Coherus Oncology (CHRS) Q4 2025 earnings summary

Executive summary

• Completed transformation to an innovative oncology company, divesting biosimilars and acquiring Surface Oncology assets, tagmokitug, and casdozokitug, with a focus on immune resistance in cancer.

• LOQTORZI launched as the only approved treatment for recurrent/metastatic NPC in the U.S., with rapid sales growth and strong survival data.

• LOQTORZI net revenue more than doubled to $40.8 million in 2025 from $19.1 million in 2024, driven by increased patient demand and repeat use.

• Debt reduced by over 90% from $480 million to $38.8 million by year-end 2025, lowering interest costs and extending earliest maturity to May 2029.

• Ended 2025 with $172.1 million in cash, equivalents, and investments, bolstered by recent capital raises.

Financial highlights

• Full year 2025 net revenue was $42.2 million, up from $26.4 million in 2024; Q4 2025 net revenue was $12.7 million, up from $7.7 million in Q4 2024.

• Cost of goods sold for 2025 was $13.8 million, up from $8.7 million in 2024, reflecting LOQTORZI volume growth.

• SG&A expenses decreased to $100.6 million in 2025 from $125.5 million in 2024; R&D expenses increased to $108.9 million from $91.8 million.

• Net loss from continuing operations for 2025 was $183.1 million ($1.56/share), improved from $215.4 million ($1.88/share) in 2024; non-GAAP net loss was $159.2 million ($1.36/share) vs. $166.5 million ($1.45/share) in 2024.

• Gross margin for 2025 was approximately 67%.

Outlook and guidance

• Multiple clinical readouts expected in 2026 for pipeline candidates casdozokitug and tagmokitug.

• LOQTORZI expected to reach $175 million annualized revenue and 70% market share by 2028.

• Commercial operations projected to be self-sustaining at $15–16 million quarterly sales (expected in 2026), with full core burn covered at $30–35 million per quarter (expected in 2027).

• Sufficient funding projected through key milestones in 2026 and into 2027.

• Full year 2026 revenue guidance to be provided in August.