Coherus Oncology, Inc. Announces Closing of Public Offering of Common Stock

Rhea-AI Summary

Coherus Oncology (NASDAQ: CHRS) closed an underwritten public offering of 28,600,000 common shares at $1.75 per share on Feb 17, 2026, generating approximately $50.1 million gross proceeds before fees.

The company granted underwriters a 30-day option to purchase up to 4,290,000 additional shares for over-allotments. Proceeds will support commercialization of LOQTORZI, continued clinical programs, working capital and general corporate purposes.

Positive

• Gross proceeds of approximately $50.1 million
• Offering led by healthcare investors Janus Henderson, HBM Healthcare, Samsara BioCapital
• Proceeds earmarked for LOQTORZI commercialization and clinical development

Negative

• Issued 28.6M shares, creating shareholder dilution risk
• Underwriters hold 30-day option for 4.29M additional shares (over-allotment)

News Market Reaction – CHRS

+1.24%

5 alerts

+1.24% News Effect

+$3M Valuation Impact

$204M Market Cap

0.2x Rel. Volume

On the day this news was published, CHRS gained 1.24%, reflecting a mild positive market reaction. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $3M to the company's valuation, bringing the market cap to $204M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares offered: 28,600,000 shares Offering price: $1.75 per share Gross proceeds: $50.1 million +5 more

8 metrics

Shares offered 28,600,000 shares Underwritten public offering of common stock

Offering price $1.75 per share Public offering price before underwriting discounts

Gross proceeds $50.1 million Gross proceeds from offering before expenses

Overallotment option 4,290,000 shares 30-day option granted to underwriters

Net proceeds (8-K) $47.0 million Approximate net proceeds before expenses, per Feb 17, 2026 8-K

Expected net proceeds $46.5 million Estimated net proceeds in Feb 13, 2026 424B5

Shelf capacity $150.0 million Total mixed securities under Form S-3 shelf

ATM program size $64,880,054 Maximum aggregate common stock sales under ATM with TD Cowen

Market Reality Check

Price: $1.76 Vol: Volume 10,917,296 is abou...

high vol

$1.76 Last Close

Volume Volume 10,917,296 is about 2.87x the 20-day average of 3,810,501, indicating heavy trading around the offering close. high

Technical Shares at $1.61 trade 38.45% below the 52-week high of $2.62 but remain above the 200-day MA at $1.28.

Peers on Argus

CHRS fell about 19.9% while key biotech peers like AGEN, GLSI, THTX, and TIL sho...

CHRS fell about 19.9% while key biotech peers like AGEN, GLSI, THTX, and TIL showed gains between 0.89% and 3.19%, indicating a stock-specific reaction rather than a sector-wide move.

Previous Offering Reports

2 past events · Latest: Feb 12 (Negative)

Same Type Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Feb 12	Equity offering pricing	Negative	-1.5%	Pricing of 28,600,000-share public offering at $1.75 per share.
Feb 12	Equity offering proposed	Negative	-1.5%	Announcement of proposed common stock offering from existing shelf.

Pattern Detected

Recent equity offering headlines for CHRS have led to modest, consistent declines of about 1.47%, suggesting investors typically respond mildly negatively to dilution-related news.

Recent Company History

Over the past few months, Coherus has combined clinical progress with increasing use of equity financing tools. Offering-related news on Feb 12, 2026 (proposed and priced deals) each saw about a 1.47% decline, showing a mild, consistent negative response. Earlier, positive clinical and conference updates in late 2025 and early 2026 supported the LOQTORZI franchise and the broader oncology pipeline. Today’s closing of the same offering continues this capital-raising sequence tied to commercial and clinical expansion priorities.

Historical Comparison

-1.5% avg move · Past two offering headlines moved CHRS about -1.47% on average. Today’s roughly -19.9% reaction to t...

offering

-1.5%

Average Historical Move offering

Past two offering headlines moved CHRS about -1.47% on average. Today’s roughly -19.9% reaction to the offering close is a much larger downside response than prior similar events.

The company followed a typical offering lifecycle: announcing a proposed deal, then pricing it, and now confirming closing, all from the same Form S-3 shelf.

Regulatory & Risk Context

Active S-3 Shelf · $150.0 million

Shelf Active

Active S-3 Shelf Registration 2025-11-13

$150.0 million registered capacity

An effective Form S-3 filed on Nov 13, 2025 allows Coherus to issue up to $150.0 million of mixed securities, including common stock, via underwritten deals, ATMs, or other methods. Recent 424B5 filings on Jan 23, Feb 12, and Feb 13, 2026 show active use of this shelf for capital raising.

Market Pulse Summary

This announcement confirms closing of a previously announced underwritten offering of 28,600,000 sha...

Analysis

This announcement confirms closing of a previously announced underwritten offering of 28,600,000 shares at $1.75, generating about $50.1 million in gross proceeds and roughly $47.0 million in net proceeds. The capital adds to liquidity that was already supported by an active $150.0 million Form S-3 shelf and a $64,880,054 ATM program. Investors may watch how efficiently funds support LOQTORZI commercialization, pipeline development, and whether further issuance occurs under the shelf and ATM.

Key Terms

underwritten public offering, underwriting discounts and commissions, over-allotments, shelf registration statement, +2 more

6 terms

underwritten public offering financial

"announced the closing of an underwritten public offering of 28,600,000 shares"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

underwriting discounts and commissions financial

"sold at a public offering price of $1.75 per share, before underwriting discounts"

Underwriting discounts and commissions are fees paid to financial institutions that help sell new securities to investors. They act like a commission for their role in connecting companies with buyers, often reducing the amount of money the issuing company raises. For investors, understanding these costs helps gauge how much of their investment is going toward the actual securities versus fees paid to middlemen.

over-allotments financial

"30-day option to purchase up to an additional 4,290,000 shares ... to cover over-allotments"

An over-allotment is a temporary extra batch of shares that the underwriters of a stock offering are allowed to sell beyond the original amount, with the right to buy those shares back later. Think of it as spare tickets sold to meet demand and then reclaimed if needed to keep the market orderly; it helps stabilize the stock price after an offering and can affect short-term supply and potential dilution, which matters to investors tracking price and ownership stakes.

shelf registration statement regulatory

"offered by Coherus pursuant to an effective shelf registration statement on Form S-3"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form s-3 regulatory

"effective shelf registration statement on Form S-3 (File No. 333-291520)"

Form S-3 is a legal document companies use to register their stock sales with the government, making it easier and faster for them to raise money by selling shares to investors. It’s like having a pre-approved shopping list that lets a company quickly sell new shares when they need funds, without going through a lengthy approval process each time.

prospectus supplement regulatory

"by means of a written prospectus and prospectus supplement that form a part"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

–The Offering was led by healthcare-dedicated investors including Janus Henderson Investors, HBM Healthcare Investments and Samsara BioCapital–

REDWOOD CITY, Calif., Feb. 17, 2026 (GLOBE NEWSWIRE) -- Coherus Oncology, Inc. (“Coherus” or the “Company”) (NASDAQ: CHRS), today announced the closing of an underwritten public offering of 28,600,000 shares of the Company’s common stock (the “Offering”). The shares of common stock were sold at a public offering price of $1.75 per share, before underwriting discounts and commissions. All shares in the Offering were sold by the Company. The gross proceeds to Coherus from the Offering were approximately $50.1 million, before deducting underwriting discounts and commissions and other offering expenses. The Company has granted the underwriters of the Offering a 30-day option to purchase up to an additional 4,290,000 shares of common stock at the public offering price, less the underwriting discounts and commissions, solely for the purpose of covering over-allotments.

The Offering was led by new investors Janus Henderson Investors, HBM Healthcare Investments and Samsara BioCapital.

“Over the last two years we strengthened our balance sheet, reduced our debt by over 80%, and transformed Coherus from a biosimilar company to a clinical-stage Biotech focused on innovative oncology. With this financing we make further progress in rebuilding our capitalization table to support our expanding clinical development programs and upcoming data readouts, while funding commercial efforts to increase market penetration and revenue generation. We believe the Company is well positioned for future success,” said Denny Lanfear, Chairman and Chief Executive Officer.

Coherus intends to use the net proceeds from the Offering to support the ongoing commercialization of LOQTORZI^® (toripalimab-tpzi), to continue clinical development of its product candidates, and for working capital and other general corporate purposes.

TD Cowen, Guggenheim Securities, and Oppenheimer & Co. acted as the joint bookrunners for the Offering.

The securities described above were offered by Coherus pursuant to an effective shelf registration statement on Form S-3 (File No. 333-291520) that was previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 13, 2025. The Offering was made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A prospectus supplement and accompanying prospectus relating to and describing the terms of the Offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained by request from: TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at TDManualrequest@broadridge.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com; or Oppenheimer & Co. Inc. Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Coherus Oncology, Inc.

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 liver, prostate, head & neck, colorectal and other cancers. The Company’s strategy is to grow sales of LOQTORZI in R/M nasopharyngeal carcinoma and advance the development of new indications for LOQTORZI in combination with both its pipeline candidates as well as through its partners.

Coherus’ innovative oncology pipeline includes multiple antibody immunotherapy candidates focused on enhancing the innate and adaptive immune responses to enable a robust antitumor response and enhance outcomes for patients with cancer. Tagmokitug is a highly selective cytolytic anti-CCR8 antibody currently in Phase 1b/2a studies in patients with advanced solid tumors, including head and neck squamous cell carcinoma, colorectal cancer, gastric cancer, and esophageal cancer. Casdozokitug is a novel IL-27 antagonistic antibody currently being evaluated in a Phase 2 study in patients with first-line hepatocellular carcinoma.

LOQTORZI^® is a registered trademark of Coherus Oncology, Inc.
©2026 Coherus Oncology, Inc. All rights reserved.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts contained herein, including, without limitation, statements regarding the anticipated use of proceeds from the Offering and the expected benefits of the Offering, are forward-looking statements reflecting the current beliefs and expectations of Coherus’ management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent Coherus’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, tariffs, the trading price and volatility of Coherus’ common stock, and risks relating to Coherus’ business, including those identified in the “Risk Factors” section of Coherus’ Annual Report on Form 10-K for the year ended December 31, 2024, in its subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, as well as the prospectus supplement and accompanying prospectus relating to the Offering. The forward-looking statements included in this press release speak only as of the date of this press release, and Coherus does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.

Coherus Oncology Contact Information:

For Investors:
Carrie Graham
VP, Investor Relations & Advocacy
IR@coherus.com

FAQ

How many shares did Coherus (CHRS) sell in the Feb 17, 2026 offering?

Coherus sold 28,600,000 common shares at $1.75 per share. According to the company, all shares were sold by Coherus and the offering generated about $50.1 million gross before expenses.

What was the price and gross proceeds of Coherus (CHRS) public offering on Feb 17, 2026?

The shares priced at $1.75 per share, producing approximately $50.1 million gross proceeds. According to the company, this amount is before underwriting discounts, commissions and offering expenses.

Will Coherus (CHRS) issue more shares after the Feb 17, 2026 offering?

Yes. Coherus granted underwriters a 30-day option to buy up to 4,290,000 additional shares. According to the company, that option is solely to cover potential over-allotments.

How does Coherus (CHRS) plan to use proceeds from the Feb 17, 2026 offering?

Coherus intends to fund LOQTORZI commercialization, clinical development, working capital and general corporate purposes. According to the company, net proceeds will specifically support ongoing commercialization and development programs.

Who led the Coherus (CHRS) public offering closed on Feb 17, 2026?

The offering was led by healthcare-dedicated investors Janus Henderson, HBM Healthcare Investments, and Samsara BioCapital. According to the company, TD Cowen, Guggenheim Securities and Oppenheimer acted as joint bookrunners.