Coherus Oncology, Inc.

Good day and thank you for standing by. Welcome to the Coherius Biosciences second quarter 2023 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask your question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Marek Szczewski. Please go ahead.

Marek Szczewski Thank you, Corey, and good afternoon, everyone, and thank you for joining us. We issued a press release earlier today announcing our financial results for the second quarter of 2023. This release can be found on the Coherence Biosciences website. It is also attached to the Form 8-K that we filed with the SEC today. Today's call includes forward-looking statements regarding Coherence's current expectations about future events. These statements include, but are not limited to, our ability to gain approval for multiple new products and launch them, projections of expenses and revenues, projections of future market share for any product, our expectations for market opportunity for any indication, our expectations about completing the merger with Surface Oncology, timing of our return to being cash flow positive, and expectations about our future portfolio prioritization. All of these forward-looking statements include substantial risks and uncertainties that are beyond our control and could cause actual results, performance, or achievements to differ from those implied by the forward-looking statements. These statements are not guarantees of future performance and are subject to substantial risks and uncertainties, including risks and uncertainties about our ability to complete the merger with Surface Oncology, or realize the anticipated benefits of that transaction that are discussed in our press release that we issued today, as well as the documents that we filed with the SEC. Forward-looking statements provided on the call today are made as of this date, and we undertake no duty to update or revise any forward-looking statements. Second quarter 2023 results are not necessarily indicative of results of future periods. With me on today's call are Daniel and Fierce, CEO of Coherence, Dr. Teresa Lavallee, Chief Development Officer, Dr. Rosh Diaz, Chief Medical Officer, Paul Reeder, Chief Commercial Officer, and McDavid Silvo, Chief Financial Officer. I will now turn the call over to Danny.

Thank you, Merrick, and thank you all for joining us today on our Q2 2023 earnings call. This past quarter, we've continued to make good progress on our strategy to build an innovative VNO oncology company funded by revenues from FDA-approved products. Pursuant to that objective, the company demonstrated strong execution in Q2 across research, development, and decommercialization value chains. Specifically, we signed a merger agreement with Service Oncology, a high-science, leading-edge I.O. company that shares our vision that impacting the tumor microenvironment potentially represents the next step change in therapeutic benefits beyond checkpoints. In a moment, our Chief Development Officer, Dr. LaValle, will recap for you Mechanism of Action Synergies for Torf CalMAP, and SERP Assets 388.114, the Anti-IL-27 MAP, Anti-CCRA MAP. We'll also update you on our own proprietary asset, IL-T4, which continues toward IND filing. With respect to development, Teresa and Raj Dias, our Chief Medical Officer, will recap for you projected timing of data emerging from various ongoing studies across the pipeline. We shall update you, of course, on the potential ToroMap approval. Now, with respect to commercial performance, we saw a strong execution across the products in the presentations this quarter, with net product revenues of $58.5 million, almost 2x Q1. Our Udenica strategy to manage average selling price to support follow-on presentation launches of the auto-injector and on-body device has been successful. We launched the Udenica auto-injector in April are pleased with the market reception. We continue to project Udenica on body approval and launch this year. Regarding Simerly, as you recall, the reimbursement Q-code was deployed April 1st, and we projected a subsequent increase in market updates. This has now occurred. Paul Reeder, our Chief Commercial Officer, will provide additional background and color. Additionally, we have successfully launched Simerly, our Humira voucher, with a highly innovative pricing addressing unmet access needs, providing low-cost alternatives to high-priced competitors. Finally, our Chief Financial Officer, McDavid Stilwell, will report on our financial position, provide additional color on how the CERF merger will allow us to reduce our projected spending over the 2023-2025 planning period. We continue to focus sharply on holding the line with expenses while driving the top line. with our objective to reach cash flow positive in 2024.