Coherus Oncology, Inc.

Q2 2026 LOQTORZI net sales were $13.6 million, up 15% quarter over quarter. R&D from continuing operations was $21.4 million versus $26.3 million in Q2 2025, and SG&A from continuing operations was $21.0 million versus $26.0 million in Q2 2025. For full-year 2026, management expects combined OpEx of $170 million to $175 million and LOQTORZI revenue of $57 million to $62 million. Cash, cash equivalents and investments ended Q2 at $105.3 million, down from $167 million at Q1, with about $39 million of the decrease tied to TSA obligations. Management said it remains sufficiently funded through key data readouts in 2026 and 2027.

Denny Lanfear emphasized that the company is now in a period of initial clinical data generation, with the key focus on immune resistance, durability, and biomarker-driven development. He framed TAGMO as a Treg-depleting therapy meant to “remove the brake” on immune response, and said the program is designed to identify the best combinations, lines of therapy, and patients for long-term benefit. He also pointed to casdozokitug in first-line HCC and said the company is excited about mature data expected in October and beyond.

Bryan McMichael highlighted that the UDENYCA divestiture helped reduce secured and convertible debt by over 90% and lowered the cost structure and core cash burn. He cited Q2 R&D of $21.4 million and SG&A of $21.0 million, both down year over year, and said this marks six straight quarters of declining SG&A from continuing operations. He also noted accrued rebates and reserves fell to $14.9 million from $28.8 million, TSA payables and accrued liabilities fell to $22.7 million from $61.6 million, and LOQTORZI revenue guidance remains $57 million to $62 million for 2026.

Analysts focused first on whether TAGMO could be prospectively enriched by HPV status and whether oropharyngeal disease might matter; management said it will continue accrual and follow-up, expects biomarker data to inform the approach, and plans to discuss the dataset more formally in October, including oropharyngeal carcinoma. On Casdozo, management said it does not expect to wait for overall survival to decide on a Phase III path, and expects to have something to say toward year-end as the data mature. On LOQTORZI, analysts pressed on the drivers of better duration and whether dosing is being misapplied; management said the biggest opportunity remains converting chemotherapy-only and off-label IO users, but acknowledged some physicians may be underdosing or stopping at 6 cycles rather than treating to progression.