Coherus Oncology, Inc.
CHRS evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for CHRS—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CHRS
Coherus Oncology, Inc. is a biopharmaceutical company focused on developing and commercializing immunotherapies for cancer, with a marketed PD-1 inhibitor LOQTORZI and pipeline candidates casdozokitug and tagmokitug.
Key risk: Cash burn and need for financing
BioSniper Score
Based on 5 of 6 signals
Market Cap
$217.8M
Cash Runway
5.5 moLead Asset
casdozokitug (Phase 2)Next Catalyst
Phase2_Topline · Dec 31, 2026Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 7 clinical trials · 1 catalyst for Coherus Oncology, Inc..
Coherus Oncology, Inc. is a biopharmaceutical company focused on developing and commercializing immunotherapies for cancer, with a marketed PD-1 inhibitor LOQTORZI and pipeline candidates casdozokitug and tagmokitug.
- As of June 30, 2026, Coherus reported cash and equivalents of $83.2M, total revenue of $14.3M, and a net loss of -$20.6M for the quarter [sec].
- The company markets LOQTORZI (toripalimab) for recurrent/metastatic nasopharyngeal carcinoma (NPC) and has two pipeline candidates: casdozokitug (IL-27 antibody) and tagmokitug (IL-10R antibody) in clinical trials [sec_mda · as of 2026-05-11].
- Research and development expenses for casdozokitug were $31.1M in 2025, up from $16.6M in 2024, reflecting increased clinical trial activity [sec_mda · as of 2026-03-09].
- Coherus has a term loan of $37.1M and convertible notes of $121.9M as of March 31, 2026, and may need to raise additional funds to support operations [sec_mda · as of 2026-05-11].
What works
- LOQTORZI is approved in the U.S. for recurrent/metastatic NPC, providing a commercial revenue stream [sec_mda · as of 2026-05-11].
- The company has two clinical-stage pipeline candidates (casdozokitug and tagmokitug) targeting novel immune checkpoints, with potential for differentiation in immuno-oncology [sec_mda · as of 2026-05-11].
- Coherus reduced internal costs in 2026, including a $1.9M decrease in facilities and infrastructure costs, indicating a focus on operational efficiency [sec_mda · as of 2026-05-11].
What to weigh
- The company reported a net loss of -$20.6M for Q2 2026 and has an accumulated deficit, reflecting ongoing cash burn [sec].
- Coherus faces significant debt obligations, including a $37.1M term loan and $121.9M in convertible notes as of March 31, 2026 [sec_mda · as of 2026-05-11].
- The company may need to raise additional capital, and there is no assurance that financing will be available on favorable terms [sec_mda · as of 2026-08-05].
- Pipeline candidates are still in clinical trials with no guarantee of regulatory approval, and development costs may increase [sec_mda · as of 2026-03-09].
From the filings
Quoted directly from source documents.
Coherus has two pipeline candidates in clinical trials: casdozokitug and tagmokitug.
“Casdozokitug and tagmokitug are our two pipeline product candidates with on-going clinical trials.”
SEC MD&A · May 11, 2026
Research and development expenses for casdozokitug increased from 2024 to 2025.
“Casdozokitug | | Clinical trials | | $ | 31,098 | | $ | 16,588”
SEC MD&A · March 9, 2026
Coherus may need to raise additional funds and there is no assurance of success.
“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.”
SEC MD&A · August 5, 2026
Coherus has a term loan and convertible notes as of March 31, 2026.
“2029 Term Loan | | $ | 37,147 | | $ | 37,051 | | Revenue Purchase and Sale Agreement | | | 14,372 | | | 14,028 | | 2026 Convertible Notes | | | 121”
SEC MD&A · May 11, 2026
Catalyst timeline
- 2026-12-31 · Phase2_Topline · tagmokitug/casdozokitug — Phase 2 Readout — Topline data from the Phase 2 trial of tagmokitug/casdozokitug is expected, which could inform the development path and potential for regulatory submission.
Risks & what to watch (4)›
Key risks
- Cash burn and need for financing — Net loss of -$20.6M in Q2 2026 and potential need for additional capital, with no assurance of favorable terms [sec] [sec_mda · as of 2026-08-05].
- Debt obligations — Term loan of $37.1M and convertible notes of $121.9M as of March 31, 2026, creating financial leverage [sec_mda · as of 2026-05-11].
- Pipeline development risk — Casdozokitug and tagmokitug are in clinical trials with no guarantee of regulatory approval; development costs may rise [sec_mda · as of 2026-03-09].
- Commercial dependence on LOQTORZI — Revenue is primarily from LOQTORZI, which faces competition and market adoption risks [sec_mda · as of 2026-05-11].
What to watch
- Phase 2 readout for tagmokitug/casdozokitug expected by end of 2026 [catalyst].
- Cash runway and any additional financing activities, given the net loss and debt levels [sec] [sec_mda · as of 2026-08-05].
- Commercial performance of LOQTORZI and any updates on market penetration or label expansion [sec_mda · as of 2026-05-11].
- Progress of clinical trials for casdozokitug and tagmokitug, including enrollment and data releases [sec_mda · as of 2026-03-09].
Sources: SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
5.5 months
D/E 2.14 · 0% dilution
Lead: Approved
4 candidates
1 upcoming, next in ~123d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
153
Total value held
$96.7M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 10,905,524 | $18.4M |
| blackrock, inc. | 10,365,074 | $17.5M |
| samsara biocapital, llc | 3,428,571 | $5.8M |
| geode capital management, llc | 3,121,578 | $5.3M |
| state street corp | 2,325,859 | $3.9M |
| two sigma investments, lp | 2,302,001 | $3.9M |
| alyeska investment group, l.p. | 2,250,000 | $3.8M |
| tang capital management llc | 1,886,748 | $3.2M |
| hudson bay capital management lp | 1,704,980 | $2.9M |
| panagora asset management inc | 1,459,310 | $2.5M |
Showing top 10 of 153 institutional holders of Coherus Oncology, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 19.1%
- Days to cover
- 29.3
- Shares short
- 27,818,409
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CHRS short interestGovernance
Frequently asked questions
What is the AI investment thesis for Coherus Oncology, Inc.?
Coherus Oncology, Inc. is a biopharmaceutical company focused on developing and commercializing immunotherapies for cancer, with a marketed PD-1 inhibitor LOQTORZI and pipeline candidates casdozokitug and tagmokitug.
What is Coherus Oncology, Inc.'s lead drug candidate?
Coherus Oncology, Inc.'s most advanced tracked candidate is casdozokitug (Phase 2) for Hepatocellular Carcinoma.
What is Coherus Oncology, Inc.'s next catalyst?
Coherus Oncology, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: tagmokitug/casdozokitug" — expected December 31, 2026.
Who is the CEO of Coherus Oncology, Inc.?
Mr. Dennis M. Lanfear is the chief executive officer of Coherus Oncology, Inc. (CHRS).
Where is Coherus Oncology, Inc. headquartered?
Coherus Oncology, Inc. (CHRS) is headquartered in Redwood City, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.