UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
|
| |||
(State or other jurisdiction |
| (Commission |
| (IRS Employer |
(Address of principal executive offices, including Zip Code)
Registrant’s telephone number, including area code: (
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading |
| Name of each exchange |
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On January 13, 2025, Coherus BioSciences, Inc. (the “Company”) will present its preliminary unaudited net revenues for the quarter and fiscal year ended December 31, 2024 and preliminary unaudited cash, cash equivalents and investments as of December 31, 2024 in a public webcast presentation at the 42nd Annual J.P. Morgan Healthcare Conference. A copy of the preliminary financial information included in this presentation is furnished as Exhibit 99.1 to this report and the webcast will be available on the Company’s investor relations website at https://www.investors.coherus.com as previously announced.
Cautionary Note Regarding Preliminary Unaudited Financial Results
The Company is providing the preliminary financial information for the quarter and fiscal year ended December 31, 2024 based on currently available information. The Company’s financial closing procedures for the quarter and fiscal year ended December 31, 2024 are not yet complete. These procedures may result in changes that could significantly affect such preliminary unaudited results. As a result, the Company’s final results for the quarter and fiscal year ended December 31, 2024 may vary materially from the preliminary unaudited results furnished in Exhibit 99.1. The Company’s independent registered public accounting firm has not reviewed or audited the financial results presented in this announcement.
Item 7.01 Regulation FD Disclosure
The Company also noted that due to strong demand in Q4 2024 and into Q1 2025, all three presentations of UDENYCA are being temporarily allocated.
The information furnished pursuant to Item 2.02 and Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
| Description |
99.1 | ||
104 | Cover page Interactive Data file (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 13, 2025 |
| COHERUS BIOSCIENCES, INC. | |
By: | /s/ Dennis M. Lanfear | ||
Name: | Dennis M. Lanfear | ||
Title: | Chief Executive Officer | ||
| 2024 Preliminary Revenues and Cash ©2025 Coherus BioSciences 39 2024 Total Year Expected Net Revenues $255M- $260M Cash, Cash Equivalents & Investments Q4 expected net revenues $49M-$54M OBI and strong pricing continue to differentiate the franchise and drive net revenues UDENYCA LOQTORZI Expected sales of $7M-$8M, with consecutive QoQ growth exceeding 20% since launch in Q1 Expected sales of $42M-$47M signaling strength of demand following temporary supply interruption Year-end cash, cash equivalents and investments expected to be reported at ~$125M Following expected divestiture of the UDENYCA® Franchise for up to $558.4M proceeds will be used to repay the entirety of the company’s $230 million convertible notes due April 2026 Current post-close cash runway projections exceed two years, past key data readouts expected in 2026 The preliminary 2024 financial information presented herein has not been audited and is subject to change. The complete Coherus Fourth Quarter and Full Year 2024 Financial Results are planned for release in March 2025. The closing of all the proposed transactions, including the divestiture of the UDENYCA® Franchise and repayment of the entirety of the company’s $230 million convertible notes due April 2026, are subject to various conditions, including customary closing conditions, approval by Coherus shareholders, expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, any required approval by the Committee on Foreign Investment in the United States (CFIUS) as well as certain other conditions. |
