Coherus Oncology, Inc. is a biopharmaceutical company primarily focused on the research, development, and commercialization of cancer immunotherapies across the United States. ...
Coherus Oncology, Inc. (NASDAQ: CHRS) is a fully integrated commercial-stage biopharmaceutical company dedicated to advancing innovative cancer therapies. Founded in 2010 by Dennis M. Lanfear, the company has evolved from a biosimilar-focused entity to a leader in immuno-oncology. As of 2025, Coherus employs 147 people and operates with a lean, ...Coherus Oncology, Inc. (NASDAQ: CHRS) is a fully integrated commercial-stage biopharmaceutical company dedicated to advancing innovative cancer therapies. Founded in 2010 by Dennis M. Lanfear, the company has evolved from a biosimilar-focused entity to a leader in immuno-oncology. As of 2025, Coherus employs 147 people and operates with a lean, agile model. The company's commercial portfolio includes several biosimilars: UDENYCA (a long-acting G-CSF biosimilar to Neulasta), YUSIMRY (a Humira biosimilar for inflammatory conditions), and CIMERLI (a Lucentis biosimilar for ophthalmic diseases). These products generate substantial revenue, with a gross profit margin of 63.6% and sales reaching approximately $50.9 million in the trailing twelve months. However, the company has faced financial challenges, reporting a net loss of -$131.2 million, resulting in negative margins and cash flow. To address this, Coherus has strategically shifted toward high-value immunotherapies. Its flagship product, LOQTORZI (toripalimab-tpzi), is an approved next-generation PD-1 inhibitor developed in collaboration with Junshi Biosciences, targeting various cancers. Additionally, Coherus has a robust pipeline including Casdozokitug (anti-IL-27), CHS-114 (anti-CCR8), CHS-1000 (anti-ILT4), and a CD112R-targeting antibody licensed to GSK. The company has forged key partnerships with Surface, Adimab, and Novartis to enhance its R&D capabilities. Despite negative profitability, Coherus maintains a current ratio of 1.772 and has a market cap of $159.7 million. The leadership team, led by CEO Dennis Lanfear, includes experienced industry veterans focused on unlocking immune resistance through combination therapies. With a planned rebranding to Coherus Oncology in May 2025, the company aims to solidify its position in the oncology space, leveraging its commercial infrastructure and scientific innovation to drive growth and ultimately deliver value to patients and shareholders.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$42.2M
-84.2%
+16.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-170.3M
-697.4%
+45.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+57.9%
+3.5%
+13.7%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-425.7%
-917.8%
+23.1%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-403.8%
-3881.5%
+53.2%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-138.5M
-577.7%
-107.3%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-328.4%
-4189.7%
-78.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
66.1%
+132.3%
-10.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.46x
+20.7%
+13.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good day, and thank you for standing by. Welcome to the Q2 2026 Coherus Oncology, Inc. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Carrie Graham. Please go ahead.
Carrie Graham: Thank you, Heidi. Good afternoon, and welcome to Coherus Oncology's Second Quarter 2026 Earnings Conference Call. Joining me today to discuss our results are Denny Lanfear, Chief Executive Officer of Coherus; Dr. Rosh Dias, Chief Medical Officer; Dr. Theresa Lavallee, Chief Scientific and Development Officer; Sameer Goregaoker, Chief Commercial Officer; and Bryan McMichael, Chief Financial Officer. Before we get started, I would like to remind you that today's call includes forward-looking statements regarding Coherus' current expectations about future events. Actual results may vary significantly, and we undertake no duty to update or revise any forward-looking statements. Please see the press release that we issued today and our quarterly report on Form 10-Q for more information on risks and uncertainties. And now I'll turn the call over to Denny.
Dennis Lanfear: Thank you, Carrie, and thank you all for joining us this afternoon on our Q2 2026 quarterly call. As you know, we are now in an exciting period of initial clinical data generation and readouts, not definitive data reporting, and we'd like to provide you with the available insights on how things look so far. But first, let me make a few remarks about the scientific focus on overcoming immune resistance in cancer to provide you with a lens through which to view our pipeline and our development strategy. Our review of the data on immuno-oncology drugs in cancer reminds us that immunotherapy's benefit is primarily seen at the far end of the survival curve, where it matters most to both patients and regulators. Additionally, the combination agents can make a substantial difference. A good example is the combination of chemotherapy and PD-1s, where PD-1s revolutionized cancer care by addressing immune invasion and showed some of the most pronounced survival benefits when used in combination with drugs that lead to tumor cell death. It's essential to keep in mind that tagmokitug as a Treg depleting agent is mechanistically positioned not as another response rate agent like chemo or ADCs, but as a horizontally enabling durability layer that removes the brake, Tregs, which potentially limit both depth and the durability of response with various active agents. This translates directly to our tagmokitug development program, which, first, represents a rational scientific framework to evaluate Treg depletion across a number of cancers and various lines of therapy for response and duration. Secondly, it is deliberately constructed to provide insights as to where Treg depletion is best positioned with what combinations and in what lines of therapy and to identify the best patients …