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Coherus Oncology (CHRS) lines up $55M loan, more to tap

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

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.

Positive

  • New term loan provides $55,000,000 of committed capital with maturity extended to August 2031, improving debt maturity profile.
  • Company states the new loan’s interest rate is lower than the prior facility’s 8.0% plus three‑month SOFR, potentially reducing financing costs.
  • Additional optional tranches of $25,000,000 and $20,000,000 increase available debt capacity to support strategic initiatives and working capital.

Negative

  • Debt is a senior secured facility with liens on substantially all assets, increasing encumbrance of the company’s asset base.
  • Prepayment fees up to 5.00% of principal plus foregone interest, and a final fee of 4.00%–10.00%, raise the all‑in cost of borrowing.
  • Loan includes a financial covenant requiring minimum unrestricted cash levels, which could constrain liquidity management if performance weakens.

Filing Explained

The funded loan carries a 1.50% facility fee, while early repayment may trigger declining charges through the third anniversary.

Coherus Oncology drew the new Tranche A loan on August 14, 2026, and the filing adds that each funded tranche carries a 1.50% facility fee, increasing the borrowing cost beyond the stated interest rate.

For voluntary prepayments before maturity, the filing specifies an additional charge of 5.00% plus specified interest through the first anniversary, declining to 4.00%, 3.00%, and then 0.00% across the following anniversary periods.

These terms mean that early repayment can carry a separate contractual cost, while the facility fee applies when a tranche is funded; the filing does not state that the optional additional tranches were drawn.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 1.02 Termination of a Material Definitive Agreement Business
A significant contract was terminated, which may affect business operations or revenue.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Tranche A Term Loan $55,000,000 Senior secured term loan facility committed under the Loan and Security Agreement
Optional Additional Tranches $25,000,000 and $20,000,000 Company may draw these additional term loan tranches under certain conditions
Maturity August 2031 Final maturity date of the new term loan facility
Interest Rate Spread 4.15% plus the greater of Prime Rate or 6.75% Floating per annum rate on amounts borrowed under the Loan Agreement
Interest-Only Period 36 to 48 months Initial 36 months, extendable to 48 months upon specified milestones
Prepayment Fees 5.00%, 4.00%, 3.00%, 0.00% Prepayment fee as a percentage of principal based on years since Term A Funding Date
Final Fee 4.00% to 10.00% Percentage of aggregate principal funded, higher if certain insolvency/DIP conditions occur
Facility Fee 1.50% Fee on the aggregate principal amount of each Term Loan funded on its funding date
senior secured term loan financial
"provide a senior secured term loan facility of $55,000,000"
A senior secured term loan is a type of borrowing where a company borrows money and promises to pay it back over a fixed period, with the loan secured by the company's assets as collateral. Because it is "senior," it has priority over other debts if the company faces financial trouble, and being "secured" means lenders have a claim on specific assets. For investors, this makes the loan a safer and more predictable investment compared to unsecured or subordinate debts.
interest-only payments financial
"provides for interest-only payments on a monthly basis for an initial period"
A loan payment plan where the borrower pays only the interest charge for a set period, leaving the original loan amount unchanged until later. For investors, this matters because it can boost short-term cash flow and lower default risk early on, but it also concentrates repayment or raises future payments later, which can increase credit and refinancing risk for lenders and holders of related securities—think of a lease that postpones paying down the car’s price.
prepayment fee financial
"All prepayments prior to the maturity date will be subject to a prepayment fee"
final fee financial
"required to pay a final fee in an amount equal to 4.00% of the aggregate principal"
debtor-in-possession financing financial
"fee will increase to 10.00% if the Company begins an insolvency proceeding and receives debtor-in-possession financing"
Financing provided to a company while it reorganizes under bankruptcy protection that lets it keep operating, pay employees and suppliers, and pursue a restructuring plan. Think of it as a court-approved bridge loan or lifeline that typically gets paid back before older debts, so it can change who gets paid and how much investors or creditors ultimately recover; that makes it a key factor in assessing risk and potential returns.
unrestricted cash financial
"financial covenant requiring the Borrowers to maintain certain minimum levels of unrestricted cash"

FAQ

What new debt facility did CHRS enter into on August 12, 2026?
Coherus Oncology entered into a $55,000,000 senior secured term loan with Innovatus Life Sciences Lending Fund I, LP and other lenders, maturing in August 2031, replacing its prior senior secured term loan facility.

How will Coherus Oncology (CHRS) use the proceeds from the new term loan?
A portion of the $55,000,000 Tranche A term loan repaid all obligations under the prior senior secured facility. The remaining proceeds are designated for working capital and to fund the company’s general business requirements.

What is the interest rate on CHRS’s new senior secured term loan?
The term loans accrue interest at a floating rate of 4.15% plus the greater of the Prime Rate or 6.75%. Coherus states this rate is lower than under its prior loan agreement.

What are the interest-only periods under Coherus Oncology’s new loan facility (CHRS)?
The loan provides for 36 months of monthly interest‑only payments after initial funding. This period may be extended to 48 months if specified revenue and market capitalization milestones are achieved before the 36‑month anniversary.

What optional additional borrowing capacity does CHRS have under the new loan agreement?
Coherus has the option, but not the obligation, to draw additional tranches of $25,000,000 and $20,000,000, subject to specified conditions. Together with the initial $55,000,000, these form the available term loan facility.

What prepayment and final fees apply to Coherus Oncology’s new term loans (CHRS)?
Prepayments before maturity incur fees of 5.00%, 4.00%, or 3.00% of principal depending on timing, dropping to 0.00% after year three. A 4.00% final fee applies, rising to 10.00% if certain insolvency and debtor‑in‑possession financing conditions occur.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →
0001512762false00015127622026-08-172026-08-17

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): August 17, 2026

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COHERUS ONCOLOGY, INC.

(Exact name of registrant as specified in its charter)

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Delaware

 

001-36721

 

27-3615821

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification Number)

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333 Twin Dolphin Drive, Suite 600

Redwood City, CA 94065

(Address of principal executive offices, including Zip Code)

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Registrant’s telephone number, including area code: (650) 649-3530

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class

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Trading
Symbol(s)

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Name of each exchange
on which registered

Common Stock, $0.0001 par value per share

 

CHRS

 

The Nasdaq Global Market

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company  ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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Item 1.01 Entry into a Material Definitive Agreement

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Senior Secured Term Loan

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On August 12, 2026, Coherus Oncology, Inc. (the “Company”), together with certain wholly owned subsidiaries of the Company (collectively with the Company, the “Borrowers”), entered into a Loan and Security Agreement (the “Loan Agreement”) with Innovatus Life Sciences Lending Fund I, LP, as collateral agent (in such capacity, the “Collateral Agent”), and the other lenders signatory thereto (collectively, the “Lenders”), pursuant to which the Lenders agreed to provide a senior secured term loan facility of $55,000,000 (the “Tranche A Term Loan”) with a maturity in August 2031.

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The Company believes that rolling over its senior debt under the Prior Loan Agreement (as defined below) with a limited incremental increase in principal provides several benefits - the most important being extending the maturity of the Company’s outstanding debt beyond the anticipated launch periods for the Company’s pipeline product candidates.  The limited incremental increase in the facility size is also expected to provide greater financial flexibility to support strategic initiatives.  Lastly, as described below, the interest rate under the Loan Agreement is lower than that under the Prior Loan Agreement.

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The amounts borrowed under the Loan Agreement accrue interest at a floating per annum rate equal to 4.15% plus the greater of (i) the Prime Rate and (ii) 6.75%. The Loan Agreement provides for interest-only payments on a monthly basis for an initial period of 36 months following the initial funding date, which interest-only period may be extended to 48 months if the Borrowers achieve specified revenue and market capitalization milestones prior to the 36-month anniversary of such funding date. Following the interest-only period, the Borrowers will make consecutive equal monthly payments of principal, together with interest in arrears, over the remaining term of the Loan Agreement.

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The Company has the option, but not the obligation, to draw one or more additional tranches of $25,000,000 and $20,000,000, respectively, under certain conditions (together with the Tranche A Term Loan, collectively, the “Term Loans”).

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On August 14, 2026 (“Term A Funding Date”), the Company drew the full amount of the Tranche A Term Loan under the Loan Agreement.  A portion of the Tranche A Term Loan proceeds was used to repay all obligations under the Company’s existing senior secured term loan facility (the “Prior Loan Agreement”), which accrued interest at a rate equal to 8.0%, plus a three-month SOFR rate per annum, and was scheduled to mature in May 2029.  The remainder of the Tranche A Term Loan proceeds are to be used for working capital of the Company and to fund general business requirements.

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The Company may prepay the Term Loans in full or in part. All prepayments prior to the maturity date will be subject to a prepayment fee of (w) 5.00% of the principal amount of the Term Loans so prepaid, plus the amount of interest that would have accrued on such prepaid amount through the first anniversary of the Term A Funding Date, if paid on or prior to such first anniversary; (x) 4.00% of the principal amount of the Term Loans so prepaid if paid after the first anniversary and on or prior to the second anniversary of the Term A Funding Date; (y) 3.00% of the principal amount of the Term Loans so prepaid if paid after the second anniversary and on or prior to the third anniversary of the Term A Funding Date; and (z) 0.00% of the principal amount of the Term Loans so prepaid if paid after the third anniversary of the Term A Funding Date. Upon the earliest to occur of (i) the maturity date, (ii) the acceleration of the Term Loans or (iii) the prepayment of the Term Loans, the Company is also required to pay a final fee in an amount equal to 4.00% of the aggregate principal amount of the Term Loans funded under the Loan Agreement (or, in the event of a partial voluntary prepayment, the aggregate principal amount of the Term Loans subject to such prepayment). Such final fee will increase to 10.00% if the Company begins an insolvency proceeding and receives debtor-in-possession financing from certain financiers.

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The Borrowers are required to pay a facility fee equal to 1.50% of the aggregate principal amount of each Term Loan funded on the applicable funding date.

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The Term Loans are secured by a lien on substantially all of the assets of the Borrowers, including intellectual property, subject to certain exclusions and exceptions. The Loan Agreement contains customary representations and

warranties, covenants and events of default, including a financial covenant requiring the Borrowers to maintain certain minimum levels of unrestricted cash in collateral accounts.  The Loan Agreement also contains other customary provisions, such as expense reimbursement, as well as indemnification rights for the benefit of the Collateral Agent and the Lenders.

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The foregoing description of the material terms of the Loan Agreement is qualified in its entirety by the full terms and conditions of the Loan Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K.

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Item 1.02Termination of a Material Definitive Agreement.

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As described above, on August 14, 2026, the Company repaid all outstanding amounts due under the Prior Loan Agreement. The Prior Loan Agreement was terminated on the same date and all security interests securing amounts borrowed under the Prior Loan Agreement were released and all obligations of the Company under the Prior Loan Agreement were terminated, except those obligations expressly specified in the Prior Loan Agreement as surviving the termination.

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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

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See the disclosure set forth above under Item 1.01, which disclosure is incorporated by reference into this Item 2.03.

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Item 9.01 Financial Statements and Exhibits.

Exhibit No.

Description

10.1

Loan and Security Agreement, dated August 12, 2026, by and among the Company, certain wholly owned subsidiaries of the Company, Innovatus Life Sciences Lending Fund I, LP, as collateral agent, and the lenders party thereto

104

Cover Page Interactive Data File, formatted in Inline XBRL.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Date: August 17, 2026

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COHERUS ONCOLOGY, INC.

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By:

/s/ Dennis M. Lanfear

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Name:

Dennis M. Lanfear

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Title:

Chief Executive Officer

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Source: View Original Filing on SEC EDGAR

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