Coherus Oncology, Inc.

Comparison of Three Months Ended March 31, 2026 and 2025

Revenue

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.

We expect net revenue from continuing operations in 2026 to be higher than in 2025 because of continued growth of LOQTORZI.

Cost of Goods Sold

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.

We expect cost of goods sold from continuing operations for 2026 to be higher than 2025 because of continued growth of LOQTORZI.

Research and Development Expense

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.

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.

Selling, General and Administrative Expense

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.

We expect our selling, general and administrative expense from continuing operations for the full year 2026 to be lower than the full year 2025 primarily as a result of decreased operating costs and headcount.

Interest Expense

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.

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.

Other Income (Expense), Net

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.

Net Loss from Discontinued Operations, net of tax

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.

Liquidity and Capital Resources

Certain relevant measures of our liquidity and capital resources are summarized as follows:

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

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.

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.

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.

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:

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.”

Contingent Milestones

We have obligations to make future payments to third parties that become due and payable upon the achievement of certain development, regulatory and commercial milestones (such as clinical trial achievements, the filing of a Biologics License Application (“BLA”), approval by the FDA or product launch). These milestone payments and other similar fees are contingent upon future events and therefore are only recorded when it becomes probable that a milestone will be achieved or other applicable criteria will be met. Because the achievement of these milestones had not reached the threshold for recognition as of March 31, 2026, such contingencies were not recorded in our financial statements.

The following presents a summary of our active partnerships and collaborations that have material contingent regulatory and sales milestones as of March 31 2026:

Contingent Value Rights

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.

Other Commitments

Transition service agreements

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.

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.

Non-cancelable purchase commitments

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.

Leases

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.

Summary Statement of Cash Flows

The following table summarizes our cash flows for discontinued and continuing operations on a combined basis as follows:** **

Net cash used in operating activities

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.

Net cash provided by (used in) investing activities

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.

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.

Net cash provided by (used in) financing activities

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.

Cash used in financing activities of $0.3 million for the three months ended March 31, 2025 was due to tax

payments related to net share settlement of RSUs.

Discontinued operations

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.

Critical Accounting Policies and Significant Judgments and Estimates

The preparation of our condensed consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported revenue generated and expense incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.

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.

Recent Accounting Pronouncements

For a description of the impact of recent accounting pronouncements, see Note 1. Organization and Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q.