17.890
Expected dividend yield		$ 0
Defined contribution plan name			chrs:Plan401KMember
Percentage of maximum contribution of annual compensation			90.00%
Percentage of employer matching contributions			50.00%
Employer matching contribution of each participant's contribution plan			$ 6,000
Compensation expense related to match plan		$ 800,000
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Options, expiration period		10 years
Stock-based compensation expense		$ 30,300,000	31,400,000	33,300,000
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		6,500,000	800,000	700,000
Unrecognized stock-based compensation expenses related to stock options		$ 12,600,000
Unrecognized share-based compensation related to stock options, RSUs and ESPP, period for recognition		1 year 9 months 18 days
Total fair value of RSUs vested		$ 4,100,000	2,700,000	1,000,000.0
Total estimated grant date fair value		$ 21,200,000	$ 4,300,000	$ 78,000
Estimated weighted-average grant-date fair value of RSUs granted		$ 17.86	$ 15.11	$ 15.60
Restricted stock units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		2 years
Restricted stock units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of shares available for issuance		4.00%
Common stock reserved for future issuance		240,467
2014 Plan \| Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated weighted-average grant-date fair value of RSUs granted		$ 17.860
Share based payment RSUs grants		1,186,124
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		2,752,449
Stock-based compensation expense		$ 1,400,000	$ 1,300,000	$ 800,000
Unrecognized share-based compensation related to stock options, RSUs and ESPP, period for recognition		4 months 15 days
Unrecognized stock-based compensation expenses related to unvested RSUs		$ 700,000
Percentage of purchase common stock of lesser of fair market value of common stock on first or last day of offering period by eligible employees		85.00%
Employee stock purchase plan offering period one	--05-16
Employee stock purchase plan offering period two	--11-16
ESPP \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of shares reserve for issuance	1.00%
2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		238,589

Stock Option Plans and Stock-Based Compensation - Summary of Option Activities under 2016 and 2014 Plans (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Stock Option Plans and Stock-Based Compensation
Number of Options, Beginning balance \| shares	17,811,671
Number of Options, Granted - at fair value \| shares	4,535,550
Number of Options, Exercised \| shares	(1,704,764)
Number of Options, Forfeited /Cancelled \| shares	(1,627,622)
Number of Options, Ending balance \| shares	19,014,835
Weighted-Average Exercise Price, Beginning balance \| $ / shares	$ 14.582
Weighted-Average Exercise Price, Granted - at fair value \| $ / shares	17.890
Weighted-Average Exercise Price, Exercised \| $ / shares	10.008
Weighted-Average Exercise Price, Forfeited /Cancelled \| $ / shares	18.926
Weighted-Average Exercise Price, Ending balance \| $ / shares	$ 15.409

Stock Option Plans and Stock-Based Compensation - Summary of Additional Information Related to Status of Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stock Option Plans and Stock-Based Compensation
Options outstanding, Number of Options	19,014,835	17,811,671
Options vested and exercisable, Number of Options	11,866,172
Options outstanding, Weighted-Average Exercise Price	$ 15.409	$ 14.582
Options vested and exercisable, Weighted-Average Exercise Price	$ 14.974
Options outstanding, Weighted-Average Contractual Terms	6 years 7 months 6 days
Options vested and exercisable, Weighted-Average Contractual Terms	5 years 6 months 14 days
Options outstanding, Aggregate Intrinsic Value	$ 72,425,719
Options vested and exercisable, Aggregate Intrinsic Value	$ 58,173,433

Stock Option Plans and Stock-Based Compensation - Summary of RSU Activity, under 2014 Plan (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value, RSU's granted	$ 17.86	$ 15.11	$ 15.60
2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSU's, Balances at December 31, 2019	104,750
Number of RSU's granted	1,186,124
Number of RSU's vested	(223,767)
Number of RSU's cancelled	(57,450)
Number of RSU's, Balances at December 31, 2020	1,009,657	104,750
Weighted-Average Grant Date Fair Value, Balances at December 31, 2019	$ 19.544
Weighted-Average Grant Date Fair Value, RSU's granted	17.860
Weighted-Average Grant Date Fair Value, RSU's Vested	18.380
Weighted-Average Grant Date Fair Value, RSU's cancelled	17.969
Weighted-Average Grant Date Fair Value, Balances at December 31, 2020	$ 17.913	$ 19.544

Stock Option Plans and Stock-Based Compensation - Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	$ 38,160	$ 33,591	$ 34,797
Capitalized stock-based compensation expense into inventory	1,460	1,735
Cost of Goods Sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	583	108
Research and Development Expense.
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	13,837	12,912	15,339
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	$ 23,740	$ 20,571	$ 19,458

Stock Option Plans and Stock-Based Compensation - Schedule of Weighted Average Assumptions for Black-Scholes Option-Pricing Model Used in Determining Fair Value of Awards (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility	58.00%	61.00%	71.00%
Risk-free interest rate	0.13%	1.89%	2.40%
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 1 month 6 days	6 years	6 years
Expected volatility	68.00%	69.00%	71.00%
Risk-free interest rate	1.09%	2.29%	2.77%

Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of income (loss) before income taxes
Domestic	$ 133,615	$ 92,584	$ (208,843)
Foreign	2,092	190	(496)
Total	$ 135,707	$ 92,774	$ (209,339)

Income Taxes - Provision for (Benefit From) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current
State	$ 3,463	$ 2,942
Subtotal	3,463	2,942
Deferred
Provision for income taxes	$ 3,463	$ 2,942	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Income tax provision	$ 3,463	$ 2,942	$ 0
Increase (decrease) in valuation allowance	22,700	13,400	54,600
Unrecognized tax benefits, accrued interest and penalties accrued	0	0	0
Unrecognized tax benefits	13,243	$ 11,603	$ 18,115	$ 15,682
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 430,300
Net operating loss carryforwards expiration year	2036
Tax credit carryforwards	$ 48,200
Tax credit carryforwards expiration year	2031
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 44,600
Net operating loss carryforwards expiration year	2031
Tax credit carryforwards	$ 18,000

Income Taxes - Reconciliation of Statutory U.S. Federal Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Percent of pre-tax income:
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	1.95%	1.51%	0.16%
Foreign rate differences	(0.32%)	(0.04%)	(0.05%)
Permanent items	0.36%	(0.64%)	0.15%
Research and development credit	(4.76%)	(4.77%)	2.61%
Stock based compensation costs	1.31%	1.26%	(0.84%)
Other	(0.28%)	(0.71%)	3.07%
Change in valuation allowance	(16.71%)	(14.44%)	(26.10%)
Effective income tax rate	2.55%	3.17%

Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Components Of Deferred Tax Assets [Abstract]
Net operating loss carryforwards	$ 94,043	$ 138,663
Research and development credits	49,965	43,879
Depreciation and amortization	9,672	7,230
Stock-based compensation	25,983	22,807
Sales related accruals	16,404	7,137
Other accruals	8,013	6,927
Gross deferred tax assets	204,080	226,643
Right-of-use asset	(2,566)	(2,396)
In-process research and development	(589)	(589)
Gross deferred tax liabilities	(3,155)	(2,985)
Total net deferred tax asset	200,925	223,658
Less valuation allowance	$ (200,925)	$ (223,658)

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward
Balance at beginning of year	$ 11,603	$ 18,115	$ 15,682
Additions based on tax positions related to current year	1,749	1,206	1,276
Additions (reductions) for tax positions of prior years	(109)	(7,718)	1,157
Balance at end of year	$ 13,243	$ 11,603	$ 18,115

Net Income (Loss) Per Share Attributable to Coherus - Computation of Basic and Diluted Net Income Per Share Attributable to the Company (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income (loss) attributable to Coherus	$ 132,244	$ 89,833	$ (209,339)
Denominator:
Weighted-average common shares outstanding	71,411,705	69,679,916	65,034,827
Basic net income (loss) per share attributable to Coherus	$ 1.85	$ 1.29	$ (3.22)
Numerator:
Net income (loss) attributable to Coherus	$ 132,244	$ 89,833	$ (209,339)
Numerator for diluted (loss) net income per share attributable to Coherus	$ 135,551	$ 89,833	$ (209,339)
Denominator:
Denominator for basic net income (loss) per share attributable to Coherus	71,411,705	69,679,916	65,034,827
Stock options, including purchases from contributions to ESPP	3,455,646	3,491,272
Restricted stock units	167,597	14,755
Denominator for diluted net income (loss) per share attributable to Coherus	83,491,898	73,185,943	65,034,827
Diluted net income (loss) per share attributable to Coherus	$ 1.62	$ 1.23	$ (3.22)
2026 Convertible Notes
Numerator:
Add interest expense on convertible notes, net of tax	$ 3,307
Denominator:
Shares issuable upon conversion of convertible notes	8,456,950

Net Income (Loss) Per Share Attributable to Coherus - Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Income Per Share Attributable to Coherus (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share attributable to Coherus	14,002,963	14,908,410	19,261,805
Stock Options, Including Purchases from Contributions to ESPP
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share attributable to Coherus	9,521,403	10,412,471	14,743,547
Restricted stock units
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share attributable to Coherus	7,689	22,068	44,387
Shares issuable upon conversion of 2022 Convertible Notes
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share attributable to Coherus	4,473,871	4,473,871	4,473,871

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2018	Feb. 28, 2014	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 29, 2016
Related Party Transaction
Research and development expense			$ 142,759	$ 94,188	$ 110,239
Payments to acquire securities of non-controlling interest in subsidiary					300
InteKrin Therapeutics Inc \| RUSSIA
Related Party Transaction
Payments to acquire securities of non-controlling interest in subsidiary	$ 700
Percentage of securities acquired	17.50%
InteKrin Therapeutics Inc \| Mr. Lanfear \| RUSSIA
Related Party Transaction
Consideration received for shares	$ 400
InteKrin Russia
Related Party Transaction
Business combination consideration transferred		$ 5,000
Medpace Inc
Related Party Transaction
Research and development expense					$ 1,500
Affiliated Entity
Related Party Transaction
Aggregate principal amount						$ 25,000
Chief Executive Officer \| InteKrin Russia \| InteKrin Therapeutics Inc \| Mr. Lanfear
Related Party Transaction
Related party transaction ownership percentage		10.00%

Subsequent Event - Additional Information (Details) $ / shares in Units, $ in Millions	Feb. 01, 2021 USD ($) item $ / shares shares	Dec. 31, 2020 $ / shares	Dec. 31, 2019 $ / shares
Subsequent Event [Line Items]
Common Stock Par Or Stated Value Per Share \| $ / shares		$ 0.0001	$ 0.0001
Junshi Biosciences \| Subsequent Event
Subsequent Event [Line Items]
Collaboration Agreement	$ 150.0
Collaboration Agreement, Number Of Undisclosed Preclinical Immuno Oncology Drug Candidates \| item	2
Collaboration Agreement, Percentage Of Royalty On Net Sales	20.00%
Collaboration Agreement , Threshold Royalty Payments	$ 380.0
Collaboration Agreement , Maximum Payments On Attainment Of Certain Sales Thresholds	290.0
Collaboration Agreement, Option Exercise Fee Per Program	$ 35.0
Collaboration Agreement, Percentage Of Royalty On Net Sales For Each Option Program	18.00%
Collaboration Agreement , Threshold Payments On Achievement Of Various Milestone For Each Option Program	$ 255.0
Collaboration Agreement , Maximum Payments On Attainment Of Certain Sales Thresholds For Each Option Program	170.0
Collaboration Agreement, Maximum Payments For Co-development Activities	$ 25.0
Share Price \| $ / shares	$ 20.0643
Stock Purchase Agreement, Shares Agreed To Be Issued \| shares	2,491,988
Stock Purchase Agreement, Shares Agreed To Be Issued, Value	$ 50.0