STOCK TITAN

Coherus Oncology (CHRS) grows Q2 2026 revenue but posts ongoing net loss

(Moderate)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

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.

Positive

  • Net revenue from continuing operations increased to $14.3 million in Q2 2026 from $10.3 million a year earlier, and LOQTORZI delivered $13.6 million of Q2 net revenue, while GAAP and non-GAAP net losses from continuing operations narrowed versus 2025.
  • Operating expenses for R&D and SG&A decreased year over year, reflecting lower headcount, infrastructure costs, and the completed exit from the biosimilar business, which supports a leaner cost base around the core oncology franchise.

Negative

  • Cash, cash equivalents and marketable securities declined to $105.3 million at June 30, 2026 from $172.1 million at December 31, 2025, reflecting substantial cash use alongside ongoing net losses from continuing operations.

Filing Explained

The first-half common-stock offering produced $53,650 thousand, but the filing does not disclose shares issued or the resulting dilution.

At June 30, 2026, the reported $105.3 million of cash, cash equivalents and marketable securities included $22.7 million of collections that Coherus says will be applied to associated TSA payables and accrued liabilities; the headline liquidity figure therefore includes amounts earmarked for those obligations.

The filing records $53,650 thousand of net proceeds from issuing common stock under a public offering during the six months ended June 30, 2026.

Issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes; this filing does not state the number of shares issued or the resulting ownership effect.

Coherus also reported $119,976 thousand of net cash used in operating activities during the first half of 2026, versus $83,163 thousand of cash, cash equivalents and restricted cash at June 30.

Thus, the filing documents both a completed common-stock financing and first-half operating cash use exceeding the separately reported June 30 cash, cash equivalents and restricted cash, while the financing terms and share-based dilution remain unsized here.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net revenue from continuing operations $14.3 million Three months ended June 30, 2026; up from $10.3 million in 2025
LOQTORZI net revenue $13.6 million Q2 2026 net revenue, 15% above Q1 2026
GAAP net loss from continuing operations $33.3 million Q2 2026, or $0.22 per diluted share
Non-GAAP net loss from continuing operations $30.1 million Q2 2026, or $0.19 per diluted share
Cash, cash equivalents and marketable securities $105.3 million Balance as of June 30, 2026; compared with $172.1 million at December 31, 2025
Net loss from continuing operations, first half $70.3 million Six months ended June 30, 2026; improved from $92.3 million in 2025
Transition Service Agreement financial
"inclusive of Transition Service Agreement (TSA)-related collections that will be applied"
discontinued operations financial
"Net income from discontinued operations, net of tax"
Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.
Non-GAAP net loss from continuing operations financial
"Non-GAAP net loss from continuing operations for the second quarter of 2026 was"
Royalty Fee Derivative Liability financial
"change in fair value of our Royalty Fee Derivative Liability"
programmed death receptor-1 ("PD-1") inhibitor medical
"an approved next-generation programmed death receptor-1 ("PD-1") inhibitor, LOQTORZI"
Phase 2 study medical
"Casdozokitug is a first-in-class IL-27 antagonistic antibody currently being evaluated in a Phase 2 study"
A phase 2 study is a mid-stage clinical trial that tests whether an experimental drug or treatment actually works for the intended condition and continues to check safety in a larger group of patients than early trials. Think of it as a focused pilot test before a full market launch; positive or negative results strongly affect a drug’s chances of approval, the remaining development time and costs, and therefore an investment’s risk and potential value.
Net revenue from continuing operations (Q2) $14.3 million up from $10.3 million in Q2 2025
Net revenue from continuing operations (six months) $26.6 million up from $17.9 million in the first half of 2025
GAAP net loss from continuing operations (Q2) $33.3 million improved from a $44.9 million loss in Q2 2025
Non-GAAP net loss from continuing operations (Q2) $30.1 million improved from $39.0 million in Q2 2025

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FAQ

How did Coherus Oncology (CHRS) perform financially in Q2 2026?

Coherus Oncology reported Q2 2026 net revenue from continuing operations of $14.3 million, up from $10.3 million in 2025. GAAP net loss from continuing operations was $33.3 million, or $0.22 per share, compared with a $44.9 million loss, or $0.39 per share, a year earlier.

What were Coherus Oncology (CHRS) non-GAAP results for Q2 2026?

Non-GAAP net loss from continuing operations in Q2 2026 was $30.1 million, or $0.19 per share, compared with $39.0 million, or $0.34 per share, in Q2 2025. These figures exclude stock-based compensation, amortization of intangible assets and other specified non-cash items.

How much revenue did LOQTORZI generate for Coherus Oncology (CHRS) in Q2 2026?

LOQTORZI produced net revenue of $13.6 million in Q2 2026, representing 15% growth over the prior quarter. Management attributed overall net revenue growth from continuing operations primarily to higher LOQTORZI volume in the commercial oncology business.

What is Coherus Oncology’s (CHRS) cash position as of June 30, 2026?

As of June 30, 2026, Coherus Oncology held $105.3 million in cash, cash equivalents and marketable securities, down from $172.1 million at December 31, 2025. These balances include Transition Service Agreement-related collections tied to associated payables and accrued liabilities.

Is Coherus Oncology (CHRS) still reporting losses from continuing operations?

Yes. Coherus recorded a GAAP net loss from continuing operations of $33.3 million in Q2 2026, compared with $44.9 million a year earlier. For the first half of 2026, net loss from continuing operations totaled $70.3 million, narrowed from $92.3 million in the first half of 2025.

What clinical and data milestones did Coherus Oncology (CHRS) highlight?

Coherus emphasized advancing its pipeline, including tagmokitug and casdozokitug, with completed enrollment in several studies and emerging activity signals. The company anticipates public disclosure of data sets with sufficient maturity in early October 2026, alongside continued communication of JUPITER-02 long-term survival data.
0001512762false00015127622026-08-052026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2026

COHERUS ONCOLOGY, INC.

(Exact name of registrant as specified in its charter)

Delaware

 

001-36721

 

27-3615821

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification Number)

333 Twin Dolphin Drive, Suite 600

Redwood City, CA 94065

(Address of principal executive offices, including Zip Code)

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

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:

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

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

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

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

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

Title of each class

  ​ ​ ​

Trading
Symbol(s)

  ​ ​ ​

Name of each exchange
on which registered

Common Stock, $0.0001 par value per share

 

CHRS

 

The Nasdaq Global Market

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).

Emerging growth company  

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.  

Item 2.02   Results of Operations and Financial Conditions.

On August 5, 2026, Coherus Oncology, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended June 30, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Form 8-K.

This information in this Item 2.02 of this Form 8-K and the Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01   Financial Statements and Exhibits.

(d)         Exhibits.

Exhibit No.

  ​ ​ ​

Description

99.1

Press release dated August 5, 2026.

104

Cover page Interactive Data file (embedded within the Inline XBRL document)

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.

Date: August 5, 2026

  ​ ​ ​

COHERUS ONCOLOGY, INC.

By:

/s/ Dennis M. Lanfear

Name:

Dennis M. Lanfear

Title:

Chief Executive Officer

Exhibit 99.1

Graphic

Coherus Oncology Reports Second Quarter 2026 Financial Results and Provides Business Update

– LOQTORZI® net revenue of $13.6 million in Q2 2026, up 15% over Q1

– Clinical data continue to mature across programs with emerging evidence of activity with tagmokitug in head and neck cancer

– Projected October public disclosure of data sets with sufficient maturity

– Conference call today at 5:00 p.m. Eastern Daylight Time –

REDWOOD CITY, Calif., August 5, 2026 -- Coherus Oncology, Inc. (Nasdaq: CHRS), today reported financial results for the second quarter 2026, and provided an overview of recent business highlights.

“During the second quarter we continued to pursue our science-driven clinical development strategy, creating multiple avenues for long-term value creation, and look forward to further maturation of data with both tagmokitug and casdozokitug," said Denny Lanfear, Chairman and Chief Executive Officer.

“We continue to advance our pipeline studies, including completion of enrollment with casdozokitug in HCC, as well as with tagmokitug in HNSCC and CRC, with emerging evidence of clinical activity in combination with toripalimab in HNSCC. While preliminary, the activity observed to date reinforces our confidence in the Treg depletion mechanism,” said Rosh Dias, MD, Chief Medical Officer.

RECENT BUSINESS HIGHLIGHTS

LOQTORZI® (toripalimab-tpzi) Commercial Updates

LOQTORZI revenue for Q2 2026 was $13.6 million, a 37% increase over $10.0 million in Q2 2025, and a 15% increase versus the $11.8 million in Q1 2026 which was impacted by severe weather events as well as normal seasonality.  
Demand trends remained strong in the second quarter, with the highest number of new patient starts since launch, normalized patient discontinuation rates following seasonal Q1 trends, and continued improvement in therapy duration, supporting further growth opportunities.
LOQTORZI remains the only FDA-approved and available treatment in the U.S. for recurrent, locally advanced or metastatic nasopharyngeal carcinoma (NPC.)  It is the only preferred Category 1 first-line treatment option recommended in combination with cisplatin and gemcitabine; and the only preferred subsequent-line treatment recommended by the National Comprehensive Cancer Network® (NCCN).

We will continue to appropriately communicate the six-year overall survival (OS) follow-up results from the Phase 3 JUPITER-02 trial evaluating LOQTORZI plus chemotherapy versus chemotherapy alone.

1


ADVANCEMENT OF INNOVATIVE, NEXT-GENERATION ONCOLOGY PIPELINE 

Tagmokitug is a highly selective cytolytic CCR8 antibody that specifically binds and preferentially depletes CCR8+ tumor regulatory T cells (Tregs) with no off-target binding.

The Phase 1b dose-optimization studies evaluating tagmokitug in combination with toripalimab in second-line head and neck squamous cell carcinoma (HNSCC) and upper gastrointestinal adenocarcinomas remain ongoing, with initial data readouts expected in 2H 2026.
The Phase 1b study evaluating tagmokitug in combination with toripalimab, with and without chemotherapy, in first- and second-line esophageal squamous cell carcinoma (ESCC), continues to enroll patients, with initial data expected in 2H 2026.
The Phase 1b/2a study evaluating the tagmokitug and toripalimab combination in fourth-line and beyond colorectal cancer with no liver metastasis, is fully enrolled, with initial data expected in 2H 2026.
A Phase 1b clinical study evaluating tagmokitug in combination with pasritamig, a T-cell engaging bispecific antibody, in patients with metastatic castration-resistant prostate cancer (mCRPC) is expected to initiate in the fall of 2026.

Casdozokitug is a first-in-class IL-27 antagonistic antibody currently being evaluated in a Phase 2 study in patients with first-line unresectable hepatocellular carcinoma (uHCC) to assess treatment benefit, safety and response biomarkers.

Enrollment is complete in the randomized Phase 2 trial of casdozokitug/toripalimab/bevacizumab in 1L uHCC and the first data readout is expected 2H 2026.

SECOND QUARTER 2026 FINANCIAL RESULTS

Net revenue from continuing operations was $14.3 million and $10.3 million during the three months ended June 30, 2026 and 2025, respectively, and $26.6 million and $17.9 million during the six months ended June 30, 2026 and 2025, respectively.  The increases were driven primarily by volume growth of LOQTORZI.

Cost of goods sold (COGS) from continuing operations was $4.2 million and $3.4 million during the three months ended June 30, 2026 and 2025, respectively, and $8.1 million and $6.0 million during the six months ended June 30, 2026 and 2025, respectively. The increases were primarily due to volume growth of LOQTORZI.

Research and development (R&D) expenses from continuing operations were $21.4 million and $26.3 million for the three months ended June 30, 2026 and 2025, respectively, and $43.0 million and $50.7 million during the six months ended June 30, 2026 and 2025, respectively. The decreases were  primarily due to savings from reduced headcount, lower infrastructure costs, and lower clinical trial and R&D manufacturing costs.

Selling, general and administrative (SG&A) expenses from continuing operations were $21.0 million and $26.0 million during the three months ended June 30, 2026 and 2025, respectively, and $44.1 million and $52.1 million during the six months ended June 30, 2026 and 2025, respectively. The decreases were driven primarily by lower headcount and decreased operating costs resulting from Coherus completing the exit from the biosimilar business in 2025.

Net (loss) from continuing operations for the second quarter of 2026 was $33.3 million, or $(0.22) per share on a diluted basis, compared to a net loss of $44.9 million, or $(0.39) per share on a diluted basis, for the same period in 2025. Net loss for the first half of 2026 was $70.3 million, or $(0.48) per share on a diluted basis, compared to a net loss of $92.3 million, or $(0.80) per share on a diluted basis for the first half of 2025.

Non-GAAP net loss from continuing operations for the second quarter of 2026 was $30.1 million, or $(0.19) per share on a diluted basis, compared to $39.0 million, or $(0.34) per share for the same period in 2025. Non-GAAP net loss for the first

2


half of 2026 was $64.1 million, or $(0.44) per share on a diluted basis, compared to $79.9 million, or $(0.69) per share for the first half of 2025. See “Non-GAAP Financial Measures” below for a discussion on how Coherus calculates non-GAAP net loss from continuing operations and a reconciliation to the most directly comparable GAAP measures.

Cash, cash equivalents and marketable securities totaled $105.3 million as of June 30, 2026, compared to $172.1 million as of December 31, 2025. These balances were inclusive of Transition Service Agreement (TSA)-related collections that will be applied to associated TSA payables and accrued liabilities which totaled $22.7 million and $65.1 million as of June 30, 2026 and December 31, 2025, respectively.

Conference Call Information

When: Wednesday, August 5, 2026, starting at 5:00 p.m. Eastern Standard Time

To access the conference call, please pre-register through the following link to receive dial-in information and a personal PIN to access the live call: https://register-conf.media-server.com/register/BId137c93eda7d4cf0b60be1df98d9b99f

Webcast: https://edge.media-server.com/mmc/p/vhd7ef6h

A live and archived webcast will be available on the “Investors” section of the Coherus website at

https://investors.coherus.com/events-presentations.

Please dial in 15 minutes early to ensure a timely connection to the call.

About Coherus Oncology 

Coherus Oncology is a fully integrated commercial-stage innovative oncology company with an approved next-generation programmed death receptor-1 (“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 while advancing the development of its two pipeline candidates in combination with LOQTORZI, and additionally through strategic partnerships. The Company has global rights to both clinical stage-candidates and plans to execute ex-U.S. licensing deals as the clinical data supports such transactions.

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, gastro-esophageal-junction, esophageal adenocarcinoma and esophageal squamous cell carcinoma. Casdozokitug is a novel IL-27 antagonistic antibody currently being evaluated in a Phase 2 study in patients with first-line hepatocellular carcinoma.

For more information about LOQTORZI, including the U.S. Prescribing Information and important safety information, please visit www.loqtorzi.com

Forward-Looking Statements

 

Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,”

3


“predict,” “potential” or “continue” or the negative of these terms or other similar expressions. These statements are based on the Company's current beliefs and expectations. Such forward-looking statements include, but are not limited to, the ability of Coherus’ innovative oncology pipeline to enhance outcomes for cancer patients; the timing and results of anticipated clinical data results, including the anticipated public disclosure in early October 2026 of data sets with sufficient maturity, projections for cash runway; the ability to reduce risk for Coherus’ pipeline; expectations for the timing when Coherus will be able to commence future clinical studies or receive and communicate clinical data for its product candidates; communications of long-term follow-up data such as the six-year overall survival results from the JUPITER-02 trial; Coherus’ ability to enter into additional partnerships; Coherus’ ability to maintain and grow revenues; and Coherus’ expectations about total addressable opportunity for LOQTORZI and for each of its product candidates.

Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus’ actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties inherent in the clinical drug development process; risks related to Coherus’ dependence on an ability to raise funds in the future, which may not be available on acceptable terms or at all; risks related to Coherus’ existing and potential collaboration partners; risks of Coherus’ competitive position with LOQTORZI and its product candidates; risks associated with Coherus’ ability to successfully commercialize and maintain and increase revenues for LOQTORZIs; the risks and uncertainties of the regulatory approval process, including the speed of regulatory review and the timing of Coherus’ regulatory filings; the risk of FDA review issues; and the risks and uncertainties of possible litigation. All forward-looking statements contained in this press release speak only as of the date of this press release. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the significant risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Coherus’ business in general, see Coherus’ Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026 filed with the Securities and Exchange Commission on or about the date of this press release, including the section therein captioned “Risk Factors” and in other documents Coherus files with the Securities and Exchange Commission. Coherus’ results for the fiscal quarter ended June 30, 2026 are not necessarily indicative of its operating results for any future periods.

LOQTORZI®, whether or not appearing in large print or with the trademark symbol, is a registered trademark of Coherus Oncology, Inc.

©2026 Coherus Oncology, Inc. All rights reserved.

Coherus Contact Information:
For Investors & Media:

Carrie Graham

Vice President, Investor Relations and Advocacy

IR@coherus.com

4


Coherus Oncology, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Net revenue

$

14,307

$

10,254

$

26,617

$

17,853

Costs and expenses:

 

 

 

 

Cost of goods sold

 

4,242

 

3,395

 

8,056

 

6,048

Research and development

 

21,442

 

26,306

 

42,985

 

50,662

Selling, general and administrative

 

20,954

 

26,039

 

44,058

 

52,064

Total costs and expenses

 

46,638

 

55,740

 

95,099

 

108,774

Loss from operations

 

(32,331)

 

(45,486)

 

(68,482)

(90,921)

Interest expense

 

(2,323)

 

(2,277)

 

(4,509)

 

(4,427)

Other income (expense), net

 

1,307

 

2,901

 

2,709

 

3,088

Loss from continuing operations before income taxes

 

(33,347)

 

(44,862)

 

(70,282)

 

(92,260)

Income tax provision

 

 

 

 

Net loss from continuing operations

(33,347)

(44,862)

(70,282)

(92,260)

Net income from discontinued operations, net of tax

12,716

342,629

11,324

333,458

Net income (loss)

$

(20,631)

$

297,767

$

(58,958)

$

241,198

Net loss per share from continuing operations - basic and diluted

$

(0.22)

$

(0.39)

$

(0.48)

$

(0.80)

Net income per share from discontinued operations - basic and diluted

$

0.08

$

2.95

$

0.08

$

2.88

Net income (loss) per share - basic and diluted

$

(0.13)

$

2.57

$

(0.40)

$

2.08

Weighted-average number of shares used in computing net income (loss) per share:

 

 

Basic and diluted

154,816,912

116,077,710

145,658,487

115,968,352

5


Coherus Oncology, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

June 30, 

December 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

Assets

 

  ​

 

  ​

Cash and cash equivalents

 

$

82,923

$

88,879

Investments in marketable securities

22,383

83,246

Trade receivables, net

13,881

17,815

TSA receivables, net

372

603

Inventory

14,092

 

3,172

Intangible assets, net

44,989

46,239

Other assets

12,543

18,389

Total assets

$

191,183

$

258,343

Liabilities and Stockholders’ Equity

 

 

Accrued rebates, fees and reserve

$

14,894

$

30,397

TSA payables and accrued liabilities

22,660

65,065

Term loan

37,247

37,051

Other liabilities

 

55,544

 

64,816

Total stockholders' equity

 

60,838

61,014

Total liabilities and stockholders’ equity

$

191,183

$

258,343

6


Coherus Oncology, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Cash, cash equivalents and restricted cash at beginning of the period

$

115,478

$

82,674

$

89,119

$

126,250

 

 

 

 

Net cash used in operating activities

 

(62,090)

 

(46,632)

 

(119,976)

 

(72,458)

 

 

 

 

Purchases of investments in marketable securities

(13,897)

(20,726)

(20,285)

(20,726)

Proceeds from maturities of investments in marketable securities

43,536

81,671

Net cash received related to the Sale Transactions

483,400

478,681

Milestone payment to Junshi Biosciences

(12,500)

Other investing activities, net

 

(8)

 

(36)

 

(1,100)

 

(303)

Net cash provided by investing activities

 

29,631

 

462,638

 

60,286

 

445,152

 

 

 

 

Proceeds from issuance of common stock under Public Offering, net of issuance costs

53,650

Partial repayment of Revenue Purchase and Sale Agreement

(47,652)

(47,652)

Proceeds from purchases under the employee stock purchase plan

202

188

202

188

Taxes paid related to net share settlement

(16)

(112)

(280)

Repayment and redemption of 2026 Convertible Notes, including transaction costs

(121)

(233,185)

(121)

(233,185)

Other financing activities, net

63

(859)

115

(859)

Net cash provided by (used in) financing activities

 

144

 

(281,524)

 

53,734

 

(281,788)

 

 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(32,315)

134,482

 

(5,956)

 

90,906

Cash, cash equivalents and restricted cash at end of the period

$

83,163

$

217,156

$

83,163

$

217,156

7


Non-GAAP Financial Measures

To supplement the financial results presented in accordance with GAAP, Coherus has also included in this press release non-GAAP net loss from continuing operations, and the related per share measures, which exclude from net loss from continuing operations and the related per share measures, stock-based compensation expense, amortization and impairments of intangible assets, loss on debt extinguishment, and change in fair value of our Royalty Fee Derivative Liability. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than similar non-GAAP financial information disclosed by other companies. Coherus encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations set forth below, to more fully understand Coherus’ business.

Coherus believes that the presentation of these non-GAAP financial measures provides useful supplemental information to, and facilitates additional analysis by, investors. In particular, Coherus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare Coherus’ results from period to period, and to identify operating trends in Coherus’ business. Coherus also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions.

Coherus Oncology, Inc.

Reconciliation of GAAP Net Loss from Continuing Operations to Non-GAAP Net Loss from Continuing Operations

(in thousands, except share and per share data)

(unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

GAAP net loss from continuing operations

$

(33,347)

$

(44,862)

$

(70,282)

$

(92,260)

Adjustments:

Stock-based compensation expense

2,583

5,166

4,968

10,212

Change in fair value of Royalty Fee Derivative Liability

810

Amortization of intangible assets

625

667

1,250

1,334

Non-GAAP net loss from continuing operations

$

(30,139)

$

(39,029)

$

(64,064)

$

(79,904)

GAAP

Net loss per share from continuing operations, basic and diluted

$

(0.22)

$

(0.39)

$

(0.48)

$

(0.80)

Shares used in computing basic and diluted net loss per share

154,816,912

116,077,710

145,658,487

115,968,352

Non-GAAP

Net loss per share from continuing operations, basic and diluted

$

(0.19)

$

(0.34)

$

(0.44)

$

(0.69)

Shares used in computing basic and diluted net loss per share

154,816,912

116,077,710

145,658,487

115,968,352

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