CHRS

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 5 p.m. ET Chief Executive Officer - Dennis Lanfear Chief Medical Officer - Rosh Dias Chief Scientific and Development Officer - Theresa Lavallee Chief Commercial Officer - Sameer Goregaoker Chief Financial Officer - Bryan McMichael Investor Relations - Carrie Graham Operator: Good day, and thank you for standing by. Welcome to the Q2 2026 Coherus Oncology, Inc. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Carrie Graham. Please go ahead. Carrie Graham: Thank you, Heidi. Good afternoon, and welcome to Coherus Oncology's Second Quarter 2026 Earnings Conference Call. Joining me today to discuss our results are Denny Lanfear, Chief Executive Officer of Coherus; Dr. Rosh Dias, Chief Medical Officer; Dr. Theresa Lavallee, Chief Scientific and Development Officer; Sameer Goregaoker, Chief Commercial Officer; and Bryan McMichael, Chief Financial Officer. Before we get started, I would like to remind you that today's call includes forward-looking statements regarding Coherus' current expectations about future events. Actual results may vary significantly, and we undertake no duty to update or revise any forward-looking statements. Please see the press release that we issued today and our quarterly report on Form 10-Q for more information on risks and uncertainties. And now I'll turn the call over to Denny. Dennis Lanfear: Thank you, Carrie, and thank you all for joining us this afternoon on our Q2 2026 quarterly call. As you know, we are now in an exciting period of initial clinical data generation and readouts, not definitive data reporting, and we'd like to provide you with the available insights on how things look so far. But first, let me make a few remarks about the scientific focus on overcoming immune resistance in cancer to provide you with a lens through which to view our pipeline and our development strategy. Our review of the data on immuno-oncology drugs in cancer reminds us that immunotherapy's benefit is primarily seen at the far end of the survival curve, where it matters most to both patients and regulators. Additionally, the combination agents can make a substantial difference. A good example is the combination of chemotherapy and PD-1s, where PD-1s revolutionized cancer care by addressing immune invasion and showed some of the most pronounced survival benefits when used in combination with drugs that lead to tumor cell death. It's essential to keep in mind that tagmokitug as a Treg depleting agent is mechanistically positioned not as another response rate agent like chemo or ADCs, but as a horizontally enabling durability layer that removes the brake, Tregs, which potentially limit both depth and the durability of response with various active agents. This translates directly to our tagmokitug development program, which, first, represents a rational scientific framework to evaluate Treg depletion across a number of cancers and various lines of therapy for response and duration. Secondly, it is deliberately constructed to provide insights as to where Treg depletion is best positioned with what combinations and in what lines of therapy and to identify the best patients for long-term survival benefit, the key approval criteria. And importantly, to elucidate the relationship of Treg depletion with immune context, T cells and other factors necessary for efficacy. Understanding the relationship between biomarkers and immune context factors and response duration requires a robust biomarker program for context and to provide the direction for future development. We have this in place and are in the process of analyzing this data. Our immune resistance focus on survival and duration of clinical benefit also translates to the casdozokitug program and the ongoing first-line HCC study in combination with toripalimab, and bevacizumab, which follows the previous casdozokitug study that demonstrated improved survival and strong complete response data. But noting both the duration and the depth of response took several months. Again, we have the appropriate biomarker program in place and are in the process of analyzing this data now that CADILYZE study is fully enrolled. We previewed this for you on our last call. And today, on this call, Dr. Lavallee, our Chief Scientific and Development Officer, will go further and discuss with you TIRI, our tumor immune regulatory index in the context of our Tagmokitug studies. Theresa will be followed by our Chief Commercial Officer, Sameer Goregaoker, who will review the LOQTORZI business; and Bryan McMichael, our Chief Financial Officer, who will give you some color on our quarterly operational results and cash and balance sheet. But first, let me hand things over to Dr. Dias, our Chief Medical Officer, to provide you an update on the emerging data from the clinical studies. Rosh? Rosh Dias: Thank you, Denny. I'm pleased to report that 3 of our studies have completed full enrollment, and I'm able to provide some initial color on emerging data sets. In addition to our [ CADILYZE ] study in first-line HCC already being fully enrolled, our TAGMO cohorts in both head and neck squamous cell and colorectal cancer are also now fully enrolled. However, other cohorts have yet to complete patient accrual. This is important to keep in mind since as we approach initial data readouts for our clinical program, the 2 key determinants of data timing will be the numbers of patients in study and also the numbers of scans that may be required to provide a meaningful indication of activity. In addition to providing information of response, having a sufficient number of scans provides valuable information on durability of activity for both response and stable disease. This is particularly important as much of the benefit with IO has been seen in extending the tail of the curve, i.e., the durability of activity. We have 2 active protocols and one to initiate in the coming few months, and let me take each pipeline program in turn, starting first with the TREGCHECK program for tagmokitug, our highly selective CCR8 cytolytic antibody. Our first protocol is looking at TAGMO in head and neck squamous cell carcinoma. This is a 40-patient study investigating 2 doses of TAGMO in combination with TORI in a second-line head and neck squamous cell population, asking the very specific question of whether we're able to reverse PD-1 resistance in the second-line population. As mentioned, I'm pleased to report that this is now fully enrolled. The study builds upon the prior data we previously communicated at AACR last year, where in earlier stages of this same study, we demonstrated clear tumor remodeling with TAGMO monotherapy and a partial response in a fourth-line patient with HPV-positive head and neck squamous cells out of 7 patients who received a combination of TAGMO and TORI. The ongoing study is yet to have a sufficient number of patients reaching maturity of data that would trigger formal data cleaning, but I can make the following high-level comments based on emerging data from a subset of patients. Firstly, the combination of TAGMO and TORI have thus far shown an acceptable and manageable safety profile. Secondly, we've seen evidence that the addition of TAGMO to TORI for the treatment of PD-1 resistance in the second-line head and neck population has shown activity with respect to response rate and treatment duration. In particular, in our analyses of baseline tumor samples, preliminary data from the early batches of samples indicates there may be an immune context that enriches for patient benefit. Based on the small sample size of the data we have in the subset of patients with matched biomarker data, we're seeing greater activity in patients who are HPV positive, an area where there remains a significant unmet medical need and in patients who have a higher tumor immune regulatory index or TIRI score, a point on which Theresa will elaborate on momentarily. With the important caveat that these initial observations are based on data that is not yet fully mature and importantly, the data that has not yet been formally cleaned and may therefore be subject to change. If these trends persist with further maturation of data, this may support an [indiscernible] strategy in head and neck squamous cell carcinoma. I anticipate further maturation of the data over the coming months, including analysis of the remaining biomarker samples and current projections indicate we're likely to have all patients having had sufficient follow-up and biomarker analyses to enable a formal disclosure in October. Moving on to our second protocol, which investigates TAGMO in a selection of GI cancers. Cohort A is a second-line upper GI adeno population, including gastric adenocarcinoma, esophageal adenocarcinoma and GEJ cancers with 40 patients, again, with 2 doses of TAGMO in combination with TORI. Whilst we are nearing completion of accrual, we have not yet done so, and therefore, it's too early to make any more detailed comments on this cohort. In terms of our projections, we anticipate that the full complement of patients will have had a sufficient number of scans in the coming months, and therefore, we currently anticipate the ability to report data later this year. Cohort B and C are investigating the TAGMO-TORI combination in second-line and first-line esophageal squamous cell carcinoma, respectively. Enrollment continues in both cohorts. The second-line cohort is looking at 20 patients with the doublet combination and the first-line cohort adds in chemo as well to the doublet as a safety cohort of 12 patients. Thus far, we've seen an acceptable and manageable safety profile. Cohort D evaluates TAGMO in combination with TORI in colorectal carcinoma with 20 patients in the fourth-line plus MSS population with initial focus on non-liver mets and with an intention to expand to a potential additional 21 patients and also a liver mets population. I'm very pleased to say that despite being the last cohort to start, we've completed accrual of the initial 20 patients, which really is a clear recognition of the unmet medical need in colorectal carcinoma. Current projections indicate that all 20 patients should have had a sufficient number of scans in the next couple of months, and so we continue to anticipate initial data to be available later this year. Finally, the third protocol, which is designed to accommodate TAGMO combinations with novel agents remains on track to initiate in the fall time frame with its first cohort of TAGMO in combination with Pasritamig, J&J's T-cell engager in metastatic castrate-resistant prostate cancer. Let me end with Casdozo in hepatocellular carcinoma. This is a 72-patient study investigating the Casdozo-TORI-bev combination in the first-line HCC population and is designed to achieve 3 things: data to support both contribution of component and Project Optimus and of course, to further characterize efficacy and safety. As a reminder, this builds upon the encouraging data from the prior study where Casdozo was added to the current standard of care, atezo and bev. Despite completion of accrual in March, currently only around 50% of patients have had 3 scans. Thus, we have not as yet reached a sufficient level of data maturation to trigger a formal analysis. Additionally, the ctDNA and baseline IL-27 level collection and analysis is still ongoing. With this in mind, we anticipate initial data availability in Q4 this year. With that, I'll turn it over to Theresa. Theresa? Theresa Lavallee: Thank you, Rosh. Good afternoon. To further expand on what Rosh has mentioned on the TREGCHECK study, early available data from a subset of patients with head and neck squamous cell carcinoma who are resistant to a PD-1 inhibitor therapy showed that TAGMO can rescue PD-1 inhibitor anticancer activity. And this signal may be enriched if the tumor immune regulatory index or TIRI score was detected. We have described our TREGCHECK clinical development program as one that is intentional and designed to determine the best immune context where patients will benefit from Tagmokitug treatment. Why do we think this is important? Because it has proven to contribute to the success of the PD-1 drugs. It is well understood that tumor PD-L1 expression can be required to enrich for patients who will benefit from PD-1 and PD-L1 targeted antibodies. This is because it defines the immune context for when the treatment can reinvigorate the immune response in the tumor. The level of PD-L1 expression required for treatment varies across tumor types from a score of greater than 1, 10, 20, 50 and also varies whether the treatment is monotherapy or combination treatment. Identifying a TIRI score as a tumor immune regulatory index that enriches for patients in the PD-1 resistant space to treat with tagmokitug and toripalimab has the potential to be informative. It is satisfying to see that we are observing a higher TIRI score in the HPV-positive tumors. And in an interim analysis in a subset of patients, we are seeing improved clinical benefit rate in head and neck cancer patients whose tumors are HPV positive. We need to stress that this is early data and not only are the numbers small to date, but this analysis is also retrospective. However, given that it is related to the target CCR8-positive Tregs, we are encouraged and focused on building on these data as we consider development strategies. In particular, HPV-positive head and neck cancer is a high unmet medical need as a growing incidence and limited treatment options. Now the question that we will explore is whether the same TIRI score will enrich for clinical benefit in other tumor types or in the first-line setting with and without chemotherapy. As I just walked through, a focus of our clinical development program is to evaluate immune context and biomarker enrichment opportunities. And a second aim is to explore which combinations are tolerated and significantly improve activity in combination with tagmokitug. We continue to show tagmokitug and toripalimab are tolerated. We will report in the coming months on the full chemotherapy cohort and additionally, expand to a new combination when we initiate the study with Pasritamig, a T-cell engager. Now to go back to head and neck cancer. We are aware of the rapidly emerging treatment landscape and the anticipated shifting standard of care. The EGFR bispecifics in ADC have shown impressive overall response rate, but come with an appreciable level of toxicity and some with more frequent dosing schedules than IgG-based monoclonal antibodies. Some of these therapies may result in short-term responders that may not drive meaningful overall survival. It is important to point out that there are distinct differences between immunotherapy and targeted therapy responses. Immunotherapy often has a lower overall response, as was seen in the KEYNOTE-048 Phase III study for pembrolizumab in head and neck cancer, but delivers durable clinical benefit and raises that tail on the survival curve. The pembrolizumab monotherapy arm in KEYNOTE-048 had the lowest overall response rate among the 3 arms, but had a strong tail leading to an OS benefit that supported approval. For [ TAGMO-KEYTRDA ], we are focused on the tolerability profile, dosing schedule and ability to deliver durable benefit. Now let me turn it over to Sameer, our Chief Commercial Officer. Sameer Goregaoker: Thank you, Theresa. We are pleased with our commercial execution in Q2 as we continue to capitalize on the opportunity to establish LOQTORZI as the leader in NPC. The brand has 2 powerful engines, compelling 6-year data that demonstrates superior efficacy and preferred NCCN guidelines that reinforce LOQTORZI as a clear treatment choice for NPC patients. Q2 net sales reached $13.6 million, representing a 15% quarter-over-quarter growth. Importantly, demand rebounded to the 10% to 15% quarterly range following the seasonal slowdown earlier in the year. During the quarter, we also delivered our highest number of new patient starts since launch. At the same time, patient discontinuations returned to the longer-term historical levels following the temporary increase we observed in Q1. We also continue to see gradual improvements in duration of therapy. Taken together, these trends point to a healthy durable revenue base, giving us confidence that we will meet our long-term projections. As we look to the future, we see significant runway ahead of us. Our expanded claims analysis shows meaningful opportunity to further reduce inferior chemotherapy alone, particularly in the community setting. In addition, we remain focused on displacing off-label IOUs and supporting appropriate treatment duration for current patients. To capture these opportunities, we have continued to invest in capabilities that enable us to identify, educate and engage the right physician at the right time using physician-level claims data. We continue to make education on the 6-year long-term survival data central to every customer interaction. Recent advisory boards confirmed that this data is very motivating and can drive meaningful physician behavior change. Additionally, an innovative pilot program with leading HCP AI platform is now live, further enabling timely physician education. Looking ahead, we expect average quarterly growth in the 10% to 15% range, supported by broader adoption across segments. Importantly, our experience shows that once a physician gains experience with LOQTORZI, utilization deepens over time, thus reinforcing the durability of our growth opportunity. In summary, we exited the quarter with renewed momentum and strong execution. We remain confident that LOQTORZI is well positioned to achieve a $15 million quarter in 2026, a $30 million quarter in 2027 and a peak market share quarter by 2028, consistent with our prior projections. With that, I'll now turn the call to Bryan McMichael, our Chief Financial Officer. Bryan McMichael: Thanks, Sameer. Q2 2026 marked the 1-year anniversary of the divestiture of the UDENYCA franchise, which allowed us to decrease our secured and convertible debt by over 90% as well as reduce our overarching cost structure and core cash burn rate as we refocus the business. The benefits have been positive and significant. R&D from continuing operations for Q2 '26 was $21.4 million, down from $26.3 million in the second quarter of the prior year. The decrease was primarily due to savings from reduced headcount and lower clinical trial and R&D manufacturing costs. SG&A expense from continuing operations was $21.0 million in the second quarter, down from $26.0 million in Q2 2025. The decrease was primarily due to savings from lower headcount and reduced operating costs following the exit from the biosimilar business. Q2 extends our streak to 6 quarters in a row with decreasing SG&A expense from continuing operations going back to Q4 2024. For the full year 2026, we expect combined OpEx to be between $170 million and $175 million. Furthermore, during Q2, we significantly reduced our liabilities from legacy biosimilar business. We expect the remaining obligations to be substantially settled by the end of the year and thus cease to burn cash. Specifically, accrued rebates and reserves, which primarily comprise balances related to divested products, decreased from $28.8 million at the end of Q1 to $14.9 million at the end of Q2. Importantly, this reduction came mostly from changes in estimates due to uncertainties being resolved favorably and not from the use of cash. Additionally, TSA payables and accrued liabilities decreased from $61.6 million at the end of the prior quarter to $22.7 million at the end of Q2. As covered by Sameer, LOQTORZI net revenues continue to increase in line with expectations. For the full year 2026, we expect LOQTORZI revenue to be between $57 million and $62 million. Turning to the balance sheet. The total of cash, cash equivalents and investments at the end of the second quarter was $105.3 million, down from $167 million at Q1. As I mentioned earlier, about $39 million of this decrease was due to TSA obligations, and we expect that this use of cash will be substantially diminished as we headed into 2027. We reiterate that we believe we are sufficiently funded through key data readouts in 2026 and 2027. Q2 was the first in a series of 4 consecutive quarter milestone earn-out periods from the UDENYCA divestiture. Based on buyer reported results, the $37.5 million milestones were not achieved in Q2, but they remain eligible for achievement heading into Q3. Achievement remains subject to finalization of the buyer's results, including any permitted adjustments under the asset purchase agreement. With that, I will hand it back over to Denny. Dennis Lanfear: Thank you, Bryan, and thank you all for joining us on our Q2 2026 call. As you have heard, we are in an exciting time of maturing data across the pipeline programs with good financial results across sales, costs and cash. At the 1-year mark post divestitures, we are building clear organizational momentum. I am particularly looking forward to the second half of this year and the projected public disclosure of especially mature data sets in October. We remain encouraged about the pipeline and the potential to advance tagmokitug and casdozokitug to overcome immune resistance for cancer patients. Operator: [Operator Instructions] We will take our first question and the question comes from the line of Paul Jeng from Guggenheim. Paul Jeng: For TAGMO, I thought your comments on the early data from the head and neck cohort and Series 4 are really interesting. Do you see any potential to prospectively enroll patients based on HPV status as the study progresses? And have you also looked into orpharyngeal versus non-orpharyngeal as a possible [ asatciation ] factor? And I have a follow-up. Dennis Lanfear: Okay. Great. Paul, thanks for the question. I'll let Dr. Dias answer that. Rosh Dias: Thanks, Paul, for the question. So yes, I think the plan right now, Paul, is to continue accrual and to continue follow-up, most importantly, obviously, to the head and neck cohort. We are still waiting for biomarker data samples to come in. So I think that will really inform how we proceed. And I think we'll be ready in October, as I mentioned, to really communicate that data more formally. Your point about oropharyngeal carcinoma is well taken. Obviously, that's where a lot of the HPV-positive disease is. So that will be part of the -- how we look at the data and we communicate it in the October time frame. Dennis Lanfear: What's your follow-up, Paul? Paul Jeng: Yes. So second question is on Casdozo. Just for the Phase II study, you mentioned the data might evolve with subsequent updates after the one coming up in the second half. Do you have any visibility into when you might be able to pull the trigger on a Phase III? Is it enough to see some mature response rates? Or are you going to wait for overall survival on that study down the line? Rosh Dias: Yes. Thanks again, Paul. So I think overall survival certainly will take some time to develop. So I don't envisage having to necessarily wait for an overall survival endpoint in order to proceed. I think, again, we'll do some updates later this year. We do anticipate with the data maturing as it is, we'll have something to say towards the end of this year. And then it's going to be subsequent follow-up in terms of the numbers of scans and again, the durability question. But no, I don't envision that we'll need to wait for formal overall survival analysis. Operator: We will take our next question and the question comes from Brian Cheng from JPMorgan. Brian Cheng: Maybe just to start off on LOQTORZI. You guys have guided 10% to 15% quarterly growth here. I'm curious if you can give us a better sense of what is driving the improvement in duration of therapy here? Are you seeing a greater shift from patients that are coming from first-line usage, particularly after your 6-year JUPITER-02 data read? And then I have a quick follow-up. Dennis Lanfear: Okay. Sameer, do you want to answer that for Brian? Sameer Goregaoker: Sure. Yes. Thank you, Brian. So Brian, I think what's driving our growth in this quarter is the same thing that's been driving in previous quarters. There's way too many patients who are receiving chemotherapy alone and off-label IOs, and we're in the process of converting those physicians to start using the proven alternative, the proven preferred treatment of LOQTORZI. So as we did in previous quarters, we got more physicians using LOQTORZI for the first time, and we had more physicians using LOQTORZI for a subsequent time. Secondly, regarding duration of treatment, we're seeing a gradual increase in duration of treatment. And that will continue, I believe, to be gradual because of our dual indication, where we also have the second and third line indication, which has pretty low duration of treatment. So we have headroom both on new patient starts as well as duration, which we will continue to accomplish in the coming quarters. Dennis Lanfear: Brian, did you have a follow-up? Brian Cheng: Yes. And maybe just one quick one to touch on TAGMO heading into the head and neck data read later this year. I'm curious if you can talk through when -- as we think about the data read, how do we get a better understanding of TAGMO contribution on top of TORI, right? Are there any specific metrics or any biomarkers that you think investors really need to lean on? And whether at the data read, whether you'll be able to establish that association of these changes you see in those biomarkers to the durability response clearly? Dennis Lanfear: Great question. Dr. Lavallee? Theresa Lavallee: Yes. And obviously, incredibly topical given the recent discussion at the advisory committee. This is a PD-1 refractory population. So these patients are progressing -- the patients enrolled have progressed on prior PD-1 therapy. And we're looking closely at the time between progression and enrolling on our study. So immediate progression and then enrolling would be they're not responding. So the addition of TORI plus TAGMO has rescued that resistance. Having it associated with a metric that has within it the target CCR8 positive Tregs is also reassuring. And of course, we have different biomarkers that we're looking at as we always do in terms of showing the immune activation specifically of TAGMO versus TORI alone. So that will be a robust conversation with the FDA, but we have a lot of plans to look at the contribution of effect robustly and early to save on patient numbers having to contribute to that. Operator: We will take our next question. And the question comes from Jay Olson from Oppenheimer. Jay Olson: Congrats on all the progress. Since LOQTORZI continues to deliver strong growth, you had the highest number of new patient starts since launch and improving treatment duration. Can you just comment on how you expect various LOQTORZI growth drivers to evolve over the long term, including continued penetration within NPC, longer duration of therapy or combination opportunities for LOQTORZI across other tumor types? And then I had a follow-on, if I could, please. Sameer Goregaoker: Thank you, Jay, for the question. I think I'll start with what we don't anticipate in the foreseeable future. We're not pursuing a combination in NPC at this point, but we have plenty of opportunities within the NPC current indication that we have. As I mentioned earlier, we're still seeing a pretty high level of chemotherapy used in the community setting, and we're just going practice by practice, physician by physician talking about our 6-year data, and that is having a significant impact. As I mentioned in my prepared remarks, we did multiple ad boards, and we talked to physicians who have never seen this data. And upon seeing this data, they were completely overwhelmed by the strength of this data. So really educating on this data and getting the nonusers on board is a critical priority right now. The second priority, as I mentioned earlier, was the duration of therapy is also important because there's 2 drivers in duration therapy. One is getting more earlier line patients on therapy. And we also see for first-time users, some inappropriate dosing and discontinuations. So our focus is on educating those physicians to kind of put a stop on that. So those would be my priority drivers for LOQTORZI. Dennis Lanfear: Sameer, can you comment a little further on what we're seeing with respect to the breadth and the depth of adoption? Sameer Goregaoker: Yes. So breadth of adoption is really important because we're seeing almost -- our market share is growing, and we're seeing more than half of our addressable physicians had not used LOQTORZI. And it's purely because of an awareness issue. They don't see that many NPC patients. And when they do see an NPC patient, they're not -- LOQTORZI is not top of mind. So we're growing our breadth -- every quarter, we're getting a pretty high number of new accounts and new physicians using LOQTORZI. So that breadth is really important component. The second one is depth, right? Because every time we get a physician converted to LOQTORZI, we want to make sure that they continue to use LOQTORZI for every single subsequent patient. And we're making good progress there. We're seeing a pretty good depth and repeat use of LOQTORZI in the current new physicians who are using LOQTORZI. Jay Olson: Great. And if I could sneak in a follow-up question on TAGMO. Based on the data you've seen so far, as we look ahead to your October data disclosure, what would you like investors to focus on, especially any metrics besides ORR that you think should be important to watch out for? Dennis Lanfear: [indiscernible] Rosh. Rosh Dias: Yes. Thanks, Jay. Great question. So I think we've always talked about the need to look at the totality of evidence, and that's what we will be focusing in on. So as we approach the October disclosure, what we'll be looking at, obviously, as you mentioned, in addition to the overall response rate is also very importantly, the clinical benefit rate. So that is the response rate of stable disease, the durability of that stable disease and response as well. And I think those will be very important measures in addition to, of course, the safety and tolerability. We already spoke about the EGFRs and some of the toxicities there. So I think this will be another important factor, and then we'll be looking at those same metrics within the different biomarker analyses as well. Operator: Your next question comes from the line of Colleen Kusy from Baird. Nick Quartapella: It's Nick on for Colleen. Just had one on the Casdozo program. So just with upcoming triplet data in HCC, just wanted you to talk about the metrics you expect to show there? And then just specifically, what results do you think you would need to show to come away with more confidence on the triplet in this indication? And particularly, is there anything else we should be paying attention to as ORR would likely not be as high as it will be with more mature data? Rosh Dias: Yes. Thanks for the question. So again, as I mentioned earlier, we'll be looking at the totality of data, right? So yes, response rate, we'll be looking at the durability of the CBR, et cetera, et cetera, everything that I mentioned previously. In addition, we're also looking at the ctDNA to guide how we think about the potential for response durability and survival. And then we'll also look at baseline IL-27 levels as well to see whether we -- how those may correlate with what we are seeing. We pointed this out previously. And one thing to bear in mind is that this data in HCC in particular does take some time to mature. If we look at the previous study, there was some time to get a baseline and then increase in response rate at baseline and then a deepening of the response. So that's kind of our expectation here as well, but we'll be looking at all of those different metrics that I initially alluded to. Operator: [Operator Instructions] We will take our next question, and the question comes from Douglas Tsao from H.C. Wainwright. Douglas Tsao: Just Sameer, you made a comment about needing to correct dosing with some clinicians. And I was just curious if you could provide more detail in terms of what you're seeing or what is happening there? Sameer Goregaoker: Yes. I mean I'll just touch upon it. This is some early analysis that we've done this quarter where we found some opportunities. We have 2 indications. Our frontline indication is a Q3 weekly dosing and our late-line indication is Q2 weekly dosing. So we had a suspicion that some physicians might not be dosing for the indication and doing a Q 3-week dosing where it deserves to be a Q2-week dosing. So that's an opportunity for us to address. Additionally, also our indication is to treat to progression and not for 6 cycles. So that's another area that we might have an opportunity to correct and drive appropriate dosing of the drug. Again, I would stress that, that's a secondary opportunity. Our biggest opportunity is to get the people who are not using LOQTORZI to get using LOQTORZI, but we will also be driving appropriate dosing with our existing physicians. Douglas Tsao: And Sameer, I mean, I understood that it's not the sort of primary initiative. I am curious, though, how material or if you can give us some sense of the scale of the problem that might -- that you're sort of maybe -- how much sort of revenue is being left on the table because of some of these dynamics? Sameer Goregaoker: So I think I'll just say that we have significant opportunity on the duration upside. I can't put a number right now because this is all based on claims data, and we're just really digging a little deeper into it. So give us a little bit of time to dig a little further. But what I will say is we did see some signals of opportunity there. Douglas Tsao: And Sameer, if I can, just one follow-up on that. I mean, have you engaged with clinicians and had the opportunity to sort of just interrogate them in terms of what might be happening? Is it purely just a misunderstanding of the dosing? Or do they have sort of some different perspective in how they want to use the drug? Sameer Goregaoker: I think it's purely a misunderstanding of the dosing. Because remember, as I mentioned earlier, they're not using -- they're not treating NPC more than maybe once a year. And when they see it, unless we are in the office before they initiate the therapy and educate them exactly how to do it, there's an opportunity for misdosing, right? So it's primarily an educational issue that we are trying to address. Operator: There seems to be no further questions. I would like to hand back for closing remarks. Dennis Lanfear: Thank you, Heidi. Thank you all for joining us on our Q2 2026 call. We're happy to give you our current updates on our clinical development program and our good progress with respect to the sales. I want to thank Sameer for the 15% increase. Just want to remind you, there'll be a number of investment conferences that we will attend in New York and in [ Byrons ] in September, and we look forward to updating you on our clinical progress very excitingly in October. Thank you. Operator: Goodbye. This concludes today's conference call. Thank you for participating. You may now disconnect. Before you buy stock in Coherus Oncology, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Coherus Oncology wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Coherus Oncology (CHRS) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is positioning tagmokitug (TAGMO) as a 'horizontally enabling durability layer' designed to remove the regulatory T cell (Treg) 'brake' that limits the depth and duration of response in existing therapies. The clinical strategy focuses on the 'tail of the survival curve' rather than immediate response rates, aligning with regulatory approval criteria for long-term survival benefit in immuno-oncology. Performance attribution for the quarter was driven by a 15% sequential growth in LOQTORZI net sales, supported by a rebound in demand and the highest number of new patient starts since launch. The company has successfully transitioned to a pure-play oncology focus following the divestiture of the UDENYCA franchise, resulting in a 90% reduction in secured and convertible debt. Operational efficiency improved significantly, with SG&A expenses decreasing for the sixth consecutive quarter due to reduced headcount and the exit from the biosimilar business. Management is utilizing a proprietary Tumor Immune Regulatory Index (TIRI) to identify specific immune contexts, such as HPV-positive status, that may enrich for patient benefit from Treg depletion. A formal disclosure of mature data for the TAGMO head and neck squamous cell carcinoma (HNSCC) cohort is projected for October 2026. Initial data readouts for the TAGMO GI cancer cohorts and the casdozokitug (Casdozo) first-line HCC study are anticipated in late 2026, pending sufficient scan maturity. LOQTORZI revenue guidance for full-year 2026 is set between $57 million and $62 million, with an expected average quarterly growth rate of 10% to 15%. Management assumes that remaining legacy biosimilar liabilities will be substantially settled by the end of 2026, further reducing cash burn heading into 2027. A new clinical protocol combining TAGMO with J&J's T-cell engager, Pasritamig, is on track to initiate in the fall of 2026 for metastatic castrate-resistant prostate cancer. The $37.5 million milestone earn-outs from the UDENYCA divestiture were not achieved in Q2 2026 but remain eligible for achievement in Q3. A significant reduction in accrued rebates and reserves (from $28.8 million to $14.9 million) was driven by favorable changes in estimates rather than cash outlays. Management flagged a 'seasonal slowdown' earlier in the year that impacted previous demand, though current trends indicate a recovery to historical growth levels. The company maintains that current cash reserves of $105.3 million are sufficient to fund operations through key data readouts in 2026 and 2027. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed that early data shows greater activity in HPV-positive patients, which often correlates with a higher TIRI score. The company is evaluating whether to prospectively enroll patients based on HPV status as the study progresses and more biomarker samples are analyzed. Growth is being driven by converting physicians from chemotherapy-only regimens and off-label IO use to LOQTORZI, particularly in the community setting. Management identified an opportunity to improve revenue by correcting 'misdosing' where physicians use 3-week cycles instead of the indicated 2-week cycles for late-line patients. Management does not believe they need to wait for formal overall survival (OS) data to trigger a Phase III trial, provided they see mature response rates and durability. Current analysis is focused on ctDNA and baseline IL-27 levels to guide the understanding of response durability in the first-line HCC triplet study.

Interested in Coherus Oncology, Inc.? Here are five stocks we like better. Clinical milestones are approaching: Coherus expects formal October data from its fully enrolled tagmokitug head-and-neck cancer cohort, additional tagmokitug results later in 2026, and initial casdozokitug liver-cancer data in the fourth quarter. Early findings suggested potential activity in PD-1-resistant disease, particularly among HPV-positive patients and those with higher TIRI scores, though the data remain preliminary. LOQTORZI momentum continued: Second-quarter net sales rose 15% sequentially to $13.6 million, supported by the highest number of new patient starts since launch. Coherus maintained its 2026 revenue outlook of $57 million to $62 million. Costs declined, but cash decreased: Research and development and selling, general and administrative expenses both fell year over year following the UDENYCA divestiture and broader cost reductions. Cash, cash equivalents and investments declined to $105.3 million, although the company said it expects sufficient funding through key 2026–2027 data readouts. Coherus Oncology (NASDAQ:CHRS) said it is approaching several clinical data disclosures in the second half of 2026, while reporting continued growth for its LOQTORZI treatment and lower operating expenses following the divestiture of its UDENYCA franchise. Chief Executive Officer Denny Lanfear said the company is in a period of initial clinical data generation rather than definitive data reporting. Coherus is focusing its development strategy on overcoming immune resistance in cancer, with particular attention to durability of clinical benefit and biomarker-based patient selection. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Chief Medical Officer Dr. Rosh Dias said three studies have now completed full enrollment: the company’s first-line hepatocellular carcinoma study of casdozokitug, as well as tagmokitug cohorts in head and neck squamous cell carcinoma and colorectal cancer. Tagmokitug is Coherus’ selective CCR8 cytolytic antibody designed to deplete regulatory T cells, or Tregs. The company is evaluating the candidate in combination with toripalimab, or tori, across several tumor types. → 3 Drone Stocks That Should Soar After the Summer Slump In the 40-patient second-line head and neck squamous cell carcinoma study, Coherus is evaluating two tagmokitug dose levels in combination with toripalimab among patients with PD-1-resistant disease. Dias said the cohort is fully enrolled and that the combination has so far shown an “acceptable and manageable” safety profile. Based on an early subset of patients, Dias said the company has observed activity in response rates and treatment duration. Preliminary analysis of tumor samples also suggested that patients who were HPV-positive and those with higher tumor immune regulatory index, or TIRI, scores may show greater activity. He cautioned that the findings are based on a small number of patients, have not been formally cleaned and may change as data mature. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Coherus expects all patients in the head and neck cohort to have sufficient follow-up, along with completed biomarker analyses, to support a formal disclosure in October. Chief Scientific and Development Officer Dr. Theresa LaVallee said the TIRI score is intended to help identify an immune context in which patients may benefit from tagmokitug treatment. She noted that the initial analysis was retrospective and involved limited patient numbers, but said the observed association between higher TIRI scores, HPV-positive tumors and clinical benefit was encouraging. “The question that we will explore is whether the same TIRI score will enrich for clinical benefit in other tumor types or in the first-line setting with and without chemotherapy,” LaVallee said. Coherus is also nearing completion of enrollment in a 40-patient second-line upper gastrointestinal adenocarcinoma cohort, including gastric, esophageal and gastroesophageal junction cancers. The company expects to report data later this year. Enrollment continues in second-line and first-line esophageal squamous cell carcinoma cohorts, and the first 20-patient colorectal cancer cohort has completed enrollment. Initial colorectal data are also anticipated later this year. A third tagmokitug protocol is expected to begin in the fall, initially evaluating the drug with Johnson & Johnson’s T-cell engager pasritamig in metastatic castration-resistant prostate cancer. Coherus’ fully enrolled 72-patient first-line hepatocellular carcinoma study is evaluating casdozokitug with toripalimab and bevacizumab. The trial is designed to assess contribution of components, safety and efficacy, as well as support dose optimization under the FDA’s Project Optimus initiative. Although enrollment was completed in March, Dias said only about half of participants have received three scans. Collection and analysis of circulating tumor DNA and baseline IL-27 measurements are also ongoing. Coherus expects initial data availability in the fourth quarter. During the question-and-answer session, Dias said the company does not expect it will necessarily need to wait for a formal overall survival endpoint before deciding whether to advance the program into a Phase III study. He said future assessments will consider response rate, clinical benefit rate, durability, safety, ctDNA and baseline IL-27 levels. Chief Commercial Officer Sameer Goregaoker said second-quarter LOQTORZI net sales reached $13.6 million, up 15% from the prior quarter. He said demand returned to a 10% to 15% quarterly growth range after a seasonal slowdown earlier in the year, while the company recorded its highest number of new patient starts since launch. Goregaoker said patient discontinuations returned to historical levels after a temporary increase in the first quarter, and duration of therapy continued to improve gradually. Coherus continues to target chemotherapy-only use in the community setting, off-label immuno-oncology use and appropriate treatment duration in nasopharyngeal carcinoma. The company expects LOQTORZI revenue of $57 million to $62 million for full-year 2026. Goregaoker reiterated Coherus’ prior expectations for a $15 million quarter in 2026, a $30 million quarter in 2027 and peak market share by 2028. He also said Coherus identified some potential dosing and treatment-duration education opportunities. The company has two LOQTORZI indications with different dosing schedules, and Goregaoker said some physicians may be using a three-week schedule where a two-week schedule is indicated. He described the issue as primarily educational and said the company is further analyzing its scale. Chief Financial Officer Bryan McMichael said second-quarter research and development expense from continuing operations fell to $21.4 million from $26.3 million a year earlier. Selling, general and administrative expense declined to $21.0 million from $26.0 million, marking the sixth consecutive quarter of lower SG&A expense from continuing operations. Coherus expects combined 2026 operating expenses of $170 million to $175 million. McMichael said the reductions reflected lower headcount, reduced clinical and manufacturing expenses, and lower operating costs after the company exited its biosimilar business. Cash, cash equivalents and investments totaled $105.3 million at the end of the second quarter, compared with $167 million at the end of the first quarter. About $39 million of the decrease was related to transition services agreement obligations, which the company expects to be substantially diminished heading into 2027. Coherus said it believes it has sufficient funding through key data readouts in 2026 and 2027. Legacy accrued rebates and reserves declined to $14.9 million from $28.8 million at the end of the first quarter, while TSA payables and accrued liabilities decreased to $22.7 million from $61.6 million. Coherus Oncology, Inc is a commercial-stage biopharmaceutical company focused on the development, manufacturing and commercialization of biologic therapies for oncology support and immuno-oncology. Founded in 2010 and headquartered in Redwood City, California, Coherus specializes in biosimilar versions of established oncology agents as well as novel immunotherapy candidates. The company's lead marketed products include Udenyca (pegfilgrastim-cbqv) and Fulphila (pegfilgrastim-jmdb), biosimilars to Amgen's Neulasta, which are designed to reduce the incidence of infection in patients undergoing myelosuppressive chemotherapy. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Coherus Oncology Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. LOQTORZI Net Sales: $13.6 million in Q2 2026, representing 15% quarter-over-quarter growth. R&D Expense: $21.4 million in Q2 2026, down from $26.3 million in Q2 2025. SG&A Expense: $21.0 million in Q2 2026, down from $26.0 million in Q2 2025. Full-Year 2026 OpEx Guidance: Expected to be between $170 million and $175 million. Full-Year 2026 LOQTORZI Revenue Guidance: Expected to be between $57 million and $62 million. Cash, Cash Equivalents, and Investments: $105.3 million at end of Q2 2026, down from $167 million at Q1 2026. Accrued Rebates and Reserves: Decreased from $28.8 million at end of Q1 to $14.9 million at end of Q2. TSA Payables and Accrued Liabilities: Decreased from $61.6 million at end of prior quarter to $22.7 million at end of Q2. Warning! GuruFocus has detected 6 Warning Signs with CHRS. Is CHRS fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. LOQTORZI net sales grew 15% quarter-over-quarter to $13.6 million, with the highest number of new-patient starts since launch and a rebound in demand to the 10-15% quarterly range. The company is on track to meet its long-term revenue projections for LOQTORZI, targeting a $15 million quarter in 2026, $30 million in 2027, and peak market share by 2028. Tagmokitug (tagmo) in combination with toripalimab (tori) showed an acceptable and manageable safety profile and evidence of activity in PD-1-resistant head-and-neck squamous cell carcinoma (HNSCC), with potential enrichment in HPV-positive patients and those with a higher tumor-immune regulatory index (TIRI) score. Three clinical studies (tagmo in HNSCC and colorectal cancer, and casdozokitug in first-line HCC) have completed full enrollment, with initial data readouts expected later this year, including a formal disclosure in October. Operating expenses continue to decline, with R&D down from $26.3 million to $21.4 million and SG&A down from $26.0 million to $21.0 million year-over-year, marking six consecutive quarters of decreasing SG&A. The company significantly reduced legacy biosimilar liabilities, with accrued rebates and reserves down from $28.8 million to $14.9 million and TSA payables down from $61.6 million to $22.7 million, reducing future cash burn. The company is sufficiently funded through key data readouts in 2026 and 2027, with cash and investments of $105.3 million at the end of Q2. The TIRI score, a biomarker related to the target (CCR8-positive Tregs), shows promise in enriching for patient benefit, potentially guiding future development strategies. The company is exploring new combinations, including tagmo with J&J's T cell-engager pasritamig in metastatic castrate-resistant prostate cancer, with the study on track to initiate in the fall. LOQTORZI's six-year survival data and NCCN guideline recommendations are driving physician behavior change, with a new AI platform pilot program enhancing physician education. Cash and investments decreased significantly from $167 million in Q1 to $105.3 million in Q2, primarily due to TSA obligations, raising concerns about the burn rate. The $37.5 million UDENYCA divestiture milestones were not achieved in Q2, and their achievement remains uncertain, subject to buyer-reported results and adjustments. Tagmo data in HNSCC is based on a small, immature subset of patients and has not been formally cleaned, so results are subject to change and may not be definitive. The casdozokitug study in first-line HCC has only 50% of patients with three scans, delaying data maturation and initial analysis until Q4, which may be later than expected. The upper GI cohort (gastric, esophageal, GEJ) has not yet completed accrual, and data is too early to comment on, indicating potential delays in this program. LOQTORZI growth is partly driven by correcting physician misdosing (e.g., using Q3-week dosing instead of Q2-week for late-line patients) and inappropriate discontinuations, which may limit near-term revenue upside. The company faces competition in head-and-neck cancer from emerging EGFR bispecifics and ADCs, which have shown impressive response rates but with higher toxicity, potentially impacting tagmo's positioning. The company's focus on durability and survival, rather than response rates, may be less compelling to investors who prefer quicker, higher response metrics. The company is still burning cash, with combined OpEx expected at $170-175 million for 2026, and the cash runway may be tight if data readouts are delayed or negative. The TIRI score analysis is retrospective and based on small numbers, and its predictive value across other tumor types or settings is not yet validated. Q: For tagmo, do you see any potential to prospectively enroll patients based on HPV status as the study progresses? Have you also looked into oropharyngeal versus non-oropharyngeal as a possible stratification factor?A: Dr. Rosh Dias, Chief Medical Officer, stated that the plan is to continue accrual and follow-up on the head-and-neck cohort. They are still waiting for biomarker data samples to come in, which will inform how they proceed. They expect to be ready to formally communicate the data in October. The point about oropharyngeal carcinoma is well taken, as that is where a lot of HPV-positive disease is, and it will be part of how they look at the data. Q: For the casdozo Phase II study, do you have any visibility into when you might be able to pull the trigger on a Phase III? Is it enough to see some mature response rates, or are you going to wait for overall survival?A: Dr. Rosh Dias, Chief Medical Officer, responded that overall survival will take time to develop, but they do not envisage having to wait for an overall survival endpoint to proceed. They anticipate having something to say towards the end of this year as data matures, followed by subsequent follow-up on the number of scans and durability. They do not envision needing to wait for a formal overall survival analysis. Q: On LOQTORZI, can you give us a better sense of what is driving the improvement in duration of therapy? Are you seeing a greater shift from patients coming from first-line usage, particularly after your six-year JUPITER-02 data read?A: Sameer Goregaoker, Chief Commercial Officer, explained that growth is driven by converting physicians who are using chemotherapy alone or off-label I-Os to use LOQTORZI. They are seeing more physicians use LOQTORZI for the first time and subsequently. The increase in duration of therapy is gradual due to the dual indication, which includes a second- and third-line indication with lower duration. There is headroom on both new patient starts and duration. Q: Heading into the head-and-neck data read later this year, how do we get a better understanding of tagmo's contribution on top of TORI? Are there any specific metrics or biomarkers that investors need to lean on?A: Dr. Theresa LaVallee, Chief Scientific & Development Officer, noted that this is a PD-1 refractory population, and the addition of tori plus tagmo has rescued that resistance. Having this associated with a metric that includes the target, CCR8-positive T regs, is reassuring. They are looking at different biomarkers to show immune activation specifically from tagmo versus tori alone. They have plans to robustly examine the contribution of effect early to save on patient numbers. Q: Since LOQTORZI continues to deliver strong growth, how do you expect various growth drivers to evolve over the long term, including continued penetration within NPC, longer duration of therapy, or combination opportunities across other tumor types?A: Sameer Goregaoker, Chief Commercial Officer, stated they are not pursuing a combination in NPC in the foreseeable future. The focus remains on the current indication, where there is still a high level of chemotherapy use in the community setting. They are educating physicians on the six-year data, which has been very motivating. The second priority is improving duration of therapy by getting more early-line patients on therapy and correcting inappropriate dosing and discontinuations. Q: Based on the data you've seen so far, as we look ahead to your October data disclosure, what would you like investors to focus on, especially any metrics besides ORR?A: Dr. Rosh Dias, Chief Medical Officer, emphasized looking at the totality of evidence. In addition to overall response rate, they will focus on the clinical benefit rate, which includes response rate, stable disease, and the durability of both. Safety and tolerability will also be important, especially given the toxicities seen with EGFRs. They will also look at these metrics within different biomarker analyses. Q: With the upcoming triple data in HCC, what metrics do you expect to show, and what results would give you more confidence in the triple? Is there anything else to pay attention to, as ORR will likely not be as high with more mature data?A: Dr. Rosh Dias, Chief Medical Officer, reiterated looking at the totality of data, including response rate, durability, and clinical benefit rate. They are also analyzing ctDNA to guide potential for response, durability, and survival, as well as baseline IL-27 levels. He noted that data in HCC takes time to mature, as seen in the previous study where response rates deepened over time, and that is their expectation here as well. Q: You made a comment about needing to correct dosing with some clinicians. Can you provide more detail in terms of what you are seeing or what is happening there?A: Sameer Goregaoker, Chief Commercial Officer, explained that they have two indications with different dosing schedules: a Q3-weekly dosing for front-line and a Q2-weekly dosing for late-line. They suspect some physicians might be dosing per the wrong indication. Additionally, the indication is to treat to progression, not for six cycles, which is another area for correction. He stressed this is a secondary opportunity compared to getting non-users to adopt LOQTORZI. Q: How material is the dosing issue? How much revenue is being left on the table because of these dynamics?A: Sameer Goregaoker, Chief Commercial Officer, stated there is significant opportunity on the duration upside, but he cannot put a number on it right now as it is based on claims data they are still analyzing. They have seen signals of opportunity there and need more time to dig deeper. Q: Have you engaged with clinicians to interrogate them on what might be happening with dosing? Is it purely a misunderstanding, or do they have a different perspective?A: Sameer Goregaoker, Chief Commercial Officer, confirmed it is purely a misunderstanding of the dosing. Since physicians may only treat NPC once a year, unless Coherus educates them before they initiate therapy, there is an opportunity for misdosing. It is primarily an educational issue they are addressing. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

– LOQTORZI® net revenue of $13.6 million in Q2 2026, up 15% over Q1 – – Clinical data continue to mature across programs with emerging evidence of activity with tagmokitug in head and neck cancer – – Projected October public disclosure of data sets with sufficient maturity – – Conference call today at 5:00 p.m. Eastern Daylight Time – REDWOOD CITY, Calif., Aug. 05, 2026 (GLOBE NEWSWIRE) -- Coherus Oncology, Inc. (Nasdaq: CHRS), today reported financial results for the second quarter 2026, and provided an overview of recent business highlights. “During the second quarter we continued to pursue our science-driven clinical development strategy, creating multiple avenues for long-term value creation, and look forward to further maturation of data with both tagmokitug and casdozokitug," said Denny Lanfear, Chairman and Chief Executive Officer. “We continue to advance our pipeline studies, including completion of enrollment with casdozokitug in HCC, as well as with tagmokitug in HNSCC and CRC, with emerging evidence of clinical activity in combination with toripalimab in HNSCC. While preliminary, the activity observed to date reinforces our confidence in the Treg depletion mechanism,” said Rosh Dias, MD, Chief Medical Officer. RECENT BUSINESS HIGHLIGHTS LOQTORZI® (toripalimab-tpzi) Commercial Updates LOQTORZI revenue for Q2 2026 was $13.6 million, a 37% increase over $10.0 million in Q2 2025, and a 15% increase versus the $11.8 million in Q1 2026 which was impacted by severe weather events as well as normal seasonality. Demand trends remained strong in the second quarter, with the highest number of new patient starts since launch, normalized patient discontinuation rates following seasonal Q1 trends, and continued improvement in therapy duration, supporting further growth opportunities. LOQTORZI remains the only FDA-approved and available treatment in the U.S. for recurrent, locally advanced or metastatic nasopharyngeal carcinoma (NPC.) It is the only preferred Category 1 first-line treatment option recommended in combination with cisplatin and gemcitabine; and the only preferred subsequent-line treatment recommended by the National Comprehensive Cancer Network® (NCCN). We will continue to appropriately communicate the six-year overall survival (OS) follow-up results from the Phase 3 JUPITER-02 trial evaluating LOQTORZI plus chemotherapy versus chemotherapy alone. ADVANCEMENT OF INNOVATIVE, NEXT-GENERATION ONCOLOGY PIPELINE Tagmokitug is a highly selective cytolytic CCR8 antibody that specifically binds and preferentially depletes CCR8+ tumor regulatory T cells (Tregs) with no off-target binding. The Phase 1b dose-optimization studies evaluating tagmokitug in combination with toripalimab in second-line head and neck squamous cell carcinoma (HNSCC) and upper gastrointestinal adenocarcinomas remain ongoing, with initial data readouts expected in 2H 2026. The Phase 1b study evaluating tagmokitug in combination with toripalimab, with and without chemotherapy, in first- and second-line esophageal squamous cell carcinoma (ESCC), continues to enroll patients, with initial data expected in 2H 2026. The Phase 1b/2a study evaluating the tagmokitug and toripalimab combination in fourth-line and beyond colorectal cancer with no liver metastasis, is fully enrolled, with initial data expected in 2H 2026. A Phase 1b clinical study evaluating tagmokitug in combination with pasritamig, a T-cell engaging bispecific antibody, in patients with metastatic castration-resistant prostate cancer (mCRPC) is expected to initiate in the fall of 2026. Casdozokitug is a first-in-class IL-27 antagonistic antibody currently being evaluated in a Phase 2 study in patients with first-line unresectable hepatocellular carcinoma (uHCC) to assess treatment benefit, safety and response biomarkers. Enrollment is complete in the randomized Phase 2 trial of casdozokitug/toripalimab/bevacizumab in 1L uHCC and the first data readout is expected 2H 2026. SECOND QUARTER 2026 FINANCIAL RESULTS Net revenue from continuing operations was $14.3 million and $10.3 million during the three months ended June 30, 2026 and 2025, respectively, and $26.6 million and $17.9 million during the six months ended June 30, 2026 and 2025, respectively. The increases were driven primarily by volume growth of LOQTORZI. Cost of goods sold (COGS) from continuing operations was $4.2 million and $3.4 million during the three months ended June 30, 2026 and 2025, respectively, and $8.1 million and $6.0 million during the six months ended June 30, 2026 and 2025, respectively. The increases were primarily due to volume growth of LOQTORZI. Research and development (R&D) expenses from continuing operations were $21.4 million and $26.3 million for the three months ended June 30, 2026 and 2025, respectively, and $43.0 million and $50.7 million during the six months ended June 30, 2026 and 2025, respectively. The decreases were primarily due to savings from reduced headcount, lower infrastructure costs, and lower clinical trial and R&D manufacturing costs. Selling, general and administrative (SG&A) expenses from continuing operations were $21.0 million and $26.0 million during the three months ended June 30, 2026 and 2025, respectively, and $44.1 million and $52.1 million during the six months ended June 30, 2026 and 2025, respectively. The decreases were driven primarily by lower headcount and decreased operating costs resulting from Coherus completing the exit from the biosimilar business in 2025. Net (loss) from continuing operations for the second quarter of 2026 was $33.3 million, or $(0.22) per share on a diluted basis, compared to a net loss of $44.9 million, or $(0.39) per share on a diluted basis, for the same period in 2025. Net loss for the first half of 2026 was $70.3 million, or $(0.48) per share on a diluted basis, compared to a net loss of $92.3 million, or $(0.80) per share on a diluted basis for the first half of 2025. Non-GAAP net loss from continuing operations for the second quarter of 2026 was $30.1 million, or $(0.19) per share on a diluted basis, compared to $39.0 million, or $(0.34) per share for the same period in 2025. Non-GAAP net loss for the first half of 2026 was $64.1 million, or $(0.44) per share on a diluted basis, compared to $79.9 million, or $(0.69) per share for the first half of 2025. See “Non-GAAP Financial Measures” below for a discussion on how Coherus calculates non-GAAP net loss from continuing operations and a reconciliation to the most directly comparable GAAP measures. Cash, cash equivalents and marketable securities totaled $105.3 million as of June 30, 2026, compared to $172.1 million as of December 31, 2025. These balances were inclusive of Transition Service Agreement (TSA)-related collections that will be applied to associated TSA payables and accrued liabilities which totaled $22.7 million and $65.1 million as of June 30, 2026 and December 31, 2025, respectively. Conference Call Information When: Wednesday, August 5, 2026, starting at 5:00 p.m. Eastern Standard Time To access the conference call, please pre-register through the following link to receive dial-in information and a personal PIN to access the live call: https://register-conf.media-server.com/register/BId137c93eda7d4cf0b60be1df98d9b99f Webcast: https://edge.media-server.com/mmc/p/vhd7ef6h A live and archived webcast will be available on the “Investors” section of the Coherus website at https://investors.coherus.com/events-presentations. Please dial in 15 minutes early to ensure a timely connection to the call. About Coherus Oncology Coherus Oncology is a fully integrated commercial-stage innovative oncology company with an approved next-generation programmed death receptor-1 (“PD-1”) inhibitor, LOQTORZI® (toripalimab-tpzi), and a pipeline that includes two mid-stage clinical candidates targeting liver, prostate, head & neck, colorectal and other cancers. The Company’s strategy is to grow sales of LOQTORZI in R/M Nasopharyngeal Carcinoma while advancing the development of its two pipeline candidates in combination with LOQTORZI, and additionally through strategic partnerships. The Company has global rights to both clinical stage-candidates and plans to execute ex-U.S. licensing deals as the clinical data supports such transactions. Coherus’ innovative oncology pipeline includes multiple antibody immunotherapy candidates focused on enhancing the innate and adaptive immune responses to enable a robust antitumor response and enhance outcomes for patients with cancer. Tagmokitug is a highly selective cytolytic anti-CCR8 antibody currently in Phase 1b/2a studies in patients with advanced solid tumors; including head and neck squamous cell carcinoma, colorectal cancer, gastric, gastro-esophageal-junction, esophageal adenocarcinoma and esophageal squamous cell carcinoma. Casdozokitug is a novel IL-27 antagonistic antibody currently being evaluated in a Phase 2 study in patients with first-line hepatocellular carcinoma. For more information about LOQTORZI, including the U.S. Prescribing Information and important safety information, please visit www.loqtorzi.com Forward-Looking Statements Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. These statements are based on the Company's current beliefs and expectations. Such forward-looking statements include, but are not limited to, the ability of Coherus’ innovative oncology pipeline to enhance outcomes for cancer patients; the timing and results of anticipated clinical data results, including the anticipated public disclosure in early October 2026 of data sets with sufficient maturity, projections for cash runway; the ability to reduce risk for Coherus’ pipeline; expectations for the timing when Coherus will be able to commence future clinical studies or receive and communicate clinical data for its product candidates; communications of long-term follow-up data such as the six-year overall survival results from the JUPITER-02 trial; Coherus’ ability to enter into additional partnerships; Coherus’ ability to maintain and grow revenues; and Coherus’ expectations about total addressable opportunity for LOQTORZI and for each of its product candidates. Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus’ actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties inherent in the clinical drug development process; risks related to Coherus’ dependence on an ability to raise funds in the future, which may not be available on acceptable terms or at all; risks related to Coherus’ existing and potential collaboration partners; risks of Coherus’ competitive position with LOQTORZI and its product candidates; risks associated with Coherus’ ability to successfully commercialize and maintain and increase revenues for LOQTORZIs; the risks and uncertainties of the regulatory approval process, including the speed of regulatory review and the timing of Coherus’ regulatory filings; the risk of FDA review issues; and the risks and uncertainties of possible litigation. All forward-looking statements contained in this press release speak only as of the date of this press release. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the significant risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Coherus’ business in general, see Coherus’ Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026 filed with the Securities and Exchange Commission on or about the date of this press release, including the section therein captioned “Risk Factors” and in other documents Coherus files with the Securities and Exchange Commission. Coherus’ results for the fiscal quarter ended June 30, 2026 are not necessarily indicative of its operating results for any future periods. LOQTORZI®, whether or not appearing in large print or with the trademark symbol, is a registered trademark of Coherus Oncology, Inc. ©2026 Coherus Oncology, Inc. All rights reserved. Coherus Contact Information:For Investors & Media:Carrie GrahamVice President, Investor Relations and [email protected] Non-GAAP Financial Measures To supplement the financial results presented in accordance with GAAP, Coherus has also included in this press release non-GAAP net loss from continuing operations, and the related per share measures, which exclude from net loss from continuing operations and the related per share measures, stock-based compensation expense, amortization and impairments of intangible assets, loss on debt extinguishment, and change in fair value of our Royalty Fee Derivative Liability. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than similar non-GAAP financial information disclosed by other companies. Coherus encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations set forth below, to more fully understand Coherus’ business. Coherus believes that the presentation of these non-GAAP financial measures provides useful supplemental information to, and facilitates additional analysis by, investors. In particular, Coherus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare Coherus’ results from period to period, and to identify operating trends in Coherus’ business. Coherus also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions.

REDWOOD CITY, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Coherus Oncology, Inc. (Nasdaq: CHRS), today announced that its second quarter 2026 financial results will be released on Wednesday, August 5, 2026. Starting at 5:00 p.m. Eastern Daylight Time on August 5, 2026, Coherus’ management team will host a conference call and webcast to discuss financial results and provide a general business update. A webcast replay will be available on https://investors.coherus.com following the conclusion of the live conference call. Conference Call Information When: Wednesday, August 5, 2026, starting at 5:00 p.m. Eastern Daylight Time. To access the conference call, please pre-register through the following link to receive dial-in information and a personal PIN to access the live call: https://register-conf.media-server.com/register/BId137c93eda7d4cf0b60be1df98d9b99f Webcast: https://edge.media-server.com/mmc/p/vhd7ef6h The press release with the second quarter 2026 financial results and related materials will be available at https://investors.coherus.com before the start of the conference call. A live and archived webcast will be available on the “Investors” section of the Coherus website at https://investors.coherus.com/events-presentations. Please dial in 15 minutes early to ensure a timely connection to the call. Disclosure Information Coherus uses the https://investors.coherus.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. About Coherus OncologyCoherus Oncology is a fully integrated commercial-stage innovative oncology company with an approved next-generation programmed death receptor-1 (“PD-1”) inhibitor, LOQTORZI® (toripalimab-tpzi), and a pipeline that includes two mid-stage clinical candidates targeting liver, prostate, head & neck, colorectal and other cancers. The Company’s strategy is to grow sales of LOQTORZI in R/M Nasopharyngeal Carcinoma and advance the development of its two pipeline candidates in combination with LOQTORZI and through strategic partnerships. Coherus’ innovative oncology pipeline includes multiple antibody immunotherapy candidates focused on enhancing the innate and adaptive immune responses to enable a robust antitumor response and improve outcomes for patients with cancer. Tagmokitug is a highly selective cytolytic anti-CCR8 antibody currently in Phase 1b/2a studies in patients with advanced solid tumors; including head and neck squamous cell carcinoma, colorectal cancer, gastric, gastro-esophageal-junction, esophageal adenocarcinoma and esophageal squamous cell carcinoma. Casdozokitug is a novel IL-27 antagonistic antibody currently being evaluated in a Phase 2 study in patients with first-line hepatocellular carcinoma. LOQTORZI® is a registered trademark of Coherus Oncology, Inc.©2026 Coherus Oncology, Inc. All rights reserved. Coherus Oncology Contact Information: For Investors: Carrie GrahamVice President, Investor Relations & [email protected]

– LOQTORZI® net revenue of $11.8 million in Q1 2026 – – Patient accrual complete for 1L HCC Phase 2 randomized clinical trial for anti-IL27 casdozokitug, timing for data readouts tracking to projections – – Tagmokitug, CCR8 Treg depleter development expands with pharmacological and clinical program differentiation, including dose-responsive immune effects, no off-target binding, acceptable safety – – $167.0 million in quarter-end cash, cash equivalents and marketable securities – – Conference call today at 5:00 p.m. Eastern Daylight Time – REDWOOD CITY, Calif., May 11, 2026 (GLOBE NEWSWIRE) -- Coherus Oncology, Inc. (Nasdaq: CHRS), today reported financial results for the first quarter 2026, and provided an overview of recent business highlights. “We are executing well on our integrated financial, commercial and development strategy that maximizes LOQTORZI’s potential in NPC and in combination with our pipeline products.” said Denny Lanfear, Coherus Chairman and Chief Executive Officer. “We also continue to explore opportunities across cancers and non-proprietary novel combinations with tagmokitug, our potentially best-in-class CCR8 Treg depleter, and are encouraged given our previously reported clinical data including anti-tumor activity, safety data, tumor biomarker data and PK data.” “Casdozokitug is the only known clinical stage IL-27 antagonist, and the first line HCC study in combination with LOQTORZI is now fully enrolled. We are tracking to initial data around mid-year.” said Rosh Dias, MD, Chief Medical Officer. “The tagmokitug program is also on track, with continued enrollment across all cohorts. We also continue to progress the first-in-class pasritamig combination study in metastatic castration-resistant prostate cancer (mCRPC), which we anticipate initiating in the fall. We are on target for multiple data readouts as planned in 2026.” RECENT BUSINESS HIGHLIGHTS LOQTORZI® (toripalimab-tpzi) Commercial Updates LOQTORZI revenue for Q1 2026 was $11.8 million, a 61% increase over $7.3 million in Q1 2025, and a 5% decrease versus the $12.4 million in Q4 2025, driven by the impact of severe weather events in Q1 as well as normal seasonality. Encouragingly, Q1 saw the highest volume of new patient starts to date. New patient starts came from increased breadth from new account starts and greater depth from prior ordering accounts. It is important to note that average duration of treatment among existing patients also continued to grow. LOQTORZI remains the only FDA-approved and available treatment in the U.S. for recurrent, locally advanced or metastatic nasopharyngeal carcinoma (NPC) representing an estimated overall $250 million addressable market. Commercial focus in 2026 is on educating physicians that LOQTORZI is: the only approved and available therapy for R/M nasopharyngeal carcinoma; the only preferred Category 1 first-line treatment option recommended by the National Comprehensive Cancer Network® (NCCN) in combination with cisplatin and gemcitabine; and the only preferred subsequent-line treatment recommended by the National Comprehensive Cancer Network® (NCCN). We will continue to appropriately communicate the six-year overall survival (OS) follow-up results from the Phase 3 JUPITER-02 trial evaluating LOQTORZI plus chemotherapy versus chemotherapy alone. ADVANCEMENT OF INNOVATIVE, NEXT-GENERATION ONCOLOGY PIPELINE Tagmokitug is a highly selective cytolytic CCR8 antibody that specifically binds and preferentially depletes CCR8+ tumor regulatory T cells (Tregs) with no off-target binding. Preclinical and clinical biomarker research published in Molecular Cancer Therapeutics, show that tagmokitug demonstrates no off-target binding and selectively and significantly eliminates CCR8+ T regulatory cells, with a pronounced increase in intratumoral CD8 T cells, enabling the presence of tumor killing T cells. The Phase 1b tagmokitug/toripalimab combination dose optimization studies in 2L HNSCC and 2L upper GI adenocarcinoma cancers are underway, with initial data readouts expected in mid-2026. A Phase 1b study evaluating the tagmokitug/toripalimab combination, with and without chemotherapy, in 1L and 2L esophageal squamous cell carcinoma (ESCC), respectively, is underway with a first data readout expected in 2H 2026. A Phase 1b/2a study evaluating tagmokitug/toripalimab combination in 4L+ colorectal cancer is enrolling patients and initial data is expected in 2H 2026. A Phase 1b clinical study in patients with metastatic castration-resistant prostate cancer (mCRPC) in combination with pasritamig, a T-cell engaging bispecific antibody, is anticipated to begin in the fall of 2026. Casdozokitug is a first-in-class IL-27 antagonistic antibody currently being evaluated in a Phase 2 study in patients with first line unresectable hepatocellular carcinoma (uHCC) to assess treatment benefit, safety and response biomarkers. Data presented during ASCO GI 2025 demonstrated a 38% overall response rate and a 17% complete response rate with the addition of casdozokitug to the current standard of care. Enrollment is complete in the randomized Phase 2 trial of casdozokitug/toripalimab/bevacizumab in 1L uHCC and the first data readout is expected in mid-2026. EQUITY FINANCING During the first quarter of 2026, Coherus sold 32,890,000 shares of its common stock in a public offering, including 4,290,000 shares issued pursuant to the exercise of the underwriters’ over-allotment option in full for proceeds of $53.6 million, net of underwriters’ discounts, commissions and offering expenses. FIRST QUARTER 2026 FINANCIAL RESULTS Net revenue from continuing operations was $12.3 million and $7.6 million during the three months ended March 31, 2026 and 2025, respectively. LOQTORZI net product revenue increased $4.5 million compared to the three months ended March 31, 2025, driven primarily by volume growth of LOQTORZI. Cost of goods sold (COGS) from continuing operations was $3.8 million and $2.7 million during the three months ended March 31, 2026 and 2025, respectively. The increase was primarily due to volume growth of LOQTORZI. Research and development (R&D) expenses from continuing operations were $21.5 million and $24.4 million for the three months ended March 31, 2026 and 2025, respectively. The decrease was primarily due to savings from reduced headcount and lower infrastructure costs, partially offset by increased development costs for casdozokitug. Selling, general and administrative (SG&A) expenses from continuing operations were $23.1 million and $26.0 million during the three months ended March 31, 2026 and 2025, respectively. The decrease was driven primarily by lower headcount and decreased operating costs resulting from Coherus completing the exit from the biosimilar business in 2025. Net (loss) from continuing operations for the first quarter of 2026 was $36.9 million, or $(0.27) per share on a diluted basis, compared to a net loss of $47.4 million, or $(0.41) per share on a diluted basis, for the same period in 2025. Non-GAAP net loss from continuing operations for the first quarter of 2026 was $33.9 million, or $(0.25) per share on a diluted basis, compared to $40.9 million, or $(0.35) per share for the same period in 2025. See “Non-GAAP Financial Measures” below for a discussion on how Coherus calculates non-GAAP net loss from continuing operations and a reconciliation to the most directly comparable GAAP measures. Cash, cash equivalents and marketable securities totaled $167.0 million as of March 31, 2026, compared to $172.1 million as of December 31, 2025. These balances were inclusive of Transition Service Agreement (TSA)-related collections that will be applied to associated TSA payables and accrued liabilities which totaled $61.6 million and $65.1 million as of March 31, 2026 and December 31, 2025, respectively. Conference Call Information When: Monday, May 11, 2026, starting at 5:00 p.m. Eastern Standard Time To access the conference call, please pre-register through the following link to receive dial-in information and a personal PIN to access the live call: https://register-conf.media-server.com/register/BI717266b2e2e943cb92bb04def907b571 Webcast: https://edge.media-server.com/mmc/p/orxawzr2 A live and archived webcast will be available on the “Investors” section of the Coherus website at https://investors.coherus.com/events-presentations. Please dial in 15 minutes early to ensure a timely connection to the call. About Coherus Oncology Coherus Oncology is a fully integrated commercial-stage innovative oncology company with an approved next-generation programmed death receptor-1 (“PD-1”) inhibitor, LOQTORZI® (toripalimab-tpzi), and a pipeline that includes two mid-stage clinical candidates targeting liver, prostate, head & neck, colorectal and other cancers. The Company’s strategy is to grow sales of LOQTORZI in R/M Nasopharyngeal Carcinoma while advancing the development of its two pipeline candidates in combination with LOQTORZI, and additionally through strategic partnerships. The Company has global rights to both clinical stage-candidates and plans to execute ex-U.S. licensing deals as the clinical data supports such transactions. Coherus’ innovative oncology pipeline includes multiple antibody immunotherapy candidates focused on enhancing the innate and adaptive immune responses to enable a robust antitumor response and enhance outcomes for patients with cancer. Tagmokitug is a highly selective cytolytic anti-CCR8 antibody currently in Phase 1b/2a studies in patients with advanced solid tumors; including head and neck squamous cell carcinoma, colorectal cancer, gastric, gastro-esophageal-junction, esophageal adenocarcinoma and esophageal squamous cell carcinoma. Casdozokitug is a novel IL-27 antagonistic antibody currently being evaluated in a Phase 2 study in patients with first-line hepatocellular carcinoma. For more information about LOQTORZI, including the U.S. Prescribing Information and important safety information, please visit www.loqtorzi.com Forward-Looking Statements Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. These statements are based on the Company's current beliefs and expectations. Such forward looking statements include, but are not limited to the ability of Coherus’ I-O pipeline to enhance outcomes for cancer patients; projections for cash runway; the ability to reduce risk for Coherus’ pipeline; expectations for the timing when Coherus will be able to commence future clinical studies or receive and communicate clinical data for its product candidates; Coherus’ ability to enter into additional partnerships; Coherus’ ability to maintain and grow revenues; and Coherus’ expectations about total addressable opportunity for LOQTORZI and for each of its product candidates. Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus’ actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties inherent in the clinical drug development process; risks related to Coherus’ dependence on an ability to raise funds in the future, which may not be available on acceptable terms or at all; risks related to Coherus’ existing and potential collaboration partners; risks of Coherus’ competitive position with LOQTORZI and its product candidates; risks associated with Coherus’ ability to successfully commercialize and maintain and increase revenues for LOQTORZI; the risks and uncertainties of the regulatory approval process, including the speed of regulatory review and the timing of Coherus’ regulatory filings; the risk of FDA review issues; and the risks and uncertainties of possible litigation. All forward-looking statements contained in this press release speak only as of the date of this press release. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the significant risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Coherus’ business in general, see Coherus’ Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026 filed with the Securities and Exchange Commission on or about the date of this press release, including the section therein captioned “Risk Factors” and in other documents Coherus files with the Securities and Exchange Commission. Coherus’ results for the fiscal quarter ended March 31, 2026 are not necessarily indicative of its operating results for any future periods. LOQTORZI®, whether or not appearing in large print or with the trademark symbol, is a registered trademark of Coherus Oncology, Inc. ©2026 Coherus Oncology, Inc. All rights reserved. Coherus Contact Information: For Investors & Media: Carrie Graham Vice President, Investor Relations and Advocacy [email protected] Non-GAAP Financial Measures To supplement the financial results presented in accordance with GAAP, Coherus has also included in this press release non-GAAP net loss from continuing operations, and the related per share measures, which exclude from net loss from continuing operations and the related per share measures, stock-based compensation expense, amortization and impairments of intangible assets, loss on debt extinguishment, and change in fair value of our Royalty Fee Derivative Liability. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than similar non-GAAP financial information disclosed by other companies. Coherus encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations set forth below, to more fully understand Coherus’ business. Coherus believes that the presentation of these non-GAAP financial measures provides useful supplemental information to, and facilitates additional analysis by, investors. In particular, Coherus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare Coherus’ results from period to period, and to identify operating trends in Coherus’ business. Coherus also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is executing a 'revenue multiplier' strategy where LOQTORZI serves as both a standalone revenue generator in NPC and a foundational backbone for proprietary pipeline combinations. The company views LOQTORZI as a potential 2-for-1 win, where successful combination trials with assets like casdozokitug and tagmokitug automatically trigger label expansions for the PD-1 inhibitor. Q1 2026 revenue performance was impacted by severe winter storms that caused a 10% decline in the broader oncology basket, though LOQTORZI achieved record new patient starts during the same period. Strategic positioning of tagmokitug focuses on its role as a foundational Treg depletion platform capable of overcoming resistance across diverse therapies, including T-cell engagers and ADCs. Management attributes the failure of competing CCR8 programs to poor pharmacology and lack of selectivity, asserting that tagmokitug’s linear PK and potency differentiate it from halted peer programs. Commercial execution is shifting toward reducing chemo-only use in community settings and curbing off-label PD-1 use in NPC through targeted data-driven field alerts. Management reiterated revenue targets of $15 million per quarter in 2026, scaling to $30 million to $35 million per quarter in 2027, and reaching a peak of $175 million annually by 2028. Initial data readouts for the CATALYST-202 study in first-line HCC and tagmokitug expansion cohorts in head and neck and GI cancers are projected for midyear 2026. The company expects to provide formal full-year 2026 revenue guidance during the August earnings call. Strategic expansion into non-proprietary combinations is set to begin this fall with the first patient dosing in the J&J pasritamig T-cell engager combination study for prostate cancer. Current cash reserves of $167 million are projected to be sufficient to fund operations through key data readouts in 2026 and 2027. A follow-on equity offering in Q1 generated $54 million in net proceeds to fund new CRC and prostate studies and enhance LOQTORZI commercial capabilities. Operating expenses decreased year-over-year following the company's complete exit from the biosimilar business more than one year ago. Management identified 'Project Optimus' compliance as a key driver for the design of the CATALYST-202 study to characterize dose-response and contribution of components. The company is utilizing emerging AI platforms in HCC to influence oncologist treatment decisions and drive adoption in the community setting. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Approximately 75% to 80% of patients are currently in the metastatic setting, with management expecting a shift toward locally advanced recurrent patients as the launch matures. Treatment duration is trending higher in first-line patients compared to later-line monotherapy, and overall duration continues to grow toward clinical trial benchmarks. Management noted that while some peers like Amgen halted programs due to lack of efficacy, others like Gilead and Sino Biopharma are accelerating into Phase II/III. The company believes the 'right drug' criteria—specifically GPCR selectivity and dose-dependent immune effects—will separate successful CCR8 antibodies from those with poor drug-like properties. The revenue dip was attributed to missed treatment cycles during severe storms; management clarified that these missed cycles are typically lost rather than deferred. Despite the weather impact, record new patient starts provide confidence in returning to the projected 10% to 15% quarterly demand growth for the remainder of the year.

This article first appeared on GuruFocus. LOQTORZI Net Sales: $11.8 million in Q1 2026, down from $12.4 million in Q4 2025, but up 61% compared to Q1 2025. R&D Expenses: $21.5 million in Q1 2026, down from $24.4 million in Q1 2025. SG&A Expenses: $23.1 million in Q1 2026, down from $26 million in Q1 2025. Total Cash, Cash Equivalents, and Investments: $167 million at the end of Q1 2026, down from $172.1 million at year-end 2025. Equity Offering Proceeds: $54 million from the follow-on equity offering. Warning! GuruFocus has detected 5 Warning Signs with CHRS. Is CHRS fairly valued? Test your thesis with our free DCF calculator. Release Date: May 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Coherus Oncology Inc (NASDAQ:CHRS) reported a 61% increase in LOQTORZI net sales compared to Q1 2025, indicating strong demand for their PD-1 inhibitor. The company has successfully completed target accrual for the CATALYST-202 study in hepatocellular carcinoma, showing progress in their clinical development program. Coherus Oncology Inc (NASDAQ:CHRS) has strengthened its liquidity position with a $54 million follow-on equity offering, supporting new studies and commercialization efforts. The company is exploring strategic partnerships, such as the collaboration with J&J on a T-cell engager combination, to expand the clinical development of Tagmokitug. Coherus Oncology Inc (NASDAQ:CHRS) is focusing on reducing chemo-only use and curbing off-label PD-1 use in nasopharyngeal cancer, aiming to drive growth through targeted education and marketing efforts. The company experienced a decline in LOQTORZI net sales from Q4 2025 to Q1 2026, attributed to severe weather impacting patient treatment cycles. There is uncertainty in the CCR8 competitive field, with some market participants pausing or stopping their programs, which could affect Coherus Oncology Inc (NASDAQ:CHRS)'s strategic objectives. The company faces challenges in achieving the right drug and target combination for their CCR8-based Treg depletion platform, which is crucial for their development strategy. Coherus Oncology Inc (NASDAQ:CHRS) reported a decrease in R&D and SG&A expenses, reflecting tight spending discipline, but this could also indicate potential limitations in resource allocation for growth. The company has yet to provide full-year 2026 revenue guidance, creating uncertainty about future financial performance and market expectations. Q: On LOQTORZI, can you talk about the dynamics driving the average duration of treatment among existing patients, which continues to grow? Is the growing duration driven by first-line patients? And can you share some color on how the patients split between first and second line? A: The duration of treatment depends on the type of patients. First-line locally advanced and first-line metastatic patients tend to have higher duration of therapy compared to later-line metastatic patients. Currently, about 75% to 80% of patients are from the metastatic setting, with a smaller percentage from the locally advanced recurrent setting. As we progress, we expect more locally advanced recurrent patients to start treatment. Q: Given that the second-line head and neck and gastric cancer readout is expected mid-year, what should investors expect to learn from those updates, and will you be providing next steps in the clinical development for those programs? A: We anticipate initial data for the second-line head and neck and upper GI adeno around mid-year, with at least 50% of patients reported. Key metrics will include overall response rate, clinical benefit rate, and safety. Durability will take longer to mature. We are looking for sufficient efficacy to support favorable regulatory strategies and potential patient population enrichment for later-stage development. Q: For tagmo, regarding the head and neck cancer data, can you speak to what proportion of patients you would expect to be PD-1 experienced? And do you plan to break out responses by HPV status? A: All patients in the second-line head and neck study will be PD-1 or PDL-1 experienced. One of the key stratification factors is the HPV status. The current standard of care has a low overall response rate, and we are looking at the evolving datasets and benchmarks to assess our position. Q: Can you provide more details about the weather impact on LOQTORZI's top-line? Are patients unable to get another round due to weather, and how does this reconcile with the record new patient starts? A: The weather impacted existing patients, causing them to miss cycles due to severe winter storms, which reset their treatment cycles. This is separate from new patient starts, which showed robust growth. The missed cycles are lost, but new patient growth is expected to drive future demand. Q: Regarding the CATALYST-202 study, how important are circulating tumor DNA and IL-27 expression in the upcoming data? Do you have a sense of their correlation to tumor reduction in preclinical models? A: Preclinical models don't provide a good readout for this correlation. However, initial readouts will focus on trends in circulating tumor DNA and differences in outcomes based on IL-27 levels to assess the probability of a positive study as data matures. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Coherus Oncology, Inc.? Here are five stocks we like better. LOQTORZI remains the centerpiece of Coherus Oncology’s strategy, with management expecting revenue to accelerate through 2026 and eventually reach about $15 million per quarter this year, rising to $30 million–$35 million per quarter in 2027 and roughly $175 million annually at peak. First-quarter LOQTORZI sales were $11.8 million, down slightly from the prior quarter but up 61% year over year, while new starts hit an all-time high and the company said demand growth should average 10% to 15% per quarter across 2026. Coherus expects a series of midyear and second-half 2026 clinical data readouts from its pipeline, including casdozokitug in first-line hepatocellular carcinoma and tagmokitug across several tumor types, while the company ended the quarter with $167 million in cash and said it is funded through key data milestones. Coherus Oncology (NASDAQ:CHRS) said it expects revenue growth for its nasopharyngeal cancer drug LOQTORZI to build through the rest of 2026, while the company prepares for multiple clinical data readouts across its oncology pipeline later this year. On the company’s first-quarter 2026 earnings call, Chief Executive Officer Dennis Lanfear said Coherus is pursuing a strategy centered on LOQTORZI, its PD-1 inhibitor, both as a commercial product in nasopharyngeal cancer and as a potential combination therapy with pipeline assets in other cancers. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum Lanfear said the company continues to project LOQTORZI revenue reaching about $15 million per quarter sometime in 2026, $30 million to $35 million per quarter sometime in 2027 and a peak share of about $44 million per quarter in 2028, or roughly $175 million annually. Chief Commercial Officer Sameer Goregaoker said LOQTORZI net sales were $11.8 million in the first quarter, compared with $12.4 million in the fourth quarter of 2025. He said first-quarter sales were up 61% compared with the first quarter of 2025. → 3 Ways to Target the Resources Powering AI and Data Centers Goregaoker attributed the sequential decline to normal first-quarter seasonality and severe weather across large parts of the country. Coherus analyzed a basket of 85 oncology products and found an average 5% decline from the fourth quarter to the first quarter over the past four years, but a 10% decline in 2026, which he said was likely tied to winter storms. Despite the sequential sales decline, Goregaoker said LOQTORZI new starts reached an all-time high in the quarter, driven by broader prescribing in new accounts and deeper use in existing accounts. He said breadth and depth of ordering accounts increased 21%, while treatment duration continued to rise quarter over quarter. → MercadoLibre Boldly Invests in Growth: Discount Deepens In response to analyst questions, Goregaoker said about 75% to 80% of LOQTORZI patients currently come from the metastatic setting, including front-line and second-line metastatic use, with a smaller percentage from the locally advanced recurrent setting. He said the company expects more use in locally advanced recurrent patients as the launch matures. Goregaoker said Coherus sees two main levers to drive demand growth: reducing chemotherapy-only use, especially in community settings, and curbing off-label PD-1 use in nasopharyngeal cancer that he said is driven by guideline and indication misperceptions. He said new claims data purchases have expanded the company’s visibility into chemotherapy-only and off-label immunotherapy use across up to 70% of addressable patients. Coherus is using that data for patient alerts, field targeting and multichannel execution. Goregaoker also said the company’s inside sales team is now fully operational, expanding its reach into community oncology. Coherus continues to expect 10% to 15% demand growth per quarter on average across 2026 quarters, Goregaoker said. Chief Medical Officer Dr. Rosh Dias said Coherus completed target accrual in its CATALYST-202 randomized study in first-line hepatocellular carcinoma. The 72-patient study is evaluating two active doses of casdozokitug in combination with toripalimab and bevacizumab versus toripalimab and bevacizumab. Dias said the company expects initial data around midyear, with response data likely to mature over time. He said the study builds on prior data presented at ASCO GI, where casdozokitug added to atezolizumab and bevacizumab showed a 38% overall response rate and a 17% complete response rate, compared with historical atezolizumab and bevacizumab data of 30% and 7.7%, respectively. Coherus is also advancing tagmokitug, its CCR8 cytolytic antibody, in several tumor types. Dias said the company expects midyear data from a 40-patient second-line head and neck squamous cell carcinoma expansion and an upper gastrointestinal adenocarcinoma cohort. Additional cohorts in esophageal squamous cell carcinoma and microsatellite stable colorectal cancer are expected to produce initial data in the second half of 2026. Dias said the company also continues to expect the first patient this fall in a prostate cancer cohort combining tagmokitug with Johnson & Johnson’s pasritamig T-cell engager. Chief Scientific and Development Officer Dr. Theresa LaVallee said the competitive CCR8 field is evolving, with some companies pausing programs and others moving into later-stage development. She said successful CCR8 drug development depends on having the “right drug” and “right target,” citing factors such as pharmacokinetics, potency, dose-dependent target effects and safety. LaVallee said tagmokitug has shown “excellent linear dose and dose-dependent PK,” potency in binding and killing the target, dose-dependent immune effects and an acceptable safety profile both alone and with toripalimab. For the CATALYST-202 casdozokitug study, LaVallee said Coherus plans to analyze biomarkers associated with response and pharmacodynamic markers supporting casdozokitug’s contribution of effect. She highlighted IL-27 expression in tumor samples and circulating tumor DNA as areas of focus. LaVallee said a prior small hepatocellular carcinoma dataset suggested higher IL-27 expression in tumors was associated with response, though only seven tumor samples were available. In the current study, she said pretreatment tumor samples were obtained for nearly all patients. Chief Financial Officer Bryan McMichael said Coherus generated $54 million in net proceeds from a follow-on equity offering, including full exercise of the underwriters’ overallotment option. He said the proceeds are supporting new colorectal cancer and prostate studies, added LOQTORZI commercialization investments and general corporate purposes. Research and development expenses from continuing operations were $21.5 million in the first quarter, down from $24.4 million a year earlier. Selling, general and administrative expenses from continuing operations were $23.1 million, down from $26 million in the first quarter of 2025. McMichael said the expense declines reflected reduced headcount and infrastructure costs, tight spending discipline and savings from the company’s completed exit from the biosimilar business, partly offset by increased pipeline investments. Coherus ended the quarter with $167 million in cash, equivalents and investments, compared with $172.1 million at year-end. McMichael said the company believes it is funded through key data readouts in 2026 and 2027. Coherus Oncology, Inc is a commercial-stage biopharmaceutical company focused on the development, manufacturing and commercialization of biologic therapies for oncology support and immuno-oncology. Founded in 2010 and headquartered in Redwood City, California, Coherus specializes in biosimilar versions of established oncology agents as well as novel immunotherapy candidates. The company's lead marketed products include Udenyca (pegfilgrastim-cbqv) and Fulphila (pegfilgrastim-jmdb), biosimilars to Amgen's Neulasta, which are designed to reduce the incidence of infection in patients undergoing myelosuppressive chemotherapy. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Coherus Oncology Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.