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]

Financial Data and Key Metrics Changes - Coherus Oncology reported LOQTORZI net revenue of $40.8 million for the full year 2025, a 113% increase from $19.1 million in 2024 [27] - The company reduced its secured and convertible debt by over 90% from $480 million to $38.8 million by the end of 2025 [3][32] - 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 [36] Business Line Data and Key Metrics Changes - LOQTORZI sales more than doubled in 2025 compared to 2024, with Q4 net revenue reaching $12.4 million, an 11% growth over Q3 [27][31] - The company launched LOQTORZI in 2024, targeting a $250 million addressable market for recurrent, locally advanced, or metastatic Nasopharyngeal Carcinoma [4] 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 [28] - The company anticipates achieving peak market share of approximately 70% in the NPC market by 2028, equating to $175 million in annualized revenues [6][31] 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 [3] - The company aims to leverage LOQTORZI as a revenue generator while advancing its pipeline products, including tagmokitug and Casdozokitug, which are positioned for broad clinical utility [5][9] - Strategic partnerships, such as the collaboration with Johnson & Johnson, are seen as key to unlocking value and expanding market opportunities [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in LOQTORZI's growth due to its unique position in the market and the compelling survival data presented at ESMO Asia [29] - The company is focused on educating oncologists about the benefits of LOQTORZI, particularly in light of new survival data that shows significant advantages over chemotherapy alone [30] - Management believes that the financial strategy, including reduced debt and growing revenues, positions the company well for future growth [40] Other Important Information - The company has made significant investments in commercial infrastructure to support LOQTORZI's growth, including expanding its sales force and enhancing data analytics capabilities [30] - Coherus is on track for initial data readouts from its clinical programs in mid-2026, which will inform future development strategies [18][26] 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 the future [45] 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 [48] 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 [49][50] 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 [55] 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 [61] Question: What is the maturation timeline for the Casdozokitug frontline HCC study? - The maturation timeline is expected to be between 6 to 12 months, with ongoing data collection to inform future reports [68]

Core Insights - Coherus Oncology, Inc. will release its full year and fourth quarter 2025 financial results on March 9, 2026, after market close [1] - A conference call and webcast will be held on the same day at 4:30 p.m. Eastern Time to discuss the financial results and provide a business update [1][3] Financial Results Announcement - The financial results will be available on the Coherus investor website prior to the conference call [3] - A live and archived webcast of the conference call will be accessible on the "Investors" section of the Coherus website [4] Company Overview - Coherus Oncology is a commercial-stage innovative oncology company with an approved PD-1 inhibitor, LOQTORZI, and a pipeline of mid-stage clinical candidates targeting various cancers [6] - The company's strategy focuses on increasing sales of LOQTORZI in R/M Nasopharyngeal Carcinoma and advancing new indications through proprietary combinations and partnerships [6] Pipeline Development - Coherus' pipeline includes multiple antibody immunotherapy candidates aimed at enhancing immune responses against tumors [7] - Tagmokitug, a selective anti-CCR8 antibody, is in Phase 1b/2a studies for advanced solid tumors, while Casdozokitug, an IL-27 antagonistic antibody, is in a Phase 2 study for hepatocellular carcinoma [7]

Core Viewpoint - Coherus Oncology, Inc. has successfully closed a public offering of 28,600,000 shares at a price of $1.75 per share, raising approximately $50.1 million to support its clinical development and commercialization efforts [1][3][4]. Group 1: Offering Details - The public offering was led by healthcare-focused investors including Janus Henderson Investors, HBM Healthcare Investments, and Samsara BioCapital [2]. - The gross proceeds from the offering were approximately $50.1 million, with a 30-day option for underwriters to purchase an additional 4,290,000 shares [1][4]. - The offering was conducted under an effective shelf registration statement previously filed with the SEC [5]. Group 2: Company Strategy and Use of Proceeds - Coherus aims to utilize the net proceeds from the offering to support the commercialization of LOQTORZI (toripalimab-tpzi), continue clinical development of its product candidates, and for general corporate purposes [4]. - The company has significantly improved its financial position by reducing debt by over 80% and transitioning from a biosimilar company to a clinical-stage biotech focused on innovative oncology [3]. Group 3: Product Pipeline - Coherus has an approved next-generation PD-1 inhibitor, LOQTORZI, and a pipeline that includes mid-stage clinical candidates targeting various cancers [7]. - The innovative oncology pipeline includes multiple antibody immunotherapy candidates designed to enhance immune responses against tumors [8].

Core Viewpoint - Coherus Oncology, Inc. has announced a public offering of 28,600,000 shares of common stock at a price of $1.75 per share, aiming to raise approximately $50.1 million in gross proceeds before expenses [1][2]. Group 1: Offering Details - The public offering price is set at $1.75 per share, with gross proceeds expected to be around $50.1 million before underwriting discounts and commissions [1]. - The company has granted underwriters a 30-day option to purchase an additional 4,290,000 shares at the public offering price [1]. - The offering is anticipated to close on or about February 17, 2026, pending customary closing conditions [1]. Group 2: Use of Proceeds - Coherus plans to utilize the net proceeds from the offering to support the commercialization of LOQTORZI (toripalimab-tpzi), continue clinical development of its product candidates, and for working capital and other general corporate purposes [2]. Group 3: Company Overview - Coherus Oncology is a fully integrated commercial-stage innovative oncology company with an approved PD-1 inhibitor, LOQTORZI, and a pipeline that includes mid-stage clinical candidates targeting various cancers [5]. - The company's strategy focuses on growing sales of LOQTORZI in R/M nasopharyngeal carcinoma and advancing new indications in combination with its pipeline candidates and partners [5]. Group 4: Pipeline Information - Coherus' pipeline includes multiple antibody immunotherapy candidates aimed at enhancing immune responses to improve cancer treatment outcomes [6]. - Tagmokitug, a selective anti-CCR8 antibody, is currently in Phase 1b/2a studies for advanced solid tumors, while Casdozokitug, an IL-27 antagonistic antibody, is being evaluated in a Phase 2 study for first-line hepatocellular carcinoma [6].

Core Viewpoint - Coherus Oncology, Inc. has announced a proposed underwritten public offering of its common stock to support the commercialization of its product LOQTORZI and fund ongoing clinical development and general corporate purposes [1][2]. Group 1: Offering Details - The proposed offering includes a 30-day option for underwriters to purchase up to 15% additional shares at the public offering price [1]. - The offering is subject to market conditions, and there is no assurance regarding its completion or the actual size and terms [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for the commercialization of LOQTORZI, continued clinical development of product candidates, and general corporate purposes [2]. Group 3: Company Overview - Coherus Oncology is a fully integrated commercial-stage oncology company with an approved PD-1 inhibitor, LOQTORZI, and a pipeline that includes mid-stage clinical candidates targeting various cancers [6]. - The company's strategy focuses on growing sales of LOQTORZI in nasopharyngeal carcinoma and advancing new indications in combination with pipeline candidates and partners [6]. Group 4: Pipeline Information - Coherus' pipeline includes multiple antibody immunotherapy candidates aimed at enhancing immune responses against cancer [7]. - Tagmokitug is in Phase 1b/2a studies for advanced solid tumors, while Casdozokitug is being evaluated in a Phase 2 study for hepatocellular carcinoma [7].

Core Insights - The company is focused on transforming into an innovative oncology firm that aims to overcome immune resistance in cancer treatment [3] Company Progress - The CEO provided an update on the company's progress over the past 12 months since the last conference [2] - The cornerstone therapy for the company is LOQTORZI, which serves as a revenue multiplier in conjunction with their PD-1 backbone [3] Promising Assets - The company is developing Tagmokitug, a promising asset in the evolving class of Treg depleters, highlighting its mechanism of action and potential as a new treatment paradigm [3] - Casdozokitug was also mentioned as part of the company's portfolio, indicating ongoing development in innovative cancer therapies [3]

Coherus Oncology FY Conference Summary Company Overview - **Company**: Coherus Oncology (NasdaqGM:CHRS) - **Event**: FY Conference at the 44th JPMorgan Healthcare Conference - **Date**: January 13, 2026 Key Points Company Transformation and Strategy - Coherus has evolved into an innovative oncology company focused on overcoming immune resistance in cancer treatment, with Lactose as a cornerstone therapy [2][3] - The acquisition of Surface Oncology in September 2023 provided global rights to promising products CHS-114 (a CCR8 Treg depleter) and Casdozokitug [4] - The company divested its biosimilar business, raising approximately $800 million, which helped pay down $480 million in debt and support ongoing clinical studies [5] Product Pipeline and Market Opportunities - Coherus's pipeline represents a market opportunity of approximately $29 billion, with significant potential in both U.S. and ex-U.S. markets [9] - **Lactose**: A next-generation PD-1 therapy showing high activity, particularly in low PD-1 states, with a five-year survival rate improvement from 34 months to 65 months when combined with chemotherapy [11] - **CHS-114**: Positioned as a best-in-class Treg depleter, targeting Tregs in the tumor microenvironment to enhance T cell infiltration [15][16] - **Casdozokitug**: A first-in-class IL-27 antagonist showing a 38% overall response rate in hepatocellular carcinoma (HCC) studies, with ongoing trials expected to yield data in mid-2026 [24][25] Financial Projections and Sales Growth - Coherus anticipates revenue growth for Lactose, projecting $150-$200 million by mid-2028, supported by a strong sales trajectory and market penetration strategies [12][49] - The company has successfully increased demand growth quarter-over-quarter, exceeding initial guidance of 10%-15% [12] Clinical Trials and Data Expectations - Coherus is conducting multiple clinical trials across various cancers, with significant data readouts expected in 2026 [6][19] - The company is focused on optimizing dosing and understanding the best treatment settings for its products, particularly for Tecmo Kito and Casdozokitug [31][32] Competitive Landscape and Differentiation - Coherus emphasizes the selectivity and potency of its products, particularly Tecmo Kito, which is the only selective CCR8 binder disclosed, differentiating it from competitors [33][34] - The company is pursuing partnerships to enhance the development of its therapies, particularly in combination with other modalities like T-cell engagers and CAR-T therapies [40][41] Challenges and Market Dynamics - The company faces challenges in educating community physicians about its products due to the rarity of the diseases treated, necessitating sophisticated outreach strategies [48][49] - Coherus is aware of the competitive landscape and is strategically positioning its products to overcome resistance mechanisms in solid tumors [43] Future Outlook - Coherus is optimistic about 2026, with a strong focus on data generation and strategic partnerships to drive growth and enhance shareholder value [29][30] Conclusion Coherus Oncology is strategically positioned for growth in the oncology market with a robust pipeline and a focus on innovative therapies. The company is actively working to enhance its market presence and drive shareholder value through strategic partnerships and clinical advancements.

Core Insights - Coherus Oncology, Inc. will present at the 44th Annual J.P. Morgan Healthcare Conference on January 13, 2026, at 10:30 a.m. Pacific Time, with the presentation accessible via webcast [1] - The webcast will be available for replay until February 13, 2026 [2] Company Overview - Coherus Oncology is a fully integrated commercial-stage innovative oncology company with an approved next-generation PD-1 inhibitor, LOQTORZI® (toripalimab-tpzi), and a pipeline that includes two mid-stage clinical candidates targeting various cancers [3] - The company's strategy focuses on growing sales of LOQTORZI in nasopharyngeal carcinoma (NPC) and advancing new indications for LOQTORZI in combination with its pipeline candidates and partners [3] Pipeline Details - Coherus' oncology pipeline includes multiple antibody immunotherapy candidates aimed at enhancing immune responses to improve cancer treatment outcomes [4] - Tagmokitug, a selective cytolytic anti-CCR8 antibody, is currently in Phase 1b/2a studies for advanced solid tumors, including head and neck squamous cell carcinoma, colorectal cancer, gastric cancer, and esophageal cancer [4] - Casdozokitug, a novel IL-27 antagonistic antibody, is being evaluated in a Phase 2 study for first-line hepatocellular carcinoma [4]