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

Coherus Oncology (NASDAQ: CHRS) announced a proposed underwritten public offering of its common stock on Feb 12, 2026.

(Very High)

(Positive)

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

Argus Feb 13 session

-19.90% close to close Open Argus

Details

News Market Reaction – CHRS

In the Feb 13 session, CHRS declined 19.90%, reflecting a significant negative market reaction.

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 prior reven...

Analysis

The stock dropped -19.9% in the session 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 Figures

Shelf capacity: $150.0 million ATM program size: $64,880,054 Prelim Q4 2025 revenue: $12.7 million +5 more

Shelf capacity: $150.0 million; Form S-3 mixed securities registration filed Nov 13, 2025
ATM program size: $64,880,054; Common stock via at-the-market program with TD Cowen
Prelim Q4 2025 revenue: $12.7 million; Preliminary net revenue from continuing operations, quarter ended Dec 31, 2025
Prelim FY 2025 revenue: $42.2 million; Preliminary net revenue from continuing operations, year ended Dec 31, 2025
Prior Q4 2024 revenue: $7.7 million; Net revenue from continuing operations, quarter ended Dec 31, 2024
Prior FY 2024 revenue: $26.4 million; Net revenue from continuing operations, year ended Dec 31, 2024
Youngquist trust holding: 7,850,800 shares; Beneficial ownership reported at 6.49% of shares outstanding
Vanguard holding: 10,028,893 shares; Beneficial ownership reported at 8.29% of common stock

Historical Context

5 past events · Latest: Jan 06

5 events

Jan 06
Conference presentation

24h Move

-5.6%

Management scheduled a J.P. Morgan Healthcare Conference presentation and webcast details.
Jan 05
Clinical publication

24h Move

+5.1%

Publication of favorable preclinical and first-in-human data for CCR8 antibody tagmokitug.
Dec 08
Phase 3 update

24h Move

+6.7%

Six-year JUPITER-02 results showing LOQTORZI plus chemo nearly doubled median OS.
Nov 07
Biomarker data

24h Move

-10.1%

SITC data showing strong intratumoral immune modulation with CHS-114 in HNSCC.
Nov 06
Earnings and update

24h Move

-4.8%

Q3 2025 results with rising R&D, net loss, and LOQTORZI growth commentary.

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

Key Terms

underwritten public offering, shelf registration statement, form s-3, prospectus supplement

4 terms

underwritten public offering financial

"announced a proposed underwritten public offering of its common stock"

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.

shelf registration statement regulatory

"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

"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 preliminary prospectus supplement and accompanying prospectus relating to and describing"

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. How Rhea-AI works. Not financial advice.

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02/12/2026 - 04:05 PM

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 15% of the shares offered in the Offering, at the public offering price per share less underwriting discounts and commissions. All of the shares in the Offering are being offered by Coherus.

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, 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.

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Coherus (CHRS) proposing in the Feb 12, 2026 public offering?

Coherus is proposing an underwritten public offering of its common stock, with an underwriter option for additional shares. According to the company, the underwriters may buy extra shares for 30 days up to 15% of the offering size, subject to market conditions.

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

The company will use proceeds to support LOQTORZI commercialization and clinical programs. According to the company, funds are earmarked for LOQTORZI (toripalimab-tpzi) commercialization, continuing product development, and working capital and general corporate purposes.

What is the underwriters' 30-day option in the CHRS offering and how large is it?

The underwriters have a 30-day option to purchase up to 15% additional shares at the offering price. According to the company, this standard "greenshoe" increases offering flexibility and can cover overallotments.

Where can investors find the CHRS preliminary prospectus supplement and registration details?

The preliminary prospectus supplement and prospectus are available on the SEC website and from the lead bookrunners. According to the company, documents were filed under Form S-3 (File No. 333-291520) and can be accessed on www.sec.gov.

What are the main risks for CHRS shareholders from the proposed offering?

Primary risks include dilution and uncertainty over whether the offering will proceed as planned. According to the company, the Offering is subject to market and other conditions and its size and timing are not assured.

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