Coherus Oncology, Inc.

What they do

Coherus Oncology commercializes LOQTORZI (toripalimab-tpzi), an anti-PD-1 antibody approved by the FDA for nasopharyngeal carcinoma (NPC), in the United States. The company also develops two clinical-stage candidates: casdozokitug, an anti-IL-27 antibody, and tagmokitug, an anti-CCR8 antibody, both aimed at overcoming immune resistance in cancer. Coherus has global rights to both pipeline candidates and partners with companies like Junshi Biosciences for LOQTORZI development.

Revenue drivers

• LOQTORZI (toripalimab-tpzi) — The only FDA-approved PD-1 inhibitor for NPC in the U.S., launched January 2024; net revenue was $13.6 million in Q2 2026, a 37% increase year-over-year and 15% sequentially, representing essentially all of the company's continuing operations revenue.
• Casdozokitug (CHS-388) — Investigational anti-IL-27 antibody, global rights held by Coherus; no revenue yet, but a randomized Phase 2 trial in 1L hepatocellular carcinoma (HCC) is fully enrolled, with first data expected in 2H 2026.
• Tagmokitug (CHS-114) — Investigational anti-CCR8 antibody, global rights held by Coherus; no revenue yet, but multiple Phase 1b/2a studies are ongoing in head and neck, esophageal, colorectal, and prostate cancers, with initial data expected in 2H 2026.

Recent performance

For Q2 2026, Coherus reported net revenue from continuing operations of $14.3 million, up from $10.3 million in Q2 2025, driven by LOQTORZI volume growth. Six-month 2026 revenue was $26.6 million versus $17.9 million in the prior-year period. Cost of goods sold from continuing operations rose to $4.2 million in Q2 2026 from $3.4 million a year ago, and R&D expenses were $21.4 million, down from $26.3 million in Q2 2025. The company reported net income of $168.0 million for 2025, largely due to divestiture gains, but had an operating cash flow loss of $138.5 million in 2025. As of June 30, 2026, cash and equivalents were $82.9 million, total assets were $191.2 million, and total liabilities were $130.3 million.

Strategy

Coherus is focused on growing LOQTORZI sales in NPC by leveraging its preferred NCCN Category 1 guidelines and expanding indications through combination studies. The company plans to advance casdozokitug and tagmokitug in combination with LOQTORZI and with partners, including a planned Phase 1b trial of tagmokitug with pasritamig in prostate cancer. Coherus also intends to execute ex-U.S. licensing deals for its pipeline candidates as clinical data matures. The company is onshoring biomanufacturing for LOQTORZI, casdozokitug, and tagmokitug to the U.S. and has completed divestitures of all biosimilar businesses, including UDENYCA, YUSIMRY, and CIMERLI.

Risks

• Dependence on single product — LOQTORZI is the only approved product, and its commercial success is critical, with no approved pipeline candidates generating revenue.
• Clinical development uncertainty — Casdozokitug and tagmokitug are mid-stage candidates with no approved indications; Phase 2 and Phase 1b/2a data are expected in 2H 2026, and failure could impair the pipeline.
• Financial sustainability — Despite 2025 net income from divestitures, the company has a $1.4 billion accumulated deficit and negative operating cash flow of $138.5 million in 2025, requiring continued funding.
• Competition and market access — LOQTORZI faces competition from other PD-1 inhibitors and checkpoint inhibitors, and its market is limited to NPC, a relatively rare cancer, which may limit revenue growth potential.

Outlook

Management projects matured clinical data sets for tagmokitug and casdozokitug to be publicly disclosed in October 2026, with initial data readouts for several tagmokitug studies and casdozokitug's HCC Phase 2 expected in 2H 2026. The company also plans to initiate a Phase 1b study of tagmokitug with pasritamig in metastatic castration-resistant prostate cancer in the fall of 2026. Management continues to see strong demand for LOQTORZI, citing record new patient starts in Q2 2026 and improving therapy duration.