UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement
Coherus BioSciences, Inc. (the “Company”) has been a party to an existing Office Lease (as amended, the “Lease”) with Hudson 333 Twin Dolphin Plaza, LLC (the “Landlord”), under which the Company leases approximately 47,789 square feet of office space located at 333 Twin Dolphin Drive, Redwood City, California (the “Currently Existing Premises”) for the Company’s principal executive offices with an expiration date of September 30, 2024 (the “Extended Expiration Date”). On October 24, 2023, the Company entered into the Sixth Amendment (the “Amendment”) to the Lease with the Landlord. Under the Amendment, the Company has extended the term of the Lease through September 30, 2027 for only approximately 27,532 square feet of office space (the “Remaining Premises”). For the other 20,257 square feet of office space (the “Reduction Space”), the Amendment provides that the term of the lease shall expire for the Reduction Space on December 31, 2023 (the “Reduction Space Expiration Date”). After the Reduction Space Expiration Date, the leased premises shall consist only of the Remaining Premises.
Except for the early expiration described above for the Reduction Space, the term of the Lease is extended through September 30, 2027 (the “Second Extended Expiration Date”).
The Amendment provides for monthly base rent on the Remaining Premises of approximately $0.17 million per month from immediately after the Reduction Space Expiration Date through the Extended Expiration Date. The Amendment also provides for certain limited rent abatements on the Remaining Premises prior to the Extended Expiration Date. The Amendment provides for annual base rent on the Remaining Premises from the Extended Expiration Date through the Second Extended Expiration Date that starts at approximately $1.77 million per year and increases up to approximately $1.88 million per year.
The Landlord has agreed that the Company shall not be required to remove (or pay for the removal) of certain tenant improvements existing in the Reduction Space on the date of the Amendment.
The Company will be obligated to pay to the Landlord certain costs, taxes and operating expenses related to the Remaining Premises pursuant to the Lease.
The foregoing description of the material terms of the Amendment is qualified in its entirety by the full terms and conditions of the Amendment, which will be filed with the Securities and Exchange Commission as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
| (a) | Creation of a Direct Financial Obligation. |
The information set forth under Item 1.01 of this Current Report on Form 8-K with respect to the Amendment and the Lease is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 27, 2023 |
| COHERUS BIOSCIENCES, INC. | |
By: | /s/ McDavid Stilwell | ||
Name: | McDavid Stilwell | ||
Title: | Chief Financial Officer | ||
Document and Entity Information |
Oct. 24, 2023 |
|---|---|
| Document and Entity Information | |
| Entity Registrant Name | COHERUS BIOSCIENCES, INC. |
| Document Type | 8-K |
| Securities Act File Number | 001-36721 |
| Entity Tax Identification Number | 27-3615821 |
| Document Period End Date | Oct. 24, 2023 |
| Entity Address, Address Line One | 333 Twin Dolphin Drive |
| Entity Address, Address Line Two | Suite 600 |
| Entity Address, Postal Zip Code | 94065 |
| City Area Code | 650 |
| Local Phone Number | 649-3530 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Issuer Tender Offer | false |
| Pre-commencement Tender Offer | false |
| Amendment Flag | false |
| Title of 12(b) Security | Common Stock, $0.0001 par value per share |
| Trading Symbol | CHRS |
| Security Exchange Name | NASDAQ |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, City or Town | Redwood City |
| Entity Address, State or Province | CA |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0001512762 |