Coherus Oncology Reports Third Quarter 2026 Financial Results and Announces Strategic Prioritization Plan

(NASDAQ:CHRS) Coherus Oncology, Inc. reported financial results for the third quarter of 2026 and provided an update on recent business highlights. The company is strategically prioritizing esophageal cancer as its primary focus for tagmokitug, alongside the wind-down of the Transition Services Agreement and completion of the toripalimab process transfer. Coherus expects to lower its core cash burn by $6 million to $7 million per quarter over the next two quarters, reducing the quarterly LOQTORZI revenues required to cover core burn to $25 million to $30 million, down from the previous guidance of $30 million to $35 million. LOQTORZI revenue for Q3 2026 was $14.0 million, representing a 25% increase over $11.2 million in Q3 2025 and a 3% increase over $13.6 million in Q2 2026. LOQTORZI remains the only FDA-approved and available treatment in the U.S. for recurrent, locally advanced, or metastatic nasopharyngeal carcinoma (NPC), and is the only preferred Category 1 first-line treatment option recommended in combination with cisplatin and gemcitabine, as well as the only preferred subsequent-line treatment recommended by the National Comprehensive Cancer Network (NCCN). Tagmokitug is being evaluated in the TREGCHECK Phase 1b/2a clinical program in combination with toripalimab, with and without chemotherapy, with a near-term focus on esophageal cancer. The company will continue ongoing first-line and second-line ESCC and EAC indications and pursue regulatory alignment on an expedited development path, initially focused on second-line esophageal cancer. In the second-line ESCC/EAC cohort, 22 patients were treated and 13 were evaluable, with a confirmed overall response rate (ORR) of 33.3% and a clinical benefit rate (CBR) of 55.6%. In the 700 mg dose sub-group, the CBR was 55.6% and the confirmed ORR was 33.3%. Median progression-free survival was 5.5 months as of October 14, 2026. Coherus plans to initiate a new study evaluating tagmokitug in combination with toripalimab in second-line esophageal cancer and intends to align with the FDA on the design and proposed 700 mg dose. The company also plans to proceed with a Phase 1b clinical study evaluating tagmokitug in combination with pasritamig in metastatic castration-resistant prostate cancer (mCRPC), expected to initiate in fall 2026. Casdozokitug is being evaluated in a Phase 2 study in first-line unresectable hepatocellular carcinoma (uHCC), with enrollment complete and the first data readout expected in the first half of 2027. Net revenue from continuing operations was $14.3 million for Q3 2026 and $11.6 million for Q3 2025, and $40.9 million for the nine months ended September 30, 2026, compared to $29.4 million for the same period in 2025. Cost of goods sold was $4.1 million for Q3 2026 and $3.7 million for Q3 2025, and $12.1 million for the nine months ended September 30, 2026, compared to $9.8 million for the same period in 2025. Research and development expenses were $22.6 million for Q3 2026 and $27.3 million for Q3 2025, and $65.6 million for the nine months ended September 30, 2026, compared to $77.9 million for the same period in 2025. Selling, general and administrative expenses were $21.2 million for Q3 2026 and $24.9 million for Q3 2025, and $65.3 million for the nine months ended September 30, 2026, compared to $77.0 million for the same period in 2025. Net loss from continuing operations for Q3 2026 was $38.9 million, or $(0.25) per share diluted, compared to $44.5 million, or $(0.38) per share diluted, for Q3 2025. Net loss for the nine months ended September 2026 was $109.2 million, or $(0.73) per share diluted, compared to $136.8 million, or $(1.18) per share diluted, for the same period in 2025. Non-GAAP net loss from continuing operations for Q3 2026 was $31.2 million, or $(0.20) per share diluted, compared to $38.9 million, or $(0.33) per share for Q3 2025. Non-GAAP net loss for the nine months ended September 2026 was $95.3 million, or $(0.64) per share diluted, compared to $118.8 million, or $(1.02) per share for the same period in 2025. Cash, cash equivalents, and marketable securities totaled $83.6 million as of September 30, 2026, compared to $172.1 million as of December 31, 2025. TSA-related collections to be applied to associated payables and accrued liabilities totaled $19.6 million as of September 30, 2026, and $65.1 million as of December 31, 2025. The company will hold a conference call on November 9, 2026, at 5:00 p.m. Eastern Standard Time.