Coherus Oncology Public Offering Raises USD 50.1 Million to Fund Immuno-Oncology Pipeline

Redwood City, California-based Coherus Oncology, Inc. (NASDAQ: CHRS) announced the pricing of an underwritten Coherus Oncology public offering of common stock with expected gross proceeds of approximately USD 50.1 million, before deducting underwriting discounts, commissions, and other offering expenses. The Coherus public offering 2026 transaction is expected to close on or about February 17, 2026, subject to satisfaction of customary closing conditions. Coherus Oncology (NASDAQ: CHRS) stated it intends to use the net proceeds to support the ongoing commercialization of LOQTORZI (toripalimab-tpzi), to continue clinical development of its pipeline candidates, and for working capital and other general corporate purposes.

Coherus Oncology Stock Offering Structure and Pricing Details

The CHRS stock offering consists of 28,600,000 shares of common stock sold at a public offering price of USD 1.75 per share, before underwriting discounts and commissions. All shares in the Coherus common stock pricing are being sold by the company itself rather than by existing shareholders. The company has also granted the underwriters a 30-day option to purchase up to an additional 4,290,000 shares of common stock at the same public offering price, less underwriting discounts and commissions. If the overallotment option is exercised in full, total gross proceeds from the Coherus Oncology stock offering would increase to approximately USD 57.6 million.

TD Cowen, Guggenheim Securities, and Oppenheimer & Co. are acting as joint bookrunners for the offering. The securities are being offered pursuant to an effective shelf registration statement on Form S-3 (File No. 333-291520) that was previously filed with the U.S. Securities and Exchange Commission on November 13, 2025. No specific institutional or individual end-purchasers of the shares were identified in the press release, and no insider participation was disclosed.

Company Overview and Pipeline

Coherus Oncology is a commercial-stage oncology company headquartered in Redwood City, California. The company has undergone a strategic transformation from a biosimilar-focused entity to one centered on immuno-oncology, following the divestiture of its UDENYCA (pegfilgrastim-cbqv) biosimilar franchise to Intas Pharmaceuticals in a transaction valued at up to USD 558.4 million, which closed in April 2025. Proceeds from that sale were used to repay USD 230 million in convertible notes and USD 49.1 million in royalty obligations.

The company's commercial asset is LOQTORZI (toripalimab-tpzi), a PD-1 inhibitor licensed from Shanghai Junshi Biosciences under an exclusive agreement covering the United States and Canada. That licensing deal, executed in February 2021, involved an upfront payment of USD 150 million and up to USD 380 million in milestone payments, plus royalties of 20% on net sales. LOQTORZI received FDA approval on October 27, 2023, as the first treatment approved for nasopharyngeal carcinoma and the first China-developed PD-1 inhibitor to receive FDA clearance. The company's stated strategy is to grow LOQTORZI sales in recurrent or metastatic nasopharyngeal carcinoma and to advance development of new indications through combination regimens.

Coherus Oncology (NASDAQ: CHRS) maintains two mid-stage clinical candidates. Casdozokitug (CHS-388) is an IL-27 antagonistic antibody currently being evaluated in a Phase II study in patients with first-line hepatocellular carcinoma, in combination with toripalimab and bevacizumab. Tagmokitug is a cytolytic anti-CCR8 antibody in Phase Ib/IIa studies in patients with advanced solid tumors, including head and neck squamous cell carcinoma, colorectal cancer, gastric cancer, and esophageal cancer. Both pipeline assets were acquired through the all-stock acquisition of Surface Oncology, Inc. in September 2023, a transaction valued at up to approximately USD 66.9 million. The company has also obtained rights to CHS-006, a TIGIT antibody, through an expansion of the Junshi Biosciences collaboration in December 2021.

In May 2024, Coherus entered a clinical collaboration with the Cancer Research Institute and ENB Therapeutics to evaluate LOQTORZI in combination with ENB-003, an ETBR inhibitor, in platinum-resistant ovarian cancer through the iPROC platform study. The company has stated that proceeds from the UDENYCA divestiture extend its cash runway beyond two years past data readouts anticipated in 2026. Specific timing for upcoming clinical milestones from the casdozokitug or tagmokitug programs was not disclosed in the offering announcement.

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