Coherus Oncology, Inc. priced an underwritten public offering of 28,600,000 shares of its common stock at $1.75 per share, generating gross proceeds of approximately $50.1 million before underwriting discounts and commissions. The transaction is expected to close on or about February 17, 2026.
The company will use the net proceeds to accelerate the commercialization of its PD‑1 inhibitor LOQTORZI, continue clinical development of its mid‑stage immuno‑oncology pipeline, and provide working capital and other general corporate purposes. The capital raise is intended to extend Coherus’s cash runway as it focuses on its oncology platform after divesting its biosimilar business.
Investors reacted to the dilution and the pricing of the shares at a discount to recent trading levels. The offering is a strategic move to strengthen the balance sheet and fund the company’s transition to a fully oncology‑focused business model.
The offering is being made pursuant to an effective shelf registration statement on Form S‑3 filed on November 13, 2025. TD Cowen, Guggenheim Securities, and Oppenheimer & Co. are acting as joint bookrunners, and the underwriters have a 30‑day option to purchase up to an additional 4,290,000 shares.
"With strong strategic execution, we have transformed the company while dramatically reducing our debt and leaving $250 million on the post‑close balance sheet. This provides ample runway to achieve our mid‑term corporate objectives, including maximizing LOQTORZI revenues, advancing our novel immuno‑oncology candidates in combination with LOQTORZI to key data milestones in 2026, and progressing label‑expanding indications for LOQTORZI in novel combinations," said Coherus Chairman and Chief Executive Officer Denny Lanfear.
Coherus reported preliminary 2025 net revenue from continuing operations of about $42.2 million, with LOQTORZI contributing the majority. The company’s cash, cash equivalents, and marketable securities stood at roughly $172.1 million as of December 31, 2025, sufficient to fund operations through the end of 2026.
The equity raise is a key component of Coherus’s broader strategy to exit its legacy biosimilar business and invest heavily in oncology. By securing additional capital, the company can accelerate product commercialization, support pipeline development, and maintain financial flexibility as it pursues growth in nasopharyngeal carcinoma and other indications.
The transaction underscores Coherus’s commitment to building a robust oncology platform and demonstrates confidence in the long‑term prospects of its flagship product and pipeline assets.
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