Coherus files Surface Oncology audited financials: $63.6M net loss in 2022, going concern noted

Coherus Oncology, Inc.

Surface Oncology reported net loss of $63.6M for 2022 on $30M revenue; accumulated deficit reached $204.3M.
Auditor raised substantial doubt about Surface's ability to continue as a going concern due to operating losses, debt repayment, and lease termination.
For 2020, Surface had net income of $59.3M and revenue of $126.2M from GSK license, but losses resumed thereafter.
Pro forma combined financial statements as of June 30, 2023 reflect the merger with Coherus, completed September 8, 2023.
Surface paused internal clinical development of SRF617 and reduced workforce by ~20% in Q4 2022, incurring $4M restructuring charge.

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