Redwood City, California-based Coherus Oncology, Inc. (Nasdaq: CHRS) announced a proposed underwritten public offering of its common stock on February 12, 2026. The offering did not disclose a target gross proceeds figure, share count, or per-share price at the time of the announcement, with the company noting that the offering remains subject to market and other conditions.
Coherus stated it intends to use net proceeds to support the ongoing commercialization of Loqtorzi (toripalimab-tpzi), to continue clinical development of its pipeline candidates, and for working capital and general corporate purposes.
Coherus intends to grant the underwriters a 30-day option to purchase additional shares of Coherus common stock in an amount up to 15% of the shares offered. TD Cowen, Guggenheim Securities, and Oppenheimer & Co. are acting as joint bookrunners, with a preliminary prospectus filed with the SEC. The company did not provide an expected closing date.
Company Overview and Pipeline
Coherus completed a multi-year transformation from a biosimilar-focused entity to a pure-play immuno-oncology company through a series of divestitures totaling up to approximately USD 768 million in proceeds, including the sale of its Udenyca franchise to Intas Pharmaceuticals for up to USD 558.4 million (completed April 2025), its Cimerli portfolio to Sandoz for USD 170 million (January 2024), and its Yusimry asset to Hong Kong King-Friend Industrial for USD 40 million (June 2024). The company used these proceeds in part to retire USD 230 million in convertible notes that were due in April 2026.
The company’s lead commercial asset Loqtorzi is a PD-1 inhibitor licensed from Shanghai Junshi Biosciences in January 2021 under a deal valued at up to USD 1.11 billion covering the United States and Canada. Loqtorzi is approved for recurrent or metastatic nasopharyngeal carcinoma. Coherus’s stated strategy involves growing the product’s sales in this indication while advancing development of new indications through combinations with its pipeline candidates and through external partnerships.
The pipeline includes two mid-stage clinical candidates. Tagmokitug (CHS-114) is a cytolytic anti-CCR8 antibody currently 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. The company presented multiomic biomarker data on tagmokitug at SITC in November 2025, describing CCR8-positive regulatory T-cell depletion and immune remodeling. Casdozokitug (SRF388) is an IL-27 antagonistic antibody; a Phase II study evaluating casdozokitug in combination with atezolizumab and bevacizumab in first-line hepatocellular carcinoma was completed in July 2025, with final combination data presented at ASCO-GI 2025. Both pipeline assets were acquired through the September 2023 acquisition of Surface Oncology for up to approximately USD 65 million.