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

Rhea-AI Summary

Coherus Oncology (NASDAQ: CHRS) priced an underwritten public offering of 28,600,000 common shares at $1.75 per share, raising approximately $50.1 million in gross proceeds. The company granted a 30-day option for an additional 4,290,000 shares and expects closing on or about February 17, 2026.

Net proceeds are intended to support commercialization of LOQTORZI (toripalimab-tpzi), continue clinical development, and for working capital and general corporate purposes.

Positive

• Gross proceeds of approximately $50.1 million
• Proceeds designated to support LOQTORZI commercialization
• Proceeds allocated to continue clinical development
• 30-day overallotment option for 4,290,000 additional shares (15%)

Negative

• Issuance of 28,600,000 new shares will dilute existing shareholders
• Gross proceeds subject to underwriting discounts and offering expenses

News Market Reaction – CHRS

-19.90% 2.9x vol

19 alerts

-19.90% Session close to close

-16.4% Trough in 23 hr 27 min

$242.95M Market Cap

2.9x Rel. Volume

In the Feb 13 session, CHRS declined 19.90%, reflecting a significant negative market reaction. Argus tracked a trough of -16.4% from its starting point during tracking. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. Trading volume was elevated at 2.9x the daily average, suggesting increased selling activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -19.9% in the session following this news. A negative reaction despite the company...

Analysis

The stock dropped -19.9% in the session following this news. A negative reaction despite the company strengthening its balance sheet fits prior patterns where financing headlines pressured the stock. The offering of 28.6 million shares at $1.75 per share, plus an underwriters’ option for 4.29 million more, represents meaningful potential dilution. Historically, Coherus has traded lower on capital-raising news, even when supported by positive clinical and revenue trends, so investors may reassess as proceeds are deployed toward LOQTORZI and pipeline development.

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 Expected gross proceeds before fees and expenses

Overallotment shares 4,290,000 shares 30-day underwriter option at offering price

ATM program size $64,880,054 Common stock capacity under ATM with TD Cowen (424B5, Jan 23, 2026)

Shelf capacity $150.0 million Maximum mixed securities under Form S-3 shelf filed Nov 13, 2025

Q4 2025 revenue $12.7 million Preliminary unaudited net revenue from continuing operations (vs. $7.7M prior year)

Cash & securities $172.1 million Estimated as of Dec 31, 2025, expected to fund operations through end of 2026

Historical Context

5 past events · Latest: Feb 12 (Negative)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 12	Equity offering launch	Negative	-1.5%	Proposed underwritten stock offering from Form S-3 shelf with 15% overallotment.
Jan 06	Conference appearance	Neutral	-5.6%	Management scheduling a presentation at the J.P. Morgan Healthcare Conference.
Jan 05	Preclinical publication	Positive	+5.1%	Publication of strong pharmacology and biomarker data for CCR8 antibody tagmokitug.
Dec 08	Phase 3 survival data	Positive	+6.7%	LOQTORZI plus chemotherapy nearly doubling median overall survival in JUPITER-02.
Nov 07	Biomarker update	Positive	-10.1%	SITC multiomic biomarker data for CHS-114 showing strong intratumoral immune effects.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The stock has tended to react negatively to financing and event headlines, but has shown positive moves on major efficacy data, with one notable divergence on positive biomarker results.

Recent Company History

Over the past few months, Coherus has mixed financing, corporate, and clinical catalysts. A prior Feb 12, 2026 proposed offering saw a -1.47% move, foreshadowing the current priced deal. Conference participation on Jan 13, 2026 coincided with a -5.56% move. In contrast, strong LOQTORZI Phase 3 survival data on Dec 8, 2025 and CCR8 program updates on Jan 5, 2026 drove moves of +6.67% and +5.11%. Earlier SITC biomarker data on Nov 7, 2025 saw a -10.07% decline despite positive science.

Key Terms

underwritten public offering, common stock, underwriting discounts and commissions, shelf registration statement, +4 more

8 terms

underwritten public offering financial

"announced the pricing 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.

common stock financial

"public offering of 28,600,000 shares of the Company’s common stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

underwriting discounts and commissions financial

"public offering price of $1.75 per share, before underwriting discounts and commissions"

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.

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

"A prospectus supplement and accompanying prospectus relating to and describing the terms"

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.

u.s. securities and exchange commission regulatory

"previously filed with the U.S. Securities and Exchange Commission (the “SEC”)"

The U.S. Securities and Exchange Commission is a government agency responsible for overseeing the stock market and protecting investors. It sets rules to ensure that companies share truthful information and that trading is fair, helping to maintain trust in the financial system. This oversight is important because it helps prevent fraud and ensures that investors can make informed decisions.

nasdaq financial

"(“Coherus” or the “Company”) (NASDAQ: CHRS), today announced the pricing"

The Nasdaq is a stock exchange where many companies' shares are bought and sold, functioning much like a marketplace for investments. It matters to investors because it provides a platform to buy and sell ownership stakes in companies, helping them track the value of those companies and make informed decisions. As one of the largest and most technology-focused markets, it also reflects trends and developments in the business world.

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REDWOOD CITY, Calif., Feb. 12, 2026 (GLOBE NEWSWIRE) -- Coherus Oncology, Inc. (“Coherus” or the “Company”) (NASDAQ: CHRS), today announced the pricing of an underwritten public offering of 28,600,000 shares of the Company’s common stock (the “Offering”). The shares of common stock are being sold at a public offering price of $1.75 per share, before underwriting discounts and commissions. All of the shares in the Offering are being sold by the Company. The gross proceeds to Coherus from the Offering are expected to be 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. The Offering is expected to close on or about February 17, 2026, subject to the satisfaction of customary closing conditions.

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. are acting as the joint bookrunners for the Offering.

The securities described above are being 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 is being 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 will be filed with the SEC and will be 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, when available, 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, 8^th 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, or 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 completion of the Offering, the expected gross proceeds of the Offering, the anticipated use of proceeds from the Offering and the potential exercise by the underwriters of an option to purchase additional shares, 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, the satisfaction of closing conditions related to the Offering, 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) offer in the February 2026 public offering?

Coherus offered 28,600,000 common shares at $1.75 per share. According to the company, there is a 30-day option to purchase an additional 4,290,000 shares at the same public offering price, less underwriting discounts.

What gross proceeds did Coherus (CHRS) expect from the February 2026 offering?

The offering is expected to generate approximately $50.1 million in gross proceeds. According to the company, this amount is before deducting underwriting discounts, commissions, and other offering expenses.

How will Coherus (CHRS) use the net proceeds from the February 2026 offering?

Net proceeds are intended to support LOQTORZI commercialization, continue clinical development, and for working capital and general corporate purposes. According to the company, these are the primary uses described for the funds.

When is the Coherus (CHRS) offering expected to close and what conditions apply?

The offering is expected to close on or about February 17, 2026, subject to customary closing conditions. According to the company, closing remains conditional on satisfaction of those customary requirements.

Who are the joint bookrunners for the Coherus (CHRS) February 2026 offering?

TD Cowen, Guggenheim Securities, and Oppenheimer & Co. are acting as joint bookrunners. According to the company, these firms are responsible for managing the underwriting and distribution of the offering.