Coherus BioSciences Inc. (CHRS) shares gained 1.56% in after-hours on Thursday, December 16, 2021, and closed the daily trading at $16.90. However, in the regular trading session, CHRS’s stock lost 3.20%. CHRS shares have fallen 4.53% over the last 12 months, and they have moved down 2.92% in the past week. Over the past three months, the stock has lost 5.24%, while over the past six months, it has jumped 17.60%.
Let’s have a look at its recent news and developments.
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CHRS inducement grants
On December 16, 2021, the compensation committee of Coherus BioSciences, Inc. (CHRS) granted options to purchase an aggregate of 367,000 shares of the common stock of the Company to newly hired employees with a per-share exercise price of $17.06, the closing trading price on the grant date. One Chief level executive was granted options to purchase 200,000 shares; one Vice President level executive was given options to purchase 45,000 shares, and eight additional non-officer employees were granted options to purchase an aggregate of 122,000 shares.
CHRS positive interim survival results of CHOICE-01
On December 13, 2021, Shanghai Junshi Biosciences Co., Ltd. and Coherus BioSciences, Inc. (CHRS) announced positive results of an interim analysis of overall survival from the pivotal study “CHOICE-01” (NCT03856411). The study also met the primary endpoint of progression-free survival (PFS) per RECIST v1.1 for the toripalimab arm as compared to chemotherapy alone, as previously reported at the 2021 World Conference on Lung Cancer (WCLC),
CHOICE-01” (NCT03856411) is a randomized, double-blind, placebo-controlled Phase 3 clinical trial evaluating toripalimab plus standard-of-care chemotherapy as the first-line treatment of advanced squamous or non-squamous non-small cell lung cancer (NSCLC).
ODD status for CHRS toripalimab
On November 15, 2021, the United States Food and Drug Administration (FDA) granted Orphan Drug Designation (ODD) for (CHRS) toripalimab for the treatment of esophageal cancer. Orphan drug designation is granted to drugs and biologics intended to treat rare diseases with a patient population of less than 200,000 in the U.S.
CHRS latest financial results
On November 08, 2021, Coherus BioSciences, Inc. (CHRS), reported financial results for the quarter ended September 30, 2021.
Q3 2021 financial highlights
- CHRS’s total revenue was $5 million in Q3 2021 compared to $113.6 million in Q3 2020.
- The company ended the quarter with cash, cash equivalents, and marketable securities of $468.7 million.
- The cost of goods sold was $21.3 million in Q3 2021 compared to $9.0 million in Q3 2020.
- Total operating expenses were $115.29 million in Q3 2021 compared to $79.83 million in Q3 2020.
- It suffered a net loss of $38.5 million, or $0.49 per share on a diluted basis in Q3 2021, compared to a net income of $27.9 million, or $0.33 per share on a diluted basis for the same period in 2020.
- The company ended the quarter with cash, cash equivalents, and investments in marketable securities of $468.7 million.
There is no news available that could be linked with its minor gains in the after-hours on Thursday. Let’s see how it performs in the coming trading session on Friday?