On November 9, 2026 Coherus Oncology, Inc. (Nasdaq: CHRS) reported financial results for the third quarter 2026 and provided an overview of recent business highlights.
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"The strategic prioritization of esophageal cancer as our best-in-disease focus for tagmokitug, together with the Transition Services Agreement wind-down and the toripalimab process transfer completion, provides an ideal opportunity to right-size the organization and deliver financial benefits that flow directly from this prioritization," said Denny Lanfear, Chief Executive Officer of Coherus Oncology. "Over the next four or five quarters we will remain intensely focused on growing LOQTORZI market share in relation to chemo-only, an inferior therapeutic approach, and off-label IO, which has not demonstrated standard-of-care level of benefit for patients living with nasopharyngeal carcinoma. We believe this approach can provide a path to financial self-sufficiency."
"Esophageal cancers constitute difficult-to-treat tumors with significant unmet medical need. The compelling anti-tumor activity observed in both ESCC and EAC tumors suggests that Tregs are a critical driver of resistance. Importantly, we saw tagmokitug enhance PD-1’s activity, demonstrate activity in PD-L1 negative tumors, and rescue PD-1 refractory patients," said Rosh Dias, M.D., Chief Medical Officer of Coherus Oncology. "Our immediate next step is to align with the FDA on our plans to expand the signal observed in esophageal cancer, with an initial focus on the second-line setting. This represents the fastest path to market in this underserved patient population."
"The financial benefits of right-sizing the organization and reducing the scope of our forward-focused efforts provide substantial and durable benefits to our operating model," said Bryan McMichael, Chief Financial Officer of Coherus Oncology. "These benefits will be realized over the next two quarters, lowering our core cash burn by $6 million to $7 million quarterly, which in turn lowers the quarterly LOQTORZI revenues required to cover core burn to $25 million to $30 million, down from $30 million to $35 million, as previously guided."
RECENT BUSINESS HIGHLIGHTS
LOQTORZI (toripalimab-tpzi) Commercial Updates
● LOQTORZI revenue for Q3 2026 was $14.0 million, a 25% increase over $11.2 million in Q3 2025, and a 3% increase versus $13.6 million in Q2 2026.
● Demand continued to grow in the third quarter, driven by an increasing number of patients on therapy and increasing treatment duration.
● 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).
ADVANCEMENT OF INNOVATIVE, NEXT-GENERATION ONCOLOGY PIPELINE
Tagmokitug is a highly selective, cytolytic anti-CCR8 antibody designed to preferentially deplete CCR8-positive regulatory T cells (Tregs) in the tumor microenvironment, with the goal of overcoming immune resistance and enhancing antitumor immune responses. Tagmokitug is being evaluated in the TREGCHECK Phase 1b/2a clinical program in combination with toripalimab, with and without chemotherapy. As part of the strategic prioritization plan, Coherus will focus near-term tagmokitug development on esophageal cancer and deprioritize the other tagmokitug-toripalimab cohorts presented during our October 28, 2026, data release. The Company will continue ongoing first-line ESCC and second-line ESCC and EAC indications and pursue regulatory alignment on an expedited development path, initially focused on second-line esophageal cancer.
● Enrollment remains ongoing in the Phase 1b cohorts evaluating tagmokitug in combination with toripalimab with or without chemotherapy in first- and second-line ESCC. The second-line EAC patients were enrolled as part of the upper gastrointestinal adenocarcinoma cohort, which has completed accrual and remains in follow-up.
● The overall interim clinical activity across second-line ESCC and second-line EAC of 22 treated and 13 evaluable patients demonstrated a confirmed ORR of 33.3% and a CBR of 55.6%. Coherus plans to initiate a new study evaluating tagmokitug in combination with toripalimab in patients with second line esophageal cancer (EAC and ESCC), an area of high unmet medical need. The Company intends to align with the FDA on the design of the new study and the proposed 700 mg dose, with the objective of pursuing an expedited development path.
● The Company plans to go forward with the 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), which 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 in the randomized Phase 2 trial of casdozokitug/toripalimab/bevacizumab in 1L uHCC is complete and the first data readout is expected in 1H 2027.
THIRD QUARTER 2026 FINANCIAL RESULTS
Net revenue from continuing operations was $14.3 million and $11.6 million during the three months ended September 30, 2026 and 2025, respectively, and $40.9 million and $29.4 million during the nine months ended September 30, 2026 and 2025, respectively. The increases were driven primarily by volume growth of LOQTORZI.
Cost of goods sold (COGS) from continuing operations was $4.1 million and $3.7 million during the three months ended September 30, 2026 and 2025, respectively, and $12.1 million and $9.8 million during the nine months ended September 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 $22.6 million and $27.3 million for the three months ended September 30, 2026 and 2025, respectively, and $65.6 million and $77.9 million during the nine months ended September 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 $21.2 million and $24.9 million during the three months ended September 30, 2026 and 2025, respectively, and $65.3 million and $77.0 million during the nine months ended September 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 third quarter of 2026 was $38.9 million, or $(0.25) per share on a diluted basis, compared to $44.5 million, or $(0.38) per share on a diluted basis, for the same period in 2025. Net loss for the nine months ended September 2026 was $109.2 million, or $(0.73) per share on a diluted basis, compared to $136.8 million, or $(1.18) per share on a diluted basis for the same period of 2025.
Non-GAAP net loss from continuing operations for the third quarter of 2026 was $31.2 million, or $(0.20) per share on a diluted basis, compared to $38.9 million, or $(0.33) per share for the same period in 2025. Non-GAAP net loss for the nine months ended September 2026 was $95.3 million, or $(0.64) per share on a diluted basis, compared to $118.8 million, or $(1.02) 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 $83.6 million as of September 30, 2026, compared to $172.1 million as of December 31, 2025. These balances were inclusive of Transition Services Agreement (TSA)-related collections that will be applied to associated TSA payables and accrued liabilities which totaled $19.6 million and $65.1 million as of September 30, 2026 and December 31, 2025, respectively.
Conference Call Information
When: Monday, November 9, 2026, starting at 5:00 p.m. Eastern Standard Time
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(Press release, Coherus Oncology, NOV 9, 2026, View Source [SID1234674466])