Coherus Oncology, Inc. Reports 2025 Financial Results and Business Update

Key Highlights for Investors

• LOQTORZI^® Net Revenue Doubles in 2025: Net product revenue from LOQTORZI^® (toripalimab-tpzi) more than doubled year-over-year to \$40.8 million in 2025, up from \$19.1 million in 2024. Overall net revenue from continuing operations reached \$42.2 million, up from \$26.4 million in 2024.
• Significant Debt Reduction: The company reduced its secured and convertible debt by 90%, from a peak of \$480 million in 2024 to just \$38.8 million at the end of 2025.
• Strong Cash Position: Coherus ended 2025 with \$172.1 million in cash, cash equivalents, and marketable securities, up from \$126.0 million in 2024. This includes \$65.1 million in Transition Service Agreement (TSA)-related collections.
• Pipeline Progress and Clinical Milestones: The company is advancing two key clinical candidates, casdozokitug (an IL-27 antagonist antibody) and tagmokitug (a cytolytic anti-CCR8 antibody), with multiple clinical readouts expected in 2026.
• Equity Financings: Raised approximately \$54.9 million through equity offerings in late 2025 and early 2026 to support the pipeline and operations.

Detailed Business and Pipeline Update

Transformation to Oncology-Focused Company

CEO Denny Lanfear emphasized the company’s transformation from a biosimilars business to a fully integrated, innovative oncology company. This transformation is underpinned by the rapid growth of LOQTORZI sales and a sharp reduction in corporate debt. The company’s strategic positioning now includes foundational revenue from LOQTORZI, significant partnering opportunities, and a robust clinical pipeline.

LOQTORZI^® (toripalimab-tpzi) Performance and Market Opportunity

• Q4 2025 Revenue: LOQTORZI net revenue for Q4 2025 was \$12.4 million, up 11% from Q3 2025 and 64% from Q4 2024, driven by both new and repeat patient demand.
• Market Leadership: LOQTORZI remains the only FDA-approved immunotherapy for recurrent, locally advanced, or metastatic nasopharyngeal carcinoma (NPC) in the U.S., representing a \$250 million addressable market.
• Clinical Data: Six-year overall survival results from the JUPITER-02 Phase 3 trial show that patients receiving LOQTORZI plus chemotherapy achieved a median OS of 64.8 months, nearly double that of chemotherapy alone (33.7 months), with a 38% reduction in death risk (HR 0.62).

Advancement of Oncology Pipeline

• Tagmokitug (anti-CCR8 antibody):
  • Published preclinical and clinical biomarker research demonstrates high selectivity and potent cytolytic activity against CCR8+ tumor regulatory T cells, with no off-target effects.
  • Multiple Phase 1b trials are underway, including dose optimization in head & neck and upper GI cancers, with initial data expected mid-2026.
  • Additional trials are enrolling patients for first-line and second-line esophageal squamous cell carcinoma, and advanced colorectal cancer, with data readouts expected in 2H 2026.
  • A new study combining tagmokitug with J&J’s pasritamig (a T-cell engager) in metastatic castration-resistant prostate cancer is set to initiate in 2H 2026.
• Casdozokitug (IL-27 antagonist):
  • Ongoing randomized Phase 2 trial in first-line unresectable hepatocellular carcinoma (uHCC), with initial data expected mid-2026.
  • Previous data (ASCO GI 2025) demonstrated a 38% overall response rate and 17% complete response rate when adding casdozokitug to the standard of care.

Financial Performance and Guidance

• Net Loss: Net loss from continuing operations was \$183.1 million in 2025 (\$(1.56) per share), improved from \$215.4 million in 2024 (\$(1.88) per share). Non-GAAP net loss was \$159.2 million in 2025 (\$(1.36) per share), down from \$166.5 million in 2024 (\$(1.45) per share).
• Cost Controls: SG&A expenses decreased to \$100.6 million from \$125.5 million in 2024, reflecting lower headcount, reduced operating costs, and the impact of recent divestitures.
• R&D Investment: R&D expenses increased to \$108.9 million (from \$91.8 million in 2024), reflecting ongoing investment in casdozokitug and tagmokitug.
• Interest Expense: Decreased to \$9.0 million from \$10.7 million in 2024, due to the sharp reduction in outstanding debt.
• Net Income from Discontinued Operations: The company reported net income of \$351.1 million from discontinued operations, significantly impacting overall net income.

Capital Structure and Balance Sheet

• Assets: Total assets were \$258.3 million at December 31, 2025, down from \$448.5 million at the end of 2024, reflecting divestitures and the focus on oncology operations.
• Liabilities: Total liabilities decreased correspondingly, with term loan and convertible notes down to a combined \$37.2 million from \$264.9 million a year ago.
• Shareholder Equity: The company returned to positive shareholders’ equity of \$61.0 million at year-end 2025, up from a deficit of \$(132.0) million at the end of 2024.

Shareholder-Focused and Potentially Price-Sensitive Information

• Rapid Debt Reduction and Improved Balance Sheet: A more than 90% reduction in secured and convertible debt is a major de-risking event, potentially boosting investor confidence and supporting share price.
• Strong Cash and Liquidity Position: The increased cash position and recent successful equity raises improve operational runway and reduce the risk of future dilution or distress.
• Multiple Upcoming Catalysts: Several key clinical data readouts are expected in 2026 for both tagmokitug and casdozokitug, which could be significant share price drivers.
• LOQTORZI Outperformance: Sustained sales growth and strong clinical data in a \$250 million addressable market support further commercial upside.
• Potential for Strategic Partnerships: Management is actively seeking deal opportunities across the portfolio and geographies, which could bring additional non-dilutive capital or strategic value.

Upcoming Investor Events

Coherus will host a conference call on Monday, March 9, 2026 at 4:30 p.m. Eastern Standard Time to discuss these results and the business outlook.
Pre-register for the call or listen to the webcast.

About Coherus Oncology, Inc.

Coherus Oncology is a commercial-stage, innovation-driven oncology company with an approved PD-1 inhibitor (LOQTORZI^®) and a pipeline focused on immunotherapies targeting both the innate and adaptive immune systems in cancer.

Disclaimer

Forward-Looking Statements: This article contains forward-looking statements, which involve significant risks and uncertainties, including but not limited to clinical development risks, regulatory approval, competition, and the need for additional funding. Actual results may differ materially. Please refer to Coherus Oncology, Inc.’s SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2025, for detailed risk factors and further information. This summary is for informational purposes only and does not constitute investment advice.

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