Coherus Oncology (CHRS) TD Cowen 46th Annual Health Care Conference summary

Transformation and financial strategy

• Achieved a 90% reduction in debt, from $480 million to $3.7 million, and strengthened the balance sheet with $250 million from asset divestitures.

• Transitioned to an innovative oncology focus, including acquisition of Surface Oncology and divestiture of biosimilars.

• Commercial team expansion and sophisticated data tools implemented to drive sales and patient identification.

• Targeting cash flow breakeven by 2026, with projected LOQTORZI annual sales of $175 million by 2028.

• Strong financial and partnering strategy, with global rights to key pipeline assets and ongoing collaborations.

Commercial progress and product strategy

• LOQTORZI sales doubled from $19 million in 2024 to $38 million in 2025, with continued growth expected.

• LOQTORZI is the only preferred first-line therapy for nasopharyngeal carcinoma in NCCN guidelines.

• Commercial team expanded to maximize market penetration, including specialized teams for VA and inside sales.

• Label expansion strategy involves combination trials with casdozokitug and tagmokitug, and collaborations for additional indications.

• Collaborations with other companies enable shared clinical trial costs and broader label opportunities.

Pipeline and clinical development

• Tagmokitug (anti-CCR8) selectively depletes tumor Tregs, showing 52%-97% depletion in tumors without dose-limiting toxicity.

• Tagmokitug demonstrates best-in-class potential with high selectivity, effector function enhancement, and strong PK profile.

• Broad development across solid tumors, with ongoing studies in head and neck, GI, and prostate cancers.

• J&J partnership explores combinations with T cell engagers, especially in prostate cancer.

• Biomarker strategies under evaluation to enrich patient populations based on CCR8 expression.