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Coherus Oncology, Inc. announced a special dividend of contingent value rights (CVRs) tied to its remaining biosimilar business. Stockholders of record of Coherus common stock at 5:00 p.m. Eastern Time on September 30, 2026 (the Record Date) will receive one CVR for each share held.
The CVRs will be distributed on October 7, 2026 and will entitle holders to their pro rata share of any net cash proceeds that Coherus actually receives from selling, licensing, or otherwise monetizing specified “Legacy BioSim Assets,” including patents, an existing royalty stream, cell lines and related materials, during the CVR term. The CVR term runs from October 7, 2026 through October 7, 2028; if no qualifying net proceeds are received in that period, the CVRs will expire without payment.
The CVRs are non-transferable except in limited cases, will not be certificated, carry no voting or dividend rights, and will not be listed or traded. Payments, if any, are subject to deductions for taxes and specified expenses and to restrictions in Coherus’ August 12, 2026 Loan and Security Agreement with Innovatus Life Sciences Lending Fund I, L.P.
Coherus Oncology, Inc. entered into a new senior secured term loan facility of $55,000,000 with Innovatus Life Sciences Lending Fund I, LP and other lenders, maturing in August 2031. On August 14, 2026, Coherus drew the full Tranche A amount and used a portion to repay and terminate its prior senior secured term loan, which had been scheduled to mature in May 2029 and carried interest at 8.0% plus three‑month SOFR. Remaining proceeds are designated for working capital and general business requirements.
The new Term Loans bear a floating rate of 4.15% plus the greater of the Prime Rate or 6.75%, with an initial 36‑month interest‑only period, extendable to 48 months upon achieving specified revenue and market capitalization milestones. Coherus also has the option to draw additional tranches of $25,000,000 and $20,000,000 under certain conditions. The loans are secured by liens on substantially all borrower assets, include a minimum unrestricted cash covenant, facility and prepayment fees, and a 4.00% final fee that can increase to 10.00% if the company begins an insolvency proceeding and receives specified debtor‑in‑possession financing.
Coherus Oncology, Inc. reported Q2 2026 net revenue from continuing operations of $14.3 million, up from $10.3 million a year earlier, driven mainly by LOQTORZI sales of $13.6 million. Gross margin from continuing operations was 70%.
Research and development expense fell to $21.4 million and selling, general and administrative expense to $21.0 million, reflecting lower headcount and the exit from biosimilars. The company recorded a Q2 2026 net loss from continuing operations of $33.3 million and total net loss of $20.6 million, partly offset by $12.7 million of income from discontinued operations tied to prior biosimilar divestitures.
At June 30, 2026, Coherus held $105.3 million in cash, cash equivalents and marketable securities, with a $37.2 million 2029 term loan and a $14.8 million revenue participation liability outstanding. Management believes existing liquidity funds operations for at least 12 months but indicates additional capital will be needed to complete development and commercialization plans.
Coherus Oncology reported second quarter 2026 net revenue from continuing operations of $14.3 million, up from $10.3 million a year earlier, driven mainly by LOQTORZI, which generated $13.6 million in net revenue, 15% above the prior quarter. Cost of goods sold was $4.2 million, while R&D and SG&A expenses declined versus 2025 as the company reduced headcount and completed its exit from the biosimilar business.
The company recorded a GAAP net loss from continuing operations of $33.3 million, or $0.22 per share, compared with a $44.9 million loss, or $0.39 per share, in 2025; non-GAAP net loss narrowed to $30.1 million. Cash, cash equivalents and marketable securities totaled $105.3 million at June 30, 2026, down from $172.1 million at year-end 2025. Coherus highlighted clinical progress for tagmokitug and casdozokitug and anticipates publicly disclosing data sets with sufficient maturity in early October 2026.
BlackRock, Inc. reports beneficial ownership of Coherus Oncology, Inc. common stock on a passive basis. BlackRock and certain of its business units collectively hold 8,934,952 shares of Coherus Oncology common stock, representing 5.8% of the outstanding class as of the reporting date.
BlackRock has sole voting power over 8,800,165 shares and sole dispositive power over all 8,934,952 shares, with no shared voting or dispositive power. Various underlying clients and funds have rights to dividends and sale proceeds, but no single such person holds more than five percent of Coherus Oncology’s outstanding common shares.
Coherus Oncology, Inc. filed an 8-K reporting a change in its independent auditor. On June 12, 2026, the Audit Committee dismissed Ernst & Young LLP as the company’s independent registered public accounting firm. EY’s audit reports on the 2024 and 2025 financial statements contained no adverse opinions, disclaimers, or qualifications, and the company reports no disagreements or reportable events with EY, other than a previously disclosed material weakness in internal control over certain inventory reconciliations that has since been remediated.
On the same date, the Audit Committee selected PricewaterhouseCoopers LLP to serve as independent registered public accounting firm for the fiscal year ending December 31, 2026, subject to standard client acceptance procedures. EY has been asked to provide, and has provided, a letter to the SEC agreeing with the company’s disclosures, which is included as Exhibit 16.1.
Coherus Oncology director Ali J. Satvat received new equity awards. On June 5, 2026, he was granted 30,000 restricted stock units, each convertible into one share of common stock upon vesting. According to the terms, all RSUs vest 100% on the one-year anniversary of June 3, 2026, subject to his continued service.
He also received a stock option for 60,000 shares of common stock at an exercise price of $1.45 per share. This option vests and becomes fully exercisable on June 3, 2027, conditional on his continued service with the company, and expires on June 5, 2036.
Coherus Oncology, Inc. reported that director Rita A. Karachun received equity compensation on June 5, 2026. She was granted 30,000 restricted stock units (RSUs), each convertible into one share of common stock upon vesting, with 100% of the RSUs vesting on the one year anniversary of June 3, 2026, subject to her continued service. She was also granted a stock option for 60,000 shares of common stock at an exercise price of $1.45 per share, which vests and becomes exercisable in full on June 3, 2027, subject to continued service. Following these awards, she holds 30,000 shares of common stock and 60,000 stock options directly.
Coherus Oncology, Inc. director Newcomer Lee Nisley reported compensation-related equity grants. The reporting person received 30,000 shares of Common Stock, which footnotes describe as restricted stock units (RSUs) that convert into one share of common stock per unit upon vesting. All 30,000 RSUs vest on the one-year anniversary of June 3, 2026, contingent on continued service. In addition, the reporting person was granted 60,000 stock options with an exercise price of $1.45 per share, expiring on June 5, 2036. These options vest and become exercisable for all 60,000 underlying shares of Common Stock on June 3, 2027, also subject to continued service with the company.
Coherus Oncology, Inc. director Ryan Michael Lee reported receiving new equity-based compensation. He was granted 30,000 restricted stock units (RSUs), each representing one share of common stock upon vesting, and now holds 30,000 common shares directly after this award.
According to the filing, 100% of these RSUs will vest on the one-year anniversary of June 3, 2026, assuming he continues his service with the company. Lee also received stock options for 60,000 shares of common stock at an exercise price of $1.45 per share, which vest and become exercisable in full on June 3, 2027, subject to continued service.