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REDWOOD CITY, CA - Coherus BioSciences, Inc. (NASDAQ:CHRS), currently trading at $1.09 per share and showing a significant 51% decline over the past year according to InvestingPro data, disclosed in a recent SEC filing that Paul Reider, the company’s Chief Commercial Officer (CCO), will resign effective April 30, 2025. The announcement comes following the company’s divestiture of its UDENYCA franchise, its last biosimilar product, amid challenging market conditions and the company’s ongoing cash burn concerns.
Reider’s departure from the Delaware-incorporated biotechnology firm is not due to any discord with Coherus on matters such as operations, financial statements, or policies. Instead, he is leaving to pursue other opportunities. The transition comes at a time when InvestingPro analysis indicates the company maintains a "GOOD" overall financial health score despite operating with a significant debt burden of nearly $299 million.
According to the 8-K filing, Reider will receive several benefits upon his resignation. These include a year’s continuation of his base salary, COBRA coverage reimbursement through the end of 2026, and an extension of the vesting period for his unvested stock options and restricted stock units as if he remained an employee until December 31, 2026. Additionally, Reider will have until three months after January 1, 2027, to exercise his stock options and will receive his corporate bonus for fiscal year 2024 at the same time as other employees.
The compensation package is contingent upon Reider’s agreement to a standard release of claims in favor of Coherus. Post-resignation, he is expected to continue advising the executive leadership team on a part-time basis until April 30, 2026.
Details of Reider’s compensatory arrangements will be provided in the company’s upcoming Quarterly Report on Form 10-Q for the period ending June 30, 2025, which will be filed with the SEC once the Letter Agreement is executed.
Coherus BioSciences, headquartered in Redwood (NYSE:RWT) City, California, operates within the biological products industry. The company trades on the Nasdaq Global Market under the ticker symbol (NASDAQ:CHRS), with a market capitalization of approximately $127 million. InvestingPro analysis reveals the company achieved a 56% gross profit margin in the last twelve months, though analysts anticipate a sales decline in the current year. Investors seeking deeper insights into Coherus’s financial health and market position can access comprehensive analysis through InvestingPro’s detailed research reports, available for over 1,400 US stocks.
This transition in leadership is captured in a filing mandated by the Securities Exchange Act of 1934, which requires companies to report significant changes in corporate governance and management. The information is based on a press release statement.
In other recent news, Coherus BioSciences reported a strong financial performance for the fourth quarter of 2024, with revenue reaching $54.1 million, exceeding the forecast of $44.15 million. The company also posted an earnings per share of -$0.28, slightly better than the anticipated -$0.30. Shareholders have approved the sale of the UDENYCA franchise to Intas Pharmaceuticals, which is a significant step in Coherus’s strategic shift towards enhancing its oncology portfolio. Additionally, Coherus plans to repurchase approximately $170 million of its outstanding convertible notes, contingent upon the completion of the UDENYCA sale.
Analyst firm H.C. Wainwright upgraded Coherus’s stock rating from Buy to Buy, maintaining a price target of $7.00, citing the successful launch and sales performance of the cancer treatment Loqtorzi. Loqtorzi sales for the fourth quarter reached $7.5 million, marking a 29% growth quarter over quarter. The company is focusing on expanding Loqtorzi’s market presence, particularly following the National Comprehensive Cancer Network’s guidelines revision, which now recommends Loqtorzi as the preferred regimen for treating advanced nasopharyngeal carcinoma.
The proceeds from the UDENYCA sale are expected to contribute to the repurchase of remaining convertible notes and further investment in Coherus’s product pipeline. Coherus’s strategic initiatives aim to position the company as a leader in innovative oncology treatments. The company anticipates maintaining a two-year cash runway, providing financial stability as it executes its strategic plans.
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