Coherus Oncology Restores LOQTORZI Growth After Weather-Weighed Quarter

The Tip Desk · August 5, 2026 · 3 min read

LOQTORZI net revenue reached $13.6 million in the second quarter, up 15% from $11.8 million in the first quarter.

Coherus Oncology, Inc. (CHRS) reported LOQTORZI net revenue of $13.6 million in the second quarter of 2026, a 15% increase from $11.8 million in the first quarter after that period had fallen 5% from $12.4 million in the fourth quarter of 2025.

The commercial-stage oncology company said the first-quarter dip reflected severe weather events and normal seasonality. Year over year, LOQTORZI sales rose 37% from $10.0 million in the second quarter of 2025.

Demand trends remained strong, the company said, with the highest number of new patient starts since launch, normalized patient discontinuation rates after seasonal first-quarter trends, and continued improvement in therapy duration. LOQTORZI remains the only FDA-approved and available treatment in the U.S. for recurrent, locally advanced or metastatic nasopharyngeal carcinoma, and the only preferred Category 1 first-line option recommended in combination with cisplatin and gemcitabine, as well as the only preferred subsequent-line treatment recommended by the National Comprehensive Cancer Network.

Net revenue from continuing operations was $14.3 million in the three months ended June 30, 2026, versus $10.3 million a year earlier, which the company said was driven primarily by LOQTORZI volume growth. Cost of goods sold from continuing operations was $4.2 million, up from $3.4 million, also primarily due to that volume.

Net loss from continuing operations narrowed to $33.3 million, or $(0.22) a share on a diluted basis, from $44.9 million, or $(0.39) a share, in the year-ago quarter. Non-GAAP net loss from continuing operations was $30.1 million, or $(0.19) a share.

Research and development expenses from continuing operations fell to $21.4 million in the three months ended June 30, 2026 from $26.3 million a year earlier. The company attributed the decrease primarily to savings from reduced headcount, lower infrastructure costs, and lower clinical trial and R&D manufacturing costs. Selling, general and administrative expenses from continuing operations declined to $21.0 million from $26.0 million, driven primarily by lower headcount and decreased operating costs after Coherus completed the exit from the biosimilar business in 2025.

Cash, cash equivalents and marketable securities totaled $105.3 million as of June 30, 2026, compared with $172.1 million as of December 31, 2025. Those balances included Transition Service Agreement-related collections that will be applied to associated TSA payables and accrued liabilities of $22.7 million.

On the pipeline, Chief Medical Officer Rosh Dias said enrollment was complete with casdozokitug in hepatocellular carcinoma and with tagmokitug in head and neck squamous cell carcinoma and colorectal cancer, with emerging evidence of clinical activity in combination with toripalimab in HNSCC. The company said the activity, while preliminary, reinforces its confidence in the Treg depletion mechanism.

Phase 1b dose-optimization studies of tagmokitug with toripalimab in second-line HNSCC and upper gastrointestinal adenocarcinomas remain ongoing, with initial data readouts expected in the second half of 2026. A Phase 1b study in esophageal squamous cell carcinoma continues to enroll, with initial data also expected in the second half of 2026. The Phase 1b/2a study in fourth-line and beyond colorectal cancer with no liver metastasis is fully enrolled, with initial data expected in the second half of 2026. A Phase 1b study combining tagmokitug with pasritamig in metastatic castration-resistant prostate cancer is expected to initiate in the fall of 2026.

Enrollment is complete in the randomized Phase 2 trial of casdozokitug, toripalimab and bevacizumab in first-line unresectable hepatocellular carcinoma, with the first data readout expected in the second half of 2026.

The company projected public disclosure in early October 2026 of data sets with sufficient maturity.