Coherus Oncology, Inc. (CHRS): restructuring charge — Coherus Q4 net loss $58.9M, revenue $45.4M; cuts 60 jobs; CSO resigns; UDENYCA AI approved

Coherus Oncology, Inc.

Q4 net revenue $45.4M (down from $73.4M YoY); net loss $58.9M ($0.76 per share) vs $45.7M loss in Q4 2021.
Full year 2022 net revenue $211.0M (down from $326.6M); net loss $291.8M ($3.76 per share).
Workforce reduction of ~60 employees (~20%) to focus on strategic priorities; expects $3.4M restructuring charges.
CSO Vladimir Vexler resigned effective March 10, 2023 (or later at his option), not due to disagreement.
FDA approved UDENYCA autoinjector; toripalimab manufacturing inspection planned for Q2 2023; 2023 opex guidance $315-335M.

item 2.02 item 2.05 item 5.02 item 9.01

Executive movements

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Departed

Vladimir Vexler

Chief Scientific Officer

CHRS · Coherus Oncology, Inc.

Effective: 2023-03-10
Filed: March 6, 2023, 6:59 PM ET

On March 2, 2023, Vladimir Vexler, Ph.D., resigned from his role as Chief Scientific Officer of the Company, effective March 10, 2023, unless the effective date is extended to March 31, 2023 at Dr. Vexler’s option.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Coherus Oncology, Inc. updated its fourth quarter and full year ended December 31, 2022 guidance (reaffirmed).

Period: fourth quarter and full year ended December 31, 2022
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On March 6, 2023, Coherus BioSciences, Inc. (the “Company”) issued a press release regarding its financial results for the fourth quarter and full year ended December 31, 2022.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Vladimir Vexler resigned as Chief Scientific Officer at Coherus Oncology, Inc..

Action: resigned
Role: Chief Scientific Officer

Exact text from the filing

On March 2, 2023, Vladimir Vexler, Ph.D., resigned from his role as Chief Scientific Officer of the Company, effective March 10, 2023, unless the effective date is extended to March 31, 2023 at Dr. Vexler’s option.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Coherus Oncology, Inc. announced a restructuring with charges of approximately $3.4 million (approximately 60 full-time and part-time employees).

Type: restructuring
Charge: approximately $3.4 million
Headcount: approximately 60 full-time and part-time employees

Exact text from the filing

On March 3, 2023, the Company committed to a plan to reduce its workforce (the “Plan”) by approximately 20% to focus resources on strategic priorities including the commercialization of its diversified product portfolio and development of innovative immuno-oncology product candidates. The Company initiated a reduction in force impacting approximately 60 full-time and part-time employees effective March 10, 2023 for most employees. One-time restructuring charges associated with the reduction in force are expected to be approximately $3.4 million, primarily consisting of personnel expenses such as salaries, one-time severance payments, and other benefits.

View on SEC.gov

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Coherus Oncology, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-002912

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