Coherus Oncology (CHRS) H.C. Wainwright 28th Annual Global Investment Conference summary

Strategic transformation and focus

• Completed pivot from biosimilars to a pure-play innovative oncology company, now operating as both a commercial and clinical stage entity.

• LOQTORZI (toripalimab), a next-generation PD-1 inhibitor, is the main commercial product, with 2023 revenues of $40M and 2024 guidance of $57M–$62M, targeting $150M–$200M peak revenue by 2028.

• LOQTORZI serves as a revenue generator, funding vehicle, and enables in-house combination trials with pipeline assets.

• Cash position at end of Q2 was $105M, expected to fund operations through key data readouts into 2026–2027.

• Operating expenses for 2024 are guided at $170M–$175M, with plans to cover core burn by 2028 as LOQTORZI reaches peak market share.

Pipeline and clinical development

• Tagmokitug, acquired via Surface Oncology, targets CCR8-positive Tregs to overcome tumor immune resistance, with trials in head and neck, GI, and colorectal cancers.

• Early data show tumor remodeling, Treg depletion, and CD8+ T cell infiltration, with promising responses in heavily pretreated patients.

• Combination studies with Johnson & Johnson's pasritamig for prostate cancer are set to begin dosing in fall.

• Casdozokitug, an IL-27 antibody, is in a randomized trial for first-line hepatocellular carcinoma, with initial data expected by year-end.

• Prior data showed a 38% ORR and 17% CR rate in HCC, with ongoing studies comparing combinations with toripalimab and bevacizumab.

Biomarker and data strategy

• Biomarker strategies include measuring CCR8 and IL-27 levels to identify responsive patient populations and guide future development.

• Clinical benefit rate, durability of response, and enrichment factors (e.g., HPV status, TIRI score) are key metrics for upcoming data releases.

• October update will provide expanded safety, efficacy, and biomarker data for tagmokitug in head and neck cancer.

• HCC trial will report ORR, mRECIST, clinical benefit rate, safety, and ctDNA as an early marker by year-end.