Coherus Oncology, Inc. Announces Proposed Public Offering of Common Stock
Rhea-AI Summary
Coherus Oncology (NASDAQ: CHRS) announced a proposed underwritten public offering of its common stock on Feb 12, 2026.
Key points: Coherus will offer shares from its effective Form S-3 shelf (File No. 333-291520, filed Nov 13, 2025); underwriters have a 30-day option for up to 15% additional shares. Net proceeds are targeted to support commercialization of LOQTORZI (toripalimab-tpzi), continue clinical development, and for working capital and general corporate purposes. The Offering is subject to market conditions and may not be completed as proposed.
Positive
- Capital raise to fund LOQTORZI commercialization
- Proceeds allocated to clinical development and working capital
Negative
- Potential dilution to existing shareholders from issued shares and 15% greenshoe
- Execution risk — Offering subject to market conditions; completion not assured
Market Reaction
Following this news, CHRS has declined 16.89%, reflecting a significant negative market reaction. Our momentum scanner has triggered 19 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $1.67. This price movement has removed approximately $49M from the company's valuation.
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Key Figures
Market Reality Check
Peers on Argus
CHRS was down 3.32% while scanner activity showed only GLSI notably higher, up 4.94%. Broader peers were mixed, with AGEN at -3.26% and MCRB at -2.76%, suggesting this equity offering announcement is more stock-specific than a sector-wide move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 06 | Conference presentation | Positive | -5.6% | Management scheduled a J.P. Morgan Healthcare Conference presentation and webcast details. |
| Jan 05 | Clinical publication | Positive | +5.1% | Publication of favorable preclinical and first-in-human data for CCR8 antibody tagmokitug. |
| Dec 08 | Phase 3 update | Positive | +6.7% | Six-year JUPITER-02 results showing LOQTORZI plus chemo nearly doubled median OS. |
| Nov 07 | Biomarker data | Positive | -10.1% | SITC data showing strong intratumoral immune modulation with CHS-114 in HNSCC. |
| Nov 06 | Earnings and update | Negative | -4.8% | Q3 2025 results with rising R&D, net loss, and LOQTORZI growth commentary. |
Drug and clinical data updates have sometimes produced strong positive moves, while other seemingly positive events and conference headlines have seen negative reactions, indicating inconsistent news-to-price alignment.
Over the last few months, CHRS has alternated between clinical and corporate catalysts. Positive LOQTORZI Phase 3 survival data on Dec 8, 2025 and a CCR8 publication on Jan 5, 2026 both coincided with gains above 5%. In contrast, positive CHS-114 biomarker data on Nov 7, 2025 and a J.P. Morgan conference presentation on Jan 6, 2026 were followed by notable declines. Earnings on Nov 6, 2025 also saw a negative reaction, framing today’s capital-raising step against a backdrop of mixed price responses to news.
Regulatory & Risk Context
An effective Form S-3 shelf dated Nov 13, 2025 allows Coherus to issue up to $150.0 million of mixed securities over time. This proposed underwritten common stock offering and the existing ATM program of up to $64,880,054 (filed via 424B5 on Jan 23, 2026) both draw on that capacity, signaling active use of the shelf for equity financing.
Market Pulse Summary
The stock is dropping -16.9% following this news. A negative reaction despite prior revenue growth fits a market wary of further equity issuance. Coherus already tapped an ATM program of up to $64,880,054 under its $150.0 million shelf, and this proposed underwritten sale adds to potential dilution concerns. Past news has produced both sharp gains and double‑digit declines, so traders may reassess risk once final terms, proceeds, and subsequent operational updates are known.
Key Terms
underwritten public offering financial
shelf registration statement regulatory
form s-3 regulatory
prospectus supplement regulatory
AI-generated analysis. Not financial advice.
REDWOOD CITY, Calif., Feb. 12, 2026 (GLOBE NEWSWIRE) -- Coherus Oncology, Inc. (“Coherus” or the “Company”) (NASDAQ: CHRS), today announced a proposed underwritten public offering of its common stock (the “Offering”). In addition, Coherus intends to grant the underwriters a 30-day option to purchase additional shares of its common stock in an amount up to
Coherus intends to use the net proceeds from the proposed 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 joint bookrunners for the proposed Offering.
The proposed Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of 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 will be made only by means of a written prospectus and a prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the Offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to these securities may also 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, 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, timing and size of the proposed Offering, the grant to the underwriters of an option to purchase additional shares and the anticipated use of proceeds from the proposed 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, the satisfaction of closing conditions related to the proposed 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 preliminary prospectus supplement and accompanying prospectus relating to the proposed 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
What is Coherus (CHRS) proposing in the Feb 12, 2026 public offering?
How will Coherus (CHRS) use the net proceeds from the proposed offering?
What is the underwriters' 30-day option in the CHRS offering and how large is it?
Where can investors find the CHRS preliminary prospectus supplement and registration details?
What are the main risks for CHRS shareholders from the proposed offering?
