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^[1]

278

^[1]

107

Property and equipment, net

17,950

5,688

^[1]

Total current assets

118,875

45,677

^[1]

3,680

1,743

^[1]

Intangible assets

2,620

Goodwill

943

Other assets

3,064

^[1]

Total assets

129,182

47,447

^[1]

Liabilities, Convertible Preferred Stock and Stockholders’ Deficit

Accounts payable

4,411

3,302

^[1]

Accrued and other liabilities

4,963

383

^[1]

7,801

7,279

^[1]

Convertible notes - related parties

25,176

14,283

^[1]

Convertible notes

^[1]

1,111

^[1]

3,092

Contingent consideration

3,430

Total current liabilities

2,296

24,251

^[1]

48,077

53,701

^[1]

43,526

28,567

^[1]

Contingent consideration, non-current

27,650

7,500

^[1]

620

Other liabilities, non-current

130

^[1]

Total liabilities

120,003

89,829

^[1]

Commitments and contingencies (Note 8)

^[1]

Common stock, $0.0001 par value; Shares authorized: 57,000,000 and 46,598,700 share at September 30, 2014 and December 31, 2013, respectively; Shares issued and outstanding: 4,624,432 and 4,837,715 shares at September 30, 2014 and December 31, 2013, respectively

161,164

54,695

Stockholders’ deficit:

^[1]

Additional paid-in capital

5,888

2,514

^[1]

Accumulated other comprehensive loss

(128)

Accumulated deficit

(157,591)

(99,592)

^[1]

Total Coherus stockholders' deficit

(151,830)

(97,077)

^[1]

Non-controlling interest

(155)

Total stockholders' deficit

(151,985)

(97,077)

^[1]

Total liabilities, convertible preferred stock and stockholders’ deficit

129,182

47,447

^[1]

Series A Convertible Preferred Stock

Liabilities, Convertible Preferred Stock and Stockholders’ Deficit

Series B Convertible Preferred Stock

1,191

^[1]

Liabilities, Convertible Preferred Stock and Stockholders’ Deficit

Series C Convertible Preferred Stock

94,630

$ 53,504

^[1]

Liabilities, Convertible Preferred Stock and Stockholders’ Deficit

Adjustments to reconcile net loss to net cash provided by operating activities:

$ 65,343

[1]	Amounts have been derived from the December 31, 2013 audited financial statements included in the Company’s registration statement on Form S-1 (No. 333-198906) filed with the Securities and Exchange Commission on November 6, 2014

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2014	Dec. 31, 2013
Convertible preferred stock, shares authorized	36,207,039	28,090,997
Convertible preferred stock, shares issued	21,131,217	9,153,906
Convertible preferred stock, shares outstanding	21,131,217	9,153,906
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	57,000,000	46,598,700
Common stock, shares issued	4,624,432	4,837,715
Common stock, shares outstanding	4,624,432	4,837,715
Series A Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	1,727,448	1,800,000
Convertible preferred stock, shares issued	972,330	972,330
Convertible preferred stock, shares outstanding	972,330	972,330
Series B Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	23,479,591	26,290,997
Convertible preferred stock, shares issued	13,601,909	8,181,576
Convertible preferred stock, shares outstanding	13,601,909	8,181,576
Series C Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	11,000,000	0
Convertible preferred stock, shares issued	6,556,978	0
Convertible preferred stock, shares outstanding	6,556,978	0

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue:
Collaboration and license revenue	$ 16,052	$ 506	$ 24,613	$ 1,519
Operating expenses:
Research and development (includes related party of $4,917 and $548 for the three months ended September 30, 2014 and 2013, respectively; and $15,698 and $8,271 for the nine months ended September 30, 2014 and 2013, respectively)	18,496	4,934	51,357	22,057
General and administrative (includes related party of $362 and $0 for the three months ended September 30, 2014 and 2013, respectively; and $507 and $0 for the nine months ended September 30, 2014 and 2013, respectively)	3,979	2,355	11,378	4,968
Total operating expenses	22,475	7,289	62,735	27,025
Loss from operations	(6,423)	(6,783)	(38,122)	(25,506)
Interest expense (includes related party of $0 and $1,595 for the three months the ended September 30, 2014 and 2013, respectively; and $2,687 and $1,595 for nine months ended September 30, 2014 and 2013, respectively)	(1)	(1,992)	(3,900)	(1,992)
Other expense, net	(1,490)	(12,698)	(16,132)	(11,546)
Net loss	(7,914)	(21,473)	(58,154)	(39,044)
Net loss attributable to non-controlling interest	42		155
Net loss attributable to Coherus	$ (7,872)	$ (21,473)	$ (57,999)	$ (39,044)
Net loss per share attributable to Coherus, basic and diluted	$ (1.79)	$ (6.23)	$ (13.62)	$ (12.48)
Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted	4,409,703	3,444,484	4,258,770	3,128,380
Baxter License Agreement
Revenue:
Collaboration and license revenue	$ 15,620		$ 23,168
Daiichi Sankyo License Agreement - Related Party
Revenue:
Collaboration and license revenue	$ 432	$ 506	$ 1,445	$ 1,519

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Research and development from transactions with related party	$ 4,917	$ 548	$ 15,698	$ 8,271
Interest expense from transactions with related party	0	1,595	2,687	1,595
General and administrative expenses from transactions with related party	$ 362	$ 0	$ 507	$ 0

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (7,914)	$ (21,473)	$ (58,154)	$ (39,044)
Other comprehensive loss:
Foreign currency translation adjustments, net of tax	(160)		(128)
Comprehensive loss	(8,074)	(21,473)	(58,282)	(39,044)
Comprehensive loss attributable to non-controlling interest	42		155
Comprehensive loss attributable to Coherus	$ (8,032)	$ (21,473)	$ (58,127)	$ (39,044)

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Operating activities

Net loss

$ (58,154)

$ (39,044)

Depreciation and amortization

439

296

Remeasurement of contingent consideration

2,740

Remeasurement of convertible preferred stock warrant and embedded derivative liabilities

15,373

3,774

Fair value of warrants in excess of debt proceeds recognized at issuance

3,669

Fair value of embedded derivative in excess of debt proceeds recognized at issuance

4,096

Preferred stock issued in exchange for services

147

7,579

Non-cash interest expense

3,897

1,993

Gain on extinguishment of 2013 Notes

(2,048)

Stock-based compensation expense

7,236

1,734

Changes in operating assets and liabilities:

278

157

107

(12,157)

(1,062)

Other current assets

Other assets

(476)

Accounts payable

552

(1,039)

Accrued and other liabilities

4,580

(1,106)

498

735

Deferred revenue

25,885

23,481

Advance payments under license agreements with related party

118

Other liabilities, non-current

20,150

5,000

311

Net cash provided by operating activities

9,358

10,437

Investing activities

Net cash acquired from acquisition of InteKrin Therapeutics, Inc.

2,334

Purchases of property and equipment

(2,360)

(225)

Net cash used in investing activities

(26)

(225)

Financing activities

Proceeds from issuance of convertible preferred stock, net of issuance costs

54,660

Proceeds from issuance of convertible notes

2,900

Proceeds from issuance of convertible notes - related parties

7,050

Proceeds from issuance of convertible preferred stock upon exercise of warrants

Proceeds from issuances of common stock upon exercise of stock options

Repurchase of restricted common stock

(2)

Payment of costs related to initial public offering

(2,561)

Net cash provided by financing activities

52,190

9,956

Effect of exchange rate changes in cash and cash equivalents

(201)

Net increase in cash and cash equivalents

61,321

20,168

Cash and cash equivalents at beginning of period

39,554

^[1]

14,548

Cash and cash equivalents at end of period

$ 100,875

$ 34,716

[1]	Amounts have been derived from the December 31, 2013 audited financial statements included in the Company’s registration statement on Form S-1 (No. 333-198906) filed with the Securities and Exchange Commission on November 6, 2014

Organization and Operations

9 Months Ended

Sep. 30, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Operations

1.	Organization and Operations

Description of the Business

Coherus BioSciences, Inc. (the “Company”, “Coherus”, “we”, “our” or “us”) was incorporated in the state of Delaware as BioGenerics, Inc. in September 2010 and changed its name to Coherus BioSciences, Inc. in April 2012. The Company is a late-stage clinical biologics platform company, focused on the global biosimilar market. The Company’s headquarters and laboratories are located in Redwood City, California and in Camarillo, California, respectively. The Company operates in one segment.

The Company’s clinical stage pipeline consists of two anti-inflammatory agents targeting tumor necrosis factor, or TNF, and a long-acting form of granulocyte colony-stimulating factor, or G-CSF. The Company’s most clinically advanced anti-TNF product candidate, CHS-0214, is being developed as an etanercept (Enbrel) biosimilar that the Company has partnered with Baxter International Inc., Baxter Healthcare Corporation and Baxter Healthcare SA (collectively “Baxter”) and Daiichi Sankyo Company, Limited (“Daiichi Sankyo”) to develop and commercialize in key markets outside of the United States. The Company is currently enrolling two Phase 3 clinical trials with CHS-0214 to support the planned filing of a marketing application in Europe in 2016. The Company’s second anti-TNF product candidate, CHS-1420, is being developed as an adalimumab (Humira) biosimilar. This product successfully completed a pivotal Phase 1 PK study in August 2014 by meeting the primary study endpoint. The Company plans to initiate a Phase 3 trial during the first half of 2015 to support the planned filing of a marketing application in the United States in 2016 and the European Union, or E.U., in 2017. The Company’s long-acting G-CSF product candidate, CHS-1701, is being developed as a pegfilgrastim (Neulasta) biosimilar.

On November 6, 2014, the Company’s registration statement on Form S-1 (File No. 333-198936) relating to its initial public offering (“IPO”) of its common stock was declared effective by the Securities and Exchange Commission (“SEC”) and the shares began trading on The NASDAQ Global Market on November 6, 2014. The price of the shares sold in the IPO was $13.50 per share. The IPO closed on November 12, 2014, pursuant to which the Company sold 6,803,702 shares of common stock, including the sale of 507,402 shares of common stock to the underwriters upon their partial exercise of their over-allotment option. The Company received total gross proceeds from the offering of $91.8 million, after deducting underwriting discounts and commissions of $6.4 million and offering expenses of approximately $5.0 million, the net proceeds were approximately $80.4 million. Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into 21,131,217 shares of common stock and all outstanding warrants for convertible preferred stock and common stock were exercised, for cash or on a net exercise basis, into 676,882 shares of common stock.

Upon the effectiveness of the Amended and Restated Certificate of Incorporation of the Company on November 12, 2014, the number of shares of capital stock the Company is authorized to issue was increased to 300,000,000 shares of common stock and 5,000,000 shares of preferred stock. Both the common stock and preferred stock have a par value of $0.0001 per share.

Need to Raise Additional Capital

As of September 30, 2014, the Company had an accumulated deficit of $157.6 million and cash and cash equivalents of $100.9 million. In November 2014, the Company completed its IPO and raised net proceeds of approximately $80.4 million, after deducting underwriting discounts and commissions and offering expenses. The Company believes that its current available cash and cash equivalents together with the cash received from the IPO, will be sufficient to fund its planned expenditures and meet the Company’s obligations through at least the next twelve months. However, if the anticipated operating results are not achieved in future periods, the planned expenditures may need to be reduced in order to extend the time period over which the then-available resources would be able to fund the operations. The Company will need to raise additional funds in the future, however there can be no assurance that such efforts will be successful or that, in the event that they are successful, the terms and conditions of such financing will be favorable.

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2.	Basis of Presentation and Summary of Significant Accounting Policies

Unaudited Condensed Consolidated Financial Statements

The accompanying condensed consolidated financial statements include the accounts of Coherus and its wholly owned subsidiaries as of September 30, 2014: Coherus Intermediate Corp, InteKrin Therapeutics, Inc. (“InteKrin”), and its 82.5% majority owned subsidiary of InteKrin Russia. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities Act of 1933, as amended (Securities Act). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the financial position and the results of the Company’s operations and cash flows. Interim-period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period.

The accompanying condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s final prospectus filed pursuant to Rule 424(b) under the Security Act of 1933, as amended, relating to the Company’s Registration Statement (No. 333-198936) filed with the SEC on November 6, 2014.

Reverse Stock Split

In October 2014, the Company’s board of directors and its stockholders approved the filing of an amended and restated certificate of incorporation to effect a reverse split of the then outstanding shares of the Company’s preferred stock and common stock on a 1-for-1.667 basis (the “Reverse Stock Split”). All information in these financial statements related to the number of shares, price per share and per share amounts of stock, and shares issuable under stock options and warrants have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. The Reverse Stock Split was effectuated on November 5, 2014.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its common stock valuation and related stock-based compensation, the valuations of the convertible preferred stock warrant liability and embedded derivative instruments, valuation of deferred tax assets, convertible preferred stock financing option, clinical trial accruals, revenue recognition period, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Foreign Currency

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

Segment Reporting

The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing biosimilar products, and small molecules as part of the InteKrin acquisition (see Note 6). The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. Long-lived assets are primarily maintained in the United States of America.

Deferred Offering Costs

Deferred offering costs, which primarily consist of direct incremental legal and accounting fees relating to the IPO, are capitalized. The deferred offering costs were offset against IPO proceeds upon the closing of the IPO on November 12, 2014. As of September 30, 2014, $3.0 million of deferred offering costs were capitalized in other assets on the condensed consolidated balance sheet. No deferred offering costs were capitalized as of December 31, 2013.

Derivative Liability

The Company has a derivative liability related to the contingent consideration associated with the acquisition of InteKrin. There are two contingent payments: (i) the completion of the first dosing of a human subject in the first Phase 2 clinical trial for InteKrin, (“Earn-Out Payment”) and (ii) upon the execution of any license, sublicense, development, collaboration, joint venture, partnering or similar agreement between the Company and the third party (“Compound Transaction Payment”). The derivative related to the contingent consideration is accounted for as a liability and remeasured to fair value as of each balance sheet date and the related remeasurement adjustment is recognized as other income (expense), net in the statement of operations. The Company determined the fair value of the two contingent consideration scenarios (the Earn-Out Payment and the Compound Transaction Payment) using a probability-weighted discounted cash flow approach. A probability-weighted value was determined by summing the probability of achieving a contingent payment threshold by the respective contingent payment. The expected cash flows were discounted at a rate selected to capture the risk of achieving the contingent payment thresholds and earning the contingent payments. This risk is comprised of InteKrin’s continued development, a specific risk factor associated with meeting the contingent consideration threshold and related payout and counterparty risk associated with the payment of the contingent consideration.

Customer Concentration

Customers whose collaboration and license revenue accounted for 10% or more of total revenues were as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Daiichi Sankyo - related party		*			100	%		*			100	%
Baxter		97	%	—				94	%	—

* less than 10%

Revenue Recognition

The Company recognizes revenue when persuasive evidence of an arrangement exists; transfer of technology has been completed, services have been performed or products have been delivered; the fee is fixed and determinable; and collection is reasonably assured.

The Company enters into collaboration and license agreements for the development and commercialization of biosimilar products. The Company’s performance obligations under the terms of these agreements may include (i) transfer of intellectual property rights (licenses), (ii) providing research and development services, (iii) the manufacture of drug materials for development purposes and (iv) participation on certain committees with the collaborators. Payments to the Company under these agreements may include nonrefundable upfront license fees, payments for research and development services, payments for the manufacture of drug materials, payments based upon the achievement of defined collaboration objectives and royalties on product sales. Under these agreements, the Company may convey the right to sell products resulting from the collaborative efforts of the parties in specific geographic territories.

For revenue agreements with multiple elements, the Company identifies the deliverables included within the agreement and evaluates which deliverables may represent separate units of accounting based on the achievement of certain criteria, including whether the delivered element has stand-alone value to the collaborator. Deliverables under the arrangement are a separate unit of accounting if (i) the delivered item has value to the customer on a standalone basis and (ii) if the arrangement includes a general right of return relative to the delivered item and delivery or performance of the undelivered items are considered probable and substantially within the Company’s control.

The Company determines how to allocate arrangement consideration to identified units of accounting based on the selling price hierarchy provided under the relevant guidance. The selling price used for each unit of accounting is based on vendor-specific objective evidence, if available, third-party evidence if vendor-specific objective evidence is not available or estimated selling price if neither vendor-specific nor third-party evidence is available. Management may be required to exercise considerable judgment in determining whether a deliverable is a separate unit of accounting and in estimating the selling prices of identified units of accounting under its agreements.

Upfront payments received in connection with licenses of the Company’s technology rights are deferred if facts and circumstances dictate that the license does not have stand-alone value. Such payments are recognized as license revenue over the estimated period of performance that is generally consistent with the terms of the research and development obligations contained in the specific collaboration and license agreement. The Company regularly reviews the estimated period of performance based on the progress made under each arrangement. Amounts received as funding of research and development activities are recognized as revenue if the collaboration arrangement involves the sale of the Company’s research or development services. However, such funding is recognized as a reduction in research and development expense when the Company engages in a research and development project jointly with another entity, with both entities participating in project activities and sharing costs and potential benefits of the arrangement.

Payments that are contingent upon the achievement of a substantive milestone are recognized in their entirety in the period in which the milestone is achieved, assuming all other revenue recognition criteria are met. Milestones are defined as an event that can only be achieved based on the Company’s performance and there is substantive uncertainty about whether the event will be achieved at the inception of the arrangement. Events that are contingent only on the passage of time or only on counterparty performance are not considered milestones under accounting guidance. The Company’s evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the Company’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (b) the consideration relates solely to past performance and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment.

Other contingent payments in which a portion of the payment is refundable or adjusts based on future performance or non-performance (e.g., through a penalty or claw-back provision) are not considered to relate solely to the Company’s past performance, and therefore, not considered substantive. Non-substantive contingent payments are classified as deferred revenue if they are ultimately expected to result in revenue recognition. The Company recognizes non-substantive contingent payments over the remaining estimated period of performance once the specific objective is achieved. Any portion of the non-substantive contingent payments which may be required to be refunded to the collaborator are not included in deferred revenue and instead are reflected as contingent liability to collaborator on the condensed consolidated balance sheets.

Contingent payments associated with the achievement of specific objectives in certain contracts that are not considered substantive because the Company does not contribute effort to the achievement of such milestones are recognized as revenue upon achievement of the objective, as long as there are no undelivered elements remaining and no continuing performance obligations by the Company, assuming all other revenue recognition criteria are met.

The government contract with the Russian government is an agreement that provides the Company with payments for certain types of expenditures in return for research and development activities over a contractually defined period. Revenue from the government contract is recognized in the period during which the related costs are incurred and the related services are rendered, provided that the funds received are not refundable and applicable conditions under the government contract have been met. Funds received in advance are recorded as deferred revenue.

Comprehensive Loss

Comprehensive loss is composed of two components: net loss and other comprehensive income (loss). Other comprehensive income (loss) refers to gains and losses that under U.S. GAAP are recorded as an element of stockholders’ equity (deficit), but are excluded from net loss. The Company’s other comprehensive loss included foreign currency translation adjustments for the three and nine months ended September 30, 2014.

Net Loss per Share Attributable to Coherus

Basic net loss per share attributable to Coherus is calculated by dividing the net loss attributable to Coherus by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common shares. Since the Company was in a loss position for all periods presented, basic net loss per share attributable to Coherus is the same as diluted net loss per share attributable to Coherus as the inclusion of all potential dilutive common shares would have been anti-dilutive. Shares of founders common stock subject to repurchase are excluded from the calculation of weighted average shares as the vesting of such shares is contingent upon continued services being rendered by such holders.

Recent Accounting Pronouncements

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In doing so, companies will have reduced diversity in the timing and content of footnote disclosures than under today’s guidance. ASU 2014-15 is effective for the Company in the first quarter of 2016 with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2014-15 will have on its consolidated financial statements and related disclosures.

Fair Value Measurements

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

3.	Fair Value Measurements

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

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

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

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

The Company’s financial instruments consist of Level 1 assets and Level 3 liabilities. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds that are included in cash and cash equivalents, and restricted cash. There were no unrealized gains and losses in the Company’s investments in these money market funds.

In certain cases where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3. Level 3 liabilities consist of the convertible preferred stock warrant liability, embedded derivative instruments and contingent consideration.

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

	Fair Value Measurements
	September 30, 2014
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds		32		32		—		—
Restricted cash (money market funds)		50		50		—		—
Total financial assets	$	82	$	82	$	—	$	—
Liabilities:
Convertible preferred stock warrant liability	$	2,296	$	—	$	—	$	2,296
Contiengent consideration		4,050		—		—		4,050
Total financial liabilities	$	6,346	$	—	$	—	$	6,346

	Fair Value Measurements
	December 31, 2013
	Total		Level 1		Level 2		Level 3
Assets:
Restricted cash (money market funds)	$	50	$	50	$	—	$	—
Liabilities:
Convertible preferred stock warrant liability	$	24,251	$	—	$	—	$	24,251

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

Preferred Stock Warrant Liability

The fair value of the convertible preferred stock warrants was determined based on Level 3 inputs. The Company determined the fair value of the warrants by allocating the Company’s equity value using a combination of the Probability-Weighted Expected Return Method (“PWERM”) and the Option-Pricing Method (“OPM”). The Company’s equity value was allocated among preferred stock, common stock, warrants and stock options expected to be outstanding at the expected future liquidity events based on the rights and preferences of each class. The OPM considers a distribution of future equity values based on the time to liquidity and the expected volatility in the total equity value. Inputs to the OPM include assumptions related to the fair value of the shares, the exercise price, expected volatility, expected term, risk-free interest rate, and the expected dividend yield. The estimated expected volatility was based on the volatility of common stock of a group of comparable, publicly-traded companies. The estimated expected term was based on the estimated time to liquidity event. The risk-free interest rate was based on the U.S. Treasury yield for a term consistent with the estimated expected term. The significant unobservable input used in the fair value measurement of the convertible preferred stock warrant liability is the fair value of the underlying preferred stock at the valuation remeasurement date.

The PWERM considers specific future equity values based on knowledge of a potential transaction or IPO. The range of future equity values is probability-weighted and discounted at a risk-adjusted rate. Some of the valuations applied a combination of the two allocation methods to capture the fair value of the warrants. As of September 30, 2014, the warrants were valued using the PWERM exclusively based on the expectation for an IPO in November 2014. The size of the IPO and the implied pre-money total equity values were used to support the warrants value. Generally, increases (decreases) in the fair value of the underlying preferred stock would result in a directionally similar impact to the fair value measurement. The change in the fair value of the convertible preferred stock warrant liability is recognized in other expense, net within the condensed consolidated statement of operations.

The following table sets forth a summary of the changes in the estimated fair value of the convertible preferred stock warrants (in thousands):

Balance as of December 31, 2013	$	24,251
Warrants exercised		(37,328	)
Change in fair value of convertible preferred stock warrant liability		15,373
Balance as of September 30, 2014	$	2,296

Contingent Consideration

As part of the InteKrin acquisition, the Company recognized contingent consideration associated with payments to be made to the former InteKrin stockholders upon the achievement of certain events specified in the agreements (see Note 6). This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The Company valued the two contingent consideration scenarios (the Earn-Out Payment and the Compound Transaction Payment) using a probability-weighted discounted cash flow approach. A probability of reaching each contingent consideration threshold was estimated by Company’s management. As of September 30, 2014, the Earn-Out Payment is expected to occur in January 2015 with an 80% probability of occurrence. As part of the analysis, a 25% risk-adjusted discount rate was used to measure a present value. A separate credit spread was not applied to the Earn-Out Payment fair value since the consideration is to be made in Preferred Series B shares. The size of the contingent consideration is a fixed number of Series B shares, but the value fluctuates with the value of a Series B share. The Compound Transaction applied the same 25% risk-adjusted discount rate and also captured an additional 6% credit spread for counterparty credit risk given the cash payment. The Company’s management estimates of probability of occurrence and timing were used to formulate an expected cash flow. The size of the consideration is tiered based on the size of a license or similar agreement with a third party and the timing of such agreement. The change in the fair value of the contingent consideration liability is recognized in other expense, net within the condensed consolidated statement of operations.

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

Balance as of February 12, 2014 (acquisition date)	$	1,310
Change in fair value of the contingent consideration liability		2,740
Balance as of September 30, 2014	$	4,050

Organization Consolidation And Presentation Of Financial Statements [Abstract]

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

+ References + Details

Balance Sheet Components

9 Months Ended

Sep. 30, 2014

Balance Sheet Components

4.	Balance Sheet Components

Prepaid Assets

Prepaid assets are as follows (in thousands):

	September 30,		December 31,
	2014		2013
Prepaid clinical, material, manufacturing and other - related parties	$	5,542	$	3,177
Prepaid clinical, material and manufacturing		10,694		1,758
Prepaid other		1,714		753
Prepaid assets	$	17,950	$	5,688

Property and Equipment, Net

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

	September 30,			December 31,
	2014			2013
Machinery and equipment	$	3,591		$	2,051
Computer equipment and software		225			79
Furniture and fixtures		288			147
Leasehold improvements		385			91
Construction in progress		255			—
Total property and equipment	$	4,744		$	2,368
Accumulated depreciation and amortization		(1,064	)		(625	)
Property and equipment, net	$	3,680		$	1,743

Depreciation expense was $192,000 and $101,000 for the three months ended September 30, 2014 and 2013, respectively, and $439,000 and $296,000 for the nine months ended September 30, 2014 and 2013, respectively.

Accrued and Other Liabilities

Accrued and other liabilities are as follows (in thousands):

	September 30,		December 31,
	2014		2013
Accrued clinical, manufacturing and other - related parties	$	3,248	$	2,792
Accrued compensation		1,322		1,549
Accrued professional and consulting fees		20		995
Accrued other		3,154		1,922
Other current liabilities		57		21
Accrued and other liabilities	$	7,801	$	7,279

Collaboration and License Agreements

9 Months Ended

Sep. 30, 2014

Collaboration And License Agreements [Abstract]

Collaborative and License Agreements

5.	Collaboration and License Agreements

The Company recognized revenue related to the collaboration and license agreements for the periods presented as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Daiichi Sankyo - related party	$	432	$	506	$	1,445	$	1,519
Baxter		15,620		—		23,168		—
Total collaboration and license revenue	$	16,052	$	506	$	24,613	$	1,519

Daiichi Sankyo

In January 2012, the Company entered into a license agreement with Daiichi Sankyo, under which the Company granted certain licenses to Daiichi Sankyo to develop and commercialize biosimilar forms of etanercept and rituximab in Japan, Taiwan, and South Korea with an option to develop in China. Upon execution of the agreement, Daiichi Sankyo paid a non-refundable, upfront license fee of $10.0 million which had been recorded as deferred revenue and is being amortized over the remaining estimated performance period under the agreement using the straight line method.

As of September 30, 2014, $4.6 million of revenue was deferred, of which $1.7 million was included in current liabilities and $2.9 million was included in non-current liabilities in the condensed consolidated balance sheet. As of December 31, 2013, $6.1 million of revenue was deferred under all arrangements with Daiichi Sankyo, of which $2.0 million was included in current liabilities and $4.1 million was included in non-current liabilities in the condensed consolidated balance sheet.

In June 2013, the Company and Daiichi Sankyo entered into a Memorandum of Understanding No. 1 (the “MOU 1”) in which both parties agreed to cooperate and share costs to conduct a global Phase 1 study of a biosimilar form of etanercept. This program was not originally contemplated in the license agreement. The amounts received from Daiichi Sankyo under this cost sharing responsibility are recognized as a reduction in research and development expense as the Company engages in a research and development project jointly with Daiichi Sankyo, with both parties incurring costs while actively participating in development activities and both parties sharing costs and potential benefits of the arrangement.

In January 2014, the Company and Daiichi Sankyo entered into the Memorandum of Understanding No. 2 (the “MOU 2”) in which both parties agreed to cooperate to conduct a global Phase 3 clinical trial in rheumatoid arthritis and that Daiichi Sankyo will be responsible for a minimum of 20% of the cost of the clinical trial. Also, both parties entered into a clinical supply agreement contemporaneously with the MOU 2 in which the Company will supply finished study drug and study comparator drug for Daiichi Sankyo’s use in the Japanese portion of the product’s clinical trial. Daiichi Sankyo reimburses these research and development costs in quarterly advance payments, in which the Company will recognize the advance payment as a reduction in the research and development expense when the research and development activity has been performed. There were no advance payments outstanding as of September 30, 2014.

The Company recognized in its condensed consolidated statements of operations a reduction of research and development expense related to the costs reimbursed by Daiichi Sankyo of $1.2 million and $0.7 million for the three months ended September 30, 2014 and 2013, respectively, and $3.6 million and $1.2 million for the nine months ended September 30, 2014 and 2013, respectively.

Baxter

In August 2013, the Company entered into a license agreement with Baxter to develop and commercialize an etanercept biosimilar molecule, CHS-0214, worldwide, excluding the United States, Japan, Taiwan, South Korea, China and most of the Caribbean and South American nations. Under the terms of the license agreement, the Company will conduct the development and the regulatory activities, and Baxter will conduct the commercialization of the etanercept biosimilar product.

In consideration of the exclusive, royalty-bearing license to develop, commercialize and use the etanercept biosimilar product, Baxter made an upfront payment of $30.0 million to the Company. Additionally, the Company is eligible to receive up to $216.0 million in contingent payments composed of $96.0 million in clinical development payments and up to $120.0 million in regulatory milestone payments. In February 2014, the agreement was amended to increase the payment by $5.3 million therefore the Company is eligible to receive up to $221.3 million in contingent payments comprised of $101.3 million in clinical development payments and up to $120.0 million in regulatory milestone payments.

The upfront payment of $30.0 million and clinical development payments of up to $101.3 million include $71.3 million of contingent payments that are intended to cover development related expenses incurred by the Company, but potentially reimbursable, in part, to Baxter under certain limited circumstances. Additionally, the amounts that are contingent payments also contain a claw-back feature that, in the event that the Company commercializes the etanercept biosimilar molecule in the U.S., fifty percent (50%) of those contingent payments are refundable to Baxter. Therefore the Company recorded the portion of the non-substantive contingent payment that contains the claw-back feature as the contingent liability to collaborator on the consolidated balance sheets, and the portion of the non-substantive milestone payments that does not contain the claw-back feature was recorded as deferred revenue and recognized as collaboration and license revenue on a straight-line basis over the remaining estimated performance period. The $120.0 million of regulatory milestone payments which was consider as substantive will be recognize as revenue when each of the specific events is achieved.

As of September 30, 2014, $63.8 million of revenue was deferred under the arrangements with Baxter, of which $23.2 million was included in current liabilities and $40.6 million was included in non-current liabilities in the condensed consolidated balance sheet. As of September 30, 2014, $27.7 million was recorded as contingent liability to collaborator due to the potential refund of such amount to Baxter in the future. Additionally in September 2014, the Company received $10.0 million for the achievement of a substantive milestone pursuant to the license agreement and accordingly recognized the entire amount as collaboration and license revenue in its condensed consolidated statements of operations in the third quarter of 2014.

As of December 31, 2013, $36.8 million of revenue was deferred under the arrangements with Baxter, of which $12.3 million was included in current liabilities and $24.5 million was included in non-current liabilities in the condensed consolidated balance sheet. As of December 31, 2013, $7.5 million was recorded as contingent liability to collaborator in the condensed consolidated balance sheet due to the potential refund to Baxter.

Acquisition of InteKrin Therapeutics, Inc.

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Acquisition of InteKrin Therapeutics, Inc.

6.	Acquisition of InteKrin Therapeutics, Inc.

On January 8, 2014, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) to acquire all of the outstanding shares of InteKrin and its 82.5% majority owned subsidiary, InteKrin Russia. On February 12, 2014, the Company completed the acquisition of InteKrin (the “Merger”) for total consideration of $5.0 million.

Prior to the Merger, InteKrin was a privately held, clinical-stage biopharmaceutical company focused on the development and commercialization of novel drugs for the treatment of immune diseases such as multiple sclerosis. InteKrin’s primary product candidate is INT-131, which is in the clinical stage of development. Although INT-131 is a small molecule and not a protein, its therapeutic focus area was complementary to the Company’s emerging multiple sclerosis biosimilar product pipeline which consists of broader level, central nervous system anti-inflammatory drug candidates. This in turn was complementary to the Company’s systemic focus on anti-inflammatory drug candidates with the anti-tumor necrosis factor (TNF) portfolio composed of etanercept and adalimumab biosimilars. Additionally, the acquisition of InteKrin was a strategic transaction to obtain funding from new investors.

The Company accounted for the InteKrin acquisition as the purchase of a business. The Company expensed the related acquisition costs, consisting primarily of legal expenses in the amount of $134,000. These legal expenses are recorded in general and administrative expense in the condensed consolidated statement of operations for the nine months ended September 30, 2014. The total consideration of $5.0 million consists of: (a) issuance of 716,645 shares of Series B preferred stock with a fair value of $2.7 million, (b) assumption of InteKrin’s convertible promissory note payable to an InteKrin stockholder, which was concurrently paid off by issuing 243,841 shares of the Company’s Series B convertible preferred stock with a fair value of $1.0 million (c) cash payment of $1,485, and (d) contingent consideration of $1.3 million. The Company determined the fair value of the Series B convertible preferred stock of $3.8174 per share using the PWERM. The non-controlling interest was not deemed to be significant at acquisition.

Pro forma results of operations for this acquisition have not been presented as such results are not material to the Company’s results of operations for the nine months ended September 30, 2013 and 2014.

The following table summarizes the original fair value of the assets acquired and liabilities assumed (in thousands):

Cash	$	2,335
Prepaid and other assets		107
Accounts payable and other current liabilities		(1,027	)
In-process research and development (“IPR&D”)		2,620
Goodwill		943
Total consideration	$	4,978

In connection with the acquisition of InteKrin, the Company recorded a deferred tax liability related to the acquired in-process research and development. This deferred tax liability represents a new source of future taxable income, which required the release of a portion of InteKrin’s deferred tax asset valuation allowance equal to the deferred tax liability recorded. The deferred tax asset and liability are both classified as long term for purposes of the balance sheet presentation.

Intangible Asset — In-process Research and Development

The in-process research and development (“ IPR&D”) consists of InteKrin’s INT-131. The Company determined the fair value of the IPR&D based on the cost to recreate the asset to its current stage as the fair value is not determinable as a result of the lack of financial projections for this asset due to its early development stage. By applying this method, management estimated that $2.6 million of the acquisition consideration represents the fair value of the IPR&D. The IPR&D acquired through the InteKrin acquisition is treated as an indefinite-lived intangible asset and an annual impairment review will be performed by management. Once this product has been developed and commercialized, the useful life will be determined, and the carrying value of the finite-lived asset will be amortized prospectively over that estimated useful life. Alternatively, if the INT-131 product is abandoned, the carrying value of the IPR&D will be charged to research and development expense.

Contingent Consideration

The contingent consideration is made up of two potential payments as discussed below.

Contingent Consideration — Earn-out Payment: Upon completion of the first dosing of a human subject in the first Phase 2 clinical trial for InteKrin, InteKrin’s stockholders can earn a minimal cash payment and 358,310 shares of the Company’s Series B convertible preferred stock upon the successful achievement of this objective. At the acquisition date, the Company expected the first dosing to be completed in September 2014 and assigned a 75% success probability to the achievement of this event. As such, at the acquisition date, the fair value of the contingent consideration related to this earn-out payment was determined to be $0.8 million. As of the consummation of the IPO in November 2014, any such contingent consideration will be paid, if at all, by issuing shares of common stock rather than shares of Series B convertible preferred stock.

Contingent Consideration — Compound Transaction Payment: Upon the execution of any license, sublicense, development, collaboration, joint venture, partnering or similar agreement between the Company and a third-party or any agreement between the Company and such third-party to sell all of the assets related to the acquired InteKrin compound to such third-party, the Company will pay former InteKrin’s stockholders cash based on a certain percentage of fees received pursuant to such compound transaction. That payment ranges from 60% of the fees received within one year to 10% after the third anniversary of the date of the final dose administered to the final patient in Phase 2 clinical trial.

At the time of the acquisition, the Company estimated that the probability of achieving the compound transaction agreement event was 7.5% of the fair value of this contingent consideration based on a probability weighted determination of both the range of the amount and the likelihood of achieving the estimated payouts. At the acquisition date, the fair value of this contingent consideration from the compound transaction payment was determined to be $0.5 million.

At the acquisition date, the Company valued the two contingent consideration scenarios using a probability-weighted discounted cash flow approach. A probability of reaching each contingent consideration threshold was estimated by management. A probability-weighted value was determined by multiplying the probability of achieving a contingent payment threshold by the respective contingent payment. The expected cash flows were discounted at a rate selected to capture the risk of achieving the contingent payment thresholds and earning the contingent payment. This risk is composed of InteKrin’s continued development, a specific risk factor associated with meeting the contingent consideration threshold and related payout and counterparty risk associated with the payment of the contingent consideration.

As of September 30, 2014, the fair value of this contingent consideration liability increased to $4.0 million to reflect the updated fair value estimate of the liability and accordingly $1.0 million and $2.7 million was recognized as an expense in the condensed consolidated statement of operations during the three and nine months ended September 30, 2014, respectively. The increase in the updated fair value of the contingent consideration is due to changes in the Company’s estimate of reaching each contingent consideration threshold (see Note 3).

Goodwill

Goodwill resulting from this acquisition comprises the excess of the purchase price over the fair value of the underlying net assets acquired and primarily represents the strategic relationship acquired with InteKrin’s investors. None of this goodwill will be deductible for tax purposes. Under the applicable accounting guidance, goodwill will not be amortized but will be tested for impairment on an annual basis or more frequently if certain indicators are present.

Government Contract

In 2012, InteKrin Russia, a subsidiary of InteKrin, was awarded a contract by the Ministry of Industry and Trade of the Russian Federation to perform scientific research and experimental development work for treatment of multiple sclerosis and conducting its preclinical and clinical studies for a total aggregate amount of 147.9 million RUB which expanded multiple years from 2012 to 2015. The contract amount related to the 2014 research period was expected to be 40 million RUB. Subsequent to the Company’s acquisition of InteKrin in February 2014, the Company received 12 million RUB ($0.3 million) in the first quarter of 2014, which represents 30% of the advance funding of the total 2014 contract amount. Upon receipt of that funding, the Company recorded deferred revenue of $0.3 million (12 million RUB) in the condensed consolidated balance sheet, and no revenue was recognized for the three and nine months ended September 30, 2014. The remaining amounts available under the government contract for 2015 is 39.4 million RUB which is subject to certain conditions.

Commitments And Contingencies Disclosure [Abstract]

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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

Debt Obligations

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Debt Obligations

7.	Debt Obligations

Convertible Notes Issued in 2013

During July 2013 to September 2013, the Company entered into convertible note agreements (the “Bridge Loans”) with various stockholders, employees and institutions for an aggregate principal amount of $10.0 million. The Bridge Loans accrued interest of 8% per annum and would mature on July 15, 2014. The principal and the accrued interest on the Bridge Loans were convertible: (i) automatically upon a qualified equity financing into shares of the series of capital stock issued in such financing at a conversion price equal to the price paid by other investors in the financing, (ii) at the option of the holder, upon a change of control of Coherus, into shares of Series B convertible preferred stock at a conversion price of $6.9749 per share, (iii) automatically upon an IPO into shares of Series B convertible preferred stock at a conversion price equal to the lesser of $6.9749 per share or the price per share paid in the IPO or (iv) upon the election of the holders, if none of the liquidity events stated above had occurred on or before maturity date, into shares of Series B convertible preferred stock at a conversion price of $6.9749 per share.

In connection with the Bridge Loans, the Company also issued warrants to purchase shares of its convertible preferred stock at an exercise price of $0.0167 per share. The determination of the number of shares issuable pursuant to the 2013 warrants was determined based on 300% of the principal amount of the Bridge Loans divided by the conversion price. In addition, at the issuance date of the notes, there was a beneficial conversion feature. The total aggregate Bridge Loans of $10.0 million were less than the initial fair value of the warrants of $13.6 million at the issuance date. Therefore $10.0 million was recognized as debt discount, and the difference of $3.6 million was immediately charged to other income (expense), net in the consolidated statement of operations and comprehensive loss as the carrying value of the debt could not be reduced to less than zero. No value was recorded initially for the beneficial conversion feature since the carrying value of the debt was zero. The debt discount of $10.0 million was accreted using the effective interest method as an additional interest expense over the term of the Bridge Loans.

The Bridge Loans redemption features were determined to be embedded derivatives requiring bifurcation and separate accounting. The fair value of the embedded derivative liability at issuance was determined to be $4.1 million. As a result of the fair value of the warrant debt discount reducing the debt to zero at the time of the issuance as discussed above, the estimated fair value of the derivative liability of $4.1 million was recognized within other income (expense), net, in the consolidated statement of operations and comprehensive loss and as a derivative liability on the consolidated balance sheet upon issuance. Changes in the fair value of the embedded derivative have also been recorded within other income (expense), net, in the consolidated statement of operations and comprehensive loss. The Company periodically remeasures the derivative liability to fair value.

In December 2013, following the receipt of the upfront license payment from Baxter license agreement (see Note 5), the Company met the qualified licensing threshold (“QLT”). As a result, upon a change of control, the redemption feature related to the holders’ option to receive a cash payment in lieu of conversion into Series B convertible preferred stock was reduced from 400% to 100% of the outstanding principal, plus accrued interest and the associated embedded derivative liability was reduced to zero.

In May 2014, the Company completed an equity financing of Series C convertible preferred stock and, as a result, the Bridge Loans and related accrued interest of $10.6 million automatically converted into 1,058,089 shares of Series C convertible preferred stock based on the price per share paid by other investors in the financing. In connection with the extinguishment of the Bridge Loans, the Company reacquired the beneficial conversion feature. The intrinsic value of the beneficial conversion feature at the date of the Bridge Loans extinguishment was $3.9 million. This amount is reflected in additional paid in capital. The Company recorded a gain from the extinguishment of the debt in the amount of $2.0 million which is reflected in other expense, net in the condensed consolidated statement of operations.

In addition, as the warrants could be exercised for Series B convertible preferred stock any time after achieving a QLT, which was met on December 9, 2013 and before the Series C convertible preferred stock financing, in April and May 2014, all holders of these warrants elected to fully exercise warrants for 4,279,620 shares of Series B convertible preferred stock.

The Company recognized total interest expense of $0 and $2.0 million for the three months ended September 30, 2014 and 2013, respectively, and $3.9 million and $2.0 million for the nine months ended September 30, 2014 and 2013, respectively, related to the accrued interest and amortization of the debt discount.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies

8.	Commitments and Contingencies

Purchase Commitments

The Company enters into contracts in the normal course of business with contract research organizations for preclinical studies and clinical trials and contract manufacturing organizations (“CMOs”) for the manufacture of clinical trial materials. As of September 30, 2014, the Company has a commitment of $3.8 million with CMOs for the manufacture of clinical trial material due within a year. The Company has an agreement with Medpace, Inc. (“Medpace”), a CRO, which provides for a minimum fee commitment of $35.0 million, in aggregate, for clinical trial services; however, the agreement is cancelable without cause by either party upon 30 days prior notification by either party. As of September 30, 2014, $17.1 million of the services related to this agreement had been performed.

Guarantees and Indemnifications

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company would assess the likelihood of any adverse judgments or related claims, as well as ranges of probable losses. In the cases where the Company believes that a reasonably possible or probable loss exists, it will disclose the facts and circumstances of the claims, including an estimate range, if possible. As of September 30, 2014, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Common Stock Warrants and Preferred Stock Warrants

9 Months Ended

Sep. 30, 2014

Common Stock Warrants And Preferred Stock Warrants Disclosure [Abstract]

Common Stock Warrants and Preferred Stock Warrants

9.	Common Stock Warrants and Preferred Stock Warrants

In March 2014, the Company issued warrants to purchase 553,274 shares of common stock with the exercise price of $1.667 per share to two employees and one consultant for past services. The warrants were vested and exercisable upon issuance and expire at the earlier of: (i) March 28, 2024, (ii) an IPO or (iii) the consummation of a liquidation event. If the holder has not exercised this warrant prior to the closing of a liquidation event or an IPO, these warrants shall automatically be net exercised. The Company valued the warrants at $2.7 million using the Black-Scholes option-pricing model with the following assumptions: exercise price of $1.667 per share, fair value of the common stock of $5.73 per share, expected volatility of 93% and 96% for the employee and consultant warrants, respectively, risk-free interest rate of 1.74% and 2.73% for the employee and consultant warrants, respectively, expected terms of 5 and 10 years for the employee and consultant warrants, respectively, and dividend yield of zero. The grant date fair value per warrant share was $4.95 for employees and $5.42 for the consultant, resulting in warrant valuations of $2.6 million and $144,000 for the employees and consultant, respectively. Due to the immediate vesting and exercisability of the warrants upon issuance, the Company immediately recognized $1.3 million and $1.4 million of stock-based compensation in research and development expense and general and administrative expense, respectively, in the condensed consolidated statement of operations. None of the warrants were exercised as of September 30, 2014.

During April and May 2014, warrants to purchase 4,451,662 shares of Series B convertible preferred stock were exercised for $74,000, which included the 4,279,620 shares of Series B convertible preferred stock warrants related to the Bridge Loans (see Note 7).

The following table sets forth a summary of the convertible preferred stock warrants and the related estimated fair values as of September 30, 2014 and December 31, 2013 (in thousands, except share data):

	September 30, 2014				December 31, 2013
	Shares Underlying the Warrants		Estimated Fair Value		Shares Underlying the Warrants		Estimated Fair Value
Warrants to purchase Series A convertible preferred stock — 2011 Warrants A		63,923	$	733		63,923	$	170
Warrants to purchase Series B convertible preferred stock — 2011 Warrants B		123,059		1,563		295,101		1,122
2013 Warrants	—		—			4,279,620		22,959
Total		186,982	$	2,296		4,638,644	$	24,251

In connection with the consummation of the IPO in November 2014, all of the warrants outstanding as of September 30, 2014 to purchase common stock and preferred stock were exercised, for cash or on a net exercise basis, resulting in the issuance of an aggregate of 676,882 shares of common stock.

Convertible Preferred Stock

9 Months Ended

Sep. 30, 2014

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

10.	Convertible Preferred Stock

In May 2014, the Company completed a financing resulting in the issuance of 5,488,892 shares of Series C convertible preferred stock, for net cash proceeds of $54.7 million. In conjunction with the Series C convertible preferred stock financing, the Bridge Loans and the related accrued interest were automatically converted into 1,058,089 shares of Series C convertible preferred stock at the price per share of such financing, and the collateralized security interest of the Company’s assets, tangible and intangible, under the Bridge Loans was released. In addition, the Company issued 9,997 shares of Series C convertible preferred stock in exchange for consulting services.

As of September 30, 2014 and December 31, 2013, the outstanding convertible preferred stock was as follows (in thousands, except share data):

September 30, 2014	Shares Authorized		Shares Issued and Outstanding		Carrying Value
Series A		1,727,448		972,330	$	1,191
Series B		23,479,591		13,601,909		94,630
Series C		11,000,000		6,556,978		65,343
		36,207,039		21,131,217	$	161,164

December 31, 2013	Shares Authorized		Shares Issued and Outstanding		Carrying Value
Series A		1,800,000		972,330	$	1,191
Series B		26,290,997		8,181,576		53,504
		28,090,997		9,153,906	$	54,695

In connection with the consummation of the IPO in November 2014, all outstanding shares of Series A, Series B and Series C convertible preferred stock shares were converted into 21,131,217 shares of common stock on a one-for-one basis.

Stock Option Plan and Stock-Based Compensation

9 Months Ended

Sep. 30, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Plan and Stock-Based Compensation

11.	Stock Option Plan and Stock-Based Compensation

Restricted Common Stock (“Founders Shares”)

In October 2010 and January 2011, the Company issued 4,130,173 shares and 968,804 shares of common stock, respectively, at $0.0083 per share to its founders under the Founder Shares agreements. These Founders Shares agreements required continued rendering of service to the Company in order to vest in those shares. As such, the Company recognized stock-based compensation over the vesting term of four years based on the fair value of the common stock on the dates of issuance. In July 2012 and March 2014, the Company repurchased 286,817 and 239,952 shares of founders’ common stock from founders at $0.0083 per share, respectively. As of September 30, 2014, there were 105,015 shares subject to repurchase.

The stock-based compensation expense recorded related to the founders’ shares was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Research and development	$	973	$	63	$	1,208	$	160
General and administrative		1		792		4		1,050
	$	974	$	855	$	1,212	$	1,210

2010 Stock Plan

In 2010, the Company adopted the 2010 Stock Plan (the “2010 Plan”). The 2010 Plan provides for the Company to grant shares and/or options to purchase shares of common stock to employees, directors, consultants, and other service providers at prices not less than the fair market value at the date of grant for incentive stock options and nonstatutory options. These options granted generally vest over four years, expire ten years from the date of grant, and are generally exercisable after vesting. Unvested options exercised are subject to the Company’s repurchase right that lapses as the options vest. As of September 30, 2014 and December 31, 2013, no shares were subject to repurchase.

In connection with the consummation of the IPO in November 2014, the board of directors adopted the Company’s 2014 Equity Incentive Award Plan (the “2014 Plan”) and any remaining unissued shares available under the 2010 Plan were transferred into the 2014 Plan. Options may no longer be issued under the 2010 Plan on or after November 6, 2014, the effective date of the 2014 Plan.

The stock-based compensation expense recorded related to options granted to employees and nonemployees was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Research and development	$	871	$	102	$	1,561	$	304
General and administrative		890		40		1,767		220
	$	1,761	$	142	$	3,328	$	524

Net Loss Per Share Attributable to Coherus

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Coherus

12.	Net Loss Per Share Attributable to Coherus

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Numerator:
Net loss attributable to Coherus	$	(7,872	)	$	(21,473	)	$	(57,999	)	$	(39,044	)
Denominator:
Weighted-average common shares outstanding		4,624,437			4,835,566			4,691,201			4,834,840
Less: weighted-average unvested common shares subject to repurchase		(214,734	)		(1,391,082	)		(432,431	)		(1,706,460	)
Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted		4,409,703			3,444,484			4,258,770			3,128,380
Net loss per share attributable to Coherus, basic and diluted	$	(1.79	)	$	(6.23	)	$	(13.62	)	$	(12.48	)

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

	September 30,
	2014		2013
Stock options outstanding		5,550,190		2,301,748
Convertible preferred stock		21,131,217		9,153,906
Convertible preferred stock warrants		186,982		4,638,645
Common stock warrants		553,274		—
Total		27,421,663		16,094,299

In addition, 214,734 and 1,391,082 weighted average number of shares for the three month periods ended September 30, 2014 and 2013, respectively, and 432,431 and 1,706,460 weighted average number of shares for the nine month periods ended September 30, 2014 and 2013, respectively, were excluded as such shares represented restricted common stock which is vesting contingently upon the holders’ continued service to the Company. Furthermore, 358,310 shares of Series B convertible preferred shares contingently issuable upon the successful achievement of an objective associated with contingent consideration payable to former InteKrin stockholders have also been excluded. As of the consummation of the IPO in November 2014, any such contingent consideration will be paid, if at all, by issuing shares of common stock rather than shares of Series B convertible preferred stock.

Related Party Transactions

9 Months Ended

Sep. 30, 2014

Related Party Transactions

13.	Related Party Transactions

Notes Receivable from Founders

In December 2011, the Company entered into unsecured promissory notes (“Notes Receivable”) agreement with the four founders of the Company. Of the four founders, three are members of the executive team of the Company. The aggregate amount of Notes Receivable was $133,000 at the issuance date and the Notes Receivable bore interest at 0.2% per annum. The Company recorded an imputed interest of 4% in relation to these notes. The principal amount of the Notes Receivable, together with all accrued and unpaid interest, was due and payable upon the earlier of: (i) December 26, 2014, (ii) immediately prior to the first filing of a registration statement in connection with an IPO, (iii) immediately prior to the Notes Receivable becoming prohibited under the rules and regulation of the Securities and Exchange Commission, (iv) immediately prior to an acquisition of the Company, (v) the termination of the borrower’s employment with the Company or (vi) the occurrence of an event of default.

As of December 31, 2013, the Company had $107,000 of Notes Receivable outstanding, which is reflected as notes receivable from related parties in the Company’s condensed consolidated balance sheets.

In May 2014, the Company forgave the outstanding balance of Notes Receivable of $111,000 and the related accrued interest of approximately $1,000, which is reflected in the Company’s statement of operations for the nine months ended September 30, 2014, as interest expense, net.

Daiichi Sankyo

The Company entered into a license agreement with Daiichi Sankyo, under which the Company issued 2,867,426 shares of Series B convertible preferred stock. As such, Daiichi Sankyo was deemed to be a related party by ownership of more than 10% of the Company’s equity. Accordingly, related party transactions of $0.4 million and $0.5 million were reported as collaboration and license revenue–related party in the Company’s statements of operations for the three months ended September 30, 2014 and 2013, respectively, and $1.4 million and $1.5 million for the nine months ended September 30, 2014 and 2013, respectively. As of September 30, 2014, the Company had $4.6 million in deferred revenue under this agreement, of which $1.7 million was included in current liabilities and $2.9 million was included in non-current liabilities in the Company’s condensed consolidated balance sheet. As of December 31, 2013, $6.1 million of revenue was deferred under this agreement, of which $2.0 million was included in current liabilities and $4.1 million was included in non-current liabilities in the condensed consolidated balance sheet. In addition, the Company recognized $1.2 million and $0.7 million as a reduction of research and development expense related to the costs reimbursed by Daiichi Sankyo in the Company’s condensed consolidated statements of operations for the three months ended September 30, 2014 and 2013, respectively, and $3.6 million and $1.2 million for the nine months ended September 30, 2014 and 2013, respectively.

Transactions Associated with Cook

In January and December 2012, the Company issued a total of 2,150,569 shares of Series B convertible preferred stock to Cook as consideration for past and future services. As such, Cook was deemed to be a related party by ownership of more than 10% of the Company’s equity. As of December 31, 2013, the Company had $3.0 million in prepaid assets (prepaid clinical, material and manufacturing–related parties) and $278,000 in receivables from related parties, reflected on the Company’s condensed consolidated balance sheet associated with Cook. During the second quarter of 2014, Cook divested a majority of its shares of the Company’s Series B convertible preferred stock; therefore, as of September 30, 2014, Cook was no longer considered a related party. As a result, the condensed consolidated balance sheet as of September 30, 2014 no longer reflects these balances as related party amounts. The Company recognized services rendered by Cook within research and development in the condensed consolidated statements of operations of a credit of $0.1 million and an expense of$0.7 million during the three months ended September 30, 2014 and 2013, respectively, and recognized an expense of $4.1 million and $6.1 million during the nine months ended September 30, 2014 and 2013, respectively.

Transactions Associated with Medpace Agreement

One member of the Company’s board of directors is also the chief executive officer of Medpace. As such, Medpace was deemed to be a related party. As of September 30, 2014, the Company had $5.5 million in prepaid assets (prepaid clinical, material, manufacturing and other–related parties), $4.9 million in accounts payable–related parties, and $3.2 million in accrued and other liabilities (accrued clinical and manufacturing–related parties), all reflected on the Company’s condensed consolidated balance sheet associated with Medpace. As of December 31, 2013, the Company had $198,000 in prepaid assets (prepaid clinical, material and manufacturing–related parties), $383,000 in accounts payable–related parties, and $2.8 million in accrued and other liabilities (accrued clinical and manufacturing–related parties), all reflected on the Company’s condensed consolidated balance sheet associated with Medpace. The Company recognized $6.2 million and $0.5 million during the three months ended September 30, 2014 and 2013, respectively, and recognized $14.9 million and $3.3 million for the nine months ended September 30, 2014 and 2013, respectively, for services rendered by Medpace within research and development expense in the condensed consolidated statements of operations. The Company also has an agreement with Medpace which provides for a minimum fee commitment of $35.0 million for clinical trial services which is further discussed in Note 8. As of September 30, 2014, $17.1 million of the services related to the fee commitment under this agreement has been performed.

Recruiting Services

One member of the Board of Directors was the chief executive officer of a company that provided recruiting services to the Company. As of September 30, 2014, the Company had $86,000 in accounts payable-related parties, and $60,000 in accrued and other liabilities (accrued clinical and manufacturing–related parties) reflected on the Company’s condensed consolidated balance sheet. As of December 31, 2013, there were no such balances in the Company’s condensed consolidated balance sheet. The Company recorded in research and development expense in its condensed consolidated statements of operations, $0 for both periods of the three months ended September 30, 2014 and 2013; and $241,000 and $63,000 for the nine months ended September 30, 2014 and 2013, respectively, for services rendered by the recruiting company. The Company recorded in general and administrative expense in its condensed consolidated statements of operations $362,000 and $0 for the three months ended September 30, 2014 and 2013, respectively; and $507,000 and $0 for the nine months ended September 30, 2014 and 2013, respectively for services rendered by the recruiting company.

Convertible Notes — Related Parties

In the third quarter of 2013, the Company entered into Bridge Loans with certain investors, including existing stockholders, some members of the Board of Directors and their affiliated companies and some members of management, for a total aggregate amount of $10.0 million and issued the 2013 Warrants to purchase shares of the Company’s preferred stock at an exercise price of $0.0167 per share. As such, $7.1 million of the total aggregate amount of the Bridge Loans were from related parties. As of December 31, 2013, the carrying value of the Bridge Loans was $3.1 million, net of debt discount. In May 2014, the Company completed a preferred stock financing and contemporaneously the Bridge Loans and the related accrued interest were automatically converted into Series C preferred stock (see Note 7). For the three months ended September 30, 2014 and 2013, the Company recognized $0 and $1.6 million, respectively, and for the nine months ended September 30, 2014 and 2013, the Company recognized $2.7 million and $1.6 million, of interest expense related to the debt and the amortization of the debt discount within interest expense in the Company’s condensed consolidated statements of operations.

InteKrin Acquisition

In February 2014, the Company completed the acquisition of the InteKrin for total consideration of $5.0 million (see Note 6). Mr. Dennis M. Lanfear, the chief executive officer of the Company was the chairman of the board and acting president of InteKrin at the time of the acquisition. As such, the InteKrin acquisition was a related party transaction. Mr. Lanfear also owns 10% of the outstanding securities of InteKrin Russia.

Unaudited Condensed Consolidated Financial Statements

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

14.	Subsequent Events

In October 2014, the Company’s board of directors and its stockholders approved the filing of an amended and restated certificate of incorporation to effect a reverse split of the then outstanding shares of the Company’s preferred stock and common stock on a 1-for-1.667 basis. All information in these financial statements related to the number of shares, price per share and per share amounts of stock, and shares issuable under stock options and warrants have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. The Reverse Stock Split was effectuated on November 5, 2014.

On November 6, 2014, the Company’s registration statement on Form S-1 (File No. 333-198936) relating to its IPO of its common stock was declared effective by the SEC and the shares began trading on The NASDAQ Global Market on November 6, 2014. The price of the shares sold in the IPO was $13.50 per share. The IPO closed on November 12, 2014, pursuant to which the Company sold 6,803,702 shares of common stock, including the sale of 507,402 shares of common stock to the underwriters upon their partial exercise of their over-allotment option. The Company received total gross proceeds from the offering of $91.8 million, after deducting underwriting discounts and commissions of $6.4 million and offering expenses of approximately $5.0 million, the net proceeds were approximately $80.4 million. Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into 21,131,217 shares of common stock and all outstanding warrants for convertible preferred stock and common stock were exercised, for cash or on a net exercise basis, into 676,882 shares of common stock.

In October 2014, the Company’s board of directors and stockholders approved the amendment and restatement of the Company’s certificate of incorporation to be effective immediately prior to the consummation of the IPO. The Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on November 12, 2014, which provides for 300,000,000 authorized shares of common stock with a par value of $0.0001 per share and 5,000,000 authorized shares of preferred stock with a par value of $0.0001 per share.

In October 2014, the Company’s board of directors and its stockholders approved the establishment of the 2014 Plan, effective upon the date upon which the registration statement for the IPO was declared effective, which was November 6, 2014. As of the date of the IPO, the Company reserved for issuance under the 2014 Plan a total of 2,300,000 shares of its common stock, plus any additional shares that would otherwise return to the 2010 Plan as a result of forfeiture, termination or expiration of awards previously granted under the 2010 Plan. In addition, the 2014 Plan provides for annual increases in the number of shares available for issuance thereunder on the first business day of each fiscal year, beginning with 2015, 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.

In October 2014, the Company’s board of directors and its stockholders approved the establishment of the 2014 ESPP. The Company will reserve for issuance 320,000 shares of its common stock and provide for annual increases in the number of shares available for issuance on the first business day of each fiscal year, beginning with the Company’s fiscal year following the year of this offering, equal to the lesser of one percent (1%) of the number of shares of the Company’s common stock outstanding as of such date, 320,000 shares of common stock, or a number of shares as determined by the Company’s board of directors.

Coincident with the IPO, the Company granted an aggregate of 422,846 options to employees and directors of the Company with an exercise price equal to the public offering price of $13.50, of which 164,967 shares were awarded to executive officers and non-employee directors.

On November 12, 2014, the Company granted an aggregate of 179,962 options to employees and directors of the Company with an exercise price equal to the market closing price of $14.42, of which no shares were awarded to executive officers and non-employee directors.

On December 10, 2014, the Company entered into the fifth amendment to the lease with its landlord dated September 26, 2011 (as amended the “Lease”). Pursuant to the Lease, the Company agreed to lease approximately 2,411 additional feet of space at their current corporate headquarters in Redwood City, California, effective as of December 10, 2014. The amount of base rent paid by the Company will increase by approximately $152,000, $157,000 and $53,000 for the years ending December 31, 2015, 2016 and 2017, respectively, until the expiration of the Lease on April 30, 2017.

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

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Deferred Offering Costs

Derivative Liability

Customer Concentration

Customers whose collaboration and license revenue accounted for 10% or more of total revenues were as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Daiichi Sankyo - related party		*			100	%		*			100	%
Baxter		97	%	—				94	%	—

* less than 10%

Revenue Recognition

Comprehensive Loss

Net Loss per Share Attributable to Coherus

Recent Accounting Pronouncements

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

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Summary of Customers Collaboration and License Revenue Accounted for 10% or More of Total Revenue

Customers whose collaboration and license revenue accounted for 10% or more of total revenues were as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Daiichi Sankyo - related party		*			100	%		*			100	%
Baxter		97	%	—				94	%	—

* less than 10%

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Financial Assets and Liabilities Measured on a Recurring Basis

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

	Fair Value Measurements
	September 30, 2014
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds		32		32		—		—
Restricted cash (money market funds)		50		50		—		—
Total financial assets	$	82	$	82	$	—	$	—
Liabilities:
Convertible preferred stock warrant liability	$	2,296	$	—	$	—	$	2,296
Contiengent consideration		4,050		—		—		4,050
Total financial liabilities	$	6,346	$	—	$	—	$	6,346

	Fair Value Measurements
	December 31, 2013
	Total		Level 1		Level 2		Level 3
Assets:
Restricted cash (money market funds)	$	50	$	50	$	—	$	—
Liabilities:
Convertible preferred stock warrant liability	$	24,251	$	—	$	—	$	24,251

Contingent Consideration | Fair Value Measurements Recurring Basis

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Financial Assets and Liabilities Measured on a Recurring Basis

The following table sets forth a summary of the changes in the estimated fair value of the convertible preferred stock warrants (in thousands):

Balance as of December 31, 2013	$	24,251
Warrants exercised		(37,328	)
Change in fair value of convertible preferred stock warrant liability		15,373
Balance as of September 30, 2014	$	2,296

Contingent Consideration | Fair Value Measurements Recurring Basis

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Financial Assets and Liabilities Measured on a Recurring Basis

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

Balance as of February 12, 2014 (acquisition date)	$	1,310
Change in fair value of the contingent consideration liability		2,740
Balance as of September 30, 2014	$	4,050

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Prepaid Assets

Prepaid assets are as follows (in thousands):

	September 30,		December 31,
	2014		2013
Prepaid clinical, material, manufacturing and other - related parties	$	5,542	$	3,177
Prepaid clinical, material and manufacturing		10,694		1,758
Prepaid other		1,714		753
Prepaid assets	$	17,950	$	5,688

Schedule of Property and Equipment, Net

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

	September 30,			December 31,
	2014			2013
Machinery and equipment	$	3,591		$	2,051
Computer equipment and software		225			79
Furniture and fixtures		288			147
Leasehold improvements		385			91
Construction in progress		255			—
Total property and equipment	$	4,744		$	2,368
Accumulated depreciation and amortization		(1,064	)		(625	)
Property and equipment, net	$	3,680		$	1,743

Schedule of Accrued and Other Liabilities

Accrued and other liabilities are as follows (in thousands):

	September 30,		December 31,
	2014		2013
Accrued clinical, manufacturing and other - related parties	$	3,248	$	2,792
Accrued compensation		1,322		1,549
Accrued professional and consulting fees		20		995
Accrued other		3,154		1,922
Other current liabilities		57		21
Accrued and other liabilities	$	7,801	$	7,279

Collaboration and License Agreements (Tables)

9 Months Ended

Sep. 30, 2014

Collaboration And License Agreements [Abstract]

Schedule of Revenue Related to Collaboration and License Agreements

The Company recognized revenue related to the collaboration and license agreements for the periods presented as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Daiichi Sankyo - related party	$	432	$	506	$	1,445	$	1,519
Baxter		15,620		—		23,168		—
Total collaboration and license revenue	$	16,052	$	506	$	24,613	$	1,519

Acquisition of InteKrin Therapeutics, Inc. (Tables)

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the original fair value of the assets acquired and liabilities assumed (in thousands):

Cash	$	2,335
Prepaid and other assets		107
Accounts payable and other current liabilities		(1,027	)
In-process research and development (“IPR&D”)		2,620
Goodwill		943
Total consideration	$	4,978

Common Stock Warrants and Preferred Stock Warrants (Tables)

9 Months Ended

Sep. 30, 2014

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock Warrants and Related Estimated Fair Values

	September 30, 2014				December 31, 2013
	Shares Underlying the Warrants		Estimated Fair Value		Shares Underlying the Warrants		Estimated Fair Value
Warrants to purchase Series A convertible preferred stock — 2011 Warrants A		63,923	$	733		63,923	$	170
Warrants to purchase Series B convertible preferred stock — 2011 Warrants B		123,059		1,563		295,101		1,122
2013 Warrants	—		—			4,279,620		22,959
Total		186,982	$	2,296		4,638,644	$	24,251

Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2014

Temporary Equity Disclosure [Abstract]

Schedule of Outstanding Convertible Preferred Stock

As of September 30, 2014 and December 31, 2013, the outstanding convertible preferred stock was as follows (in thousands, except share data):

September 30, 2014	Shares Authorized		Shares Issued and Outstanding		Carrying Value
Series A		1,727,448		972,330	$	1,191
Series B		23,479,591		13,601,909		94,630
Series C		11,000,000		6,556,978		65,343
		36,207,039		21,131,217	$	161,164

December 31, 2013	Shares Authorized		Shares Issued and Outstanding		Carrying Value
Series A		1,800,000		972,330	$	1,191
Series B		26,290,997		8,181,576		53,504
		28,090,997		9,153,906	$	54,695

Stock Option Plan and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

2010 Plan

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense recorded related to options granted to employees and nonemployees was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Research and development	$	871	$	102	$	1,561	$	304
General and administrative		890		40		1,767		220
	$	1,761	$	142	$	3,328	$	524

Restricted Common Stock (Founders Shares)

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense recorded related to the founders’ shares was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Research and development	$	973	$	63	$	1,208	$	160
General and administrative		1		792		4		1,050
	$	974	$	855	$	1,212	$	1,210

Net Loss Per Share Attributable to Coherus (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share Attributable to Coherus

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Numerator:
Net loss attributable to Coherus	$	(7,872	)	$	(21,473	)	$	(57,999	)	$	(39,044	)
Denominator:
Weighted-average common shares outstanding		4,624,437			4,835,566			4,691,201			4,834,840
Less: weighted-average unvested common shares subject to repurchase		(214,734	)		(1,391,082	)		(432,431	)		(1,706,460	)
Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted		4,409,703			3,444,484			4,258,770			3,128,380
Net loss per share attributable to Coherus, basic and diluted	$	(1.79	)	$	(6.23	)	$	(13.62	)	$	(12.48	)

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

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

	September 30,
	2014		2013
Stock options outstanding		5,550,190		2,301,748
Convertible preferred stock		21,131,217		9,153,906
Convertible preferred stock warrants		186,982		4,638,645
Common stock warrants		553,274		—
Total		27,421,663		16,094,299

Organization and Operations - Additional Information (Details)
$ / shares in Units, $ in Thousands

9 Months Ended

Nov. 12, 2014

USD ($)

$ / shares

Sep. 30, 2014

USD ($)

Segments

$ / shares

Sep. 30, 2013

USD ($)

Nov. 06, 2014

$ / shares

Mar. 31, 2014

Dec. 31, 2013

USD ($)

$ / shares

Dec. 31, 2012

USD ($)

Number of operating segments | Segments

Common stock, shares issued

4,624,432

4,837,715

Offering expense | $

$ 2,561

$ 0

Common stock, shares authorized

57,000,000

46,598,700

Common stock, par value | $ / shares

$ 0.0001

Accumulated deficit | $

$ (157,591)

$ (99,592)

^[1]

Cash and cash equivalents | $

$ 100,875

$ 34,716

$ 39,554

^[1]

$ 14,548

Subsequent Event

Net proceeds from issuance of common stock | $

$ 91,800

Subsequent Event | Amended and Restated Certificate of Incorporation

Common stock, shares authorized

300,000,000

Preferred stock, shares authorized

5,000,000

Common stock, par value | $ / shares

$ 0.0001

Preferred stock, par value | $ / shares

$ 0.0001

IPO

676,882

IPO | Subsequent Event

Common stock, shares issued

Share price | $ / shares

$ 13.50

6,803,702

Net proceeds from issuance of common stock | $

$ 91,800

Underwriting discounts and commissions | $

6,400

Offering expense | $

5,000

Proceeds from issuance of common stock, net of offering expense | $

$ 80,400

Convertible preferred stock converted into common stock

21,131,217

Over Allotment of Option | Subsequent Event

Common stock, shares issued

507,402

Common Stock

Common Stock | Subsequent Event

553,274

Common Stock | IPO | Subsequent Event

676,882

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

676,882

[1]	Amounts have been derived from the December 31, 2013 audited financial statements included in the Company’s registration statement on Form S-1 (No. 333-198906) filed with the Securities and Exchange Commission on November 6, 2014

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2014	Jan. 08, 2014	Dec. 31, 2013
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Reverse stock split description	1-for-1.667
Other Assets
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Deferred offering costs	$ 3,000,000		$ 0
RUSSIA \| InteKrin Therapeutics Inc \| Coherus Intermediate Corp, InteKrin Therapeutics, Inc.
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Controlling interest, ownership percentage by parent	82.50%	82.50%

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Customers Collaboration and License Revenue Accounted for 10% or More of Total Revenue (Details) - Collaboration and License Revenue - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Daiichi Sankyo - Related Party
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Percentage of total revenues by single customer		100.00%		100.00%
Baxter
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Percentage of total revenues by single customer	97.00%	0.00%	94.00%	0.00%

Fair Value Measurements - Additional Information (Details) - Fair Value Measurements Recurring Basis - USD ($)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfers of asset from Level 1 to Level 2	$ 0	$ 0
Transfers of liabilities from Level 1 to Level 2	0	$ 0
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gains and losses on investments	$ 0
Level 3 \| Contingent Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Expected probability of earn-out payment occurrence	80.00%
Risk adjusted discount rate	25.00%
Counterparty credit risk given the cash payment	6.00%

Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands

Sep. 30, 2014

Feb. 12, 2014

Dec. 31, 2013

Level 3 | Convertible Preferred Stock Warranty Liability

$ 2,296

$ 24,251

^[1]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 3 | Contingent Consideration

2,296

24,251

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurements Recurring Basis

4,050

$ 1,310

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurements Recurring Basis | Convertible Preferred Stock Warranty Liability

6,346

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurements Recurring Basis | Contingent Consideration

2,296

24,251

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurements Recurring Basis | Level 1

4,050

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurements Recurring Basis | Level 3

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurements Recurring Basis | Level 3 | Convertible Preferred Stock Warranty Liability

6,346

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurements Recurring Basis | Level 3 | Contingent Consideration

2,296

24,251

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurements Recurring Basis | Money Market Funds

4,050

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurements Recurring Basis | Money Market Funds | Level 1

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurements Recurring Basis | Restricted Cash (Money Market Funds)

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurements Recurring Basis | Restricted Cash (Money Market Funds) | Level 1

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

$ 50

[1]	Amounts have been derived from the December 31, 2013 audited financial statements included in the Company’s registration statement on Form S-1 (No. 333-198906) filed with the Securities and Exchange Commission on November 6, 2014

Fair Value Measurements - Summary of Changes in the Estimated Fair Value of Liability (Details)
$ in Thousands

9 Months Ended

Sep. 30, 2014

USD ($)

Beginning balance

$ 24,251

^[1]

Ending balance

2,296

Convertible Preferred Stock Warranty Liability | Level 3

Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

24,251

(37,328)

15,373

2,296

Contingent Consideration | Level 3

Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Change in fair value

2,740

Ending balance

$ 4,050

[1]	Amounts have been derived from the December 31, 2013 audited financial statements included in the Company’s registration statement on Form S-1 (No. 333-198906) filed with the Securities and Exchange Commission on November 6, 2014

Balance Sheet Components - Schedule of Prepaid Assets (Details) - USD ($)
$ in Thousands

Sep. 30, 2014

Dec. 31, 2013

Prepaid Clinical, Material, Manufacturing and Other - Related Parties

$ 17,950

$ 5,688

^[1]

Prepaid Clinical, Material and Manufacturing

5,542

3,177

10,694

1,758

Prepaid Other

$ 1,714

$ 753

[1]	Amounts have been derived from the December 31, 2013 audited financial statements included in the Company’s registration statement on Form S-1 (No. 333-198906) filed with the Securities and Exchange Commission on November 6, 2014

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

Sep. 30, 2014

Dec. 31, 2013

Accumulated depreciation and amortization

$ 4,744

$ 2,368

(1,064)

(625)

Property and equipment, net

3,680

1,743

^[1]

Machinery and Equipment

Computer Equipment and Software

3,591

2,051

225

Furniture and Fixtures

288

147

Leasehold Improvements

385

$ 91

Construction in Progress

Accrued clinical, manufacturing and other - related parties

$ 255

[1]	Amounts have been derived from the December 31, 2013 audited financial statements included in the Company’s registration statement on Form S-1 (No. 333-198906) filed with the Securities and Exchange Commission on November 6, 2014

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Property Plant And Equipment [Abstract]
Depreciation and amortization	$ 192	$ 101	$ 439	$ 296

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

Sep. 30, 2014

Dec. 31, 2013

Payables And Accruals [Abstract]

$ 3,248

$ 2,792

Accrued compensation

1,322

1,549

Accrued professional and consulting fees

995

Other current liabilities

3,154

1,922

Accrued and other liabilities

$ 7,801

$ 7,279

^[1]

[1]	Amounts have been derived from the December 31, 2013 audited financial statements included in the Company’s registration statement on Form S-1 (No. 333-198906) filed with the Securities and Exchange Commission on November 6, 2014

Collaboration and License Agreements - Schedule of Revenue Related to Collaboration and License Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total collaboration and license revenue	$ 16,052	$ 506	$ 24,613	$ 1,519
Baxter
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total collaboration and license revenue	15,620		23,168
Daiichi Sankyo - Related Party
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total collaboration and license revenue	$ 432	$ 506	$ 1,445	$ 1,519

Collaboration and License Agreements - Additional Information (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

Aug. 31, 2014

Feb. 28, 2014

Jan. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jan. 31, 2012

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

$ 25,176,000

$ 14,283,000

^[1]

43,526,000

28,567,000

^[1]

Research and development

1,200,000

$ 700,000

3,600,000

$ 1,200,000

16,052,000

506,000

24,613,000

1,519,000

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

27,650,000

7,500,000

^[1]

Baxter License Agreement

Deferred revenue

63,800,000

36,800,000

23,200,000

12,300,000

40,600,000

24,500,000

Increase in license agreement non-substantive contingent milestone receivable

$ 30,000,000

10,000,000

$ 5,300,000

Contingent payment development related expenses

$ 71,300,000

Contingent payments refundable, percentage

50.00%

Baxter License Agreement | Maximum

27,700,000

7,500,000

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Contingent payment receivable

216,000,000

$ 221,300,000

Baxter License Agreement | Maximum | Clinical Development Payments

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Contingent payment receivable

96,000,000

101,300,000

Baxter License Agreement | Maximum | Regulatory Milestone Payments

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Contingent payment receivable

$ 120,000,000

Daiichi Sankyo - Related Party

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Deferred revenue

4,600,000

6,100,000

$ 10,000,000

1,700,000

2,000,000

Minimum percentage of clinical trial cost

2,900,000

$ 4,100,000

20.00%

Advance payments

Research and development

1,200,000

700,000

3,600,000

1,200,000

$ 432,000

$ 506,000

$ 1,445,000

$ 1,519,000

[1]	Amounts have been derived from the December 31, 2013 audited financial statements included in the Company’s registration statement on Form S-1 (No. 333-198906) filed with the Securities and Exchange Commission on November 6, 2014

Acquisition of InteKrin Therapeutics, Inc. - Additional Information (Details) $ / shares in Units, ₽ in Millions		3 Months Ended		9 Months Ended
	Jan. 08, 2014 USD ($) $ / shares shares	Sep. 30, 2014 USD ($) Agreement	Mar. 31, 2014 USD ($)	Sep. 30, 2014 USD ($) Agreement shares	Sep. 30, 2014 RUB (₽) shares	Mar. 31, 2014 RUB (₽)	Feb. 12, 2014 USD ($)
Business Acquisition [Line Items]
Business acquisition, contingent consideration		$ 4,000,000		$ 4,000,000
Number of contingent consideration for potential payments \| Agreement		2		2
Contingent consideration, probability of completion				75.00%	75.00%
Fair value inputs contingent probability				7.50%	7.50%
Remeasurement of contingent consideration		$ 1,000,000		$ 2,740,000
Maximum \| Year One
Business Acquisition [Line Items]
Percent of administrative fees received				60.00%	60.00%
Minimum \| Year Three
Business Acquisition [Line Items]
Percent of administrative fees received				10.00%	10.00%
Contingent Consideration Earnout Payment
Business Acquisition [Line Items]
Fair value of contingent consideration							$ 800,000
Contingent Consideration Compound Transaction Payment
Business Acquisition [Line Items]
Fair value of contingent consideration							$ 500,000
Series B Convertible Preferred Stock
Business Acquisition [Line Items]
Business acquisition, number of shares issued \| shares				358,310	358,310
InteKrin Therapeutics Inc
Business Acquisition [Line Items]
Business acquisition, date of acquisition agreement	Jan. 08, 2014
Business acquisition, description of acquired entity				All of the outstanding shares of InteKrin and its 82.5% majority owned subsidiary, InteKrin Russia	All of the outstanding shares of InteKrin and its 82.5% majority owned subsidiary, InteKrin Russia
Business acquisition, effective date of acquisition	Feb. 12, 2014
Business Combination Consideration Transferred1	$ 5,000,000
Business combination, reason for business combination				Additionally, the acquisition of InteKrin was a strategic transaction to obtain funding from new investors.	Additionally, the acquisition of InteKrin was a strategic transaction to obtain funding from new investors.
Business acquisition, cash payment	1,485
Business acquisition, contingent consideration	$ 1,300,000
Research and development expense \| ₽					₽ 147.9
Contracts revenue advance funding percentage			30.00%
Deferred revenue			$ 300,000			₽ 12.0
Deferred revenue, recognized		0		$ 0
InteKrin Therapeutics Inc \| Two Thousand Fourteen
Business Acquisition [Line Items]
Research and development expense \| ₽					40.0
InteKrin Therapeutics Inc \| Two Thousand Fifteen
Business Acquisition [Line Items]
Research and development expense \| ₽					₽ 39.4
InteKrin Therapeutics Inc \| IPR&D
Business Acquisition [Line Items]
Estimated acquisition represents fair value		2,600,000		2,600,000
InteKrin Therapeutics Inc \| General and Administrative Expense
Business Acquisition [Line Items]
Business acquisition costs, legal expenses		$ 134,000		$ 134,000
InteKrin Therapeutics Inc \| Series B Convertible Preferred Stock
Business Acquisition [Line Items]
Business acquisition, number of shares issued \| shares	716,645
Business acquisition, value of shares issued	$ 2,700,000
Business acquisition, fair value method				PWERM	PWERM
InteKrin Therapeutics Inc \| Series B Convertible Preferred Stock
Business Acquisition [Line Items]
Business acquisition, number of shares issued \| shares	243,841
Business acquisition, value of shares issued	$ 1,000,000
InteKrin Therapeutics Inc \| PWERM \| Series B Convertible Preferred Stock
Business Acquisition [Line Items]
Convertible preferred stock, par value \| $ / shares	$ 3.8174
Coherus Intermediate Corp, InteKrin Therapeutics, Inc. \| RUSSIA \| InteKrin Therapeutics Inc
Business Acquisition [Line Items]
Controlling interest, ownership percentage by parent	82.50%	82.50%		82.50%

Acquisition of InteKrin Therapeutics, Inc. - Fair Value of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Sep. 30, 2014 USD ($)
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net [Abstract]
Cash	$ 2,335
Prepaid and other assets	107
Accounts payable and other current liabilities	(1,027)
In-process research and development (“IPR&D”)	2,620
Goodwill	943
Total consideration	$ 4,978

Debt Obligations - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Dec. 09, 2013
Debt Instrument [Line Items]
Other expense, net		$ (1,490,000)	$ (12,698,000)	$ (16,132,000)	$ (11,546,000)
Common stock issued upon, conversion of convertible preferred stock				0
Reduction to accrued interest and derivative liability						$ 0
Gains on extinguishment of debt				2,048,000
Total interest expense related to accrued interest and amortization of debt discount		0	$ 2,000,000	3,900,000	$ 2,000,000
Warrant Debt
Debt Instrument [Line Items]
Fair value of embedded derivative liability		4,100,000		4,100,000
Reduction of debt		$ 0		$ 0
Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Convertible preferred stock conversion price			$ 6.9749		$ 6.9749
Conversion of cash payments outstanding principal percentage						400.00%
Reduction to conversion of cash payments outstanding principal percentage						100.00%
Warrants exercised for convertible preferred stock							4,279,620
Convertible Preferred Stock
Debt Instrument [Line Items]
Issued warrants to purchase convertible preferred stock		$ 0.0167		$ 0.0167
Series C Convertible Preferred Stock
Debt Instrument [Line Items]
Number of shares converted as a result of equity financing	1,058,089
IPO
Debt Instrument [Line Items]
Warrants exercised for convertible preferred stock		676,882		676,882
IPO \| Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Convertible preferred stock conversion price			$ 6.9749		$ 6.9749
Convertible Debt
Debt Instrument [Line Items]
Aggregate principle amount			$ 10,000,000		$ 10,000,000
Accrued interest			8.00%		8.00%
Debt instrument maturity date				Jul. 15, 2014
Bridge Loans
Debt Instrument [Line Items]
Aggregate principle amount			$ 10,000,000		$ 10,000,000
Percentage on shares issuable to warrants				300.00%
Initial fair value of the warrants		$ 13,600,000		$ 13,600,000
Other expense, net				3,600,000
Debt instrument, unamortized discount		$ 10,000,000		$ 10,000,000
Bridge loans and related accrued interest	$ 10,600,000
Intrinsic value on loans extinguishment	3,900,000
Gains on extinguishment of debt	$ 2,000,000

Commitments and Contingencies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2014 USD ($)
Purchase Commitment Excluding Longterm Commitment [Line Items]
Purchase commitment amount of services performed	$ 17,100,000
Period of contract termination	30 days
Payment of claims	$ 0
CMOs
Purchase Commitment Excluding Longterm Commitment [Line Items]
Contractual commitment	3,800,000
Medpace Inc
Purchase Commitment Excluding Longterm Commitment [Line Items]
Minimum fee commitment	35,000,000
Purchase commitment amount of services performed	$ 17,100,000

Common Stock Warrants and Preferred Stock Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Mar. 31, 2014	Sep. 30, 2014	Sep. 30, 2013	May 31, 2014
Class Of Warrant Or Right [Line Items]
Common stock, per share value	$ 5.73
Stock-based compensation expense		$ 7,236	$ 1,734
Warrants exercised		0
IPO
Class Of Warrant Or Right [Line Items]
Stock issued for warrant exercised		676,882
Series B Convertible Preferred Stock
Class Of Warrant Or Right [Line Items]
Stock issued for warrant exercised				4,451,662
Initial fair value of the warrants				$ 74
Series B Convertible Preferred Stock \| Bridge Loans
Class Of Warrant Or Right [Line Items]
Stock issued for warrant exercised				4,279,620
Common Stock
Class Of Warrant Or Right [Line Items]
Stock issued for warrant exercised	553,274
Common stock, exercise price	$ 1.667
Initial fair value of the warrants	$ 2,700
Warrant Debt
Class Of Warrant Or Right [Line Items]
Dividend yield	0.00%
Fair value assumptions, exercise price	$ 1.667
Warrant Debt \| Research and Development Expense
Class Of Warrant Or Right [Line Items]
Stock-based compensation expense	$ 1,300
Warrant Debt \| General and Administrative Expense
Class Of Warrant Or Right [Line Items]
Stock-based compensation expense	$ 1,400
Employee Warrants
Class Of Warrant Or Right [Line Items]
Common stock, per share value	$ 4.95
Employee Warrants \| Common Stock
Class Of Warrant Or Right [Line Items]
Initial fair value of the warrants	$ 2,600
Employee Warrants \| Warrant Debt
Class Of Warrant Or Right [Line Items]
Expected volatility	93.00%
Risk-free interest rate	1.74%
Expected terms	5 years
Consultant Warrants
Class Of Warrant Or Right [Line Items]
Common stock, per share value	$ 5.42
Consultant Warrants \| Common Stock
Class Of Warrant Or Right [Line Items]
Initial fair value of the warrants	$ 144
Consultant Warrants \| Warrant Debt
Class Of Warrant Or Right [Line Items]
Expected volatility	96.00%
Risk-free interest rate	2.73%
Expected terms	10 years

Common Stock Warrants and Preferred Stock Warrants - Convertible Preferred Stock Warrants and Related Estimated Fair Values (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Class Of Warrant Or Right [Line Items]
Shares Underlying the Warrants	186,982	4,638,644
Estimated Fair Value	$ 2,296	$ 24,251
2013 Warrants
Class Of Warrant Or Right [Line Items]
Shares Underlying the Warrants		4,279,620
Estimated Fair Value		$ 22,959
Series A Convertible Preferred Stock \| 2011 Warrants A
Class Of Warrant Or Right [Line Items]
Shares Underlying the Warrants	63,923	63,923
Estimated Fair Value	$ 733	$ 170
Series B Convertible Preferred Stock \| 2011 Warrants B
Class Of Warrant Or Right [Line Items]
Shares Underlying the Warrants	123,059	295,101
Estimated Fair Value	$ 1,563	$ 1,122

Convertible Preferred Stock - Additional Information (Details) $ in Thousands	1 Months Ended		9 Months Ended
	Nov. 30, 2014 shares	May 31, 2014 USD ($) shares	Sep. 30, 2014 USD ($)
Class Of Stock [Line Items]
Proceeds from issuance of convertible preferred stock, net of issuance costs \| $			$ 54,660
Subsequent Event
Class Of Stock [Line Items]
Common stock issued upon, conversion of convertible preferred stock	21,131,217
Stock conversion ratio	1
Series C Convertible Preferred Stock
Class Of Stock [Line Items]
Issuance of convertible preferred stock		5,488,892
Proceeds from issuance of convertible preferred stock, net of issuance costs \| $		$ 54,660
Conversion of bridge loans and accrued interest into convertible preferred stock		1,058,089
Issuance of shares in exchange for consulting services		9,997
Common stock issued upon, conversion of convertible preferred stock		1,058,089

Convertible Preferred Stock - Schedule of Outstanding Convertible Preferred Stock (Details) - USD ($)
$ in Thousands

Sep. 30, 2014

Dec. 31, 2013

36,207,039

28,090,997

21,131,217

9,153,906

21,131,217

9,153,906

Series A Convertible Preferred Stock

$ 161,164

$ 54,695

1,727,448

1,800,000

972,330

972,330

Series B Convertible Preferred Stock

$ 1,191

^[1]

23,479,591

26,290,997

13,601,909

8,181,576

13,601,909

8,181,576

Series C Convertible Preferred Stock

$ 94,630

$ 53,504

^[1]

11,000,000

6,556,978

6,556,978

$ 65,343

[1]	Amounts have been derived from the December 31, 2013 audited financial statements included in the Company’s registration statement on Form S-1 (No. 333-198906) filed with the Securities and Exchange Commission on November 6, 2014

Stock Option Plan and Stock-Based Compensation - Additional Information (Details) - $ / shares	1 Months Ended		9 Months Ended
	Mar. 31, 2014	Jul. 31, 2012	Sep. 30, 2014	Dec. 31, 2013	Jan. 31, 2011	Oct. 31, 2010
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued			4,624,432	4,837,715
Common stock, par value			$ 0.0001	$ 0.0001
2010 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Common stock shares subject to repurchase			0	0
Options granted, expiration period			10 years
Restricted Common Stock (Founders Shares)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued					968,804	4,130,173
Common stock, par value					$ 0.0083	$ 0.0083
Vesting period			4 years
Common stock shares repurchased from three founders	239,952	286,817
Common stock repurchased, cost per share	$ 0.0083	$ 0.0083
Common stock shares subject to repurchase			105,015

Stock Option Plan and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
2010 Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,761	$ 142	$ 3,328	$ 524
Research and Development Expense \| 2010 Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	871	102	1,561	304
General and Administrative Expense \| 2010 Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	890	40	1,767	220
Restricted Common Stock (Founders Shares)
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	974	855	1,212	1,210
Restricted Common Stock (Founders Shares) \| Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	973	63	1,208	160
Restricted Common Stock (Founders Shares) \| General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1	$ 792	$ 4	$ 1,050

Net Loss Per Share Attributable to Coherus - Computation of Basic and Diluted Net Loss Per Share Attributable to Coherus (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerator:
Net loss attributable to Coherus	$ (7,872)	$ (21,473)	$ (57,999)	$ (39,044)
Denominator:
Weighted-average common shares outstanding	4,624,437	4,835,566	4,691,201	4,834,840
Less: weighted-average unvested common shares subject to repurchase	(214,734)	(1,391,082)	(432,431)	(1,706,460)
Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted	4,409,703	3,444,484	4,258,770	3,128,380
Net loss per share attributable to Coherus, basic and diluted	$ (1.79)	$ (6.23)	$ (13.62)	$ (12.48)

Number of founders entered into notes receivable agreement | Founders

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

+ References + Details

Net Loss Per Share Attributable to Coherus - Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Loss Per Share Attributable to Coherus (Details) - shares	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	27,421,663	16,094,299
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	5,550,190	2,301,748
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	21,131,217	9,153,906
Convertible Preferred Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	186,982	4,638,645
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	553,274

Net Loss Per Share Attributable to Coherus - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share			27,421,663	16,094,299
Restricted Common Stock (Founders Shares)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	214,734	1,391,082	432,431	1,706,460
Series B Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share			358,310

Related Party Transactions - Additional Information (Details)

1 Months Ended

3 Months Ended

9 Months Ended

May 31, 2014

USD ($)

Feb. 28, 2014

USD ($)

Dec. 31, 2011

USD ($)

Founders

Sep. 30, 2014

USD ($)

Sep. 30, 2013

USD ($)

$ / shares

Sep. 30, 2014

USD ($)

Sep. 30, 2013

USD ($)

$ / shares

Dec. 31, 2013

USD ($)

Dec. 31, 2012

Jan. 31, 2012

USD ($)

Note receivable interest rate

$ 133,000

0.20%

Imputed interest rate in relation to the notes

4.00%

Outstanding balance of notes receivable

^[1]

$ 107,000

$ 111,000

Accrued interest amount forgiven

$ 1,000

Convertible preferred stock, shares issued | shares

21,131,217

9,153,906

Deferred revenue under collaboration license agreement, current

$ 16,052,000

$ 506,000

$ 24,613,000

$ 1,519,000

25,176,000

$ 14,283,000

^[1]

Deferred revenue under collaboration license agreement, non-current

43,526,000

28,567,000

^[1]

Reduction of research and development expense

1,200,000

700,000

3,600,000

1,200,000

17,950,000

5,688,000

^[1]

^[1]

278,000

18,496,000

4,934,000

51,357,000

22,057,000

4,963,000

383,000

^[1]

Purchase commitment amount of services performed

3,154,000

1,922,000

17,100,000

General and administration expense

362,000

507,000

Interest expense from transactions with related party

1,595,000

2,687,000

1,595,000

InteKrin Acquisition

Business Combination Consideration Transferred1

$ 5,000,000

Securities held by Mr.Lanfear in InteKrin Russia

10.00%

Bridge Loans

Aggregate principle amount

$ 10,000,000

Share price | $ / shares

$ 0.0167

Total aggregate amount of the bridge loans from related parties

$ 7,100,000

Carrying value of the bridge loans net of discount

3,100,000

Interest expense from transactions with related party

1,600,000

2,700,000

1,600,000

Prepaid Clinical, Material, Manufacturing and Other - Related Parties

Daiichi Sankyo - Related Party

5,542,000

3,177,000

Deferred revenue under collaboration license agreement

432,000

506,000

1,445,000

1,519,000

4,600,000

6,100,000

$ 10,000,000

Deferred revenue under collaboration license agreement, current

1,700,000

2,000,000

Deferred revenue under collaboration license agreement, non-current

2,900,000

4,100,000

Reduction of research and development expense

$ 1,200,000

700,000

$ 3,600,000

1,200,000

Daiichi Sankyo - Related Party | Series B

Convertible preferred stock, shares issued | shares

2,867,426

Daiichi Sankyo - Related Party | Minimum

10.00%

Cook

278,000

Cook | Prepaid Clinical, Material, Manufacturing and Other - Related Parties

$ 100,000

700,000

$ 4,100,000

6,100,000

Convertible preferred stock, shares issued | shares

3,000,000

Cook | Series B

2,150,569

Cook | Minimum | Series B

10.00%

Medpace Inc

6,200,000

500,000

14,900,000

3,300,000

Purchase commitment amount of services performed

4,900,000

383,000

Minimum fee commitment

35,000,000

17,100,000

Medpace Inc | Prepaid Clinical, Material, Manufacturing and Other - Related Parties

Medpace Inc | Accrued Clinical and Manufacturing Related Parties

5,500,000

198,000

3,200,000

2,800,000

Recruiting Services

241,000

63,000

Recruiting Services | Accrued Clinical and Manufacturing Related Parties

86,000

Recruiting Services | Recruiting Services

60,000