Coherus Oncology, Inc.

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to Coherus Biosciences Inc. first quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question again, Press the star one. Thank you. I would now like to turn the conference over to Jamie Taylor, Head of Investor Relations. Please go ahead.

Thank you, Operator. Good afternoon and welcome to Coherus Bioscience's first quarter 2024 earnings conference call. Joining me today to discuss our results are Denny Lanthier, Chief Executive Officer of Coherus, Brian McMichael, our Interim Chief Financial Officer, Paul Reeder, our Chief Commercial Officer, Rosh Diaz, Chief Medical Officer, and Teresa Lavallee, our Chief Development Officer. Before we get started, I'd like to remind you that today's call includes forward-looking statements regarding Coherence's current expectations about future events. These statements include, but are not limited to, the following. Our ability to advance our pipeline, projections of future growth, revenue expenses, and counted debt levels. All of these forward-looking statements involve 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 inherent in the clinical drug development process that are discussed in our press release that we issued today, as well as in 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 statement. And now, I'll turn the call over to Denny.

Thank you, Jamie. Good afternoon, everyone, and thank you for joining us on our call today. As we open the call, let me emphasize two things. First, the strength of our first quarter results, and secondly, the strategic initiatives we are successfully executing for long-term success. As you are aware, in the fourth quarter of 2023, we received two U.S. FDA approvals for products vital for our commercial portfolio. First, Lactorsi for nasopharyngeal carcinoma, a rare and devastating cancer for which it is the only FDA-approved therapy. And Eudenica On-Body Injector, an innovative drug delivery mechanism with novel features that opens up large portions of the Pegg-Philgraston market that we previously could not access. In the last three months, we launched both products, leveraging synergies derived from our company's focus on oncology. My Chief Commercial Officer, Paul Reeder, will describe these launches in more detail in just a moment and share with you the enthusiasm with which both products have been received in the market and the revenue growth each has experienced this quarter. Recently launched innovative products are fully aligned to our company's mission of extending the survival of cancer patients. On the development side, in just a moment, Dr. Teresa Lavalle and Dr. Raj Dias will describe how our R&D pipeline is advancing to plan, with impressive data consistently presented at major medical conferences and more to come. Across every key dimension, the company is executing well and to plan. Regarding strategic initiatives, we have focused on exercising our strategic optionality to strengthen the company's balance sheet and enhance long-term value for our shareholders consistent with our mission. This is particularly relevant to the commitment we have demonstrated to strengthening Coherence's capital structure, where strong progress has been made. I'll highlight just two of the recent steps and developments. Early in the first quarter, we announced the divestiture of Simile, a non-core, non-oncology asset for $170 million upfront cash payment plus an additional $17.8 million in cash for inventory. This divestiture has allowed us to pay down a large portion of our $250 million term loan debt while reducing interest costs, reducing headcount and overhead costs, and significantly improving our gross margins. Today, we announced a new non-dilutive debt and royalty financing, which fully repays the remaining $75 million, which was otherwise due in October of 2025. With this transaction completed, we have now reduced our structured term loan debt by 85% over the recent three-month period, while the remaining $37.5 million and moving the due date out five years to 2029 with no springing maturity. Timeline for debt maturity under this agreement extends beyond that, the development horizon of our products. And with that, let me turn the call over to Paul Reeder.