Coherus BioSciences, Inc. reported net revenue from continuing operations of $7.6 million for the first quarter of 2025, an increase from $2.3 million in Q1 2024. LOQTORZI net revenue was $7.3 million, with patient demand growing more than 15% compared to the fourth quarter of last year.
The company reported a net loss from continuing operations of $47.4 million, or $(0.41) per diluted share, for Q1 2025, an improvement from a net loss of $68.0 million, or $(0.60) per diluted share, in Q1 2024. Net loss from discontinued operations was $9.2 million, or $(0.08) per diluted share, primarily due to the $153.6 million gain on the CIMERLI sale in March 2024 and negative impacts on UDENYCA revenues.
As of March 31, 2025, cash and cash equivalents totaled $82.4 million. The $483.4 million upfront cash from the UDENYCA divestiture was received in April 2025 and will be reflected in Q2 financials. Coherus used a portion of these proceeds to pay $47.7 million to buy out UDENYCA royalty rights and repurchase approximately $170 million of its 2026 Convertible Notes, with plans to repurchase the remaining $60 million on May 15, 2025.
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