0001558370-23-008529 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	001-36721
Entity Registrant Name	Coherus BioSciences, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3615821
Entity Address, Address Line One	333 Twin Dolphin Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	649-3530
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	CHRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		80,553,730
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001512762
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 16,145	$ 63,547
Investments in marketable securities	111,944	128,134
Trade receivables, net	101,458	109,964
Inventory	49,406	38,791
Prepaid manufacturing	16,019	17,880
Other prepaids and current assets	20,954	22,918
Total current assets	315,926	381,234
Property and equipment, net	7,724	8,754
Inventory, non-current	65,081	76,260
Goodwill and intangible assets	5,870	5,931
Other assets, non-current	7,825	8,668
Total assets	402,426	480,847
Current liabilities:
Accounts payable	23,231	11,526
Accrued rebates, fees and reserves	55,697	54,461
Accrued compensation	12,422	22,610
Accrued and other current liabilities	32,057	50,097
Total current liabilities	123,407	138,694
Term loans	245,718	245,483
Convertible notes	225,900	225,575
Lease liabilities, non-current	3,806	5,046
Other liabilities, non-current	102	3,467
Total liabilities	598,933	618,265
Commitments and contingencies (Note 8)
Stockholders' deficit:
Common stock ($0.0001 par value; shares authorized: 300,000,000; shares issued and outstanding: 80,488,296 and 78,851,516 at March 31, 2023 and December 31, 2022, respectively)	8	8
Additional paid-in capital	1,221,100	1,204,431
Accumulated other comprehensive loss	(278)	(249)
Accumulated deficit	(1,417,337)	(1,341,608)
Total stockholders' deficit	(196,507)	(137,418)
Total liabilities and stockholders' deficit	$ 402,426	$ 480,847

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Condensed 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	80,488,296	78,851,516
Common stock, shares outstanding	80,488,296	78,851,516

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Net revenue	$ 32,436	$ 60,115
Costs and expenses:
Cost of goods sold	16,874	9,370
Research and development	34,154	82,917
Selling, general and administrative	49,153	48,753
Total costs and expenses	100,181	141,040
Loss from operations	(67,745)	(80,925)
Interest expense	(9,712)	(8,969)
Loss on debt extinguishment		(6,222)
Other income (expense), net	1,728	32
Loss before income taxes	(75,729)	(96,084)
Net loss	$ (75,729)	$ (96,084)
Net (loss) income per share:
Basic (In dollar per share)	$ (0.96)	$ (1.24)
Diluted (In dollar per share)	$ (0.96)	$ (1.24)
Weighted-average number of shares used in computing basic and diluted net loss per share:
Basic (In shares)	79,268,853	77,253,699
Diluted (In shares)	79,268,853	77,253,699

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (75,729)	$ (96,084)
Other comprehensive loss:
Unrealized loss on available-for-sale securities, net of tax	(29)
Foreign currency translation adjustments, net of tax		(2)
Comprehensive loss	$ (75,758)	$ (96,086)

- 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

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Beginning Balances at Dec. 31, 2021	$ 7	$ 1,147,843	$ (270)	$ (1,049,854)	$ 97,726
Beginning Balances (in shares) at Dec. 31, 2021	76,930,096
Net loss				(96,084)	(96,084)
Issuance of common stock upon exercise of stock options		544			544
Issuance of common stock upon exercise of stock options (in shares)	102,632
Issuance of common stock upon vesting of RSUs (in shares)	491,087
Stock-based compensation expense		13,037			13,037
Taxes paid related to net share settlement of RSUs		(2,658)			(2,658)
Taxes paid related to net share settlement of RSUs (in shares)	(185,644)
Other comprehensive loss, net of tax			(2)		(2)
Ending Balances at Mar. 31, 2022	$ 7	1,158,766	(272)	(1,145,938)	12,563
Ending Balances (in shares) at Mar. 31, 2022	77,338,171
Beginning Balances at Dec. 31, 2022	$ 8	1,204,431	(249)	(1,341,608)	$ (137,418)
Beginning Balances (in shares) at Dec. 31, 2022	78,851,516				78,851,516
Net loss				(75,729)	$ (75,729)
Issuance of common stock upon exercise of stock options		103			103
Issuance of common stock upon exercise of stock options (in shares)	24,107
Issuance of common stock upon vesting of RSUs (in shares)	771,167
Stock-based compensation expense		12,288			12,288
Issuance of common stock under ATM Offering, net of issuance costs		7,059			7,059
Issuance of common stock under ATM Offering, net of issuance costs (in shares)	1,131,450
Taxes paid related to net share settlement of RSUs		(2,781)			(2,781)
Taxes paid related to net share settlement of RSUs (in shares)	(289,944)
Other comprehensive loss, net of tax			(29)		(29)
Ending Balances at Mar. 31, 2023	$ 8	$ 1,221,100	$ (278)	$ (1,417,337)	$ (196,507)
Ending Balances (in shares) at Mar. 31, 2023	80,488,296				80,488,296

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net loss	$ (75,729)	$ (96,084)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	949	767
Stock-based compensation expense	12,282	12,879
Inventory write-offs, net	3,241
Non-cash accretion of discount on marketable securities	(1,339)
Non-cash interest expense from amortization of debt discount & issuance costs	656	3,696
Option payment to Shanghai Junshi Biosciences Ltd. ("Junshi Biosciences")		35,000
Loss on debt extinguishment		6,222
Other non-cash adjustments, net	554	592
Changes in operating assets and liabilities:
Trade receivables, net	8,529	5,991
Inventory	(2,671)	(2,962)
Prepaid manufacturing	1,861	248
Other prepaid, current and non-current assets	2,057	(7,632)
Accounts payable	11,739	4,757
Accrued rebates, fees and reserves	1,236	(7,133)
Accrued compensation	(10,188)	(7,144)
Accrued and other current and non-current liabilities	(21,909)	(3,242)
Net cash used in operating activities	(68,732)	(54,045)
Investing activities
Purchases of property and equipment	(152)	(615)
Proceeds from disposal of property and equipment	178
Proceeds from maturities of investments in marketable securities	17,500
Option payment to Junshi Biosciences		(35,000)
Net cash provided by (used in) investing activities	17,526	(35,615)
Financing activities
Proceeds from 2027 Term Loans, net of debt discount & issuance costs		191,190
Proceeds from issuance of common stock under ATM Offering, net of issuance costs	6,835
Proceeds from issuance of common stock upon exercise of stock options	103	544
Taxes paid related to net share settlement of RSUs	(2,781)	(2,658)
Repayment of 2022 Convertible Notes and premiums		(109,000)
Repayment of 2025 Term Loan, premiums and exit fees		(81,750)
Other financing activities	(353)	(181)
Net cash provided by (used in) financing activities	3,804	(1,855)
Net decrease in cash, cash equivalents and restricted cash	(47,402)	(91,515)
Cash, cash equivalents and restricted cash at beginning of period	63,987	417,635
Cash, cash equivalents and restricted cash at end of period	$ 16,585	$ 326,120

Organization and Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Organization

Coherus BioSciences, Inc. (the “Company” or “Coherus”) is a commercial-stage biopharmaceutical company focused on the research, development and commercialization of innovative cancer treatments and commercialization of its portfolio of United States Food and Drug Administration (“FDA”)-approved biosimilars. The Company’s strategy is to build a leading immuno-oncology franchise funded with cash generated through net sales of its diversified portfolio of FDA-approved therapeutics. The Company’s headquarters and laboratories are located in Redwood City, California and in Camarillo, California, respectively. The Company sells UDENYCA® (pegfilgrastim-cbqv), a biosimilar to Neulasta, a long-acting granulocyte-colony stimulating factor, in the United States. The FDA approved YUSIMRY™ (adalimumab-aqvh), a biosimilar to Humira, in December 2021, which the Company plans to launch in the United States on or after July 1, 2023, pursuant to the terms of an agreement with Humira’s manufacturer, AbbVie Inc. (“AbbVie”). On August 2, 2022, the FDA approved CIMERLI® (ranibizumab-eqrn), a biosimilar to Lucentis, and commercial launch commenced on October 3, 2022 in the United States.

The Company’s product pipeline comprises the following three product candidates: toripalimab, an anti-PD-1 antibody being developed in collaboration with Shanghai Junshi Biosciences Co., Ltd. (“Junshi Biosciences”); CHS-006, an antibody targeting TIGIT being developed in collaboration with Junshi Biosciences; and one wholly-owned preclinical immuno-oncology program, CHS-1000, an antibody targeting ILT4. In May 2022, the Company discontinued development of its bevacizumab (Avastin) biosimilar product candidate in-licensed from Innovent Biologics (Suzhou) Co., Ltd. (“Innovent”). In October 2022, the Company discontinued development of its preclinical immuno-oncology program, CHS-3318, an antibody targeting CCR8. On January 9, 2023, the Company announced that it entered into a binding term sheet (the “Term Sheet”) with Klinge Biopharma GmbH (“Klinge Biopharma”) for the exclusive commercialization rights to FYB203, a biosimilar candidate to Eylea® (aflibercept), in the United States. The parties to the Term Sheet expect to execute the definitive agreements contemplated by the Term Sheet (the “Definitive Agreements”) and complete the transaction in mid-2023.

Basis of Consolidation

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

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”) filed with the SEC.

Use of Estimates

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

Cash, Cash Equivalents and Restricted Cash

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



(in thousands)	January 1,
At beginning of period:	2023		2022
Cash and cash equivalents	$	63,547	$	417,195
Restricted cash		440		440
Total cash, cash equivalents and restricted cash	$	63,987	$	417,635

	March 31,
At end of period:	2023		2022
Cash and cash equivalents	$	16,145	$	325,680
Restricted cash		440		440
Total cash, cash equivalents and restricted cash	$	16,585	$	326,120

Restricted cash consists of deposits for letters of credit that the Company has provided to secure its obligations under certain leases and is included in other assets, non-current on the condensed consolidated balance sheets.

Trade Receivables

Trade receivables are recorded net of allowances for chargebacks, 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 March 31, 2023 and December 31, 2022.

Derivative Instruments

In January 2023, the Company commenced using derivative contracts (foreign exchange option contracts) for the purpose of economically hedging exposure to changes in currency fluctuations between the U.S. Dollar and the Euro. The Company recognizes all derivatives at fair value in the condensed consolidated balance sheets, and corresponding gains and losses are recognized in other income (expense), net in the condensed consolidated statements of operations. The estimated fair value of derivative financial instruments represents the amount required to enter into similar contracts with similar remaining maturities based on quoted market prices. During the periods presented, the Company did not apply hedge accounting to these instruments (see Note 9).

Recent Accounting Pronouncements

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

Revenue

3 Months Ended

Mar. 31, 2023

Revenue

Revenue

2. Revenue

The Company initiated sales in the United States of CIMERLI on October 3, 2022. The Company’s net revenue was as follows:


	Three Months Ended
	March 31,
(in thousands)	2023		2022
Products
UDENYCA	$	26,179	$	60,069
CIMERLI		6,174		—
Total net product revenue		32,353		60,069
Other		83		46
Total net revenue	$	32,436	$	60,115

Gross product revenues by significant customer as a percentage of total gross product revenues were as follows:


	Three Months Ended
	March 31,
	2023		2022
McKesson Corporation	35	%	39	%
AmeriSource-Bergen Corporation	43	%	43	%
Cardinal Health, Inc.	21	%	17	%

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:


	Three Months Ended March 31, 2023
	Chargebacks				Other Fees,
	and Discounts				Co-pay
	for Prompt				Assistance
(in thousands)	Payment		Rebates		and Returns		Total
Balances at December 31, 2022	$	42,677	$	38,713	$	19,113	$	100,503
Provision related to sales made in:
Current period		93,906		13,000		14,603		121,509
Prior period		(738)		(701)		1,829		390
Payments and customer credits issued		(101,108)		(14,243)		(16,617)		(131,968)
Balances at March 31, 2023	$	34,737	$	36,769	$	18,928	$	90,434


	Three Months Ended March 31, 2022
	Chargebacks				Other Fees,
	and Discounts				Co-pay
	for Prompt				Assistance
(in thousands)	Payment		Rebates		and Returns		Total
Balances at December 31, 2021	$	29,665	$	54,004	$	26,054	$	109,723
Provision related to sales made in:
Current period		105,737		20,269		20,288		146,294
Prior period		(1,081)		(1,721)		(344)		(3,146)
Payments and customer credits issued		(107,625)		(24,216)		(22,440)		(154,281)
Balances at March 31, 2022	$	26,696	$	48,336	$	23,558	$	98,590

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 unaudited condensed 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

The fair values of financial instruments are classified into one of the following categories based upon the lowest level of input that is significant to the fair value measurement:

●

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.

There were no transfers between Level 1, Level 2 and Level 3 during the periods presented. The fair values of cash equivalents approximate their carrying values due to the short-term nature of such financial instruments.

Unrealized gains and losses on available-for-sale debt securities are reported as a component of accumulated comprehensive income (loss), with the exception of unrealized losses believed to be related to credit losses, if any, which are recognized in 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 available-for-sale debt 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, if any, on available-for-sale securities are included in other income (expense), net, in the condensed consolidated statements of operations based on the specific identification method.

Financial assets and liabilities measured at fair value on a recurring basis are summarized as follows:


	Fair Value Measurements
	March 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	11,712	$	—	$	—	$	11,712
Marketable debt securities:
U.S. government agency securities		15,120		—		—		15,120
U.S. treasury securities		50,036		—		—		50,036
Commercial paper and corporate notes		—		46,788		—		46,788
Currency contracts		—		44		—		44
Total	$	76,868	$	46,832	$	—	$	123,700
Financial Liabilities:
Currency contracts	$	—	$	167	$	—	$	167


	Fair Value Measurements
	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	55,060	$	—	$	—	$	55,060
Marketable debt securities:
U.S. government agency securities		19,964		—		—		19,964
U.S. treasury securities		68,418		—		—		68,418
Commercial paper and corporate notes		—		48,203		—		48,203
Total	$	143,442	$	48,203	$	—	$	191,645

The cost, unrealized gains or losses, and fair value by investment type are summarized as follows:


	March 31, 2023
(in thousands)	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	11,712	$	—	$	—	$	11,712
U.S. government agency securities		15,109		13		(2)		15,120
U.S. treasury securities		50,042		3		(9)		50,036
Commercial paper and corporate notes		46,800		—		(12)		46,788
Total	$	123,663	$	16	$	(23)	$	123,656


	December 31, 2022
(in thousands)	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	55,060	$	—	$	—	$	55,060
U.S. government agency securities		19,929		35		—		19,964
U.S. treasury securities		68,431		8		(21)		68,418
Commercial paper and corporate notes		48,203		—		—		48,203
Total	$	191,623	$	43	$	(21)	$	191,645

The Company held 11 positions that were in unrealized loss positions as of March 31, 2023, and aggregated gross unrealized losses on available-for-sale debt securities were not material. No impairment was recognized in the first quarter of 2023. As of March 31, 2023, the remaining contractual maturities of available-for-sale securities were less than one year, and the average maturity of investments upon acquisition was approximately 8 months. The accrued

interest receivable on available-for-sale marketable securities was immaterial at March 31, 2023 and December 31, 2022, and is included in other prepaid and current assets.

There were no investments in marketable securities as of March 31, 2022; thus, no unrealized gain (loss) was recognized as of March 31, 2022.

- 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

3 Months Ended

Mar. 31, 2023

Inventory

Inventory

4. Inventory

Inventory consisted of the following:


	March 31,		December 31,
(in thousands)	2023		2022
Raw materials	$	13,008	$	10,262
Work in process		82,206		86,712
Finished goods		19,273		18,077
Total	$	114,487	$	115,051

Inventory is stated at the lower of cost or estimated net realizable value with cost determined under the first-in first-out method. The determination of excess or obsolete inventory requires judgment including consideration of many factors, such as estimates of future product demand, current and future market conditions, product expiration information, and potential product obsolescence, among others.

The Company began capitalizing YUSIMRY inventory in the second quarter of 2022 and had $25.1 million and $23.7 million of such inventory as of March 31, 2023 and December 31, 2022, respectively. Inventory expected to be sold more than twelve months from the balance sheet date is classified as inventory, non-current on the condensed consolidated balance sheets. As of March 31, 2023 and December 31, 2022, the non-current portion of inventory consisted of raw materials, work in process and a portion of finished goods. The following table presents the inventory balance sheet classifications:


	March 31,		December 31,
(in thousands)	2023		2022
Inventory	$	49,406	$	38,791
Inventory, non-current		65,081		76,260
Total	$	114,487	$	115,051

Prepaid manufacturing of $16.0 million as of March 31, 2023 includes prepayments of $11.6 million to contract manufacturing organizations (“CMOs”) for manufacturing services for our products, which the Company expects to be converted into inventory within the next twelve months; and prepayments of $4.4 million to various CMOs for research and development pipeline programs. Prepaid manufacturing of $17.9 million as of December 31, 2022 included prepayments of $13.0 million to CMOs for manufacturing services of the Company’s products, which the Company expects to be converted into inventory during 2023; and prepayments of $4.9 million to various CMOs for research and development pipeline programs.

Balance Sheet Components

3 Months Ended

Mar. 31, 2023

Balance Sheet Components

Balance Sheet Components

5. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following:


	March 31,		December 31,
(in thousands)	2023		2022
Machinery and equipment	$	13,031	$	12,944
Computer equipment and software		3,127		3,183
Furniture and fixtures		1,258		1,258
Leasehold improvements		6,234		6,198
Finance lease right of use assets		4,070		4,632
Construction in progress		524		696
Total property and equipment		28,244		28,911
Accumulated depreciation and amortization		(20,520)		(20,157)
Property and equipment, net	$	7,724	$	8,754

Depreciation and amortization expense related to property and equipment, net was $0.9 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively.

As of March 31, 2023 and December 31, 2022, the net book value of software implementation costs related to hosting arrangements was $3.2 million and $3.5 million, respectively, and the amortization expense was immaterial for all periods presented.

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	March 31,		December 31,
(in thousands)	2023		2022
Accrued commercial and research and development manufacturing	$	9,677	$	21,774
Accrued co-development costs payable to Junshi Biosciences		3,480		8,356
Lease liabilities, current		4,436		4,318
Accrued other		14,464		15,649
Total Accrued and other current liabilities	$	32,057	$	50,097

Collaborations and Other Arrangements

3 Months Ended

Mar. 31, 2023

Collaborations and Other Arrangements

Collaborations and Other Arrangements

6. Collaborations and Other Arrangements

Junshi Biosciences

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 paid $150.0 million upfront for exclusive rights to toripalimab in the United States and Canada, an option in these territories to Junshi Biosciences’ anti-TIGIT antibody CHS-006, an option in these territories to a 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 toripalimab 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 regulatory and sales milestones.

In March 2022, the Company paid $35.0 million for the exercise of its option to license CHS-006. Junshi Biosciences and the Company are jointly developing CHS-006 with each party responsible for the associated development costs as set forth in the Collaboration Agreement. If the Company exercises its remaining option for the IL-2 cytokine, it will be obligated to pay an additional option exercise fee of $35.0 million. Additionally, for each exercised option, the Company will be obligated to pay Junshi Biosciences an 18% royalty on net sales, up to $85.0 million for the achievement of certain regulatory approvals, and up to $170.0 million for the 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, including CHS-006, and will pay for a portion of these co-development activities up to a maximum of $25.0 million per licensed compound per year. Beginning in 2023, the scope of the development plan for toripalimab in the United States has been reduced based on changes approved by the Company and Junshi Biosciences. Additionally, the Company is responsible for certain associated regulatory and technology transfer costs for toripalimab and other licensed compounds and will reimburse Junshi Biosciences for such costs.

The licensing transaction and the exercise of the option were accounted for as asset acquisitions under the relevant accounting rules. Research and development expenses recognized for obligations to Junshi Biosciences were $2.1 million for the three months ended March 31, 2023, and $50.1 million, inclusive of the $35.0 million option fee, for the three months ended March 31, 2022. In the condensed consolidated balance sheet as of March 31, 2023, the Company has classified $3.5 million in accrued and other current liabilities and $2.1 million in accounts payable related to the co-development, regulatory and technology transfer costs related to these programs.

As of March 31, 2023, the Company did not have any outstanding milestone or royalty payment obligations to Junshi Biosciences. The additional milestone payments, option fee for the IL-2 cytokine and royalties are contingent upon future events and, therefore, will be recorded when it is probable that a milestone will be achieved, option fee will be incurred or when royalties are due.

Bioeq

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

Bioeq will manufacture and supply the Bioeq Licensed Products to the Company in accordance with terms and conditions specified in the Bioeq License Agreement and a manufacturing and supply agreement between the Company and Bioeq dated September 29, 2022 (the “Bioeq Manufacturing Agreement”). The Bioeq Manufacturing Agreement will remain in force until the first to occur of the following: (1) the termination of the Bioeq License Agreement; (2) the exercise of a right to termination by the Company or Bioeq for a material breach of the other party that is not cured in accordance with the Bioeq Manufacturing Agreement; and (3) the exercise of a right to termination by Bioeq if invoices are not paid in full in accordance with the Bioeq Manufacturing Agreement.

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

The Company accounted for the licensing transaction as an asset acquisition under the relevant accounting rules. The Company 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 in 2019. The terms of the Bioeq License Agreement include an aggregate of up to €12.5 million in additional milestone payments in connection with the achievement of certain development and regulatory milestones with respect to the Bioeq Licensed Products in the United States including a €2.5 million milestone related to the FDA approval of the CIMERLI Section 351(k) BLA that was paid in the fourth quarter of 2022. This was recorded as an intangible asset and is being amortized over ten years. The Company shares a percentage of gross profits on sales of Bioeq Licensed Products in the United States with Bioeq in the low- to mid-fifty percent range. Royalties due to Bioeq were $2.5 million and $2.9 million as of March 31, 2023 and December 31, 2022, respectively. The remaining milestone payments and royalties are contingent upon future events and, therefore, will be recorded when it becomes probable that a milestone will be achieved.

Other

On January 9, 2023, the Company announced that it entered into the Term Sheet with Klinge Biopharma for the exclusive commercialization rights to FYB203, a biosimilar candidate to Eylea® (aflibercept), in the United States. The parties to the Term Sheet expect to execute the Definitive Agreements contemplated by the Term Sheet and complete the transaction in mid-2023. Under the Term Sheet, the Company will make a total upfront payment of approximately €30 million, comprised of cash and the Company’s common stock, thirty days after the execution of the Definitive Agreements. The Company has also agreed to make other regulatory and launch milestone payments and to make royalty payments based on approximately equal sharing of profits from the sale of FYB203 in consideration for the commercialization rights to FYB203 in the United States.

The material terms of the transaction with Klinge Biopharma will be set forth in the Definitive Agreements, which will be included in a subsequent filing by the Company when such Definitive Agreements are executed.

Debt Obligations

3 Months Ended

Mar. 31, 2023

Debt Obligations

Debt Obligations

7. Debt Obligations

A summary of the Company’s debt obligations, including level within the fair value hierarchy (see Note 3), is as follows:


	At March 31, 2023
(in thousands)	Principal Amount			Unamortized Debt Discount and Debt Issuance Costs	Net Carrying Value		Estimated Fair Value		Level
Financial Liabilities:
2027 Term Loans	$	250,000	$	(4,282)	$	245,718	$	245,718	Level 2*
2026 Convertible Notes	$	230,000	$	(4,100)	$	225,900	$	159,358	Level 2**

	At December 31, 2022
(in thousands)	Principal Amount		Unamortized Debt Discount and Debt Issuance Costs		Net Carrying Value		Estimated Fair Value		Level
Financial Liabilities:
2027 Term Loans	$	250,000	$	(4,517)	$	245,483	$	245,483	Level 2*
2026 Convertible Notes	$	230,000	$	(4,425)	$	225,575	$	157,205	Level 2**

The principal amounts outstanding are subject to variable interest rates, which are based on three-month SOFR starting April 1, 2023 plus fixed percentages. Through March 31, 2023, the variable component was based on the three-month LIBOR. Therefore, the Company believes the carrying amount of these obligations approximates fair value.

The fair value is influenced by interest rates, the Company’s stock price and stock price volatility and is determined by prices observed in market trading. Since the market for trading of the 2026 Convertible Notes is not considered to be an active market, the estimated fair value is based on Level 2 inputs.

2027 Term Loans

The Company entered into a loan agreement in January 2022 (as amended to date, the “Loan Agreement”) with BioPharma Credit, PLC, (as the “Collateral Agent”), BPCR Limited Partnership (as a “Lender”), and Biopharma Credit Investments V (Master) LP, acting by its general partner, BioPharma Credit Investments V GP LLC (as a “Lender”) that provides for a senior secured term loan facility of up to $300.0 million to be funded in four committed tranches: (i) a Tranche A Loan in an aggregate principal amount of $100.0 million (the “Tranche A Loan”) that was funded on January 5, 2022 (the “Tranche A Closing Date”); (ii) a Tranche B Loan in an aggregate principal amount of $100.0 million (the “Tranche B Loan”) that was funded on March 31, 2022; (iii) a Tranche C Loan in an aggregate principal amount of $50.0 million (the “Tranche C Loan”) that was not funded; and (iv) a Tranche D Loan in an aggregate principal amount of $50.0 million (the “Tranche D Loan” and, together with the Tranche A Loan, the Tranche B Loan, and the Tranche C Loan, the “2027 Term Loans”) that was funded on September 14, 2022. The Company has the right to request an uncommitted additional facility amount of up to $100.0 million that is subject to new terms and conditions.

The 2027 Term Loans mature on either (i) the fifth anniversary of the Tranche A Closing Date; or (ii) October 15, 2025, if the outstanding aggregate principal amount of the Company’s 2026 Convertible Notes is greater than $50.0 million on October 1, 2025. The 2027 Term Loans accrued interest from inception through March 31, 2023 at 8.25% plus three-month LIBOR per annum with a LIBOR floor of 1.0%; and starting April 1, 2023, accrue interest at 8.25% plus the sum (the “Adjusted Term SOFR”) of three-month SOFR and 0.26161% per annum, with a floor on Adjusted Term SOFR of 1.0%. The interest rate for the first quarter of 2023 was 13.03%. Interest is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. Repayment of outstanding principal of the 2027 Term Loans will be made in five equal quarterly payments of principal commencing March 31, 2026.

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.

The obligations under the Loan Agreement are secured pursuant to customary security documentation, including a guaranty and security agreement among the Credit Parties and the Collateral Agent which provides for a lien on substantially all of the Company’s tangible and intangible assets and property, including intellectual property.

Pursuant to the Loan Agreement, and subject to certain restrictions, proceeds of the 2027 Term Loans were used to fund the Company’s general corporate and working capital requirements except for the following: in January 2022, proceeds of the Tranche A Loan were used to repay in full all amounts outstanding under the Company’s $75.0 million aggregate principal credit agreement with affiliates of Healthcare Royalty Partners (the “2025 Term Loan”), as well as all

associated costs and expenses pursuant to which a payoff amount of $81.9 million was outstanding; in March 2022, proceeds of the Tranche B Loan were drawn in connection with the full repayment of all amounts outstanding under the Company’s $100.0 million aggregate principal amount 8.2% Convertible Senior Notes (the “2022 Convertible Notes”), as well as all associated costs and expenses pursuant to which a payoff amount of $111.1 million was outstanding.

The Loan Agreement contains certain customary representations and warranties. In addition, the Loan Agreement includes affirmative covenants, such as the requirement to maintain minimum trailing twelve-month net sales in an amount that begins at $200.0 million for the quarter ending March 31, 2022, increases to $210.0 million for the quarter ended March 31, 2024, increases to $230.0 million for the quarter ending June 30, 2024, increases to $270.0 million for the quarter ending September 30, 2024, and increases to $300.0 million for the quarter ended December 31, 2024 and thereafter. Further, the Loan Agreement includes certain other affirmative covenants and negative covenants, including, covenants and restrictions that among other things, restrict the Company’s ability to incur liens, incur additional indebtedness, make investments, engage in certain mergers and acquisitions or asset sales, and declare dividends or redeem or repurchase capital stock. The Loan Agreement also contains customary events of default, including among other things, the Company’s failure to make any principal or interest payments when due, the occurrence of certain bankruptcy or insolvency events or its breach of the covenants under the Loan Agreement. Upon the occurrence of an event of default, the Lenders may, among other things, accelerate the Company’s obligations under the Loan Agreement. A change of control of the Company triggers a mandatory prepayment of the 2027 Term Loans within ten business days.

As of March 31, 2023, the Company was in full compliance with these covenants, other than the requirement in Section 6.15(a) that the trailing twelve-month net sales for the fiscal quarter ended March 31, 2023 not be less than $200.0 million for which the Company obtained a valid waiver, and there were no events of default under the 2027 Term Loans.

In connection with the closing of Tranche A, the Company incurred $7.8 million in debt discounts and issuance costs of which $6.8 million related to all the tranches of the 2027 Term Loans and was thus allocated pro rata between the tranches. The unamortized debt discount and issuance costs allocated to funded tranches are presented as deductions to the 2027 Term Loan balance and are amortized into interest expense using the effective interest method. The $2.3 million allocated to Tranche B was fully amortized over the commitment period prior to funding and recognized as interest expense in the first quarter of 2022. The associated debt discounts and issuance costs of unfunded tranches were deferred as assets and amortized into interest expense using the straight-line method over the commitment period of the respective tranches. At the closing dates of Tranche B on March 31, 2022 and Tranche D on September 14, 2022, the Company incurred an additional $1.0 million and $0.5 million, respectively, in debt issuance costs. As of March 31, 2023, the total remaining unamortized debt discount and debt offering costs related to Tranches A, B and D of $4.3 million will be amortized using the effective interest rate over the remaining term of 3.8 years.

The following table presents the components of interest expense related to the 2027 Term Loans:


	Three Months Ended
	March 31,
(in thousands)	2023		2022
Stated coupon interest	$	8,145	$	2,210
Amortization of debt discount and debt issuance costs		332		2,841
Total interest expense	$	8,477	$	5,051

Future payments on the 2027 Term Loans as of March 31, 2023 are as follows:


Year ending December 31, (in thousands)
Remainder of 2023 - interest only	$	24,887
2024 - interest only		33,123
2025 - interest only		33,032
2026 - principal and interest		223,060
2027 - principal and interest		50,090
Total minimum payments		364,192
Less amount representing interest		(114,192)
2027 Term Loans, gross		250,000
Less unamortized debt discount and debt issuance costs, net		(4,282)
Net carrying amount of 2027 Term Loans	$	245,718

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, since 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. Since inception, the conversion price has been 51.9224 shares of common stock per $1,000 principal amount of the 2026 Convertible Notes, which represents a 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 $14.82 per share of the Company’s common stock on the Nasdaq Global Market on April 14, 2020, the date the 2026 Convertible Notes were issued. 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 have customary provisions 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 March 31, 2023, the Company was in full compliance with these covenants and there were no events of default under the 2026 Convertible Notes.

The Company evaluated the features embedded in the 2026 Convertible Notes under the relevant accounting rules and concluded that the embedded features do not meet the requirements for bifurcation, and therefore do not need to be separately accounted for as an equity component. The proceeds received from the issuance of the convertible debt were recorded as a liability on the condensed consolidated balance sheets.

Capped Call Transactions

In connection with the pricing of the 2026 Convertible Notes, the Company paid $18.2 million to enter into privately negotiated capped call transactions with one or a combination of the initial purchasers, their respective affiliates and other financial institutions. 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. Since inception, the cap price has been $25.93 per share, which represents a premium of approximately 75.0% over the last reported sale price of the Company’s common stock of $14.82 per share on April 14, 2020, and is subject to certain adjustments under the terms of the capped call transactions.

The capped call transactions are accounted for as separate transactions from the 2026 Convertible Notes and classified as equity instruments; thus, they are recorded as a reduction to additional paid-in capital on the condensed consolidated balance sheets. The capped calls will not be subsequently re-measured as long as the conditions for equity classification continue to be met.

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

If the 2026 Convertible Notes were converted on March 31, 2023, the holders of the 2026 Convertible Notes would have received common shares with an aggregate value of $81.7 million based on the Company’s closing stock price of $6.84 as of March 31, 2023.

The following table presents the components of interest expense related to the 2026 Convertible Notes:


	Three Months Ended
	March 31,
(in thousands)	2023		2022
Stated coupon interest	$	863	$	863
Amortization of debt discount and debt issuance costs		326		319
Total interest expense	$	1,189	$	1,182

The remaining unamortized debt discount and debt offering costs related to the Company’s 2026 Convertible Notes of $4.1 million as of March 31, 2023, will be amortized using the effective interest rate over the remaining term of the 2026 Convertible Notes. The annual effective interest rate is 2.1% for the 2026 Convertible Notes.

Future payments on the 2026 Convertible Notes as of March 31, 2023 are as follows:


Year ending December 31, (in thousands)
Remainder of 2023 - interest only	$	3,450
2024 - interest only		3,450
2025 - interest only		3,450
2026		231,725
Total minimum payments		242,075
Less amount representing interest		(12,075)
2026 Convertible Notes, principal amount		230,000
Less unamortized debt discount and debt issuance costs		(4,100)
Net carrying amount of 2026 Convertible Notes	$	225,900

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 due 2022. The 2022 Convertible Notes constituted general, senior unsubordinated obligations of the Company bore interest at a fixed coupon rate of 8.2% per annum payable quarterly in arrears and matured on March 31, 2022. In March 2022, the Company fully repaid the 2022 Convertible Notes, and as a result had no continuing obligations associated with them thereafter. The payoff amount of $111.1 million included the repayment of the entire outstanding principal amount, the 9% premium of the outstanding principal amount and accrued and unpaid interest. For the three months ended March 31, 2022, interest expense on the 2022 Convertible Notes was $2.6 million, which included $2.1 million of stated coupon interest and $0.5 million amortization of debt discount and debt issuance costs.

2025 Term Loan

On January 7, 2019, the Company entered into a credit agreement with affiliates of Healthcare Royalty Partners. The 2025 Term Loan consisted of a six-year term loan facility for an aggregate principal amount of $75.0 million (the “Borrowings”).

Pursuant to the terms of the 2025 Term Loan, the Company was required to begin paying principal on the Borrowings in equal quarterly installments beginning on the third anniversary of the 2025 Term Loan Closing Date, with the outstanding balance to be repaid on January 7, 2025, the maturity date. In January 2022, pursuant to the Company entering into the 2027 Term Loans, the Company voluntarily prepaid all amounts outstanding under the 2025 Term Loan. The payoff amount of $81.9 million included principal repayment in full, accrued interest, a 5.0% prepayment premium fee of the Borrowings principal amount, and an exit fee of 4.0% of the Borrowings principal amount. The prepayment premium fee and unamortized exit fee, debt discount and debt issuance costs, net from the payoff of the 2025 Term Loan totaled $6.2 million and was recorded in loss on debt extinguishment in the condensed consolidated statement of operations for the three months ended March 31, 2022. For the three months ended March 31, 2022, interest expense on the 2025 Term Loan was $0.2 million which represented stated coupon interest.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies.

Commitments and Contingencies

8. Commitments and Contingencies

Purchase Commitments

The Company entered into agreements with certain vendors to secure raw materials and certain CMOs to manufacture its supply of products. As of March 31, 2023, the Company’s non-cancelable purchase commitments under the terms of its agreements are as follows:


Year ending December 31, (in thousands)
2023*	$	34,666
2024		32,643
2025		4,435
2026		5,469
2027		5,470
Total obligations	$	82,683

*	Reflects a reduction compared to December 31, 2022 resulting from a contract change to lower the number of UDENYCA batches to be produced at a specific CMO.

The Company enters into contracts in the normal course of business with contract research organizations for preclinical studies and clinical trials and CMOs for the manufacture of clinical trial materials. The contracts are generally cancellable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would generally 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.

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 assesses 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.

Legal Proceedings and Other Claims

The Company is a party to various legal proceedings and claims that arise in the ordinary, routine course of business and that have not been fully resolved. The outcome of such legal proceedings and claims is inherently uncertain. Accruals are recognized for such legal proceedings and claims to the extent that a loss is both probable and reasonably estimable. The best estimate of a loss within a range is accrued; however, if no estimate in the range is better than any other, then the minimum amount in the range is accrued. If it is determined that a material loss is reasonably possible and the loss or range of loss can be estimated, the possible loss is disclosed. Sometimes it is not possible to determine the outcome of these matters or, unless otherwise noted, the outcome (including in excess of any accrual) is not expected to be material, and the maximum potential exposure or the range of possible loss cannot be reasonably estimated. As of March 31, 2023 and December 31, 2022, the Company had an accrual of $6.4 million and $4.7 million, respectively, related to such matters that was included in accrued rebates, fees and reserves in the condensed consolidated balance sheets.

In late April of 2022, the Company received a demand letter from Zinc Health Services, LLC (“Zinc”) asserting that Zinc was entitled to approximately $14.0 million from the Company for claims related to certain sales of UDENYCA from October 2020 through December 2021. The Company is continuing to evaluate the claims in the letter. No legal

proceeding has been filed in connection with the claims in the letter and based on currently available information the final resolution of the matter is uncertain. The Company intends to defend any legal proceeding that may be filed. The Company’s accrual as of March 31, 2023 represented its estimated liability to resolve the matter. Loss contingencies are inherently unpredictable, the assessment is highly subjective and requires judgments about future events and unfavorable developments or resolutions can occur. The Company regularly reviews litigation matters to determine whether its accrual is adequate. The amount of ultimate loss may differ materially from the amount accrued to date.

Other than the matter in connection with the demand letter described in this Note 8, there are no pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of its subsidiaries is a party, or that any of the Company or its subsidiaries' property is subject.

Derivatives

3 Months Ended

Mar. 31, 2023

Derivatives

Derivatives

9. Derivatives

The Company is exposed to foreign currency exchange rate risk related to its international purchases. In the first quarter of 2023, the Company started utilizing euro currency contracts to manage euro currency risk in purchasing inventory and future settlement of euro denominated assets and liabilities. The volume of the Company’s foreign currency contract activity is limited by the amount of transaction exposure in each foreign currency and the Company’s election whether to hedge the transactions. There are no derivative instruments entered into for speculative or trading purposes.

The Company did not elect hedge accounting for any of its currency contracts. All outstanding contracts are with the same counterparty. Changes in the net fair value of contracts are recorded in other income (expense), net in the condensed consolidated statements of operations.

The Company's derivatives are euro currency contracts which are economic hedges and have settlement dates through September 30, 2023. The following table summarizes the derivative fair value:


		March 31, 2023
(in thousands)	Balance Sheet Classification	Notional		Fair Value
Derivative assets	Other prepaids and current assets	$	4,850	$	44
Derivative liabilities	Accrued and other current liabilities	$	7,300	$	167

The pre-tax gain (loss) of foreign currency contracts not designated as hedging instruments were recorded on the condensed consolidated statements of operations as follows:


		Three Months Ended
(in thousands)	Statement of Operations Classification	March 31, 2023
Currency contracts	Other income (expense), net	$	(123)

At The Market Offering

3 Months Ended

Mar. 31, 2023

At-The-Market Offering

At The Market Offering

10. At-The-Market Offering

On November 8, 2022, the Company filed a registration statement on Form S-3, which was declared effective on November 17, 2022 (the “Registration Statement”). Under the Registration Statement, the Company may offer and sell up to $150.0 million in the aggregate of its common stock, preferred stock, debt securities, warrants and units from time to time in one or more offerings. Also on November 8, 2022, the Company entered into a sales agreement (“Sales Agreement”) with Cowen and Company, LLC (“Cowen”), pursuant to which the Company may issue and sell from time to time up to $150.0 million of its common stock through or to Cowen as the Company’s sales agent or principal in an at-the-market offering (“ATM Offering”). During the three months ended March 31, 2023, the Company sold 1,131,450 shares of common stock at a weighted-average price per share of $6.54 for gross proceeds of $7.4 million pursuant to the ATM Offering and received net proceeds of $7.2 million, net of $0.2 million of commissions and fees. As of March 31, 2023, the Company had approximately $135.9 million of its common stock remaining available for sales under the ATM Offering.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Stock-Based Compensation

Stock-Based Compensation

11. Stock-Based Compensation

The following table summarizes the classification of stock-based compensation expense in the Company’s condensed consolidated statements of operations related to options and restricted stock units granted to employees and nonemployees:


	Three Months Ended
	March 31,
(in thousands)	2023		2022
Cost of goods sold ⁽¹⁾	$	125	$	155
Research and development		5,461		4,958
Selling, general and administrative		6,696		7,766
Stock-based compensation expense	$	12,282	$	12,879

Stock-based compensation expense capitalized into inventory	$	131	$	313

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

The stock-based compensation for the three months ended March 31, 2023 includes restructuring charges described in Note 13 of $1.1 million in research and development expense and a net forfeiture credit of $0.1 million in selling, general and administrative expense.

Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Net Loss Per Share

Net Loss Per Share

12. Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common shares. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period, without consideration for any potential dilutive common share equivalents as their effect would be antidilutive.

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


	Three Months Ended
	March 31,
	2023	2022
Stock options, including shares subject to ESPP	23,996,096	21,947,102
Restricted stock units	2,586,168	2,479,655
Shares issuable upon conversion of 2022 Convertible Notes	—	4,324,742
Shares issuable upon conversion of 2026 Convertible Notes	11,942,152	11,942,152
Total	38,524,416	40,693,651

Restructuring Charges

3 Months Ended

Mar. 31, 2023

Restructuring Charges.

Restructuring Charges

13. Restructuring Charges

On March 3, 2023, the Company committed to a plan to reduce its workforce to focus resources on strategic priorities including the commercialization of its diversified product portfolio and development of innovative immuno-oncology product candidates. The reduction in force impacted approximately 50 full-time and part-time employees, effective March 10, 2023 for most of these employees. Non-recurring restructuring charges associated with the reduction in force consisted of $3.9 million in cash expenses related to personnel expenses such as salaries, severance payments and other benefits; and $1.5 million in non-cash stock-based compensation related to acceleration of vesting and extension of the stock option exercise windows for two impacted executives; partially offset by $0.5 million in non-cash stock-based compensation forfeiture credits. The reduction in force is expected to be substantially completed during the first half of 2023.

For the three months ended March 31, 2023, the condensed consolidated statement of operations includes $3.6 million in research and development expense and $1.3 million in selling, general and administrative expense related to the reduction in force. The condensed consolidated balance sheet includes $1.0 million in accrued compensation as of March 31, 2023. Any additional charges are expected to be insignificant.

Organization and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Organization and Significant Accounting Policies

Basis of Consolidation

Use of Estimates

Cash, Cash Equivalents and Restricted Cash



(in thousands)	January 1,
At beginning of period:	2023		2022
Cash and cash equivalents	$	63,547	$	417,195
Restricted cash		440		440
Total cash, cash equivalents and restricted cash	$	63,987	$	417,635

	March 31,
At end of period:	2023		2022
Cash and cash equivalents	$	16,145	$	325,680
Restricted cash		440		440
Total cash, cash equivalents and restricted cash	$	16,585	$	326,120

Investments in Marketable Securities

Trade Receivables

Derivative Instruments

Recent Accounting Pronouncements

Organization and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Organization and Significant Accounting Policies

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash



(in thousands)	January 1,
At beginning of period:	2023		2022
Cash and cash equivalents	$	63,547	$	417,195
Restricted cash		440		440
Total cash, cash equivalents and restricted cash	$	63,987	$	417,635

	March 31,
At end of period:	2023		2022
Cash and cash equivalents	$	16,145	$	325,680
Restricted cash		440		440
Total cash, cash equivalents and restricted cash	$	16,585	$	326,120

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue

Net revenue initiated sales in the United States of total net revenue


	Three Months Ended
	March 31,
(in thousands)	2023		2022
Products
UDENYCA	$	26,179	$	60,069
CIMERLI		6,174		—
Total net product revenue		32,353		60,069
Other		83		46
Total net revenue	$	32,436	$	60,115

Gross Revenues by Significant Customer as a Percentage of Total Gross Revenues

Gross product revenues by significant customer as a percentage of total gross product revenues were as follows:


	Three Months Ended
	March 31,
	2023		2022
McKesson Corporation	35	%	39	%
AmeriSource-Bergen Corporation	43	%	43	%
Cardinal Health, Inc.	21	%	17	%

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:


	Three Months Ended March 31, 2023
	Chargebacks				Other Fees,
	and Discounts				Co-pay
	for Prompt				Assistance
(in thousands)	Payment		Rebates		and Returns		Total
Balances at December 31, 2022	$	42,677	$	38,713	$	19,113	$	100,503
Provision related to sales made in:
Current period		93,906		13,000		14,603		121,509
Prior period		(738)		(701)		1,829		390
Payments and customer credits issued		(101,108)		(14,243)		(16,617)		(131,968)
Balances at March 31, 2023	$	34,737	$	36,769	$	18,928	$	90,434


	Three Months Ended March 31, 2022
	Chargebacks				Other Fees,
	and Discounts				Co-pay
	for Prompt				Assistance
(in thousands)	Payment		Rebates		and Returns		Total
Balances at December 31, 2021	$	29,665	$	54,004	$	26,054	$	109,723
Provision related to sales made in:
Current period		105,737		20,269		20,288		146,294
Prior period		(1,081)		(1,721)		(344)		(3,146)
Payments and customer credits issued		(107,625)		(24,216)		(22,440)		(154,281)
Balances at March 31, 2022	$	26,696	$	48,336	$	23,558	$	98,590

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Measurements

Financial Assets and Liabilities Measured on a Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized as follows:


	Fair Value Measurements
	March 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	11,712	$	—	$	—	$	11,712
Marketable debt securities:
U.S. government agency securities		15,120		—		—		15,120
U.S. treasury securities		50,036		—		—		50,036
Commercial paper and corporate notes		—		46,788		—		46,788
Currency contracts		—		44		—		44
Total	$	76,868	$	46,832	$	—	$	123,700
Financial Liabilities:
Currency contracts	$	—	$	167	$	—	$	167


	Fair Value Measurements
	December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	55,060	$	—	$	—	$	55,060
Marketable debt securities:
U.S. government agency securities		19,964		—		—		19,964
U.S. treasury securities		68,418		—		—		68,418
Commercial paper and corporate notes		—		48,203		—		48,203
Total	$	143,442	$	48,203	$	—	$	191,645

Cash and cash equivalents, marketable securities and restricted cash


	March 31, 2023
(in thousands)	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	11,712	$	—	$	—	$	11,712
U.S. government agency securities		15,109		13		(2)		15,120
U.S. treasury securities		50,042		3		(9)		50,036
Commercial paper and corporate notes		46,800		—		(12)		46,788
Total	$	123,663	$	16	$	(23)	$	123,656


	December 31, 2022
(in thousands)	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	55,060	$	—	$	—	$	55,060
U.S. government agency securities		19,929		35		—		19,964
U.S. treasury securities		68,431		8		(21)		68,418
Commercial paper and corporate notes		48,203		—		—		48,203
Total	$	191,623	$	43	$	(21)	$	191,645

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory

Schedule of Inventory

Inventory consisted of the following:


	March 31,		December 31,
(in thousands)	2023		2022
Raw materials	$	13,008	$	10,262
Work in process		82,206		86,712
Finished goods		19,273		18,077
Total	$	114,487	$	115,051

Schedule of Balance Sheet Classification


	March 31,		December 31,
(in thousands)	2023		2022
Inventory	$	49,406	$	38,791
Inventory, non-current		65,081		76,260
Total	$	114,487	$	115,051

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2023

Organization and Operations

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	March 31,		December 31,
(in thousands)	2023		2022
Machinery and equipment	$	13,031	$	12,944
Computer equipment and software		3,127		3,183
Furniture and fixtures		1,258		1,258
Leasehold improvements		6,234		6,198
Finance lease right of use assets		4,070		4,632
Construction in progress		524		696
Total property and equipment		28,244		28,911
Accumulated depreciation and amortization		(20,520)		(20,157)
Property and equipment, net	$	7,724	$	8,754

Schedule of Accrued Liabilities

Accrued and other current liabilities consisted of the following:


	March 31,		December 31,
(in thousands)	2023		2022
Accrued commercial and research and development manufacturing	$	9,677	$	21,774
Accrued co-development costs payable to Junshi Biosciences		3,480		8,356
Lease liabilities, current		4,436		4,318
Accrued other		14,464		15,649
Total Accrued and other current liabilities	$	32,057	$	50,097

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2023

Debt Instrument

Summary of the Company's Debt Obligations

A summary of the Company’s debt obligations, including level within the fair value hierarchy (see Note 3), is as follows:


	At March 31, 2023
(in thousands)	Principal Amount			Unamortized Debt Discount and Debt Issuance Costs	Net Carrying Value		Estimated Fair Value		Level
Financial Liabilities:
2027 Term Loans	$	250,000	$	(4,282)	$	245,718	$	245,718	Level 2*
2026 Convertible Notes	$	230,000	$	(4,100)	$	225,900	$	159,358	Level 2**

	At December 31, 2022
(in thousands)	Principal Amount		Unamortized Debt Discount and Debt Issuance Costs		Net Carrying Value		Estimated Fair Value		Level
Financial Liabilities:
2027 Term Loans	$	250,000	$	(4,517)	$	245,483	$	245,483	Level 2*
2026 Convertible Notes	$	230,000	$	(4,425)	$	225,575	$	157,205	Level 2**

2027 Term Loans

Debt Instrument

Components of Interest Expense

The following table presents the components of interest expense related to the 2027 Term Loans:


	Three Months Ended
	March 31,
(in thousands)	2023		2022
Stated coupon interest	$	8,145	$	2,210
Amortization of debt discount and debt issuance costs		332		2,841
Total interest expense	$	8,477	$	5,051

Schedule of Future Payments on Debt

Future payments on the 2027 Term Loans as of March 31, 2023 are as follows:


Year ending December 31, (in thousands)
Remainder of 2023 - interest only	$	24,887
2024 - interest only		33,123
2025 - interest only		33,032
2026 - principal and interest		223,060
2027 - principal and interest		50,090
Total minimum payments		364,192
Less amount representing interest		(114,192)
2027 Term Loans, gross		250,000
Less unamortized debt discount and debt issuance costs, net		(4,282)
Net carrying amount of 2027 Term Loans	$	245,718

1.5% Convertible Senior Subordinated Notes due 2026

Debt Instrument

Components of Interest Expense

The following table presents the components of interest expense related to the 2026 Convertible Notes:


	Three Months Ended
	March 31,
(in thousands)	2023		2022
Stated coupon interest	$	863	$	863
Amortization of debt discount and debt issuance costs		326		319
Total interest expense	$	1,189	$	1,182

Schedule of Future Payments on Debt


Year ending December 31, (in thousands)
Remainder of 2023 - interest only	$	3,450
2024 - interest only		3,450
2025 - interest only		3,450
2026		231,725
Total minimum payments		242,075
Less amount representing interest		(12,075)
2026 Convertible Notes, principal amount		230,000
Less unamortized debt discount and debt issuance costs		(4,100)
Net carrying amount of 2026 Convertible Notes	$	225,900

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies.

Schedule of Non-cancelable Contractual Obligations


Year ending December 31, (in thousands)
2023*	$	34,666
2024		32,643
2025		4,435
2026		5,469
2027		5,470
Total obligations	$	82,683

Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivatives

Schedule of derivative fair value


		March 31, 2023
(in thousands)	Balance Sheet Classification	Notional		Fair Value
Derivative assets	Other prepaids and current assets	$	4,850	$	44
Derivative liabilities	Accrued and other current liabilities	$	7,300	$	167

Schedule of pre-tax gain (loss) of foreign currency contracts not designated as hedging instruments


		Three Months Ended
(in thousands)	Statement of Operations Classification	March 31, 2023
Currency contracts	Other income (expense), net	$	(123)

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Employee And Nonemployee Stock Option Restricted Stock Units

Employee Service Share Based Compensation Allocation Of Recognized Period Costs

Schedule of Stock-Based Compensation Expense


	Three Months Ended
	March 31,
(in thousands)	2023		2022
Cost of goods sold ⁽¹⁾	$	125	$	155
Research and development		5,461		4,958
Selling, general and administrative		6,696		7,766
Stock-based compensation expense	$	12,282	$	12,879

Stock-based compensation expense capitalized into inventory	$	131	$	313

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

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Net Loss Per Share

Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net loss Per Share

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


	Three Months Ended
	March 31,
	2023	2022
Stock options, including shares subject to ESPP	23,996,096	21,947,102
Restricted stock units	2,586,168	2,479,655
Shares issuable upon conversion of 2022 Convertible Notes	—	4,324,742
Shares issuable upon conversion of 2026 Convertible Notes	11,942,152	11,942,152
Total	38,524,416	40,693,651

Organization and Significant Accounting Policies - Organization (Details)	Mar. 31, 2023 product
Organization and Significant Accounting Policies
Product pipeline, number of product candidates	3

Organization and Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Organization and Significant Accounting Policies
Cash and cash equivalents	$ 16,145	$ 63,547	$ 325,680	$ 417,195
Restricted cash	440	440	440	440
Total cash, cash equivalents and restricted cash	$ 16,585	$ 63,987	$ 326,120	$ 417,635

Revenue - net revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue - net revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 32,436	$ 60,115
Total net product revenue
Disaggregation of Revenue [Line Items]
Net revenue	32,353	60,069
UDENYCA
Disaggregation of Revenue [Line Items]
Net revenue	26,179	60,069
CIMERLI
Disaggregation of Revenue [Line Items]
Net revenue	6,174
Other
Disaggregation of Revenue [Line Items]
Net revenue	$ 83	$ 46

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Gross Revenues by Significant Customer as a Percentage of Total Gross Revenues (Details) - Net Product Revenue - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
McKesson
Concentration Risk
Percentage of total gross revenue	35.00%	39.00%
AmeriSource-Bergen Corp
Concentration Risk
Percentage of total gross revenue	43.00%	43.00%
Cardinal
Concentration Risk
Percentage of total gross revenue	21.00%	17.00%

Revenue - Activities and Ending Reserve Balances for Each Significant Category of Discounts and Allowances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance	$ 100,503	$ 109,723
Provision related to sales made in:
Current period	121,509	146,294
Prior period	390	(3,146)
Payments and customer credits issued	(131,968)	(154,281)
Activities and reserve balance, ending balance	90,434	98,590
Chargebacks and Discounts for Prompt Payment
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance	42,677	29,665
Provision related to sales made in:
Current period	93,906	105,737
Prior period	(738)	(1,081)
Payments and customer credits issued	(101,108)	(107,625)
Activities and reserve balance, ending balance	34,737	26,696
Rebates
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance	38,713	54,004
Provision related to sales made in:
Current period	13,000	20,269
Prior period	(701)	(1,721)
Payments and customer credits issued	(14,243)	(24,216)
Activities and reserve balance, ending balance	36,769	48,336
Other Fees, Co-pay Assistance and Returns
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance	19,113	26,054
Provision related to sales made in:
Current period	14,603	20,288
Prior period	1,829	(344)
Payments and customer credits issued	(16,617)	(22,440)
Activities and reserve balance, ending balance	$ 18,928	$ 23,558

Fair Value Measurements - Financial Assets Measured on a Recurring Basis (Details) - Fair Value Measurements Recurring Basis - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets measured at fair value on a recurring basis
Total financial assets	$ 123,700	$ 191,645
Currency contracts
Financial assets measured at fair value on a recurring basis
Total financial liabilities	167
Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets	76,868	143,442
Level 1 \| Currency contracts
Financial assets measured at fair value on a recurring basis
Total financial liabilities	0
Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets	46,832	48,203
Level 2 \| Currency contracts
Financial assets measured at fair value on a recurring basis
Total financial liabilities	167
Level 3
Financial assets measured at fair value on a recurring basis
Total financial assets	0
Level 3 \| Currency contracts
Financial assets measured at fair value on a recurring basis
Total financial liabilities	0
U.S. government agency securities
Financial assets measured at fair value on a recurring basis
Total financial assets	15,120	19,964
U.S. government agency securities \| Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets	15,120	19,964
U.S. government agency securities \| Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets	0
U.S. government agency securities \| Level 3
Financial assets measured at fair value on a recurring basis
Total financial assets	0
US Treasury Securities
Financial assets measured at fair value on a recurring basis
Total financial assets	50,036	68,418
US Treasury Securities \| Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets	50,036	68,418
US Treasury Securities \| Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets	0
US Treasury Securities \| Level 3
Financial assets measured at fair value on a recurring basis
Total financial assets	0
Commercial paper and corporate notes
Financial assets measured at fair value on a recurring basis
Total financial assets	46,788	48,203
Commercial paper and corporate notes \| Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets	0
Commercial paper and corporate notes \| Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets	46,788	48,203
Commercial paper and corporate notes \| Level 3
Financial assets measured at fair value on a recurring basis
Total financial assets	0
Money market funds
Financial assets measured at fair value on a recurring basis
Total financial assets	11,712	55,060
Money market funds \| Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets	11,712	$ 55,060
Money market funds \| Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets	0
Money market funds \| Level 3
Financial assets measured at fair value on a recurring basis
Total financial assets	0
Currency contracts, Assets
Financial assets measured at fair value on a recurring basis
Total financial assets	44
Currency contracts, Assets \| Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets
Currency contracts, Assets \| Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets	44
Currency contracts, Assets \| Level 3
Financial assets measured at fair value on a recurring basis
Total financial assets	$ 0

Fair Value Measurements - Cost, Unrealized Gains or Losses, and Fair Value by Investment Type (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cost	$ 123,663	$ 191,623
Unrealized Gain	16	43
Unrealized (Loss)	(23)	(21)
Fair Value	123,656	191,645
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cost	11,712	55,060
Fair Value	11,712	55,060
U.S. government agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cost	15,109	19,929
Unrealized Gain	13	35
Unrealized (Loss)	(2)
Fair Value	15,120	19,964
US Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cost	50,042	68,431
Unrealized Gain	3	8
Unrealized (Loss)	(9)	(21)
Fair Value	50,036	68,418
Commercial paper and corporate notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cost	46,800	48,203
Unrealized (Loss)	(12)
Fair Value	$ 46,788	$ 48,203

Fair Value Measurements - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) position	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurements
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0		$ 0
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	0		0
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount	0		0
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	$ 0		$ 0
Unrealized Gain (Loss) on Securities		$ 0
Positions that were in unrealized loss positions \| position	11
Long lived assets, material impairments	$ 0
Remaining contractual maturities of available-for-sale securities	1 year
Average maturity of investments upon acquisition	8 months
Investments in marketable securities		$ 0

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory
Raw materials	$ 13,008	$ 10,262
Work in process	82,206	86,712
Finished goods	19,273	18,077
Total	$ 114,487	$ 115,051

Inventory - Balance Sheet Classifications (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory
Inventory	$ 49,406	$ 38,791
Inventory, non-current	65,081	76,260
Total	$ 114,487	$ 115,051

Inventory - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Inventory	$ 49,406	$ 38,791
Prepayment made for manufacturing services	16,019	17,880
Prepayments made to a CMO for manufacturing services for UDENYCA	11,600	13,000
Prepayments made to a CMO For Other Research And Development Pipeline Program	4,400	4,900
Yusimry Product [Member]
Inventory [Line Items]
Inventory	$ 25,100	$ 23,700

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property and Equipment, Net
Total property and equipment	$ 28,244	$ 28,911
Accumulated depreciation and amortization	(20,520)	(20,157)
Property and equipment, net	7,724	8,754
Machinery and Equipment
Property and Equipment, Net
Total property and equipment	13,031	12,944
Computer Equipment and Software
Property and Equipment, Net
Total property and equipment	3,127	3,183
Furniture and Fixtures
Property and Equipment, Net
Total property and equipment	1,258	1,258
Leasehold Improvements
Property and Equipment, Net
Total property and equipment	6,234	6,198
Finance lease right of use assets
Property and Equipment, Net
Total property and equipment	4,070	4,632
Construction in Progress
Property and Equipment, Net
Total property and equipment	$ 524	$ 696

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Balance Sheet Components
Depreciation and amortization expense related to property and equipment	$ 0.9		$ 0.8
Software implementation costs	$ 3.2	$ 3.5

Balance Sheet Components - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Balance Sheet Components
Accrued commercial and research and development manufacturing	$ 9,677	$ 21,774
Accrued co-development costs payable to Junshi Biosciences	3,480	8,356
Lease liabilities, current	4,436	4,318
Accrued other	14,464	15,649
Total Accrued and other current liabilities	$ 32,057	$ 50,097

Collaborations and Other Arrangements (Details) $ / shares in Units, $ in Thousands, € in Millions			1 Months Ended	3 Months Ended			6 Months Ended	12 Months Ended
	Feb. 01, 2021 USD ($) item	Nov. 04, 2019 EUR (€)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 EUR (€)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2022 USD ($)	Apr. 14, 2020 $ / shares
Collaborative Arrangements And Noncollaborative Arrangement Transactions
License Agreement Fee			$ 35,000
Royalties due				$ 2,500						$ 2,900
Research and development				$ 34,154		$ 82,917
Share Price \| $ / shares				$ 6.84							$ 14.82
Finite-Lived Intangible Asset, Useful Life				10 years
Bioeq IP AG
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Initial term of agreement		10 years
Bioeq IP AG \| Licensed Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Maximum aggregate milestone payments \| €		€ 12.5
Additional milestone payments related to FDA approval \| €					€ 2.5
Bioeq IP AG \| Research and Development Expense [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Upfront and milestone payment								$ 11,100	€ 10.0
Collaboration Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions
License Agreement Fee	$ 35,000
Collaboration Agreement \| Anti-TIGIT Antibody and IL-2 cytokine
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Collaboration Agreement , Maximum Payments On Attainment Of Certain Sales Thresholds For Each Option Program			170,000			170,000
Junshi Biosciences
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Undisclosed preclinical \| item	2
License Agreement Fee			$ 35,000
Collaboration agreement, royalty on net sales for each exercised option, percentage	18.00%
Collaboration agreement, Maximum aggregate one-time payment for achievement of milestones, for each option program	$ 85,000
Maximum paid amount for co-development activities (per licensed compound)	25,000
Research and development				$ 2,100		$ 50,100
Junshi Biosciences \| Accrued and other current liabilities
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Co-development, regulatory and technology transfer costs				3,500
Junshi Biosciences \| Accounts payable
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Co-development, regulatory and technology transfer costs				$ 2,100
Junshi Biosciences \| Toripalimab
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Collaboration Agreement, upfront amount paid	$ 150,000
Collaboration agreement, royalty on net sales, percentage	20.00%
Collaboration agreement, Maximum aggregate one-time payments for the achievement of various regulatory and sales milestones	$ 380,000
Scenario, Plan \| Term Sheet Agreement \| Klinge Biopharma
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Collaboration Agreement, upfront amount paid \| €							€ 30.0

Debt Obligations - Summary of Debt Obligations (Details) - Level 2 - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
2027 Term Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount	$ 250,000	$ 250,000
Unamortized debt discount and debt issuance costs	(4,282)	(4,517)
Net carrying value	245,718	245,483
Estimated fair value	245,718	245,483
1.5% Convertible Senior Subordinated Notes due 2026
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount	230,000	230,000
Unamortized debt discount and debt issuance costs	(4,100)	(4,425)
Net carrying value	225,900	225,575
Estimated fair value	$ 159,358	$ 157,205

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt Obligations - 2027 Term Loan - Narrative (Details) $ in Thousands		1 Months Ended		3 Months Ended
	Jan. 07, 2019 USD ($)	Mar. 31, 2022 USD ($)	Jan. 31, 2022 USD ($) item	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Sep. 14, 2022 USD ($)	Jan. 05, 2022 USD ($) tranche	Apr. 30, 2020 USD ($)	Feb. 29, 2016 USD ($)
Debt Instrument [Line Items]
Outstanding amount paid off					$ 81,750
Outstanding amount payoff					109,000
2027 Term Loans
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period				13.03%
2027 Term Loans \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Principal amount							$ 300,000
Number of tranches \| tranche							4
Net carrying value				$ 245,718
Quarterly payments \| item			5
Loan agreement covenants, minimum trailing twelve month net sales for current quarter			$ 200,000	200,000
Loan agreement covenants, minimum trailing twelve month net sales for the quarter ended March 30, 2024			210,000
Loan agreement covenants, minimum trailing twelve-month net sales for the quarter ended June 30, 2024			230,000
Loan agreement covenants, minimum trailing twelve-month net sales for the quarter ended September 30, 2024			270,000
Loan agreement covenants, minimum trailing twelve-month net sales for the quarter ended December 31, 2024 and thereafter			$ 300,000
Mandatory prepayment term			10 days
Debt discounts and issuance costs			$ 6,800
Remaining unamortized debt discount and debt offering costs				$ 4,282
2027 Term Loans \| Additional facility amount \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Principal amount			$ 100,000
2027 Term Loans \| Through March 31, 2023 \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Stated interest rate			8.25%
2027 Term Loans \| Through March 31, 2023 \| BioPharma Credit Investments V GP LLC \| Three-month LIBOR
Debt Instrument [Line Items]
Floor On Variable Rate			1.00%
2027 Term Loans \| Starting April 1, 2023 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Amount added to the variable component				0.26161%
Floor On Variable Rate				1.00%
2027 Term Loans \| Starting April 1, 2023 \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Stated interest rate				8.25%
Tranche A Loan, funded January 5, 2022 \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Principal amount							$ 100,000
Debt discounts and issuance costs			$ 7,800
Tranche B Loan, funded on March 31, 2022 \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Principal amount		$ 100,000			100,000
Debt discounts and issuance costs					2,300
Convertible notes, Issuance Cost		$ 1,000			$ 1,000
Tranche C Loan, not funded between April 1, 2022 and March 17, 2023 \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Principal amount			50,000
Tranche D Loan, funded on September 14, 2022 \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Principal amount						$ 50,000
Convertible notes, Issuance Cost						$ 500
1.5% Convertible Senior Subordinated Notes due 2026 \| Convertible Notes
Debt Instrument [Line Items]
Principal amount								$ 230,000
Net carrying value				$ 225,900
Stated interest rate								1.50%
Remaining unamortized debt discount and debt offering costs				$ 4,100
Effective interest rate				2.10%
1.5% Convertible Senior Subordinated Notes due 2026 \| BioPharma Credit Investments V GP LLC \| Scenario, Plan \| Minimum
Debt Instrument [Line Items]
Principal amount			50,000
8.2% Convertible Notes due 2022 \| Convertible Notes
Debt Instrument [Line Items]
Principal amount			100,000						$ 100,000
Stated interest rate		8.20%			8.20%				8.20%
Outstanding amount payoff		$ 111,100	111,100
2025 Term Loan \| Lender
Debt Instrument [Line Items]
Principal amount	$ 75,000		75,000
Outstanding amount paid off			$ 81,900
Total term of the loan	6 years
Tranches A, B and D \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Remaining unamortized debt discount and debt offering costs				$ 4,300
Remaining term				3 years 9 months 18 days

Debt Obligations - 2027 Term Loans Interest Expense Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Amortization of debt discount and debt issuance costs	$ 656	$ 3,696
2027 Term Loans \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Stated coupon interest	8,145	2,210
Amortization of debt discount and debt issuance costs	332	2,841
Total Interest expense	$ 8,477	$ 5,051

Debt Obligations - 2027 Term Loan Future Payments (Details) - 2027 Term Loans - BioPharma Credit Investments V GP LLC $ in Thousands	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Remainder of 2023 - interest only	$ 24,887
2024 - interest only	33,123
2025 - interest only	33,032
2026 - principal and interest	223,060
2027 - principal and interest	50,090
Total minimum payments	364,192
Less amount representing interest	(114,192)
Term Loan, gross	250,000
Less unamortized debt discount and debt issuance costs, net	(4,282)
Net carrying amount of Term Loans	$ 245,718

Debt Obligations - Convertible Senior Subordinated Notes due 2026 - Narrative (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2020 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Apr. 14, 2020 $ / shares
Debt Instrument
Closing stock, price per share \| $ / shares		$ 6.84	$ 14.82
1.5% Convertible Senior Subordinated Notes due 2026
Debt Instrument
Number of events in default		0
Contractual term		6 years
Convertible Notes \| 1.5% Convertible Senior Subordinated Notes due 2026
Debt Instrument
Principal amount	$ 230,000,000.0
Stated interest rate	1.50%
Net proceeds from offering	$ 222,200,000
Initial conversion rate, shares of common stock \| shares	51.9224
Principal amount of notes converted into shares	$ 1,000
Initial 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, since October 15, 2020
Debt instrument maturity date	Apr. 15, 2026
Convertible notes, premium percentage	30.00%
Convertible notes, covenant compliance		As of March 31, 2023, the Company was in full compliance with these covenants and there were no events of default under the 2026 Convertible Notes.
Debt issuance costs		$ 900,000
Remaining unamortized debt discount and debt offering costs		$ 4,100,000
Effective interest rate		2.10%
Convertible Notes \| 1.5% Convertible Senior Subordinated Notes due 2026 \| Scenario, Plan
Debt Instrument
Convertible notes, converted amount		$ 81,700,000

Debt Obligations - Capped Call Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Apr. 30, 2020	Mar. 31, 2023	Apr. 14, 2020
Option Indexed to Issuer's Equity [Line Items]
Closing stock, price per share		$ 6.84	$ 14.82
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
Initial cap price of capped call transactions.	$ 25.93
Percentage of cap price	75.00%
Closing stock, price per share			$ 14.82

Debt Obligations - 2026 Convertible Notes Interest Expense Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument
Amortization of debt discount and debt issuance costs	$ 656	$ 3,696
1.5% Convertible Senior Subordinated Notes due 2026 \| Convertible Notes
Debt Instrument
Stated coupon interest	863	863
Amortization of debt discount and debt issuance costs	326	319
Total Interest expense	$ 1,189	$ 1,182

Debt Obligations - 2026 Convertible Notes Future Payments (Details) - Convertible Notes - 1.5% Convertible Senior Subordinated Notes due 2026 $ in Thousands	Mar. 31, 2023 USD ($)
Debt Instrument
Remainder of 2023 - interest only	$ 3,450
2024 - interest only	3,450
2025 - interest only	3,450
2026	231,725
Total minimum payments	242,075
Less amount representing interest	(12,075)
2026 Convertible Notes, principal amount	230,000
Less unamortized debt discount and debt issuance costs	(4,100)
Net carrying amount of Term Loans	$ 225,900

Debt Obligations - Convertible Notes due 2022 Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended
	Feb. 29, 2016	Mar. 31, 2022	Jan. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Apr. 14, 2020
Debt Instrument
Outstanding amount payoff					$ 109,000
Closing stock, price per share				$ 6.84		$ 14.82
Amortization of debt discount and debt issuance costs				$ 656	3,696
8.2% Convertible Notes due 2022
Debt Instrument
Interest expense					2,600
Interest rate description	The 2022 Convertible Notes constituted general, senior unsubordinated obligations of the Company bore interest at a fixed coupon rate of 8.2% per annum payable quarterly in arrears and matured on March 31, 2022.
Fixed debt interest expense		$ 2,100			2,100
Amortization of debt discount and debt issuance costs					$ 500
Convertible Notes \| 8.2% Convertible Notes due 2022
Debt Instrument
Principal amount	$ 100,000		$ 100,000
Stated interest rate	8.20%	8.20%			8.20%
Debt instrument maturity date	Mar. 31, 2022
Outstanding amount payoff		$ 111,100	$ 111,100
Convertible Notes Payable		$ 0			$ 0
Convertible notes, premium percentage		9.00%

Debt Obligations - 2025 Term Loan - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Jan. 07, 2019	Jan. 31, 2022	Mar. 31, 2022
Debt Instrument
Outstanding amount paid off			$ 81,750
Loss on debt extinguishment			(6,222)
Lender \| 2025 Term Loan
Debt Instrument
Total term of the loan	6 years
Principal amount	$ 75,000	$ 75,000
Outstanding amount paid off		$ 81,900
Prepayment premium percentage		5.00%
Percentage required to pay an additional exit fee on principal amount		4.00%
Loss on debt extinguishment		$ (6,200)
Interest expense			$ 200

Commitments and Contingencies - Schedule of Non-Cancelable Contractual Obligations (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments and Contingencies.
2023	$ 34,666
2024	32,643
2025	4,435
2026	5,469
2027	5,470
Total obligations	$ 82,683

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies
Claims related to certain sales of UDENYCA from October 2020 through December 2021	$ 14.0
Accrued rebates, fees and reserves
Loss Contingencies
Accruals		$ 6.4	$ 4.7

Derivatives - Derivative fair value (Details) $ in Thousands	Mar. 31, 2023 USD ($) derivative
Derivatives, Fair Value [Line Items]
Number of Derivative Instrument Held For Trading or Speculative Purpose \| derivative	0
Currency contracts \| Economic hedge, not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative assets, Notional	$ 4,850
Derivative liabilities, Notional	7,300
Derivative assets, Fair Value	$ 44
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense And Other Assets Current
Derivative liabilities, Fair Value	$ 167
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities Current

Derivatives - Pre-tax gain (loss) of foreign currency contracts not designated as hedging instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivatives
Currency contracts recorded in Other income (expense), net	$ (123)

At-The-Market Offering (Details) - At The Market Offering. - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Nov. 08, 2022	Mar. 31, 2023
At-The-Market Offering
Aggregate offering price	$ 150.0
Common stock, shares issued and sold		1,131,450
Share price		$ 6.54
Gross proceeds from issuance of common stock		$ 7.4
Common stock, net proceeds		7.2
Commissions and fees		0.2
Common stock remaining available for sales under the ATM Offering		$ 135.9

Stock-Based Compensation - Stock-Based Compensation (Details) - Employee And Nonemployee Stock Option And Restricted Stock Units [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	$ 12,282	$ 12,879
Stock-based compensation expense capitalized into inventory	131	313
Cost of Goods Sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	125	155
Research and Development Expense [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	5,461	4,958
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	$ 6,696	$ 7,766

Stock-Based Compensation - Additional Information (Details) - Employee Severance [Member] - USD ($) $ in Millions		3 Months Ended
	Mar. 03, 2023	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation includes restructuring charges	$ 1.5
Forfeiture credit	$ 0.5
Research and Development Expense [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation includes restructuring charges		$ 1.1
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Forfeiture credit		$ 0.1

Net Loss Per Share - Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net (loss) income per share	38,524,416	40,693,651
Stock options, including shares subject to ESPP
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net (loss) income per share	23,996,096	21,947,102
Restricted Stock Units
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net (loss) income per share	2,586,168	2,479,655
8.2% Convertible Notes due 2022 \| Shares Issuable Upon Conversion of Convertible Notes
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net (loss) income per share		4,324,742
1.5% Convertible Senior Subordinated Notes due 2026 \| Shares Issuable Upon Conversion of Convertible Notes
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net (loss) income per share	11,942,152	11,942,152

Restructuring Charges (Details) - Employee Severance $ in Millions			3 Months Ended
	Mar. 10, 2023 employee	Mar. 03, 2023 USD ($) item	Mar. 31, 2023 USD ($)
Restructuring Cost And Reserve [Line Items]
Employees impacted \| employee	50
Restructuring Charges		$ 3.9
Stock-based compensation includes restructuring charges		1.5
Forfeiture credit		$ 0.5
Restructuring And Related Activities \| item		2
Restructuring Reserve			$ 1.0
Research and Development Expense
Restructuring Cost And Reserve [Line Items]
Restructuring Charges			3.6
Stock-based compensation includes restructuring charges			1.1
Selling, General and Administrative Expenses
Restructuring Cost And Reserve [Line Items]
Restructuring Charges			1.3
Forfeiture credit			$ 0.1