0001558370-25-003126 | 10-K | XBRL Viewer

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Acquisition and Disposition - The amounts allocated to identifiable intangible assets (Details) - Surface Acquisition $ in Thousands	Sep. 08, 2023 USD ($)
Organization and Significant Accounting Policies
Identifiable intangible assets	$ 39,769
Out-license - GSK
Organization and Significant Accounting Policies
Identifiable intangible assets	$ 2,506
Useful Lives	15 years
Novartis Institutes
Organization and Significant Accounting Policies
Identifiable intangible assets	$ 11,024
Useful Lives	15 years
In-process research and development - casdozokitug
Organization and Significant Accounting Policies
Identifiable intangible assets	$ 25,899
In-process research and development - SRF 114
Organization and Significant Accounting Policies
Identifiable intangible assets	$ 340

Financial Liabilities - 2029 Term Loan - Narrative (Details) - 2029 Term Loans $ in Thousands		12 Months Ended
	May 08, 2024 USD ($)	Dec. 31, 2024 USD ($) item
Debt Instrument [Line Items]
Net proceeds, net of original issuance discount	$ 37,500
Prepayment funding fee	4.00%
Number Of Events in Default \| item		0
Debt discounts and issuance costs	$ 2,200
Interest expense		$ 3,520
Remaining unamortized debt discount and debt offering costs		$ 1,962
Contractual term	5 years	4 years 4 months 24 days
On or after the first anniversary
Debt Instrument [Line Items]
Prepayment fee	10.00%
After the second anniversary
Debt Instrument [Line Items]
Prepayment fee	5.00%
After the third anniversary
Debt Instrument [Line Items]
Prepayment fee	0.00%
Ankura Trust Company, LLC
Debt Instrument [Line Items]
Principal Amount	$ 38,700
Stated interest rate	8.00%

Fair Value Measurements - Financial Assets Measured on a Recurring Basis (Details) - Fair Value Measurements Recurring Basis - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial assets measured at fair value on a recurring basis
Total financial assets		$ 104,940
Total financial liabilities	$ 14,252
Royalty Fee Derivative Liability
Financial assets measured at fair value on a recurring basis
Total financial liabilities	13,620
Contingent Consideration
Financial assets measured at fair value on a recurring basis
Total financial liabilities	632
Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets		96,648
Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets		7,667
Level 3
Financial assets measured at fair value on a recurring basis
Total financial assets		625
Total financial liabilities	14,252
Level 3 \| Royalty Fee Derivative Liability
Financial assets measured at fair value on a recurring basis
Total financial liabilities	13,620
Level 3 \| Contingent Consideration
Financial assets measured at fair value on a recurring basis
Total financial liabilities	632
U.S. government agency securities
Financial assets measured at fair value on a recurring basis
Total financial assets		5,195
U.S. government agency securities \| Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets		5,195
U.S. treasury securities
Financial assets measured at fair value on a recurring basis
Total financial assets		2,993
U.S. treasury securities \| Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets		2,993
Commercial paper and corporate notes
Financial assets measured at fair value on a recurring basis
Total financial assets		6,669
Commercial paper and corporate notes \| Contingent Consideration
Financial assets measured at fair value on a recurring basis
Total financial assets		4,472
Commercial paper and corporate notes \| Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets		6,669
Commercial paper and corporate notes \| Level 3 \| Contingent Consideration
Financial assets measured at fair value on a recurring basis
Total financial liabilities		4,472
Prepaid financial instrument in Prepaid manufacturing
Financial assets measured at fair value on a recurring basis
Total financial assets		625
Prepaid financial instrument in Prepaid manufacturing \| Level 3
Financial assets measured at fair value on a recurring basis
Total financial assets		625
Cash equivalents
Financial assets measured at fair value on a recurring basis
Total financial assets	125,549	89,458
Cash equivalents \| Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets	$ 125,549	88,460
Cash equivalents \| Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets		$ 998

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 28,507	$ (237,892)	$ (291,754)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities, net of tax	(24)	2	22
Foreign currency translation adjustments, net of tax	(3)	(1)	(1)
Comprehensive income (loss)	$ 28,480	$ (237,891)	$ (291,733)

- 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 28,507	$ (237,892)	$ (291,754)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Financial Liabilities

Schedule of Company's Debt Obligations


	At December 31, 2024
(in thousands)	Principal Amount			Unamortized Debt Discount and Debt Issuance Costs	Net Carrying Value		Estimated Fair Value		Level
Financial Liabilities:
2029 Term Loan	$	38,660	$	(1,962)	$	36,698	$	36,698	Level 2*
2026 Convertible Notes	$	230,000	$	(1,771)	$	228,229	$	223,100	Level 2**

	At December 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	$	(3,519)	$	246,481	$	246,481	Level 2*
2026 Convertible Notes	$	230,000	$	(3,112)	$	226,888	$	150,155	Level 2**


*	The principal amounts outstanding are subject to variable interest rates, which are based on three-month SOFR plus fixed percentages. 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.

2029 Term Loans

Financial Liabilities

Schedule of Future Payments on Debt


Year ending December 31, (in thousands)
2025 - interest only	$	4,940
2026 - interest only		4,940
2027 - interest only		4,940
2028 - interest only		4,954
2029 and thereafter - principal and interest		40,379
Total minimum payments		60,153
Less amount representing interest		(21,493)
2029 Term Loan, gross		38,660
Less unamortized debt discount and debt issuance costs		(1,962)
Net carrying amount of 2029 Term Loan	$	36,698

Schedule of Components of Interest Expense


(in thousands)	Year Ended December 31, 2024
Contractual interest	$	3,319
Amortization of debt discount and debt issuance costs		201
Total interest expense	$	3,520

Revenue Purchase and Sale Agreement

Financial Liabilities

Schedule of royalty participation liability


(in thousands)	Balance Sheet Classification	December 31, 2024
Revenue participation liability, current	Accrued and other current liabilities	$	1,148
Revenue participation liability, non-current	Other liabilities, non-current		27,595
Net carrying value		$	28,743

Schedule of Components of Interest Expense


(in thousands)	December 31, 2024
Revenue participation liability	$	37,994
Less unamortized discount and issuance costs		(9,251)
Net carrying value	$	28,743

2027 Term Loans

Financial Liabilities

Schedule of Components of Interest Expense



	Year Ended December 31,
(in thousands)	2024		2023		2022
Contractual interest	$	9,916	$	34,289	$	20,243
Amortization of debt discount and debt issuance costs		1,277		1,094		4,550
Total interest expense	$	11,193	$	35,383	$	24,793

1.5% Convertible Senior Subordinated Notes due 2026

Financial Liabilities

Schedule of Future Payments on Debt

Future payments on the 2026 Convertible Notes as of December 31, 2024 are as follows:


Year ending December 31, (in thousands)
2025 - interest only	$	3,450
2026 - principal and interest		231,725
Total minimum payments		235,175
Less amount representing interest		(5,175)
2026 Convertible Notes, principal amount		230,000
Less unamortized debt discount and debt issuance costs		(1,771)
Net carrying amount of 2026 Convertible Notes	$	228,229

Schedule of Components of Interest Expense



	Year Ended December 31,
(in thousands)	2024		2023		2022
Stated coupon interest	$	3,450	$	3,450	$	3,450
Amortization of debt discount and debt issuance costs		1,341		1,313		1,286
Total interest expense	$	4,791	$	4,763	$	4,736

8.2% Convertible Notes due 2022

Financial Liabilities

Schedule of Components of Interest Expense


(in thousands)	Year Ended December 31, 2022
Stated coupon interest	$	2,050
Amortization of debt discount and debt issuance costs		521
Total interest expense	$	2,571

Leases - Schedule of Balance Sheet Classification of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets and Liabilities, Lessee [Abstract]
Operating leases	$ 4,518	$ 5,912
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Finance lease		$ 1,022
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total leased assets	$ 4,518	$ 6,934
Liabilities:
Operating lease liabilities, current	$ 1,691	$ 1,424
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liability noncurrent	$ 3,286	$ 4,977
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating and Finance Lease, Liability, Noncurrent	Operating and Finance Lease, Liability, Noncurrent
Total operating lease liabilities	$ 4,977	$ 6,401
Finance lease liabilities, current		$ 721
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Finance lease liabilities, non-current		$ 351
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total finance lease liabilities		$ 1,072

Financial Liabilities - Revenue Purchase and Sale Agreement - Summary of Revenue Participation Liability (Details) - Revenue Purchase and Sale Agreement $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Revenue participation liability	$ 37,994
Less unamortized debt discount and issuance costs	(9,251)
Net carrying value	$ 28,743

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2022	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies
Inventory purchase commitments		$ 17.0
Claims related to certain sales of UDENYCA from October 2020 through December 2021	$ 14.0
Accrued rebates, fees and reserves
Loss Contingencies
Accrual related to legal Proceedings and Other Claims		$ 6.4	$ 6.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stockholders' Deficit (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Deficit

Schedule of Settlements Under the ATM Offering


	Year Ended December 31,
(in thousands, except share and per share data)	2024		2023		2022
Number of common stock shares sold during the period		650,005		3,559,761		916,884
Weighted-average price per share	$	2.44	$	5.43	$	7.30
Gross proceeds	$	1,589	$	19,339	$	6,692
Less commissions and fees		(40)		(483)		(168)
Net proceeds after commissions and fees	$	1,549	$	18,856	$	6,524

Leases - Other Information Related to Lease Term and Discount Rate (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating lease weighted average remaining term	2 years 8 months 12 days	3 years 7 months 6 days	2 years 2 months 12 days
Finance lease weighted average remaining term		1 year 4 months 24 days	2 years 2 months 12 days
Operating lease Weighted average discount rate	11.90%	11.80%	8.00%
Finance lease Weighted average discount rate		8.70%	8.40%

Financial Liabilities - Capped Call Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Apr. 30, 2020	Dec. 31, 2024	Apr. 14, 2020
Option Indexed to Issuer's Equity [Line Items]
Closing stock, price per share		$ 1.38	$ 14.82
Call Option [Member]
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

Organization and Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization and Significant Accounting Policies
Cash and cash equivalents	$ 125,987	$ 102,891	$ 63,547	$ 417,195
Restricted cash	263	452	440	440
Total cash, cash equivalents and restricted cash	$ 126,250	$ 103,343	$ 63,987	$ 417,635

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Non-cancelable Contractual Obligations


Year ending December 31, (in thousands)
2025	$	69,450
2026		16,449
2027		600
Total obligations	$	86,499

Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

10.Leases

Through December 31, 2023, the Company leased approximately 47,789 square feet of office space for its corporate headquarters in Redwood City, California (the “Lease Agreement”). Prior to an amendment to the Lease Agreement entered into on October 24, 2023 (the “Sixth Amendment”), the Lease Agreement was set to expire in September 2024 and contained a one-time option to extend the lease term for five years. Under the terms of the Sixth Amendment, the Company extended the lease term through September 30, 2027 and reduced the amount of office space leased to 27,532 square feet. The remaining 20,257 square feet of office space expired on December 31, 2023, according to the terms of the Sixth Amendment.

The Company also leases approximately 25,017 square feet for its laboratory facilities in Camarillo, California which commenced in January 2020. This lease terminates in May 2027 and contains a one-time option to extend the lease term for five years. Both facility leases provide for certain limited rent abatement and annual scheduled rent increases over their respective lease terms.

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

In 2019, the Company entered into the Vehicle Lease Agreement, pursuant to which the Company leased approximately 50 vehicles as of December 31, 2023. The vehicles leased under this arrangement were classified as finance leases. Beginning in February 2023, the Company no longer enters into these leasing arrangements and began transitioning to a reimbursement program with its employees. As of December 31, 2024, the Company has no remaining obligation under the vehicle leasing arrangement.

Supplemental information related to the Company’s leases is as follows:


(in thousands)		December 31,
Assets	Balance Sheet Classification	2024		2023
Operating leases	Other assets, non-current	$	4,518	$	5,912
Finance leases	Property and equipment, net		—		1,022
Total leased assets		$	4,518	$	6,934


(in thousands)		December 31,
Liabilities	Balance Sheet Classification	2024		2023
Operating lease liabilities, current	Accrued and other current liabilities	$	1,691	$	1,424
Operating lease liabilities, non-current	Lease liabilities, non-current		3,286		4,977
Total operating lease liabilities		$	4,977	$	6,401

Finance lease liabilities, current	Accrued and other current liabilities	$	—	$	721
Finance lease liabilities, non-current	Lease liabilities, non-current		—		351
Total finance lease liabilities		$	—	$	1,072

Other information related to lease term and discount rate is as follows:


	December 31,
	2024	2023	2022
Weighted-Average Remaining Lease Term
Operating leases	2.7 years	3.6 years	2.2 years
Finance leases	—	1.4 years	2.2 years
Weighted-Average Discount Rate
Operating leases	11.9%	11.8%	8.0%
Finance leases	—	8.7%	8.4%

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Finance lease cost
Amortization of right-of-use assets	$	225	$	1,069	$	1,228
Interest on lease liabilities		24		146		166
Total finance lease cost		249		1,215		1,394
Operating lease cost		2,066		2,984		3,154
Total lease cost	$	2,315	$	4,199	$	4,548

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	2,095	$	3,560	$	3,401
Operating cash flows from finance leases	$	24	$	145	$	155
Financing cash flows from finance leases	$	248	$	1,034	$	1,228
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	—	$	2,653	$	—
Finance leases	$	—	$	—	$	2,694

As of December 31, 2024, the maturities of the lease liabilities were as follows:


Year ending December 31, (in thousands)	Operating leases
2025	$	2,192
2026		2,126
2027		1,530
Total lease payments		5,848
Less imputed interest		(871)
Lease liabilities	$	4,977

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment, Net
Total property and equipment	$ 23,825	$ 25,770
Accumulated depreciation and amortization	(20,988)	(20,651)
Property and equipment, net	2,837	5,119
Depreciation and amortization expense related to property and equipment, net	1,800	3,200	$ 3,600
Material impairments of property and equipment	0	0	$ 0
Software implementation costs	2,000	3,200
Machinery and Equipment [Member]
Property and Equipment, Net
Total property and equipment	13,437	13,124
Computer Equipment [Member]
Property and Equipment, Net
Total property and equipment	3,582	3,546
Furniture and Fixtures [Member]
Property and Equipment, Net
Total property and equipment	1,055	1,055
Leasehold Improvements [Member]
Property and Equipment, Net
Total property and equipment	$ 5,751	5,751
Leaseholds and Leasehold Improvements [Member]
Property and Equipment, Net
Total property and equipment		$ 2,294

Stockholders' Deficit (Details) - USD ($) $ / shares in Units, $ in Thousands							12 Months Ended
	Oct. 09, 2023	Oct. 04, 2023	Sep. 11, 2023	May 18, 2023	May 16, 2023	Nov. 08, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 15, 2023
Stockholders' Deficit
Common stock, shares issued and sold							650,005	3,559,761
Common stock, par value							$ 0.0001	$ 0.0001
Gross proceeds							$ 1,589	$ 19,339
Less commissions and fees							(40)	(483)
Net proceeds after commissions and fees							$ 1,549	$ 18,856
Common stock									$ 6,134
CMO \| Optional Stock Purchase Agreement
Stockholders' Deficit
Common stock, shares issued and sold	2,225,513
Share price	$ 3.675
Common stock	$ 8,200
Number of trading days considered for price per share of common stock		10 days
Weighted Average [Member]
Stockholders' Deficit
Weighted-average price per share							$ 2.44	$ 5.43
Public Offering
Stockholders' Deficit
Common stock, shares issued and sold				13,529,411	11,764,706
Common stock, par value					$ 0.0001
Share price					$ 4.25
Common stock								$ 53,625
Public Offering \| Maximum [Member]
Stockholders' Deficit
Shares Offering, Aggregate Amount					$ 150,000
At Market Offering [Member]
Stockholders' Deficit
Common stock, shares issued and sold								916,884
Shares Offering, Aggregate Amount, Decrease										$ 86,250
Increase in Amount of Shares To be Issued and Sold			$ 28,750
Gross proceeds								$ 6,692
Less commissions and fees								(168)
Net proceeds after commissions and fees								$ 6,524
Common stock remaining available for sales under the ATM Offering							$ 64,900
Common stock							$ 1,455
At Market Offering [Member] \| Weighted Average [Member]
Stockholders' Deficit
Weighted-average price per share								$ 7.3
At Market Offering [Member] \| Maximum [Member]
Stockholders' Deficit
Shares Offering, Aggregate Amount			$ 92,500			$ 150,000				$ 63,750
Common stock						$ 150,000
Over-Allotment Option [Member]
Stockholders' Deficit
Common stock, shares issued and sold					1,764,705
Term of share offering					30 days
Share price					$ 3.995

Stock-Based Compensation and Employee Benefits - Additional Information (Details) - Employee Severance [Member] $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation includes restructuring charges	$ 1.5
Forfeiture credit	$ 0.5

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases

Schedule of Balance Sheet Classification of Lease Assets and Liabilities


(in thousands)		December 31,
Assets	Balance Sheet Classification	2024		2023
Operating leases	Other assets, non-current	$	4,518	$	5,912
Finance leases	Property and equipment, net		—		1,022
Total leased assets		$	4,518	$	6,934


(in thousands)		December 31,
Liabilities	Balance Sheet Classification	2024		2023
Operating lease liabilities, current	Accrued and other current liabilities	$	1,691	$	1,424
Operating lease liabilities, non-current	Lease liabilities, non-current		3,286		4,977
Total operating lease liabilities		$	4,977	$	6,401

Finance lease liabilities, current	Accrued and other current liabilities	$	—	$	721
Finance lease liabilities, non-current	Lease liabilities, non-current		—		351
Total finance lease liabilities		$	—	$	1,072

Other information related to lease term and discount rate


	December 31,
	2024	2023	2022
Weighted-Average Remaining Lease Term
Operating leases	2.7 years	3.6 years	2.2 years
Finance leases	—	1.4 years	2.2 years
Weighted-Average Discount Rate
Operating leases	11.9%	11.8%	8.0%
Finance leases	—	8.7%	8.4%

Components of lease expense


	Year Ended December 31,
(in thousands)	2024		2023		2022
Finance lease cost
Amortization of right-of-use assets	$	225	$	1,069	$	1,228
Interest on lease liabilities		24		146		166
Total finance lease cost		249		1,215		1,394
Operating lease cost		2,066		2,984		3,154
Total lease cost	$	2,315	$	4,199	$	4,548

Supplemental cash flow information related to leases


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	2,095	$	3,560	$	3,401
Operating cash flows from finance leases	$	24	$	145	$	155
Financing cash flows from finance leases	$	248	$	1,034	$	1,228
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	—	$	2,653	$	—
Finance leases	$	—	$	—	$	2,694

Schedule of maturities of operating and finance lease liabilities


Year ending December 31, (in thousands)	Operating leases
2025	$	2,192
2026		2,126
2027		1,530
Total lease payments		5,848
Less imputed interest		(871)
Lease liabilities	$	4,977

Subsequent Event

12 Months Ended

Dec. 31, 2024

Subsequent Event

Subsequent Event

15.Subsequent Event

In connection with the December 2, 2024 UDENYCA Purchase Agreement and related UDENYCA Sale, the Company held a Special Meeting of Stockholders (the “Special Meeting”) on March 11, 2025 virtually via the Internet. At the Special Meeting, our stockholders approved the UDENYCA Sale, the UDENYCA Purchase Agreement and the other transactions and ancillary documents contemplated by the UDENYCA Purchase Agreement.

The Company expects to receive $483.4 million in cash at closing, inclusive of $118.4 million of UDENYCA product inventory, subject to downward adjustment by the amount of inventory delivered at the closing of the UDENYCA Sale less than the Inventory Target. In addition, the Company is also eligible to receive two additional Earnout Payments of $37.5 million each, provided that certain minimum UDENYCA Net Sales thresholds are met during specified periods after the closing of the UDENYCA Sale. Closing of the UDENYCA Sale is subject to closing conditions, including FDA authorization of commercial supply from our additional packaging and labeling CMO for UDENYCA. The Company anticipates the closing to occur late in the first quarter or early in the second quarter of 2025.

Inventory

12 Months Ended

Dec. 31, 2024

Inventory

Inventory

4.Inventory

Inventory consisted of the following:


	December 31,
(in thousands)	2024		2023
Raw materials	$	18,014	$	12,975
Work in process		83,170		82,588
Finished goods		12,686		34,537
Total	$	113,870	$	130,100

During 2024, the Company recorded $14.1 million in charges for the write-down of UDENYCA inventory that did not meet acceptance criteria. Inventory as of December 31, 2023 included $16.4 million related to the CIMERLI ophthalmology franchise and $17.0 million related to the YUSIMRY immunology franchise (see Note 6. Acquisition and Dispositions). During the year ended December 31, 2023, the Company recorded a $47.0 million charge for the write-down of slow moving YUSIMRY inventory, which included the recognition of $20.5 million in certain firm purchase commitments in cost of goods sold in the consolidated statements of operations. Of this charge, $11.5 million was reflected in accrued and other current liabilities and $9.0 million in other liabilities, non-current in the consolidated balance sheets as of December 31, 2023. Liabilities for firm inventory purchase commitments related to YUSIMRY were derecognized upon the YUSIMRY sale.

Inventory expected to be sold more than twelve months from the balance sheet date is classified as inventory, non-current in the consolidated balance sheets. As of December 31, 2024 and 2023, 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:


	December 31,
(in thousands)	2024		2023
Inventory	$	70,094	$	62,605
Inventory, non-current		43,776		67,495
Total	$	113,870	$	130,100

Prepaid manufacturing of $11.6 million as of December 31, 2024 included prepayments of $5.3 million to CMOs for manufacturing services of the Company’s products and prepayments of $6.4 million to various CMOs for research and development pipeline programs. Prepaid manufacturing of $23.7 million as of December 31, 2023 includes prepayments of $12.6 million to CMOs for manufacturing services, of which $6.4 million related to the CIMERLI ophthalmology franchise and $0.5 million related to the YUSIMRY immunology franchise (see Note 6. Acquisition and Dispositions), and prepayments of $11.1 million to various CMOs for research and development pipeline programs.

Stock-Based Compensation and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation and Employee Benefits

Summary of Option Activity


	Options
				Weighted-
				Average	Aggregate
		Weighted-		Remaining	Intrinsic
	Number of	Average		Contractual Terms	Value
	Options	Exercise Price		(Years)	(in thousands)
Outstanding at December 31, 2023	23,659,240	$	13.31
Granted - at fair value	10,513,500	$	2.28
Exercised	(174,651)	$	1.67
Forfeited/Canceled	(5,292,979)	$	9.20
Outstanding at December 31, 2024	28,705,110	$	10.10	6.4	$	889
Exercisable at December 31, 2024	17,010,902	$	14.37	4.6	$	—

Schedule of options outstanding and exercisable

Information on the options outstanding and exercisable as of December 31, 2024 is summarized by range of exercise prices as follows:


					Options Outstanding				Options Exercisable
						Weighted-
						Average	Weighted-			Weighted-
						Remaining	Average			Average
					Number	Contractual Terms	Exercise		Number	Exercise
Range of Exercise Prices					Outstanding	(Years)	Price		Exercisable	Price
$	0.77	-	$	2.41	6,361,791	9.5	$	1.74	473,666	$	2.35
$	2.59	-	$	5.44	6,000,496	8.3	$	3.86	2,069,330	$	4.33
$	5.86	-	$	12.37	5,603,496	5.3	$	10.28	4,386,405	$	10.54
$	12.44	-	$	17.06	4,601,126	5.3	$	14.64	3,992,175	$	14.59
$	17.17	-	$	26.58	4,691,013	3.8	$	18.90	4,642,138	$	18.91
$	26.62	-	$	36.85	1,447,188	0.5	$	29.06	1,447,188	$	29.06
					28,705,110	6.4	$	10.10	17,010,902	$	14.37

Schedule of additional information on options


	Year Ended December 31,
(in thousands, except weighted-average grant-date fair value per share)	2024		2023		2022
Total intrinsic value of options exercised	$	110	$	425	$	914
Total grant date fair value of options vested	$	22,778	$	30,467	$	34,916
Weighted-average grant date fair value per share of options granted	$	1.49	$	4.19	$	7.04

Summary of RSU Activity, under 2014 Plan


	RSUs Outstanding
		Weighted-Average
	Number of	Grant Date Fair
	RSUs	Value
Balances at December 31, 2023	1,726,729	$	11.93
RSUs granted	1,976,750	$	2.23
RSUs vested	(2,793,626)	$	5.41
RSUs canceled	(141,616)	$	11.50
Balances at December 31, 2024	768,237	$	10.79


	Year Ended December 31,
(in thousands, except weighted-average grant-date fair value per share)	2024		2023		2022
Total grant date fair value of RSUs vested	$	15,101	$	18,381	$	13,598
Total grant date fair value of RSUs granted	$	4,408	$	11,386	$	22,502
Weighted-average grant-date fair value per share of RSUs granted	$	2.23	$	8.93	$	13.34

Schedule of Stock-Based Compensation Expense



	Year Ended December 31,
(in thousands)	2024		2023		2022
Cost of goods sold ⁽¹⁾	$	1,070	$	632	$	736
Research and development		8,643		14,596		18,999
Selling, general and administrative		18,089		27,882		31,002
Total stock-based compensation expense	$	27,802	$	43,110	$	50,737

Total stock-based compensation expense capitalized into inventory	$	1,407	$	1,062	$	1,187

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

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


	Year Ended December 31,
	2024		2023		2022
Expected term (years)
Stock options	5.7		6.0		6.1
ESPP	0.5		0.5		0.5
Expected volatility
Stock options	67	%	64	%	62	%
ESPP	88	%	105	%	70	%
Risk-free interest rate
Stock options	3.97	%	3.92	%	2.37	%
ESPP	4.94	%	5.35	%	3.77	%
Expected dividend yield
Stock options	—	%	—	%	—	%
ESPP	—	%	—	%	—	%

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Fair Value Measurements

3.Fair Value Measurements

The fair value 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.

The fair values of cash equivalents approximate their carrying values due to the short-term nature of such financial instruments.

In connection with the Surface Acquisition on September 8, 2023 (see Note 6. Acquisition and Dispositions), the Company recorded contingent consideration liabilities related to CVRs. The fair value of the CVR liabilities were determined using a Monte Carlo simulation-based model discounted to present value and represents a Level 3 measurement within the fair value hierarchy. Assumptions used in this calculation include estimated revenue, discount rate and various probability factors. If different assumptions were used for the various inputs, the estimated fair value could be significantly higher or lower than the fair value the Company determined. For example, increases in discount rates and the time to payment may result in lower fair value measurements. There is no assurance that any of the conditions for payment of the CVR liabilities will be met. During the three months ended March 31, 2024, the Company impaired its historical out-licensed partnership program with Novartis Institutes for Biomedical Research, Inc. (“Novartis Institutes”) (NZV930), which resulted in a net impairment charge of $6.8 million in selling, general and administrative expenses in the consolidated statements of operations relating to the write-off of the net carrying value of the Novartis Institutes out-license intangible asset of $10.6 million and the final remeasurement of the CVR liability related to NZV930 of $3.8 million to its fair value of zero. The remaining CVR liability associated with GSK of $0.5 million and other contingent consideration are recorded in other liabilities, non-current on the consolidated balance sheets at December 31, 2024. As of December 31, 2023, the CVR liability was reduced by a fair value adjustment of $0.9 million which was recorded within selling, general and administrative expense in the consolidated statements of operations.

On May 8, 2024, the Company recognized the Royalty Fee Derivative Liability which was estimated to be $9.2 million in connection with the Revenue Purchase and Sale Agreement (see Note 8. Financial Liabilities), which is recorded in accrued and other current liabilities on the consolidated balance sheets. To estimate the fair value, the Company uses Monte Carlo simulation models that require the use of Level 3 unobservable inputs, primarily the amount and timing of our expected future revenue, the probability of certain events, the discount rate corresponding to the risk of revenue, and to a much lesser extent the estimated volatility of these revenues. As of December 31, 2024, the estimated fair value of the Royalty Fee Derivative Liability increased to $13.6 million, resulting in a $4.4 million charge recorded in other income (expense), net on the consolidated statements of operations.

Financial liabilities related to long-term debt obligations are summarized in Note 8. Financial Liabilities. Other financial liabilities and financial assets measured at fair value on a recurring basis are summarized as follows:


	Fair Value Measurements
	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents	$	125,549	$	—	$	—	$	125,549
Financial Liabilities:
Royalty Fee Derivative Liability	$	—	$	—	$	13,620	$	13,620
Contingent consideration		—		—		632		632
Total	$	—	$	—	$	14,252	$	14,252


	Fair Value Measurements
	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents⁽¹⁾	$	88,460	$	998	$	—	$	89,458
Marketable debt securities:
U.S. government agency securities		5,195		—		—		5,195
U.S. treasury securities		2,993		—		—		2,993
Commercial paper and corporate notes		—		6,669		—		6,669
Prepaid financial instrument in Prepaid manufacturing⁽²⁾		—		—		625		625
Total	$	96,648	$	7,667	$	625	$	104,940
Financial Liabilities:
Contingent consideration	$	—	$	—	$	4,472	$	4,472

(1)	Cash equivalents consist of money market funds, U.S treasury securities, and commercial paper and corporate notes with original maturities of 90 days or less.

(2)	Relates to Optional Stock Purchase Agreement.

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


	December 31, 2024
(in thousands)	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	125,549	$	—	$	—	$	125,549


	December 31, 2023
(in thousands)	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	79,484	$	—	$	—	$	79,484
U.S. government agency securities		5,200		—		(5)		5,195
U.S. treasury securities		11,967		2		—		11,969
Commercial paper and corporate notes		7,673		—		(6)		7,667
Total	$	104,324	$	2	$	(11)	$	104,315

The Company held 9 positions that were in unrealized loss positions as of December 31, 2023. No impairment was recognized in 2024 and 2023. As of December 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 9 months. The accrued interest receivable on available-for-sale marketable securities was immaterial at December 31, 2023.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Label	Element	Value
Public Offering
Proceeds from Issuance of Common Stock	us-gaap_ProceedsFromIssuanceOfCommonStock	$ 53,600,000

Organization and Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory write-downs	$ 14,143	$ 52,595	$ 26,000
UDENYCA
Inventory write-downs	14,100
Cost of Goods Sold
Inventory write-downs		$ 52,600	$ 26,000
Cost of Goods Sold \| UDENYCA
Inventory write-downs	$ 14,100

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Balance at beginning of year	$ 17,417	$ 16,838	$ 15,495
Additions based on tax positions related to current year	1,565	865	1,385
Additions for tax positions of prior years	265
Reductions for tax positions of prior years		(286)	(42)
Balance at end of year	$ 19,247	$ 17,417	$ 16,838

Financial Liabilities - Summary of Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Apr. 01, 2024	Dec. 31, 2023
2029 Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less unamortized debt discount and issuance costs	$ (1,962)
Net carrying amount	36,698
2029 Term Loans \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	38,660
Less unamortized debt discount and issuance costs	(1,962)
Net carrying amount	36,698
Estimated Fair Value	36,698
Revenue Purchase and Sale Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less unamortized debt discount and issuance costs	(9,251)
2027 Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount		$ 250,000
2027 Term Loans \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount			$ 250,000
Less unamortized debt discount and issuance costs			(3,519)
Net carrying amount			246,481
Estimated Fair Value			246,481
1.5% Convertible Senior Subordinated Notes due 2026 \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	230,000		230,000
Less unamortized debt discount and issuance costs	(1,771)		(3,112)
Net carrying amount	228,229		226,888
Estimated Fair Value	$ 223,100		$ 150,155

Fair Value Measurements - Cost, Unrealized Gains or Losses, and Fair Value by Investment Type (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost		$ 104,324
Unrealized Gain		2
Unrealized (Loss)		(11)
Fair Value		104,315
Money market funds
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost	$ 125,549	79,484
Fair Value	$ 125,549	79,484
U.S. government agency securities
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost		5,200
Unrealized (Loss)		(5)
Fair Value		5,195
U.S. treasury securities
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost		11,967
Unrealized Gain		2
Fair Value		11,969
Commercial paper and corporate notes
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost		7,673
Unrealized (Loss)		(6)
Fair Value		$ 7,667

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisition and Disposition

12 Months Ended

Dec. 31, 2024

Acquisition and Disposition

Acquisition and Disposition

6. Acquisition and Dispositions

2024 Dispositions

UDENYCA Sale (subject to closing)

On December 2, 2024, the Company and Intas entered into the UDENYCA Purchase Agreement, pursuant to which, and upon the terms and subject to the conditions thereof, the Company has agreed to divest the UDENYCA Business to Intas. As consideration for the UDENYCA Sale, Intas has agreed to pay the Company $483.4 million in cash, inclusive of $118.4 million of UDENYCA product inventory, subject to downward adjustment by the amount of inventory delivered at the closing of the UDENYCA Sale less than the Inventory Target. Intas has designated Accord to purchase the physical assets, including product inventory. In addition, upon the achievement of certain contingent events by Intas, the Company is also eligible to receive two additional Earnout Payments of $37.5 million each, provided that certain minimum UDENYCA Net Sales thresholds are met during specified periods after the closing of the UDENYCA Sale. If the UDENYCA Sale is consummated, the Company plans to use a portion of the proceeds to pay off the 2026 Convertible Notes and buy out certain royalty obligations related to UDENYCA pursuant to the Revenue Purchase and Sale Agreement.

Closing of the UDENYCA Sale is not subject to a financing condition, but is subject to closing conditions, including (i) approval of the Company’s stockholders, which has occurred, (ii) the expiration or earlier termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, which has occurred, (iii) clearance from Committee on Foreign Investment in the United States or any member agency thereof acting in its capacity as a member agency, which has occurred, and (iv) certain additional closing conditions related to packaging by the Company’s packaging and labeling CMOs for UDENYCA and FDA authorization of commercial supply from the Company’s additional packaging and labeling CMO for UDENYCA.

The Company anticipates the transactions contemplated by the UDENYCA Purchase Agreement to close late in the first quarter or early in the second quarter of 2025. Costs of $6.7 million related to the UDENYCA Sale were recorded in selling, general and administrative expense in the consolidated statements of operations during the year ended December 31, 2024.

YUSIMRY Sale

On June 26, 2024, the Company completed the sale of its YUSIMRY immunology franchise which comprised certain assets, including certain YUSIMRY intellectual property, contracts, YUSIMRY inventory, and all activities related to research and development of YUSIMRY. In exchange, HKF paid upfront cash consideration of $40.0 million and assumed certain liabilities, including $17.0 million of inventory purchase commitments. During 2024, the Company recognized a net gain on the YUSIMRY Sale of $22.8 million, which included the cash receipts of $40.0 million less net assets transferred to HKF or otherwise derecognized and transaction costs of $1.0 million. At December 31, 2024, unpaid transaction costs totaled $0.9 million. The pretax profit (loss) related to the YUSIMRY immunology franchise, which excludes any corporate overhead allocations, was $(3.1) million, $(59.7) million and $(34.4) million during the years ended December 31, 2024, 2023 and 2022, respectively.

In connection with the YUSIMRY Sale, the Company and HKF entered into the YUSIMRY TSA, pursuant to which the Company is providing certain business support services on behalf of HKF including billings, collections, and the remittance of rebates, to ensure business continuity for patients and customers and were substantially completed by December 31, 2024. Under the YUSIMRY TSA, the Company is entitled to be reimbursed for its costs and has recorded income of $0.8 million for the year ended December 31, 2024 in other income (expense), net in the consolidated statements of operations. As of December 31, 2024, assets of $2.3 million and liabilities of $4.3 million related to transactions entered into on behalf of HKF in accordance with the YUSIMRY TSA were presented in TSA receivables, net and TSA payables and other accrued liabilities, respectively, in the consolidated balance sheets.

CIMERLI Sale

On March 1, 2024, the Company completed the sale of its CIMERLI ophthalmology franchise through the sale of its subsidiary, Coherus Ophthalmology, to Sandoz for upfront, all-cash consideration of $170.0 million plus an additional $17.8 million for CIMERLI product inventory and prepaid manufacturing assets. During 2024, the Company recognized a net gain on the CIMERLI Sale of $153.8 million, which included the cash receipts of $187.8 million less assets transferred to Sandoz, assets derecognized, transaction costs of $7.2 million, and other related employee transition expenses. As of December 31, 2024, unpaid commitments for retention bonuses totaled $4.7 million. The pretax profit (loss) related to the CIMERLI ophthalmology franchise, which excludes any corporate

overhead allocations, was $2.4 million, $16.6 million and $(16.7) million during the years ended December 31, 2024, 2023 and 2022, respectively.

In connection with the CIMERLI Sale, the Company and Sandoz entered into the CIMERLI TSA, pursuant to which the Company is providing certain business support services on behalf of Sandoz including billings, collections, and the remittance of rebates, to ensure business continuity for patients and customers for a period not expected to extend beyond July 15, 2025. Under the CIMERLI TSA, the Company is entitled to be reimbursed for its costs and has recorded income of $1.7 million for the year ended December 31, 2024 in other income (expense), net in the consolidated statements of operations. As of December 31, 2024, assets related to transactions entered into on behalf of Sandoz in accordance with the CIMERLI TSA of $8.7 million were presented in TSA receivables, net and liabilities related to transactions entered into on behalf of Sandoz in accordance with the CIMERLI TSA of $6.8 million were presented in TSA payables and other accrued liabilities in the consolidated balance sheets.

2023 Acquisition

Surface Acquisition

On September 8, 2023 (the “Acquisition Date”), in accordance with an Agreement and Plan of Merger dated June 15, 2023 (the “Merger Agreement”) by and among the Company, Crimson Merger Sub I, Inc. (“Merger Sub I”), Crimson Merger Sub II, LLC (“Merger Sub II,” and together with Merger Sub I, the “Merger Subs”) and Surface, the Company completed the Surface Acquisition. The Surface Acquisition expanded the Company’s immuno-oncology pipeline by adding important new assets, including: casdozokitug (CHS-388, formerly SRF388), an investigational, novel IL-27-targeted antibody, and CHS-114 (formerly SRF114), an investigational, CCR8-targeted antibody.

On the Acquisition Date, and in accordance with the Merger Agreement, the Company issued to the holders of all outstanding Surface common stock (subject to certain exceptions) 0.1960 shares of Coherus common stock in exchange for each share of outstanding Surface common stock and certain outstanding Surface employee equity awards. The exchange ratio was calculated pursuant to the terms of the Merger Agreement and was based on a $5.2831 per share price of Coherus common stock and a nominal total amount of cash in lieu of fractional shares. Surface shareholders also received one CVR for each share of Surface common stock and employee equity award converted. Each CVR entitles the holder to receive quarterly contingent payments in the form of cash, stock or a combination of cash and stock at the Company’s discretion during the ten-year period following September 8, 2023, for the sum of the following, less any permitted deductions in accordance with the CVR Agreement:

●

70% of all milestone- and royalty-based payments received by the Company or its affiliates under the GSK Agreement related to the program GSK4381562;

●

25% of any upfront payment received by the Company or its affiliates pursuant to potential ex-U.S. licensing agreements for CHS-114; and

●

50% of any upfront payment received by the Company or its affiliates pursuant to potential ex-U.S. licensing agreements for casdozokitug.

The Company has recorded a contingent consideration liability for the fair value of the potential payments under the CVR Agreement described above. The Company is unable to estimate a range of outcomes for potential royalty and milestone payments for CHS-114 and casdozokitug.

The total consideration paid for the Surface Acquisition of $64.6 million consisted of the following:


(in thousands, except share and per share amounts)	As of Acquisition Date
Coherus common stock issued		11,971,460
Coherus common stock share price	$	4.89

Fair value of components of purchase price consideration at closing:
Equity of combined company owned by Surface equity holders	$	58,540
Contingent CVR liability		5,290
Equity of combined company owned by Surface former employees ⁽¹⁾		766
Fair value of total purchase consideration	$	64,596

(1)	Represents 161,100 shares of Coherus common stock, net of shares withheld for taxes, issued to Surface’s former employees on the Acquisition Date.

The following table below sets forth the purchase price allocation to the estimated fair value of the net assets acquired:


(in thousands)	Amounts Recognized at Acquisition Date
Assets Acquired
Cash and cash equivalents	$	6,997
Investments in marketable securities		21,791
Other prepaids and other assets		5,260
In-process research and development		26,239
Out-licenses		13,530
Total assets	$	73,817
Liabilities Assumed
Accrued and other current liabilities	$	7,722
Deferred tax liability		1,499
Total liabilities		9,221
Total net assets acquired	$	64,596

The Company believes that, even after reassessing its identification of all assets acquired and liabilities assumed, it was able to acquire Surface for a price that was completely allocable to identifiable assets acquired and liabilities assumed with no residual attributable to goodwill primarily due to Surface’s need to raise additional capital to finance its operations, the challenging biotech funding environment at the time the transaction was initially announced, and the value of the acquired net assets.

The amounts allocated to identifiable intangible assets was as follows:


(in thousands)	Useful lives		Fair Value at Acquisition Date
In-process research and development - casdozokitug	n/a	$	25,899
In-process research and development - CHS-114	n/a		340
Out-license - GSK	15 years		2,506
Out-license - Novartis Institutes	15 years		11,024
Total identifiable intangible assets		$	39,769

The out-license intangible assets represent potential milestone and royalty-based payments to be received under two out-licensed partnership programs to advance certain next-generation cancer therapies, Novartis Institutes (NZV930) and GSK (GSK4381562). Surface shareholders received CVRs for certain percentages of these milestone and royalty-based payments, as further explained above. The exclusive license of NZV930 to Novartis Institutes was terminated by Novartis Institutes with an effective date of October 2, 2024. As a result, during the first quarter of 2024, the Company recognized a net impairment charge of $6.8 million in selling, general and administrative expenses in the consolidated statements of operations relating to the write-off of the net carrying value of the Novartis Institutes out-license intangible asset of $10.6 million and the final remeasurement of the CVR liability related to NZV930 of $3.8 million to its fair value of zero.

Unaudited Pro Forma Summary of Operations

The following table shows the unaudited pro forma summary of operations for the years ended December 31, 2023 and 2022, as if the Surface Acquisition had occurred on January 1, 2022. This pro forma information does not purport to represent what the Company’s actual results would have been if the acquisition had occurred as of January 1, 2022, and it is not indicative of what such results would be expected for any future period:


	Year Ended December 31,
(in thousands)		2023		2022
Total revenues	$	257,244	$	241,042
Net loss	$	(284,575)	$	(369,442)

The unaudited pro forma financial information was prepared using the acquisition method of accounting and was based on the historical financial information of the Company and Surface. In order to reflect the Surface Acquisition as if it had occurred on January 1, 2022, the summary pro forma financial information includes adjustments to reflect Surface’s severance expense, the early termination and related amortization expense of Surface’s corporate headquarters operating lease, the loss on debt extinguishment and historical interest expense related to the cash settlement of Surface’s convertible note as if it had occurred on January 1, 2022, and amortization expense on the acquired finite-lived intangible assets. The unaudited pro forma summary of operations does not reflect the income tax effects, if any, of the pro forma adjustments, given the combined entity incurred significant losses during the historical periods presented.

Acquisition-related costs of $5.1 million were recorded in selling, general and administrative expense in the consolidated statements of operations during the year ended December 31, 2023.

Organization and Significant Accounting Policies -Goodwill and Intangible Assets (Details)	Dec. 31, 2024
In-process research and development
Organization and Significant Accounting Policies
Finite-Lived Intangible Asset, Useful Life	10 years
Licensing Agreements
Organization and Significant Accounting Policies
Finite-Lived Intangible Asset, Useful Life	15 years

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Amortization of right-of-use assets	$ 225	$ 1,069	$ 1,228
Interest on lease liabilities	24	146	166
Total finance lease cost	249	1,215	1,394
Operating lease cost	2,066	2,984	3,154
Total lease cost	$ 2,315	$ 4,199	$ 4,548

Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Domestic	$ 28,507	$ (238,272)	$ (291,746)
Foreign			(8)
Income (loss) before income taxes	$ 28,507	$ (238,272)	$ (291,754)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Financial Liabilities - Convertible Senior Subordinated Notes due 2026 - Narrative (Details)	1 Months Ended	12 Months Ended
	Apr. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) item $ / shares	Apr. 14, 2020 $ / shares
Financial Liabilities
Closing stock, price per share \| $ / shares		$ 1.38	$ 14.82
1.5% Convertible Senior Subordinated Notes due 2026
Financial Liabilities
Number of events in default \| item		0
Contractual term		6 years
Convertible Debt [Member] \| 1.5% Convertible Senior Subordinated Notes due 2026
Financial Liabilities
Principal Amount	$ 230,000,000
Net proceeds from offering	$ 222,200,000
Stated interest rate	1.50%
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 December 31, 2024, 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		$ 1,771,000
Effective interest rate		2.10%
Convertible Debt [Member] \| 1.5% Convertible Senior Subordinated Notes due 2026 \| Scenario, Plan [Member]
Financial Liabilities
Convertible notes, converted amount		$ 16,500,000

Acquisition and Disposition (Tables)

12 Months Ended

Dec. 31, 2024

Acquisition and Disposition

Schedule of total consideration paid


(in thousands, except share and per share amounts)	As of Acquisition Date
Coherus common stock issued		11,971,460
Coherus common stock share price	$	4.89

Fair value of components of purchase price consideration at closing:
Equity of combined company owned by Surface equity holders	$	58,540
Contingent CVR liability		5,290
Equity of combined company owned by Surface former employees ⁽¹⁾		766
Fair value of total purchase consideration	$	64,596

(1)	Represents 161,100 shares of Coherus common stock, net of shares withheld for taxes, issued to Surface’s former employees on the Acquisition Date.

Schedule of purchase price allocation to the estimated fair value of the net assets acquired


(in thousands)	Amounts Recognized at Acquisition Date
Assets Acquired
Cash and cash equivalents	$	6,997
Investments in marketable securities		21,791
Other prepaids and other assets		5,260
In-process research and development		26,239
Out-licenses		13,530
Total assets	$	73,817
Liabilities Assumed
Accrued and other current liabilities	$	7,722
Deferred tax liability		1,499
Total liabilities		9,221
Total net assets acquired	$	64,596

Schedule of amounts allocated to identifiable intangible assets


(in thousands)	Useful lives		Fair Value at Acquisition Date
In-process research and development - casdozokitug	n/a	$	25,899
In-process research and development - CHS-114	n/a		340
Out-license - GSK	15 years		2,506
Out-license - Novartis Institutes	15 years		11,024
Total identifiable intangible assets		$	39,769

Schedule of unaudited pro forma summary of operations


	Year Ended December 31,
(in thousands)		2023		2022
Total revenues	$	257,244	$	241,042
Net loss	$	(284,575)	$	(369,442)

Acquisition and Disposition - Consideration paid (Details) - Surface Acquisition $ / shares in Units, $ in Thousands	Sep. 08, 2023 USD ($) $ / shares shares
Organization and Significant Accounting Policies
Coherus common stock issued \| shares	11,971,460
Share price (in dollars per share) \| $ / shares	$ 4.89
Equity of combined company owned by Surface equity holders	$ 58,540
Contingent CVR liability	5,290
Equity of combined company owned by Surface former employees (1)	766
Business Combination, Consideration Transferred, Total	$ 64,596

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Consolidated Balance Sheets
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	115,614,548	112,215,260
Common stock, shares outstanding	115,614,548	112,215,260

Inventory (Tables)

12 Months Ended

Dec. 31, 2024

Inventory

Schedule of Inventory


	December 31,
(in thousands)	2024		2023
Raw materials	$	18,014	$	12,975
Work in process		83,170		82,588
Finished goods		12,686		34,537
Total	$	113,870	$	130,100

Schedule of Balance Sheet Classification


	December 31,
(in thousands)	2024		2023
Inventory	$	70,094	$	62,605
Inventory, non-current		43,776		67,495
Total	$	113,870	$	130,100

Stock-Based Compensation and Employee Benefits

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation and Employee Benefits

Stock-Based Compensation and Employee Benefits

12.Stock-Based Compensation and Employee Benefits

Equity Incentive Plans

In October 2014, the Company’s board of directors and its stockholders adopted the 2014 Equity Incentive Award Plan (the “Original 2014 Plan”), which became effective upon the closing of the Company’s IPO on November 6, 2014. The Original 2014 Plan was subject to automatic annual increases in the number of shares available for issuance on the first business day of each fiscal year equal to four percent (4%) of the number of shares of the Company’s common stock outstanding as of such date or a lesser number of shares as determined by the Company’s board of directors with 2024 being the last calendar year with an automatic annual increase under the Original 2014 Plan. The Original 2014 Plan was amended and restated effective May 29, 2024 as the 2014 Plan with amendments that included an additional 7,000,000 shares reserved for issuance over the existing share reserve and certain other changes to the Original 2014 Plan. Additionally, the evergreen provision has been removed from the 2014 Plan such that any increase in the total number of shares of common stock that may be issued must be approved by stockholders. There were 6,010,528 shares of common stock available for future issuance as of December 31, 2024 under the 2014 Plan. All remaining shares under the Company’s 2010 Equity Incentive Stock Plan (the “2010 Plan”) were transferred to the Original 2014 Plan upon adoption and any additional shares that would otherwise return to the 2010 Plan as a result of forfeiture, termination or expiration of the awards will return to the 2014 Plan. The 2014 Plan enables the Company to grant shares and/or options to purchase shares of common stock to employees, directors, consultants and other service providers. While the 2014 Plan allows for non-qualified or incentive stock options, primarily all option grants made since June 2016 have been for non-qualified stock options. Under the 2010 Plan, no awards have been issued since 2014, and there were no shares of common stock available for future issuance as of December 31, 2024.

In June 2016, the Company adopted the 2016 Plan. The 2016 Plan was designed to comply with the inducement exemption contained in Nasdaq’s Rule 5635(c)(4), which provides for the grant of non-qualified stock options, restricted stock units, restricted stock awards, performance awards, dividend equivalents, deferred stock awards, deferred stock units, stock payment and stock appreciation rights to a person not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to the individual’s entering into employment with the Company. In connection with the approval of the amendment and restatement of the Original 2014 Plan as the 2014 Plan in 2024, the Company agreed to not make any new awards under the 2016 Plan after May 29, 2024, such that all remaining shares under the 2016 Plan will remain unissued.

Stock option exercises are settled with common stock from the plans’ previously authorized and available pool of shares. If any shares subject to an award granted under the 2014 Plan or 2016 Plan expire, are forfeited or canceled without the issuance of shares, the

shares subject to such awards return to the 2014 Plan. In addition, shares withheld to pay for minimum statutory tax obligations with respect to full-value awards are added back to the 2014 Plan. The annual grant to eligible employees can vary depending on the type of award, and the award size is determined by the employee’s grade level.

Stock Options

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

In 2024, the Company granted an aggregate of 2,622,500 performance-based stock options (“PSOs”) under the Original 2014 Plan and under the 2014 Plan to its Chief Executive Officer and certain other senior officers, which have a term of ten years. The PSOs granted under the Original 2014 Plan are comprised of 1,982,500 PSOs with performance-based vesting conditions tied to commercial, clinical and strategic milestones (the “Performance Condition PSOs”). The fair value of each Performance Condition PSO was estimated on the grant date, using the Black-Scholes model for PSOs tied to commercial, clinical and strategic milestones. Expense for the Performance Condition PSOs is recognized over the requisite service period only when the performance condition is considered probable of being achieved and is recognized over the period from the grant date through the time the milestone is expected to be achieved. The PSOs granted under the 2014 Plan comprised 640,000 PSOs with total shareholder return vesting tied to performance milestones during specified periods (the “Market Condition PSOs”). The fair value of each Market Condition PSO was estimated on the grant date using a Monte Carlo simulation model.

The following table summarizes option activity from December 31, 2023 through December 31, 2024:


	Options
				Weighted-
				Average	Aggregate
		Weighted-		Remaining	Intrinsic
	Number of	Average		Contractual Terms	Value
	Options	Exercise Price		(Years)	(in thousands)
Outstanding at December 31, 2023	23,659,240	$	13.31
Granted - at fair value	10,513,500	$	2.28
Exercised	(174,651)	$	1.67
Forfeited/Canceled	(5,292,979)	$	9.20
Outstanding at December 31, 2024	28,705,110	$	10.10	6.4	$	889
Exercisable at December 31, 2024	17,010,902	$	14.37	4.6	$	—

Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the year in excess of the exercise price multiplied by the number of options outstanding or exercisable.

Information on the options outstanding and exercisable as of December 31, 2024 is summarized by range of exercise prices as follows:


					Options Outstanding				Options Exercisable
						Weighted-
						Average	Weighted-			Weighted-
						Remaining	Average			Average
					Number	Contractual Terms	Exercise		Number	Exercise
Range of Exercise Prices					Outstanding	(Years)	Price		Exercisable	Price
$	0.77	-	$	2.41	6,361,791	9.5	$	1.74	473,666	$	2.35
$	2.59	-	$	5.44	6,000,496	8.3	$	3.86	2,069,330	$	4.33
$	5.86	-	$	12.37	5,603,496	5.3	$	10.28	4,386,405	$	10.54
$	12.44	-	$	17.06	4,601,126	5.3	$	14.64	3,992,175	$	14.59
$	17.17	-	$	26.58	4,691,013	3.8	$	18.90	4,642,138	$	18.91
$	26.62	-	$	36.85	1,447,188	0.5	$	29.06	1,447,188	$	29.06
					28,705,110	6.4	$	10.10	17,010,902	$	14.37

Additional information on options is summarized as follows:


	Year Ended December 31,
(in thousands, except weighted-average grant-date fair value per share)	2024		2023		2022
Total intrinsic value of options exercised	$	110	$	425	$	914
Total grant date fair value of options vested	$	22,778	$	30,467	$	34,916
Weighted-average grant date fair value per share of options granted	$	1.49	$	4.19	$	7.04

As of December 31, 2024, total unrecognized stock-based compensation expense related to unvested stock options was $24.6 million, which is expected to be recognized over a weighted-average period of 2.6 years.

Restricted Stock Units

The Company grants RSUs from time to time primarily to its employees. RSUs are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The Company’s RSUs generally vest over one to three years from the applicable grant date, provided the employee remains continuously employed with the Company. However, the RSUs granted in 2024 were issued and vested immediately to settle a portion of the 2023 annual employee performance bonuses. The estimated fair value of RSUs is based on the closing price of the Company’s common stock on the grant date.

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


	RSUs Outstanding
		Weighted-Average
	Number of	Grant Date Fair
	RSUs	Value
Balances at December 31, 2023	1,726,729	$	11.93
RSUs granted	1,976,750	$	2.23
RSUs vested	(2,793,626)	$	5.41
RSUs canceled	(141,616)	$	11.50
Balances at December 31, 2024	768,237	$	10.79

Additional information on RSUs is summarized as follows:


	Year Ended December 31,
(in thousands, except weighted-average grant-date fair value per share)	2024		2023		2022
Total grant date fair value of RSUs vested	$	15,101	$	18,381	$	13,598
Total grant date fair value of RSUs granted	$	4,408	$	11,386	$	22,502
Weighted-average grant-date fair value per share of RSUs granted	$	2.23	$	8.93	$	13.34

As of December 31, 2024, total unrecognized stock-based compensation expense related to unvested RSUs was $2.6 million, which is expected to be recognized over a weighted-average period of 0.7 years.

Employee Stock Purchase Plan

In October 2014, the Company’s board of directors and its stockholders approved the establishment of the ESPP. The ESPP provided for annual increases in the number of shares available for issuance on January 1 of each year until January 1, 2024, equal to the lesser of one percent (1%) of the number of shares of the Company’s common stock outstanding as of such date or a number of shares as determined by the Company’s board of directors. The ESPP had 1,689,547 shares of common stock available for future issuance as of December 31, 2024. Eligible employees may purchase common stock at 85% of the lesser of the fair market value of the Company’s common stock on the first or last day of the offering period. The offering periods of the ESPP are six-month periods commencing on each May 16 and November 16. As of December 31, 2024, the unrecognized compensation expense associated with the ESPP was immaterial, which is expected to be recognized over a weighted-average period of 4.5 months.

Stock-Based Compensation

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



	Year Ended December 31,
(in thousands)	2024		2023		2022
Cost of goods sold ⁽¹⁾	$	1,070	$	632	$	736
Research and development		8,643		14,596		18,999
Selling, general and administrative		18,089		27,882		31,002
Total stock-based compensation expense	$	27,802	$	43,110	$	50,737

Total stock-based compensation expense capitalized into inventory	$	1,407	$	1,062	$	1,187

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

Valuation Assumptions of Awards Granted to Employees

The Company estimated the fair value of each stock option and awards granted under the ESPP on the date of grant using the Black-Scholes option-pricing model. The following table illustrates the weighted-average assumptions for the Black-Scholes option-pricing model used in determining the fair value of the awards during the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Expected term (years)
Stock options	5.7		6.0		6.1
ESPP	0.5		0.5		0.5
Expected volatility
Stock options	67	%	64	%	62	%
ESPP	88	%	105	%	70	%
Risk-free interest rate
Stock options	3.97	%	3.92	%	2.37	%
ESPP	4.94	%	5.35	%	3.77	%
Expected dividend yield
Stock options	—	%	—	%	—	%
ESPP	—	%	—	%	—	%

Expected Term: The expected term represents the period for which the stock-based awards are expected to be outstanding and is based on the options’ vesting term and contractual term. Since January 1, 2021, the Company has used historical data to calculate the expected term.

Expected Volatility: The expected volatility is calculated based on the Company’s daily stock closing prices for a period equal to the expected life of the award.

Risk-Free Interest Rate: The risk-free interest rate is based on the United States Treasury constant maturity rate at the time of grant using a term equal to the expected life.

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

401(k) Retirement Plan

In 2019, the Compensation Committee of the Board approved the Company’s matching of employee contributions towards their individual 401(k) Plans whereby eligible employees may elect to contribute up to the lesser of 90% of their annual compensation or the statutorily prescribed annual limit allowable under Internal Revenue Service regulations. The Company makes matching contributions of 100% of the first 4% of eligible compensation that an employee contributes to his or her 401(k) plan, up to a maximum of $7,500 each

year. The Company recorded compensation expense related to the match of $1.5 million, $1.8 million and $2.1 million in 2024, 2023 and 2022, respectively.

Stockholders' Deficit

12 Months Ended

Dec. 31, 2024

Stockholders' Deficit

Stockholders' Deficit

11.Stockholders’ Deficit

Public Offering

On May 16, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as representatives of the several underwriters named therein (the “Underwriters”), pursuant to which the Company issued and sold the an aggregate of 11,764,706 shares (the “Firm Shares”) of our common stock, par value $0.0001 per share, to the Underwriters (the “Public Offering”). Additionally, under the terms of the Underwriting Agreement, the Company granted the Underwriters an option, for 30 days from the date of the Underwriting Agreement, to purchase up to an additional 1,764,705 shares of common stock (the “Option Shares,” and together with the Firm Shares, the “Shares”), which the Underwriters elected to exercise in full. The price to the public in the Public Offering was $4.25 per share. The Underwriters agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of $3.995 per share.

The Offering was made pursuant to a prospectus supplement and related prospectus filed with the SEC pursuant to the Company’s Registration Statement under which the Company may offer and sell up to $150.0 million in the aggregate of its common stock, including the common stock already sold, preferred stock, debt securities, warrants and units from time to time in one or more offerings. On May 18, 2023, the Company completed the sale and issuance of an aggregate of 13,529,411 Shares, including the exercise in full of the Underwriters’ option to purchase the Option Shares. The Company received net proceeds of approximately $53.6 million, after deducting the Underwriters’ discounts and commissions and offering expenses payable by the Company.

ATM Offering

On November 8, 2022, the Company filed a Registration Statement. Also on November 8, 2022, the Company entered into a Sales Agreement with Cowen, pursuant to which the Company may issue and sell from time to time up to $150.0 million of its common stock, including the common stock already sold, through or to Cowen as the Company’s sales agent or principal in the ATM Offering.

On May 15, 2023, pursuant to an Amendment No. 1 to Sales Agreement and in connection with the Public Offering, the Company reduced the number of shares that could be issued and sold pursuant to its ATM Offering with TD Cowen by $86.25 million, lowering the aggregate offering price under the Sales Agreement from $150.0 million to $63.75 million.

On September 11, 2023, pursuant to an Amendment No. 2 to Sales Agreement, the Company increased the number of shares that could be issued and sold pursuant to its ATM Offering with TD Cowen by $28.75 million, increasing the aggregate offering price under the Sales Agreement from $63.75 million to $92.5 million.

The following table summarizes information regarding settlements under the ATM Offering:


	Year Ended December 31,
(in thousands, except share and per share data)	2024		2023		2022
Number of common stock shares sold during the period		650,005		3,559,761		916,884
Weighted-average price per share	$	2.44	$	5.43	$	7.30
Gross proceeds	$	1,589	$	19,339	$	6,692
Less commissions and fees		(40)		(483)		(168)
Net proceeds after commissions and fees	$	1,549	$	18,856	$	6,524

As of December 31, 2024, the Company had approximately $64.9 million of its common stock remaining available for sales under the ATM Offering.

Common Stock

On October 9, 2023, in accordance with the terms of an optional stock purchase agreement entered into with one of its CMOs on September 28, 2023 (the “Optional Stock Purchase Agreement”), the Company issued 2,225,513 shares of its common stock to one of its CMOs for a price of $3.675 per share, with a total value of $8.2 million in this non-cash transaction. The Optional Stock Purchase Agreement gave the Company the option, in its sole discretion, to elect to pay for certain manufacturing services provided by the CMO by either paying cash or issuing shares of our common stock in a private placement offering (the “Stock Service Fee Payment”). On October 4, 2023, the Company notified the CMO of its election of the Stock Service Fee Payment. The price per share of common stock was equal to the volume-weighted average closing trading price per share of common stock on the Nasdaq Global Market over the ten-trading day period ending on and including October 6, 2023.

Organization and Significant Accounting Policies - Net Revenues (Details)	12 Months Ended
	Dec. 31, 2024
Revenue, Performance Obligation, Description of Payment Terms	Payment terms differ by jurisdiction and customer, but payment terms typically range from 30 to approximately 80 days from date of shipment and may be extended during the launch period of a new product.
Maximum
Payment terms from date of shipment, period	80 days
Minimum
Payment terms from date of shipment, period	30 days

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue

Schedule of Net product revenue in United States, and Company's net revenue


	Year Ended December 31,
(in thousands)	2024		2023		2022
Products
UDENYCA	$	205,951	$	127,064	$	203,814
CIMERLI		27,079		125,388		6,946
YUSIMRY		7,541		3,574		—
LOQTORZI		19,131		554		—
Total net product revenue		259,702		256,580		210,760
Other revenue		7,258		664		282
Total net revenue	$	266,960	$	257,244	$	211,042

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


	Year Ended December 31,
	2024		2023		2022
McKesson Corporation	42	%	40	%	38	%
Cencora (previously known as AmeriSource-Bergen Corporation)	38	%	43	%	44	%
Cardinal Health, Inc.	18	%	15	%	17	%

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


	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		436,865		68,399		73,435		578,699
Prior period - increase (decrease)		(2,090)		(1,050)		32		(3,108)
Payments and customer credits issued		(421,763)		(82,640)		(80,408)		(584,811)
Balances at December 31, 2022		42,677		38,713		19,113		100,503
Provision related to sales made in:
Current period		590,772		143,370		110,183		844,325
Prior period - increase (decrease)		(1,361)		1,424		3,744		3,807
Payments and customer credits issued		(558,135)		(62,370)		(83,245)		(703,750)
Balances at December 31, 2023		73,953		121,137		49,795		244,885
Provision related to sales made in:
Current period		912,079		189,309		145,533		1,246,921
Prior period - increase (decrease)		(990)		7,391		(2,571)		3,830
Payments and customer credits issued		(874,264)		(194,099)		(151,628)		(1,219,991)
Balances at December 31, 2024	$	110,778	$	123,738	$	41,129	$	275,645

Acquisition and Disposition - Estimated fair value of the net assets acquired (Details) - Surface Acquisition $ in Thousands	Sep. 08, 2023 USD ($)
Assets Acquired
Cash and cash equivalents	$ 6,997
Investments in marketable securities	21,791
Prepaids and other assets	5,260
Identifiable intangible assets	39,769
Total assets	73,817
Liabilities Assumed
Accrued and other current liabilities	7,722
Deferred tax liability	1,499
Total liabilities	9,221
Total net assets acquired	64,596
Out-licenses
Assets Acquired
Identifiable intangible assets	13,530
In-process research and development
Assets Acquired
Identifiable intangible assets	$ 26,239

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

13.Income Taxes

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Domestic	$	28,507	$	(238,272)	$	(291,746)
Foreign		—		—		(8)
Total	$	28,507	$	(238,272)	$	(291,754)

For the periods presented, the income tax provision (benefit) is as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Current:
Federal	$	—	$	—	$	—
State		—		—		—
Foreign		—		—		—
Subtotal	$	—	$	—	$	—

Deferred:
Federal	$	—	$	(380)	$	—
State		—		—		—
Foreign		—		—		—
Subtotal	$	—	$	(380)	$	—

Income tax provision (benefit)	$	—	$	(380)	$	—

For the periods presented above, the income tax provision (benefit) reflects the Company’s history of losses and valuation of allowances against the deferred tax assets.

A reconciliation of the statutory United States federal rate to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2024		2023		2022
Percent of pre-tax income:
United States federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	2.8		(1.2)		1.7
Permanent items	(1.7)		—		(0.1)
Research and development credit	(23.9)		0.9		1.8
Stock-based compensation costs	31.4		(3.5)		(2.3)
Sale Transactions	1.8		—		—
Other	5.6		0.7		—
Change in valuation allowance	(37.0)		(17.7)		(22.1)
Effective income tax rate	—	%	0.2	%	—	%

The components of the Company’s net deferred tax assets (liabilities) as of December 31, 2024 and 2023 consist of the following:


	December 31,
(in thousands)	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	158,090	$	170,402
Research and development credits		72,031		65,225
Depreciation and amortization		28,861		37,211
Stock-based compensation		26,814		30,370
Sales related accruals		39,966		38,474
Other accruals		42,537		42,480
Capitalized research and development		50,850		46,062
Total gross deferred tax assets		419,149		430,224
Valuation allowance		(412,833)		(423,385)
Total net deferred tax assets		6,316		6,839
Deferred tax liabilities:
Right-of-use asset		(1,004)		(1,538)
In-process research and development		(6,414)		(6,403)
Total deferred tax liabilities		(7,418)		(7,941)
Net deferred tax liabilities	$	(1,102)	$	(1,102)

The tax benefit of net operating losses, temporary differences and credit carry forwards is recorded as an asset to the extent that management assesses that realization is “more likely than not.” The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences representing net future deductible amounts become deductible. As of December 31, 2024 and 2023, the Company recorded net a deferred tax liability of $1.1 million. The net deferred tax liability relates to in-process research and development that cannot be offset against the deferred tax assets. For remaining deferred tax assets, the Company has determined that it is more likely than not that its federal and state net deferred tax assets will not be realized due to the Company's history of losses and lack of other positive evidence. As a result, the Company has recorded a valuation allowance against the remaining federal and certain state net deferred tax assets as of December 31, 2024 and 2023.

The valuation allowance decreased by $10.6 million during the year ended December 31, 2024 and increased by $85.6 million and $64.4 million during the years ended December 31, 2023 and 2022, respectively.

As of December 31, 2024, the Company had net operating loss carryforwards for federal income of $718.7 million, which will start to expire in the year 2036, and various states net operating loss carryforwards of $124.8 million, which have various expiration dates beginning in 2031.

As of December 31, 2024, the Company had federal research and development credit carryforwards for federal income tax purposes of $66.7 million, which will start to expire in the year 2031, and state research and development credit carryforwards of $29.5 million, which have no expiration date.

Utilization of the net operating loss and tax credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of certain net operating loss and tax credit carryforwards before their utilization. Under the current tax law, the carry forward period of net operating losses generated from 2018 forward is indefinite. However, the carryforward period for net operating losses generated prior to 2018 remains the same. Therefore, the annual limitation may result in the expiration of certain net operating losses and tax credit carryforwards before their utilization. The Company files income tax returns in the United States federal jurisdiction, various United States state jurisdictions, and a foreign jurisdiction with varying statutes of limitations. The tax years from inception in 2011 forward remain open to examination due to the carryover of unused net operating losses and tax credits.

A reconciliation of the Company’s unrecognized tax benefits during 2024, 2023 and 2022 is as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Balance at beginning of year	$	17,417	$	16,838	$	15,495
Additions based on tax positions related to current year		1,565		865		1,385
Additions (reductions) for tax positions of prior years		265		(286)		(42)
Balance at end of year	$	19,247	$	17,417	$	16,838

As of December 31, 2024, 2023 and 2022, the Company had $19.2 million, $17.4 million and $16.8 million, respectively, of unrecognized benefits, none of which would currently affect the Company’s effective tax rate if recognized due to the Company’s deferred tax assets being offset by a valuation allowance. During 2024, 2023 and 2022, the Company did not recognize accrued interest and penalties related to unrecognized tax benefits. The Company does not anticipate a material adjustment of unrecognized tax benefits during the next twelve months from the balance sheet date as reductions for tax positions of prior years.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation and Employee Benefits - Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%
2014 Employee Stock Purchase Plan (ESPP)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility	88.00%	105.00%	70.00%
Risk-free interest rate	4.94%	5.35%	3.77%
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 8 months 12 days	6 years	6 years 1 month 6 days
Expected volatility	67.00%	64.00%	62.00%
Risk-free interest rate	3.97%	3.92%	2.37%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)(2)(ii)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (f)(2)(iii)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Increase and (decrease) Valuation allowance	$ (10,600)	$ 85,600	$ 64,400
Unrecognized tax benefits	19,247	17,417	16,838	$ 15,495
Unrecognized tax benefits, accrued interest and penalties accrued	0	0	$ 0
Net deferred tax liabilities	1,102	$ 1,102
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 718,700
Net operating loss carryforwards expiration year	2036
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 124,800
Net operating loss carryforwards expiration year	2031
Federal research and development \| Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	$ 66,700
Tax credit carryforwards expiration year	2031
Federal research and development \| State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	$ 29,500

Subsequent Events (Details) $ in Thousands			1 Months Ended	12 Months Ended
Subsequent Events (Details) $ in Thousands	May 08, 2024 USD ($)	Apr. 01, 2024 USD ($)	Apr. 30, 2025 USD ($) payment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsequent Events
Cash and cash equivalents				$ 125,987	$ 102,891	$ 63,547	$ 417,195
2027 Term Loans
Subsequent Events
Partial prepayment of principal		$ 175,000
Principal amount		$ 250,000
Spread on variable rate				1.00%
2029 Term Loans
Subsequent Events
Amount outstanding				$ 36,698
Prepayment funding fee	4.00%
2029 Term Loans \| On or after the first anniversary
Subsequent Events
Prepayment fee	10.00%
2029 Term Loans \| After the second anniversary
Subsequent Events
Prepayment fee	5.00%
2029 Term Loans \| After the third anniversary
Subsequent Events
Prepayment fee	0.00%
UDENYCA Purchase Agreement and related UDENYCA Sale \| Subsequent Event
Subsequent Events
Expected cash at closing			$ 483,400
Expected inventory received at closing			$ 118,400
Number of earnout payments \| payment			2
Earnout Payments			$ 37,500
Ankura Trust Company, LLC \| 2029 Term Loans
Subsequent Events
Principal amount	$ 38,700
Stated interest rate	8.00%

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Net Income (Loss) Per Share

Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share


	Year Ended December 31,
(in thousands, except share and per share data)	2024		2023		2022
Basic net income (loss) per share
Numerator:
Net income (loss)	$	28,507	$	(237,892)	$	(291,754)
Denominator:
Weighted-average common shares outstanding		114,553,537		94,162,637		77,630,020
Basic net income (loss) per share	$	0.25	$	(2.53)	$	(3.76)

Diluted net income (loss) per share
Numerator:
Net income (loss)	$	28,507	$	(237,892)	$	(291,754)
Denominator:
Denominator for basic net income (loss) per share		114,553,537		94,162,637		77,630,020
Add effect of potential dilutive securities:
Stock options, including shares subject to ESPP		168,392		—		—
Restricted stock units		108,533		—		—
Denominator for diluted net income (loss) per share		114,830,462		94,162,637		77,630,020
Diluted net income (loss) per share	$	0.25	$	(2.53)	$	(3.76)

Schedule of Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Income (Loss) Per Share


	Year Ended December 31,
	2024	2023	2022
Stock options, PSOs, including shares subject to ESPP	28,535,096	24,083,222	22,214,875
Restricted stock units	895,208	2,266,387	2,399,465
Shares issuable upon conversion of 2022 Convertible Notes	—	—	1,078,632
Shares issuable upon conversion of 2026 Convertible Notes	11,942,152	11,942,152	11,942,152
Total	41,372,456	38,291,761	37,635,124

Stock-Based Compensation and Employee Benefits - Options outstanding and exercisable (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, Number of Options	28,705,110	23,659,240
Options outstanding, Weighted-Average Remaining Contractual Terms	6 years 4 months 24 days
Options outstanding, Weighted-Average Exercise Price	$ 10.1	$ 13.31
Number of Options, Exercisable	17,010,902
Weighted Average Exercise Price, Exercisable	$ 14.37
0.77 - 2.41
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price range, Lower	0.77
Exercise price range, Upper	$ 2.41
Options outstanding, Number of Options	6,361,791
Options outstanding, Weighted-Average Remaining Contractual Terms	9 years 6 months
Options outstanding, Weighted-Average Exercise Price	$ 1.74
Number of Options, Exercisable	473,666
Weighted Average Exercise Price, Exercisable	$ 2.35
2.59 - 5.44
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price range, Lower	2.59
Exercise price range, Upper	$ 5.44
Options outstanding, Number of Options	6,000,496
Options outstanding, Weighted-Average Remaining Contractual Terms	8 years 3 months 18 days
Options outstanding, Weighted-Average Exercise Price	$ 3.86
Number of Options, Exercisable	2,069,330
Weighted Average Exercise Price, Exercisable	$ 4.33
5.86 - 12.37
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price range, Lower	5.86
Exercise price range, Upper	$ 12.37
Options outstanding, Number of Options	5,603,496
Options outstanding, Weighted-Average Remaining Contractual Terms	5 years 3 months 18 days
Options outstanding, Weighted-Average Exercise Price	$ 10.28
Number of Options, Exercisable	4,386,405
Weighted Average Exercise Price, Exercisable	$ 10.54
12.44 - 17.06
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price range, Lower	12.44
Exercise price range, Upper	$ 17.06
Options outstanding, Number of Options	4,601,126
Options outstanding, Weighted-Average Remaining Contractual Terms	5 years 3 months 18 days
Options outstanding, Weighted-Average Exercise Price	$ 14.64
Number of Options, Exercisable	3,992,175
Weighted Average Exercise Price, Exercisable	$ 14.59
17.17 - 26.58
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price range, Lower	17.17
Exercise price range, Upper	$ 26.58
Options outstanding, Number of Options	4,691,013
Options outstanding, Weighted-Average Remaining Contractual Terms	3 years 9 months 18 days
Options outstanding, Weighted-Average Exercise Price	$ 18.9
Number of Options, Exercisable	4,642,138
Weighted Average Exercise Price, Exercisable	$ 18.91
26.62 - 36.85
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price range, Lower	26.62
Exercise price range, Upper	$ 36.85
Options outstanding, Number of Options	1,447,188
Options outstanding, Weighted-Average Remaining Contractual Terms	6 months
Options outstanding, Weighted-Average Exercise Price	$ 29.06
Number of Options, Exercisable	1,447,188
Weighted Average Exercise Price, Exercisable	$ 29.06

Collaborations and Other Arrangements

12 Months Ended

Dec. 31, 2024

Collaborations and Other Arrangements

Collaborations and Other Arrangements

7.	Collaborations and Other Arrangements

In-Licensing Agreements

Junshi Biosciences

On February 1, 2021, the Company entered into the Collaboration Agreement with Junshi Biosciences for the co-development and commercialization of LOQTORZI, 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 LOQTORZI 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 became obligated to pay Junshi Biosciences up to an aggregate $380.0 million in one-time payments for the achievement of various regulatory and sales milestones, of which we have already paid $25.0 million, and a royalty in the low twenty percent range on net sales of LOQTORZI.

In March 2022, the Company paid $35.0 million for the exercise of its option to license CHS-006. Thereafter, Junshi Biosciences and the Company jointly developed CHS-006 with each party responsible for the associated development costs as set forth in the Collaboration Agreement. However, on January 10, 2024, the Company announced that it delivered a notice of termination of the TIGIT Program (as defined in the Collaboration Agreement) to Junshi Biosciences pursuant to the Collaboration Agreement. The Company plans to continue to wind down work with Junshi Biosciences on the TIGIT Program pursuant to the termination. If the Company exercises its remaining option for the IL-2 cytokine, it will be obligated to pay Junshi Biosciences an additional option exercise fee of $35.0 million and 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 LOQTORZI and the other licensed compounds and will pay for a portion of these co-development activities up to a maximum of $25.0 million per licensed compound per year. Additionally, the Company is responsible for certain associated regulatory and technology transfer costs for LOQTORZI and other licensed compounds and will reimburse Junshi Biosciences for such costs.

On October 27, 2023, LOQTORZI was approved by the FDA in combination with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent locally advanced NPC, and as monotherapy for the treatment of adults with recurrent, unresectable, or metastatic NPC with disease progression on or after platinum-containing chemotherapy. As a result, a $25.0 million milestone payment became due to Junshi Biosciences in the first quarter of 2024 pursuant to the Collaboration Agreement. In March 2024, the Company entered into an Amendment No. 2 to the Collaboration Agreement (the “2^nd Amendment”) with Junshi Biosciences to revise

the timing of the $25.0 million milestone payment. Under the terms of the 2^nd Amendment, the $25.0 million milestone payment was split into two installments of $12.5 million each, with one paid in the second quarter of 2024 and one paid in January of 2025.

The licensing transaction and the exercise of the option were accounted for as asset acquisitions under the relevant accounting rules. During the year ended December 31, 2024, the Company recognized a reduction in research and development expenses for the release of certain liabilities of $4.8 million pursuant to the 2^nd Amendment with Junshi Biosciences. Research and development expenses recognized for obligations to Junshi Biosciences were $8.0 million and $68.5 million (inclusive of the $35.0 million option fee) in 2023 and 2022, respectively. In the consolidated balance sheets as of December 31, 2024 and 2023, the Company classified $12.5 million and $25.0 million, respectively, in accrued and other current liabilities and $0.4 million and $6.3 million in accounts payable, respectively, related to the co-development, regulatory and technology transfer costs related to these programs.

The accrued royalty obligation to Junshi Biosciences was $1.5 million as of December 31, 2024 and immaterial at December 31, 2023. The additional milestone payments, option fee for the IL-2 cytokine and royalties are contingent upon future events and, therefore, will be recorded if and when it becomes probable that a milestone will be achieved, or when an option fee or royalties are incurred.

Apotex

On June 27, 2024, the Company entered into the Canada License Agreement with Apotex, pursuant to which, the Company granted to Apotex an exclusive license under the Company’s rights to toripalimab to commercialize toripalimab within Canada. Pursuant to the Canada License Agreement, Apotex paid the Company an upfront payment of $6.3 million United States Dollars which has been classified as net revenue in the consolidated statements of operations for the year ended December 31, 2024. In addition, Apotex agreed to pay the Company up to an aggregate of $51.5 million Canadian Dollars in milestone payments in connection with the achievement of certain regulatory and sales milestones with respect to toripalimab in Canada. Lastly, Apotex agreed to pay the Company a low double-digit percentage of any future net sales of toripalimab in Canada that the Company will subsequently pay to Junshi Biosciences pursuant to the Collaboration Agreement.

The Canada License Agreement term continues until the tenth year after the first commercial sales of toripalimab in Canada, subject to an extension for a subsequent ten-year term at the option of Apotex. Apotex may terminate the Canada License Agreement for any reason after a specified notice period. The Canada License Agreement will terminate automatically if the rights granted to the Company by the Collaboration Agreement are terminated, if there is material breach that is not cured, if there are certain challenges to licensed patents by Apotex and in the case of certain insolvency events.

Bioeq

On November 4, 2019, the Company entered into a license agreement with Bioeq (the “Bioeq License Agreement”) for the commercialization of the Bioeq Licensed Products. Under this agreement, Bioeq granted to the Company an exclusive, royalty-bearing license to commercialize the Bioeq Licensed Products in the field of ophthalmology (and any other approved labelled indication) in the United States.

The Company accounted for the licensing transaction as an asset acquisition under the relevant accounting rules. The terms of the Bioeq Agreement included 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 2022. The Company shared 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 $38.4 million as of December 31, 2023.

On January 19, 2024 the Company entered into the CIMERLI Purchase Agreement with Sandoz. Pursuant to the CIMERLI Purchase Agreement, on March 1, 2024, the Company completed the divestiture of its CIMERLI ophthalmology franchise through the sale of its subsidiary, Coherus Ophthalmology. Refer to Note 6. Acquisition and Dispositions for additional information. Upon closing of the CIMERLI Sale, the Bioeq License Agreement was assumed by Sandoz.

Adimab Development and Option Agreement

In October 2018, Surface and Adimab entered into the A&R Adimab Agreement, which amended and restated the Original Adimab Agreement, for the discovery and optimization of proprietary antibodies as potential therapeutic product candidates. Under the A&R Adimab Agreement, the Company will select biological targets against which Adimab will use its proprietary platform technology to research and develop antibody proteins using a mutually agreed upon research plan. The A&R Adimab Agreement, among other things,

provided access to additional antibodies and expanded the Company’s right to evaluate and use antibodies that were modified or derived using Adimab technology for diagnostic purposes.

Adimab granted the Company the Research Option. In addition, Adimab granted the Company the Commercialization Option. Upon the exercise of a Commercialization Option, and payment of the applicable option fee to Adimab, Adimab will assign the Company the patents that cover the antibodies selected by such Commercialization Option. The Company will be required to use commercially reasonable efforts to develop, seek market approval of, and commercialize at least one antibody against the target covered by the Commercialization Option in specified markets upon the exercise of a Commercialization Option.

Under the A&R Adimab Agreement, the Company is obligated to make milestone payments and to pay specified fees upon the exercise of the Research Option or Commercialization Option. Upon exercise of a Research Option, the Company is obligated to pay a nominal research maintenance fee on each of the next four anniversaries of the exercise. Upon the exercise of each Commercialization Option, the Company will be required to pay an option exercise fee of a low seven-digit dollar amount, and the Company may be responsible for milestone payments of up to an aggregate of $13.0 million for each licensed product that receives marketing approval. For any licensed product that is commercialized, the Company is obligated to pay Adimab tiered royalties of a low to mid single-digit percentage on worldwide net sales of such product. The Company may also partially exercise a Commercialization Option with respect to ten antibodies against a biological target by paying 65% of the option fee and later either (i) paying the balance and choosing additional antibodies for commercialization, up to the maximum number under the Commercialization Option, or (ii) foregoing the Commercialization Option entirely. For any Adimab diagnostic product that is used with or in connection with any compound or product other than a licensed antibody or licensed product, the Company is obligated to pay Adimab up to a low seven digits in regulatory milestone payments and low single-digit royalties on net sales. No additional payment is due with respect to any companion diagnostic or any diagnostic product that does not contain any licensed antibody. Any payments payable to Adimab as a result of any product candidates being developed pursuant to the GSK Agreement, will be payable to Adimab directly by GSK.

Vaccinex License Agreement

On March 23, 2021, Surface and Vaccinex entered into the Vaccinex License Agreement which provides the Company a worldwide, exclusive, sublicensable license to make, have made, use, sell, offer to sell, have sold, import, and otherwise exploit Vaccinex Licensed Products, including the antibody CHS-114 targeting CCR8. Under the Vaccinex License Agreement, the Company is obligated to use commercially reasonable efforts to develop, clinically test, achieve regulatory approval, manufacture, market and commercialize at least one Vaccinex Licensed Product.

The Company is responsible for all costs and expenses of such development, manufacturing and commercialization. Vaccinex is eligible to receive up to an aggregate of $3.5 million based on achievement of certain clinical milestones, up to an aggregate of $11.5 million based on achievement of certain regulatory milestones per Vaccinex Licensed Product, and low single-digit royalties on global net sales of any approved licensed products.

Out-Licensing Agreement Acquired as part of the Surface Acquisition

On September 8, 2023, at the closing of the Surface Acquisition, all the assets, liabilities, rights and obligations of Surface were assumed by the Company’s direct, wholly-owned subsidiary, Surface Oncology, LLC. See further details in Note 6. Acquisition and Dispositions above.

GSK Agreement

In December 2020, Surface entered into the GSK Agreement. Pursuant to the GSK Agreement, Surface granted GSK a worldwide exclusive, sublicensable license to develop, manufacture and commercialize the Licensed Antibodies. GSK is responsible for the development, manufacturing and commercialization of the Licensed Antibodies and a joint development committee was formed to facilitate information sharing. GSK is responsible for all costs and expenses of such development, manufacturing and commercialization and is obligated to provide the Company with updates on its development, manufacturing and commercialization activities through the joint development committee. In March 2022, Surface earned a $30.0 million milestone payment from GSK upon the dosing of the first patient in the Phase 1 trial of GSK4381562. The Company is eligible to receive up to $60.0 million in additional clinical milestones and $155.0 million in regulatory milestones. In addition, the Company may receive up to $485.0 million in sales milestone payments. The Company is also eligible to receive royalties on global net sales of any approved products based on the Licensed Antibodies, ranging in percentages from high single digits to mid-teens. Due to the uncertainty of pharmaceutical development and the historical failure rates

generally associated with drug development, the Company may not receive any milestone payments or any royalty payments under the GSK Agreement. The Company has not recognized license-related revenue under the GSK Agreement to date.

Unless terminated earlier, the GSK Agreement expires on a licensed product-by-licensed product and country-by-country basis on the later of ten years from the date of first commercial sale or when there is no longer a valid patent claim or regulatory exclusivity covering such licensed product in such country. Either party may terminate the GSK Agreement for an uncured material breach by the other party or upon the bankruptcy or insolvency of the other party. GSK may terminate the GSK Agreement for its convenience. The Company may terminate the GSK Agreement if GSK institutes certain actions related to the licensed patents or if GSK ceases development activities, other than for certain specified technical or safety reasons. In the event of termination, the Company would regain worldwide rights to the terminated program.

Revenue

12 Months Ended

Dec. 31, 2024

Revenue

Revenue

2.Revenue

The Company launched LOQTORZI in December 2023, YUSIMRY in July 2023 and CIMERLI in October 2022. Net revenue for sales of YUSIMRY and CIMERLI effectively ceased following the disposition of these two product lines on June 26, 2024 and March 1, 2024, respectively (see Note 6. Acquisition and Dispositions). All net product revenue was generated in the United States, and the Company’s net revenue was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Products
UDENYCA	$	205,951	$	127,064	$	203,814
CIMERLI		27,079		125,388		6,946
YUSIMRY		7,541		3,574		—
LOQTORZI		19,131		554		—
Total net product revenue		259,702		256,580		210,760
Other revenue		7,258		664		282
Total net revenue	$	266,960	$	257,244	$	211,042

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


	Year Ended December 31,
	2024		2023		2022
McKesson Corporation	42	%	40	%	38	%
Cencora (previously known as AmeriSource-Bergen Corporation)	38	%	43	%	44	%
Cardinal Health, Inc.	18	%	15	%	17	%

Product Sales Discounts and Allowances

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

In connection with the Sale Transactions, the Company retained and will continue to be responsible for sales discounts and allowance liabilities incurred related to shipments prior to March 1, 2024 for CIMERLI and June 26, 2024 for YUSIMRY. Sales discounts and allowances incurred on behalf of the respective counterparties following the close of the Sale Transactions in accordance with the Company’s Transition Services Agreement with Sandoz (the “CIMERLI TSA”) in March 2024 for CIMERLI and the Company’s Transition Services Agreement with HKF (the “YUSIMRY TSA” and, together with the CIMERLI TSA, collectively the “TSA”) in June 2024 for YUSIMRY are reflected within TSA receivables, net and TSA payables and other accrued liabilities in the consolidated balance sheets and are excluded from the below table (see Note 6. Acquisition and Dispositions).

The activities and ending reserve balances for each significant category of sales discounts and allowances, which constitute variable consideration, are as follows:


	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		436,865		68,399		73,435		578,699
Prior period - increase (decrease)		(2,090)		(1,050)		32		(3,108)
Payments and customer credits issued		(421,763)		(82,640)		(80,408)		(584,811)
Balances at December 31, 2022		42,677		38,713		19,113		100,503
Provision related to sales made in:
Current period		590,772		143,370		110,183		844,325
Prior period - increase (decrease)		(1,361)		1,424		3,744		3,807
Payments and customer credits issued		(558,135)		(62,370)		(83,245)		(703,750)
Balances at December 31, 2023		73,953		121,137		49,795		244,885
Provision related to sales made in:
Current period		912,079		189,309		145,533		1,246,921
Prior period - increase (decrease)		(990)		7,391		(2,571)		3,830
Payments and customer credits issued		(874,264)		(194,099)		(151,628)		(1,219,991)
Balances at December 31, 2024	$	110,778	$	123,738	$	41,129	$	275,645

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Organization and Significant Accounting Policies - Restructuring Charges (Details) - Employee Severance $ in Millions		3 Months Ended	12 Months Ended
	Mar. 10, 2023 employee	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization and Significant Accounting Policies
Employees impacted \| employee	50
Restructuring Charges		$ 3.9
Stock-based compensation includes restructuring charges		1.5
Forfeiture credit		$ 0.5
Research and Development Expense
Organization and Significant Accounting Policies
Restructuring Charges			$ 3.6
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]			Research and Development Expense
Selling, general and administrative expenses
Organization and Significant Accounting Policies
Restructuring Charges			$ 1.3
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]			Selling, General and Administrative Expense

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Organization and Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

1.Organization and Significant Accounting Policies

Description of the Business

Coherus BioSciences, Inc. (the “Company” or “Coherus”) is a commercial-stage biopharmaceutical company focused on the research, development and commercialization of innovative immunotherapies to treat cancer. The Company’s commercial portfolio includes its first product, UDENYCA, a biosimilar to Neulasta, a long-acting G-CSF, and LOQTORZI, a novel next-generation PD-1 inhibitor. The Company is developing an innovative immuno-oncology pipeline that is expected to bring forward new potential indications for LOQTORZI in the U.S. and the development of new product candidates.

UDENYCA was launched commercially in a pre-filled syringe presentation in the United States in January 2019, followed by the launch of UDENYCA in an autoinjector presentation in May 2023 and the launch of UDENYCA ONBODY in February 2024. On December 2, 2024, the Company and Intas entered into the UDENYCA Purchase Agreement, pursuant to which, and upon the terms and subject to the conditions thereof, the Company has agreed to divest the UDENYCA Business to Intas. As consideration for the UDENYCA Sale, Intas has agreed to pay the Company $483.4 million in cash, inclusive of $118.4 million of UDENYCA product inventory, subject to downward adjustment by the amount of inventory delivered at the closing of the UDENYCA Sale less than the Inventory Target. Intas has designated Accord to purchase the physical assets, including product inventory. In addition, the Company is also eligible to receive two Earnout Payments of $37.5 million each, provided that certain minimum UDENYCA Net Sales thresholds are met during specified periods after the closing of the UDENYCA Sale. The Company anticipates the transactions contemplated by the UDENYCA Purchase Agreement to close late in the first quarter or early in the second quarter of 2025.

On October 27, 2023, the Company announced that LOQTORZI was approved by the FDA in combination with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent locally advanced NPC, and as monotherapy for the treatment of adults with recurrent unresectable, or metastatic NPC with disease progression on or after platinum-containing chemotherapy. LOQTORZI is an anti-PD-1 antibody that the Company developed in collaboration with Junshi Biosciences that is currently the only immune checkpoint inhibitor approved by the FDA for the treatment of these indications. The Company announced the launch of LOQTORZI in the U.S. on January 2, 2024. Further evaluation of LOQTORZI is expected through multiple current and planned clinical studies by the Company, Junshi Biosciences and the Company’s biopharma partners.

The Company’s pipeline is comprised of earlier stage clinical and preclinical immuno-oncology programs that it plans to develop in combination with LOQTORZI as well as in partnership with other companies with immune activating or cancer agents. The Company’s lead clinical stage product candidate is casdozokitug (CHS-388, formerly SRF388), an investigational antagonist antibody targeting IL-27, an immune regulatory cytokine, that is overexpressed in certain cancers, including hepatocellular, lung and renal cell carcinoma. Casdozokitug received orphan drug designation from the FDA for the treatment of HCC in October 2020 and fast track designation from the FDA for the treatment of patients with HCC previously treated with standard therapies in November 2020. Casdozokitug is currently in three on-going clinical studies, including a Phase 1/2 study in patients with advanced solid tumors, including combination with toripalimab in non-small cell lung cancer (clinicaltrials.gov identifier# NCT04374877), and a Phase 2 study in HCC (clinicaltrials.gov identifier# NCT05359861). The Company initiated a randomized Phase 2 study in HCC evaluating casdozokitug in combination with toripalimab and bevacizumab in the fourth quarter of 2024 (clinicaltrials.gov identifier# NCT06679985).

The Company’s second clinical-stage product candidate, CHS-114 (formerly SRF114), is an investigational IgG1 antibody targeting CCR8, a chemokine receptor highly expressed on Treg cells in the TME. The Company is enrolling patients with advanced solid tumors and HNSCC in the U.S. in a clinical trial evaluating safety and pharmacokinetics of CHS-114 with and without LOQTORZI (clinicaltrials.gov identifier# NCT05635643). The Company plans to initiate a Phase 1b clinical study of CHS-114 in combination with toripalimab in second-line HNSCC and initiate a Phase 1b clinical study of CHS-114 in combination with toripalimab and/or other treatments in participants with advanced solid tumors with the first cohort evaluating gastric cancer (clinicaltrials.gov identifier# NCT06657144), each in the first quarter of 2025.

The Company also has an early-stage development candidate, CHS-1000, an investigational antibody targeting human ILT4, designed to improve anti-PD-1 clinical benefit by transforming an unfavorable TME to a more favorable TME. The Company’s IND for CHS-1000 was allowed to proceed by the FDA in the second quarter of 2024 and initiating the first-in-human clinical study remains subject to further evaluation in the Company’s portfolio prioritization process.

In addition, the Company has a product candidate, GSK4381562, which is exclusively licensed to GSK. The Company has an obligation to pay 70% of all milestone- and royalty-based payments that it or its affiliates receive from GSK4381562 to the holders of CVRs that expire in September 2033.

Basis of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of Coherus and its wholly-owned subsidiaries. The Company does not have any significant interest in variable interest entities. All material intercompany transactions and balances have been eliminated upon consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, 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 the actual results could differ from these estimates.

Segment Reporting and Geographic Disclosures

The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing human pharmaceutical products. The Company’s chief executive officer, as the chief operating decision maker (“CODM”), manages and allocates resources to the operations of the Company on an entity-wide basis. Managing and allocating resources on an entity-wide basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions. The CODM assesses operating performance and makes operating decisions primarily based on net income (loss), cash on-hand and cash flows. All expense categories on the consolidated statements of operations are significant, and there are no other significant segment expenses that would require disclosure. Primarily, all revenue is generated and all long-lived assets are maintained in the United States.

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash comprise cash and highly liquid investments with original maturities of 90 days or less.

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


(in thousands)	January 1,
At beginning of period:	2024		2023		2022
Cash and cash equivalents	$	102,891	$	63,547	$	417,195
Restricted cash		452		440		440
Total cash, cash equivalents and restricted cash	$	103,343	$	63,987	$	417,635

	December 31,
At end of period:	2024		2023		2022
Cash and cash equivalents	$	125,987	$	102,891	$	63,547
Restricted cash		263		452		440
Total cash, cash equivalents and restricted cash	$	126,250	$	103,343	$	63,987

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 in the consolidated balance sheets.

The Company classifies milestone and option payments related to licensing arrangements as cash flows used in investing activities in its consolidated statements of cash flows.

Trade Receivables

Trade receivables are recorded net of allowances for chargebacks, chargeback prepayments, cash discounts for prompt payment and credit losses. The Company estimates an allowance for expected credit losses by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. The corresponding expense for the credit loss allowance is reflected in selling, general and administrative expenses and was not material during the periods presented. The Company believes that its allowance for expected credit losses was adequate and immaterial as of December 31, 2024 and 2023.

Investments in Marketable Securities

Investments in marketable securities primarily consist of U.S. Treasury securities, government agency securities, commercial paper, corporate bonds and market money funds. Management determines the appropriate classification of investments in marketable securities at the time of purchase based upon management’s intent with regards to such investment and re-evaluates such designation as of each balance sheet date. The Company’s investment policy requires that it only invests in highly rated securities and limits its exposure to any single issuer, except for securities issued by the U.S. government. All investments in marketable debt securities are held as “available-for-sale” and are carried at the estimated fair value as determined based upon quoted market prices or pricing models for similar securities.

The Company classifies investments in marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date. The Company regularly reviews its investments for declines in fair value below the amortized cost basis to determine whether the impairment, if any, is due to credit-related or other factors. This review includes the credit worthiness of the security issuers, the severity of the unrealized losses, whether the Company has the intent to sell the securities and whether it is more likely than not that the Company will be required to sell the securities before the recovery of the amortized cost basis. 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. There were no impairments related to credit losses during any of the periods presented. Realized gains and losses, if any, on available-for-sale securities are included in other income (expense), net, in the consolidated statements of operations based on the specific identification method. During 2024, 2023 and 2022, interest income was $4.5 million, $2.8 million and $1.9 million, respectively, and is included in other income (expense), net, in the consolidated statements of operations.

Concentrations of Risk

The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash, cash equivalents, investments in marketable securities and trade receivables. The Company attempts to minimize the risks related to cash, cash equivalents and marketable securities by investing in a broad and diverse range of financial instruments. The investment portfolio is maintained in accordance with the Company’s investment policy, which defines allowable investments, specifies credit quality standards and limits the credit exposure of any single issuer. The Company monitors the credit worthiness of customers that are granted credit in the normal course of business. In general, there is no requirement for collateral from customers.

Substantially all of the Company’s revenues are in the United States to three wholesalers. During 2024 and 2023, the products sold by the Company were UDENYCA, CIMERLI, YUSIMRY and LOQTORZI. Net revenue for product sales of YUSIMRY and CIMERLI effectively ceased following the disposition of these two product lines on June 26, 2024 and March 1, 2024, respectively (see Note 6. Acquisition and Dispositions). During 2022, UDENYCA and CIMERLI were the only products sold by the Company.

Business Combination Accounting & Valuation of Acquired Assets

The Company accounts for acquisitions of entities that include inputs and processes and have the ability to create outputs as business combinations. Judgment is required in assessing whether the acquired processes or activities, along with their inputs, meet the criteria to constitute a business, as defined by U.S. GAAP.

The acquisition method of accounting requires the recognition of assets acquired and liabilities assumed at their acquisition date fair values. The excess of the fair value of consideration transferred over the fair value of the net assets acquired is recorded as goodwill,

or when there is an excess of the fair values of these identifiable assets and liabilities over the fair value of purchase consideration, a bargain purchase gain is recorded in the consolidated statements of operations. The estimations of fair values are based on non-observable inputs that are included in valuation models. An income approach, which generally relies upon projected cash flow models, is used in estimating the fair value of the acquired intangible assets. These cash flow projections are based on management's estimates of economic and market conditions including the estimated future cash flows from revenues of acquired assets, the timing and projection of costs and expenses and the related profit margins, tax rates, and discount rate.

During the measurement period, which occurs before finalization of the purchase price allocation, changes in assumptions and estimates that result in adjustments to the fair values of assets acquired and liabilities assumed, if based on facts and circumstances existing at the acquisition date, are recorded on a retroactive basis as of the acquisition date, with the corresponding offset to goodwill or bargain purchase gain (See Note 6. Acquisition and Dispositions).

Foreign Currency

Monetary assets and liabilities denominated in foreign currency are remeasured at period-end exchange rates. Non-monetary assets and liabilities denominated in foreign currencies are remeasured at historical rates. Translation gains and losses are included in accumulated other comprehensive loss in stockholders’ deficit. Revenue and expense accounts are translated to U.S. dollars at average exchange rates in effect during the period with resulting transaction gains and losses recognized in other income (expense), net in the consolidated statements of operations. The Company has not experienced material foreign currency transaction gains and losses for any of the years presented.

Inventory

Inventory is stated at the lower of cost or estimated net realizable value with cost determined under the first-in first-out method. Inventory costs include third-party contract manufacturing, third-party packaging services, freight, labor costs for personnel involved in the manufacturing process, and indirect overhead costs. The Company primarily uses actual costs to determine the cost basis for inventory. The determination of 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. During 2024, 2023 and 2022, the Company recorded $14.1 million, $52.6 million and $26.0 million in inventory write-downs, respectively, within cost of goods sold in the consolidated statements of operations. The 2024 charge was primarily for the write-down of UDENYCA inventory that did not meet acceptance criteria. The 2023 charge was primarily for the write-down of slow moving YUSIMRY inventory and the related partial recognition of certain firm purchase commitments. The 2022 charge was due to the competitive environment and lower demand for UDENYCA resulting in certain inventory becoming at risk of expiration.

Although the Company believes the assumptions used in estimating potential inventory write-downs are reasonable, if actual market conditions are less favorable than projected by management, write-downs of inventory, charges related to firm purchase commitments, or both may be required which would be recorded as cost of goods sold in the consolidated statements of operations. Adverse developments affecting the Company’s assumptions of the level and timing of demand for its products include those that are outside of the Company’s control such as the actions taken by competitors and customers, the direct or indirect effects of the COVID-19 pandemic, and other factors.

Prior to the regulatory approval of product candidates, the Company incurs expenses for the manufacture of drug products that could potentially be available to support the commercial launch of the products. Inventory costs are capitalized when future commercialization is considered probable and the future economic benefit is expected to be realized, based on management’s judgment. A number of factors are considered, including the current status in the regulatory approval process, potential impediments to the approval process such as safety or efficacy, viability of commercialization and marketplace trends. Inventory in the consolidated balance sheets as of December 31, 2024 relates to UDENYCA and LOQTORZI. The Company began to capitalize inventory costs associated with UDENYCA, CIMERLI and LOQTORZI after receiving final regulatory approval in November 2018, August 2022, and October 2023, respectively, and capitalization of YUSIMRY inventory costs began in the second quarter of 2022 when sales were deemed probable.

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation and amortization. Maintenance and repairs are charged to expense as incurred. Interest costs incurred during the construction of major capital projects are capitalized until the underlying asset is ready for its intended use, at which point the capitalized interest costs are amortized as depreciation or amortization expense over the life of the underlying asset. When the Company disposes of property and equipment, it removes the associated cost and accumulated

depreciation from the related accounts in the consolidated balance sheets and include any resulting gain or loss in the consolidated statements of operations. Eligible costs of internal use software and implementation costs of certain hosting arrangements are capitalized and amortized over the estimated useful life of the software or associated hosting arrangement, as applicable. Depreciation and amortization are recognized using the straight-line method over the following estimated useful lives:


Computer equipment and software		3 - 7 years
Furniture and fixtures		5 years
Machinery and equipment		5 years
Leasehold improvements		Shorter of lease term or useful life

Goodwill and Intangible Assets

Goodwill represents the excess of the consideration transferred over the fair value of net assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment on an annual basis, during the fourth quarter, or more frequently if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of the Company’s single reporting unit below its carrying amount.

Acquired in-process research and development (“IPR&D”) that the Company acquires in conjunction with the acquisition of a business represents the fair value assigned to incomplete research projects which, at the time of acquisition, have not reached technological feasibility. The amounts are capitalized and are accounted for as indefinite-lived intangible assets, subject to impairment testing until completion or abandonment of the projects. Upon successful completion of each IPR&D project, the Company will commence amortization over the useful life of the intangible asset, which will generally be determined by the period in which the substantial majority of the cash flows are expected to be generated. The Company evaluates IPR&D for impairment on an annual basis, during the fourth quarter, or more frequently if impairment indicators exist.

Finite-lived intangible assets are generally amortized on a straight-line basis over their estimated economic life and are reviewed periodically for impairment. The amortization expense related to capitalized milestone payments under license agreements and the amortization expense from out-licenses are recorded as a component of cost of goods sold in the consolidated statements of operations. The estimated life for capitalized milestone payments is ten years, and the life for acquired out-licenses is fifteen years.

Impairment of Long-Lived Assets

Long-lived assets, including property and equipment and finite-lived intangible assets, are reviewed for impairment whenever facts or circumstances either internally or externally may indicate that the carrying value of an asset may not be recoverable. If there is an indication of impairment, the Company tests for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset to the carrying amount of the asset or asset group. If the asset or asset group is determined to be impaired, any excess of the carrying value of the asset or asset group over its estimated fair value is recognized as an impairment loss.

Accrued Research and Development Expense

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

Revenue Purchase and Sale Agreement

The Revenue Purchase and Sale Agreement (see Note 8. Financial Liabilities) contains the Royalty Fee Derivative Liability that meets the criteria to be bifurcated and accounted for separately from the Revenue Purchase and Sale Agreement. The Royalty Fee Derivative Liability was recorded at fair value upon entering into the Revenue Purchase and Sale Agreement and is subsequently remeasured to fair value at each reporting period with the corresponding change in fair value recognized in other income (expense), net in the consolidated statements of operations. The Revenue Purchase and Sale Agreement was initially valued and is remeasured using Monte Carlo simulation models to perform the “with-and-without” method, which involves valuing the Revenue Purchase and Sale Agreement with the embedded derivative and then valuing it without the embedded derivative. The difference between values is determined to be the estimated fair value of the Royalty Fee Derivative Liability. Refer to Note 3. Fair Value Measurements for details regarding the fair value.

The Revenue Purchase and Sale Agreement is accounted for as a liability net of a discount comprising issuance costs and the fair value of the embedded derivative requiring bifurcation. The Company imputes interest expense associated with this liability using the effective interest rate method on a prospective basis. The effective interest rate is calculated based on the rate that would enable the liability to be repaid in full over the anticipated life of the arrangement. Interest expense is recognized over the estimated term on the consolidated statement of operations. The interest rate on this revenue participation liability may vary during the term of the agreement depending on a number of factors, including the level of actual and forecasted net sales. Increases or decreases in forecasted net sales could have a significant impact on the revenue participation liability, interest expense, and the time period for repayment. If the UDENYCA Sale is consummated, the Company plans to use a portion of the proceeds to pay off the 2026 Convertible Notes and buy out certain royalty obligations related to UDENYCA pursuant to the Revenue Purchase and Sale Agreement.

Contingent Consideration

Contingent consideration primarily relates to the potential payments to holders of the CVRs that are contingent upon the achievement of the Company and certain third-parties meeting product development or financial performance milestones. For transactions accounted for as business combinations, the Company records contingent consideration at fair value at the date of the acquisition based on the consideration expected to be transferred. Liabilities for contingent consideration are remeasured each reporting period and subsequent changes in fair value are recognized within loss from operations in the consolidated statements of operations. The assumptions utilized in the calculation of the fair values include probability of success and the discount rates. Contingent consideration involves certain assumptions requiring significant judgment and actual results may differ from estimated amounts.

Net Revenues

The Company sells to wholesalers and distributors, (collectively, “Customers”). The Customers then resell to hospitals and clinics (collectively, “Healthcare Providers”) pursuant to contracts with the Company. In addition to distribution agreements with Customers and contracts with Healthcare Providers, the Company enters into arrangements with group purchasing organizations (“GPOs”) that provide for United States government-mandated or privately negotiated rebates, chargebacks and discounts. The Company also enters into rebate arrangements with payers, which consist primarily of commercial insurance companies and government entities, to cover the reimbursement of products to Healthcare Providers. The Company provides co-payment assistance to patients who have commercial insurance and meet certain eligibility requirements. Revenue from product sales is recognized at the point when a Customer obtains control of the product and the Company satisfies its performance obligation, which generally occurs at the time product is shipped to the Customer. Payment terms differ by jurisdiction and customer, but payment terms typically range from 30 to approximately 80 days from date of shipment and may be extended during the launch period of a new product.

Product Sales Discounts and Allowances

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

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

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

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

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

Product Returns: The Company offers its Customers limited product return rights, which are principally based upon whether the product is damaged or defective, or the product’s expiration date.

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

Royalty Revenue

Royalty revenue from licensees, which is based on sales to third parties of licensed products, is recorded when the third-party sale occurs and the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Royalty revenue was immaterial for all periods presented and is included in net revenue.

Cost of Goods Sold

Cost of goods sold consists primarily of third-party manufacturing, distribution, certain overhead costs, royalties on certain products, and charges for inventory write-downs.

On May 2, 2019, the Company and Amgen settled a trade secret action brought by Amgen. As a result, cost of goods sold reflected a mid-single digit royalty on UDENYCA net product revenue from July 1, 2019 to July 1, 2024. Additionally, prior to the CIMERLI Sale, the Company shared a percentage of gross profits on sales of the Company’s biosimilar version of ranibizumab (Lucentis) in certain dosage forms in both a vial and pre-filled syringe presentation (the “Bioeq Licensed Products”) in the United States with Bioeq in the low- to mid-fifty percent range. The Company incurs royalties on net sales of LOQTORZI in the low twenty percent range and, prior to the YUSIMRY Sales Transaction, incurred royalties on net sales of YUSIMRY in the mid-single digit range. Pursuant to the license agreement with Genentech and Bioeq dated June 22, 2022, the Company incurred a royalty that was a low single-digit percentage of net sales of CIMERLI through the end of 2023.

In 2024, 2023 and 2022, cost of goods sold included inventory write-downs, net of $14.1 million, $52.6 million and $26.0 million, respectively.

Research and Development Expense

Research and development expense represents costs incurred to conduct research, such as the discovery and development of product candidates. The Company recognizes all research and development costs as they are incurred. The Company currently tracks research and development costs incurred on a product candidate basis only for external research and development expenses. The Company’s external research and development expense consists primarily of:

●

expense incurred under agreements with collaborators, consultants, third-party CROs, and investigative sites where a substantial portion of the Company’s preclinical studies and all of its clinical trials are conducted;

●

costs of acquiring originator comparator materials and manufacturing preclinical study and clinical trial supplies and other materials from CMOs, and related costs associated with release and stability testing;

●

costs associated with manufacturing process development activities, analytical activities and pre-launch inventory manufactured prior to regulatory approval being obtained or deemed to be probable; and

●

option and certain milestone payments related to licensing and collaboration agreements.

Internal costs are associated with activities performed by the Company’s research and development organization and generally benefit multiple programs. These costs are not separately allocated by product candidate. Unallocated, internal research and development costs consist primarily of:

●

personnel-related expense, which include salaries, benefits and stock-based compensation; and

●

facilities and other allocated expense, which include direct and allocated expense for rent and maintenance of facilities, depreciation and amortization of leasehold improvements and equipment, laboratory and other supplies.

License Agreements

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

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

Selling, General and Administrative Expense

Selling, general and administrative expense comprises primarily compensation and benefits associated with sales and marketing, finance, human resources, legal, information technology and other administrative personnel, outside marketing, advertising and legal expenses and other general and administrative costs. The Company expenses the cost of advertising, including promotional expenses, as incurred. Advertising expenses were $10.9 million, $10.9 million and $10.5 million in 2024, 2023 and 2022, respectively.

Stock-Based Compensation

The Company’s compensation programs include stock-based awards. For awards other than condition-based performance stock options, the fair values are recognized as compensation expense on a straight-line basis over the vesting period. For condition-based performance stock options, expense is recognized only when performance conditions are considered probable of being achieved and is recognized over the period from the grant date through the time the milestone is expected to be achieved. The related costs are recorded in cost of goods sold, research and development, and selling, general and administrative expense, as appropriate. The Company accounts for forfeitures as they occur. The Company accounts for stock issued in connection with business combinations based on the fair value of the Company’s common stock on the date of issuance.

Income Taxes

The Company utilizes the liability method of accounting for deferred income taxes. Under this method, deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. A valuation allowance is established against deferred tax assets when, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense.

The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. The Company does not expect its unrecognized tax benefits from prior years to change significantly in 2025.

Operating and Finance Leases

The Company determines at an arrangement’s inception whether it is a lease. The Company does not recognize right-of-use assets and lease liabilities related to short-term leases. The Company also does not separate lease and non-lease components for its facility and vehicle leases. Operating leases are included in accrued and other current liabilities, other assets, non-current, and lease liabilities, non-current in the consolidated balance sheets. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise any such options. The Company recognizes operating lease expense for these leases on a straight-line basis over the lease term.

The terms of vehicles leased under the Company’s fleet agreement (“Vehicle Lease Agreement”) were 36 months. The vehicles leased under this arrangement were classified as finance leases. Finance leases are included in property and equipment, net, accrued and other current liabilities, and lease liabilities, non-current in the consolidated balance sheets. Assets under finance leases are depreciated to operating expenses on a straight-line basis over the lease term. As of December 31, 2024, the Company has fully satisfied its finance lease obligations and no longer has any related right-of-use assets or lease liabilities on its consolidated balance sheets.

The operating lease right-of-use assets and the lease liabilities are recognized based on the present value of lease payments over the lease term at the lease commencement date. The Company uses its incremental borrowing rate based on the information available at the commencement date or the lease modification date, as applicable, in determining the lease liabilities as the Company's leases generally do not provide an implicit rate.

Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common shares. Diluted net income per share is computed by dividing the net income by the weighted average number of common shares outstanding for the period plus any diluted potential common shares outstanding for the period determined using the treasury stock method for options, PSOs, restricted stock units (“RSUs”) and ESPP and using the if-converted method for the convertible notes. 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 (see Note 14. Net Income (Loss) Per Share).

Comprehensive Income (Loss)

Comprehensive income (loss) includes the following two components: net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to gains and losses that are recorded as an element of stockholders’ equity (deficit), but are excluded from net income (loss). The Company’s other comprehensive income (loss) includes the unrealized gain (loss) on available-for-sale securities and foreign currency translation adjustments in 2024, 2023 and 2022.

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. In the first quarter of 2023, 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 was completed during the second quarter of 2023.

For the year ended December 31, 2023, the consolidated statements of operations included $3.6 million in research and development expense and $1.3 million in selling, general and administrative expense related to the reduction in force.

Reclassifications

Certain amounts in prior years’ financial statements have been reclassified to conform with the current year presentation in 2024, including amounts in the consolidated statements of cash flows. There were no changes to net cash used in operating activities and net cash provided by (used in) investing activities in the consolidated statements of cash flows for the prior years as a result.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 was adopted on a retrospective basis as of December 31, 2024, and it did not change the way that the Company identifies its reportable segments. The adoption did not have a material impact on the Company’s segment-related disclosures.

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

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The new standard is effective for the Company for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied prospectively; however, retrospective application is also permitted. The Company is currently evaluating the impact this ASU may have on its financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose certain disaggregated costs and expenses on an annual and interim basis in the notes to the financial statements. It also requires disclosure of the total amount of selling expenses, and the Company’s definition of selling expenses. The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective or retrospective basis. The Company is currently evaluating the impact this ASU may have on its financial statement disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishments of convertible debt. The new standard is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. The Company is currently evaluating the impact this ASU may have on its financial statement disclosures.

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

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Components

Schedule of Property and Equipment, Net


	December 31,
(in thousands)	2024		2023
Machinery and equipment	$	13,437	$	13,124
Computer equipment and software		3,582		3,546
Furniture and fixtures		1,055		1,055
Leasehold improvements		5,751		5,751
Finance lease right of use assets		—		2,294
Total property and equipment		23,825		25,770
Accumulated depreciation and amortization		(20,988)		(20,651)
Property and equipment, net	$	2,837	$	5,119

Schedule of Goodwill and Intangible Assets, Net


	December 31,
(in thousands)	2024		2023
Finite-lived assets, net of accumulated amortization of $2,719 and $639, as of December 31, 2024 and 2023, respectively	$	24,787	$	41,871
Indefinite-lived assets - in-process research and development		28,859		28,859
Goodwill		—		943
Total Intangible assets, net	$	53,646	$	71,673

Schedule of Accrued Liabilities


	December 31,
(in thousands)	2024		2023
Accrued commercial and research and development manufacturing	$	12,449	$	23,470
Accrued co-development costs and milestone payments		12,500		26,812
Accrued royalties		1,498		42,031
Royalty fee derivative liability (Notes 3 and 8)		13,620		—
Revenue participation liability, current (Note 8)		1,148		—
Accrued other		17,382		7,628
Lease liabilities, current		1,691		2,145
Contingent consideration, current		—		3,300
Total Accrued and other current liabilities	$	60,288	$	105,386

Schedule of Other Liabilities, Non-current


	December 31,
(in thousands)	2024		2023
Contingent consideration, non-current	$	632	$	1,172
Deferred tax liability (Note 13)		1,102		1,102
Revenue participation liability, non-current (Note 8)		27,595		—
Other		—		10,287
Total Other liabilities, non-current	$	29,329	$	12,561

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation and Employee Benefits - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Stock-Based Compensation and Employee Benefits
Number of Options, Beginning balance \| shares	23,659,240
Number of Options, Granted - at fair value \| shares	10,513,500
Number of Options, Exercised \| shares	(174,651)
Number of Options, Forfeited/Canceled \| shares	(5,292,979)
Number of Options, Ending balance \| shares	28,705,110
Number of Options, Exercisable \| shares	17,010,902
Weighted-Average Exercise Price, Beginning balance \| $ / shares	$ 13.31
Weighted-Average Exercise Price, Granted - at fair value \| $ / shares	2.28
Weighted Average Exercise Price, Exercised \| $ / shares	1.67
Weighted Average Exercise Price, Forfeited/Canceled \| $ / shares	9.2
Weighted-Average Exercise Price, Ending balance \| $ / shares	10.1
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 14.37
Options outstanding, Weighted-Average Remaining Contractual Terms	6 years 4 months 24 days
Options outstanding, Weighted-Average Remaining Contractual Terms, Exercisable	4 years 7 months 6 days
Options outstanding, Aggregate Intrinsic Value \| $	$ 889

Organization and Significant Accounting Policies - Investments in Marketable Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization and Significant Accounting Policies
Impairments related to credit losses	$ 0	$ 0	$ 0
Interest income	$ 4,500,000	$ 2,800,000	$ 1,900,000

Stock-Based Compensation and Employee Benefits - Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Share based payment options grants	10,513,500
Stock-based compensation expense	$ 27,802	$ 43,110	$ 50,737
Stock-based compensation expense capitalized into inventory	1,407	1,062	1,187
Cost of Sales [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	1,070	632	736
Research and Development Expense [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	8,643	14,596	18,999
Selling, General and Administrative Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	$ 18,089	$ 27,882	$ 31,002
Performance Condition PSO \| Chief Executive Officer [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Share based payment options grants	2,622,500

Income Taxes - Reconciliation of Statutory U.S. Federal Rate to The Company's Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Percent of pre-tax income:
United States federal statutory income tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	2.80%	(1.20%)	1.70%
Permanent items	(1.70%)		(0.10%)
Research and development credit	(23.90%)	0.90%	1.80%
Stock-based compensation costs	31.40%	(3.50%)	(2.30%)
Sale Transactions	1.80%
Other	5.60%	0.70%
Change in valuation allowance	(37.00%)	(17.70%)	(22.10%)
Effective income tax rate		0.20%

Financial Liabilities - 2029 Term Loans, Components of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amortization of debt discount and debt issuance costs	$ 4,159	$ 2,407	$ 6,431
2029 Term Loans
Debt Instrument [Line Items]
Contractual interest	3,319
Amortization of debt discount and debt issuance costs	201
Total Interest expense	$ 3,520

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Feb. 28, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-36721
Entity Registrant Name	Coherus BioSciences, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3615821
Entity Address, Address Line One	333 Twin Dolphin Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	649-3530
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	CHRS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 170.6
Entity Common Stock, Shares Outstanding		115,896,849
Documents Incorporated by Reference	Part III of this annual report on Form 10-K incorporates by reference certain information from the registrant’s definitive proxy statement for the 2025 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2024.
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Mateo, California
Entity Central Index Key	0001512762
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Collaborations and Other Arrangements (Details) $ in Thousands				1 Months Ended				12 Months Ended
	Mar. 23, 2021 USD ($)	Feb. 01, 2021 USD ($) item	May 02, 2019	Mar. 31, 2024 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)	Oct. 31, 2018 USD ($) item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 27, 2023 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Milestone payments, amount				$ 12,500
Research and development								$ 93,336	$ 109,436	$ 199,358
Royalties due									38,400
Vaccinex License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Maximum aggregate milestone payments to be made	$ 3,500
Aggregate amount payable for achievement of certain regulatory milestones low single digit royalties on global net sales of any approved licensed products	$ 11,500
Bioeq IP AG
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Percentage of gross profits shared			50.00%
Adimab Development and Option Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Minimum antibodies to be commercialized under commercialization option \| item							1
Period for payment of nominal research maintenance fee							4 years
Maximum aggregate milestone payments to be made							$ 13,000
Maximum antibodies partially exercised under commercialization option \| item							10
Percentage of option fee to be paid on partial exercise of commercialization option							65.00%
Additional payment to be made							$ 0
GSK Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Sales milestones						$ 485,000
Additional clinical milestones eligible to receive						60,000
Regulatory milestones eligible to receive						$ 155,000
Term of agreement						10 years
GSK Agreement \| Surface
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Milestone payments earned					$ 30,000
Junshi Biosciences
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Undisclosed preclinical \| item		2
License Agreement Fee									35,000
Accrued milestone payment											$ 25,000
Decrease in Research and Development Expenses for Release of Certain Liabilities								4,800
Research and development								8,000	68,500
Royalties due								1,500
Junshi Biosciences \| Intangible assets, net and accrued and other current liabilities
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Accrued milestone payment				$ 25,000
Junshi Biosciences \| Accrued and other current liabilities
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Co-development, regulatory and technology transfer costs								12,500	25,000
Junshi Biosciences \| Accounts payable
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Co-development, regulatory and technology transfer costs								400	$ 6,300
Junshi Biosciences \| Licensed Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Maximum paid amount for co-development activities (per licensed compound)		$ 25,000
Junshi Biosciences \| Toripalimab (LOQTORZI)
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Collaboration Agreement, upfront amount paid		150,000
Collaboration agreement, Maximum aggregate one-time payments for the achievement of various regulatory and sales milestones								380,000
Milestone payments paid								$ 25,000
CHS-006 anti-TIGIT antibody
Collaborative Arrangements And Noncollaborative Arrangement Transactions
License Agreement Fee		$ 35,000			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
CHS-006 anti-TIGIT antibody \| 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
LOQTORZI
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Percentage Of royalties on net sales			20.00%					20.00%
Canada license agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Company an upfront payment received								$ 6,300
Regulatory and sales milestones eligible to receive								$ 51,500
Renewal term								10 years

Income Taxes - Income Tax Provision (Benefit) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Deferred:
Federal	$ (380)
Subtotal	(380)
Income tax provision (benefit)	$ (380)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Balance Sheet Components

Balance Sheet Components

5.Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2024		2023
Machinery and equipment	$	13,437	$	13,124
Computer equipment and software		3,582		3,546
Furniture and fixtures		1,055		1,055
Leasehold improvements		5,751		5,751
Finance lease right of use assets		—		2,294
Total property and equipment		23,825		25,770
Accumulated depreciation and amortization		(20,988)		(20,651)
Property and equipment, net	$	2,837	$	5,119

Depreciation and amortization expense related to property and equipment, net was $1.8 million, $3.2 million and $3.6 million in 2024, 2023 and 2022, respectively. There were no material impairments of property and equipment in 2024, 2023 and 2022.

As of December 31, 2024 and 2023, the net book value of software implementation costs related to hosting arrangements was $2.0 million and $3.2 million, respectively, and the amortization expense was immaterial for all periods presented.

Intangible Assets, Net

Intangible assets, net consisted of the following:


	December 31,
(in thousands)	2024		2023
Finite-lived assets, net of accumulated amortization of $2,719 and $639, as of December 31, 2024 and 2023, respectively	$	24,787	$	41,871
Indefinite-lived assets - in-process research and development		28,859		28,859
Goodwill		—		943
Total Intangible assets, net	$	53,646	$	71,673

Amortization expense related to finite-lived intangible assets was $3.4 million during the year ended December 31, 2024 and immaterial for the years ended December 31, 2023 and 2022. As of December 31, 2024, amortization expense related to finite-lived assets for each of the five succeeding fiscal years is expected to be approximately $2.7 million. The weighted average remaining life of the finite-lived assets is 9.4 years on December 31, 2024.

In connection with the CIMERLI Sale on March 1, 2024, a finite-lived asset, net of $2.1 million and goodwill of $0.9 million were derecognized. In connection with the YUSIMRY Sale on June 26, 2024, a finite-lived asset with a net value of $0.9 million was derecognized.

The exclusive license of NZV930 to Novartis Institutes, acquired as part of the Surface Acquisition, was terminated by Novartis Institutes with an effective date of October 2, 2024. As a result, the Company recognized an impairment charge of $10.6 million for the carrying value of the Novartis Institutes out-license during the three months ended March 31, 2024, which was classified within selling, general and administrative expense in the consolidated statements of operations.

No impairment charges were recognized for goodwill or intangible assets during 2023 or 2022.

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	December 31,
(in thousands)	2024		2023
Accrued commercial and research and development manufacturing	$	12,449	$	23,470
Accrued co-development costs and milestone payments		12,500		26,812
Accrued royalties		1,498		42,031
Royalty fee derivative liability (Notes 3 and 8)		13,620		—
Revenue participation liability, current (Note 8)		1,148		—
Accrued other		17,382		7,628
Lease liabilities, current		1,691		2,145
Contingent consideration, current		—		3,300
Total Accrued and other current liabilities	$	60,288	$	105,386

Other Liabilities, Non-current

Other liabilities, non-current consisted of the following:


	December 31,
(in thousands)	2024		2023
Contingent consideration, non-current	$	632	$	1,172
Deferred tax liability (Note 13)		1,102		1,102
Revenue participation liability, non-current (Note 8)		27,595		—
Other		—		10,287
Total Other liabilities, non-current	$	29,329	$	12,561

Financial Liabilities - 2027 Term Loan - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
	May 08, 2024	Apr. 01, 2024	Feb. 05, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2022	Jan. 05, 2022
Debt Instrument [Line Items]
Interest rate				12.60%
Debt partial prepayment to be Made			$ 175,000
Minimum net sales convenant level agreed to be maintained over past year			$ 125,000
Loss on debt extinguishment					$ 12,630	$ 6,222
Outstanding amount payoff						$ 109,000
2027 Term Loans
Debt Instrument [Line Items]
Principal amount		$ 250,000
Interest rate					0.26161%
Spread on variable rate					1.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]					us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Partial prepayment of principal		175,000
Outstanding amount paid off		$ 181,900			$ 260,387
2027 Term Loans \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Principal amount							$ 300,000
Funded amount							$ 250,000
Stated interest rate							8.25%
Prepayment premium percentage	3.00%
Loss on debt extinguishment					$ 12,600
Outstanding amount payoff	$ 79,600

Revenue - Gross Revenues by Significant Customer as a Percentage of Total Gross Revenues (Details) - Net Product Revenue - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
McKesson
Concentration Risk
Percentage of total gross revenue	42.00%	40.00%	38.00%
Cencora (previously known as AmeriSource-Bergen Corporation)
Concentration Risk
Percentage of total gross revenue	38.00%	43.00%	44.00%
Cardinal Health, Inc.
Concentration Risk
Percentage of total gross revenue	18.00%	15.00%	17.00%

Inventory - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory
Raw materials	$ 18,014	$ 12,975
Work in process	83,170	82,588
Finished goods	12,686	34,537
Total	$ 113,870	$ 130,100

Stock-Based Compensation and Employee Benefits - Restricted Stock Units - narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation related to stock options, RSUs and ESPP, period for recognition	2 years 7 months 6 days
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expenses related to unvested RSUs	$ 2.6
Unrecognized share-based compensation related to stock options, RSUs and ESPP, period for recognition	8 months 12 days
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 125,987	$ 102,891
Investments in marketable securities		14,857
Trade receivables, net	111,324	260,522
TSA receivables, net (Note 6)	11,010
Inventory	70,094	62,605
Prepaid manufacturing	11,636	23,657
Other prepaids and current assets	11,532	11,099
Total current assets	341,583	475,631
Property and equipment, net	2,837	5,119
Inventory, non-current	43,776	67,495
Intangible assets, net	53,646	71,673
Other assets, non-current	6,691	9,686
Total assets	448,533	629,604
Current liabilities:
Accounts payable	28,456	35,219
Accrued rebates, fees and reserves	164,867	169,645
TSA payables and other accrued liabilities (Note 6)	11,026
Accrued compensation	18,344	21,521
Accrued and other current liabilities	60,288	105,386
Total current liabilities	282,981	331,771
Term loans, non-current	36,698	246,481
Convertible notes	228,229	226,888
Lease liabilities, non-current	3,286	5,328
Other liabilities, non-current	29,329	12,561
Total liabilities	580,523	823,029
Commitments and contingencies (Note 9)
Stockholders' deficit:
Preferred stock ($0.0001 par value; shares authorized: 5,000,000; shares issued and outstanding: 0 at December 31, 2024 and 2023)
Common stock ($0.0001 par value; shares authorized: 300,000,000; shares issued and outstanding: 115,614,548 and 112,215,260 at December 31, 2024 and 2023, respectively)	12	11
Additional paid-in capital	1,419,266	1,386,312
Accumulated other comprehensive loss	(275)	(248)
Accumulated deficit	(1,550,993)	(1,579,500)
Total stockholders' deficit	(131,990)	(193,425)
Total liabilities and stockholders' deficit	$ 448,533	$ 629,604

Financial Liabilities - 2026 Convertible Notes Interest Expense Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financial Liabilities
Amortization of debt discount and debt issuance costs	$ 4,159	$ 2,407	$ 6,431
1.5% Convertible Senior Subordinated Notes due 2026 \| Convertible Debt [Member]
Financial Liabilities
Stated coupon interest	3,450	3,450	3,450
Amortization of debt discount and debt issuance costs	1,341	1,313	1,286
Total Interest expense	$ 4,791	$ 4,763	$ 4,736

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation and Employee Benefits - Stock Options Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted, weighted-average grant-date fair value	$ 1.49	$ 4.19	$ 7.04
Options exercised, aggregate intrinsic value	$ 110	$ 425	$ 914
Unrecognized stock-based compensation expenses related to stock options	$ 24,600
Unrecognized share-based compensation related to stock options, RSUs and ESPP, period for recognition	2 years 7 months 6 days
Share based payment options grants	10,513,500
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Options, expiration period	10 years
PSO \| Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment options grants	2,622,500
Performance Condition PSOs \| Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment options grants	1,982,500
Market Condition PSOs \| Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment options grants	640,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9.	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 December 31, 2024, the Company’s non-cancelable purchase commitments under the terms of its agreements are as follows:


Year ending December 31, (in thousands)
2025	$	69,450
2026		16,449
2027		600
Total obligations	$	86,499

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. In connection with the YUSIMRY Sale, HKF assumed $17.0 million in YUSIMRY inventory purchase commitments, of which $17.0 million remained as of December 31, 2024. If HKF were to default on its obligations under the YUSIMRY Purchase Agreement, the Company could become liable to pay any unpaid portion of these purchase commitments.

The substantial majority of these purchase commitments are expected to transfer to the Intas Parties in conjunction with the UDENCYA Sale, if the transaction closes as anticipated.

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’s 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 December 31, 2024 and 2023, the Company had an accrual of $6.4 million related to such matters that was included in accrued rebates, fees and reserves in the 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. 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. If the Company has any liability related to Zinc, it does not expect that it will transfer to Intas as part of the UDENYCA Sale. The Company has an accrual established as of December 31 that 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 9, 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.

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Net revenue	$ 266,960	$ 257,244	$ 211,042
Costs and expenses:
Cost of goods sold	117,553	158,992	70,083
Research and development	93,336	109,436	199,358
Selling, general and administrative	167,738	192,015	198,481
Total costs and expenses	378,627	460,443	467,922
Loss from operations	(111,667)	(203,199)	(256,880)
Interest expense	(27,158)	(40,542)	(32,474)
Gain on Sale Transactions, net (Note 6)	176,589
Loss on debt extinguishment	(12,630)		(6,222)
Other income (expense), net	3,373	5,469	3,822
Income (loss) before income taxes	28,507	(238,272)	(291,754)
Income tax provision (benefit)		(380)
Net income (loss)	$ 28,507	$ (237,892)	$ (291,754)
Net income (loss) per share:
Basic (In dollar per share)	$ 0.25	$ (2.53)	$ (3.76)
Diluted (In dollar per share)	$ 0.25	$ (2.53)	$ (3.76)
Weighted-average number of shares used in computing net income (loss) per share:
Basic (In shares)	114,553,537	94,162,637	77,630,020
Diluted (In shares)	114,830,462	94,162,637	77,630,020

Stock-Based Compensation and Employee Benefits - 401(k) Retirement Plan (Details) - 401(k) Plan - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of maximum contribution of annual compensation	100.00%
First amount of each participant's contributions	$ 7,500
Compensation expense related to match plan	$ 1,500,000	$ 1,800,000	$ 2,100,000
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of maximum contribution of annual compensation				90.00%
Percentage of employer matching contributions	4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Organization and Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2024
Organization and Significant Accounting Policies
Estimated useful lives, description	us-gaap:UsefulLifeTermOfLeaseMember
Furniture and Fixtures
Organization and Significant Accounting Policies
Estimated useful lives	5 years
Machinery and Equipment
Organization and Significant Accounting Policies
Estimated useful lives	5 years
Minimum \| Computer Equipment and Software
Organization and Significant Accounting Policies
Estimated useful lives	3 years
Maximum \| Computer Equipment and Software
Organization and Significant Accounting Policies
Estimated useful lives	7 years

Stock-Based Compensation and Employee Benefits - Additional Information Related to Status of Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation and Employee Benefits
Total intrinsic value of options exercised	$ 110	$ 425	$ 914
Total grant date fair value of options vested	$ 22,778	$ 30,467	$ 34,916
Weighted-average grant date fair value of options granted	$ 1.49	$ 4.19	$ 7.04

Net Income (Loss) Per Share - Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Income (Loss) Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share	41,372,456	38,291,761	37,635,124
Stock options, PSOs, including shares subject to ESPP
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share	28,535,096	24,083,222	22,214,875
Restricted stock units
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share	895,208	2,266,387	2,399,465
2022 Convertible Notes \| Shares issuable upon conversion of convertible notes
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share			1,078,632
2026 Convertible Notes \| Shares issuable upon conversion of convertible notes
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share	11,942,152	11,942,152	11,942,152

Commitments and Contingencies - Schedule of Non-Cancelable Contractual Obligations (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 69,450
2026	16,449
2027	600
Total obligations	$ 86,499

Stock-Based Compensation and Employee Benefits - Employee Stock Purchase Plan (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 31, 2014	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expenses related to stock options		$ 24.6
Unrecognized share-based compensation related to stock options, RSUs and ESPP, period for recognition		2 years 7 months 6 days
2014 Employee Stock Purchase Plan (ESPP)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		1,689,547
Percentage of purchase common stock of lesser of fair market value of common stock on first or last day of offering period by eligible employees		85.00%
Employee stock purchase plan offering period one	--05-16
Employee stock purchase plan offering period two	--11-16
Unrecognized share-based compensation related to stock options, RSUs and ESPP, period for recognition		4 months 15 days
2014 Employee Stock Purchase Plan (ESPP) \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of shares reserve for issuance	1.00%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of Components of Income (Loss) Before Income Taxes


	Year Ended December 31,
(in thousands)	2024		2023		2022
Domestic	$	28,507	$	(238,272)	$	(291,746)
Foreign		—		—		(8)
Total	$	28,507	$	(238,272)	$	(291,754)

Schedule of Income Tax Provision (Benefit)


	Year Ended December 31,
(in thousands)	2024		2023		2022
Current:
Federal	$	—	$	—	$	—
State		—		—		—
Foreign		—		—		—
Subtotal	$	—	$	—	$	—

Deferred:
Federal	$	—	$	(380)	$	—
State		—		—		—
Foreign		—		—		—
Subtotal	$	—	$	(380)	$	—

Income tax provision (benefit)	$	—	$	(380)	$	—

Schedule of Reconciliation of the Statutory United States Federal Rate to the Company's Effective Tax Rate


	Year Ended December 31,
	2024		2023		2022
Percent of pre-tax income:
United States federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	2.8		(1.2)		1.7
Permanent items	(1.7)		—		(0.1)
Research and development credit	(23.9)		0.9		1.8
Stock-based compensation costs	31.4		(3.5)		(2.3)
Sale Transactions	1.8		—		—
Other	5.6		0.7		—
Change in valuation allowance	(37.0)		(17.7)		(22.1)
Effective income tax rate	—	%	0.2	%	—	%

Schedule of Components of the Company's Net Deferred Tax Assets (Liabilities)


	December 31,
(in thousands)	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	158,090	$	170,402
Research and development credits		72,031		65,225
Depreciation and amortization		28,861		37,211
Stock-based compensation		26,814		30,370
Sales related accruals		39,966		38,474
Other accruals		42,537		42,480
Capitalized research and development		50,850		46,062
Total gross deferred tax assets		419,149		430,224
Valuation allowance		(412,833)		(423,385)
Total net deferred tax assets		6,316		6,839
Deferred tax liabilities:
Right-of-use asset		(1,004)		(1,538)
In-process research and development		(6,414)		(6,403)
Total deferred tax liabilities		(7,418)		(7,941)
Net deferred tax liabilities	$	(1,102)	$	(1,102)

Schedule of Reconciliation of the Company's Unrecognized Tax Benefits


	Year Ended December 31,
(in thousands)	2024		2023		2022
Balance at beginning of year	$	17,417	$	16,838	$	15,495
Additions based on tax positions related to current year		1,565		865		1,385
Additions (reductions) for tax positions of prior years		265		(286)		(42)
Balance at end of year	$	19,247	$	17,417	$	16,838

Acquisition and Disposition - Additional Information (Details)		3 Months Ended	12 Months Ended
	Sep. 08, 2023 USD ($) item $ / shares shares	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 02, 2024 USD ($) item	Jun. 26, 2024 USD ($)	Mar. 01, 2024 USD ($)
Organization and Significant Accounting Policies
Pretax profit (loss)			$ 28,507,000	$ (238,272,000)	$ (291,754,000)
TSA receivables, net			11,010,000
TSA payables and other accrued liabilities			11,026,000
Goodwill				943,000
Net impairment charge			6,772,000
Impairment charge			0	0
Contingent consideration, current				3,300,000
Novartis Institutes
Organization and Significant Accounting Policies
Impairment charge		$ 10,600,000
UDENYCA
Organization and Significant Accounting Policies
Cash consideration						$ 483,400,000
Inventory						$ 118,400,000
UDENYCA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Organization and Significant Accounting Policies
Number of earnout payments \| item						2
Amount of each earnout payments						$ 37,500,000
Transaction costs incurred			6,700,000
YUSIMRY Sale \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Organization and Significant Accounting Policies
Cash consideration			40,000,000				$ 40,000,000
Inventory				17,000,000
Inventory purchase commitments							$ 17,000,000
Gain on sale transaction			$ 22,800,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]			Gain (Loss) on Sale of Interest in Projects
Transaction costs incurred			$ 1,000,000
Transaction costs unpaid			900,000
Pretax profit (loss)			(3,100,000)	(59,700,000)	(34,400,000)
Reimbursed for its costs and has recorded income			800,000
TSA receivables, net			2,300,000
TSA payables and other accrued liabilities			4,300,000
CIMERLI ophthalmology franchise \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Organization and Significant Accounting Policies
Cash consideration			187,800,000					$ 170,000,000
Inventory				16,400,000
Additional consideration								$ 17,800,000
Gain on sale transaction			$ 153,800,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]			Gain (Loss) on Sale of Interest in Projects
Transaction costs			$ 7,200,000
Retention bonus			4,700,000
Pretax profit (loss)			2,400,000	16,600,000	$ (16,700,000)
Income under TSA			$ 1,700,000
Collaborative Arrangement, Revenue Not from Contract with Customer, Statement of Income or Comprehensive Income [Extensible Enumeration]			Other Nonoperating Income (Expense)
TSA receivables, net			$ 8,700,000
TSA payables and other accrued liabilities			$ 6,800,000
Surface Acquisition
Organization and Significant Accounting Policies
Business Combination, Number of Shares Issued in Exchange of Each Share of Acquiree \| shares	0.196
Share price \| $ / shares	$ 5.2831
Contingent value right per share \| item	1
Contingent value rights payment period	10 years
Business combination consideration transferred	$ 64,596,000
Business Combination, Number of Shares Issued to Former Employees of Acquiree shares \| shares	161,100
Goodwill	$ 0
Business Combination, Number of Out Licensed Partnership Program \| item	2
Fair value of the contingent consideration		3,800,000
Contingent consideration, current		0
Acquisition related costs				$ 5,100,000
Surface Acquisition \| Novartis Institutes
Organization and Significant Accounting Policies
Net impairment charge		$ 6,800,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Selling, General and Administrative Expense
Impairment charge		$ 10,600,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Selling, General and Administrative Expense
Surface Acquisition \| Surface GSK Agreement
Organization and Significant Accounting Policies
Milestone and royalty based CVR payments (as percent)	70.00%
Surface Acquisition \| Surface's SRF114 proprietary drug product candidate
Organization and Significant Accounting Policies
Upfront payment based CVR payments (as percent)	25.00%
Surface Acquisition \| Surface's SRF388 proprietary drug product candidate
Organization and Significant Accounting Policies
Upfront payment based CVR payments (as percent)	50.00%

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating leases
2025	$ 2,192
2026	2,126
2027	1,530
Total lease payments	5,848
Less imputed interest	(871)
Total operating lease liabilities	$ 4,977	$ 6,401

Debt Obligations - 2025 Term Loan - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 07, 2019	Jan. 31, 2022	Dec. 31, 2024	Dec. 31, 2022	Jan. 01, 2020
Financial Liabilities
Loss on debt extinguishment			$ (12,630)	$ (6,222)
Loans Payable [Member]
Financial Liabilities
Interest rate description	Starting January 1, 2020, the Borrowings under the 2025 Term Loan bore interest at 6.75% per annum plus three month LIBOR. Interest was payable quarterly in arrears.
Outstanding amount paid off				$ 81,750
Lender \| Loans Payable [Member]
Financial Liabilities
Total term of the loan	6 years
Principal Amount	$ 75,000
Stated interest rate					6.75%
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)

Organization and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Organization and Significant Accounting Policies

Basis of Consolidation

Use of Estimates

Segment Reporting and Geographic Disclosures

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash comprise cash and highly liquid investments with original maturities of 90 days or less.


(in thousands)	January 1,
At beginning of period:	2024		2023		2022
Cash and cash equivalents	$	102,891	$	63,547	$	417,195
Restricted cash		452		440		440
Total cash, cash equivalents and restricted cash	$	103,343	$	63,987	$	417,635

	December 31,
At end of period:	2024		2023		2022
Cash and cash equivalents	$	125,987	$	102,891	$	63,547
Restricted cash		263		452		440
Total cash, cash equivalents and restricted cash	$	126,250	$	103,343	$	63,987

The Company classifies milestone and option payments related to licensing arrangements as cash flows used in investing activities in its consolidated statements of cash flows.

Trade Receivables

Investments in Marketable Securities

Concentrations of Risk

Business Combination Accounting & Valuation of Acquired Assets

Business Combination Accounting & Valuation of Acquired Assets

Foreign Currency

Inventory

Property and Equipment


Computer equipment and software		3 - 7 years
Furniture and fixtures		5 years
Machinery and equipment		5 years
Leasehold improvements		Shorter of lease term or useful life

Goodwill and Intangible Assets

Impairment of Long-Lived Assets

Accrued Research and Development Expense

Revenue Purchase and Sale Agreement

Revenue Purchase and Sale Agreement

Contingent Consideration

Contingent Consideration

Net Revenues

Net Revenues

Product Sales Discounts and Allowances

Product Returns: The Company offers its Customers limited product return rights, which are principally based upon whether the product is damaged or defective, or the product’s expiration date.

Royalty Revenue

Cost of Goods Sold

Cost of goods sold consists primarily of third-party manufacturing, distribution, certain overhead costs, royalties on certain products, and charges for inventory write-downs.

In 2024, 2023 and 2022, cost of goods sold included inventory write-downs, net of $14.1 million, $52.6 million and $26.0 million, respectively.

Research and Development Expense

●

option and certain milestone payments related to licensing and collaboration agreements.

●

personnel-related expense, which include salaries, benefits and stock-based compensation; and

●

License Agreements

Selling, General and Administrative Expense

Stock-Based Compensation

Income Taxes

Operating and Finance Leases

Operating and Finance Leases

Net Income (Loss) Per Share

Comprehensive Income (Loss)

Restructuring Charges

Restructuring Charges

Reclassifications

Reclassifications

Recent Accounting Pronouncements

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

Financial Liabilities - 2027 Term Loans, Components of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amortization of debt discount and debt issuance costs	$ 4,159	$ 2,407	$ 6,431
2027 Term Loans \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Contractual interest	9,916	34,289	20,243
Amortization of debt discount and debt issuance costs	1,277	1,094	4,550
Total Interest expense	$ 11,193	$ 35,383	$ 24,793

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Financial Liabilities

12 Months Ended

Dec. 31, 2024

Financial Liabilities

Financial Liabilities

8.Financial Liabilities

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


	At December 31, 2024
(in thousands)	Principal Amount			Unamortized Debt Discount and Debt Issuance Costs	Net Carrying Value		Estimated Fair Value		Level
Financial Liabilities:
2029 Term Loan	$	38,660	$	(1,962)	$	36,698	$	36,698	Level 2*
2026 Convertible Notes	$	230,000	$	(1,771)	$	228,229	$	223,100	Level 2**

	At December 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	$	(3,519)	$	246,481	$	246,481	Level 2*
2026 Convertible Notes	$	230,000	$	(3,112)	$	226,888	$	150,155	Level 2**


*	The principal amounts outstanding are subject to variable interest rates, which are based on three-month SOFR plus fixed percentages. 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.

2029 Term Loan

On May 8, 2024, the Company entered into a senior secured term loan facility of $38.7 million that was fully funded on the 2029 Term Loan Effective Date with the Agent and the 2029 Lenders. The net proceeds of $37.5 million, net of the original issuance discount, were used by the Company to help repay in full the existing outstanding indebtedness owed by the Company to BioPharma Credit, PLC (“BioPharma”), BPCR Limited Partnership (a “2027 Lender”), and Biopharma Credit Investments V (Master) LP (a “2027 Lender”) pursuant to the 2027 Term Loans.

The 2029 Term Loan is governed by the 2029 Loan Agreement. The 2029 Term Loan will mature on May 8, 2029. The amounts borrowed under the 2029 Term Loan accrue interest equal to 8.0% per annum, plus a three-month SOFR rate. The 2029 Term Loan provides for interest-only payments on a quarterly basis until maturity. The Company may prepay the 2029 Term Loan in full or in part provided the Company (i) provides at least three (3) business days’ prior written notice to the Agent, (ii) pays on the date of such prepayment (A) all outstanding principal to be prepaid plus accrued and unpaid interest, (B) a prepayment fee of (x) 10.0% of the 2029 Term Loans so prepaid if paid on or after the first anniversary of the 2029 Term Loan Effective Date and before the second anniversary of the 2029 Term Loan Effective Date; (y) 5.0% of the 2029 Term Loan so prepaid if paid after the second anniversary of the 2029 Term Loan Effective Date and on or before the third anniversary of the 2029 Term Loan Effective Date; and (z) 0% of the 2029 Term Loan so prepaid if paid after the third anniversary of the 2029 Term Loan Effective Date, (C) if paid before the first anniversary of the 2029 Term Loan Effective Date, a make-whole amount equal to the interest that would have accrued from the date of prepayment through the first anniversary of the 2029 Term Loan Effective Date, and (D) all other sums, if any, that shall become due and payable under the 2029 Loan Agreement, including

interest at the default rate with respect to any past due amounts. Amounts outstanding during an event of default shall accrue interest at an additional rate of 4.0% per annum, which interest shall be payable on demand in cash.

The 2029 Term Loan is secured by a lien on substantially all of the assets of the Company, including intellectual property, subject to customary exclusions and exceptions. The 2029 Loan Agreement contains customary representations and warranties, covenants and events of default, including a financial covenant that commenced on the 2029 Term Loan Effective Date, which requires the Company to maintain certain levels of cash and cash equivalents. As of December 31, 2024, the Company was in compliance with these covenants other than to the extent that the disclosures set forth in Item 9A of this Annual Report on Form 10-K do not comply with the requirements of subclause (ii) of Section 5.2(a)(i) of the 2029 Loan Agreement for which the Company is in possession of a valid waiver, and there were no events of default under the 2029 Term Loan.

The Company incurred $2.2 million of debt discount and issuance costs relating to the issuance of the 2029 Term Loan, which were recorded as a reduction to the carrying value of the 2029 Term Loan on the consolidated balance sheets. The debt issuance costs are being amortized and recognized as additional interest expense over the five-year contractual term of the 2029 Term Loan using the effective interest rate method.

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 following table presents the components of interest expense related to the 2029 Term Loan:


(in thousands)	Year Ended December 31, 2024
Contractual interest	$	3,319
Amortization of debt discount and debt issuance costs		201
Total interest expense	$	3,520

As of December 31, 2024, the total remaining unamortized debt discount and debt offering costs of $2.0 million will be amortized using the effective interest rate over the remaining term of 4.4 years.

Assuming the fourth quarter of 2024 interest rate of 12.6%, future payments on the 2029 Term Loan are as follows:


Year ending December 31, (in thousands)
2025 - interest only	$	4,940
2026 - interest only		4,940
2027 - interest only		4,940
2028 - interest only		4,954
2029 and thereafter - principal and interest		40,379
Total minimum payments		60,153
Less amount representing interest		(21,493)
2029 Term Loan, gross		38,660
Less unamortized debt discount and debt issuance costs		(1,962)
Net carrying amount of 2029 Term Loan	$	36,698

Revenue Purchase and Sale Agreement

On May 8, 2024, concurrent with the 2029 Term Loan, the Company entered into the Revenue Purchase and Sale Agreement with Coduet Royalty Holdings, LLC, as administrative agent, and the Purchaser Group. Under the terms of the Revenue Purchase and Sale Agreement, the Purchaser Group paid the Company $37.5 million, subject to certain conditions at closing (the “Revenue Purchase Price”). In exchange, the Company sold to the Purchaser Group a right to receive 5.0% of U.S. net sales of UDENYCA and LOQTORZI with respect to a specified threshold applicable to UDENYCA net sales and a specified threshold applicable to LOQTORZI net sales during an applicable year and 0.5% of U.S. net sales of UDENYCA and LOQTORZI that exceeded the specified threshold during that year (the “Revenue Payment”) for each calendar quarter commencing May 8, 2024. The Purchaser Group’s right to receive the Revenue Payment terminates and the Company no longer has the obligation to pay Revenue Payments once the Purchaser Group receives the amount equal to 2.25 times the Revenue Purchase Price allocated to each product. The Company may also buy out the Purchaser Group’s rights to receive the Revenue Payments by triggering certain conditions and paying the Purchaser Group the unpaid portion of the 2.25 multiple on the

Revenue Purchase Price. The proceeds from the Revenue Purchase Price were used by the Company as part of the full repayment of the 2027 Term Loans. The Company has announced that it plans to use a portion of the proceeds of the contemplated UDENYCA Sale to buy out the right to receive royalties on net sales of UDENYCA which is expected to be $47.7 million assuming a close late in the first quarter or early in the second quarter of 2025 in accordance with the Revenue Purchase and Sale Agreement.

The Revenue Purchase and Sale Agreement contains various representations and warranties, including with respect to organization, authorization, and certain other matters, certain covenants with respect to payment, reporting, intellectual property, in-licenses, out-licenses, and certain other actions, indemnification obligations and other provisions customary for transactions of this nature.

The Revenue Purchase and Sale Agreement contains an embedded derivative that meets the criteria to be bifurcated and accounted for as a freestanding derivative instrument subject to derivative accounting. The allocation of the Revenue Purchase Price to the embedded derivative resulted in a $9.2 million discount on the revenue participation liability. Additionally, there was $1.4 million in issuance costs. The Company is amortizing the discount and issuance costs to interest expense over the estimated term of the Revenue Purchase and Sale Agreement using the effective interest method. For the year ended December 31, 2024, interest expense was $7.2 million, inclusive of the amortization of discount and issuance costs of $1.3 million. For details on the Royalty Fee Derivative Liability, see Note 3. Fair Value Measurements.

A summary of the revenue participation liability is as follows:


(in thousands)	December 31, 2024
Revenue participation liability	$	37,994
Less unamortized discount and issuance costs		(9,251)
Net carrying value	$	28,743

Classification on the consolidated balance sheets is as follows:


(in thousands)	Balance Sheet Classification	December 31, 2024
Revenue participation liability, current	Accrued and other current liabilities	$	1,148
Revenue participation liability, non-current	Other liabilities, non-current		27,595
Net carrying value		$	28,743

2027 Term Loan

The Company entered into the Loan Agreement with BioPharma and the 2027 Lenders for a senior secured term loan facility of up to $300.0 million, of which $250.0 million was funded. Starting April 1, 2023, the 2027 Term Loans accrued 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%.

On February 5, 2024, the Company entered into the Consent and Amendment with the Collateral Agent and the 2027 Lenders. Pursuant to and subject to terms and conditions in the Consent and Amendment, among other things: (1) the 2027 Lenders and the Collateral Agent provided consent to consummation of the transactions contemplated by the CIMERLI Purchase Agreement between the Company and Sandoz, and released a subsidiary of the Company from its obligations and certain assets subject to the transactions contemplated thereby, (2) the 2027 Lenders and the Collateral Agent required the Company to make a partial prepayment of the principal of the loans outstanding under the 2027 Loan Agreement in the amount of $175.0 million upon consummation of the CIMERLI Sale, subject to certain conditions and (3) the parties thereto agreed to adjust the minimum net trailing twelve month net sales covenant level to be $125.0 million under the 2027 Loan Agreement.

As a result of the closing of the CIMERLI Sale, the Company made a partial prepayment of $175.0 million of the total principal balance of $250.0 million of the 2027 Term Loans on April 1, 2024, and including the prepayment premium fee, make-whole and accrued interest, the Company paid $181.9 million. On May 8, 2024, in connection with entering into the 2029 Term Loan and the Revenue Purchase and Sale Agreement, the Company repaid in full all outstanding indebtedness and terminated all commitments under the 2027 Term Loans. The May 8, 2024 payoff amount of $79.6 million included repayment in full of all outstanding principal, accrued interest, a 3.0% prepayment premium fee of the principal amount, a make-whole interest payment and lender fees. During the year ended December 31, 2024, the Company recorded a $12.6 million loss on debt extinguishment in the consolidated statements of operations for the payoff of the 2027 Term Loans, which included the write-off of the remaining debt discount and debt issuance costs, the prepayment premium fee, the make-whole interest payment, and lender fees.

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



	Year Ended December 31,
(in thousands)	2024		2023		2022
Contractual interest	$	9,916	$	34,289	$	20,243
Amortization of debt discount and debt issuance costs		1,277		1,094		4,550
Total interest expense	$	11,193	$	35,383	$	24,793

1.5% Convertible Senior Subordinated Notes due April 2026

In April 2020, the Company issued and sold $230.0 million aggregate principal amount of its 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. The initial conversion rate is 51.9224 shares of common stock per $1,000 principal amount of the 2026 Convertible Notes, which represents an initial conversion price of approximately $19.26 per share of common stock. The initial conversion price represents a premium of approximately 30.0% over the last reported sale of $14.82 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 Company has announced that it plans to use part of the proceeds that it receives at the closing of the UDENYCA Sale to fully repay the outstanding 2026 Convertible Notes.

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 December 31, 2024, 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 equity components. The proceeds received from the issuance of the convertible debt were recorded as a liability in the 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. Therefore, the total $18.2 million capped call premium paid was recorded as a reduction to additional paid-in capital in the consolidated balance sheets in 2020. 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 in the 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 December 31, 2024, the holders of the 2026 Convertible Notes would have received common shares with an aggregate value of $16.5 million based on the Company’s closing stock price of $1.38 as of December 31, 2024.

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



	Year Ended December 31,
(in thousands)	2024		2023		2022
Stated coupon interest	$	3,450	$	3,450	$	3,450
Amortization of debt discount and debt issuance costs		1,341		1,313		1,286
Total interest expense	$	4,791	$	4,763	$	4,736

The remaining unamortized debt discount and debt offering costs related to the Company’s 2026 Convertible Notes of $1.8 million as of December 31, 2024, 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 December 31, 2024 are as follows:


Year ending December 31, (in thousands)
2025 - interest only	$	3,450
2026 - principal and interest		231,725
Total minimum payments		235,175
Less amount representing interest		(5,175)
2026 Convertible Notes, principal amount		230,000
Less unamortized debt discount and debt issuance costs		(1,771)
Net carrying amount of 2026 Convertible Notes	$	228,229

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 and were guaranteed by certain subsidiaries of the Company, bore interest at a fixed coupon rate of 8.2% per annum payable quarterly 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 9.0% premium of the outstanding principal amount and accrued and unpaid interest.

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

The following table presents the components of interest expense of the 2022 Convertible Notes:


(in thousands)	Year Ended December 31, 2022
Stated coupon interest	$	2,050
Amortization of debt discount and debt issuance costs		521
Total interest expense	$	2,571

2025 Term Loan

On January 7, 2019, the Company entered into the 2025 Term Loan with affiliates of Healthcare Royalty Partners (together, the “2025 Lender”). The 2025 Term Loan consisted of a six-year term loan facility for an aggregate principal amount of $75.0 million (the “Borrowings”). Starting January 1, 2020, the Borrowings under the 2025 Term Loan bore interest at 6.75% per annum plus three month LIBOR. Interest was payable quarterly in arrears.

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 January 7, 2022, 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 2025 Term Loan totaled $6.2 million and was recorded in loss on debt extinguishment in the consolidated statements of operations for 2022. Interest expense for the year ended December 31, 2022 was immaterial.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Components of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 158,090	$ 170,402
Research and development credits	72,031	65,225
Depreciation and amortization	28,861	37,211
Stock-based compensation	26,814	30,370
Sales related accruals	39,966	38,474
Other accruals	42,537	42,480
Capitalized research and development	50,850	46,062
Total gross deferred tax assets	419,149	430,224
Valuation allowance	(412,833)	(423,385)
Total net deferred tax assets	6,316	6,839
Deferred tax liabilities:
Right-of-use asset	(1,004)	(1,538)
In-process research and development	(6,414)	(6,403)
Total deferred tax liabilities	(7,418)	(7,941)
Net deferred tax liabilities	$ (1,102)	$ (1,102)

Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net Income (Loss)	$ 28,507	$ (237,892)	$ (291,754)
Denominator:
Weighted-average common shares outstanding - Basic	114,553,537	94,162,637	77,630,020
Basic net income (loss) per share	$ 0.25	$ (2.53)	$ (3.76)
Add effect of potential dilutive securities:
Stock options, including shares subject to ESPP	168,392
Restricted stock units	108,533
Denominator for diluted net income (loss) per share	114,830,462	94,162,637	77,630,020
Diluted net income (loss) per share	$ 0.25	$ (2.53)	$ (3.76)

Consolidated Statements of Stockholders' Deficit - USD ($)	Common Stock ATM Offering	Common Stock Public Offering	Common Stock Optional Stock Purchase Agreement	Common Stock	Additional Paid-In Capital ATM Offering	Additional Paid-In Capital Public Offering	Additional Paid-In Capital Optional Stock Purchase Agreement	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	ATM Offering	Public Offering	Optional Stock Purchase Agreement	Total
Beginning Balances at Dec. 31, 2021				$ 7,000				$ 1,147,843,000	$ (270,000)	$ (1,049,854,000)				$ 97,726,000
Beginning Balances (in shares) at Dec. 31, 2021				76,930,096
Net income (loss)										(291,754,000)				(291,754,000)
Issuance of common stock upon exercise of stock options								691,000						691,000
Issuance of common stock upon exercise of stock options (in shares)				141,897
Issuance of common stock upon vesting of RSUs (in shares)				806,854
Issuance of common stock under the ESPP								2,320,000						2,320,000
Issuance of common stock under the ESPP (in shares)				347,883
Issuance of common stock in connection with Surface Acquisition:
Issuance of common stock under Offering, net of issuance costs				$ 1,000				6,133,000						6,134,000
Issuance of common stock under Offering, net of issuance costs (in shares)				916,884
Taxes paid related to net share settlement of RSUs								(3,744,000)						(3,744,000)
Taxes paid related to net share settlement of RSUs (in shares)				(292,098)
Stock-based compensation expense								51,188,000						51,188,000
Other comprehensive (loss) gain, net of tax									21,000					21,000
Ending Balances at Dec. 31, 2022				$ 8,000				1,204,431,000	(249,000)	(1,341,608,000)				(137,418,000)
Ending Balances (in shares) at Dec. 31, 2022				78,851,516
Net income (loss)										(237,892,000)				(237,892,000)
Issuance of common stock upon exercise of stock options								694,000						694,000
Issuance of common stock upon exercise of stock options (in shares)				430,504
Issuance of common stock upon vesting of RSUs (in shares)				1,280,901
Issuance of common stock under the ESPP								1,809,000						1,809,000
Issuance of common stock under the ESPP (in shares)				630,348
Issuance of common stock in connection with Surface Acquisition:
Issuance to Surface shareholders for acquisition				$ 1,000				58,540,000						58,541,000
Issuance to Surface shareholders for acquisition (in shares)				11,971,460
Accelerated vesting of equity awards								1,053,000						1,053,000
Accelerated vesting of equity awards (in shares)				261,239
Taxes paid related to net share settlement of equity awards								(347,000)						$ (347,000)
Taxes paid related to net share settlement of equity awards (in shares)				(65,732)
Issuance of common stock under Offering, net of issuance costs		$ 1,000				$ 53,624,000	$ 8,179,000					$ 53,625,000	$ 8,179,000
Issuance of common stock under Offering, net of issuance costs (in shares)	3,559,761	13,529,411	2,225,513								916,884			3,559,761
Issuance of common stock under ATM Offering, net of issuance costs	$ 1,000				$ 18,316,000						$ 18,317,000
Taxes paid related to net share settlement of RSUs								(3,527,000)						$ (3,527,000)
Taxes paid related to net share settlement of RSUs (in shares)				(459,661)
Stock-based compensation expense								43,540,000						43,540,000
Other comprehensive (loss) gain, net of tax									1,000					1,000
Ending Balances at Dec. 31, 2023				$ 11,000				1,386,312,000	(248,000)	(1,579,500,000)				$ (193,425,000)
Ending Balances (in shares) at Dec. 31, 2023				112,215,260										112,215,260
Net income (loss)										28,507,000				$ 28,507,000
Issuance of common stock upon exercise of stock options								291,000						$ 291,000
Issuance of common stock upon exercise of stock options (in shares)				174,651										174,651
Issuance of common stock upon vesting of RSUs (in shares)				816,876
Issuance of common stock under the ESPP								926,000						$ 926,000
Issuance of common stock under the ESPP (in shares)				852,222
Issuance of common stock - partial payout of 2023 bonus in RSUs				$ 1,000				4,407,000						$ 4,408,000
Issuance of common stock - partial payout of 2023 bonus in RSUs (in shares)				1,976,750
Issuance of common stock in connection with Surface Acquisition:
Issuance of common stock under Offering, net of issuance costs					$ 1,455,000						$ 1,455,000
Issuance of common stock under Offering, net of issuance costs (in shares)														650,005
Issuance of common stock under ATM Offering, net of issuance costs	$ 650,005
Taxes paid related to net share settlement of RSUs								(2,476,000)						$ (2,476,000)
Taxes paid related to net share settlement of RSUs (in shares)				(1,071,216)
Stock-based compensation expense								28,351,000						28,351,000
Other comprehensive (loss) gain, net of tax									(27,000)					(27,000)
Ending Balances at Dec. 31, 2024				$ 12,000				$ 1,419,266,000	$ (275,000)	$ (1,550,993,000)				$ (131,990,000)
Ending Balances (in shares) at Dec. 31, 2024				115,614,548										115,614,548

Stock-Based Compensation and Employee Benefits - Summary of RSUs Activity, under 2014 Plan (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs, beginning balances	1,726,729
Number of RSUs granted	1,976,750
Number of RSUs vested	(2,793,626)
Number of RSUs canceled	(141,616)
Number of RSUs, ending balance	768,237	1,726,729
Weighted-Average Grant Date Fair Value, beginning balances	$ 11.93
Weighted-Average Grant Date Fair Value, RSUs granted	2.23	$ 8.93	$ 13.34
Weighted-Average Grant Date Fair Value, RSUs Vested	5.41
Weighted-Average Grant Date Fair Value, RSUs canceled	11.5
Weighted-Average Grant Date Fair Value, ending balances	$ 10.79	$ 11.93

Acquisition and Disposition - Unaudited Pro Forma Summary of Operations (Details) - Surface Acquisition - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues	$ 257,244	$ 241,042
Net loss	$ (284,575)	$ (369,442)

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2024

Net Income (Loss) Per Share

Net Income (Loss) Per Share

14.Net Income (Loss) Per Share

The following table sets forth the computation of the basic and diluted net income (loss) per share:


	Year Ended December 31,
(in thousands, except share and per share data)	2024		2023		2022
Basic net income (loss) per share
Numerator:
Net income (loss)	$	28,507	$	(237,892)	$	(291,754)
Denominator:
Weighted-average common shares outstanding		114,553,537		94,162,637		77,630,020
Basic net income (loss) per share	$	0.25	$	(2.53)	$	(3.76)

Diluted net income (loss) per share
Numerator:
Net income (loss)	$	28,507	$	(237,892)	$	(291,754)
Denominator:
Denominator for basic net income (loss) per share		114,553,537		94,162,637		77,630,020
Add effect of potential dilutive securities:
Stock options, including shares subject to ESPP		168,392		—		—
Restricted stock units		108,533		—		—
Denominator for diluted net income (loss) per share		114,830,462		94,162,637		77,630,020
Diluted net income (loss) per share	$	0.25	$	(2.53)	$	(3.76)

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


	Year Ended December 31,
	2024	2023	2022
Stock options, PSOs, including shares subject to ESPP	28,535,096	24,083,222	22,214,875
Restricted stock units	895,208	2,266,387	2,399,465
Shares issuable upon conversion of 2022 Convertible Notes	—	—	1,078,632
Shares issuable upon conversion of 2026 Convertible Notes	11,942,152	11,942,152	11,942,152
Total	41,372,456	38,291,761	37,635,124

The amounts in the table above exclude any shares contingently issuable pursuant to the CVR Agreement because the conditions that could result in a payment becoming due were not met.

Organization and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Organization and Significant Accounting Policies

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash


(in thousands)	January 1,
At beginning of period:	2024		2023		2022
Cash and cash equivalents	$	102,891	$	63,547	$	417,195
Restricted cash		452		440		440
Total cash, cash equivalents and restricted cash	$	103,343	$	63,987	$	417,635

	December 31,
At end of period:	2024		2023		2022
Cash and cash equivalents	$	125,987	$	102,891	$	63,547
Restricted cash		263		452		440
Total cash, cash equivalents and restricted cash	$	126,250	$	103,343	$	63,987

Schedule of Estimated Useful Lives of Property Plant and Equipment


Computer equipment and software		3 - 7 years
Furniture and fixtures		5 years
Machinery and equipment		5 years
Leasehold improvements		Shorter of lease term or useful life

Balance Sheet Components - Other Liabilities, Non-current (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Components
Contingent consideration, non-current	$ 632	$ 1,172
Deferred tax liability (Note 13)	1,102	1,102
Revenue participation liability, non-current (Note 8)	27,595
Other		10,287
Total Other liabilities, non-current	$ 29,329	$ 12,561

Revenue - Net Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue - Net Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Net revenue	$ 266,960	$ 257,244	$ 211,042
Total net product revenue
Revenue
Net revenue	259,702	256,580	210,760
UDENYCA
Revenue
Net revenue	205,951	127,064	203,814
CIMERLI
Revenue
Net revenue	27,079	125,388	6,946
YUSIMRY
Revenue
Net revenue	7,541	3,574
LOQTORZI
Revenue
Net revenue	19,131	554
Other revenue
Revenue
Net revenue	$ 7,258	$ 664	$ 282

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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-Publisher FASB
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-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Balance Sheet Components - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Components
Accrued commercial and research and development manufacturing	$ 12,449	$ 23,470
Accrued co-development costs and milestone payments	12,500	26,812
Accrued royalties	1,498	42,031
Royalty fee derivative liability (Notes 3 and 8)	13,620
Revenue participation liability, current (Note 8)	1,148
Accrued other	17,382	7,628
Lease liabilities, current	1,691	2,145
Contingent consideration, current		3,300
Total Accrued and other current liabilities	$ 60,288	$ 105,386

Balance Sheet Components - Intangible Assets, Net (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Jun. 26, 2024	Mar. 01, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Finite-lived assets, net of accumulated amortization of $2,719 and $639, as of December 31, 2024 and 2023, respectively				$ 24,787	$ 41,871
Accumulated amortization				2,719	639
Indefinite-lived assets - in-process research and development				28,859	28,859
Goodwill					943
Total Intangible assets, net				53,646	71,673
Amortization expense, Finite-lived intangible assets				3,400
Expected amortization expense for the remaining finite-lived assets for each of the five succeeding fiscal years				$ 2,700
Remaining life of the finite-lived assets				9 years 4 months 24 days
Impairment charge				$ 0	0
Impairment of intangible assets					$ 0	$ 0
Novartis Institutes
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Impairment charge			$ 10,600
Disposal Group \| CIMERLI ophthalmology franchise
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Finite-lived intangible asset, net		$ 2,100
Goodwill, Written off		$ 900
Disposal Group \| YUSIMRY Sale
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Goodwill, Written off	$ 900

Organization and Significant Accounting Policies - Selling, General and Administrative Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization and Significant Accounting Policies
Advertising expenses	$ 10.9	$ 10.9	$ 10.5

Financial Liabilities - Revenue Purchase and Sale Agreement - Classification on the condensed consolidated balance sheet (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Royalty participation liability, current	$ 1,148
Royalty participation liability, non-current	27,595
Derivative liabilities, Fair Value	13,620
Revenue Purchase and Sale Agreement
Debt Instrument [Line Items]
Royalty participation liability, current	1,148
Royalty participation liability, non-current	27,595
Net carrying value	$ 28,743

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Organization and Significant Accounting Policies - Organization (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 segment	Dec. 02, 2024 USD ($) payment
Organization and Significant Accounting Policies
Percentage of obligation to pay	70
Number of reportable and operating segments \| segment	1
UDENYCA
Organization and Significant Accounting Policies
Cash consideration		$ 483.4
Inventory		118.4
UDENYCA \| Discontinued Operations Disposed of by Sale
Organization and Significant Accounting Policies
Cash consideration		483.4
Inventory		$ 118.4
Number of earnout payments \| payment		2
Amount of each earnout payments		$ 37.5

Financial Liabilities - 2029 Term Loan Future Payments (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Interest rate	12.60%
2029 Term Loans
Debt Instrument [Line Items]
2025 - interest only	$ 4,940
2026 - interest only	4,940
2027 - interest only	4,940
2028 - interest only	4,954
2029 and thereafter - principal and interest	40,379
Total minimum payments	60,153
Less amount representing interest	(21,493)
2029 Term Loan, gross	38,660
Less unamortized debt discount and issuance costs	(1,962)
Net carrying amount	$ 36,698

Inventory - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory
Inventory write-downs	$ 14,143	$ 52,595	$ 26,000
Prepayment made for manufacturing services	11,636	23,657
Prepayments made to a CMO for manufacturing services	5,300	12,600
Prepayments made to a CMO For Other Research And Development Pipeline Program	6,400	11,100
Cost of Goods Sold
Inventory
Inventory write-downs		52,600	$ 26,000
Certain firm purchase commitments		20,500
CIMERLI ophthalmology franchise \| Disposal Group
Inventory
Inventory		16,400
YUSIMRY Sale \| Disposal Group
Inventory
Inventory		17,000
YUSIMRY immunology franchise
Inventory
Certain firm purchase commitments, Long-term		9,000
Certain firm purchase commitments, Short-term		11,500
Prepayments made to a CMO for manufacturing services		500
YUSIMRY immunology franchise \| Cost of Goods Sold
Inventory
Inventory write-downs		47,000
CIMERLI ophthalmology franchise
Inventory
Prepayments made to a CMO for manufacturing services		$ 6,400
UDENYCA
Inventory
Inventory write-downs	14,100
UDENYCA \| Cost of Goods Sold
Inventory
Inventory write-downs	$ 14,100

Financial Liabilities - 2026 Convertible Notes Future Payments (Details) - Convertible Debt [Member] - 1.5% Convertible Senior Subordinated Notes due 2026 $ in Thousands	Dec. 31, 2024 USD ($)
Financial Liabilities
2025 - interest only	$ 3,450
2026 - interest only	231,725
Total minimum payments	235,175
Less amount representing interest	(5,175)
2026 Convertible Notes, principal amount	230,000
Less unamortized debt discount and debt issuance costs	(1,771)
Net carrying amount	$ 228,229

Debt Obligations - Convertible Notes due 2022 Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 29, 2016	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financial Liabilities
Outstanding amount payoff					$ 109,000
Amortization of debt discount and debt issuance costs			$ 4,159	$ 2,407	$ 6,431
8.2% Convertible Notes due 2022
Financial Liabilities
Interest rate description	The 2022 Convertible Notes constituted general, senior unsubordinated obligations of the Company and were guaranteed by certain subsidiaries of the Company, bore interest at a fixed coupon rate of 8.2% per annum payable quarterly and matured on March 31, 2022
Convertible Debt [Member] \| KKR Member
Financial Liabilities
Principal Amount	$ 20,000
Convertible Debt [Member] \| MX II Member
Financial Liabilities
Principal Amount	4,000
Convertible Debt [Member] \| KMGCP Member
Financial Liabilities
Principal Amount	1,000
Convertible Debt [Member] \| Lender \| KKR Member
Financial Liabilities
Principal Amount	75,000
Convertible Debt [Member] \| 8.2% Convertible Notes due 2022
Financial Liabilities
Principal Amount	$ 100,000
Stated interest rate	8.20%
Outstanding amount payoff		$ 111,100
Convertible Notes Payable		$ 0
Convertible notes, premium percentage		9.00%
Interest expense				2,571
Stated coupon interest				2,050
Amortization of debt discount and debt issuance costs				$ 521

Stock-Based Compensation and Employee Benefits - Equity Incentive Plans Narrative (Details) - shares	12 Months Ended	120 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	May 29, 2024
2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of shares available for issuance	4.00%
Common stock reserved for future issuance	6,010,528		7,000,000
2010 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards issued		0
Common stock reserved for future issuance	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2023 ft²	Dec. 31, 2019 item	Dec. 31, 2024	Oct. 24, 2023 ft²	Dec. 31, 2022
Lessee Lease Description
Term of leases			36 months
Operating lease Weighted average discount rate	11.80%		11.90%		8.00%
Finance lease weighted average remaining term	1 year 4 months 24 days				2 years 2 months 12 days
Sixth amendment to lease
Lessee Lease Description
Area of land				20,257
Remaining Premises \| Sixth amendment to lease
Lessee Lease Description
Area of land				27,532
Corporate Headquarters Lease
Lessee Lease Description
Area of office space leased	47,789
Lease Expiration Date	Sep. 01, 2024
Option to extend lease	true
Term of optional lease renewal	5 years
Laboratory Facilities Lease
Lessee Lease Description
Area of office space leased	25,017
Term of optional lease renewal	5 years
New Camarillo Lease
Lessee Lease Description
Lease Expiration Date	May 01, 2027
Option to extend lease	true
Vehicle Lease
Lessee Lease Description
Number of vehicles leased \| item		50

Revenue - Activities and Ending Reserve Balances for Each Significant Category of Discounts and Allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance	$ 244,885	$ 100,503	$ 109,723
Provision related to sales made in:
Current period	1,246,921	844,325	578,699
Prior period - increase (decrease)	3,830	3,807	(3,108)
Payments and customer credits issued	(1,219,991)	(703,750)	(584,811)
Activities and reserve balance, ending balance	275,645	244,885	100,503
Chargebacks and Discounts for Prompt Payment
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance	73,953	42,677	29,665
Provision related to sales made in:
Current period	912,079	590,772	436,865
Prior period - increase (decrease)	(990)	(1,361)	(2,090)
Payments and customer credits issued	(874,264)	(558,135)	(421,763)
Activities and reserve balance, ending balance	110,778	73,953	42,677
Rebates
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance	121,137	38,713	54,004
Provision related to sales made in:
Current period	189,309	143,370	68,399
Prior period - increase (decrease)	7,391	1,424	(1,050)
Payments and customer credits issued	(194,099)	(62,370)	(82,640)
Activities and reserve balance, ending balance	123,738	121,137	38,713
Other Fees, Co-pay Assistance and Returns
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance	49,795	19,113	26,054
Provision related to sales made in:
Current period	145,533	110,183	73,435
Prior period - increase (decrease)	(2,571)	3,744	32
Payments and customer credits issued	(151,628)	(83,245)	(80,408)
Activities and reserve balance, ending balance	$ 41,129	$ 49,795	$ 19,113

Fair Value Measurements - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) position	May 08, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net impairment charge		$ 6,772,000
Impairment charge		0	$ 0
Contingent consideration, non-current		632,000	1,172,000
Contingent consideration, current			3,300,000
Adjustment in the CVR liability			$ 900,000
Positions that were in unrealized loss positions \| position			9
Remaining contractual maturities of available-for-sale securities			1 year
Average maturity of investments upon acquisition			9 months
Surface Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the contingent consideration	$ 3,800,000
Contingent consideration, non-current		500,000
Contingent consideration, current	0
Novartis Institutes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge	10,600,000
Novartis Institutes \| Surface Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net impairment charge	$ 6,800,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense
Impairment charge	$ 10,600,000
Royalty Fee Derivative Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the Royalty Fee Derivative		13,600,000		$ 9,200,000
Charge recorded		$ 4,400,000

Organization and Significant Accounting Policies - Cost of Goods Sold (Details) - USD ($) $ in Thousands		12 Months Ended
	May 02, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization and Significant Accounting Policies
Inventory write-downs, net		$ 14,143	$ 52,595	$ 26,000
Bioeq IP AG
Organization and Significant Accounting Policies
Percentage of gross profits shared	50.00%
LOQTORZI
Organization and Significant Accounting Policies
Percentage Of royalties on net sales	20.00%	20.00%

Financial Liabilities - Revenue Purchase and Sale Agreement - Narrative (Details) - Revenue Purchase and Sale Agreement - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	May 08, 2024
Embedded Derivative [Line Items]
Revenue Purchase and Sale Agreement, Purchase price			$ 37.5
Purchase price multiplier			2.25
Discount on revenue participation liability from allocation of purchase price to the embedded derivative		$ 9.2
Issuance costs on revenue participation liability		1.4
Amortization of discount and issuance costs		1.3
Subsequent Event
Embedded Derivative [Line Items]
Right to receive royalty amount	$ 47.7
Interest expense
Embedded Derivative [Line Items]
Interest expense, inclusive of the amortization of discount and issuance costs		$ 7.2
UDENYCA
Embedded Derivative [Line Items]
Revenue payment, Percentage of U.S. net sales			5.00%
UDENYCA and LOQTORZI
Embedded Derivative [Line Items]
Revenue payment, Percentage of U.S. net sales			0.50%

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Schedule of Financial Assets and Liabilities Measured on a Recurring Basis


	Fair Value Measurements
	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents	$	125,549	$	—	$	—	$	125,549
Financial Liabilities:
Royalty Fee Derivative Liability	$	—	$	—	$	13,620	$	13,620
Contingent consideration		—		—		632		632
Total	$	—	$	—	$	14,252	$	14,252


	Fair Value Measurements
	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents⁽¹⁾	$	88,460	$	998	$	—	$	89,458
Marketable debt securities:
U.S. government agency securities		5,195		—		—		5,195
U.S. treasury securities		2,993		—		—		2,993
Commercial paper and corporate notes		—		6,669		—		6,669
Prepaid financial instrument in Prepaid manufacturing⁽²⁾		—		—		625		625
Total	$	96,648	$	7,667	$	625	$	104,940
Financial Liabilities:
Contingent consideration	$	—	$	—	$	4,472	$	4,472

(1)	Cash equivalents consist of money market funds, U.S treasury securities, and commercial paper and corporate notes with original maturities of 90 days or less.

(2)	Relates to Optional Stock Purchase Agreement.

Schedule of Cash and cash equivalents, marketable securities and restricted cash


	December 31, 2024
(in thousands)	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	125,549	$	—	$	—	$	125,549


	December 31, 2023
(in thousands)	Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	79,484	$	—	$	—	$	79,484
U.S. government agency securities		5,200		—		(5)		5,195
U.S. treasury securities		11,967		2		—		11,969
Commercial paper and corporate notes		7,673		—		(6)		7,667
Total	$	104,324	$	2	$	(11)	$	104,315

Inventory - Balance Sheet Classifications (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory
Inventory	$ 70,094	$ 62,605
Inventory, non-current	43,776	67,495
Total	$ 113,870	$ 130,100

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income (loss)	$ 28,507	$ (237,892)	$ (291,754)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	5,276	3,791	3,699
Stock-based compensation expense	27,802	43,110	50,737
Impairment of out-license asset and remeasurement of CVR liability, net	6,772
Loss on debt extinguishment	12,630		6,222
Gain on Sale Transactions, net (Note 6)	(176,589)
Inventory write-downs, net	14,143	52,595	26,000
Non-cash interest expense from amortization of debt and other financial liabilities discount and issuance costs	4,159	2,407	6,431
Non-cash operating lease expense	1,394	2,476	2,503
Option payment to Junshi Biosciences			35,000
Change in fair value of derivatives	5,043	375
Other non-cash adjustments, net	(5,471)	(4,920)	(705)
Changes in operating assets and liabilities:
Trade receivables, net	149,350	(150,683)	13,052
Inventory	(31,952)	(46,734)	(47,348)
Prepaid manufacturing	4,664	2,027	(4,214)
Other prepaid, current and non-current assets	(838)	16,155	(13,424)
Accounts payable	(3,938)	23,760	(4,548)
Accrued rebates, fees and reserves	(6,065)	113,105	(24,566)
Accrued compensation	1,549	(5,373)	596
Accrued and other current and non-current liabilities	(56,876)	10,917	1,195
Net cash used in operating activities	(20,440)	(174,884)	(241,124)
Investing activities
Proceeds from maturities of investments in marketable securities	6,200	144,360
Proceeds from sale of investments in marketable securities	8,688	13,282
Cash and cash equivalents acquired as part of the Surface Acquisition		6,997
Milestone and option payments to Junshi Biosciences	(12,500)		(35,000)
Purchases of investments in marketable securities		(19,507)	(127,382)
Other investing activities, net	110	(492)	(4,468)
Net cash provided by (used in) investing activities	230,321	144,640	(166,850)
Financing activities
Proceeds from Revenue Purchase and Sale Agreement, net of issuance costs	36,486
Proceeds from issuance of common stock upon exercise of stock options	291	694	691
Proceeds from purchase under the employee stock purchase plan	926	1,809	2,320
Taxes paid related to net share settlement	(2,476)	(3,587)	(3,744)
Repayment of 2022 Convertible Notes and premiums			(109,000)
Other financing activities	(248)	(1,034)	(1,228)
Net cash (used in) provided by financing activities	(186,974)	69,600	54,326
Net increase (decrease) in cash, cash equivalents and restricted cash	22,907	39,356	(353,648)
Cash, cash equivalents and restricted cash at beginning of period	103,343	63,987	417,635
Cash, cash equivalents and restricted cash at end of period	126,250	103,343	63,987
Supplemental disclosure of cash flow information
Cash paid for interest	25,376	37,857	34,878
Income taxes paid (refunded), net	(114)	(118)	40
Supplemental disclosures of non-cash activities
Capitalized and accrued milestone payment during the period to Junshi Biosciences		25,000
Stock issued under Optional Stock Purchase Agreement		8,179
Non-cash employee bonuses settled in common stock	4,408
CIMERLI ophthalmology franchise
Investing activities
Cash received from Sale (Note 6)	187,823
YUSIMRY Sale
Investing activities
Cash received from Sale (Note 6)	40,000
2025 Term Loan
Financing activities
Repayment of Term Loan, premiums and exit fees			(81,750)
2027 Term Loans
Financing activities
Proceeds from Term Loan, net of debt discount and issuance costs			240,679
Repayment of Term Loan, premiums and exit fees	(260,387)
2029 Term Loans
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Non-cash interest expense from amortization of debt and other financial liabilities discount and issuance costs	201
Financing activities
Proceeds from Term Loan, net of debt discount and issuance costs	36,979
ATM Offering
Financing activities
Proceeds from issuance of common stock, net of issuance costs	$ 1,455	18,093	$ 6,358
Public Offering
Financing activities
Proceeds from issuance of common stock, net of issuance costs		$ 53,625

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating cash flows from operating leases	$ 2,095	$ 3,560	$ 3,401
Operating cash flows from finance leases	24	145	155
Financing cash flows from finance leases	$ 248	1,034	1,228
Operating leases		$ 2,653
Finance leases			$ 2,694

Organization and Significant Accounting Policies - Operating and Finance Leases (Details)	Dec. 31, 2024
Organization and Significant Accounting Policies
Term of leases	36 months

Stock-Based Compensation and Employee Benefits - Restricted Stock Units - Additional Information (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total grant date fair value of RSUs vested	$ 15,101	$ 18,381	$ 13,598
Total grant date fair value of RSUs granted	$ 4,408	$ 11,386	$ 22,502
Weighted-Average Grant Date Fair Value, RSUs granted	$ 2.23	$ 8.93	$ 13.34

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details