Coherus Oncology, Inc.
For the period ended Mar 31, 2026. Filed May 11, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 11, 2026
CHRS$0.77+2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001104659-25-107852
Item 2. Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001104659-26-058703
Item 2. Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 63 previous paragraphs and 59 current paragraphs.
24 unchanged; 21 reworded; 13 added; 16 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 44 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
See above table. Casdozokitug and tagmokitug are our two pipeline product candidates with on-going clinical trials. The reduction in internal costs includes a $1.9 million decrease in facilities, supplies, material and other infrastructure costs and a $1.1 million decrease in stock-based compensation expense.
Current report
We expect our fixed research and development expenses in 2026 to be lower than in 2025 primarily due to lower expenditures on manufacturing-related development activities and reduced headcount. Total overall research and development expenses, which includes external clinical costs, will be a function of data readouts and our ongoing portfolio prioritization process.
Current report
The decrease in selling, general and administrative expenses from continuing operations in the three months ended March 31, 2026 was primarily driven by a lower average headcount and decreased operating costs following our 2025 exit from the biosimilar business. This resulted in a reduction of $2.2 million in employee-related costs, including stock-based compensation.
Current report
During the quarter ended March 31, 2026, we completed the sale and issuance of 32,890,000 Offering Shares, which included the Underwriters’ Optional Shares. We received net proceeds of $53.6 million, after deducting the Underwriters’ discounts and commissions and offering expenses payable by us.
Current report
Since certain contracts with third parties related to the divested biosimilar businesses could not immediately be transitioned to the buyers in the Sale Transactions at the respective divestiture dates, generally because the contracts did not allow for assignment, we remained a legal party to transactions occurring after the closings, often functioning as an agent on behalf of the buyer. These transactions are presented within TSA receivables, net and TSA payables and accrued liabilities in the condensed consolidated balance sheets, and they generally do not have a net effect on the condensed consolidated statements of operations. The use of cash to settle TSA payables and accrued liabilities is expected to occur in a front-loaded fashion over the remainder of 2026. The CIMERLI and YUSIMRY TSAs were substantially completed as of December 31, 2025.
Current report
In addition, in connection with the divestiture of the UDENYCA Business, we have certain contractual obligations related to inventory replacement under a legacy customer agreement. Pursuant to the terms of that agreement, we may be required to pay Accord for replacing certain inventory in specified circumstances. Our maximum potential exposure under this obligation is approximately $5.9 million. As of March 31, 2026, no amounts have been recorded in the condensed consolidated financial statements related to this matter. We will continue to assess this matter each reporting period and recognize a liability at such time as reimbursement is required.
Current report
Net cash used in operating activities of $57.9 million and $25.8 million for the three months ended March 31, 2026 and 2025, respectively, was primarily due to commercial activity, research and development activities and selling, general and administrative expenses to support those activities. Net loss for the three months ended March 31, 2026 and 2025, respectively, included, among other items: non-cash stock-based compensation expense, non-cash depreciation and amortization, non-cash changes in fair values related to derivative liabilities, and non-cash interest expense on financial liabilities related to revenue participation right purchase agreements and debt.
Current report
Cash provided by investing activities of $30.7 million for the three months ended March 31, 2026 was primarily due to $38.1 million cash received from maturities of investments, offset by $6.4 million purchases of investments in marketable securities.
Current report
Net cash provided by (used in) financing activities
Current report
Cash provided by financing activities of $53.6 million for the three months ended March 31, 2026 was mainly due to proceeds from issuance of common stock in connection with Public Offering, net of issuance costs.
Removed paragraphs (16)
Previous report
The increase in research and development expense from continuing operations in the three months ended September 30, 2025 compared to the prior period was primarily due to the following:
Previous report
The increase was partially offset by a decrease of $1.4 million in facilities, supplies and materials and other infrastructure related expenses to support our research and development programs.
Previous report
The increase in research and development expense from continuing operations in the nine months ended September 30, 2025 compared to the prior period was primarily due to the following:
Previous report
The increase was partially offset by the following:
Previous report
We expect our research and development expense in 2025 to be higher than 2024 due to continued investments in our immuno-oncology pipeline.
Previous report
The decrease in selling, general and administrative expenses from continuing operations in the three months ended September 30, 2025 was primarily due to a lower average headcount which resulted in reductions of $3.3 million in employee-related costs including stock-based compensation and lower professional fees of $1.4 million. These reductions were partially offset bya $1.6 million net impairment charge in the third quarter of 2025 relating to the write-off of the net carrying value of the out-license intangible asset of $2.1 million and the final remeasurement of the CVR liability of $0.5 million related to GSK4381562 to its fair value of zero (see Note 5. Balance Sheet Components).
Previous report
The decrease in selling, general and administrative expense from continuing operations in the nine months ended September 30, 2025 was primarily due to a lower average headcount resulting in reductions of $8.7 million in employee-related costs including stock-based compensation, the $6.8 million net impairment charge in the first quarter of 2024 relating to the write-off of the net carrying value of the out-license intangible asset of $10.6 million and the final remeasurement of the CVR liability of $3.8 million related to NZV930 to its fair value of zero, lower professional fees of $3.6 millionand a reduction of $1.4 million in facilities, supplies and materials and other related expenses to support our commercial infrastructure. These reductions were offset by the $1.6 million net impairment charge in the third quarter of 2025 relating to the write-off of the net carrying value of the out-license intangible asset and the final remeasurement of the CVR liability related to GSK4381562 to its fair value of zero (see Note 5. Balance Sheet Components).
Previous report
Interest expense from discontinued operations was zero and $2.5 million in the three months ended September 30, 2025 and 2024, respectively, and $3.5 million and $13.0 million in the nine months ended September 30, 2025 and 2024, respectively, and was related to the 2026 Convertible Notes, the UDENYCA portion of the Revenue Purchase and Sale Agreement, and $175.0 million of the $250.0 million principal amount due under the 2027 Term Loans.
Previous report
The $12.6 million loss on debt extinguishment in the nine months ended September 30, 2024 resulted from the payoff of the 2027 Term Loans in May 2024, and the charge included the write-off of the remaining debt discount and debt issuance costs, the prepayment premium fee, the make-whole interest payment, and lender fees.
Previous report
Other income (expense), net from continuing operations in the nine months ended September 30, 2025 changed unfavorably compared to the same period in the prior year primarily due to a reduction of certain TSA reimbursements classified in other income of $1.8 million, a decrease in foreign exchange gains of $1.3 million, and the change in fair value of the LOQTORZI Royalty Fee Derivative Liability of $0.8 million, partially offset by an increase in interest and investment income of $2.6 million.
Previous report
The increase in the nine months ended September 30, 2025 was primarily driven by the $162.0 million favorable change in gain on Sale Transactions (2025 period included the UDENYCA gain and 2024 period included CIMERLI and YUSIMRY gains) and lower cost of goods sold of $51.5 million, partially offset by lower net revenue and an $11.8 million charge in the first quarter of 2025 for the change in fair value of the Royalty Fee Derivative Liability related to UDENYCA.
Previous report
The following is a summary of recent key liquidity events and financing transactions:
Previous report
Cash used in operating activities of $118.8 million for the nine months ended September 30, 2025 was primarily due to adjusting net income by the net gain on Sale Transactions of $338.7 million to reflect that transaction as an investing activity, interest payments of $8.2 million and changes in operating assets and liabilities, partially offset by adjustments for non-cash items including stock-based compensation expense of $14.2 million, change in fair value of derivatives of $12.6 million, and loss on debt extinguishment of $10.3 million.
Previous report
Cash used in operating activities of $49.0 million for the nine months ended September 30, 2024 was primarily due to net income of $79.2 million adjusted for non-cash items including stock-based compensation expense of $21.4 million, loss on debt extinguishment of $12.6 million, impairment of out-license asset net of CVR liability remeasurement of $6.8 million, other non-cash adjustments of $6.2 million and changes in our operating assets and liabilities, partially offset by the net gain on Sale Transactions of $176.6 million and interest payments of $18.8 million.
Previous report
Cash provided by investing activities of $230.9 million for the nine months ended September 30, 2024 was primarily due to cash proceeds of $187.8 million from the CIMERLI Sale, cash proceeds of $40.0 million from the YUSIMRY Sale, proceeds from sale of investments in marketable securities of $8.7 million, and proceeds from maturities of investments in marketable securities of $6.2 million, partially offset by a $12.5 million milestone payment to Junshi Biosciences.
Reworded paragraphs (21)
Previous wording
Comparison of Three and Nine Months Ended September 30, 2025 and 2024
Current wording
Comparison of Three Months Ended March 31, 2026 and 2025
Previous wording
The increase in LOQTORZI net revenue for the three and nine months ended September 30, 2025 compared to the same periods in the prior year was driven primarily by volume growth of LOQTORZI, which launched in December 2023. Other revenue decreased in the nine months ended September 30, 2025 compared to the prior year period primarily driven by the $6.3 million forthe outlicensing of rights to commercialize toripalimab within Canada on June 27, 2024.
Current wording
The increase in LOQTORZI net revenue for the three months ended March 31, 2026 compared to the same period in the prior year was driven primarily by volume growth of LOQTORZI.
Previous wording
The increase in cost of goods sold from continuing operations for the three and nine months ended September 30, 2025 compared to the same periods in the prior year was primarily due to volume growth of LOQTORZI, which launched in December 2023.
Current wording
The increase in cost of goods sold from continuing operations for the three months ended March 31, 2026 compared to the same period in the prior year was primarily due to volume growth of LOQTORZI.
Previous wording
The decrease in interest expense from continuing operations in the nine months ended September 30, 2025 was primarily due to prepaying the remaining $75.0 million of the principal amount due under the 2027 Term Loans on May 8, 2024, partially offset by interest expense on the $38.7 million 2029 Term Loan and the LOQTORZI portion of the Revenue Purchase and Sale Agreement, both of which commenced on May 8, 2024 and incurred nine months of interest during the nine months ended September 30, 2025.
Current wording
Interest expense from continuing operations for the three months ended March 31, 2026 and 2025 was comparable and consisted of interest expense on the $38.7 million 2029 Term Loan and the LOQTORZI portion of the Revenue Purchase and Sale Agreement.
Previous wording
We expect interest expense from continuing operations to be lower in 2025 than 2024, primarily as a result of repaying the remaining $75.0 million principal amount of the 2027 Term Loans during the second quarter of 2024.
Current wording
We expect interest expense from continuing operations to be slightly lower in 2026 than 2025, primarily as a result of the downward trend in market interest rates relative to the 2025 period.
Previous wording
Other income (expense), net from continuing operations in the three months ended September 30, 2025 was comparable to the same period in the prior year.
Current wording
Other income (expense), net from continuing operations for the three months ended March 31, 2026 changed favorably compared to the same period in the prior year primarily due to the first quarter of 2025 having a $0.8 million charge for the Royalty Fee Derivative Liability adjustment for LOQTORZI.
Previous wording
Net Income from Discontinued Operations, net of tax
Current wording
Net Loss from Discontinued Operations, net of tax
Previous wording
The decrease in the three months ended September 30, 2025 was primarily driven by lower net revenue of discontinued products partially offset by lower cost of goods sold. Total net revenues attributable to our divested products, UDENYCA, CIMERLI and YUSIMRY, which are reflected in discontinued operations, were $10.7 million and $64.7 million for the three months ended September 30, 2025 and 2024, respectively, and $65.9 million and $194.2 million during the nine months ended September 30, 2025 and 2024, respectively. For the three months ended September 30, 2025, net revenue was primarily driven by a favorable settlement, resulting in a non-cash accrual release of $8.7 million.
Current wording
The reduction in net loss from discontinued operations was primarily driven by a reduction in UDENYCA Business given the UDENYCA Sale occurred April 11, 2025. Favorable items included lower cost of goods sold of $19.3 million, lower selling, general and administrative expense of $7.1 million, lower interest expense of $3.0 million, and the first quarter of 2025 charge of $11.8 million for the change in fair value of the Royalty Fee Derivative Liability related to UDENYCA, all partially offset by lower net revenue of $33.0 million. Total net revenues attributable to our divested products, UDENYCA, CIMERLI and YUSIMRY, which are reflected in discontinued operations, were $(0.9) million and $32.1 million for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, net revenue was primarily driven by changes in provisions related to sales made in prior years.
Previous wording
As of September 30, 2025, we had cash, cash equivalents and marketable securities of $191.7 million and an accumulated deficit of $1.3 billion. We have generated significant operating losses in all the years since our inception except for certain periods that had gains from divestitures and 2020 and 2019. We currently have one commercial product, LOQTORZI, which generated $11.2 million in net revenues during the three months ended September 30, 2025. Cash in excess of immediate requirements is invested in accordance with our investment policy, primarily with a view to liquidity and capital preservation. As of September 30, 2025, our investment in cash, cash equivalents and investments in marketable securities are primarily held in money market accounts, commercial paper and corporate notes, U.S. Treasury securities, and U.S. government agency securities. We have funded our operations primarily through sales of our common stock, issuance and incurrence of debt, the Revenue Purchase and Sale Agreement, the Sale Transactions and sales of our products.
Current wording
As of March 31, 2026, we had cash, cash equivalents and marketable securities of $167.0 million and an accumulated deficit of $1.4 billion. We currently have one commercial product, LOQTORZI, which generated $11.8 million in net revenues during the three months ended March 31, 2026. Cash in excess of immediate requirements is invested in accordance with our investment policy, primarily with a view to liquidity and capital preservation. As of March 31, 2026, our investment in cash, cash equivalents and investments in marketable securities are primarily held in money market accounts, commercial paper and corporate notes, and U.S. Treasury securities. We have funded our operations
Previous wording
We may utilize our ATM Offering from time to time in order to sell our common stock. As of September 30, 2025, we had approximately $64.9 million of our common stock remaining available for sales under the ATM Offering.
Current wording
We are party to a sales agreement with TD Cowen, pursuant to which (and subject to applicable law) we may sell shares of our common stock in an at-the-market offering. As of March 31, 2026, we had approximately $64.9 million of our common stock remaining available for sales under the Sales Agreement.
Previous wording
We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect. Further, our operating plan may change, and we may need additional funds to meet operational needs and capital requirements for product development and commercialization sooner than planned. Because of the numerous risks and uncertainties associated with the development and commercialization of our product candidates and the extent to which we may enter into additional agreements with third parties to participate in their development and commercialization, we are unable to estimate the amounts of increased capital outlays and operating expenditures associated with our current and anticipated research and development activities, and on-going and future licensing and collaboration obligations. We may need to raise additional funds in the future; however, there can be no assurance that such efforts will be successful or that, if they are successful, the terms and conditions of such financing will be favorable. Our future funding requirements will depend on many factors, including the following:
Current wording
We believe that our available cash, cash equivalents and marketable securities, and product sales will be sufficient to fund our planned expenditures and meet our obligations for at least the twelve months following our financial statement issuance date. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently expect. Further, our operating plan may change, and we may need additional funds to meet operational needs and capital requirements for product development and commercialization sooner than planned. Because of the numerous risks and uncertainties associated with the development and commercialization of our product candidates and the extent to which we may enter into additional agreements with third parties to participate in their development and commercialization, we are unable to estimate the amounts of increased capital outlays and operating expenditures associated with our current and anticipated research and development activities, and on-going and future licensing and collaboration obligations. We may need to raise additional funds in the future; however, there can be no assurance that such efforts will be successful or that, if they are successful, the terms and conditions of such financing will be favorable. Our future funding requirements will depend on many factors, including the following:
Previous wording
For further discussion of risks related to our financial condition and capital requirements, please see “Risk Factors— Risks Related to Our Financial Condition and Capital Requirements.”
Current wording
For further discussion of risks related to our financial condition and capital requirements, see “Risk Factors— Risks Related to Our Financial Condition and Capital Requirements.”
Previous wording
As of September 30, 2025, the remaining CVRsin connection with the Surface Acquisition consisted of the CVRs associated with the receipt by us of any upfront payments pursuant to ex-U.S. licensing agreements related to casdozokitug or CHS-114. The potential payments are only due if wefirst receive upfront payments pursuant to ex-U.S. licensing agreements. Payments to CVR holders can be in the form of cash, stock or a combination of cash and stock.
Current wording
As of March 31, 2026, the remaining CVRsin connection with the Surface Acquisition consisted of the CVRs associated with the receipt by us of any upfront payments pursuant to ex-U.S. licensing agreements related to casdozokitug or tagmokitug. The potential payments are only due if we first receive upfront payments pursuant to ex-U.S. licensing agreements, less any permitted deductions in accordance with the CVR Agreement. Payments to CVR holders can be in the form of cash, stock or a combination of cash and stock.
Previous wording
We enter into contracts in the normal course of business with CROs for preclinical research studies and clinical trials, research supplies and other services and products for operating purposes. We have also entered into agreements with several CMOs for the manufacture and clinical drug supply of our commercial and product candidates. Our non-cancelable purchase commitments as of September 30, 2025 were $13.2 million, as outlined in Note 9. Commitments and Contingencies in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Current wording
We enter into contracts in the normal course of business with third-party contract research organizations (“CROs”) for preclinical research studies and clinical trials, research supplies and other services and products for operating purposes. We have also entered into agreements with several CMOs for the manufacture of our commercial product and clinical drug supply. Our non-cancelable purchase commitments as of March 31, 2026 were $3.4 million, as outlined in Note 9. Commitments and Contingencies in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Previous wording
There have been no significant changes to our leases during the nine months ended September 30, 2025, as compared to the disclosure in our 2024 Form 10-K.
Current wording
There have been no significant changes to our leases during the three months ended March 31, 2026, as compared to the disclosure in our 2025 Form 10-K.
Previous wording
Net cash provided by investing activities
Current wording
Net cash provided by (used in) investing activities
Previous wording
Cash provided by investing activities of $377.9 million for the nine months ended September 30, 2025 was primarily due to $483.4 million cash received for the UDENYCA Sale, partially offset by $89.6 million in purchases of investments in marketable securities, the second out of two $12.5 million milestone payments to Junshi Biosciences and $4.7 million in retention bonus payments in connection with the CIMERLI Sale.
Current wording
Cash used in investing activities of $17.5 million for the three months ended March 31, 2025 was primarily due to a $12.5 million milestone payment in connection with the 2 nd Amendment with Junshi Biosciences and $4.7 million in retention bonus payments in connection with the CIMERLI Sale.
Previous wording
Cash used in financing activities of $281.8 million for the nine months ended September 30, 2025 was due to $233.2 million for repayment of substantially all the 2026 Convertible Notes and $47.7 million for the UDENYCA Buy-out.
Current wording
Cash used in financing activities of $0.3 million for the three months ended March 31, 2025 was due to tax
Previous wording
Cash used in financing activities of $187.2 million for the nine months ended September 30, 2024 was primarily due to $260.4 million in payments to fully repay the 2027 Term Loans (excluding interest which is presented as an operating activity) and $2.5 million in tax payments related to net share settlement of RSUs. These payments were partially offset by $37.0 million of proceeds from the 2029 Term Loan, net of debt discount and issuance costs, $36.5 million of proceeds from the Revenue Purchase and Sale Agreement, net of issuance costs, and $1.5 million of proceeds from the ATM Offering, net of issuance costs.
Current wording
payments related to net share settlement of RSUs.
Previous wording
Cash flows from continuing operations and discontinued operations have been presented together in the condensed consolidated statement of cash flows. During the nine months ended September 30, 2025, operating cash flows of discontinued operations were primarily related to the adjustment for the net gain on UDENYCA Sale of $338.7 million, partially offset by a loss on debt extinguishment of $10.3 million. During the nine months ended September 30, 2024, operating cash flows of discontinued operations were primarily related to the adjustment for the net gain on Sale Transactions of $176.6 million and an increase in UDENYCA inventory which resulted in a net cash outflow of $22.7 million.
Current wording
Cash flows from continuing operations and discontinued operations have been presented together in the condensed consolidated statement of cash flows. During the three months ended March 31, 2026, operating cash flows from discontinued operations primarily reflected $3.3 million of payments for TSA related operating assets and liabilities, net. During the three months ended March 31, 2025, operating cash flows from discontinued operations were primarily due to an increase in inventory of $22.9 million, partially offset by the $11.8 million change in fair value for the UDENCYA portion of the Royalty Fee Derivative Liability.
Previous wording
There have been no significant changes to our critical accounting estimates during the nine months ended September 30, 2025, as compared to the critical accounting estimates described in our 2024 Form 10-K. We believe that the critical accounting estimates discussed in the 2024 Form 10-K are meaningful to understanding our historical and future performance, as these estimates relate to the more significant areas involving management’s judgments and assumptions.
Current wording
There have been no significant changes to our critical accounting estimates during the three months ended March 31, 2026, as compared to the critical accounting estimates described in our 2025 Form 10-K. We believe that the critical accounting estimates discussed in the 2025 Form 10-K are meaningful to understanding our historical and future performance, as these estimates relate to the more significant areas involving management’s judgments and assumptions.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
primarily through sales of our common stock, issuance and incurrence of debt, the Revenue Purchase and Sale Agreement, the Sale Transactions and sales of our products.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
We believe that our available cash, cash equivalents and marketable securities, product sales, and ATM Offering proceeds received to date will be sufficient to fund our planned expenditures and meet our obligations for at least the twelve months following our financial statement issuance date.
Previous report — wording carried elsewhere
Net cash used in financing activities