Coherus Oncology, Inc. reports commercial-stage oncology developments centered on LOQTORZI® (toripalimab-tpzi), an approved next-generation PD-1 inhibitor for recurrent or metastatic nasopharyngeal carcinoma. Company updates also cover its antibody immunotherapy pipeline, including tagmokitug, an anti-CCR8 cytolytic antibody, and casdozokitug, an IL-27 antagonistic antibody, across solid-tumor programs such as liver, prostate, head and neck, colorectal, gastric and esophageal cancers.
Recurring news includes financial results, LOQTORZI revenue commentary, clinical-development updates, strategic partnerships, investor-conference presentations, public common-stock offerings, debt reduction and other capital-structure actions tied to the company's transition from biosimilars to innovative oncology.
Coherus BioSciences reported strong second-quarter 2020 results with net sales of $135.7 million and net income of $59.0 million, or $0.70 per diluted share. Non-GAAP net income was $68.3 million, representing $0.81 per diluted share. The company boosted cash reserves to $456.5 million, largely from operating cash flow and proceeds from convertible debt. R&D expenses increased to $26.2 million amid preparations for biosimilar applications. Full-year guidance for combined R&D and SG&A expenses is maintained at $285-$310 million.
Coherus BioSciences (CHRS) has appointed Kimberly Tzoumakas, J.D. to its Board of Directors, effective July 30, 2020. Tzoumakas, previously CEO of 21st Century Oncology, brings over 20 years of healthcare leadership experience. Her appointment comes as Coherus aims to commercialize six biosimilars by 2025. Tzoumakas expressed enthusiasm about the opportunities for biosimilars to enhance value for various stakeholders in the healthcare system.
On July 17, 2020, Coherus BioSciences (CHRS) announced the grant of stock options totaling 178,000 shares to new employees and an Executive Vice President, with an exercise price of $18.30. This action was taken under the 2016 Employment Commencement Incentive Plan, aimed at attracting talent to the company. Coherus is a prominent player in the biosimilar market, focusing on therapies for chronic diseases and reducing healthcare costs. The company commercializes UDENYCA® in the U.S. and is advancing several biosimilar products toward commercialization.
Coherus BioSciences (CHRS) announced on June 19, 2020, the grant of stock options to employees as part of its 2016 Employment Commencement Incentive Plan. A total of 93,000 shares were granted to seven new non-officer employees, while an Executive Vice President received options for 125,000 shares, and a Vice President was granted options for 35,000 shares plus 10,000 restricted stock units. All options have a per share exercise price of $16.98, equal to the closing price on the grant date. Coherus is focused on biosimilars, including UDENYCA®, and has several late-stage and early-stage clinical products in development.
Coherus BioSciences (CHRS) reported first-quarter 2020 net sales of $116.2 million, a significant increase from $37.1 million in the previous year. The company achieved a net income of $35.6 million ($0.48 per share) and a non-GAAP net income of $49.8 million ($0.67 per share). The gross profit margin rose to 94%. Cash and equivalents totaled $193.3 million. Coherus entered into a licensing agreement with Innovent for a biosimilar of Avastin, enhancing its oncology pipeline. R&D and SG&A expenses are projected to be $285-$310 million for the fiscal year.
Coherus BioSciences (CHRS) will present at the BofA Securities 2020 Health Care Conference on May 14, 2020, at 1:00 p.m. ET. The presentation will be streamed live on their investor page. Coherus is a biosimilar leader focused on developing therapeutics for chronic diseases while enhancing patient access and reducing costs. The company markets UDENYCA® in the U.S. and is advancing several biosimilars, including CHS-1420, targeting Humira® and others. Visit https://investors.coherus.com for more details.