Coherus Oncology, Inc. (CHRS) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen. I am Denny Lanfear, Chief Executive Officer and Chairman of the Board of Directors of Coherus BioSciences. I welcome you to the Virtual 2021 Annual Meeting of Stockholders. As previously announced, we are holding our 2021 Annual Meeting virtually this year due to the public health risks related to COVID-19. This format allows us to help protect the health and safety of our stockholders, employees, officers and directors as we respond to the challenges as they outbreak, and we appreciate your support in that effort. We have stockholders attending via the web portal. If you encounter any technical difficulties accessing or participating in the meeting, please call our support team at 1 (844) 986-0822 domestically; or 1 (303) 562-9302 internationally. Upon joining the meeting electronically, an agenda for the meeting should have become available on your screen. A list of the rules of conduct for the meeting can be accessed by clicking the materials button in the bottom right corner of your screen. In order to conduct an orderly meeting, we ask that participants abide by these rules. We appreciate your cooperation in this matter. Before I call the meeting to order, I would like to introduce you to the other member of the Coherus management team, who is with us virtually today. That is Mr. McDavid Stilwell, company's Chief Financial Officer. I would also like to introduce Benjamin A. Potter, a partner of Latham & Watkins, Secretary of the company and the company's outside counsel. Lou Larsen, representative of Broadridge Financial Solutions, Inc. Inspector of elections; and Michael Farrell, Partner of Ernst & Young, the company's independent registered public accounting firm. Mr. Potter will act as Secretary of the meeting. Now let me call the meeting to order. This virtual meeting will now come to order. We will proceed with the formal business of the meeting as set forth in the annual notice, annual meeting and proxy statements. Please note that we'll answer any questions submitted to the web portal at the end of the meeting. Will the Secretary please report at this time, with respect to the mailing of the notice of the meeting and the stockholders' list.

Thanks, Denny. I have confirmed with Broadridge that we have a complete list of the stockholders of record of the company's capital stock on March 26, 2021, the record date for this meeting. I also have an affidavit certifying that on April 9, 2021, a notice of Annual Meeting of Stockholders of the company was sent either by United States Mail or e-mail to all stockholders of record at the close of business on March 26, 2021.

Thank you, Mr. Potter. I hereby have appointed Broadridge to act as Inspector of the election at this meeting. Lou Larsen, representative of Broadridge, has taken and subscribed the customary oath of office to execute his duties with strict impartiality, which will be filed with the record of the meeting. His function is to decide the qualifications of voters, accept their votes and when balloting on all matters is completed, to tally the ballots cast as to each matter. Will the Secretary please report at this time with respect to the existence of a quorum.

Thanks again, Denny. Yes. I am informed that based on the number of proxies received to date, a quorum is present, and the meeting will proceed.

Thank you, Mr. Potter. I hereby declare this meeting to be duly constituted for the transaction of all business. Are there any additional proxies to be submitted to the inspector of election at this time?

There are none.

Thank you, Mr. Potter. We will now proceed with the formal business of this meeting. There are 2 proposals to be considered by the stockholders at this meeting. They are: one, to elect 3 Class I directors to hold office until the 2024 Annual Meeting of Stockholders or until their successors are elected. And two, to ratify the selection by the Audit Committee of our Board of Directors of Ernst & Young LLP as the independent registered public accounting firm of the company for the fiscal year ending December 31, 2021. Mr. Potter?

Thanks, Denny. The time is now 1:08 p.m. Pacific Time on May 21, 2021. And the polls are now open for voting on all matters to be presented. The polls will be closed to voting after we go through the matters to be voted upon.

Thank you, Mr. Potter. The following individuals have been nominated as the Board of Directors to serve until 2024 annual maintenance stockholders. V. Bryan Lawlis, Ph.D., Kimberly J. Tzoumakas and Alan C. Mendelson. Are there any questions or comments on this proposal? There are none. The Board of Directors recommends that the stockholders' vote for the ratification of the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2021. Are there any questions or comments on this proposal? There are none. Mr. Larsen?

Yes. Voting is by proxy and virtual ballot. It is not necessary to vote by virtual ballot if you have previously sent in your signed proxy or voted via telephone or the Internet, unless you would like to change your vote. Any stockholder who has not yet voted or wish to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. We will now pause to allow time for voting. [Voting]

The time is now for 10 p.m. -- I'm sorry, 1:10 p.m. Pacific time. The polls are now closed for voting.

Very well. May we have the results of the voting, Mr. Larsen?

The report of the inspector of election covering the 2 proposals presented at this meeting is as follows: the proposal to elect V. Bryan Lawlis, Ph.D., Kimberly J. Tzoumakas and Alan C. Mendelson, to the Board of Directors to serve until the 2024 Annual Meeting of Stockholders is approved. The proposal to ratify the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2021, is approved.

Thanks, Mr. Larsen. A full tally of the votes will be published in a Form 8-K report, which will be filed with the Securities and Exchange Commission within the next 4 business days. The results can also be obtained before that date by writing to me in my capacity as Secretary of the company. Mr. Lanfear.

Thank you, Mr. Potter. Are there any other business to come before this meeting? Hearing none, this concludes the formal portion of our meeting. This meeting is adjourned at 1:11 p.m. Pacific Time. I am now happy to answer your questions. [Operator Instructions]. Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. [Operator Instructions]. We will take stockholder questions that are being entered today on the web portal. Please note, we will attempt to answer as many of these questions as time allows, but only questions that are germane to the meeting will be addressed. Any questions that we do not get, too will be addressed on our company website. There are no questions submitted so far. We will pause for a moment to make sure there are no additional questions. There are no questions submitted. And then I would like just to thank you all for attending our Annual stockholders Meeting today. Have a pleasant afternoon.

Goodbye.