Coherus BioSciences (CHRS) 10-Q6 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36721
Entity Registrant Name	Coherus BioSciences, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3615821
Entity Address, Address Line One	333 Twin Dolphin Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	649-3530
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	CHRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		115,213,407
Entity Central Index Key	0001512762
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 97,690	$ 102,891
Investments in marketable securities		14,857
Trade receivables, net	167,559	260,522
TSA receivables, net (Note 6)	31,241
Inventory	47,640	62,605
Prepaid manufacturing	10,718	23,657
Other prepaids and current assets	14,176	11,099
Total current assets	369,024	475,631
Property and equipment, net	2,911	5,119
Inventory, non-current	71,375	67,495
Intangible assets, net	54,313	71,673
Other assets, non-current	7,377	9,686
Total assets	505,000	629,604
Current liabilities:
Accounts payable	21,893	35,219
Accrued rebates, fees and reserves	163,315	169,645
TSA payables and other accrued liabilities (Note 6)	33,637
Accrued compensation	15,756	21,521
Accrued and other current liabilities	60,965	105,386
Total current liabilities	295,566	331,771
Term loans, non-current	36,618	246,481
Convertible notes	227,891	226,888
Lease liabilities, non-current	3,737	5,328
Other liabilities, non-current	29,161	12,561
Total liabilities	592,973	823,029
Commitments and contingencies (Note 9)
Stockholders' deficit:
Common stock ($0.0001 par value; shares authorized: 300,000,000; shares issued and outstanding: 115,213,407 and 112,215,260 at September 30, 2024 and December 31, 2023, respectively)	12	11
Additional paid-in capital	1,412,587	1,386,312
Accumulated other comprehensive loss	(275)	(248)
Accumulated deficit	(1,500,297)	(1,579,500)
Total stockholders' deficit	(87,973)	(193,425)
Total liabilities and stockholders' deficit	$ 505,000	$ 629,604

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	115,213,407	112,215,260
Common stock, shares outstanding	115,213,407	112,215,260

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Net revenue	$ 70,774	$ 74,568	$ 212,816	$ 165,720
Costs and expenses:
Cost of goods sold	20,741	32,703	83,695	74,425
Research and development	21,676	25,647	72,101	83,068
Selling, general and administrative	34,744	48,224	126,441	142,521
Total costs and expenses	77,161	106,574	282,237	300,014
Loss from operations	(6,387)	(32,006)	(69,421)	(134,294)
Interest expense	(5,362)	(10,268)	(21,812)	(29,923)
Gain (loss) on Sale Transactions, net (Note 6)	(1,086)		176,646
Loss on debt extinguishment			(12,630)
Other income (expense), net	2,084	2,253	6,420	5,598
Income (loss) before income taxes	(10,751)	(40,021)	79,203	(158,619)
Income tax provision		(380)		(380)
Net income (loss)	$ (10,751)	$ (39,641)	$ 79,203	$ (158,239)
Net income (loss) per share:
Basic (In dollar per share)	$ (0.09)	$ (0.41)	$ 0.69	$ (1.79)
Diluted (In dollar per share)	$ (0.09)	$ (0.41)	$ 0.65	$ (1.79)
Weighted-average number of shares used in computing net income (loss) per share:
Basic (In shares)	115,210,091	97,738,509	114,263,256	88,277,936
Diluted (In shares)	115,210,091	97,738,509	126,563,551	88,277,936

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (10,751)	$ (39,641)	$ 79,203	$ (158,239)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities, net of tax		32	(24)	(15)
Foreign currency translation adjustments, net of tax	(3)		(3)	(1)
Comprehensive income (loss)	$ (10,754)	$ (39,609)	$ 79,176	$ (158,255)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Common Stock [Member] ATM Offering	Common Stock [Member] Public Offering	Common Stock [Member]	Additional Paid-in Capital [Member] ATM Offering	Additional Paid-in Capital [Member] Public Offering	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	ATM Offering	Public Offering	Total
Beginning Balances at Dec. 31, 2022			$ 8			$ 1,204,431	$ (249)	$ (1,341,608)			$ (137,418)
Beginning Balances (in shares) at Dec. 31, 2022			78,851,516
Net income (loss)								(75,729)			(75,729)
Issuance of common stock upon exercise of stock options						103					103
Issuance of common stock upon exercise of stock options (in shares)			24,107
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)			771,167
Issuance of common stock in connection with Surface Acquisition:(1)
Stock-based compensation expense						12,288					12,288
Issuance of common stock under Offering, net of issuance costs				$ 7,059					$ 7,059
Issuance of common stock under Offering, net of issuance costs (in shares)	1,131,450
Taxes paid related to net share settlement of RSUs						(2,781)					(2,781)
Taxes paid related to net share settlement of RSUs (in shares)			(289,944)
Other comprehensive loss, net of tax							(29)				(29)
Ending Balances at Mar. 31, 2023			$ 8			1,221,100	(278)	(1,417,337)			(196,507)
Ending Balances (in shares) at Mar. 31, 2023			80,488,296
Beginning Balances at Dec. 31, 2022			$ 8			1,204,431	(249)	(1,341,608)			(137,418)
Beginning Balances (in shares) at Dec. 31, 2022			78,851,516
Net income (loss)											(158,239)
Issuance of common stock in connection with Surface Acquisition:(1)
Issuance of common stock under Offering, net of issuance costs (in shares)									3,559,761
Ending Balances at Sep. 30, 2023			$ 11			1,366,502	(265)	(1,499,847)			(133,599)
Ending Balances (in shares) at Sep. 30, 2023			109,113,046
Beginning Balances at Mar. 31, 2023			$ 8			1,221,100	(278)	(1,417,337)			(196,507)
Beginning Balances (in shares) at Mar. 31, 2023			80,488,296
Net income (loss)								(42,869)			(42,869)
Issuance of common stock upon exercise of stock options						14					14
Issuance of common stock upon exercise of stock options (in shares)			8,182
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)			142,982
Issuance of common stock in connection with Surface Acquisition:(1)
Stock-based compensation expense						10,034					10,034
Issuance of common stock under Offering, net of issuance costs		$ 1			$ 53,624					$ 53,625
Issuance of common stock under Offering, net of issuance costs (in shares)		13,529,411
Offering costs associated with ATM offering				(74)					$ (74)
Issuance of common stock under the employee stock purchase plan ("ESPP")						1,337					1,337
Issuance of common stock under the employee stock purchase plan ("ESPP") (in shares)			321,672
Taxes paid related to net share settlement of RSUs						(305)					(305)
Taxes paid related to net share settlement of RSUs (in shares)			(48,529)
Other comprehensive loss, net of tax							(19)				(19)
Ending Balances at Jun. 30, 2023			$ 9			1,285,730	(297)	(1,460,206)			(174,764)
Ending Balances (in shares) at Jun. 30, 2023			94,442,014
Net income (loss)								(39,641)			(39,641)
Issuance of common stock upon exercise of stock options						53					53
Issuance of common stock upon exercise of stock options (in shares)			27,977
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)			72,918
Issuance of common stock in connection with Surface Acquisition:(1)
Issuance to Surface shareholders for acquisition			$ 1			58,540					58,541
Issuance to Surface shareholders for acquisition (in shares)			11,971,460
Accelerated vesting of equity awards (in shares)			261,239
Accelerated vesting of equity awards						1,053					1,053
Taxes paid related to net share settlement of equity awards (in shares)			(65,732)
Taxes paid related to net share settlement of equity awards						(347)					(347)
Stock-based compensation expense						10,152					10,152
Issuance of common stock under Offering, net of issuance costs	$ 1			11,436					$ 11,437
Issuance of common stock under Offering, net of issuance costs (in shares)	2,428,311								2,428,311
Taxes paid related to net share settlement of RSUs						(115)					(115)
Taxes paid related to net share settlement of RSUs (in shares)			(25,141)
Other comprehensive loss, net of tax							32				32
Ending Balances at Sep. 30, 2023			$ 11			1,366,502	(265)	(1,499,847)			(133,599)
Ending Balances (in shares) at Sep. 30, 2023			109,113,046
Beginning Balances at Dec. 31, 2023			$ 11			1,386,312	(248)	(1,579,500)			$ (193,425)
Beginning Balances (in shares) at Dec. 31, 2023			112,215,260								112,215,260
Net income (loss)								102,875			$ 102,875
Issuance of common stock upon exercise of stock options						291					291
Issuance of common stock upon exercise of stock options (in shares)			174,651
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)			741,213
Issuance of common stock in connection with Surface Acquisition:(1)
Stock-based compensation expense						7,677					7,677
Issuance of common stock under Offering, net of issuance costs				1,507					$ 1,507
Issuance of common stock under Offering, net of issuance costs (in shares)	650,005
Taxes paid related to net share settlement of RSUs						(745)					(745)
Taxes paid related to net share settlement of RSUs (in shares)			(284,275)
Other comprehensive loss, net of tax							(24)				(24)
Ending Balances at Mar. 31, 2024			$ 11			1,395,042	(272)	(1,476,625)			(81,844)
Ending Balances (in shares) at Mar. 31, 2024			113,496,854
Beginning Balances at Dec. 31, 2023			$ 11			1,386,312	(248)	(1,579,500)			$ (193,425)
Beginning Balances (in shares) at Dec. 31, 2023			112,215,260								112,215,260
Net income (loss)											$ 79,203
Issuance of common stock in connection with Surface Acquisition:(1)
Issuance of common stock under Offering, net of issuance costs (in shares)									650,005
Ending Balances at Sep. 30, 2024			$ 12			1,412,587	(275)	(1,500,297)			$ (87,973)
Ending Balances (in shares) at Sep. 30, 2024			115,213,407								115,213,407
Beginning Balances at Mar. 31, 2024			$ 11			1,395,042	(272)	(1,476,625)			$ (81,844)
Beginning Balances (in shares) at Mar. 31, 2024			113,496,854
Net income (loss)								(12,921)			(12,921)
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)			21,583
Issuance of common stock - partial payout of 2023 bonus in RSUs			$ 1			4,407					4,408
Issuance of common stock - partial payout of 2023 bonus in RSUs (in shares)			1,976,750
Issuance of common stock in connection with Surface Acquisition:(1)
Stock-based compensation expense						7,327					7,327
Offering costs associated with ATM offering				$ (52)					$ (52)
Issuance of common stock under the employee stock purchase plan ("ESPP")						685					685
Issuance of common stock under the employee stock purchase plan ("ESPP") (in shares)			471,439
Taxes paid related to net share settlement of RSUs						(1,711)					(1,711)
Taxes paid related to net share settlement of RSUs (in shares)			(767,971)
Ending Balances at Jun. 30, 2024			$ 12			1,405,698	(272)	(1,489,546)			(84,108)
Ending Balances (in shares) at Jun. 30, 2024			115,198,655
Net income (loss)								(10,751)			(10,751)
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)			22,915
Issuance of common stock in connection with Surface Acquisition:(1)
Stock-based compensation expense						6,899					6,899
Taxes paid related to net share settlement of RSUs						(10)					(10)
Taxes paid related to net share settlement of RSUs (in shares)			(8,163)
Other comprehensive loss, net of tax							(3)				(3)
Ending Balances at Sep. 30, 2024			$ 12			$ 1,412,587	$ (275)	$ (1,500,297)			$ (87,973)
Ending Balances (in shares) at Sep. 30, 2024			115,213,407								115,213,407

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income (loss)	$ 79,203	$ (158,239)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	4,243	2,728
Stock-based compensation expense	21,418	32,312
Impairment of out-license asset and remeasurement of CVR liability, net	6,772
Loss on debt extinguishment	12,630
Gain on Sale Transaction, net (Note 6)	(176,646)
Inventory write-downs, net	2,481	4,369
Other non-cash adjustments, net	(505)	78
Changes in operating assets and liabilities:
Trade receivables, net	93,024	(106,626)
Inventory	(25,499)	(34,941)
Prepaid manufacturing	5,582	4,108
Other prepaid, current and non-current assets	(4,306)	10,702
Accounts payable	(10,280)	24,545
Accrued rebates, fees and reserves	(7,617)	60,602
TSA related operating assets and liabilities, net (Note 6)	2,396
Accrued compensation	(1,039)	(8,810)
Accrued and other current and non-current liabilities	(50,905)	7,225
Net cash used in operating activities	(49,048)	(161,947)
Investing activities
Proceeds from maturities of investments in marketable securities	6,200	108,148
Proceeds from sale of investments in marketable securities	8,688	13,282
Cash and cash equivalents acquired from Surface Acquisition		6,997
Milestone based license fee payment to Junshi Biosciences	(12,500)
Purchases of investments in marketable securities		(19,507)
Other investing activities, net	652	517
Net cash provided by investing activities	230,863	109,437
Financing activities
Proceeds from 2029 Term Loan, net of debt discount & issuance costs	36,979
Proceeds from Revenue Purchase and Sale Agreement, net of issuance costs	36,486
Proceeds from issuance of common stock upon exercise of stock options	291	170
Proceeds from purchase under the employee stock purchase plan	685	1,337
Taxes paid related to net share settlement	(2,466)	(3,261)
Repayment of 2027 Term Loans, premiums and exit fees	(260,387)
Other financing activities	(248)	(835)
Net cash (used in) provided by financing activities	(187,205)	69,234
Net (decrease) increase in cash, cash equivalents and restricted cash	(5,390)	16,724
Cash, cash equivalents and restricted cash at beginning of period	103,343	63,987
Cash, cash equivalents and restricted cash at end of period	97,953	80,711
Supplemental disclosures of non-cash activities
Non-cash employee bonuses settled in common stock	4,408
Financing issuance costs in accounts payable	859
CIMERLI Sale
Investing activities
Cash received from Sale	187,823
YUSIMRY Sale
Investing activities
Cash received from Sale	40,000
At Market Offering [Member]
Financing activities
Proceeds from issuance of common stock, net of issuance costs	$ 1,455	18,198
Public Offering
Financing activities
Proceeds from issuance of common stock, net of issuance costs		$ 53,625

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
Organization and Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	1. Organization and Summary of Significant Accounting Policies Organization Coherus BioSciences, Inc. (the “Company” or “Coherus”) is a commercial-stage biopharmaceutical company focused on the research, development and commercialization of innovative immunotherapies to treat cancer. The Company is developing an innovative immuno-oncology pipeline that it believes will be synergistic with its proven commercial capabilities in oncology. The Company’s headquarters and laboratories are located in Redwood City, California and in Camarillo, California, respectively. On January 2, 2024, the Company announced the launch in the U.S. of LOQTORZI® in combination with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent locally advanced nasopharyngeal carcinoma (“NPC”), and as monotherapy for the treatment of adults with recurrent unresectable, or metastatic NPC with disease progression on or after platinum-containing chemotherapy. LOQTORZI is a novel PD-1 inhibitor that the Company developed in collaboration with Shanghai Junshi Biosciences Co., Ltd. (“Junshi Biosciences”). The Company also sells UDENYCA® (pegfilgrastim-cbqv), a biosimilar to Neulasta, a long-acting granulocyte-colony stimulating factor, in the United States. The Company launched YUSIMRY (adalimumab-aqvh), a biosimilar to Humira (adalimumab), in the United States in July 2023. On June 26, 2024, the Company entered into an Asset Purchase Agreement (the “YUSIMRY Purchase Agreement”) with Hong Kong King-Friend Industrial Company Ltd. (“HKF”). Pursuant to the YUSIMRY Purchase Agreement, the Company completed the sale of its YUSIMRY (adalimumab-aqvh) franchise (the “YUSIMRY Sale”) for upfront, cash consideration of $40.0 million and the assumption of $17.0 million of inventory purchase commitments by HKF. The Company launched CIMERLI (ranibizumab-eqrn), a biosimilar to Lucentis, in the United States in October 2022. On January 19, 2024, the Company entered into a Purchase and Sale Agreement (the “CIMERLI Purchase Agreement”) with Sandoz Inc. (“Sandoz”). Pursuant to the terms and subject to the conditions set forth in the CIMERLI Purchase Agreement, on March 1, 2024, the Company completed the sale of its CIMERLI ophthalmology franchise through the sale of its subsidiary, Coherus Ophthalmology LLC (“Coherus Ophthalmology”), to Sandoz for upfront, all-cash consideration of $170.0 million plus an additional $17.8 million for CIMERLI product inventory and prepaid manufacturing assets (the “CIMERLI Sale” and, together with the YUSIMRY Sale, the “Sale Transactions”). Proceeds from the CIMERLI Sale received in March were used in April 2024 to pay down $175.0 million of the total principal balance of $250.0 million on the Company’s senior secured term loan facility that was entered into January 5, 2022 (as amended on April 7, 2022, February 6, 2023, and February 5, 2024, the “2027 Term Loans”). During the second quarter of 2024, the Company repaid in full all the remaining outstanding indebtedness and terminated all commitments under the 2027 Term Loans, resulting in a $12.6 million loss on debt extinguishment from the 2027 Term Loans (see Note 8. Financial Liabilities). The Company’s product pipeline comprises the following three product candidates: CHS-1000, an antibody targeting ILT4; casdozokitug (CHS-388, formerly SRF388), an antibody targeting interleukin 27 (“IL-27”); and CHS-114 (formerly SRF114), a highly specific afucosylated immunoglobulin isotype G1 (“IgG1”) antibody targeting CCR8. In addition to the Company’s internally developed portfolio of product candidates, the Company has a product candidate, GSK4381562, which has been exclusively licensed to GlaxoSmithKline Intellectual Property No. 4 Limited (“GSK”). Basis of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Coherus and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring accruals that the Company believes are necessary to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim-period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) filed with the SEC. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information, such as, the estimated effects and uncertainty surrounding the temporary supply interruption relating to the Company’s third-party labeling and packaging CMO for UDENYCA. Accounting estimates and judgments are inherently uncertain and therefore actual results could differ from these estimates. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets, which, in aggregate, represent the amount reported in the condensed consolidated statements of cash flows: (in thousands) January 1, At beginning of period: 2024 2023 Cash and cash equivalents $ 102,891 $ 63,547 Restricted cash 452 440 Total cash, cash equivalents and restricted cash $ 103,343 $ 63,987 September 30, At end of period: 2024 2023 Cash and cash equivalents $ 97,690 $ 80,259 Restricted cash 263 452 Total cash, cash equivalents and restricted cash $ 97,953 $ 80,711 Restricted cash consists of deposits for letters of credit that the Company has provided to secure its obligations under certain leases and is included in other assets, non-current on the condensed consolidated balance sheets. Trade Receivables Trade receivables are recorded net of allowances for chargebacks, cash discounts for prompt payment and credit losses. The Company estimates an allowance for expected credit losses by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. The corresponding expense for the credit loss allowance is reflected in selling, general and administrative expenses. The credit loss allowance was immaterial as of September 30, 2024 and December 31, 2023. Revenue Purchase and Sale Agreement The Revenue Purchase and Sale Agreement (see Note 8. Financial Liabilities) contains an embedded derivative that meets the criteria to be bifurcated and accounted for separately from the Revenue Purchase and Sale Agreement (the "Royalty Fee Derivative Liability"). The Royalty Fee Derivative Liability was recorded at fair value upon entering into the Revenue Purchase and Sale Agreement and is subsequently remeasured to fair value at each reporting period with the corresponding change in fair value recognized in other income (expense), net in the condensed consolidated statements of operations. The Revenue Purchase and Sale Agreement was initially valued and is remeasured using Monte Carlo simulation models to perform the “with-and-without” method, which involves valuing the Revenue Purchase and Sale Agreement with the embedded derivative and then valuing it without the embedded derivative. The difference between values is determined to be the estimated fair value of the Royalty Fee Derivative. Refer to Note 3. Fair Value Measurements for details regarding the fair value. The Revenue Purchase and Sale Agreement is accounted for as a liability net of a discount comprising issuance costs and the fair value of the embedded derivative requiring bifurcation. The Company imputes interest expense associated with this liability using the effective interest rate method. The effective interest rate is calculated based on the rate that would enable the liability to be repaid in full over the anticipated life of the arrangement. Interest expense is recognized over the estimated term on the condensed consolidated statement of operations. The interest rate on this revenue participation liability may vary during the term of the agreement depending on a number of factors, including the level of actual and forecasted net sales. The Company evaluates the interest rate quarterly based on actual and forecasted net sales utilizing the prospective method. A significant increase or decrease in actual or forecasted net sales could materially impact the revenue participation liability, interest expense, and the time period for repayment. Contingent Consideration Contingent consideration relates to the potential payments to holders of Contingent Value Rights (“CVRs”) Stock-Based Compensation The Company’s compensation programs include stock-based awards. For awards other than condition-based performance stock options, the fair values are recognized as compensation expense on a straight-line basis over the vesting period. For condition-based performance stock options, expense is recognized only when performance conditions are considered probable of being achieved and is recognized over the period from the grant date through the time the milestone is expected to be achieved. The related costs are recorded in cost of goods sold, research and development, and selling, general and administrative expense, as appropriate. The Company accounts for forfeitures as they occur. The Company accounts for stock issued in connection with business combinations based on the fair value of the Company’s common stock on the date of issuance. Recent Accounting Pronouncements The following are recent accounting pronouncements that the Company has not yet adopted: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. The amendments in this update expand annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The new standard is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update should be applied retrospectively to all periods presented. The Company is currently evaluating the impact this ASU may have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The new standard is effective for the Company for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied prospectively; however, retrospective application is also permitted. The Company is currently evaluating the impact this ASU may have on its financial statement disclosures. The Company has reviewed other recent accounting pronouncements and concluded they are either not applicable to the business or that no material effect is expected on the condensed consolidated financial statements as a result of future adoption.

Revenue

Revenue	9 Months Ended
Revenue	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	2. Revenue The Company launched LOQTORZI in December 2023, YUSIMRY in July 2023 and CIMERLI in October 2022. Net revenue for sales of YUSIMRY and CIMERLI effectively ceased to be recognized in the Company’s condensed consolidated statements of operations on June 26, 2024 and March 1, 2024, respectively (see Note 6. Acquisition and Dispositions). All net product revenue was generated in the United States, and the Company’s net revenue was as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Products UDENYCA $ 66,089 $ 32,967 $ 159,673 $ 90,875 CIMERLI (1,215) 40,037 26,979 72,939 YUSIMRY (152) 1,360 7,508 1,360 LOQTORZI 5,832 — 11,609 — Total net product revenue 70,554 74,364 205,769 165,174 Other revenue 220 204 7,047 546 Total net revenue $ 70,774 $ 74,568 $ 212,816 $ 165,720 Gross product revenues by significant customer as a percentage of total gross product revenues were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 McKesson Corporation 45 % 44 % 41 % 38 % Cencora (previously known as AmeriSource-Bergen Corporation) 33 % 41 % 39 % 45 % Cardinal Health, Inc. 21 % 13 % 18 % 15 % Product Sales Discounts and Allowances The total provision related to sales made in the prior period was $0.3 million and $1.1 million for the three months ended September 30, 2024 and 2023, respectively. Chargebacks and discounts for prompt payment are recorded as a reduction in trade receivables, and the remaining reserve balances are classified as current liabilities and other liabilities, non-current on the accompanying unaudited condensed consolidated balance sheets. In connection with the Sale Transactions, the Company retained and will continue to be responsible for sales discounts and allowance liabilities incurred prior to March 1, 2024 for CIMERLI and June 26, 2024 for YUSIMRY. Sales discounts and allowances incurred on behalf of the respective counterparties following the close of the Sale Transactions in accordance with the Company’s Transition Services Agreement with Sandoz (the “CIMERLI TSA”) in March 2024 for CIMERLI and the Company’s Transition Services Agreement with HKF (the “YUSIMRY TSA” and, together with the CIMERLI TSA, collectively the “TSA”) in June 2024 for YUSIMRY are reflected within TSA payables and other accrued liabilities The activities and ending reserve balances for each significant category of discounts and allowances that constitute variable consideration were as follows: Nine Months Ended September 30, 2024 Chargebacks Other Fees, and Discounts Co-pay for Prompt Assistance (in thousands) Payment Rebates and Returns Total Balances at December 31, 2023 $ 73,953 $ 121,137 $ 49,795 $ 244,885 Provision related to sales made in: Current period 727,028 150,820 117,299 995,147 Prior period - increase (decrease) (969) 6,343 (1,010) 4,364 Payments and customer credits issued (747,070) (159,737) (121,332) (1,028,139) Balances at September 30, 2024 $ 52,942 $ 118,563 $ 44,752 $ 216,257 Nine Months Ended September 30, 2023 Chargebacks Other Fees, and Discounts Co-pay for Prompt Assistance (in thousands) Payment Rebates and Returns Total Balances at December 31, 2022 $ 42,677 $ 38,713 $ 19,113 $ 100,503 Provision related to sales made in: Current period 387,238 83,009 69,362 539,609 Prior period - increase (decrease) (1,375) 1,540 4,469 4,634 Payments and customer credits issued (379,076) (42,097) (55,681) (476,854) Balances at September 30, 2023 $ 49,464 $ 81,165 $ 37,263 $ 167,892

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The fair values of financial instruments are classified into one of the following categories based upon the lowest level of input that is significant to the fair value measurement: ● Level 1 — Quoted prices in active markets for identical assets or liabilities. ● Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair values of cash equivalents approximate their carrying values due to the short-term nature of such financial instruments. Unrealized gains and losses on available-for-sale debt securities are reported as a component of accumulated comprehensive income (loss), with the exception of unrealized losses believed to be related to credit losses, if any, which are recognized in earnings in the period the impairment occurs. Impairment assessments are made at the individual security level each reporting period. When the fair value of an available-for-sale debt investment is less than its cost at the balance sheet date, a determination is made as to whether the impairment is related to a credit loss and, if it is, the portion of the impairment relating to credit loss is recorded as an allowance through net income. Realized gains and losses, if any, on available-for-sale securities are included in other income (expense), net, in the condensed consolidated statements of operations based on the specific identification method. In connection with the acquisition (the “Surface Acquisition”) of Surface Oncology, Inc. (“Surface”) on September 8, 2023 (see Note 6. Acquisition and Dispositions), the Company recorded contingent consideration liabilities related to CVRs. The fair value of the CVR liabilities were determined using a Monte Carlo simulation-based model discounted to present value and represents a Level 3 measurement within the fair value hierarchy. Assumptions used in this calculation include estimated revenue, discount rate and various probability factors. If different assumptions were used for the various inputs, the estimated fair value could be significantly higher or lower than the fair value the Company determined. For example, increases in discount rates and the time to payment may result in lower fair value measurements. There is no assurance that any of the conditions for payment of the CVR liabilities will be met. During the three months ended March 31, 2024, the Company impaired its historical out-licensed partnership program with Novartis Institutes for Biomedical Research, Inc. (“Novartis Institutes”) (NZV930), which resulted in a net impairment charge of $6.8 million in selling, general and administrative expenses in the condensed consolidated statements of operations relating to the write-off of the net carrying value of the Novartis Institutes out-license intangible asset of $10.6 million and the final remeasurement of the CVR liability related to NZV930 of $3.8 million to its fair value of zero . The remaining CVR liability associated with GSK of $0.5 million and other contingent consideration are recorded in other liabilities, non-current on the condensed consolidated balance sheets at September 30, 2024. On May 8, 2024, the Company recognized the Royalty Fee Derivative Liability which was estimated to be $9.2 million in connection with the Revenue Purchase and Sale Agreement (see Note 8. Financial Liabilities), which is recorded in accrued and other current liabilities on the condensed consolidated balance sheets. To estimate the fair value, the Company uses Monte Carlo simulation models that require the use of Level 3 unobservable inputs, primarily the amount and timing of our expected future revenue, the estimated volatility of these revenues, the discount rate corresponding to the risk of revenue, and the probability of certain events. At September 30, 2024, the estimated fair value of the Royalty Fee Derivative Liability remained unchanged at $9.2 million. Financial liabilities related to long-term debt obligations are summarized in Note 8. Financial Liabilities. Other financial liabilities and financial assets measured at fair value on a recurring basis are summarized as follows: Fair Value Measurements September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents (1) $ 69,070 $ — $ — $ 69,070 Total $ 69,070 $ — $ — $ 69,070 Financial Liabilities: Royalty Fee Derivative Liability $ — $ — $ 9,202 $ 9,202 Contingent consideration — — 632 632 Total $ — $ — $ 9,834 $ 9,834 Fair Value Measurements December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents (1) $ 88,460 $ 998 $ — $ 89,458 Marketable debt securities: U.S. government agency securities 5,195 — — 5,195 U.S. treasury securities 2,993 — — 2,993 Commercial paper and corporate notes — 6,669 — 6,669 Prepaid financial instrument in Prepaid manufacturing (2) — — 625 625 Total $ 96,648 $ 7,667 $ 625 $ 104,940 Financial Liabilities: Contingent consideration $ — $ — $ 4,472 $ 4,472 (1) Cash equivalents consist of money market funds, U.S treasury securities and commercial paper and corporate notes with original maturities of 90 days or less. (2) Relates to Optional Stock Purchase Agreement as described in the Company’s 2023 Form 10-K. The cost, unrealized gains or losses, and fair value by investment type are summarized as follows: September 30, 2024 (in thousands) Cost Unrealized Gain Unrealized (Loss) Fair Value Money market funds $ 69,070 $ — $ — $ 69,070 Total $ 69,070 $ — $ — $ 69,070 December 31, 2023 (in thousands) Cost Unrealized Gain Unrealized (Loss) Fair Value Money market funds $ 79,484 $ — $ — $ 79,484 U.S. government agency securities 5,200 — (5) 5,195 U.S. treasury securities 11,967 2 — 11,969 Commercial paper and corporate notes 7,673 — (6) 7,667 Total $ 104,324 $ 2 $ (11) $ 104,315

Inventory

Inventory	9 Months Ended
Inventory	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventory	4. Inventory Inventory consisted of the following: September 30, December 31, (in thousands) 2024 2023 Raw materials $ 13,735 $ 12,975 Work in process 102,989 82,588 Finished goods 2,291 34,537 Total $ 119,015 $ 130,100 Inventory as of December 31, 2023 included $16.4 million related to the CIMERLI ophthalmology franchise and $17.0 million related to the YUSIMRY immunology franchise Inventory expected to be sold more than twelve months from the balance sheet date is classified as inventory, non-current on the condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023, the non-current portion of inventory consisted of raw materials and work in process, as well as a portion of finished goods at December 31, 2023. The following table presents the inventory balance sheet classifications: September 30, December 31, (in thousands) 2024 2023 Inventory $ 47,640 $ 62,605 Inventory, non-current 71,375 67,495 Total $ 119,015 $ 130,100 Prepaid manufacturing of $10.7 million as of September 30, 2024 includes prepayments of $6.5 million to CMOs for manufacturing services, which the Company expects to be converted into inventory within the next twelve months, and prepayments of $4.2 million to various CMOs for research and development pipeline programs. Prepaid manufacturing of $23.7 million as of December 31, 2023 included prepayments of $11.1 million to various CMOs for research and development pipeline programs and $12.6 million to CMOs for manufacturing services, of which $6.4 million related to the CIMERLI ophthalmology franchise and $0.5 million related to the YUSIMRY immunology franchise (see Note 6. Acquisition and Dispositions).

Balance Sheet Components

Balance Sheet Components	9 Months Ended
Balance Sheet Components	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	5. Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following: September 30, December 31, (in thousands) 2024 2023 Machinery and equipment $ 13,161 $ 13,124 Computer equipment and software 3,566 3,546 Furniture and fixtures 1,055 1,055 Leasehold improvements 5,751 5,751 Finance lease right of use assets — 2,294 Total property and equipment 23,533 25,770 Accumulated depreciation and amortization (20,622) (20,651) Property and equipment, net $ 2,911 $ 5,119 Depreciation and amortization expense related to property and equipment, net was $0.4 million and $1.5 million for the three and nine months ended September 30, 2024, respectively, and $0.8 million and $2.5 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, the net book value of software implementation costs related to hosting arrangements was $2.3 million and $3.2 million, respectively, and the amortization expense was immaterial for all periods presented. Intangible Assets, Net Intangible assets, net consisted of the following: September 30, December 31, (in thousands) 2024 2023 Finite-lived assets, net of accumulated amortization of $2,052 and $639, as of September 30, 2024 and December 31, 2023, respectively $ 25,454 $ 41,871 Indefinite-lived assets - in-process research and development 28,859 28,859 Goodwill — 943 Total Intangible assets, net $ 54,313 $ 71,673 Amortization expense related to finite-lived intangible assets was $1.2 million and $2.8 million in the three and nine months ended September 30, 2024, respectively, and immaterial for the three and nine months ended September 30, 2023. In connection with the CIMERLI Sale on March 1, 2024, a finite-lived asset, net of $2.1 million and goodwill of $0.9 million were derecognized. In connection with the YUSIMRY Sale on June 26, 2024, a finite-lived asset with a net value of $0.9 million was derecognized. The exclusive license of NZV930 to Novartis Institutes, acquired as part of the Surface Acquisition, was terminated by Novartis Institutes with an effective date of October 2, 2024. As a result, the Company recognized an impairment charge of $10.6 million for the carrying value of the Novartis Institutes out-license during the three months ended March 31, 2024, which was classified within selling, general and administrative expense in the condensed consolidated statements of operations. Amortization expense for the remaining finite-lived assets for each of the five succeeding fiscal years is expected to be $2.7 million. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following: September 30, December 31, (in thousands) 2024 2023 Accrued commercial and research and development manufacturing $ 19,729 $ 23,470 Accrued co-development costs and milestone payments 12,500 26,812 Accrued royalties 1,199 42,031 Royalty Fee Derivative Liability (Note 8) 9,202 — Revenue participation liability, current (Note 8) 2,180 — Accrued other 14,526 7,628 Lease liabilities, current 1,629 2,145 Contingent consideration, current — 3,300 Total Accrued and other current liabilities $ 60,965 $ 105,386 Other Liabilities, Non-current Other liabilities, non-current consisted of the following: September 30, December 31, (in thousands) 2024 2023 Contingent consideration, non-current $ 632 $ 1,172 Deferred tax liability 1,102 1,102 Revenue participation liability, non-current (Note 8) 27,427 — Other — 10,287 Total Other liabilities, non-current $ 29,161 $ 12,561

Acquisition and Disposition

Acquisition and Disposition	9 Months Ended
Acquisition and Disposition	Sep. 30, 2024
Acquisition And Disposal Of Business [Abstract]
Acquisition and Disposition	6. Acquisition and Dispositions 2024 Dispositions YUSIMRY Sale On June 26, 2024, the Company completed the sale of its YUSIMRY immunology franchise which comprised certain assets, including certain YUSIMRY intellectual property, contracts, YUSIMRY inventory, and all activities related to research and development of YUSIMRY. In exchange, HKF paid upfront cash consideration of $40.0 million and assumed certain liabilities, including $17.0 million of inventory purchase commitments. During the second quarter of 2024, the Company recognized a net gain on the YUSIMRY Sale of $22.9 million, which included the cash receipts of $40.0 million less net assets transferred to HKF or otherwise derecognized and transaction costs of $1.0 million. At September 30, 2024, unpaid transaction costs totaled $0.8 million. The pretax profit (loss) related to the YUSIMRY immunology franchise prior to the YUSIMRY Sale, which excludes any corporate overhead allocations, was $(0.2) million and $1.3 million during the three and nine months ended September 30, 2024, respectively, and $(2.0) million and $(12.1) million during the three and nine months ended September 30, 2023, respectively. In connection with the YUSIMRY Sale, the Company and HKF entered into the YUSIMRY TSA, pursuant to which the Company is providing certain business support services on behalf of HKF including billings, collections, and the remittance of rebates, to ensure business continuity for patients and customers for a period not expected to extend beyond December 31, 2024. three and nine months ended September 30, 2024 CIMERLI Sale On March 1, 2024, the Company completed the sale of its CIMERLI ophthalmology franchise through the sale of its subsidiary, Coherus Ophthalmology, to Sandoz for upfront, all-cash consideration of $170.0 million plus an additional $17.8 million for CIMERLI product inventory and prepaid manufacturing assets. During the first quarter of 2024, the Company recognized a net gain on the CIMERLI Sale of $153.6 million, which includes the cash receipts of $187.8 million less assets transferred to Sandoz, assets derecognized, transaction costs of $7.2 million, and other related employee transition expenses As of September 30, 2024, unpaid commitments for retention bonuses totaled $4.7 million. The pretax profit (loss) related to the CIMERLI ophthalmology franchise prior to the CIMERLI Sale, which excludes any corporate overhead allocations, was $(1.2) million and $6.2 million during the three and nine months ended September 30, 2024, respectively, and $6.9 million and $5.7 million during the three and nine months ended September 30, 2023, respectively. In connection with the CIMERLI Sale, the Company and Sandoz entered into the CIMERLI TSA, pursuant to which the Company is providing certain business support services on behalf of Sandoz including billings, collections, and the remittance of rebates, to ensure business continuity for patients and customers for a period not expected to extend beyond December 31, 2024. ncome of $0.5 million and $1.6 million for the three and nine months ended September 30, 2024 in other income (expense), net in the condensed consolidated statements of operations 2023 Acquisition Surface Acquisition On September 8, 2023 (the “Acquisition Date”), in accordance with an Agreement and Plan of Merger dated June 15, 2023 (the “Merger Agreement”) by and among the Company, Crimson Merger Sub I, Inc. (“Merger Sub I”), Crimson Merger Sub II, LLC (“Merger Sub II,” and together with Merger Sub I, the “Merger Subs”), and Surface, the Company completed the Surface Acquisition. The Surface Acquisition expanded the Company’s I-O pipeline with the following: casdozokitug ( formerly SRF388), an investigational, novel IL-27-targeted antibody currently being evaluated in a Phase 2 clinical trial in HCC, and CHS-114 (formerly SRF114), an investigational, CCR8-targeted antibody currently in a Phase 1/2 study as a monotherapy in patients with advanced solid tumors and head and neck squamous cell carcinoma (“HSNSCC”). On the Acquisition Date, and in accordance with the Merger Agreement, the Company issued to the holders of all outstanding Surface common stock (subject to certain exceptions) 0.1960 shares of Coherus common stock in exchange for each share of outstanding Surface common stock and certain outstanding Surface employee equity awards. The exchange ratio was calculated pursuant to the terms of the Merger Agreement and was based on a $5.2831 received one CVR for each share of Surface common stock and employee equity award converted. Each CVR entitles the holder to receive quarterly contingent payments in the form of cash, stock or a combination of cash and stock at the Company’s discretion during the 10-year ● 70% of all milestone- and royalty-based payments actually received by the Company or its affiliates from GSK under a license agreement with GSK, dated December 16, 2020, which was subsequently amended in August 2021 (as amended, the “GSK Agreement”) related to the existing program (GSK4381562) ; ● 25% of any upfront payment actually received by the Company or its affiliates pursuant to potential ex-U.S. licensing agreements for CHS-114; and ● 50% of any upfront payment actually received by the Company or its affiliates pursuant to potential ex-U.S. licensing agreements for casdozokitug . The Company has recorded a contingent consideration liability for the fair value of the potential payments under the CVR Agreement described above. The Company is unable to estimate a range of outcomes for potential royalty and milestone payments for CHS-114 and casdozokitug. The following table below sets forth the purchase price allocation to the estimated fair value of the net assets acquired: (in thousands) Amounts Recognized at Acquisition Date Assets Acquired Cash and cash equivalents $ 6,997 Investments in marketable securities 21,791 Prepaids and other assets 5,260 In-process research and development 26,239 Out-licenses 13,530 Total assets $ 73,817 Liabilities Assumed Accrued and other current liabilities $ 7,722 Deferred tax liability 1,499 Total liabilities 9,221 Total net assets acquired $ 64,596 The Company believes that, even after reassessing its identification of all assets acquired and liabilities assumed, it was able to acquire Surface for a price that was completely allocable to identifiable assets acquired and liabilities assumed with no residual attributable to goodwill primarily due to Surface’s need to raise additional capital to finance its operations, the challenging biotech funding environment at the time the transaction was initially announced, and the value of the acquired net assets. The amounts allocated to identifiable intangible assets was as follows: (in thousands) Useful lives Fair Value at Acquisition Date In-process research and development - casdozokitug n/a $ 25,899 In-process research and development - CHS-114 n/a 340 Out-license - GSK 15 years 2,506 Out-license - Novartis Institutes 15 years 11,024 Total identifiable intangible assets $ 39,769 The out-license intangible assets represent potential milestone and royalty-based payments to be received under two out-licensed partnership programs to advance certain next-generation cancer therapies, Novartis Institutes (NZV930) and GSK (GSK4381562). selling, general and administrative expenses Unaudited Pro Forma Summary of Operations The following table shows the unaudited pro forma summary of operations for the three and nine months ended September 30, 2023, as if the Surface Acquisition had occurred on January 1, 2022. This pro forma information does not purport to represent what the Company’s actual results would have been if the acquisition had occurred as of January 1, 2022, and it is not indicative of what such results would be expected for any future period: Three Months Ended Nine Months Ended (in thousands) September 30, 2023 September 30, 2023 Total revenues $ 74,568 $ 165,720 Net loss $ (49,984) $ (204,922) Acquisition-related costs of $2.6 million and $4.5 million were recorded in selling, general and administrative expense in the condensed consolidated statement of operations during the three and nine months ended September 30, 2023, respectively.

Collaborations and Other Arrang

Collaborations and Other Arrangements	9 Months Ended
Collaborations and Other Arrangements	Sep. 30, 2024
Collaboration And License Agreements [Abstract]
Collaborations and Other Arrangements	7. Collaborations and Other Arrangements In-Licensing Agreements Junshi Biosciences On February 1, 2021, the Company entered into an Exclusive License and Commercialization Agreement (the “Collaboration Agreement”) with Junshi Biosciences for the co-development and commercialization of LOQTORZI Under the terms of the Collaboration Agreement, the Company paid $150.0 million upfront for exclusive rights to LOQTORZI undisclosed preclinical immuno-oncology drug candidates. The Company is obligated to pay Junshi Biosciences a 20% royalty on net sales of LOQTORZI In March 2022, the Company paid $35.0 million for the exercise of its option to license CHS-006. Subsequent joint development consistent with the Collaboration Agreement commenced. On January 10, 2024, the Company announced that it had delivered a notice of termination of the to Junshi Biosciences. The Company plans to continue to wind down work with Junshi Biosciences on the TIGIT Program pursuant to the termination. LOQTORZI LOQTORZI In March 2024, the Company entered into an Amendment No. 2 to the Collaboration Agreement (the “2 nd Amendment”) with Junshi Biosciences to revise the timing of the $25.0 million milestone payment to Junshi Biosciences that became due in connection with the approval by the FDA of toripalimab for the treatment of patients with NPC in the first quarter of 2024. Under the terms of the 2 nd Amendment, the $25.0 million milestone payment was split into two installments of $12.5 million each, one that was paid in the second quarter of 2024 and one due in the first quarter of 2025. The licensing transaction and the exercise of the option were accounted for as asset acquisitions under the relevant accounting rules. There was no material research and development expense recognized for obligations to Junshi Biosciences for the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company recognized a reduction in research and development expenses for the release of certain liabilities of $4.8 million pursuant to the 2 nd nd The accrued royalty obligation to Junshi Biosciences was $1.1 million as of September 30, 2024 and immaterial at December 31, 2023. The additional milestone payments, option fee for the IL-2 cytokine and royalties are contingent upon future events and, therefore, will be recorded if and when it becomes probable that a milestone will be achieved, or when an option fee or royalties are incurred. Apotex On June 27, 2024, the Company entered into an exclusive license and distribution agreement (the “Canada License Agreement”) with Apotex, Inc. (“Apotex”), pursuant to which, the Company granted to Apotex an exclusive license under the Company’s rights to toripalimab to commercialize toripalimab within Canada. Pursuant to the Canada License Agreement, Apotex paid the Company an upfront payment of $6.3 million United States Dollars (“USD”) which has been classified as net revenue in the condensed consolidated statements of operations for the nine months ended September 30, 2024. In addition, Apotex agreed to pay the Company up to an aggregate of $51.5 million Canadian Dollars (“CAD”) in milestone payments in connection with the achievement of certain regulatory and sales milestones with respect to toripalimab in Canada. Lastly, Apotex agreed to pay the Company a low double-digit percentage of any future net sales of toripalimab in Canada that the Company will subsequently pay to Junshi Biosciences pursuant to the Collaboration Agreement. The Canada License Agreement term continues until the tenth year after the first commercial sales of toripalimab in Canada, subject to an extension for a subsequent ten-year term at the option of Apotex. Apotex may terminate the License Agreement for any reason after a specified notice period. The License Agreement will terminate automatically if the rights granted to the Company by the Collaboration Agreement are terminated, if there is material breach that is not cured, if there are certain challenges to licensed patents by Apotex and in the case of certain insolvency events. Bioeq On November 4, 2019, the Company entered into a license agreement (the “Bioeq License Agreement”) with Bioeq AG (“Bioeq”) for the commercialization of CIMERLI, a biosimilar version of Lucentis (ranibizumab), in certain dosage forms in both a vial and pre-filled syringe presentation (the “Bioeq Licensed Products”). Under the Bioeq License Agreement, Bioeq granted to the Company an exclusive, royalty-bearing license to commercialize the Bioeq Licensed Products in the field of ophthalmology (and any other approved labelled indication) in the United States. Royalties due to Bioeq were $38.4 million as of December 31, 2023. On January 19, 2024 the Company entered into the CIMERLI Purchase Agreement with Sandoz. Pursuant to the CIMERLI Purchase Agreement, on March 1, 2024, the Company completed the divestiture of its CIMERLI ophthalmology franchise through the sale of its subsidiary, Coherus Ophthalmology, for upfront, all-cash consideration of $170.0 million plus an additional $17.8 million for CIMERLI product inventory and prepaid manufacturing assets. Refer to Note 6. Acquisition and Dispositions for additional information. Upon closing of the CIMERLI Sale, the Bioeq License Agreement was assumed by Sandoz. Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed on March 15, 2024 for additional information related to the Bioeq License Agreement. Adimab Development and Option Agreement In October 2018, Surface and Adimab LLC (“Adimab”), entered into an amended and restated development and option agreement, (as amended by the amendments dated as of December 16, 2020, June 1, 2022 and July 18, 2022, the “A&R Adimab Agreement”), which amended and restated the development and option agreement with Adimab dated July 2014, as amended, (“the Original Adimab Agreement”), for the discovery and optimization of proprietary antibodies as potential therapeutic product candidates. Under the A&R Adimab Agreement, the Company will select biological targets against which Adimab will use its proprietary platform technology to research and develop antibody proteins using a mutually agreed upon research plan. Adimab granted the Company an exclusive option to obtain a non-exclusive, worldwide, fully paid-up, sublicensable license under Adimab’s platform patents and other Adimab technology solely to research up to ten antibodies, chosen by the Company against a specific biological target for a specified period of time (the “Research Option”). In addition, Adimab granted the Company an exclusive option to obtain a worldwide, royalty-bearing, sublicensable license under Adimab platform patents and other Adimab technology to exploit, including commercially, 20 or more antibodies against specific biological targets (the “Commercialization Option”). Upon the exercise of a Commercialization Option, and payment of the applicable option fee to Adimab, Adimab will assign the Company the patents that cover the antibodies selected by such Commercialization Option. The Company will be required to use commercially reasonable efforts to develop, seek market approval of, and commercialize at least one antibody against the target covered by the Commercialization Option in specified markets upon the exercise of a Commercialization Option. Under the A&R Adimab Agreement, the Company is obligated to make milestone payments and to pay specified fees upon the exercise of the Research Option or Commercialization Option. During the discovery term, the Company may be obligated to pay Adimab up to $0.3 million for technical milestones achieved against each biological target. Upon exercise of a Research Option, the Company is obligated to pay a nominal research maintenance fee on each of the next four to pay an option exercise fee of a low seven-digit dollar amount, and the Company may be responsible for milestone payments of up to an aggregate of $13.0 million for each licensed product that receives marketing approval. For any licensed product that is commercialized, the Company is obligated to pay Adimab tiered royalties of a low to mid single-digit percentage on worldwide net sales of such product. The Company may also partially exercise a Commercialization Option with respect to ten antibodies against a biological target by paying 65% of the option fee and later either (i) paying the balance and choosing additional antibodies for commercialization, up to the maximum number under the Commercialization Option, or (ii) foregoing the Commercialization Option entirely. For any Adimab diagnostic product that is used with or in connection with any compound or product other than a licensed antibody or licensed product, the Company is obligated to pay Adimab up to a low seven digits in regulatory milestone payments and low single-digit royalties on net sales. Vaccinex License Agreement On March 23, 2021, Surface and Vaccinex, Inc. (“Vaccinex”) entered into an exclusive product license agreement (the ”Vaccinex License Agreement”) which provides the Company a worldwide, exclusive, sublicensable license to make, have made, use, sell, offer to sell, have sold, import, and otherwise exploit licensed products that incorporate certain Vaccinex intellectual property which covers certain antibodies (each, a “Vaccinex Licensed Products”), including the antibody CHS-114 targeting CCR8. Under the Vaccinex License Agreement, the Company is obligated to use commercially reasonable efforts to develop, clinically test, achieve regulatory approval, manufacture, market and commercialize at least one Vaccinex Licensed Product. The Company is responsible for all costs and expenses of such development, manufacturing and commercialization. Vaccinex is eligible to receive up to an aggregate of $3.5 million based on achievement of certain clinical milestones, up to an aggregate of $11.5 million based on achievement of certain regulatory milestones per Vaccinex Licensed Product, and low single digit royalties on global net sales of any approved licensed products. The Company may terminate the Vaccinex License Agreement for convenience upon the notice period specified in the Vaccinex License Agreement. Either party may terminate the agreement for an uncured material breach by the other party. Vaccinex may terminate the Vaccinex License Agreement if we default on any payments owed to Vaccinex under the agreement, if the Company is in material breach of, and fails to cure, its development obligations, or institute certain actions related to the licensed patents. In the event of termination, all rights in the licensed intellectual property would revert to Vaccinex. Out-Licensing Agreements Acquired as part of the Surface Acquisition On September 8, 2023, at the closing of the Surface Acquisition, all the assets, liabilities, rights and obligations of Surface were assumed by the Company’s direct, wholly-owned subsidiary, Surface Oncology, LLC. See further details in Note 6. Acquisition and Dispositions. GSK Agreement In December 2020, Surface entered into the GSK Agreement. Pursuant to the GSK Agreement, Surface granted GSK a worldwide exclusive, sublicensable license to develop, manufacture and commercialize antibodies that target CD112R, also known as PVRIG, including the antibody GSK4381562 (the “Licensed Antibodies”). GSK is responsible for the development, manufacturing and commercialization of the Licensed Antibodies and a joint development committee was formed to facilitate information sharing. GSK is responsible for all costs and expenses of such development, manufacturing and commercialization and is obligated to provide the Company with updates on its development, manufacturing and commercialization activities through the joint development committee. In March 2022, Surface earned a $30.0 million milestone payment from GSK upon the dosing of the first patient in the Phase 1 trial of GSK4381562. The Company is eligible to receive up to $60.0 million in additional clinical milestones and $155.0 million in regulatory milestones. In addition, the Company may receive up to $485.0 million in sales milestone payments. The Company is also eligible to receive royalties on global net sales of any approved products based on the Licensed Antibodies, ranging in percentages from high single digits to mid-teens. Due to the uncertainty of pharmaceutical development and the historical failure rates generally associated with drug development, the Company may not receive any milestone payments or any royalty payments under the GSK Agreement. Unless terminated earlier, the GSK Agreement expires on a licensed product-by-licensed product and country-by-country basis on the later of ten years from the date of first commercial sale or when there is no longer a valid patent claim or regulatory exclusivity covering such licensed product in such country. Either party may terminate the GSK Agreement for an uncured material breach by the other party or upon the bankruptcy or insolvency of the other party. GSK may terminate the GSK Agreement for its convenience. The Company may terminate the GSK Agreement if GSK institutes certain actions related to the licensed patents or if GSK ceases development activities, other than for certain specified technical or safety reasons. In the event of termination, the Company would regain worldwide rights to the terminated program.

Financial Liabilities

Financial Liabilities	9 Months Ended
Financial Liabilities	Sep. 30, 2024
Debt Disclosure [Abstract]
Financial Liabilities	8. Financial Liabilities A summary of the Company’s debt obligations, including level within the fair value hierarchy (see Note 3. Fair Value Measurements), is as follows: At September 30, 2024 (in thousands) Principal Amount Unamortized Debt Discount and Debt Issuance Costs Net Carrying Value Estimated Fair Value Level Financial Liabilities: 2029 Term Loan $ 38,660 $ (2,042) $ 36,618 $ 36,618 Level 2* 2026 Convertible Notes $ 230,000 $ (2,109) $ 227,891 $ 180,550 Level 2** At December 31, 2023 Financial Liabilities: 2027 Term Loans $ 250,000 $ (3,519) $ 246,481 $ 246,481 Level 2* 2026 Convertible Notes $ 230,000 $ (3,112) $ 226,888 $ 150,155 Level 2** * The principal amounts outstanding are subject to variable interest rates based on three-month SOFR plus fixed percentages. Therefore, the Company believes the carrying amount of these obligations approximate their fair values. ** The fair value is influenced by interest rates, the Company’s stock price and stock price volatility and is determined by prices observed in market trading. Since the market for trading of the 2026 Convertible Notes is not considered to be an active market, the estimated fair value is based on Level 2 inputs. 2029 Term Loan On May 8, 2024 (the “2029 Term Loan Effective Date”), the Company entered into a senior secured term loan facility of up to $38.7 million (the “2029 Term Loan”) that was fully funded on the 2029 Term Loan Effective Date with Ankura Trust Company, LLC, as administrative agent (in such capacity, the “Agent”), and the lenders signatory thereto (collectively, the “2029 Lenders”). The net p roceeds of $37.5 million, net of the original issuance discount, were used by the Company to help repay in full the existing outstanding indebtedness owed by the Company to BioPharma Credit, PLC (“BioPharma”), BPCR Limited Partnership (as a “2027 Lender”), and Biopharma Credit Investments V (Master) LP, acting by its general partner, BioPharma Credit Investments V GP LLC (as a “2027 Lender”) pursuant to the 2027 Term Loans. The 2029 Term Loan is governed by a loan agreement, dated as of the 2029 Term Loan Effective Date, by and among the Company, the Agent and the 2029 Lenders (the “2029 Loan Agreement”). on May 8, 2029. The amount borrowed under the 2029 Term Loan accrues interest equal to 8.0% per annum, plus a three-month SOFR rate (the “Interest Rate”). The 2029 Term Loan provides for interest-only payments on a quarterly basis until maturity. The Company may prepay the 2029 Term Loan in full or in part provided the Company (i) provides at least three (3) business days’ prior written notice to the Agent, (ii) pays on the date of such prepayment (A) all outstanding principal to be prepaid plus accrued and unpaid interest, (B) a prepayment fee of (x) 10.0% of the 2029 Term Loans so prepaid if paid on or after the first anniversary of the 2029 Term Loan Effective Date and before the second anniversary of the 2029 Term Loan Effective Date; (y) 5.0% of the 2029 Term Loan so prepaid if paid after the second anniversary of the 2029 Term Loan Effective Date and on or before the third anniversary of the 2029 Term Loan Effective Date; and (z) 0% of the 2029 Term Loan so prepaid if paid after the third anniversary of the 2029 Term Loan Effective Date, (C) if paid before the first anniversary of the 2029 Term Loan Effective Date, a make-whole amount equal to the interest that would have accrued from the date of prepayment through the first anniversary of the 2029 Term Loan Effective Date, and (D) all other sums, if any, that shall become due and payable under the 2029 Loan Agreement, including interest at the default rate with respect to any past due amounts. Amounts outstanding during an event of default shall accrue interest at an additional rate of 4.0% per annum, which interest shall be payable on demand in cash. The 2029 Term Loan is secured by a lien on substantially all the assets of the Company, including intellectual property, subject to customary exclusions and exceptions. The 2029 Loan Agreement contains customary representations and warranties, covenants and events of default, including a financial covenant commencing on the 2029 Term Loan Effective Date, which requires the Company to maintain certain levels of cash and cash equivalents. The Company incurred $2.2 million of debt discount and issuance costs relating to the issuance of the 2029 Term Loan, which were recorded as a reduction to the carrying value of the 2029 Term Loan on the condensed consolidated balance sheets. The debt issuance costs are being amortized and recognized as additional interest expense over the five-year The Company adopted the prospective method to account for future cash payments. Under the prospective method, the effective interest rate is not constant, and any change in the expected cash flows is recognized prospectively as an adjustment to the effective yield. The following table presents the components of interest expense related to the 2029 Term Loan: Three Months Ended Nine Months Ended September 30, 2024 September 30, 2024 Contractual interest $ 1,316 $ 2,074 Amortization of debt discount and debt issuance costs 77 120 Total interest expense $ 1,393 $ 2,194 As of September 30, 2024, the total remaining unamortized debt discount and debt offering costs of $2.0 million will be amortized using the effective interest rate over the remaining term of 4.6 Assuming the third quarter of 2024 interest rate of 13.3%, future payments on the 2029 Term Loan as of September 30, 2024 are as follows: Year ending December 31, (in thousands) Remainder of 2024 - interest only $ 1,316 2025 - interest only 5,221 2026 - interest only 5,222 2027 - interest only 5,222 2028 and thereafter - principal and interest 45,712 Total minimum payments 62,693 Less amount representing interest (24,033) 2029 Term Loan, gross 38,660 Less unamortized debt discount and debt issuance costs (2,042) Net carrying amount of 2029 Term Loan $ 36,618 Revenue Purchase and Sale Agreement On May 8, 2024, concurrent with the 2029 Term Loan, the Company entered into a revenue participation right purchase and sale agreement (the “Revenue Purchase and Sale Agreement”) with Coduet Royalty Holdings, LLC, as administrative agent and each buyer named in an annex thereto (collectively, the “Purchaser Group”). Under the terms of the Revenue Purchase and Sale Agreement, the Purchaser Group paid the Company $37.5 million, subject to certain conditions at closing (the “Purchase Price”). In exchange, the Company sold to the Purchaser Group a right to receive 5.0% of U.S. net sales of UDENYCA and LOQTORZI with respect to a specified threshold applicable to UDENYCA net sales and a specified threshold applicable to LOQTORZI net sales during an applicable year and 0.5% of U.S. net sales of UDENYCA and LOQTORZI that exceeded the specified threshold during that year (the “Revenue Payment”) for each calendar quarter commencing May 8, 2024. The Purchaser Group’s right to receive the Revenue Payment terminates and the Company no longer has the obligation to pay Revenue Payments once the Purchaser Group receives the amount equal to 2.25 times the Purchase Price allocated to each product. The Company may also buy-out the Purchaser Group’s rights to receive the Revenue Payments by triggering certain conditions and paying the Purchaser Group the unpaid portion of the 2.25 multiple on the Purchase Price. The proceeds from the Purchase Price were used by the Company as part of the full repayment of the 2027 Term Loans. The Revenue Purchase and Sale Agreement contains various representations and warranties, including with respect to organization, authorization, and certain other matters, certain covenants with respect to payment, reporting, intellectual property, in-licenses, out-licenses, and certain other actions, indemnification obligations and other provisions customary for transactions of this nature. The for as a freestanding derivative instrument subject to derivative accounting. The allocation of the Purchase Price to the embedded derivative resulted in a $9.2 million discount on the revenue participation liability. Additionally, there was $1.4 million in issuance costs. The Company is amortizing the discount and issuance costs to interest expense over the estimated term of the Revenue Purchase and Sale Agreement using the effective interest method. For the three and nine months ended September 30, 2024, interest expense was $2.7 million and $4.4 million, respectively, inclusive of the amortization of discount and issuance costs of $0.5 million and $0.8 million, respectively. A summary of the revenue participation liability is as follows: September 30, (in thousands) 2024 Revenue participation liability $ 39,382 Less unamortized discount and issuance costs (9,775) Total $ 29,607 Classification on the condensed consolidated balance sheets is as follows: September 30, (in thousands) Balance Sheet Classification 2024 Revenue participation liability, current Accrued and other current liabilities $ 2,180 Revenue participation liability, non-current Other liabilities, non-current 27,427 Total $ 29,607 2027 Term Loans The Company entered into a loan agreement in January 2022 (as amended, the “2027 Loan Agreement”) with BioPharma and the 2027 Lenders that provided for a senior secured term loan facility of up to SOFR On February 5, 2024, the Company entered into a Consent, Partial Release and Third Amendment to the 2027 Term Loans (the “Consent and Amendment”) with the Collateral Agent and the 2027 Lenders. Pursuant to and subject to terms and conditions in the Consent and Amendment, among other things: (1) the 2027 Lenders and the Collateral Agent provided consent to consummation of the transactions contemplated by the CIMERLI Purchase Agreement, and released certain subsidiary of the Company from its obligation and certain assets subject to the transactions contemplated thereby, (2) the 2027 Lenders and the Collateral Agent required the Company to make a partial prepayment of the principal of the loans outstanding under the 2027 Loan Agreement in the amount of $175.0 million upon consummation of the transactions contemplated by the CIMERLI Purchase Agreement, subject to certain conditions and (3) the parties thereto agreed to adjust the minimum net trailing twelve month net sales covenant level to be $125.0 million under the 2027 Loan Agreement. As a result of the CIMERLI Sale closing, the Company made a partial prepayment of $175.0 million of the total principal balance of $250.0 million of the 2027 Term Loans on April 1, 2024. On May 8, 2024, in connection with entering into the 2029 Term Loan and the Revenue Purchase and Sale Agreement, the Company repaid in full all outstanding indebtedness and terminated all commitments under the 2027 Term Loans. The May 8, 2024 payoff amount of $79.6 million included principal repayment in full, accrued interest, a 3.0% prepayment premium fee of the principal amount, a make-whole interest payment and lender fees. During the nine months ended September 30, 2024, the Company recorded a $12.6 million loss on debt extinguishment in the condensed consolidated statements of operations for the payoff of the 2027 Term Loans, and the charge included the write-off of the remaining debt discount and debt issuance costs, the prepayment premium fee, the make-whole interest payment, and lender fees. The following table presents the components of interest expense related to the 2027 Term Loans: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Contractual interest $ — $ 8,790 $ 9,916 $ 25,404 Amortization of debt discount and debt issuance costs — 255 1,277 830 Total interest expense $ — $ 9,045 $ 11,193 $ 26,234 1.5% Convertible Senior Subordinated Notes due 2026 In April 2020, the Company issued and sold $230.0 million aggregate principal amount of its 1.5% Convertible Senior Subordinated notes due 2026 (the “2026 Convertible Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the offering were $222.2 million after deducting initial purchasers’ fees and offering expenses. The 2026 Convertible Notes are general unsecured obligations and will be subordinated to the Company’s designated senior indebtedness (as defined in the indenture for the 2026 Convertible Notes) and structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables At any time before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their 2026 Convertible Notes at their option into shares of the Company’s common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. Since inception, the conversion price has been 51.9224 shares of common stock per $1,000 principal amount of the 2026 Convertible Notes, which represents a conversion price of approximately $19.26 per share of common stock. The initial conversion price represents a premium of approximately 30.0% over the last reported sale of $14.82 per share of the Company’s common stock on the Nasdaq Global Market on April 14, 2020, the date the 2026 Convertible Notes were issued. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. If a “make-whole fundamental change” (as defined in the indenture for the 2026 Convertible Notes) occurs, the Company will, in certain circumstances, increase the conversion rate for a specified period of time for noteholders who convert their 2026 Convertible Notes in connection with that make-whole fundamental change. The 2026 Convertible Notes are not redeemable at the Company’s election before maturity. If a “fundamental change” (as defined in the indenture for the 2026 Convertible Notes) occurs, then, subject to a limited exception, noteholders may require the Company to repurchase their 2026 Convertible Notes for cash. The repurchase price will be equal to the principal amount of the 2026 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. The 2026 Convertible Notes have customary provisions relating to the occurrence of “events of default” (as defined in the Indenture for the 2026 Convertible Notes). The occurrence of such events of default could result in the acceleration of all amounts due under the 2026 Convertible Notes. As of September 30, 2024, the Company was in full compliance with these covenants and there were no events of default under the 2026 Convertible Notes. The Company evaluated the features embedded in the 2026 Convertible Notes under the relevant accounting rules and concluded that the embedded features do not meet the requirements for bifurcation, and therefore do not need to be separately accounted for as equity components. Capped Call Transactions In connection with the pricing of the 2026 Convertible Notes, the Company paid $18.2 million to enter into privately negotiated capped call transactions with one or a combination of the initial purchasers, their respective affiliates and other financial institutions. The capped call transactions are generally expected to reduce the potential dilution upon conversion of the 2026 Convertible Notes in the event that the market price per share of the Company’s common stock, as measured under the terms of the capped call transactions, is greater than the strike price of the capped call transactions, which initially corresponds to the conversion price of the 2026 Convertible Notes, and is subject to anti-dilution adjustments generally similar to those applicable to the conversion rate of the 2026 Convertible Notes. Since inception, the cap price has been $25.93 per share, which represents a premium of approximately 75.0% over the last reported sale price of the Company’s common stock of $14.82 per share on April 14, 2020, and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions are accounted for as separate transactions from the 2026 Convertible Notes and classified as equity instruments; thus, they are recorded as a reduction to additional paid-in capital on the condensed consolidated balance sheets. The capped calls are not re-measured as long as the conditions for equity classification continue to be met. The Company incurred $0.9 million of debt issuance costs relating to the issuance of the 2026 Convertible Notes, which were recorded as a reduction to the carrying value of the notes on the condensed consolidated balance sheets. The debt issuance costs are being amortized and recognized as additional interest expense over the six-year contractual term of the notes using the effective interest rate method. If the 2026 Convertible Notes were converted on September 30, 2024, the holders of the 2026 Convertible Notes would have received common shares with an aggregate value of $12.4 million based on the Company’s closing stock price of $1.04 as of September 30, 2024. The following table presents the components of interest expense related to the 2026 Convertible Notes: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Stated coupon interest $ 863 $ 863 $ 2,588 $ 2,588 Amortization of debt discount and debt issuance costs 336 329 1,003 982 Total interest expense $ 1,199 $ 1,192 $ 3,591 $ 3,570 The remaining unamortized debt discount and debt offering costs related to the 2026 Convertible Notes of $2.1 million as of September 30, 2024 will be amortized using the effective interest rate over the remaining term of the 2026 Convertible Notes. The annual effective interest rate is 2.1% for the 2026 Convertible Notes. Future payments on the 2026 Convertible Notes as of September 30, 2024 are as follows: Year ending December 31, (in thousands) Remainder of 2024 - interest only $ 1,725 2025 - interest only 3,450 2026 - principal and interest 231,725 Total minimum payments 236,900 Less amount representing interest (6,900) 2026 Convertible Notes, principal amount 230,000 Less unamortized debt discount and debt issuance costs (2,109) Net carrying amount of 2026 Convertible Notes $ 227,891

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Purchase Commitments The Company entered into agreements with certain vendors to secure raw materials and certain CMOs to manufacture its supply of products. As of September 30, 2024, the Company’s non-cancelable purchase commitments under the terms of its agreements are as follows: Year ending December 31, (in thousands) 2024 $ 7,293 2025 57,606 2026 1,654 2027 450 Total obligations $ 67,003 The Company enters into contracts in the normal course of business with contract research organizations for preclinical studies and clinical trials and CMOs for the manufacture of clinical trial materials. The contracts are generally cancellable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would generally only be obligated for products or services that the Company had received as of the effective date of the termination and any applicable cancellation fees. In connection with the YUSIMRY Sale, HKF assumed $17.0 million in YUSIMRY inventory purchase commitments, of which $17.0 million remained as of September 30, 2024. If HKF were to default on its obligations under the YUSIMRY Purchase Agreement, the Company could become liable to pay any unpaid portion of these purchase commitments. Guarantees and Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company assesses the likelihood of any adverse judgments or related claims, as well as ranges of probable losses. In the cases where the Company believes that a reasonably possible or probable loss exists, it will disclose the facts and circumstances of the claims, including an estimate range, if possible. Legal Proceedings and Other Claims The Company is a party to various legal proceedings and claims that arise in the ordinary, routine course of business and that have not been fully resolved. The outcome of such legal proceedings and claims is inherently uncertain. Accruals are recognized for such legal proceedings and claims to the extent that a loss is both probable and reasonably estimable. The best estimate of a loss within a range is accrued; however, if no estimate in the range is better than any other, then the minimum amount in the range is accrued. If it is determined that a material loss is reasonably possible and the loss or range of loss can be estimated, the possible loss is disclosed. Sometimes it is not possible to determine the outcome of these matters or, unless otherwise noted, the outcome (including in excess of any accrual) is not expected to be material, and the maximum potential exposure or the range of possible loss cannot be reasonably estimated. As of September 30, 2024 and December 31, 2023, the Company had an accrual of $6.4 million related to such matters that was included in accrued rebates, fees and reserves on the condensed consolidated balance sheets. In late April of 2022, the Company received a demand letter from Zinc Health Services, LLC (“Zinc”) asserting that Zinc was entitled to approximately $14.0 million from the Company for claims related to certain sales of UDENYCA from October 2020 through December 2021. No legal proceeding has been filed in connection with the claims in the letter and based on currently available information the final resolution of the matter is uncertain. The Company intends to defend any legal proceeding that may be filed. The Company has an accrual established as of September 30, 2024 that represented its estimated liability to resolve the matter. Loss contingencies are inherently unpredictable, the assessment is highly subjective and requires judgments about future events and unfavorable developments or resolutions can occur. The Company regularly reviews litigation matters to determine whether its accrual is adequate. The amount of ultimate loss may differ materially from the amount accrued to date. Other than the matter in connection with the demand letter described in this Note 9. Commitments and Contingencies, there are no pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of its subsidiaries is a party, or that any of the Company or its subsidiaries' property is subject.

Stockholders' Deficit

Stockholders' Deficit	9 Months Ended
Stockholders' Deficit	Sep. 30, 2024
Equity [Abstract]
Stockholders' Deficit	10. Stockholders’ Deficit Public Offering On May 16, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as representatives of the several underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company issued and sold an aggregate of 11,764,706 shares (the “Firm Shares”) of its common stock, par value $0.0001 per share, to the Underwriters (the “Public Offering”). Additionally, under the terms of the Underwriting Agreement, the Company granted the Underwriters an option, for 30 days from the date of the Underwriting Agreement, to purchase up to an additional 1,764,705 shares of common stock (the “Option Shares,” and together with the Firm Shares, the “Shares”), which the Underwriters elected to exercise in full. The price to the public in the Public Offering was $4.25 per share. The Underwriters agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of $3.995 per share. The Offering was made pursuant to a prospectus supplement and related prospectus filed with the SEC pursuant to the Company’s shelf registration statement on Form S-3 that was declared effective on November 17, 2022 (the “Registration Statement”) under which the Company may offer and sell up to $150.0 million in the aggregate of its common stock, preferred stock, debt securities, warrants and units from time to time in one or more offerings. On May 18, 2023, the Company completed the sale and issuance of an aggregate of 13,529,411 Shares, including the exercise in full of the Underwriters’ option to purchase the Option Shares. The Company received net proceeds of approximately $53.6 million, after deducting the Underwriters’ discounts and commissions and offering expenses payable by the Company. ATM Offering On November 8, 2022, the Company filed the Registration Statement. Also on November 8, 2022, the Company entered into a sales agreement (“Sales Agreement”) with Cowen and Company, LLC (“TD Cowen”), pursuant to which the Company may issue and sell from time to time up to $150.0 million of its common stock through or to TD Cowen as the Company’s sales agent or principal in an at-the-market offering (“ATM Offering”). On May 15, 2023, pursuant to an Amendment No. 1 to Sales Agreement and in connection with the Public Offering, the Company reduced the amount of shares that could be issued and sold pursuant to its ATM Offering with TD Cowen by $86.2 million, lowering the aggregate offering price under the Sales Agreement from $150.0 million to $63.8 million. On September 11, 2023, pursuant to an Amendment No. 2 to Sales Agreement, the Company increased the amount of shares that could be issued and sold pursuant to its ATM Offering with TD Cowen by $28.7 million, increasing the aggregate offering price under the Sales Agreement from $63.8 million to $92.5 million. The following table summarizes information regarding settlements under the ATM Offering for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2024 2023 2024 2023 Number of common stock shares sold during the period — 2,428,311 650,005 3,559,761 Weighted-average price per share $ — $ 4.92 $ 2.44 $ 5.43 Gross proceeds $ — $ 11,938 $ 1,589 $ 19,339 Less commissions and fees — (298) (40) (483) Net proceeds after commissions and fees $ — $ 11,640 $ 1,549 $ 18,856 As of September 30, 2024, the Company had approximately $64.9 million of its common stock remaining available for sales under the ATM Offering.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation In April 2024 and May 2024, the Company granted performance-based stock options to purchase 1,982,500 and 640,000 shares of Company common stock (“PSOs”), respectively, to its Chief Executive Officer and certain other senior executives with performance-based vesting conditions under the 2014 Equity Incentive Award Plan and the Amended and Restated 2014 Equity Incentive Award Plan that have a term of ten years. Vesting is based on the achievement of various commercial, clinical, strategic and total shareholder return performance milestones during specified periods. The fair value of each PSO was estimated on the grant date, using the Black-Scholes model for PSOs tied to commercial, clinical and strategic milestones (the “Performance Condition PSOs”) and a Monte Carlo simulation model for PSOs with total shareholder return vesting criteria (the “Market Condition PSOs”). Expense for the Performance Condition PSOs is recognized over the requisite service period only when the performance condition is considered probable of being achieved and is recognized over the period from the grant date through the time the milestone is expected to be achieved. Expense for the Market Condition PSOs is recognized over the requisite service period. Expense related to PSOs was $0.2 million and $1.0 million during the three and nine months ended September 30, 2024, respectively. The following table summarizes the classification of stock-based compensation expense in the Company’s condensed consolidated statements of operations related to options, including PSOs, and restricted stock units granted to employees and nonemployees: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Cost of goods sold (1) $ 282 $ 174 $ 834 $ 535 Research and development 2,092 2,929 6,552 11,760 Selling, general and administrative 4,494 6,850 14,032 20,017 Stock-based compensation expense $ 6,868 $ 9,953 $ 21,418 $ 32,312 Stock-based compensation expense capitalized into inventory $ 313 $ 373 $ 1,107 $ 697 (1) (1) Stock-based compensation capitalized into inventory is recognized as cost of goods sold when the related product is sold

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
Net Income (Loss) Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	12. Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common shares. Diluted net income per share is computed by dividing the net income by the weighted average number of common shares outstanding for the period plus any diluted potential common shares outstanding for the period determined using the treasury stock method for options, PSOs, RSUs and ESPP and using the if-converted method for the convertible notes. Diluted net l The following table sets forth the computation of the basic and diluted net income (loss) per share: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share and per share data) 2024 2023 2024 2023 Basic net income (loss) per share Numerator: Net income (loss) $ (10,751) $ (39,641) $ 79,203 $ (158,239) Denominator: Weighted-average common shares outstanding 115,210,091 97,738,509 114,263,256 88,277,936 Basic net income (loss) per share $ (0.09) $ (0.41) $ 0.69 $ (1.79) Diluted net income (loss) per share Numerator: Net income (loss) $ (10,751) $ (39,641) $ 79,203 $ (158,239) Add interest expense on convertible notes, net of tax — — 3,591 — Numerator for diluted net income (loss) per share $ (10,751) $ (39,641) $ 82,794 $ (158,239) Denominator: Denominator for basic net income (loss) per share 115,210,091 97,738,509 114,263,256 88,277,936 Add effect of potential dilutive securities: Stock options, including shares subject to ESPP — — 213,872 — Restricted stock units — — 144,271 — Shares issuable upon conversion of convertible notes — — 11,942,152 — Denominator for diluted net income (loss) income per share 115,210,091 97,738,509 126,563,551 88,277,936 Diluted net income (loss) per share $ (0.09) $ (0.41) $ 0.65 $ (1.79) The following outstanding dilutive potential shares were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Stock options, PSOs, including shares subject to ESPP 30,104,147 24,558,893 28,103,519 24,003,706 Restricted stock units 831,401 2,141,403 930,737 2,354,166 Shares issuable upon conversion of 2026 Convertible Notes 11,942,152 11,942,152 — 11,942,152 Total 42,877,700 38,642,448 29,034,256 38,300,024 The amounts in the table above exclude any shares contingently issuable pursuant to the CVR Agreement because the conditions that could result in a payment becoming due were not met.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,751)	$ (12,921)	$ 102,875	$ (39,641)	$ (42,869)	$ (75,729)	$ 79,203	$ (158,239)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Coherus and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring accruals that the Company believes are necessary to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim-period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) filed with the SEC.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information, such as, the estimated effects and uncertainty surrounding the temporary supply interruption relating to the Company’s third-party labeling and packaging CMO for UDENYCA. Accounting estimates and judgments are inherently uncertain and therefore actual results could differ from these estimates.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets, which, in aggregate, represent the amount reported in the condensed consolidated statements of cash flows: (in thousands) January 1, At beginning of period: 2024 2023 Cash and cash equivalents $ 102,891 $ 63,547 Restricted cash 452 440 Total cash, cash equivalents and restricted cash $ 103,343 $ 63,987 September 30, At end of period: 2024 2023 Cash and cash equivalents $ 97,690 $ 80,259 Restricted cash 263 452 Total cash, cash equivalents and restricted cash $ 97,953 $ 80,711 Restricted cash consists of deposits for letters of credit that the Company has provided to secure its obligations under certain leases and is included in other assets, non-current on the condensed consolidated balance sheets.
Trade Receivables	Trade Receivables Trade receivables are recorded net of allowances for chargebacks, cash discounts for prompt payment and credit losses. The Company estimates an allowance for expected credit losses by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. The corresponding expense for the credit loss allowance is reflected in selling, general and administrative expenses. The credit loss allowance was immaterial as of September 30, 2024 and December 31, 2023.
Revenue Purchase and Sale Agreement	Revenue Purchase and Sale Agreement The Revenue Purchase and Sale Agreement (see Note 8. Financial Liabilities) contains an embedded derivative that meets the criteria to be bifurcated and accounted for separately from the Revenue Purchase and Sale Agreement (the "Royalty Fee Derivative Liability"). The Royalty Fee Derivative Liability was recorded at fair value upon entering into the Revenue Purchase and Sale Agreement and is subsequently remeasured to fair value at each reporting period with the corresponding change in fair value recognized in other income (expense), net in the condensed consolidated statements of operations. The Revenue Purchase and Sale Agreement was initially valued and is remeasured using Monte Carlo simulation models to perform the “with-and-without” method, which involves valuing the Revenue Purchase and Sale Agreement with the embedded derivative and then valuing it without the embedded derivative. The difference between values is determined to be the estimated fair value of the Royalty Fee Derivative. Refer to Note 3. Fair Value Measurements for details regarding the fair value. The Revenue Purchase and Sale Agreement is accounted for as a liability net of a discount comprising issuance costs and the fair value of the embedded derivative requiring bifurcation. The Company imputes interest expense associated with this liability using the effective interest rate method. The effective interest rate is calculated based on the rate that would enable the liability to be repaid in full over the anticipated life of the arrangement. Interest expense is recognized over the estimated term on the condensed consolidated statement of operations. The interest rate on this revenue participation liability may vary during the term of the agreement depending on a number of factors, including the level of actual and forecasted net sales. The Company evaluates the interest rate quarterly based on actual and forecasted net sales utilizing the prospective method. A significant increase or decrease in actual or forecasted net sales could materially impact the revenue participation liability, interest expense, and the time period for repayment.
Contingent Consideration	Contingent Consideration Contingent consideration relates to the potential payments to holders of Contingent Value Rights (“CVRs”)
Stock-Based Compensation	Stock-Based Compensation The Company’s compensation programs include stock-based awards. For awards other than condition-based performance stock options, the fair values are recognized as compensation expense on a straight-line basis over the vesting period. For condition-based performance stock options, expense is recognized only when performance conditions are considered probable of being achieved and is recognized over the period from the grant date through the time the milestone is expected to be achieved. The related costs are recorded in cost of goods sold, research and development, and selling, general and administrative expense, as appropriate. The Company accounts for forfeitures as they occur. The Company accounts for stock issued in connection with business combinations based on the fair value of the Company’s common stock on the date of issuance.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The following are recent accounting pronouncements that the Company has not yet adopted: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. The amendments in this update expand annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The new standard is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update should be applied retrospectively to all periods presented. The Company is currently evaluating the impact this ASU may have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The new standard is effective for the Company for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied prospectively; however, retrospective application is also permitted. The Company is currently evaluating the impact this ASU may have on its financial statement disclosures. The Company has reviewed other recent accounting pronouncements and concluded they are either not applicable to the business or that no material effect is expected on the condensed consolidated financial statements as a result of future adoption.

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets, which, in aggregate, represent the amount reported in the condensed consolidated statements of cash flows: (in thousands) January 1, At beginning of period: 2024 2023 Cash and cash equivalents $ 102,891 $ 63,547 Restricted cash 452 440 Total cash, cash equivalents and restricted cash $ 103,343 $ 63,987 September 30, At end of period: 2024 2023 Cash and cash equivalents $ 97,690 $ 80,259 Restricted cash 263 452 Total cash, cash equivalents and restricted cash $ 97,953 $ 80,711

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Net product revenue in United States, and Company's net revenue	Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Products UDENYCA $ 66,089 $ 32,967 $ 159,673 $ 90,875 CIMERLI (1,215) 40,037 26,979 72,939 YUSIMRY (152) 1,360 7,508 1,360 LOQTORZI 5,832 — 11,609 — Total net product revenue 70,554 74,364 205,769 165,174 Other revenue 220 204 7,047 546 Total net revenue $ 70,774 $ 74,568 $ 212,816 $ 165,720
Schedule of Gross Revenues by Significant Customer as a Percentage of Total Gross Revenues	Gross product revenues by significant customer as a percentage of total gross product revenues were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 McKesson Corporation 45 % 44 % 41 % 38 % Cencora (previously known as AmeriSource-Bergen Corporation) 33 % 41 % 39 % 45 % Cardinal Health, Inc. 21 % 13 % 18 % 15 %
Schedule of Activities and Ending Reserve Balances for Each Significant Category of Discounts and Allowances	Nine Months Ended September 30, 2024 Chargebacks Other Fees, and Discounts Co-pay for Prompt Assistance (in thousands) Payment Rebates and Returns Total Balances at December 31, 2023 $ 73,953 $ 121,137 $ 49,795 $ 244,885 Provision related to sales made in: Current period 727,028 150,820 117,299 995,147 Prior period - increase (decrease) (969) 6,343 (1,010) 4,364 Payments and customer credits issued (747,070) (159,737) (121,332) (1,028,139) Balances at September 30, 2024 $ 52,942 $ 118,563 $ 44,752 $ 216,257 Nine Months Ended September 30, 2023 Chargebacks Other Fees, and Discounts Co-pay for Prompt Assistance (in thousands) Payment Rebates and Returns Total Balances at December 31, 2022 $ 42,677 $ 38,713 $ 19,113 $ 100,503 Provision related to sales made in: Current period 387,238 83,009 69,362 539,609 Prior period - increase (decrease) (1,375) 1,540 4,469 4,634 Payments and customer credits issued (379,076) (42,097) (55,681) (476,854) Balances at September 30, 2023 $ 49,464 $ 81,165 $ 37,263 $ 167,892

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured on a Recurring Basis	Financial liabilities related to long-term debt obligations are summarized in Note 8. Financial Liabilities. Other financial liabilities and financial assets measured at fair value on a recurring basis are summarized as follows: Fair Value Measurements September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents (1) $ 69,070 $ — $ — $ 69,070 Total $ 69,070 $ — $ — $ 69,070 Financial Liabilities: Royalty Fee Derivative Liability $ — $ — $ 9,202 $ 9,202 Contingent consideration — — 632 632 Total $ — $ — $ 9,834 $ 9,834 Fair Value Measurements December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents (1) $ 88,460 $ 998 $ — $ 89,458 Marketable debt securities: U.S. government agency securities 5,195 — — 5,195 U.S. treasury securities 2,993 — — 2,993 Commercial paper and corporate notes — 6,669 — 6,669 Prepaid financial instrument in Prepaid manufacturing (2) — — 625 625 Total $ 96,648 $ 7,667 $ 625 $ 104,940 Financial Liabilities: Contingent consideration $ — $ — $ 4,472 $ 4,472 (1) Cash equivalents consist of money market funds, U.S treasury securities and commercial paper and corporate notes with original maturities of 90 days or less. (2) Relates to Optional Stock Purchase Agreement as described in the Company’s 2023 Form 10-K.
Schedule of Cash and cash equivalents, marketable securities and restricted cash	September 30, 2024 (in thousands) Cost Unrealized Gain Unrealized (Loss) Fair Value Money market funds $ 69,070 $ — $ — $ 69,070 Total $ 69,070 $ — $ — $ 69,070 December 31, 2023 (in thousands) Cost Unrealized Gain Unrealized (Loss) Fair Value Money market funds $ 79,484 $ — $ — $ 79,484 U.S. government agency securities 5,200 — (5) 5,195 U.S. treasury securities 11,967 2 — 11,969 Commercial paper and corporate notes 7,673 — (6) 7,667 Total $ 104,324 $ 2 $ (11) $ 104,315

Inventory (Tables)

Inventory (Tables)	9 Months Ended
Inventory (Tables)	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following: September 30, December 31, (in thousands) 2024 2023 Raw materials $ 13,735 $ 12,975 Work in process 102,989 82,588 Finished goods 2,291 34,537 Total $ 119,015 $ 130,100
Schedule of Balance Sheet Classification	September 30, December 31, (in thousands) 2024 2023 Inventory $ 47,640 $ 62,605 Inventory, non-current 71,375 67,495 Total $ 119,015 $ 130,100

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
Balance Sheet Components (Tables)	Sep. 30, 2024
Organization and Operations
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: September 30, December 31, (in thousands) 2024 2023 Machinery and equipment $ 13,161 $ 13,124 Computer equipment and software 3,566 3,546 Furniture and fixtures 1,055 1,055 Leasehold improvements 5,751 5,751 Finance lease right of use assets — 2,294 Total property and equipment 23,533 25,770 Accumulated depreciation and amortization (20,622) (20,651) Property and equipment, net $ 2,911 $ 5,119
Schedule of Goodwill and Intangible Assets, Net	September 30, December 31, (in thousands) 2024 2023 Finite-lived assets, net of accumulated amortization of $2,052 and $639, as of September 30, 2024 and December 31, 2023, respectively $ 25,454 $ 41,871 Indefinite-lived assets - in-process research and development 28,859 28,859 Goodwill — 943 Total Intangible assets, net $ 54,313 $ 71,673
Schedule of Accrued Liabilities	Accrued and other current liabilities consisted of the following: September 30, December 31, (in thousands) 2024 2023 Accrued commercial and research and development manufacturing $ 19,729 $ 23,470 Accrued co-development costs and milestone payments 12,500 26,812 Accrued royalties 1,199 42,031 Royalty Fee Derivative Liability (Note 8) 9,202 — Revenue participation liability, current (Note 8) 2,180 — Accrued other 14,526 7,628 Lease liabilities, current 1,629 2,145 Contingent consideration, current — 3,300 Total Accrued and other current liabilities $ 60,965 $ 105,386
Schedule of Other Liabilities, Non-current	September 30, December 31, (in thousands) 2024 2023 Contingent consideration, non-current $ 632 $ 1,172 Deferred tax liability 1,102 1,102 Revenue participation liability, non-current (Note 8) 27,427 — Other — 10,287 Total Other liabilities, non-current $ 29,161 $ 12,561

Acquisition and Disposition (Ta

Acquisition and Disposition (Tables)	9 Months Ended
Acquisition and Disposition (Tables)	Sep. 30, 2024
Acquisition And Disposal Of Business [Abstract]
Schedule of purchase price allocation to the estimated fair value of the net assets acquired	(in thousands) Amounts Recognized at Acquisition Date Assets Acquired Cash and cash equivalents $ 6,997 Investments in marketable securities 21,791 Prepaids and other assets 5,260 In-process research and development 26,239 Out-licenses 13,530 Total assets $ 73,817 Liabilities Assumed Accrued and other current liabilities $ 7,722 Deferred tax liability 1,499 Total liabilities 9,221 Total net assets acquired $ 64,596
Schedule of amounts allocated to identifiable intangible assets	(in thousands) Useful lives Fair Value at Acquisition Date In-process research and development - casdozokitug n/a $ 25,899 In-process research and development - CHS-114 n/a 340 Out-license - GSK 15 years 2,506 Out-license - Novartis Institutes 15 years 11,024 Total identifiable intangible assets $ 39,769
Schedule of unaudited pro forma summary of operations	Three Months Ended Nine Months Ended (in thousands) September 30, 2023 September 30, 2023 Total revenues $ 74,568 $ 165,720 Net loss $ (49,984) $ (204,922)

Financial Liabilities (Tables)

Financial Liabilities (Tables)	9 Months Ended
Financial Liabilities (Tables)	Sep. 30, 2024
Financial Liabilities
Schedule of Company's Debt Obligations	A summary of the Company’s debt obligations, including level within the fair value hierarchy (see Note 3. Fair Value Measurements), is as follows: At September 30, 2024 (in thousands) Principal Amount Unamortized Debt Discount and Debt Issuance Costs Net Carrying Value Estimated Fair Value Level Financial Liabilities: 2029 Term Loan $ 38,660 $ (2,042) $ 36,618 $ 36,618 Level 2* 2026 Convertible Notes $ 230,000 $ (2,109) $ 227,891 $ 180,550 Level 2** At December 31, 2023 Financial Liabilities: 2027 Term Loans $ 250,000 $ (3,519) $ 246,481 $ 246,481 Level 2* 2026 Convertible Notes $ 230,000 $ (3,112) $ 226,888 $ 150,155 Level 2** * The principal amounts outstanding are subject to variable interest rates based on three-month SOFR plus fixed percentages. Therefore, the Company believes the carrying amount of these obligations approximate their fair values. ** The fair value is influenced by interest rates, the Company’s stock price and stock price volatility and is determined by prices observed in market trading. Since the market for trading of the 2026 Convertible Notes is not considered to be an active market, the estimated fair value is based on Level 2 inputs.
2029 Term Loans
Financial Liabilities
Schedule of Future Payments on Debt	Assuming the third quarter of 2024 interest rate of 13.3%, future payments on the 2029 Term Loan as of September 30, 2024 are as follows: Year ending December 31, (in thousands) Remainder of 2024 - interest only $ 1,316 2025 - interest only 5,221 2026 - interest only 5,222 2027 - interest only 5,222 2028 and thereafter - principal and interest 45,712 Total minimum payments 62,693 Less amount representing interest (24,033) 2029 Term Loan, gross 38,660 Less unamortized debt discount and debt issuance costs (2,042) Net carrying amount of 2029 Term Loan $ 36,618
Schedule of royalty participation liability	September 30, (in thousands) Balance Sheet Classification 2024 Revenue participation liability, current Accrued and other current liabilities $ 2,180 Revenue participation liability, non-current Other liabilities, non-current 27,427 Total $ 29,607
Revenue Purchase and Sale Agreement
Financial Liabilities
Schedule of Components of Interest Expense	September 30, (in thousands) 2024 Revenue participation liability $ 39,382 Less unamortized discount and issuance costs (9,775) Total $ 29,607
2027 Term Loans
Financial Liabilities
Schedule of Components of Interest Expense	The following table presents the components of interest expense related to the 2027 Term Loans: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Contractual interest $ — $ 8,790 $ 9,916 $ 25,404 Amortization of debt discount and debt issuance costs — 255 1,277 830 Total interest expense $ — $ 9,045 $ 11,193 $ 26,234
1.5% Convertible Senior Subordinated Notes due 2026
Financial Liabilities
Schedule of Future Payments on Debt	Future payments on the 2026 Convertible Notes as of September 30, 2024 are as follows: Year ending December 31, (in thousands) Remainder of 2024 - interest only $ 1,725 2025 - interest only 3,450 2026 - principal and interest 231,725 Total minimum payments 236,900 Less amount representing interest (6,900) 2026 Convertible Notes, principal amount 230,000 Less unamortized debt discount and debt issuance costs (2,109) Net carrying amount of 2026 Convertible Notes $ 227,891
Schedule of Components of Interest Expense	The following table presents the components of interest expense related to the 2026 Convertible Notes: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Stated coupon interest $ 863 $ 863 $ 2,588 $ 2,588 Amortization of debt discount and debt issuance costs 336 329 1,003 982 Total interest expense $ 1,199 $ 1,192 $ 3,591 $ 3,570

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Non-cancelable Contractual Obligations	Year ending December 31, (in thousands) 2024 $ 7,293 2025 57,606 2026 1,654 2027 450 Total obligations $ 67,003

Stockholders' Deficit (Tables)

Stockholders' Deficit (Tables)	9 Months Ended
Stockholders' Deficit (Tables)	Sep. 30, 2024
Equity [Abstract]
Schedule of Settlements Under the ATM Offering	Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2024 2023 2024 2023 Number of common stock shares sold during the period — 2,428,311 650,005 3,559,761 Weighted-average price per share $ — $ 4.92 $ 2.44 $ 5.43 Gross proceeds $ — $ 11,938 $ 1,589 $ 19,339 Less commissions and fees — (298) (40) (483) Net proceeds after commissions and fees $ — $ 11,640 $ 1,549 $ 18,856

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2024
Employee And Nonemployee Stock Option Restricted Stock Units
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Schedule of Stock-Based Compensation Expense	Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Cost of goods sold (1) $ 282 $ 174 $ 834 $ 535 Research and development 2,092 2,929 6,552 11,760 Selling, general and administrative 4,494 6,850 14,032 20,017 Stock-based compensation expense $ 6,868 $ 9,953 $ 21,418 $ 32,312 Stock-based compensation expense capitalized into inventory $ 313 $ 373 $ 1,107 $ 697

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
Net Income (Loss) Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income Per Share	Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except share and per share data) 2024 2023 2024 2023 Basic net income (loss) per share Numerator: Net income (loss) $ (10,751) $ (39,641) $ 79,203 $ (158,239) Denominator: Weighted-average common shares outstanding 115,210,091 97,738,509 114,263,256 88,277,936 Basic net income (loss) per share $ (0.09) $ (0.41) $ 0.69 $ (1.79) Diluted net income (loss) per share Numerator: Net income (loss) $ (10,751) $ (39,641) $ 79,203 $ (158,239) Add interest expense on convertible notes, net of tax — — 3,591 — Numerator for diluted net income (loss) per share $ (10,751) $ (39,641) $ 82,794 $ (158,239) Denominator: Denominator for basic net income (loss) per share 115,210,091 97,738,509 114,263,256 88,277,936 Add effect of potential dilutive securities: Stock options, including shares subject to ESPP — — 213,872 — Restricted stock units — — 144,271 — Shares issuable upon conversion of convertible notes — — 11,942,152 — Denominator for diluted net income (loss) income per share 115,210,091 97,738,509 126,563,551 88,277,936 Diluted net income (loss) per share $ (0.09) $ (0.41) $ 0.65 $ (1.79)
Schedule of Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Income (loss) Per Share	The following outstanding dilutive potential shares were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Stock options, PSOs, including shares subject to ESPP 30,104,147 24,558,893 28,103,519 24,003,706 Restricted stock units 831,401 2,141,403 930,737 2,354,166 Shares issuable upon conversion of 2026 Convertible Notes 11,942,152 11,942,152 — 11,942,152 Total 42,877,700 38,642,448 29,034,256 38,300,024

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies - Organization (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) product	Jun. 26, 2024 USD ($)	Apr. 01, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 01, 2024 USD ($)	Jan. 05, 2022 USD ($)
Business Acquisition [Line Items]
Cash consideration							$ 170,000
Additional consideration							17,800
Outstanding amount paid off			$ 260,387
Loss on debt extinguishment		$ (12,600)	$ (12,630)
Product pipeline, number of product candidates \| product			3
2027 Term Loans
Business Acquisition [Line Items]
Outstanding amount paid off	$ 175,000
Principal Amount					$ 250,000			$ 250,000
CIMERLI Sale \| Disposal Group
Business Acquisition [Line Items]
Cash consideration						$ 187,800	170,000
Additional consideration							$ 17,800
YUSIMRY Sale \| Disposal Group
Business Acquisition [Line Items]
Cash consideration		$ 40,000		$ 40,000
Inventory purchase commitments				$ 17,000

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 97,690	$ 102,891	$ 80,259	$ 63,547
Restricted cash	263	452	452	440
Total cash, cash equivalents and restricted cash	$ 97,953	$ 103,343	$ 80,711	$ 63,987

Revenue - Net Revenue (Details)

Revenue - Net Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue - Net Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Net revenue	$ 70,774	$ 74,568	$ 212,816	$ 165,720
Total net product revenue
Revenue
Net revenue	70,554	74,364	205,769	165,174
UDENYCA
Revenue
Net revenue	66,089	32,967	159,673	90,875
CIMERLI
Revenue
Net revenue	(1,215)	40,037	26,979	72,939
YUSIMRY
Revenue
Net revenue	(152)	1,360	7,508	1,360
LOQTORZI
Revenue
Net revenue	5,832		11,609
Other revenue
Revenue
Net revenue	$ 220	$ 204	$ 7,047	$ 546

Revenue - Gross Revenues by Sig

Revenue - Gross Revenues by Significant Customer as a Percentage of Total Gross Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
McKesson
Concentration Risk
Percentage of total gross revenue	45%	44%	41%	38%
Cencora (previously known as AmeriSource-Bergen Corporation)
Concentration Risk
Percentage of total gross revenue	33%	41%	39%	45%
Cardinal Health, Inc.
Concentration Risk
Percentage of total gross revenue	21%	13%	18%	15%

Revenue - Activities and Ending

Revenue - Activities and Ending Reserve Balances for Each Significant Category of Discounts and Allowances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance			$ 244,885	$ 100,503
Provision related to sales made in:
Current period			995,147	539,609
Prior period - increase (decrease)	$ 300	$ 1,100	4,364	4,634
Payments and customer credits issued			(1,028,139)	(476,854)
Activities and reserve balance, ending balance	216,257	167,892	216,257	167,892
Chargebacks and Discounts for Prompt Payment
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance			73,953	42,677
Provision related to sales made in:
Current period			727,028	387,238
Prior period - increase (decrease)			(969)	(1,375)
Payments and customer credits issued			(747,070)	(379,076)
Activities and reserve balance, ending balance	52,942	49,464	52,942	49,464
Rebates
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance			121,137	38,713
Provision related to sales made in:
Current period			150,820	83,009
Prior period - increase (decrease)			6,343	1,540
Payments and customer credits issued			(159,737)	(42,097)
Activities and reserve balance, ending balance	118,563	81,165	118,563	81,165
Other Fees, Co-pay Assistance and Returns
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance			49,795	19,113
Provision related to sales made in:
Current period			117,299	69,362
Prior period - increase (decrease)			(1,010)	4,469
Payments and customer credits issued			(121,332)	(55,681)
Activities and reserve balance, ending balance	$ 44,752	$ 37,263	$ 44,752	$ 37,263

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets measured at fair value on a recurring basis
Total financial assets	$ 69,070	$ 104,940
Total financial liabilities	9,834
Royalty Fee Derivative Liability
Financial assets measured at fair value on a recurring basis
Total financial liabilities	9,202
Contingent Consideration
Financial assets measured at fair value on a recurring basis
Total financial liabilities	632
Fair Value, Inputs, Level 1 [Member]
Financial assets measured at fair value on a recurring basis
Total financial assets	69,070	96,648
Fair Value, Inputs, Level 2 [Member]
Financial assets measured at fair value on a recurring basis
Total financial assets		7,667
Fair Value, Inputs, Level 3 [Member]
Financial assets measured at fair value on a recurring basis
Total financial assets		625
Total financial liabilities	9,834
Fair Value, Inputs, Level 3 [Member] \| Royalty Fee Derivative Liability
Financial assets measured at fair value on a recurring basis
Total financial liabilities	9,202
Fair Value, Inputs, Level 3 [Member] \| Contingent Consideration
Financial assets measured at fair value on a recurring basis
Total financial liabilities	632
U.S. government agency securities
Financial assets measured at fair value on a recurring basis
Total financial assets		5,195
U.S. government agency securities \| Fair Value, Inputs, Level 1 [Member]
Financial assets measured at fair value on a recurring basis
Total financial assets		5,195
U.S. treasury securities
Financial assets measured at fair value on a recurring basis
Total financial assets		2,993
U.S. treasury securities \| Fair Value, Inputs, Level 1 [Member]
Financial assets measured at fair value on a recurring basis
Total financial assets		2,993
Commercial paper and corporate notes
Financial assets measured at fair value on a recurring basis
Total financial assets		6,669
Commercial paper and corporate notes \| Contingent Consideration
Financial assets measured at fair value on a recurring basis
Total financial assets		4,472
Commercial paper and corporate notes \| Fair Value, Inputs, Level 2 [Member]
Financial assets measured at fair value on a recurring basis
Total financial assets		6,669
Commercial paper and corporate notes \| Fair Value, Inputs, Level 3 [Member] \| Contingent Consideration
Financial assets measured at fair value on a recurring basis
Total financial assets		4,472
Money market funds
Financial assets measured at fair value on a recurring basis
Total financial assets	69,070	89,458
Money market funds \| Fair Value, Inputs, Level 1 [Member]
Financial assets measured at fair value on a recurring basis
Total financial assets	$ 69,070	88,460
Money market funds \| Fair Value, Inputs, Level 2 [Member]
Financial assets measured at fair value on a recurring basis
Total financial assets		998
Prepaid financial instrument in Prepaid manufacturing
Financial assets measured at fair value on a recurring basis
Total financial assets		625
Prepaid financial instrument in Prepaid manufacturing \| Fair Value, Inputs, Level 3 [Member]
Financial assets measured at fair value on a recurring basis
Total financial assets		$ 625

Fair Value Measurements - Cost,

Fair Value Measurements - Cost, Unrealized Gains or Losses, and Fair Value by Investment Type (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost	$ 69,070	$ 104,324
Unrealized Gain		2
Unrealized (Loss)		(11)
Fair Value	69,070	104,315
Money market funds
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost	69,070	79,484
Fair Value	$ 69,070	79,484
U.S. government agency securities
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost		5,200
Unrealized (Loss)		(5)
Fair Value		5,195
U.S. treasury securities
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost		11,967
Unrealized Gain		2
Fair Value		11,969
Commercial paper and corporate notes
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost		7,673
Unrealized (Loss)		(6)
Fair Value		$ 7,667

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	May 08, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net impairment charge		$ 6,772,000
Contingent consideration, non-current		632,000		$ 1,172,000
Contingent consideration, current				$ 3,300,000
Surface Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the contingent consideration	$ 3,800,000
Contingent consideration, non-current		500,000
Contingent consideration, current	0
Novartis Institutes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge	10,600,000
Novartis Institutes \| Surface Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net impairment charge	$ 6,800,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense
Impairment charge	$ 10,600,000
Royalty Fee Derivative Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the Royalty Fee Derivative		$ 9,200,000	$ 9,200,000

Inventory - Components (Details

Inventory - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 13,735	$ 12,975
Work in process	102,989	82,588
Finished goods	2,291	34,537
Total	$ 119,015	$ 130,100

Inventory - Balance Sheet Class

Inventory - Balance Sheet Classifications (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory	$ 47,640	$ 62,605
Inventory, non-current	71,375	67,495
Total	$ 119,015	$ 130,100

Inventory - Additional Informat

Inventory - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Inventory
Inventory write-downs	$ 2,481	$ 4,369
Prepayment made for manufacturing services	10,718		$ 23,657
Prepayments made to a CMO for manufacturing services for UDENYCA	6,500		12,600
Prepayments made to a CMO For Other Research And Development Pipeline Program	$ 4,200		11,100
CIMERLI Sale
Inventory
Payment related to sale transaction			6,400
CIMERLI Sale \| Disposal Group
Inventory
Inventory			16,400
YUSIMRY Sale
Inventory
Payment related to sale transaction			500
YUSIMRY Sale \| Disposal Group
Inventory
Inventory			17,000
YUSIMRY
Inventory
Certain firm purchase commitments			20,500
Certain firm purchase commitments, Long-term			9,000
Certain firm purchase commitments, Short-term			11,500
YUSIMRY \| Cost of Goods Sold
Inventory
Inventory write-downs			$ 47,000

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property and Equipment, Net
Total property and equipment	$ 23,533	$ 25,770
Accumulated depreciation and amortization	(20,622)	(20,651)
Property and equipment, net	2,911	5,119
Machinery and Equipment [Member]
Property and Equipment, Net
Total property and equipment	13,161	13,124
Computer Equipment [Member]
Property and Equipment, Net
Total property and equipment	3,566	3,546
Furniture and Fixtures [Member]
Property and Equipment, Net
Total property and equipment	1,055	1,055
Leasehold Improvements [Member]
Property and Equipment, Net
Total property and equipment	$ 5,751	5,751
Leaseholds and Leasehold Improvements [Member]
Property and Equipment, Net
Total property and equipment		$ 2,294

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property and Equipment, Net
Depreciation and amortization expense related to property and equipment, net	$ 0.4		$ 0.8	$ 1.5	$ 2.5
Software implementation costs	$ 2.3			$ 2.3		$ 3.2
Novartis Institutes
Property and Equipment, Net
Impairment of Intangible Assets, Finite-Lived		$ 10.6

Balance Sheet Components - Inta

Balance Sheet Components - Intangible Assets, Net (Details) - USD ($) $ in Thousands			3 Months Ended	9 Months Ended
	Jun. 26, 2024	Mar. 01, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Finite-lived assets, net of accumulated amortization of $2,052 and $639, as of September 30, 2024 and December 31, 2023, respectively			$ 25,454	$ 25,454	$ 41,871
Accumulated amortization			2,052	2,052	639
Indefinite-lived assets - IPR&DIndefinite-lived assets - in-process research and development			28,859	28,859	28,859
Goodwill					943
Total Intangible assets, net			54,313	54,313	$ 71,673
Amortization expense, Finite-lived intangible assets			$ 1,200	2,800
Expected amortization expense for the remaining finite-lived assets for each of the five succeeding fiscal years				$ 2,700
Disposal Group \| CIMERLI Sale
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Finite-lived intangible asset, net		$ 2,100
Goodwill, Written off		$ 900
Disposal Group \| YUSIMRY Sale
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Finite-lived intangible asset, net	$ 900

Balance Sheet Components - Accr

Balance Sheet Components - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued commercial and research and development manufacturing	$ 19,729	$ 23,470
Accrued co-development costs and milestone payments	12,500	26,812
Accrued royalties	1,199	42,031
Royalty Fee Derivative Liability (Note 8)	9,202
Revenue participation liability, current (Note 8)	2,180
Accrued other	14,526	7,628
Lease liabilities, current	1,629	2,145
Contingent consideration, current		3,300
Total Accrued and other current liabilities	$ 60,965	$ 105,386

Balance Sheet Components - Othe

Balance Sheet Components - Other Liabilities, Non-current (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Contingent consideration, non-current	$ 632	$ 1,172
Deferred tax liability	1,102	1,102
Revenue participation liability, non-current (Note 8)	27,427
Other		10,287
Total Other liabilities, non-current	$ 29,161	$ 12,561

Acquisition and Disposition - A

Acquisition and Disposition - Additional Information (Details)		3 Months Ended				9 Months Ended
	Sep. 08, 2023 USD ($) item $ / shares shares	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 26, 2024 USD ($)	Mar. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Surface Acquisition
Cash consideration									$ 170,000,000
Pretax profit (loss)		$ (10,751,000)			$ (40,021,000)	$ 79,203,000	$ (158,619,000)
TSA receivables, net		31,241,000				31,241,000
TSA payables and other accrued liabilities		33,637,000				33,637,000
Additional consideration									17,800,000
Goodwill										$ 943,000
Net impairment charge						6,772,000
Contingent consideration, current										$ 3,300,000
Novartis Institutes
Surface Acquisition
Impairment charge				$ 10,600,000
CIMERLI Sale \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Surface Acquisition
Cash consideration				187,800,000					170,000,000
Gain on sale transaction				153,600,000
Transaction costs				7,200,000
Pretax profit (loss)		(1,200,000)			6,900,000	6,200,000	5,700,000
TSA receivables, net		27,800,000				27,800,000
TSA payables and other accrued liabilities		30,400,000				30,400,000
Additional consideration									$ 17,800,000
Retention bonus		4,700,000				4,700,000
Income under TSA		500,000				1,600,000
YUSIMRY Sale
Surface Acquisition
Reimbursable costs		500,000				500,000
YUSIMRY Sale \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Surface Acquisition
Cash consideration			$ 40,000,000					$ 40,000,000
Inventory purchase commitments								$ 17,000,000
Gain on sale transaction			22,900,000
Transaction costs incurred			$ 1,000,000
Transaction costs unpaid		800,000				800,000
Pretax profit (loss)		(200,000)			$ (2,000,000)	1,300,000	$ (12,100,000)
TSA receivables, net		3,400,000				3,400,000
TSA payables and other accrued liabilities		$ 3,200,000				$ 3,200,000
Surface Acquisition
Surface Acquisition
Business Combination, Number of Shares Issued in Exchange of Each Share of Acquiree \| shares	0.1960
Share price \| $ / shares	$ 5.2831
Contingent value right per share \| item	1
Contingent value rights payment period	10 years
Goodwill	$ 0
Business Combination, Number of Out Licensed Partnership Program \| item	2
Fair value of the contingent consideration				3,800,000
Contingent consideration, current				0
Surface Acquisition \| Novartis Institutes
Surface Acquisition
Net impairment charge				$ 6,800,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]				Selling, General and Administrative Expense
Impairment charge				$ 10,600,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]				Selling, General and Administrative Expense
Surface Acquisition \| Surface GSK Agreement
Surface Acquisition
Milestone and royalty based CVR payments (as percent)	70%
Surface Acquisition \| Surface's SRF114 proprietary drug product candidate
Surface Acquisition
Upfront payment based CVR payments (as percent)	25%
Surface Acquisition \| Surface's SRF388 proprietary drug product candidate
Surface Acquisition
Upfront payment based CVR payments (as percent)	50%

Acquisition and Disposition - E

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

Acquisition and Disposition - T

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

Acquisition and Disposition - U

Acquisition and Disposition - Unaudited Pro Forma Summary of Operations (Details) - Surface Acquisition - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues	$ 74,568	$ 165,720
Net loss	(49,984)	(204,922)
Acquisition-related Costs [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Acquisition-related costs	$ 2,600	$ 4,500
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed, Financial Statement Caption	selling, general and administrative	selling, general and administrative

Collaborations and Other Arra_2

Collaborations and Other Arrangements (Details) $ in Thousands, $ in Millions

1 Months Ended

3 Months Ended

9 Months Ended

Mar. 21, 2021 USD ($)

Feb. 01, 2021 USD ($) item

Mar. 31, 2024 USD ($)

Mar. 31, 2022 USD ($)

Dec. 31, 2020 USD ($)

Oct. 31, 2018 USD ($) item

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2024 CAD ($)

Sep. 30, 2023 USD ($)

Mar. 01, 2024 USD ($)

Dec. 31, 2023 USD ($)

Collaborative Arrangements And Noncollaborative Arrangement Transactions

License Agreement Fee

$ 35,000

Milestone payments, amount

$ 12,500

Research and development

$ 21,676

$ 25,647

$ 72,101

$ 83,068

Royalties due

$ 38,400

Cash consideration

$ 170,000

Additional consideration

$ 17,800

Vaccinex License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions

Maximum aggregate milestone payments to be made

$ 3,500

Aggregate amount payable for achievement of certain regulatory milestones low single digit royalties on global net sales of any approved licensed products

$ 11,500

Collaboration Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions

License Agreement Fee

35,000

Collaboration Agreement | Anti-TIGIT Antibody and IL-2 cytokine

Collaborative Arrangements And Noncollaborative Arrangement Transactions

Collaboration Agreement , Maximum Payments On Attainment Of Certain Sales Thresholds For Each Option Program

170,000

Adimab Development and Option Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions

Maximum number of antibodies under for research option | item

Minimum Number of Antibodies under Commercialization option | item

Minimum antibodies to be commercialized under commercialization option | item

Technical milestone payments obligated to pay

$ 300

Period for payment of nominal research maintenance fee

4 years

Maximum aggregate milestone payments to be made

$ 13,000

Maximum antibodies partially exercised under commercialization option | item

Percentage of option fee to be paid on partial exercise of commercialization option

65%

GSK Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions

Sales milestones

$ 485,000

Additional clinical milestones eligible to receive

60,000

Regulatory milestones eligible to receive

$ 155,000

Term of agreement

10 years

GSK Agreement | Surface

Collaborative Arrangements And Noncollaborative Arrangement Transactions

Milestone payments earned

$ 30,000

Junshi Biosciences

Collaborative Arrangements And Noncollaborative Arrangement Transactions

Undisclosed preclinical | item

Collaboration agreement, royalty on net sales for each exercised option, percentage

18%

Collaboration agreement, Maximum aggregate one-time payment for achievement of milestones, for each option program

$ 85,000

Maximum paid amount for co-development activities (per licensed compound)

$ 25,000

Research and development

$ 3,100

7,700

Decrease in Research and Development Expenses for Release of Certain Liabilities

4,800

Royalties due

1,100

Junshi Biosciences | Intangible assets, net and accrued and other current liabilities

Collaborative Arrangements And Noncollaborative Arrangement Transactions

Accrued milestone payment

$ 25,000

Junshi Biosciences | Accrued and other current liabilities

Collaborative Arrangements And Noncollaborative Arrangement Transactions

Co-development, regulatory and technology transfer costs

12,500

Junshi Biosciences | Accounts payable

Collaborative Arrangements And Noncollaborative Arrangement Transactions

Co-development, regulatory and technology transfer costs

$ 400

400

Junshi Biosciences | Toripalimab (LOQTORZI)

Collaborative Arrangements And Noncollaborative Arrangement Transactions

Collaboration Agreement, upfront amount paid

$ 150,000

Collaboration agreement, royalty on net sales, percentage

20%

Collaboration agreement, Maximum aggregate one-time payments for the achievement of various regulatory and sales milestones

$ 380,000

Canada license agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions

Company an upfront payment received

$ 6,300

Regulatory and sales milestones eligible to receive

$ 51.5

Renewal term

10 years

Financial Liabilities - Summary

Financial Liabilities - Summary of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Apr. 01, 2024	Dec. 31, 2023	Jan. 05, 2022
2029 Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less unamortized debt discount and issuance costs	$ (2,000)
Revenue Purchase and Sale Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Less unamortized debt discount and issuance costs	(9,775)
2027 Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount		$ 250,000		$ 250,000
2027 Term Loans \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	38,660		$ 250,000
Less unamortized debt discount and issuance costs	(2,042)		(3,519)
Net carrying amount	36,618		246,481
Estimated Fair Value	36,618		246,481
1.5% Convertible Senior Subordinated Notes due 2026 \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	230,000		230,000
Less unamortized debt discount and issuance costs	(2,109)		(3,112)
Net carrying amount	227,891		226,888
Estimated Fair Value	$ 180,550		$ 150,155

Financial Liabilities - 2029 Te

Financial Liabilities - 2029 Term Loan - Narrative (Details) - 2029 Term Loans $ in Thousands		3 Months Ended	9 Months Ended
	May 08, 2024 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2024 USD ($) item
Debt Instrument [Line Items]
Net proceeds, net of original issuance discount	$ 37,500
Prepayment funding fee	4%
Number Of Events in Default \| item		0	0
Debt discounts and issuance costs	$ 2,200
Interest expense		$ 1,393	$ 2,194
Remaining unamortized debt discount and debt offering costs		2,000	$ 2,000
Contractual term	5 years		4 years 10 months 24 days
On or after the first anniversary
Debt Instrument [Line Items]
Prepayment fee	10%
After the second anniversary
Debt Instrument [Line Items]
Prepayment fee	5%
After the third anniversary
Debt Instrument [Line Items]
Prepayment fee	0%
Ankura Trust Company, LLC
Debt Instrument [Line Items]
Principal Amount	$ 38,700
Stated interest rate	8%
Remaining unamortized debt discount and debt offering costs		$ 2,042	$ 2,042

Financial Liabilities - 2029 _2

Financial Liabilities - 2029 Term Loans, Components of Interest Expense (Details) - 2029 Term Loans - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Debt Instrument [Line Items]
Contractual interest	$ 1,316	$ 2,074
Amortization of debt discount and debt issuance costs	77	120
Total Interest expense	$ 1,393	$ 2,194

Financial Liabilities - 2029 _3

Financial Liabilities - 2029 Term Loan Future Payments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Interest rate	13.30%
2029 Term Loans
Debt Instrument [Line Items]
Less unamortized debt discount and issuance costs	$ (2,000)
2029 Term Loans \| Ankura Trust Company, LLC
Debt Instrument [Line Items]
Remainder of 2024 - interest only	1,316
2025 - interest only	5,221
2026 - interest only	5,222
2027 - interest only	5,222
2028 and thereafter - principal and interest	45,712
Total minimum payments	62,693
Less amount representing interest	(24,033)
2029 Term Loan, gross	38,660
Less unamortized debt discount and issuance costs	(2,042)
Net carrying amount	$ 36,618

Financial Liabilities - Revenue

Financial Liabilities - Revenue Purchase and Sale Agreement - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	May 08, 2024
Revenue Purchase and Sale Agreement
Embedded Derivative [Line Items]
Revenue Purchase and Sale Agreement, Purchase price			$ 37.5
Purchase price multiplier			2.25
Discount on revenue participation liability from allocation of purchase price to the embedded derivative	$ 9.2	$ 9.2
Issuance costs on revenue participation liability	1.4	1.4
Amortization of discount and issuance costs	0.5	0.8
Interest expense
Embedded Derivative [Line Items]
Interest expense, inclusive of the amortization of discount and issuance costs		$ 4.4
Interest expense \| Revenue Purchase and Sale Agreement
Embedded Derivative [Line Items]
Interest expense, inclusive of the amortization of discount and issuance costs	$ 2.7
UDENYCA \| Revenue Purchase and Sale Agreement
Embedded Derivative [Line Items]
Revenue payment, Percentage of U.S. net sales			5%
UDENYCA and LOQTORZI \| Revenue Purchase and Sale Agreement
Embedded Derivative [Line Items]
Revenue payment, Percentage of U.S. net sales			0.50%

Financial Liabilities - Reven_2

Financial Liabilities - Revenue Purchase and Sale Agreement - Summary of Revenue Participation Liability (Details) - Revenue Purchase and Sale Agreement $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Revenue participation liability	$ 39,382
Less unamortized debt discount and issuance costs	(9,775)
Total	$ 29,607

Financial Liabilities - Reven_3

Financial Liabilities - Revenue Purchase and Sale Agreement - Classification on the condensed consolidated balance sheet (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Royalty participation liability, current	$ 2,180
Royalty participation liability, non-current	27,427
Derivative liabilities, Fair Value	9,202
Revenue Purchase and Sale Agreement
Debt Instrument [Line Items]
Royalty participation liability, current	2,180
Royalty participation liability, non-current	27,427
Total	$ 29,607

Financial Liabilities - 2027 Te

Financial Liabilities - 2027 Term Loan - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 01, 2024	Feb. 05, 2024	Apr. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Jan. 05, 2022
Debt Instrument [Line Items]
Interest rate					13.30%
Debt partial prepayment to be Made		$ 175,000
Minimum net sales convenant level agreed to be maintained over past year		$ 125,000
Outstanding amount paid off					$ 260,387
Loss on debt extinguishment				$ 12,600	$ 12,630
2027 Term Loans
Debt Instrument [Line Items]
Principal amount	$ 250,000					$ 250,000
Interest rate					0.26161%
Spread on variable rate					1%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]					us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Partial prepayment of principal	$ 175,000
Outstanding amount paid off			$ 175,000
2027 Term Loans \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Principal amount					$ 300,000
Funded amount					250,000
Outstanding amount paid off					$ 79,600
Prepayment premium percentage					3%
Loss on debt extinguishment					$ 12,600
2027 Term Loans \| Starting April 1, 2023 \| BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Stated interest rate					8.25%

Financial Liabilities - 2027 _2

Financial Liabilities - 2027 Term Loans, Components of Interest Expense (Details) - 2027 Term Loans - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Contractual interest		$ 9,916	$ 25,404
Amortization of debt discount and debt issuance costs		1,277	830
Total Interest expense		$ 11,193	$ 26,234
BioPharma Credit Investments V GP LLC
Debt Instrument [Line Items]
Contractual interest	$ 8,790
Amortization of debt discount and debt issuance costs	255
Total Interest expense	$ 9,045

Financial Liabilities - Convert

Financial Liabilities - Convertible Senior Subordinated Notes due 2026 - Narrative (Details)	1 Months Ended	9 Months Ended
	Apr. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Jun. 28, 2024 $ / shares	Apr. 14, 2020 $ / shares
Financial Liabilities
Closing stock, price per share \| $ / shares			$ 1.04	$ 14.82
1.5% Convertible Senior Subordinated Notes due 2026
Financial Liabilities
Number of events in default		0
Contractual term		6 years
Convertible Debt [Member] \| 1.5% Convertible Senior Subordinated Notes due 2026
Financial Liabilities
Principal Amount	$ 230,000,000
Stated interest rate	1.50%
Net proceeds from offering	$ 222,200,000
Initial conversion rate, shares of common stock \| shares	51.9224
Principal amount of notes converted into shares	$ 1,000
Initial conversion price per common share \| $ / shares	$ 19.26
Interest rate description	The 2026 Convertible Notes accrue interest at a rate of 1.5% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, since October 15, 2020
Debt instrument maturity date	Apr. 15, 2026
Convertible notes, premium percentage	30%
Convertible notes, covenant compliance		As of September 30, 2024, the Company was in full compliance with these covenants and there were no events of default under the 2026 Convertible Notes.
Debt issuance costs		$ 900,000
Remaining unamortized debt discount and debt offering costs		$ 2,109,000
Effective interest rate		2.10%
Convertible Debt [Member] \| 1.5% Convertible Senior Subordinated Notes due 2026 \| Scenario, Plan [Member]
Financial Liabilities
Convertible notes, converted amount		$ 12,400,000

Financial Liabilities - Capped

Financial Liabilities - Capped Call Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Apr. 30, 2020	Jun. 28, 2024	Apr. 14, 2020
Option Indexed to Issuer's Equity [Line Items]
Closing stock, price per share		$ 1.04	$ 14.82
Call Option [Member]
Option Indexed to Issuer's Equity [Line Items]
Payment for capped call transactions	$ 18.2
Initial cap price of capped call transactions.	$ 25.93
Percentage of cap price	75%
Closing stock, price per share			$ 14.82

Financial Liabilities - 2026 Co

Financial Liabilities - 2026 Convertible Notes Interest Expense Components (Details) - 1.5% Convertible Senior Subordinated Notes due 2026 - Convertible Debt [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financial Liabilities
Stated coupon interest	$ 863	$ 863	$ 2,588	$ 2,588
Amortization of debt discount and debt issuance costs	336	329	1,003	982
Total Interest expense	$ 1,199	$ 1,192	$ 3,591	$ 3,570

Financial Liabilities - 2026 _2

Financial Liabilities - 2026 Convertible Notes Future Payments (Details) - Convertible Debt [Member] - 1.5% Convertible Senior Subordinated Notes due 2026 $ in Thousands	Sep. 30, 2024 USD ($)
Financial Liabilities
Remainder of 2024 - interest only	$ 1,725
2025 - interest only	3,450
2026 - interest only	231,725
Total minimum payments	236,900
Less amount representing interest	(6,900)
2026 Convertible Notes, principal amount	230,000
Less unamortized debt discount and debt issuance costs	(2,109)
Net carrying amount	$ 227,891

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Non-Cancelable Contractual Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 7,293
2025	57,606
2026	1,654
2027	450
Total obligations	$ 67,003

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2022	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies
Inventory purchase commitments		$ 17
Claims related to certain sales of UDENYCA from October 2020 through December 2021	$ 14
Accrued rebates, fees and reserves
Loss Contingencies
Accrual related to legal Proceedings and Other Claims		$ 6.4	$ 6.4

Stockholders' Deficit (Details)

Stockholders' Deficit (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	9 Months Ended
	Sep. 11, 2023	May 18, 2023	May 16, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 15, 2023	Nov. 17, 2022	Nov. 08, 2022
Stockholders' Deficit
Common stock, par value					$ 0.0001		$ 0.0001
Public Offering
Stockholders' Deficit
Common stock, shares issued and sold		13,529,411	11,764,706
Common stock, par value			$ 0.0001
Share price			$ 4.25
Net proceeds, after deducting the Underwriters' discounts and commissions and offering expenses		$ 53,600
Public Offering \| Maximum [Member]
Stockholders' Deficit
Shares Offering, Aggregate Amount									$ 150,000
At Market Offering [Member]
Stockholders' Deficit
Common stock, shares issued and sold				2,428,311	650,005	3,559,761
Shares Offering, Aggregate Amount, Decrease								$ 86,200
Increase in Amount of Shares To be Issued and Sold	$ 28,700
Gross proceeds				$ 11,938	$ 1,589	$ 19,339
Less commissions and fees				(298)	(40)	(483)
Net proceeds after commissions and fees				$ 11,640	1,549	$ 18,856
Common stock remaining available for sales under the ATM Offering					$ 64,900
At Market Offering [Member] \| Weighted Average [Member]
Stockholders' Deficit
Weighted-average price per share				$ 4.92	$ 2.44	$ 5.43
At Market Offering [Member] \| Maximum [Member]
Stockholders' Deficit
Shares Offering, Aggregate Amount	$ 92,500							$ 63,800		$ 150,000
Over-Allotment Option [Member]
Stockholders' Deficit
Common stock, shares issued and sold			1,764,705
Term of share offering			30 days
Share price			$ 3.995

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Expense (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	May 31, 2024	Apr. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense			$ 6,868	$ 9,953	$ 21,418	$ 32,312
Stock-based compensation expense capitalized into inventory			313	373	1,107	697
Cost of Sales [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense			282	174	834	535
Research and Development Expense [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense			2,092	2,929	6,552	11,760
Selling, General and Administrative Expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense			4,494	$ 6,850	14,032	$ 20,017
Performance Condition PSO
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Term years	10 years	10 years
Stock-based compensation expense			$ 200		$ 1,000
Performance Condition PSO \| Other Senior Executives
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Share based payment options grants	640,000
Performance Condition PSO \| Chief Executive Officer [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Share based payment options grants		1,982,500

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net Income (Loss)	$ (10,751)	$ (12,921)	$ 102,875	$ (39,641)	$ (42,869)	$ (75,729)	$ 79,203	$ (158,239)
Denominator:
Weighted-average common shares outstanding - Basic	115,210,091			97,738,509			114,263,256	88,277,936
Weighted-average common shares outstanding - Diluted	115,210,091			97,738,509			126,563,551	88,277,936
Basic net income (loss) per share	$ (0.09)			$ (0.41)			$ 0.69	$ (1.79)
Diluted net income (loss) per share	$ (0.09)			$ (0.41)			$ 0.65	$ (1.79)
Numerator:
Add interest expense on 2026 Convertible Notes, net of tax							$ 3,591
Numerator for diluted net income (loss) per share	$ (10,751)			$ (39,641)			$ 82,794	$ (158,239)
Add effect of potential dilutive securities:
Stock options, including shares subject to ESPP							213,872
Restricted stock units							144,271
Shares issuable upon conversion of convertible notes							11,942,152
Denominator for diluted net income (loss) income per share	115,210,091			97,738,509			126,563,551	88,277,936

Net Income (Loss) Per Share - O

Net Income (Loss) Per Share - Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Income (loss) Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share	42,877,700	38,642,448	29,034,256	38,300,024
Stock options, PSOs, including shares subject to ESPP
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share	30,104,147	24,558,893	28,103,519	24,003,706
Restricted Stock Units (RSUs) [Member]
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share	831,401	2,141,403	930,737	2,354,166
1.5% Convertible Senior Subordinated Notes due 2026 \| Shares issuable upon conversion of convertible notes
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net income (loss) per share	11,942,152	11,942,152		11,942,152