Coherus BioSciences (CHRS) 10-Q10 May 182018 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Apr. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	CHRS
Entity Registrant Name	Coherus BioSciences, Inc.
Entity Central Index Key	1,512,762
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		61,163,142

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	[1]
Current assets:
Cash and cash equivalents	$ 82,021	$ 126,911
Investments in marketable securities	13,143
Restricted cash	50	60
Prepaid manufacturing	14,206	14,969
Other prepaid assets (includes related parties of $0 and $908 as of March 31, 2018 and December 31, 2017, respectively)	2,789	3,395
Other assets	32	142
Total current assets	112,241	145,477
Property and equipment, net	11,859	12,773
Intangible assets	2,620	2,620
Goodwill	943	943
Restricted cash, non-current	785	785
Other assets, non-current	14	13
Total assets	128,462	162,611
Current liabilities:
Accounts payable	14,331	15,481
Accounts payable - related parties	34	233
Accrued liabilities (includes related parties of $0 and $510 as of March 31, 2018 and December 31, 2017, respectively)	9,394	9,050
Contingent consideration	3,498	3,290
Other liabilities	367	341
Total current liabilities	27,624	28,395
Convertible notes	76,474	76,206
Convertible notes - related parties	25,492	25,402
Other liabilities, non-current	1,960	2,073
Total liabilities	131,550	132,076
Commitments and contingencies (Note 7)
Stockholders’ equity (deficit):
Preferred stock
Common stock	6	6
Additional paid-in capital	818,753	808,060
Accumulated other comprehensive loss	(764)	(750)
Accumulated deficit	(819,789)	(775,492)
Total Coherus stockholders' equity (deficit)	(1,794)	31,824
Non-controlling interest	(1,294)	(1,289)
Total stockholders' equity (deficit)	(3,088)	30,535
Total liabilities and stockholders’ equity (deficit)	$ 128,462	$ 162,611

[1]	The consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated balance sheet included in the Company’s 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2018.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Prepaid assets, related parties	$ 0	$ 908
Accrued liabilities, related parties	$ 0	$ 510

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue:
Collaboration and license revenue		$ 161
Operating expenses:
Research and development (includes related party of $1,479 and $3,791 for the three months ended March 31, 2018 and 2017, respectively)	$ 25,455	53,775
General and administrative (includes related party of $34 and $65 for the three months ended March 31, 2018 and 2017, respectively)	16,577	18,803
Total operating expenses	42,032	72,578
Loss from operations	(42,032)	(72,417)
Interest expense (includes related party of $602 and $593 for the three months ended March 31, 2018 and 2017)	(2,408)	(2,376)
Other income (expense), net	138	(29)
Net loss	(44,302)	(74,822)
Net loss attributable to non-controlling interest	5	44
Net loss attributable to Coherus	$ (44,297)	$ (74,778)
Net loss per share attributable to Coherus, basic and diluted	$ (0.74)	$ (1.54)
Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted	60,122,050	48,711,958

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
General and administrative expenses from transactions with related party	$ 34	$ 65
Interest expense from transactions with related party	602	593
Research and Development Expense
Research and development from transactions with related party	$ 1,479	$ 3,791

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (44,302)	$ (74,822)
Other comprehensive loss:
Unrealized loss on available-for-sale securities, net of tax	(1)	(9)
Foreign currency translation adjustments, net of tax	(13)	(168)
Comprehensive loss	(44,316)	(74,999)
Comprehensive loss attributable to non-controlling interest	5	44
Comprehensive loss attributable to Coherus	$ (44,311)	$ (74,955)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net loss	$ (44,302)	$ (74,822)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	922	865
Remeasurement of fair-value contingent consideration	208	390
Non-cash accretion of discount on marketable securities	(44)	(19)
Non-cash interest expense from amortization of debt discount	358	326
Stock-based compensation expense	8,720	7,810
Changes in operating assets and liabilities:
Receivables from collaboration and license agreement		1,833
Prepaid manufacturing	763	(923)
Other prepaid assets	606	2,076
Other assets	109	118
Accounts payable	(1,068)	(7,265)
Accounts payable - related parties	(199)	1,232
Accrued and other liabilities	456	(4,831)
Deferred revenue		(168)
Other liabilities, non-current	(113)	101
Net cash used in operating activities	(33,584)	(73,277)
Investing activities
Purchases of property and equipment	(81)	(1,691)
Purchases of investments in marketable securities	(13,100)	(49,887)
Net cash used in investing activities	(13,181)	(51,578)
Financing activities
Proceeds from common stock offering, net of underwriters discounts and commissions	1,781	124,866
Payments of common stock offering issuance costs	(128)	(134)
Proceeds from issuance of common stock upon exercise of stock options	225	265
Net cash provided by financing activities	1,878	124,997
Effect of exchange rate changes in cash, cash equivalents and restricted cash	(13)	(165)
Net decrease in cash, cash equivalents and restricted cash	(44,900)	(23)
Cash, cash equivalents, and restricted cash at beginning of period	127,756	125,792
Cash, cash equivalents, and restricted cash at end of period	$ 82,856	$ 125,769

Organization and Operations

Organization and Operations	3 Months Ended
Organization and Operations	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Operations	1. Organization and Operations Description of the Business Coherus BioSciences, Inc. (the “Company”, “Coherus”, “we”, our” or “us”) is a late-stage clinical biologics platform company, focused on the global biosimilar market. The Company’s headquarters and laboratories are located in Redwood City, California and in Camarillo, California, respectively. Need to Raise Additional Capital As of March 31, 2018, the Company had an accumulated deficit of $819.8 million and cash and cash equivalents and short-term investments in marketable securities of $95.2 million. In the first quarter of 2018, the Company issued and sold 192,642 shares of common stock at a weighted average price of $9.53 per share through its ATM Offering Program and received total net proceeds of $1.8 million (see Note 8). The Company believes that its current available cash and cash equivalents and short-term investments in marketable securities will be sufficient to fund its planned expenditures and meet the Company’s obligations for at least 12 months following our financial statement issuance date .

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Unaudited Condensed Consolidated Financial Statements The accompanying condensed consolidated financial statements include the accounts of Coherus and its wholly owned subsidiaries as of March 31, 2018: Coherus Intermediate Corp, InteKrin Therapeutics Inc. (“InteKrin”), and InteKrin’s 82.5% majority owned subsidiary of InteKrin Russia. Unless otherwise specified, references to the Company are references to Coherus and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities Act of 1933, as amended (Securities Act). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements include all adjustments, consisting only of 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 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 filed with the SEC on March 8, 2018. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its stock-based compensation, valuation of deferred tax assets, impairment of goodwill and long-lived assets, the valuation of acquired intangible assets, clinical trial accruals, revenue recognition period, contingent consideration, convertible notes valuation, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Foreign Currency The functional currency of InteKrin Russia, which the Company acquired in February 2014, is the Russian Ruble. Accordingly, the financial statements of this subsidiary are translated into U.S. dollars using appropriate exchange rates. Unrealized gains or losses on translation are recognized in accumulated other comprehensive loss in the condensed consolidated balance sheet. The foreign exchange gains and losses recorded in other expense, net in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017, were a net loss of $8,000 and a net gain of $171,000, respectively. Segment Reporting and Customer Concentration The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing biosimilar products, and, as part of the InteKrin acquisition, small molecules. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. Long-lived assets are primarily maintained in the United States of America. Collaboration and license revenue of $161,000 from Daiichi Sankyo Company, Limited (“Daiichi Sankyo”) was attributable to the non-U.S. geographic region and accounted for 100% of the revenue recognized during the three months ended March 31, 2017. Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash is comprised of cash and highly liquid investments with remaining maturities of 90 days or less at the date of purchase. The Company limits cash investments to financial institutions with high credit standings; therefore, management believes that there is no significant exposure to any credit risk in the Company’s 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 and which, in aggregate, represent the amount reported in the condensed consolidated statements of cash flows. March 31, March 31, 2018 2017 Cash and cash equivalents $ 82,021 $ 124,924 Restricted cash 50 60 Restricted cash - non-current 785 785 Total cash, cash equivalents and restricted cash $ 82,856 $ 125,769 Restricted cash consists of cash held in money market accounts at banks. The restricted cash is used as collateral against the Company’s corporate credit cards and is classified as current; restricted cash – non-current is held to cover the standby letter of credit issued by the Company’s landlord to drawdown on in the event the facility lease is breached. Investments in Marketable Securities Management determines the appropriate classification of investments in marketable securities at the time of purchase based upon management’s intent with regards to such investments and reevaluates such designation as of each balance sheet date. All investments in marketable securities are held as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. The Company classifies investments in marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of accumulated comprehensive income (loss). Realized gains and losses and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in other expense, net, based on the specific identification method. Revenue Recognition The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ; ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ; and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , (collectively, the “New Revenue Standard”) on January 1, 2018 using the modified retrospective method. The Company did not have any sources of revenue or active revenue arrangement upon adoption of the New Revenue Standard, therefore, no adjustment to its retained earnings was required. If, and when, the Company initiates product sales or enters into a new revenue arrangement, the Company will apply the New Revenue Standard accordingly. Prior to the adoption of the New Revenue Standard, the Company recognized revenue in accordance with Accounting Standards Codification (ASC) 605, Revenue Recognition when persuasive evidence of an arrangement existed; transfer of technology had been completed, services had been performed or products had been delivered; the fee was fixed and determinable; and collection was reasonably assured. For revenue agreements with multiple elements, the Company identified the deliverables included within the agreement and evaluated which deliverables may represent separate units of accounting based on the achievement of certain criteria, including whether the delivered element had stand-alone value to the collaborator. Deliverables under the arrangement were considered a separate unit of accounting if (i) the delivered item had value to the customer on a standalone basis and (ii) if the arrangement included a general right of return relative to the delivered item and delivery or performance of the undelivered items were considered probable and substantially within the Company’s control. The Company determined how to allocate arrangement consideration to identified units of accounting based on the selling price hierarchy provided under the relevant guidance. The selling price used for each unit of accounting was based on vendor-specific objective evidence, if available, third party evidence if vendor-specific objective evidence was not available or estimated selling price if neither vendor-specific nor third-party evidence was available. Management was required to exercise considerable judgment in determining whether a deliverable was a separate unit of accounting and in estimating the selling prices of identified units of accounting under its agreements. Upfront payments received in connection with licenses of the Company’s technology rights were deferred if facts and circumstances dictated that the license did not have stand-alone value. Such payments were recognized as license revenue over the estimated period of performance, which was generally consistent with the terms of the research and development obligations contained in the specific collaboration and license agreement. The Company regularly reviewed the estimated period of performance based on the progress made under each arrangement. Amounts received as funding of research and development activities were recognized as revenue if the collaboration arrangement involved the sale of the Company’s research or development services. However, such funding was recognized as a reduction in research and development expense when the Company engaged in a research and development project jointly with another entity, with both entities participating in project activities and sharing costs and potential benefits of the arrangement. Payments that were contingent upon the achievement of a substantive milestone were recognized in their entirety in the period in which the milestone was achieved, assuming all other revenue recognition criteria were met. A milestone was defined as an event that can only be achieved based on the Company’s performance where there was substantive uncertainty about whether the event would be achieved at the inception of the arrangement. Events that were contingent upon on the passage of time or counterparty performance were not considered milestones under accounting guidance. The Company’s evaluation included an assessment of whether (a) the consideration was commensurate with either (1) the Company’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (b) the consideration related solely to past performance and (c) the consideration was reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluated factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration was reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. Other contingent payments in which a portion of the payment was refundable or adjustable based on future performance or non-performance (e.g., through a penalty or claw-back provision) were not considered to relate solely to the Company’s past performance, and therefore, not considered substantive. Non-substantive contingent payments were classified as deferred revenue if they were ultimately expected to result in revenue recognition. The Company recognized non-substantive contingent payments over the remaining estimated period of performance once the specific objective was achieved. Any portion of the non-substantive contingent payments, which may have been required to be refunded to the collaborator, were not included in deferred revenue but instead were reflected as a contingent liability to collaborator on the condensed consolidated balance sheets. Contingent payments associated with the achievement of specific objectives in certain contracts that are not considered substantive because the Company does not contribute effort to the achievement of such milestones were recognized as revenue upon achievement of the objective, as long as there were no undelivered elements remaining and no continuing performance obligations by the Company, assuming all other revenue recognition criteria were met. Research and Development Expenses Research and development costs are charged to expense as incurred. Research and development expense includes, among other costs, salaries and other personnel-related costs, consultant fees, preclinical costs, cost to manufacture drug candidates and clinical trial costs and supplies, laboratory supplies costs and facility-related costs. Costs incurred under agreements with third parties are charged to expense as incurred in accordance with the specific contractual performance terms of such agreements. Costs of third parties include costs associated with manufacturing drug candidates, preclinical and clinical support activities. Advance payments for goods or services to be received in the future and utilized in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are received. The Company considers regulatory approval of product candidates to be uncertain, and product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained. The Company expenses manufacturing costs as incurred to research and development expense for product candidates prior to regulatory approval. If, and when, regulatory approval of a product is obtained, the Company will begin capitalizing manufacturing costs related to the approved product into inventory. Comprehensive Loss Comprehensive loss is composed of two components: net loss and other comprehensive loss. Other comprehensive loss refers to gains and losses that under U.S. GAAP are recorded as an element of stockholders’ equity, but are excluded from net loss. The Company’s other comprehensive loss includes unrealized gains and losses from available-for-sale marketable securities and foreign currency translation adjustments for the three months ended March 31, 2018 and 2017. Net Loss per Share Attributable to Coherus Basic net loss per share attributable to Coherus is calculated by dividing the net loss attributable to Coherus by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common shares. Since the Company was in a net loss position for the periods presented, basic net loss per share attributable to Coherus is the same as diluted net loss per share attributable to Coherus as the inclusion of all potential dilutive common shares would have been anti-dilutive for those periods presented. The following outstanding dilutive potential shares have been excluded from the calculation of diluted net loss per share attributable to Coherus due to their anti-dilutive effect: Outstanding as of March 31, 2018 2017 Stock options, including purchases from contributions to ESPP 13,787,003 10,656,082 Restricted stock units 118,377 12,000 Shares issuable upon conversion of Convertible Notes 4,473,871 4,473,871 Total 18,379,251 15,141,953 Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law. Accounting Standards Codification (ASC) 740, Income Taxes, requires companies to recognize the effect of the tax law changes in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin 118, which allows companies to record provisional amounts during a measurement period that is similar to the measurement period used when accounting for business combinations. The Company adjusted its deferred tax assets and liabilities based on the reduction of the U.S. federal corporate tax rate from 35% to 21% as of December 31, 2017 and assessed the realizability of its deferred tax assets based on then current understanding of the provisions of the new law. As of March 31, 2018, the Company still considers its accounting for the impacts of the new law to be provisional and will continue to assess the impact of the recently enacted tax law on its business and condensed consolidated financial statements over the next nine months. Recent Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. all annual and interim reporting periods thereafter. E In February 2016, the FASB issued ASU No. 2016-02, Leases In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued ASU No. 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory (ASU 2016-16). This update is to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. ASU 2016-16 amends the guidance to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this update eliminate the exception for an intra-entity transfer of an asset other than inventory. The amendments in this update do not include new disclosure requirements; however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. ASU 2016-16 is effective for the Company’s interim and annual reporting periods during the year ending December 31, 2018, and all annual and interim reporting periods thereafter. Early adoption is permitted. The Company early adopted ASU 2016-16 on January 1, 2018 and the adoption did not have a material effect on its condensed consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash — a consensus of the FASB Emerging Issues Task Force, (ASU 2016-18). In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements Financial assets and liabilities are recorded at fair value. The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, investments in marketable securities, accounts receivable, accounts payable and other current liabilities approximate their fair value due to their short maturities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable. These levels of inputs are the following: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consist of Level 1 and Level 2 assets, and Level 3 liabilities. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds. When quoted market prices are not available for the specific security, then the Company estimates the fair value by using quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third party data providers, including but not limited to, benchmark yields, interest rate curves, reported trades, broker/dealer quotes and market reference data. Level 2 assets consist of corporate notes and commercial paper. Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. In certain cases where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3. Level 3 liabilities consist of the contingent consideration. There were no transfers between Level 1, Level 2 and Level 3 during the periods presented. Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows (in thousands): Fair Value Measurements March 31, 2018 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 78,125 $ 78,125 $ — $ — Restricted cash (money market funds) 835 835 — — Corporate notes and commercial paper 15,643 — 15,643 — Total financial assets $ 94,603 $ 78,960 $ 15,643 $ — Financial Liabilities: Contingent consideration $ 3,498 $ — $ — $ 3,498 Fair Value Measurements December 31, 2017 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 125,373 $ 125,373 $ — $ — Restricted cash (money market funds) 845 845 — — Total financial assets $ 126,218 $ 126,218 $ — $ — Financial Liabilities: Contingent consideration $ 3,290 $ — $ — $ 3,290 Cash equivalents, investments in marketable securities, which are classified as available-for-sale securities, and restricted cash, consisted of the following (in thousands): March 31, 2018 Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Money market funds $ 78,125 $ — $ — $ 78,125 Corporate notes and commercial paper 2,500 — — 2,500 Classified as cash equivalents $ 80,625 $ — $ — $ 80,625 Corporate notes and commercial paper $ 13,144 $ — $ (1 ) 13,143 Classified as investments in marketable securities $ 13,144 $ — $ (1 ) $ 13,143 Restricted cash (money market funds) $ 835 $ — $ — $ 835 Classified as restricted cash $ 835 $ — $ — $ 835 December 31, 2017 Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Money market funds $ 125,373 $ — $ — $ 125,373 Classified as cash equivalents $ 125,373 $ — $ — $ 125,373 Restricted cash (money market funds) $ 845 $ — $ — $ 845 Classified as restricted cash $ 845 $ — $ — $ 845 As of March 31, 2018, the remaining contractual maturities of available-for-sale securities were less than one year. The average maturity of investments in marketable securities available-for-sale as of March 31, 2018 was approximately four months. The gross realized gains were $82,000 and $46,000 for the three months ended March 31, 2018 and 2017, respectively, and the gross realized losses were $0 and $19,000 for the three months ended March 31, 2018 and 2017, respectively, in the condensed consolidated statement of operations. Contingent Consideration As part of the InteKrin acquisition in February 2014, the Company recognized contingent consideration associated with potential payments to be made to the former InteKrin stockholders upon (i) the first dosing of a human subject in the first Phase 2 Clinical Trial for CHS-131 ("Earn-Out Payment") and (ii) per a compound transaction agreement as defined in the purchase agreement (the “Compound Transaction Payment”). The contingent consideration related to the Earn-Out Payment was settled on March 6, 2015. The fair value measurement of the Compound Transaction Payment uses a probability-weighted discounted cash flow approach based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The Compound Transaction analysis as of March 31, 2018 applied a 25% risk-adjusted discount rate to measure the present value and also captured an additional 8% credit spread for counterparty credit risk given the cash payment. The expected cash flow is based on estimates provided by the Company’s management including the timing and probability of occurrence. The value of the consideration is tiered based on the value of a license or similar agreement with a third party and the timing of such agreement. Generally, increases or decreases in the probability of occurrence would result in a directionally similar impact in the fair value measurement of the Compound Transaction Payment and it is estimated that a 1% increase (decrease) in the probability of occurrence would result in a fair value fluctuation of approximately $0.1 million. The change in the fair value of the Compound Transaction Payment was recognized in other income (expense), net within the condensed consolidated statement of operations of $208,000 and $390,000 for the three months ended March 31, 2018 and 2017, respectively. The following table sets forth a summary of changes in the estimated fair value of the contingent consideration (in thousands): Balance as of December 31, 2017 $ 3,290 Change in fair value of the contingent consideration liability 208 Balance as of March 31, 2018 $ 3,498 Convertible Notes The estimated fair value of the 8.2% Convertible Senior Notes Due 2022, which the Company issued on February 29, 2016 (see Note 6) is based on an income approach. The estimated fair value was approximately $101.1 million (par value $100.0 million) as of March 31, 2018 and represents a Level 3 valuation. When determining the estimated fair value of the Company’s long-term debt, the Company uses a single factor binomial lattice model, which incorporates the terms and conditions of the convertible notes and market based risk measurement that are indirectly observable, such as credit risk. The lattice model produces an estimated fair value based on changes in the price of the underlying common shares price over successive periods of time. An estimated yield based on market data is used to discount straight debt cash flows. Key valuation assumptions used for the convertible debt valuation was volatility of 57.5% for the Company’s common stock and straight debt yield of 15.3% as of March 31, 2018.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
Balance Sheet Components	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Balance Sheet Components	4. Balance Sheet Components Other Prepaid Assets Other prepaid assets are as follows (in thousands): March 31, December 31, 2018 2017 Prepaid clinical and other - related parties (see Note 9) $ — $ 908 Prepaid clinical and material 571 335 Prepaid other 2,218 2,152 Other prepaid assets $ 2,789 $ 3,395 Property and Equipment, Net Property and equipment, net are as follows (in thousands): March 31, December 31, 2018 2017 Machinery and equipment $ 15,316 $ 15,229 Computer equipment and software 1,586 1,586 Furniture and fixtures 714 714 Leasehold improvements 4,344 4,344 Construction in progress 623 702 Total property and equipment 22,583 22,575 Accumulated depreciation and amortization (10,724 ) (9,802 ) Property and equipment, net $ 11,859 $ 12,773 Depreciation and amortization expense was $922,000 and $865,000 for the three months ended March 31, 2018 and 2017, respectively. Accrued Liabilities Accrued liabilities are as follows (in thousands): March 31, December 31, 2018 2017 Accrued clinical - related parties (See Note 9) $ — $ 510 Accrued clinical and manufacturing 3,988 5,462 Accrued compensation 4,027 2,074 Accrued other 1,379 1,004 Accrued liabilities $ 9,394 $ 9,050

Collaboration and License Agree

Collaboration and License Agreement	3 Months Ended
Collaboration and License Agreement	Mar. 31, 2018
Collaboration And License Agreements [Abstract]
Collaboration and License Agreement	5. Collaboration and License Agreement The Company recognized revenue related to the collaboration and license agreement of $161,000 from Daiichi Sankyo for the three months ended March 31, 2017. In January 2012, the Company entered into a license agreement with Daiichi Sankyo, under which the Company granted certain licenses to Daiichi Sankyo to develop and commercialize biosimilar forms of etanercept and rituximab in Japan, Taiwan, and South Korea, with an option to develop in China. Upon execution of the agreement, Daiichi Sankyo paid a non-refundable, upfront license fee of $10.0 million, which was recorded as deferred revenue and amortized over the remaining estimated performance period under the agreement using the straight line method. In June 2015, the Company and Daiichi Sankyo entered into the Memorandum of Understanding No. 3 (the “MOU 3”) in which both parties agreed to cooperate further on a global Phase 3 clinical trial for an open label, safety extension study (“OLSES”) in rheumatoid arthritis. In July 2016 and December 2016, the Company also entered into three memoranda of understanding (“MOU 4,” “MOU 5” and “MOU 6,” and together with MOU 3, the “MOUs”) with Daiichi Sankyo. Under MOU 4, MOU 5 and MOU 6, the Company received $4.5 million f or reimbursements of certain past costs incurred In July 2017, Daiichi Sankyo announced its decision, which was accepted by the Company, to discontinue development of the Company’s etanercept (Enbrel) biosimilar product candidate, CHS-0214, in Japan and to conclude the parties’ global open-label safety extension study in rheumatoid arthritis. Pursuant to the License Agreement, the Company regained the rights to develop and commercialize CHS-0214 in Japan. As a result of Daiichi Sankyo’s decision to opt-out of the development of CHS-0214 in Japan and not having any further performance obligations under the license arrangement, the Company recognized the remaining deferred revenue of $1.4 million as a collaboration and license revenue during the second quarter of 2017 in its condensed consolidated statement of operations. As a result, there was no deferred revenue as of March 31, 2018 and December 31, 2017, in the condensed consolidated balance sheet . On August 9, 2017, the Company and Daiichi Sankyo entered into a letter of agreement, dated July 29, 2017 to terminate the License Agreement, including, any and all MOUs and other agreements executed between the parties relating to CHS-0214. As a result, the Company did not recognize any research and development expense related to the costs reimbursed by Daiichi Sankyo for the three months ended March 31, 2018 and recognized $1.9 million as a reduction of research and development expense for the three months ended March 31, 2017, in the Company’s condensed consolidated statements of operations.

Convertible Notes

Convertible Notes	3 Months Ended
Convertible Notes	Mar. 31, 2018
Debt Disclosure [Abstract]
Convertible Notes	6. Convertible Notes On February 29, 2016, the Company issued and sold $100.0 million aggregate principal amount of its 8.2% Convertible Senior Notes (the “Convertible Notes”). The Convertible Notes constitute general, senior unsubordinated obligations of the Company and are guaranteed by certain subsidiaries of the Company. The Convertible Notes bear interest at a fixed coupon rate of 8.2% per annum payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, which commenced on March 31, 2016, and mature on March 31, 2022, unless earlier converted, redeemed or repurchased. The Convertible Notes also bear a premium of 9% of their principal amount, which is payable when the Convertible Notes mature or are repurchased or redeemed by the Company. The Convertible Notes were issued to Healthcare Royalty Partners III, L.P., for $75.0 million in aggregate principal amount, and to three related party investors, KKR Biosimilar L.P., MX II Associates LLC, and KMG Capital Partners, LLC, for $20.0 million, $4.0 million, and $1.0 million, respectively, in aggregate principal amount. The Convertible Notes are convertible at the option of the holder at any time prior to the close of business on the business day immediately preceding March 31, 2022 at the initial conversion rate of 44.7387 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $22.35 per share, and is subject to adjustment in certain events. Upon conversion of the Convertible Notes by a holder, the holder will receive shares of the Company’s common stock together, if applicable, with cash in lieu of any fractional share. The Convertible Notes are redeemable in whole, and not in part, at the Company’s option on or after March 31, 2020, if the last reported sale price per share of common stock exceeds 160% of the conversion price on 20 or more trading days during the 30 consecutive trading days preceding the date on which the Company sends notice of such redemption to the holders of the Convertible Notes. At maturity or redemption, if not earlier converted, the Company will pay 109% of the principal amount of the Convertible Notes maturing or being redeemed, together with accrued and unpaid interest, in cash. The Convertible Notes contain customary negative covenants and events of default (as defined in the Convertible Note purchase agreement), the occurrence of which could result in the acceleration of all amounts due under the Convertible Note. As of March 31, 2018, the Company was in full compliance with these covenants and there were no events of default under the Convertible Notes. The Convertible Notes are accounted for in accordance with ASC Subtopic 470-20, Debt with Conversion and Other Options The following table summarizes information about the components of the Convertible Notes (in thousands): March 31, December 31, 2018 2017 Principal amount of the Convertible Notes $ 81,750 $ 81,750 Unamortized debt discount and debt issuance costs (5,276 ) (5,544 ) Convertible Notes $ 76,474 $ 76,206 Principal amount of the Convertible Notes - related parties $ 27,250 $ 27,250 Unamortized debt discount and debt issuance costs - related parties (1,758 ) (1,848 ) Convertible Notes - related parties $ 25,492 $ 25,402 Total Convertible Notes $ 101,966 $ 101,608 If the Convertible Notes were to be converted on March 31, 2018, the holders of the Convertible Notes would receive common shares with an aggregate value of $49.4 million based on the Company’s closing stock price of $11.05. The following table presents the components of interest expense (in thousands): Three Months Ended March 31, 2018 2017 Stated coupon interest $ 1,538 $ 1,538 Accretion of debt discount and debt issuance costs 268 245 Interest expense $ 1,806 $ 1,783 Stated coupon interest - related parties $ 512 $ 512 Accretion of debt discount and debt issuance costs - related parties 90 81 Interest expense - related parties $ 602 $ 593 Total interest expense $ 2,408 $ 2,376 The remaining unamortized debt discount and debt offering costs related to the Company’s Convertible Notes of approximately $7.0 million as of March 31, 2018, will be amortized using the effective interest rate over the remaining term of the Convertible Notes of 4.0 years. The annual effective interest rate is 9.48% for the Convertible Notes. During the three months ended March 31, 2018 and 2017, the Company recognized total interest expense of $2.4 million and $2.4 million, respectively, related to the Convertible Notes’ accrued interest and amortization of the debt discount. Future payments on the Convertible Notes as of March 31, 2018 are as follows (in thousands): Year ending December 31, Remainder of 2018 $ 6,150 2019 8,200 2020 8,200 2021 8,200 2022 111,050 Total minimum payments 141,800 Less amount representing interest (32,800 ) Convertible Notes, principal amount 109,000 Less debt discount and debt issuance costs on Convertible Notes (7,034 ) Net carrying amount of Convertible Notes $ 101,966

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Purchase Commitments The Company enters into contracts in the normal course of business with contract research organizations for preclinical studies and clinical trials and contract manufacturing organizations for the manufacture of clinical trial materials. The contracts are cancellable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would 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. Contingencies On March 3, 2017, Amgen Inc. and Amgen USA Inc. (collectively “Amgen”) filed an action against the Company, KBI BioPharma Inc., the Company’s employee Howard S. Weiser and Does 1-20 in the Superior Court of the State of California, County of Ventura. The complaint alleges that the Company engaged in unfair competition and improperly solicited and hired certain former Amgen employees in order to acquire and access trade secrets and other confidential information belonging to Amgen. On June 1, 2017, Amgen filed a Second Amended Complaint, which alleges as to Coherus (i) unfair competition under California Business and Professions Code Section 17200 et seq., (ii) misappropriation of trade secrets, (iii) aiding and abetting breach of duty of loyalty and (iv) tortious interference with contract. As to defendant Weiser, the Second Amended Complaint alleges (i) unfair competition under California Business and Professions Code Section 17200 et seq., (ii) misappropriation of trade secrets, (iii) breach of contract, (iv) violation of Penal Code Section 502 and (v) breach of duty of loyalty. KBI BioPharma Inc. is not named as a defendant in the Second Amended Complaint. The Second Amended Complaint seeks injunctive relief and monetary damages. Although Amgen has indicated it intends to seek a preliminary injunction, no motion has been filed yet. The court has set a trial date of January 22, 2019. The Company believes that this lawsuit is without merit and intends to vigorously defend its position. However, if Amgen were to be successful in its effort to seek injunctive relief, this legal action may delay the timing of the CHS-1701 commercial release, and negatively affect the Company’s future revenues and results of operations. It is not possible at this time to determine the likelihood of an unfavorable outcome or an estimate of the amount or range of any potential loss. Guarantees and Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company would assess the likelihood of any adverse judgments or related claims, as well as ranges of probable losses. In the cases where the Company believes that a reasonably possible or probable loss exists, it will disclose the facts and circumstances of the claims, including an estimate range, if possible.

Common Stock and Stock-Based Co

Common Stock and Stock-Based Compensation	3 Months Ended
Common Stock and Stock-Based Compensation	Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Common Stock and Stock-Based Compensation	8. Common Stock and Stock-Based Compensation Common Stock Offerings In October 28, 2016, the Company entered into a sales agreement (the “Sales Agreement”) with Cowen to sell shares of the Company’s common stock, with aggregate gross sales proceeds of up to $100,000,000, from time to time, through an at-the-market equity offering program under which Cowen will act as its sales agent (the “ATM Offering Program”). Cowen is entitled to compensation for its services equal to 3.0% of the gross proceeds of any shares of common stock sold through Cowen under the Sales Agreement. In the first quarter of 2018, the Company sold 192,642 shares of common stock at a weighted average price of $9.53 per share through its ATM Offering Program and received total gross proceeds of $1.8 million. After deducting commissions of $55,000, the net proceeds were $1.8 million. As of May 9, 2018, the Company issued and sold 1,383,792 shares of common stock at a weighted average price of $12.62 per share through its ATM Offering Program during the second quarter of 2018. The Company received total gross proceeds of $17.5 million. After deducting commissions of $0.6 million, the net proceeds were $16.9 million. Stock-Based Compensation The stock-based compensation expense recorded related to options and restricted stock units granted to employees and nonemployees were as follows (in thousands): Three Months Ended March 31, 2018 2017 Research and development $ 3,763 $ 3,900 General and administrative 4,957 3,910 $ 8,720 $ 7,810

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions Transactions Associated with Medpace Agreement One member of the Company’s board of directors is also the president and chief executive officer of Medpace. As such, Medpace was deemed to be a related party until the director’s resignation on March 1, 2018. As a result, the condensed consolidated balance sheet as of March 31, 2018 no longer reflects balances associated with Medpace as related party amounts. As of December 31, 2017, the Company had $0.9 million in prepaid assets (prepaid clinical and other–related parties), $0.2 million in accounts payable–related parties, and $0.5 million in accrued and other liabilities (accrued clinical–related parties), all reflected on the Company’s condensed consolidated balance sheet associated with Medpace. The Company recognized $1.5 million and $3.8 million during the three months ended March 31, 2018 and 2017, respectively, for services rendered by Medpace within research and development expense in the condensed consolidated statements of operations. Recruiting Services One member of the Company’s board of directors is a partner of a firm that provides recruiting services to the Company. As such, the recruiting services provided were deemed to be related party transactions. As of March 31, 2018 and December 31, 2017, the Company had $34,000 and $0, respectively, as related party balances in the Company’s condensed consolidated balance sheet. Services rendered by the recruiting company of $34,000 and $65,000 was recorded in general and administrative expense in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017, respectively. Convertible Notes In February 2016, the Company issued Convertible Notes to certain related parties (some companies affiliated with members of the Company’s board of directors), for an aggregate principal amount of $25.0 million (see Note 6 for related party disclosure).

Restructuring

Restructuring	3 Months Ended
Restructuring	Mar. 31, 2018
Restructuring And Related Activities [Abstract]
Restructuring	10. Restructuring On June 21, 2017, the Company commenced and completed a restructuring plan to reduce operating costs to better align its workforce with the needs of its business following the FDA’s June 2017 issuance of a complete response letter for its BLA for CHS-1701, in which the FDA stated that it cannot approve the Company’s BLA for CHS-1701 in its present form and provided recommendations to the Company to address the issues raised in the letter. In connection with the restructuring, the Company recorded aggregate restructuring charges in its condensed consolidated statement of operations of $3.6 million in June 2017. The restructuring charges included one-time termination fees and other employee-related costs of $1.0 million and $1.1 million in research and development and general and administrative expenses in the condensed consolidated statement of operations, respectively. Additionally, non-cash stock-based compensation expense related to the acceleration of stock options and the extension of post-termination stock option exercise periods of $0.3 million and $1.2 million were reflected in research and development and general and administrative expense in the condensed consolidated statement of operations, respectively. As of March 31, 2018, the Company has paid in full the $2.1 million of personnel-related restructuring charges with no remaining balances reflected in the Company’s condensed consolidated balance sheet.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events As of May 9, 2018 , the Company issued and sold 1,383,792

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Unaudited Condensed Consolidated Financial Statements	Unaudited Condensed Consolidated Financial Statements The accompanying condensed consolidated financial statements include the accounts of Coherus and its wholly owned subsidiaries as of March 31, 2018: Coherus Intermediate Corp, InteKrin Therapeutics Inc. (“InteKrin”), and InteKrin’s 82.5% majority owned subsidiary of InteKrin Russia. Unless otherwise specified, references to the Company are references to Coherus and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities Act of 1933, as amended (Securities Act). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements include all adjustments, consisting only of 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 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 filed with the SEC on March 8, 2018.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its stock-based compensation, valuation of deferred tax assets, impairment of goodwill and long-lived assets, the valuation of acquired intangible assets, clinical trial accruals, revenue recognition period, contingent consideration, convertible notes valuation, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.
Foreign Currency	Foreign Currency The functional currency of InteKrin Russia, which the Company acquired in February 2014, is the Russian Ruble. Accordingly, the financial statements of this subsidiary are translated into U.S. dollars using appropriate exchange rates. Unrealized gains or losses on translation are recognized in accumulated other comprehensive loss in the condensed consolidated balance sheet. The foreign exchange gains and losses recorded in other expense, net in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017, were a net loss of $8,000 and a net gain of $171,000, respectively.
Segment Reporting and Customer Concentration	Segment Reporting and Customer Concentration The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing biosimilar products, and, as part of the InteKrin acquisition, small molecules. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. Long-lived assets are primarily maintained in the United States of America. Collaboration and license revenue of $161,000 from Daiichi Sankyo Company, Limited (“Daiichi Sankyo”) was attributable to the non-U.S. geographic region and accounted for 100% of the revenue recognized during the three months ended March 31, 2017.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash is comprised of cash and highly liquid investments with remaining maturities of 90 days or less at the date of purchase. The Company limits cash investments to financial institutions with high credit standings; therefore, management believes that there is no significant exposure to any credit risk in the Company’s 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 and which, in aggregate, represent the amount reported in the condensed consolidated statements of cash flows. March 31, March 31, 2018 2017 Cash and cash equivalents $ 82,021 $ 124,924 Restricted cash 50 60 Restricted cash - non-current 785 785 Total cash, cash equivalents and restricted cash $ 82,856 $ 125,769 Restricted cash consists of cash held in money market accounts at banks. The restricted cash is used as collateral against the Company’s corporate credit cards and is classified as current; restricted cash – non-current is held to cover the standby letter of credit issued by the Company’s landlord to drawdown on in the event the facility lease is breached.
Investments in Marketable Securities	Investments in Marketable Securities Management determines the appropriate classification of investments in marketable securities at the time of purchase based upon management’s intent with regards to such investments and reevaluates such designation as of each balance sheet date. All investments in marketable securities are held as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. The Company classifies investments in marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of accumulated comprehensive income (loss). Realized gains and losses and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in other expense, net, based on the specific identification method.
Revenue Recognition	Revenue Recognition The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ; ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ; and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , (collectively, the “New Revenue Standard”) on January 1, 2018 using the modified retrospective method. The Company did not have any sources of revenue or active revenue arrangement upon adoption of the New Revenue Standard, therefore, no adjustment to its retained earnings was required. If, and when, the Company initiates product sales or enters into a new revenue arrangement, the Company will apply the New Revenue Standard accordingly. Prior to the adoption of the New Revenue Standard, the Company recognized revenue in accordance with Accounting Standards Codification (ASC) 605, Revenue Recognition when persuasive evidence of an arrangement existed; transfer of technology had been completed, services had been performed or products had been delivered; the fee was fixed and determinable; and collection was reasonably assured. For revenue agreements with multiple elements, the Company identified the deliverables included within the agreement and evaluated which deliverables may represent separate units of accounting based on the achievement of certain criteria, including whether the delivered element had stand-alone value to the collaborator. Deliverables under the arrangement were considered a separate unit of accounting if (i) the delivered item had value to the customer on a standalone basis and (ii) if the arrangement included a general right of return relative to the delivered item and delivery or performance of the undelivered items were considered probable and substantially within the Company’s control. The Company determined how to allocate arrangement consideration to identified units of accounting based on the selling price hierarchy provided under the relevant guidance. The selling price used for each unit of accounting was based on vendor-specific objective evidence, if available, third party evidence if vendor-specific objective evidence was not available or estimated selling price if neither vendor-specific nor third-party evidence was available. Management was required to exercise considerable judgment in determining whether a deliverable was a separate unit of accounting and in estimating the selling prices of identified units of accounting under its agreements. Upfront payments received in connection with licenses of the Company’s technology rights were deferred if facts and circumstances dictated that the license did not have stand-alone value. Such payments were recognized as license revenue over the estimated period of performance, which was generally consistent with the terms of the research and development obligations contained in the specific collaboration and license agreement. The Company regularly reviewed the estimated period of performance based on the progress made under each arrangement. Amounts received as funding of research and development activities were recognized as revenue if the collaboration arrangement involved the sale of the Company’s research or development services. However, such funding was recognized as a reduction in research and development expense when the Company engaged in a research and development project jointly with another entity, with both entities participating in project activities and sharing costs and potential benefits of the arrangement. Payments that were contingent upon the achievement of a substantive milestone were recognized in their entirety in the period in which the milestone was achieved, assuming all other revenue recognition criteria were met. A milestone was defined as an event that can only be achieved based on the Company’s performance where there was substantive uncertainty about whether the event would be achieved at the inception of the arrangement. Events that were contingent upon on the passage of time or counterparty performance were not considered milestones under accounting guidance. The Company’s evaluation included an assessment of whether (a) the consideration was commensurate with either (1) the Company’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (b) the consideration related solely to past performance and (c) the consideration was reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluated factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration was reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. Other contingent payments in which a portion of the payment was refundable or adjustable based on future performance or non-performance (e.g., through a penalty or claw-back provision) were not considered to relate solely to the Company’s past performance, and therefore, not considered substantive. Non-substantive contingent payments were classified as deferred revenue if they were ultimately expected to result in revenue recognition. The Company recognized non-substantive contingent payments over the remaining estimated period of performance once the specific objective was achieved. Any portion of the non-substantive contingent payments, which may have been required to be refunded to the collaborator, were not included in deferred revenue but instead were reflected as a contingent liability to collaborator on the condensed consolidated balance sheets. Contingent payments associated with the achievement of specific objectives in certain contracts that are not considered substantive because the Company does not contribute effort to the achievement of such milestones were recognized as revenue upon achievement of the objective, as long as there were no undelivered elements remaining and no continuing performance obligations by the Company, assuming all other revenue recognition criteria were met.
Research and Development Expenses	Research and Development Expenses Research and development costs are charged to expense as incurred. Research and development expense includes, among other costs, salaries and other personnel-related costs, consultant fees, preclinical costs, cost to manufacture drug candidates and clinical trial costs and supplies, laboratory supplies costs and facility-related costs. Costs incurred under agreements with third parties are charged to expense as incurred in accordance with the specific contractual performance terms of such agreements. Costs of third parties include costs associated with manufacturing drug candidates, preclinical and clinical support activities. Advance payments for goods or services to be received in the future and utilized in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are received. The Company considers regulatory approval of product candidates to be uncertain, and product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained. The Company expenses manufacturing costs as incurred to research and development expense for product candidates prior to regulatory approval. If, and when, regulatory approval of a product is obtained, the Company will begin capitalizing manufacturing costs related to the approved product into inventory.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is composed of two components: net loss and other comprehensive loss. Other comprehensive loss refers to gains and losses that under U.S. GAAP are recorded as an element of stockholders’ equity, but are excluded from net loss. The Company’s other comprehensive loss includes unrealized gains and losses from available-for-sale marketable securities and foreign currency translation adjustments for the three months ended March 31, 2018 and 2017.
Net Loss per Share Attributable to Coherus	Net Loss per Share Attributable to Coherus Basic net loss per share attributable to Coherus is calculated by dividing the net loss attributable to Coherus by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common shares. Since the Company was in a net loss position for the periods presented, basic net loss per share attributable to Coherus is the same as diluted net loss per share attributable to Coherus as the inclusion of all potential dilutive common shares would have been anti-dilutive for those periods presented. The following outstanding dilutive potential shares have been excluded from the calculation of diluted net loss per share attributable to Coherus due to their anti-dilutive effect: Outstanding as of March 31, 2018 2017 Stock options, including purchases from contributions to ESPP 13,787,003 10,656,082 Restricted stock units 118,377 12,000 Shares issuable upon conversion of Convertible Notes 4,473,871 4,473,871 Total 18,379,251 15,141,953
Income Taxes	Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law. Accounting Standards Codification (ASC) 740, Income Taxes, requires companies to recognize the effect of the tax law changes in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin 118, which allows companies to record provisional amounts during a measurement period that is similar to the measurement period used when accounting for business combinations. The Company adjusted its deferred tax assets and liabilities based on the reduction of the U.S. federal corporate tax rate from 35% to 21% as of December 31, 2017 and assessed the realizability of its deferred tax assets based on then current understanding of the provisions of the new law. As of March 31, 2018, the Company still considers its accounting for the impacts of the new law to be provisional and will continue to assess the impact of the recently enacted tax law on its business and condensed consolidated financial statements over the next nine months.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. all annual and interim reporting periods thereafter. E In February 2016, the FASB issued ASU No. 2016-02, Leases In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued ASU No. 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory (ASU 2016-16). This update is to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. ASU 2016-16 amends the guidance to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this update eliminate the exception for an intra-entity transfer of an asset other than inventory. The amendments in this update do not include new disclosure requirements; however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. ASU 2016-16 is effective for the Company’s interim and annual reporting periods during the year ending December 31, 2018, and all annual and interim reporting periods thereafter. Early adoption is permitted. The Company early adopted ASU 2016-16 on January 1, 2018 and the adoption did not have a material effect on its condensed consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash — a consensus of the FASB Emerging Issues Task Force, (ASU 2016-18). In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment 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.
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities are recorded at fair value. The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, investments in marketable securities, accounts receivable, accounts payable and other current liabilities approximate their fair value due to their short maturities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable. These levels of inputs are the following: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consist of Level 1 and Level 2 assets, and Level 3 liabilities. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds. When quoted market prices are not available for the specific security, then the Company estimates the fair value by using quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third party data providers, including but not limited to, benchmark yields, interest rate curves, reported trades, broker/dealer quotes and market reference data. Level 2 assets consist of corporate notes and commercial paper. Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. In certain cases where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3. Level 3 liabilities consist of the contingent consideration.

Basis of Presentation and Sum20

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
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 and which, in aggregate, represent the amount reported in the condensed consolidated statements of cash flows. March 31, March 31, 2018 2017 Cash and cash equivalents $ 82,021 $ 124,924 Restricted cash 50 60 Restricted cash - non-current 785 785 Total cash, cash equivalents and restricted cash $ 82,856 $ 125,769
Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Loss Per Share Attributable to Coherus	The following outstanding dilutive potential shares have been excluded from the calculation of diluted net loss per share attributable to Coherus due to their anti-dilutive effect: Outstanding as of March 31, 2018 2017 Stock options, including purchases from contributions to ESPP 13,787,003 10,656,082 Restricted stock units 118,377 12,000 Shares issuable upon conversion of Convertible Notes 4,473,871 4,473,871 Total 18,379,251 15,141,953

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured on a Recurring Basis	Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows (in thousands): Fair Value Measurements March 31, 2018 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 78,125 $ 78,125 $ — $ — Restricted cash (money market funds) 835 835 — — Corporate notes and commercial paper 15,643 — 15,643 — Total financial assets $ 94,603 $ 78,960 $ 15,643 $ — Financial Liabilities: Contingent consideration $ 3,498 $ — $ — $ 3,498 Fair Value Measurements December 31, 2017 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 125,373 $ 125,373 $ — $ — Restricted cash (money market funds) 845 845 — — Total financial assets $ 126,218 $ 126,218 $ — $ — Financial Liabilities: Contingent consideration $ 3,290 $ — $ — $ 3,290
Schedule of Cash Equivalents, Investments in Marketable Securities Classified as Available-for-Sale Securities and Restricted Cash	Cash equivalents, investments in marketable securities, which are classified as available-for-sale securities, and restricted cash, consisted of the following (in thousands): March 31, 2018 Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Money market funds $ 78,125 $ — $ — $ 78,125 Corporate notes and commercial paper 2,500 — — 2,500 Classified as cash equivalents $ 80,625 $ — $ — $ 80,625 Corporate notes and commercial paper $ 13,144 $ — $ (1 ) 13,143 Classified as investments in marketable securities $ 13,144 $ — $ (1 ) $ 13,143 Restricted cash (money market funds) $ 835 $ — $ — $ 835 Classified as restricted cash $ 835 $ — $ — $ 835 December 31, 2017 Cost Unrealized Gain Unrealized (Loss) Estimated Fair Value Money market funds $ 125,373 $ — $ — $ 125,373 Classified as cash equivalents $ 125,373 $ — $ — $ 125,373 Restricted cash (money market funds) $ 845 $ — $ — $ 845 Classified as restricted cash $ 845 $ — $ — $ 845
Summary of Changes in the Estimated Fair Value of Contingent Consideration	The following table sets forth a summary of changes in the estimated fair value of the contingent consideration (in thousands): Balance as of December 31, 2017 $ 3,290 Change in fair value of the contingent consideration liability 208 Balance as of March 31, 2018 $ 3,498

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
Balance Sheet Components (Tables)	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Other Prepaid Assets	Other prepaid assets are as follows (in thousands): March 31, December 31, 2018 2017 Prepaid clinical and other - related parties (see Note 9) $ — $ 908 Prepaid clinical and material 571 335 Prepaid other 2,218 2,152 Other prepaid assets $ 2,789 $ 3,395
Schedule of Property and Equipment, Net	Property and equipment, net are as follows (in thousands): March 31, December 31, 2018 2017 Machinery and equipment $ 15,316 $ 15,229 Computer equipment and software 1,586 1,586 Furniture and fixtures 714 714 Leasehold improvements 4,344 4,344 Construction in progress 623 702 Total property and equipment 22,583 22,575 Accumulated depreciation and amortization (10,724 ) (9,802 ) Property and equipment, net $ 11,859 $ 12,773
Schedule of Accrued Liabilities	Accrued liabilities are as follows (in thousands): March 31, December 31, 2018 2017 Accrued clinical - related parties (See Note 9) $ — $ 510 Accrued clinical and manufacturing 3,988 5,462 Accrued compensation 4,027 2,074 Accrued other 1,379 1,004 Accrued liabilities $ 9,394 $ 9,050

Convertible Notes (Tables)

Convertible Notes (Tables)	3 Months Ended
Convertible Notes (Tables)	Mar. 31, 2018
Debt Disclosure [Abstract]
Components of Convertible Notes	The following table summarizes information about the components of the Convertible Notes (in thousands): March 31, December 31, 2018 2017 Principal amount of the Convertible Notes $ 81,750 $ 81,750 Unamortized debt discount and debt issuance costs (5,276 ) (5,544 ) Convertible Notes $ 76,474 $ 76,206 Principal amount of the Convertible Notes - related parties $ 27,250 $ 27,250 Unamortized debt discount and debt issuance costs - related parties (1,758 ) (1,848 ) Convertible Notes - related parties $ 25,492 $ 25,402 Total Convertible Notes $ 101,966 $ 101,608
Components of Interest Expense	The following table presents the components of interest expense (in thousands): Three Months Ended March 31, 2018 2017 Stated coupon interest $ 1,538 $ 1,538 Accretion of debt discount and debt issuance costs 268 245 Interest expense $ 1,806 $ 1,783 Stated coupon interest - related parties $ 512 $ 512 Accretion of debt discount and debt issuance costs - related parties 90 81 Interest expense - related parties $ 602 $ 593 Total interest expense $ 2,408 $ 2,376
Schedule of Future Payments on the Convertible Notes	Future payments on the Convertible Notes as of March 31, 2018 are as follows (in thousands): Year ending December 31, Remainder of 2018 $ 6,150 2019 8,200 2020 8,200 2021 8,200 2022 111,050 Total minimum payments 141,800 Less amount representing interest (32,800 ) Convertible Notes, principal amount 109,000 Less debt discount and debt issuance costs on Convertible Notes (7,034 ) Net carrying amount of Convertible Notes $ 101,966

Common Stock and Stock-Based 24

Common Stock and Stock-Based Compensation (Tables)	3 Months Ended
Common Stock and Stock-Based Compensation (Tables)	Mar. 31, 2018
Employee And Nonemployee Stock Option Restricted Stock Units
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Schedule of Stock-Based Compensation Expense	The stock-based compensation expense recorded related to options and restricted stock units granted to employees and nonemployees were as follows (in thousands): Three Months Ended March 31, 2018 2017 Research and development $ 3,763 $ 3,900 General and administrative 4,957 3,910 $ 8,720 $ 7,810

Organization and Operations - A

Organization and Operations - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	[1]
Organization And Operations [Line Items]
Accumulated deficit	$ 819,789	$ 775,492
Cash and cash equivalents and short-term investments	$ 95,200
At-the-Market Equity Offering Program
Organization And Operations [Line Items]
Common stock, shares issued and sold	192,642
Weighted average price per share	$ 9.53
Common stock, net proceeds	$ 1,800

[1]	The consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated balance sheet included in the Company’s 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2018.

Basis of Presentation and Sum26

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended			12 Months Ended
	Mar. 31, 2018USD ($)Segments	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Foreign exchange gain (loss)	$ (8,000)		$ 171,000
Number of reportable segment \| Segments	1
Number of operating segments \| Segments	1
Collaboration and license revenue		$ 1,400,000	161,000
U.S. federal corporate tax rate	21.00%
Maximum
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
U.S. federal corporate tax rate				35.00%
RUSSIA \| Coherus Intermediate Corp, InteKrin Therapeutics, Inc.
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Controlling interest, ownership percentage by parent	82.50%
Non-US \| License And Services Revenue \| Customer Concentration Risk \| Daiichi Sankyo Company, Limited
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Collaboration and license revenue			$ 161,000,000
Percentage of total revenues by single customer			100.00%

Basis of Presentation and Sum27

Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017		Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 82,021	$ 126,911	[1]	$ 124,924
Restricted cash	50	60	[1]	60
Restricted cash, non-current	785	785	[1]	785
Total cash, cash equivalents and restricted cash	$ 82,856	$ 127,756		$ 125,769	$ 125,792

[1]	The consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated balance sheet included in the Company’s 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2018.

Basis of Presentation and Sum28

Basis of Presentation and Summary of Significant Accounting Policies - Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Loss Per Share Attributable to Coherus (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	18,379,251	15,141,953
Stock Options, Including Purchases from Contributions to ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	13,787,003	10,656,082
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	118,377	12,000
Shares Issuable Upon Conversion of Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of diluted net loss per share	4,473,871	4,473,871

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Feb. 29, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value Disclosures [Line Items]
Transfers from Level 1 to Level 3		$ 0		$ 0
Transfers from Level 3 to Level 1		0		$ 0
Available-for-sale securities, gross realized gains		82,000	$ 46,000
Available-for-sale securities, gross realized losses		0	19,000
Remeasurement of fair-value contingent consideration		$ 208,000	390,000
8.2% Senior Convertible Notes Due 2022
Fair Value Disclosures [Line Items]
Aggregate principal amount	$ 100,000,000
Convertible notes, interest rate	8.20%
Debt instrument maturity date	Mar. 31, 2022
Fair value assumptions, expected volatility rate		57.50%
Other Income (Expense) Net
Fair Value Disclosures [Line Items]
Remeasurement of fair-value contingent consideration		$ 208,000	$ 390,000
Level 3 \| 8.2% Senior Convertible Notes Due 2022
Fair Value Disclosures [Line Items]
Debt instrument fair value		$ 101,100,000
Level 3 \| Long-Term Debt
Fair Value Disclosures [Line Items]
Discount rate		15.30%
Fair Value Measurements Recurring Basis \| Level 3 \| Contingent Consideration
Fair Value Disclosures [Line Items]
Discount rate		25.00%
Counterparty credit risk given the cash payment		8.00%
Increase (decrease) in expected probability of compound transaction payment occurrence		1.00%
Estimated fair value fluctuation of Compound Transaction Payment		$ 100,000
Maximum
Fair Value Disclosures [Line Items]
Available sale of securities remaining contractual period		1 year

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value Measurements Recurring Basis - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 94,603	$ 126,218
Contingent Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	3,498	3,290
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	78,125	125,373
Restricted Cash (Money Market Funds)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	835	845
Corporate Notes and Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	15,643
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	78,960	126,218
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	78,125	125,373
Level 1 \| Restricted Cash (Money Market Funds)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	835	845
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	15,643
Level 2 \| Corporate Notes and Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	15,643
Level 3 \| Contingent Consideration
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	$ 3,498	$ 3,290

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Cash Equivalents, Investments in Marketable Securities Classified as Available-for-Sale Securities and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Money Market Funds
Schedule of Available-for-sale securities [Line Items]
Cost	$ 78,125	$ 125,373
Estimated Fair Value	78,125	125,373
Cash Equivalents
Schedule of Available-for-sale securities [Line Items]
Cost	80,625	125,373
Estimated Fair Value	80,625	125,373
Cash Equivalents \| Corporate Notes and Commercial Paper
Schedule of Available-for-sale securities [Line Items]
Cost	2,500
Estimated Fair Value	2,500
Investment in Marketable Securities
Schedule of Available-for-sale securities [Line Items]
Cost	13,144
Unrealized (Loss)	(1)
Estimated Fair Value	13,143
Investment in Marketable Securities \| Corporate Notes and Commercial Paper
Schedule of Available-for-sale securities [Line Items]
Cost	13,144
Unrealized (Loss)	(1)
Estimated Fair Value	13,143
Restricted Cash
Schedule of Available-for-sale securities [Line Items]
Cost	835	845
Estimated Fair Value	835	845
Restricted Cash \| Restricted Cash (Money Market Funds)
Schedule of Available-for-sale securities [Line Items]
Cost	835	845
Estimated Fair Value	$ 835	$ 845

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in the Estimated Fair Value of Contingent Consideration (Details) - Contingent Consideration $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 3,290
Change in fair value of the contingent consideration liability	208
Ending balance	$ 3,498

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Other Prepaid Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule Of Prepaid Assets [Line Items]
Other prepaid assets	$ 2,789	$ 3,395	[1]
Prepaid Clinical and Other Related Parties
Schedule Of Prepaid Assets [Line Items]
Other prepaid assets		908
Prepaid Clinical and Material
Schedule Of Prepaid Assets [Line Items]
Other prepaid assets	571	335
Prepaid Other
Schedule Of Prepaid Assets [Line Items]
Other prepaid assets	$ 2,218	$ 2,152

[1]	The consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated balance sheet included in the Company’s 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2018.

Balance Sheet Components - Sc34

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property Plant And Equipment [Line Items]
Total property and equipment	$ 22,583	$ 22,575
Accumulated depreciation and amortization	(10,724)	(9,802)
Property and equipment, net	11,859	12,773	[1]
Machinery and Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	15,316	15,229
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Total property and equipment	1,586	1,586
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	714	714
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	4,344	4,344
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 623	$ 702

[1]	The consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated balance sheet included in the Company’s 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2018.

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Depreciation and amortization	$ 922	$ 865

Balance Sheet Components - Sc36

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Payables And Accruals [Abstract]
Accrued clinical - related parties	$ 0	$ 510
Accrued clinical and manufacturing	3,988	5,462
Accrued compensation	4,027	2,074
Accrued other	1,379	1,004
Accrued liabilities	$ 9,394	$ 9,050	[1]

[1]	The consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated balance sheet included in the Company’s 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2018.

Collaboration and License Agr37

Collaboration and License Agreement - Additional Information (Details) - USD ($)	3 Months Ended			12 Months Ended
	Mar. 31, 2018	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Jan. 31, 2012
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration and license revenue		$ 1,400,000	$ 161,000
Daiichi Sankyo License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration and license revenue			161,000
Deferred revenue	$ 0				$ 0	$ 10,000,000
Reimbursement of past cost incurred and to be incurred				$ 4,500,000
Research and development	$ 0		$ 1,900,000

Convertible Notes - Additional

Convertible Notes - Additional Information (Details)	Feb. 29, 2016USD ($)d$ / sharesshares	Mar. 31, 2018USD ($)$ / shares	Mar. 31, 2017USD ($)
KKR Member
Debt Instrument [Line Items]
Aggregate principal amount	$ 20,000,000
MX II Member
Debt Instrument [Line Items]
Aggregate principal amount	4,000,000
KMGCP Member
Debt Instrument [Line Items]
Aggregate principal amount	1,000,000
HRP III Member
Debt Instrument [Line Items]
Aggregate principal amount	75,000,000
8.2% Senior Convertible Notes Due 2022
Debt Instrument [Line Items]
Aggregate principal amount	$ 100,000,000
Convertible notes, interest rate	8.20%
Convertible notes, interest rate description		The Convertible Notes bear interest at a fixed coupon rate of 8.2% per annum payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, which commenced on March 31, 2016
Debt instrument maturity date	Mar. 31, 2022
Convertible notes, premium percentage	9.00%
Common shares at conversion \| shares	44.7387
Conversion price per common share \| $ / shares	$ 22.35
Principal amount of notes converted into shares	$ 1,000
Percentage of applicable conversion price	160.00%
Convertible trading days \| d	20
Convertible consecutive trading days \| d	30
Percentage to pay in cash of the par value of notes	109.00%
Convertible notes, covenant compliance		As of March 31, 2018, the Company was in full compliance with these covenants and there were no events of default under the Convertible Notes.
Convertible notes, converted amount		$ 49,400,000
Closing stock, price per share \| $ / shares		$ 11.05
Unamortized debt discount and debt issuance costs on Convertible Notes		$ 7,034,000
Amortized effective interest rate convertible notes period		4 years
Convertible notes, effective interest rate		9.48%
Total interest expense related to accrued interest and amortization of debt discount		$ 2,400,000	$ 2,400,000

Convertible Notes - Components

Convertible Notes - Components of Convertible Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017		Feb. 29, 2016
Debt Instrument [Line Items]
Convertible Notes	$ 76,474	$ 76,206	[1]
Convertible Notes - related parties	25,492	25,402	[1]
8.2% Senior Convertible Notes Due 2022
Debt Instrument [Line Items]
Principal amount of the Convertible Notes				$ 100,000
Unamortized debt discount and debt issuance costs	(7,034)
Total Convertible Notes	101,966	101,608
8.2% Senior Convertible Notes Due 2022 \| Related Party Debt
Debt Instrument [Line Items]
Principal amount of the Convertible Notes	27,250	27,250
Unamortized debt discount and debt issuance costs	(1,758)	(1,848)
Convertible Notes - related parties	25,492	25,402
8.2% Senior Convertible Notes Due 2022 \| Parent Company
Debt Instrument [Line Items]
Principal amount of the Convertible Notes	81,750	81,750
Unamortized debt discount and debt issuance costs	(5,276)	(5,544)
Convertible Notes	$ 76,474	$ 76,206

[1]	The consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated balance sheet included in the Company’s 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2018.

Convertible Notes - Component40

Convertible Notes - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Debt Instrument [Line Items]
Accretion of debt discount and debt issuance costs	$ 358	$ 326
Interest expense	602	593
Total interest expense	2,408	2,376
8.2% Senior Convertible Notes Due 2022
Debt Instrument [Line Items]
Interest expense	2,400	2,400
Total interest expense	2,408	2,376
8.2% Senior Convertible Notes Due 2022 \| Related Party Debt
Debt Instrument [Line Items]
Stated coupon interest	512	512
Accretion of debt discount and debt issuance costs	90	81
Interest expense	602	593
8.2% Senior Convertible Notes Due 2022 \| Parent Company
Debt Instrument [Line Items]
Stated coupon interest	1,538	1,538
Accretion of debt discount and debt issuance costs	268	245
Interest expense	$ 1,806	$ 1,783

Convertible Notes - Schedule of

Convertible Notes - Schedule of Future Payments on the Convertible Notes (Details) - 8.2% Senior Convertible Notes Due 2022 $ in Thousands	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
Remainder of 2018	$ 6,150
2,019	8,200
2,020	8,200
2,021	8,200
2,022	111,050
Total minimum payments	141,800
Less amount representing interest	(32,800)
Convertible Notes, principal amount	109,000
Less debt discount and debt issuance costs on Convertible Notes	(7,034)
Net carrying amount of Convertible Notes	$ 101,966

Common Stock and Stock-Based 42

Common Stock and Stock-Based Compensation - Additional Information (Details) - At-the-Market Equity Offering Program - USD ($)	May 09, 2018	Oct. 28, 2016	Mar. 31, 2018
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock, shares issued and sold			192,642
Weighted average price per share			$ 9.53
Gross proceeds from issuance of common stock			$ 1,800,000
Underwriting discounts and commissions			55,000
Common stock, net proceeds			$ 1,800,000
Subsequent Event
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock, shares issued and sold	1,383,792
Weighted average price per share	$ 12.62
Gross proceeds from issuance of common stock	$ 17,500,000
Underwriting discounts and commissions	600,000
Common stock, net proceeds	$ 16,900,000
Cowen and Company LLC
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Maximum amount of sales that agent may sell in shares of its common stock		$ 100,000,000
Percentage of gross sales proceeds of common stock payable as compensation		3.00%

Common Stock and Stock-Based 43

Common Stock and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Related to Options and Restricted Stock Units (Details) - Employees and Nonemployees Stock Option and Restricted Stock Units - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 8,720	$ 7,810
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,763	3,900
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,957	$ 3,910

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017		Feb. 29, 2016
Related Party Transaction [Line Items]
Accounts payable - related parties	$ 34,000		$ 233,000	[1]
Research and development expense	25,455,000	$ 53,775,000
General and administrative expenses from transactions with related party	34,000	65,000
Medpace Inc
Related Party Transaction [Line Items]
Prepaid assets			900,000
Accounts payable - related parties			200,000
Accrued and other liabilities			500,000
Research and development expense	1,500,000	3,800,000
Board of Directors \| Recruiting Services
Related Party Transaction [Line Items]
Related party balances	34,000		$ 0
General and administrative expenses from transactions with related party	$ 34,000	$ 65,000
Affiliated Entity
Related Party Transaction [Line Items]
Aggregate principal amount					$ 25,000,000

[1]	The consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated balance sheet included in the Company’s 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2018.

Restructuring - Additional Info

Restructuring - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
Restructuring - Additional Information (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2018
Restructuring Cost And Reserve [Line Items]
Aggregate restructuring charges	$ 3,600,000
Payments for personnel-related restructuring charges		$ 2,100,000
Restructuring liabilities		$ 0
Research and Development Expense
Restructuring Cost And Reserve [Line Items]
Non-cash stock-based compensation expense	300,000
General and Administrative Expense
Restructuring Cost And Reserve [Line Items]
Non-cash stock-based compensation expense	1,200,000
Termination Severance and Related Costs \| Research and Development Expense
Restructuring Cost And Reserve [Line Items]
Aggregate restructuring charges	1,000,000
Termination Severance and Related Costs \| General and Administrative Expense
Restructuring Cost And Reserve [Line Items]
Aggregate restructuring charges	$ 1,100,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - At-the-Market Equity Offering Program - USD ($)	May 09, 2018	Mar. 31, 2018
Subsequent Event [Line Items]
Common stock, shares issued and sold		192,642
Weighted average price per share		$ 9.53
Gross proceeds from issuance of common stock		$ 1,800,000
Underwriting discounts and commissions		55,000
Common stock, net proceeds		$ 1,800,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares issued and sold	1,383,792
Weighted average price per share	$ 12.62
Gross proceeds from issuance of common stock	$ 17,500,000
Underwriting discounts and commissions	600,000
Common stock, net proceeds	$ 16,900,000