Key Highlights

  • Net Revenue was USD 14.3 million, compared with USD 11.6 million.
  • Net loss from continuing operations was USD 38.9 million.
  • The company announced a projected 30% headcount reduction.
  • Quarterly cost reductions amount to USD 6 million to USD 7 million.

Coherus Oncology, Inc. (NASDAQ:CHRS) reported third quarter 2026 net revenue of USD 14.3 million, compared with USD 11.6 million a year earlier. Reported EPS was negative USD 0.25 and revenue was USD 14.27 million, compared with estimates of EPS of negative USD 0.22 and revenue of USD 15.90 million.

Net loss from continuing operations was USD 38.9 million, compared with USD 44.5 million, and net loss per share from continuing operations was USD 0.25, compared with USD 0.38. For the nine months, net revenue was USD 40.9 million, compared with USD 29.4 million, and net loss from continuing operations was USD 109.2 million, compared with USD 136.8 million. The filing attributes the revenue change primarily to Volume growth of LOQTORZI.

Strategic Alternatives and Cost Actions

Management described three strategic priorities designed to make the company a financially self-sustaining oncology Business by the end of 2027, including driving LOQTORZI revenues over the next four to five quarters to a level that supports core cash burn.

The company announced a projected 30% headcount reduction and intended expense reductions amounting to USD 6 million to USD 7 million a quarter. Management said this lowers the quarterly LOQTORZI revenue needed to support core burn from a previously guided USD 30 million to USD 35 million to USD 25 million to USD 30 million. It tied the action to strategic prioritization, the wind down of a transition services agreement and the Manufacturing transfer, for which the FDA action date on the drug product portion is November 30.

LOQTORZI Market Position

Management said its share of the nasopharyngeal carcinoma market is approximately 20% to 22%. About 30% of patients continue to receive chemotherapy alone, and about 40% are treated with off-label immunotherapies. Management cited six-year survival of 64.8 months with LOQTORZI plus chemotherapy, compared with 33.7 months with chemotherapy alone.

Toripalimab is approved in Europe and other regions for esophageal squamous cell carcinoma irrespective of PD-L1 status. Management noted that esophageal cancer is the sixth leading cause of annual cancer deaths globally, with over 400,000 patients affected annually, particularly in Asian countries.

Tagmo and Toripalimab Data

Over two to three years, the company pursued a program across several cohorts and indications involving more than 120 patients to identify the most promising indication and dose. In a randomized second-line study across two doses, 22 patients had been treated to date. At the 700 milligram tagmo dose with toripalimab, management reported a 33.3% confirmed overall response rate and a 44.4% rate including one unconfirmed response, along with a clinical benefit rate of 55.6%. The 300 milligram dose showed no responses, and all patients progressed by four months.

In a first-line esophageal squamous cell carcinoma safety cohort, management reported an overall response rate of 89%, including 8 of 9 efficacy evaluable patients and 100% in PD-L1 positive patients with one complete response. Four of 10 safety evaluable patients discontinued due to adverse events, and half of those discontinuations were tied to cisplatin related renal toxicity.

Next Steps Named on the Call

The company named a meeting with the FDA to align on the recommended Phase II dose and the next study design, with discussions over 2027.