Coherus Oncology, Inc. (CHRS) has priced a $50.1 million underwritten public offering of 28.6 million shares of common stock at $1.75 per share.
The offering includes a 30-day option for underwriters to purchase up to an additional 4.29 million shares. The transaction is expected to close on or about February 17, 2026, subject to customary conditions. TD Cowen, Guggenheim Securities, and Oppenheimer & Co. are acting as joint bookrunners.
Coherus stated that net proceeds will support the ongoing commercialization of LOQTORIZ (toripalimab-tpzi), continued clinical development of its oncology pipeline, and general corporate purposes.
Coherus reported Q3 2025 net revenue of $11.6 million, up from $6.05 million in the prior quarter. LOQTORIZ net product revenue rose to $11.2 million, increasing more than 92% from $5.8 million in the previous year quarter.
The company ended the quarter with $191.7 million in cash, cash, equivalents, and marketable securities. Coherus' cash balance is expected to cover operations into 2026, as the company settles its front-loaded obligations.
LOQTORIZ Program Update:
Six-year results from the Phase 3 JUPITER-02 trial showed that LOQTORIZ plus chemotherapy delivered a median overall survival of 64.8 months, nearly double that of chemotherapy alone (33.7 months). The regimen reduced the risk of death by 38%, reinforcing LOQTORIZ's position as a standard-of-care first-line treatment for recurrent or metastatic nasopharyngeal carcinoma.
Pipeline and Clinical Milestones
Coherus highlighted multiple upcoming readouts across its immuno-oncology programs:
CHS-114 (CCR8 Treg Depleter)
•1H 2026: Initial data from Phase 1b CHS-114/toripalimab combination in 2L head & neck squamous cell carcinoma (HNSCC).
•Mid-2026: First data from Phase 1b CHS-114/toripalimab combination in 1L/2L esophageal squamous cell carcinoma (ESCC).
•2H 2026: Initial data from Phase 1b/2a CHS-114/toripalimab in 4L+ colorectal cancer.
Casdozokitug (IL-27 Antagonist)
•Mid-2026: First data readout from the Phase 2 randomized trial of casdozokitug/toripalimab/bevacizumab in first-line hepatocellular carcinoma (HCC).
CHRS has traded between $0.71 and $2.61 over the past year. The stock closed Thursday's trading at $2.01, down 1.47% and fell further in the overnight to $1.74, down 13.43%.
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Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.