Coherus Oncology, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 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.
Jun 30, 2026 · Filed Aug 5, 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 2026-03-31; filed 2026-05-11.
0001104659-26-058703
Item 2. Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001104659-26-091262
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 59 previous paragraphs and 59 current paragraphs.
34 unchanged; 22 reworded; 3 added; 2 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 26 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 (3)
Current report
The reduction in internal costs for the three months ended June 30, 2026 includes a $2.3 million decrease in employee-related costs including stock-based compensation. The reduction in internal costs for the six months ended June 30, 2026 includes a $3.5 million decrease in employee-related costs, including stock-based compensation, and a $1.8 million decrease in facilities, supplies, material and other infrastructure costs.
Current report
In addition, the decrease in the six-month period was partially offset by 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.
Current report
Net income (loss) for the six months ended June 30, 2026 and 2025, included, among other items, adjustments to arrive at operating cash flows. Adjustments for the six months ended June 30, 2026 included the non-cash release of biosimilar revenue related reserves of $13.1 million, non-cash stock-based compensation expense of $5.0 million, and non-cash depreciation and amortization of $1.7 million. Adjustments for the six months ended June 30, 2025 included the gain on Sale Transactions of $339.1 million, non-cash change in fair value of derivatives of $12.6 million, non-cash stock-based compensation expense of $10.8 million, loss on debt extinguishment of $10.3 million, and non-cash depreciation and amortization of $2.1 million.
Removed paragraphs (2)
Previous 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.
Previous report
payments related to net share settlement of RSUs.
Reworded paragraphs (22)
Previous wording
Comparison of Three Months Ended March 31, 2026 and 2025
Current wording
Comparison of Three and Six Months Ended June 30, 2026 and 2025
Previous 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.
Current wording
The increases in LOQTORZI net revenue for the three and six months ended June 30, 2026, compared to the same periods in the prior year, were driven primarily by volume growth of LOQTORZI.
Previous 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.
Current wording
The increases in cost of goods sold from continuing operations for the three and six months ended June 30, 2026, compared to the same periods in the prior year, were primarily due to volume growth of LOQTORZI.
Previous wording
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 wording
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.
Previous wording
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 wording
The decrease in selling, general and administrative expenses from continuing operations in the three and six months ended June 30, 2026 was primarily driven by a lower average headcount and reduced operating costs following our 2025 exit from the biosimilar business. As a result, employee-related costs, including stock-based compensation, decreased $2.3 million and $4.5 million for the three- and six-month periods, respectively, while professional fees decreased by $2.3 million and $2.8 million, respectively.
Previous 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.
Current wording
Interest expense from continuing operations for the three and six months ended June 30, 2026 and 2025, respectively, 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 slightly lower in 2026 than 2025, primarily as a result of the downward trend in market interest rates relative to the 2025 period.
Current wording
We expect interest expense from continuing operations to be comparable in 2026 to 2025.
Previous 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.
Current wording
Other income (expense), net from continuing operations for the three and six months ended June 30, 2026 changed unfavorably compared to the same periods in the prior year by $1.6 million and $0.4 million, respectively, primarily due to lower total interest and investment income. The unfavorable change for the six-month period was partially offset by a $0.8 million charge for the LOQTORZI Royalty Fee Derivative Liability adjustment in the first quarter of 2025.
Previous wording
Net Loss from Discontinued Operations, net of tax
Current wording
Net Income from Discontinued Operations, net of tax
Previous 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.
Current wording
The reductions in net income from discontinued operations, net of tax compared to the prior year periods were primarily due to the $339.1 million net gain and lower net revenue in 2026 driven by the UDENYCA Sale, partially offset by the $10.3 million charge in 2025 for loss on debt extinguishment related to the 2026 Convertible Notes and the UDENYCA Buy-out, lower cost of goods sold and selling, general and administrative expense, and no discontinued operations interest expense in 2026. Total net revenues attributable to our divested products, UDENYCA, CIMERLI and YUSIMRY, which are reflected in discontinued operations, were $12.8 million and $23.1 million for the three months ended June 30, 2026 and 2025, respectively, and $11.9 million and $55.2 million during the six months ended June 30, 2026 and 2025, respectively. For the three and six months ended June 30, 2026, net revenue was primarily driven by favorable adjustments to prior period estimates.
Previous 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
Current wording
As of June 30, 2026, we had cash, cash equivalents and marketable securities of $105.3 million and an accumulated deficit of $1.4 billion. We currently have one commercial product, LOQTORZI, which generated $13.6 million in net revenues during the three months ended June 30, 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 June 30, 2026, our cash, cash equivalents and 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 the sale of our common stock, issuance and incurrence of debt, the Revenue Purchase and Sale Agreement, the Sale Transactions and sales of our products.
Previous wording
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 wording
During the three months ended March 31, 2026, we completed the sale and issuance of 32,890,000 Offering Shares, which included all the Optional Shares. We received net proceeds of $53.6 million, after deducting the Underwriters’ discounts and commissions and offering expenses payable by us.
Previous 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.
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 June 30, 2026 were $3.3 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 three months ended March 31, 2026, as compared to the disclosure in our 2025 Form 10-K.
Current wording
There have been no significant changes to our leases during the six months ended June 30, 2026, as compared to the disclosure in our 2025 Form 10-K.
Previous wording
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 wording
Net cash used in operating activities of $120.0 million and $72.5 million for the six months ended June 30, 2026 and 2025, respectively, was primarily due to commercial activity, research and development activities and selling, general and administrative expenses to support those activities.
Previous wording
Net cash provided by (used in) investing activities
Current wording
Net cash provided by investing activities
Previous wording
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 wording
Cash provided by investing activities of $60.3 million for the six months ended June 30, 2026 was primarily due to $81.7 million cash received from maturities of investments, offset by $20.3 million purchases of investments in marketable securities.
Previous 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.
Current wording
Cash provided by investing activities of $445.2 million for the six months ended June 30, 2025 was primarily due to $483.4 million cash received for the UDENYCA Sale, partially offset by $20.7 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.
Previous wording
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.
Current wording
Cash provided by financing activities of $53.7 million for the six months ended June 30, 2026 was mainly due to proceeds from issuance of common stock in connection with our Public Offering, net of issuance costs in the first quarter of 2026.
Previous wording
Cash used in financing activities of $0.3 million for the three months ended March 31, 2025 was due to tax
Current wording
Cash used in financing activities of $281.8 million for the six months ended June 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.
Previous 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.
Current wording
Cash flows from continuing operations and discontinued operations have been presented together in the condensed consolidated statement of cash flows. During the six months ended June 30, 2026, operating cash flows from discontinued operations primarily reflected $42.2 million of payments for TSA related operating assets and liabilities, net. During the six months ended June 30, 2025, operating cash flows of discontinued operations were primarily related to the following adjustments to arrive at operating cash flows: the net gain on UDENYCA Sale of $339.1 million, partially offset by the $11.8 million change in fair value for the UDENYCA portion of the Royalty Fee Derivative Liability and a loss on debt extinguishment of $10.3 million.
Previous 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.
Current wording
There have been no significant changes to our critical accounting estimates during the six months ended June 30, 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 previous paragraphs (1)
Previous report — wording carried 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.