Coherus Oncology Inc (NASDAQ: CHRS) is a commercial-stage oncology biopharmaceutical company that develops and sells cancer therapies in the United States. Revenue comes from net product sales of LOQTORZI (toripalimab), a PD-1 inhibitor licensed from Junshi Biosciences, which launched in January 2024. For the year ended December 31, 2025, net product revenue from continuing operations was $40.8 million, with total sales deductions running at 24% of gross product sales in 2025, up from 20% in 2024. The company divested several prior products, including UDENYCA, CIMERLI, and YUSIMRY, through sale transactions that generated $470.3 million in net cash in 2025, leaving LOQTORZI as the sole commercial product. The company also holds pipeline candidates including casdozokitug and tagmokitug, with remaining potential aggregate milestone obligations to counterparties including Junshi Biosciences ($355.0 million), Vaccinex Inc. ($13.5 million), Adimab LLC ($10.5 million), and Memorial Sloan Kettering Cancer Center ($7.2 million) as of the filing date.

Revenue model

Transactional net product sales of LOQTORZI to hospitals, clinics, and payers, net of chargebacks, rebates, co-payment assistance, and returns. Sales deductions were 24% of gross product sales in FY2025. The company also received a $6.3 million out-license payment in 2024 for rights to commercialize toripalimab in Canada.

Products and services

LOQTORZI (toripalimab): PD-1 inhibitor for oncology indications, launched January 2024, licensed from Junshi Biosciences. Pipeline includes casdozokitug (licensed from Adimab LLC) and tagmokitug (licensed from Vaccinex Inc. and Memorial Sloan Kettering Cancer Center). Previously commercialized UDENYCA, CIMERLI, and YUSIMRY, all divested by 2025.

Customers and end markets

Hospitals, clinics, and payers under commercial and government programs including Medicare and Medicaid. End market is oncology patients in the United States. Government payer exposure is material given disclosed Medicaid funding risk from the One Big Beautiful Bill Act enacted July 2025.

Value-chain role

Commercial-stage biopharma operating as drug developer and marketer. Relies on contract manufacturing organizations (CMOs) for preclinical and clinical supply. Licenses in drug candidates from external partners and manages U.S. commercialization.

Geographic exposure

United States (primary commercial market for LOQTORZI). Canada rights for toripalimab were out-licensed in 2024 for $6.3 million.

Source: SEC 10-K, filed 2026-03-09

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