Financial Data and Key Metrics Changes - Coherus Oncology reported a net revenue of $40.8 million for the full year 2025, representing a 113% growth year-over-year compared to $19.1 million in 2024 [28] - For Q4 2025, net revenue was $12.4 million, reflecting an 11% growth over Q3 2025, with a strong quarter-over-quarter demand growth of 15.5% in Q4 [28] - The company reduced its secured and convertible debt by over 90% from $480 million to $38.8 million by the end of 2025, significantly lowering interest costs [34][38] Business Line Data and Key Metrics Changes - LOQTORZI, the company's first innovative oncology commercial product, more than doubled its sales in 2025 compared to 2024, with expectations of continued growth driven by new patient starts and increased market penetration [6][28] - The company anticipates achieving peak market share for LOQTORZI by 2028, targeting $175 million in annualized revenues, which would represent about 70% market share of the $250 million total addressable market [7][32] Market Data and Key Metrics Changes - The NCCN guidelines for nasopharyngeal carcinoma (NPC) were updated in late 2024, positioning LOQTORZI as the only preferred treatment for recurrent and metastatic NPC, which has stimulated growth in 2025 [29] - The company is focusing on expanding its reach in the community segment, where off-label immuno-oncology (IO) treatments persist [29] Company Strategy and Development Direction - Coherus has transitioned from a biosimilar company to an innovative oncology company, focusing on overcoming immune resistance in cancer through strategic acquisitions and product development [4][6] - The company is investing in its pipeline, particularly in tagmokitug and Casdozokitug, with multiple clinical readouts expected in 2026 [10][27] - The strategic partnership with Johnson & Johnson for tagmokitug is seen as a validation of the company's scientific competency and a pathway to further collaborations [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in LOQTORZI's growth trajectory, supported by strong clinical data showing significant survival benefits compared to chemotherapy alone [30] - The company is well-positioned financially, with sufficient funding to support operations and pipeline advancements through 2026 and into 2027 [9][39] - Management highlighted the importance of educating oncologists on the new survival data to drive adoption of LOQTORZI [30] Other Important Information - The company has reduced its headcount from approximately 228 at the end of 2024 to about 147 at the end of 2025, reflecting a 35% reduction [34] - Coherus is eligible for two earn-out sales milestones of $37.5 million each based on UDENYCA sales performance, which could provide additional financial support [36] Q&A Session Summary Question: Can you provide more color on the dynamic between new patient starts and repeat patients in 2025? - Approximately 25% of the business came from new patients in 2025, with expectations that this mix will shift slightly more towards new patients in 2026 as the duration of therapy for existing patients increases [46] Question: What are the promotional sensitivities of LOQTORZI? - LOQTORZI is highly promotion sensitive, requiring continuous reminders to physicians about its benefits due to the rarity of NPC cases [49] Question: Can you discuss the additional investments in commercial infrastructure? - The company has expanded its field force by 15% and added inside sales representatives to target tier 2 accounts, along with investments in IT infrastructure to capture patient opportunities [51][52] Question: What are the plans for exploring a triple combination with TAGMO? - The initial step will be to evaluate the combination of tagmokitug and pasritamig before considering additional combinations [57] Question: How will data from ongoing trials be disclosed? - Data will be reported as it becomes available, either aligned with congress submission deadlines or through corporate disclosures [62]

Financial Data and Key Metrics Changes - Coherus Oncology reported a net revenue of $40.8 million for the full year 2025, representing a 113% increase from $19.1 million in 2024 [35] - The company reduced its secured and convertible debt by over 90% from $480 million to $38.8 million by the end of 2025 [4][41] - SG&A expenses decreased to $23.6 million in Q4 2025 from $29.6 million in Q4 2024, marking the fourth consecutive quarter of flat or declining expenses [44] - R&D expenses increased to $31 million in Q4 2025 compared to $20.8 million in Q4 2024, reflecting ongoing investments in the pipeline [44] Business Line Data and Key Metrics Changes - LOQTORZI, the company's first innovative oncology product, saw its sales more than double in 2025 compared to 2024 [6][49] - For Q4 2025, LOQTORZI net revenue was $12.4 million, an 11% growth over Q3 2025, driven by a 15.5% increase in demand [35] - The company anticipates achieving peak market share of approximately 70% in the nasopharyngeal carcinoma (NPC) market by 2028, equating to $175 million in annualized revenues [7][40] Market Data and Key Metrics Changes - The NCCN guidelines for NPC were updated in late 2024, positioning LOQTORZI as the only preferred treatment for recurrent and metastatic NPC, which stimulated growth in 2025 [36] - The addressable market for LOQTORZI is estimated at $250 million, with significant opportunities remaining, particularly in the community segment [35][36] Company Strategy and Development Direction - Coherus has transitioned to focus on innovative oncology, particularly in overcoming immune resistance in cancer, following the acquisition of Surface Oncology [4] - The company aims to leverage LOQTORZI as a revenue generator while advancing its pipeline, including tagmokitug and Casdozokitug, which are positioned for broad clinical utility [6][10] - Strategic partnerships, such as the collaboration with Johnson & Johnson, are seen as key to expanding market reach and enhancing the value of the pipeline [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in LOQTORZI's growth trajectory, supported by strong clinical data showing significant survival benefits over chemotherapy alone [37] - The company is well-funded through 2026 and into 2027, allowing for continued investment in its promising pipeline and commercial efforts [9][41] - Management highlighted the importance of educating oncologists on the new survival data to drive adoption of LOQTORZI [38][39] Other Important Information - The company has reduced its headcount from approximately 228 at the end of 2024 to about 147 at the end of 2025, a reduction of about 35% [41] - Coherus is eligible for two earn-out sales milestones of $37.5 million each based on UDENYCA sales, which could provide additional financial support [43] Q&A Session Summary Question: Can you provide more color on the dynamic between new patient starts and repeat patients in 2025? - In 2025, approximately 25% of business came from new patients, with the expectation that this mix will shift slightly more towards new patients in the future [51][53] Question: What is the promotional sensitivity of LOQTORZI? - LOQTORZI is highly promotion sensitive, requiring continuous reminders to physicians about its benefits due to the rarity of NPC cases [57] Question: What are the plans for exploring a triple combination with Tagmo? - The initial step will be to evaluate the combination of Tagmo and pasritamig before considering additional combinations [64] Question: How will data from ongoing trials be disclosed? - Data will be reported as it matures, either at congresses or through corporate disclosures, depending on the timing of patient accrual and scans [70] Question: What are the important updates on the competitive front for CCR8 this year? - The company anticipates more data disclosures from competitors, which could impact development strategies [80]