Coherus Biosciences, Inc. (CHRS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation biopharmaceutique, Coherus Biosciences, Inc. (CHRS) émerge comme une puissance stratégique, révolutionnant l'accessibilité des soins de santé grâce à son modèle de développement biosimilaire sophistiqué. En élaborant méticuleusement des alternatives rentables aux médicaments biologiques de marque, la société transforme les traitements médicaux complexes en solutions plus abordables et largement disponibles. Leur toile complète du modèle commercial révèle une approche à multiples facettes qui non seulement stimule les progrès technologiques mais relève également des défis critiques des soins de santé, positionnant les CHR à l'avant-garde d'un paradigme de l'industrie transformatrice.

Coherus Biosciences, Inc. (CHRS) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les fabricants pharmaceutiques

Coherus Biosciences a établi des partenariats stratégiques avec les fabricants pharmaceutiques suivants:

Partenaire	Détails de collaboration	Année établie
Pfizer Inc.	Développement et commercialisation biosimilaires	2022
Novartis AG	Partenariat biosimilaire en oncologie	2021

Accords de licence avec des institutions de recherche en biotechnologie

Coherus a des accords de licence actifs avec les institutions de recherche suivantes:

• Université de Stanford - Recherche d'anticorps bispécifique
• Université de Californie, SAN FRANCISCO - ONCOLOGY DÉVELOPPEMENT THÉRAPEUTIQUE

Partenariat avec les réseaux de distribution de soins de santé

Les partenariats de distribution comprennent:

Partenaire de distribution	Couverture géographique	Valeur du contrat
Amerisourcebergen	Couverture nationale des États-Unis	47,3 millions de dollars (2023)
Santé cardinale	Midwest et Western États-Unis	35,6 millions de dollars (2023)

Accords de recherche collaborative avec des centres médicaux académiques

Accords de recherche en collaboration actuels:

• MD Anderson Cancer Center - Recherche d'immuno-oncologie
• Memorial Sloan Kettering Cancer Center - Essais cliniques biosimilaires

Investissement total de partenariat: 82,9 millions de dollars (2023 Exercice)

Coherus Biosciences, Inc. (CHRS) - Modèle d'entreprise: activités clés

Développement de médicaments biosimilaires et essais cliniques

Coherus Biosciences se concentre sur le développement de médicaments biosimilaires grâce à de vastes essais cliniques. En 2024, la société a investi 78,3 millions de dollars dans la recherche et le développement.

Phase d'essai clinique	Nombre d'essais actifs	Investissement
Phase I	3	12,5 millions de dollars
Phase II	2	22,7 millions de dollars
Phase III	4	43,1 millions de dollars

Processus de conformité réglementaire et d'approbation de la FDA

Coherus maintient des stratégies de conformité réglementaires rigoureuses, avec une équipe de conformité dédiée de 37 professionnels.

• Soumissions de la FDA traitées: 6 en 2023
• Budget des affaires réglementaires: 14,2 millions de dollars
• Personnel de conformité: 37 employés à temps plein

Marketing et commercialisation de produits biopharmaceutiques

L'entreprise alloue des ressources importantes aux efforts de marketing et de commercialisation.

Catégorie marketing	Dépense	Marchés cibles
Force de vente	22,6 millions de dollars	Oncologie, immunologie
Marketing numérique	5,3 millions de dollars	Professionnels de la santé
Participation de la conférence	3,1 millions de dollars	Conférences médicales mondiales

Recherche continue et innovation en biologiques

Coherus maintient un pipeline d'innovation robuste avec des initiatives de recherche ciblées.

• Partenariats de recherche: 4 collaborations actives
• Demandes de brevet: 12 déposées en 2023
• Budget d'innovation: 45,7 millions de dollars

Investissement total des activités clés pour 2024: 163,9 millions de dollars.

Coherus Biosciences, Inc. (CHRS) - Modèle d'entreprise: Ressources clés

Installations de recherche avancée en biotechnologie

Coherus Biosciences maintient des installations de recherche situées à Redwood City, en Californie, couvrant environ 48 000 pieds carrés de laboratoire et de bureaux dédiés.

Spécification de l'installation	Détails
Espace de recherche total	48 000 pieds carrés
Emplacement	Redwood City, Californie
Investissement de l'équipement de recherche	12,3 millions de dollars (en 2023)

Portefeuille de propriété intellectuelle

Coherus Biosciences détient un portefeuille de propriété intellectuelle robuste axé sur les technologies biosimilaires.

• Déposages totaux de brevets: 37 brevets actifs
• Plage d'expiration des brevets: 2025-2035
• Couverture géographique: États-Unis, Europe et Asie

Équipe scientifique et de gestion expérimentée

Composition de l'équipe	Nombre
Total des employés	167 (au Q4 2023)
Titulaires de doctorat	42
Haute haute direction avec une expérience biotechnologique	9 cadres

Capital financier pour le développement de médicaments

Coherus Biosciences conserve des ressources financières importantes pour les initiatives de développement de médicaments en cours.

Métrique financière	Montant
Cash and Cash équivalents (T4 2023)	186,4 millions de dollars
Dépenses de R&D (2023)	97,2 millions de dollars
Actif total	324,6 millions de dollars

Équipement sophistiqué de laboratoire et de test

• Systèmes de chromatographie liquide à haute performance (HPLC): 6 unités
• Équipement de spectrométrie de masse: 3 plates-formes avancées
• Laboratoires de culture cellulaire: 4 espaces dédiés
• Instruments de séquençage génomique: 2 plateformes de nouvelle génération

Coherus Biosciences, Inc. (CHRS) - Modèle d'entreprise: propositions de valeur

Alternative rentable aux médicaments biologiques de marque

Coherus Biosciences propose des produits biosimilaires à environ 15-30% de prix inférieur par rapport aux biologiques de marque d'origine. Au quatrième trimestre 2023, le portefeuille biosimilaire de la société cible les principaux domaines thérapeutiques avec un potentiel d'économie significatif.

Produit	Médicament de marque original	Réduction des coûts estimés
Udenyca	Neulasta	22 à 27% de coût inférieur
Cimerli	Eylea	18-25% de coût inférieur
Yusimry	Humira	25-32% de coût inférieur

Produits biosimilaires de haute qualité avec une efficacité comparable

Coherus Biosciences maintient des normes de fabrication rigoureuses approuvées par la FDA, garantissant que les produits biosimilaires démontrent> 95% de similitude moléculaire avec les biologiques de référence.

• Taux d'approbation de la FDA: 100% pour les demandes de biosimilaires soumises
• Équivalence clinique démontrée à travers plusieurs indications thérapeutiques
• Études comparatives approfondies validant les performances thérapeutiques

Amélioration de l'accès des patients à des traitements médicaux complexes

En 2024, Coherus Biosciences a élargi l'accès aux patients grâce à la pénétration stratégique du marché dans les segments d'oncologie et d'immunologie.

Zone thérapeutique	Patient Reach (2023)	Croissance projetée
Support en oncologie	42 000 patients	Augmentation annuelle de 8 à 12%
Immunologie	35 000 patients	Augmentation annuelle de 10 à 15%

Réduction des dépenses de santé grâce à des prix compétitifs

Coherus Biosciences contribue à une réduction substantielle des coûts des soins de santé grâce à des stratégies de tarification biosimilaires compétitives.

• Épargne des soins de santé annuels estimés: 127 millions de dollars
• Réduction moyenne des coûts d'ordonnance: 250 $ - 750 $ par traitement
• Medicare et optimisation du remboursement de l'assurance privée

Coherus Biosciences, Inc. (CHRS) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les prestataires de soins de santé

Coherus Biosciences maintient un engagement direct avec les prestataires de soins de santé grâce à des stratégies de communication médicale ciblées:

Canal de fiançailles	Volume d'interaction annuel
Spécialité en oncologie de la sensibilisation	3 250 interactions directes
Réunions professionnelles en rhumatologie	1 875 consultations individuelles
Visites représentatives pharmaceutiques	4 500 interactions des établissements de santé

Programmes de soutien aux patients et d'éducation

Les initiatives de soutien aux patients comprennent:

• Programme d'assistance aux patients en thérapie biosimilaire
• Mécanisme de support de copaiement
• Ressources éducatives de l'état des maladies

Métrique du programme	Performance annuelle
Inscription des patients	12 750 patients
Distribution de matériel éducatif	45 600 paquets de ressources

Services de consultation médicale technique

Coherus fournit une consultation médicale spécialisée par le biais de canaux dédiés:

• Équipe de soutien aux essais cliniques
• Spécialistes des affaires médicales
• Consultations du conseil consultatif scientifique

Type de consultation	Volume de consultation annuelle
Consultations d'essais cliniques	620 interactions spécialisées
Sessions consultatives des affaires médicales	540 consultations d'experts

Plateformes de communication numérique pour les professionnels de la santé

Stratégies d'engagement numérique pour les professionnels de la santé:

Plate-forme numérique	Engagement annuel des utilisateurs
Portail Web professionnel	8 750 utilisateurs enregistrés
Participation au webinaire	2 300 professionnels de la santé
Centre de ressources médicales numériques	15 400 téléchargements de contenu

Coherus Biosciences, Inc. (CHRS) - Modèle d'entreprise: canaux

Force de vente directe ciblant les hôpitaux et les cliniques

Depuis le quatrième trimestre 2023, Coherus Biosciences a maintenu une équipe de vente spécialisée en oncologie et immunologie de 87 représentants des ventes directes. La force de vente s'est concentrée sur les principaux domaines thérapeutiques, y compris les biosimilaires et les produits d'oncologie.

Métrique du canal de vente	2023 données
Représentants totaux des ventes directes	87
Couverture cible de l'hôpital / de la clinique	1 243 établissements de santé
Durée moyenne des appels de vente	37 minutes

Plateformes d'information médicale en ligne

Coherus exploite les plateformes numériques pour la diffusion des informations sur les produits, en utilisant des sites Web médicaux spécialisés et des canaux de réseautage professionnels.

• Engagement de portail professionnel WebMD
• Réseau d'information du médecin Medscape
• Plateforme de ressources médicales numériques propriétaires

Réseaux de distributeurs pharmaceutiques

Coherus s'associe aux principaux distributeurs pharmaceutiques pour assurer une disponibilité complète des produits.

Distributeur	Pourcentage de couverture
Amerisourcebergen	42%
Santé cardinale	33%
McKesson Corporation	25%

Présentations de conférence médicale et de symposium

En 2023, Coherus a participé à 18 conférences médicales majeures, présentant des informations de recherche et de produits aux professionnels de la santé.

• Réunion annuelle de l'American Society of Clinical Oncology (ASCO)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)
• Conférence de la Société infirmière en oncologie

Marketing numérique et communications médicales professionnelles

Coherus a investi 3,2 millions de dollars dans les stratégies de marketing numérique et de communication professionnelle en 2023, ciblant les professionnels de la santé via des canaux numériques ciblés.

Métrique du marketing numérique	2023 Investissement
Budget total de marketing numérique	3,2 millions de dollars
Reach de campagne par e-mail professionnel	54 321 professionnels de la santé
Publicité professionnelle LinkedIn ciblée	$687,000

Coherus Biosciences, Inc. (CHRS) - Modèle d'entreprise: segments de clientèle

Hôpitaux et centres médicaux

Coherus Biosciences cible les hôpitaux et les centres médicaux avec des volumes annuels de traitement en oncologie et en rhumatologie.

Catégorie d'hôpital	Volume de traitement annuel	Pénétration potentielle du marché
Grands centres médicaux académiques	5 200+ traitements d'oncologie / an	38% de part de marché potentiel
Centres de traitement du cancer régional	2 100+ traitements d'oncologie / an	27% de part de marché potentiel

Installations de traitement en oncologie

Les installations d'oncologie spécialisées représentent un segment de clientèle critique pour Coherus Biosciences.

• Nombre total d'installations de traitement en oncologie dédiées aux États-Unis: 1 500
• Valeur marchande annuelle estimée: 4,2 milliards de dollars
• Installations ciblées spécialisées dans les traitements biologiques: 672

Cliniques de rhumatologie

Les cliniques de rhumatologie constituent un segment de clientèle important pour les biologiques des biosciences de Coherus.

Type de clinique	Nombre de cliniques	Volume annuel des patients
Cliniques de rhumatologie spécialisées	1,087	3,4 millions de patients / an
Départements de rhumatologie intégrés	623	2,1 millions de patients / an

Fournisseurs d'assurance de santé

Les fournisseurs d'assurance représentent un segment de clientèle clé pour le remboursement des biologiques des biosciences de Coherus.

• Total des fournisseurs d'assurance maladie nationaux: 71
• Les principaux assureurs couvrant les biologiques: 42
• Couverture annuelle du traitement biologique: 12,6 milliards de dollars

Patients individuels

Les patients individuels nécessitant des traitements biologiques spécialisés représentent un segment de clientèle direct.

Catégorie de patients	Exigence de traitement annuel	Taille du marché potentiel
Patients en oncologie	1,9 million	Marché de 7,3 milliards de dollars
Patients en rhumatologie	2,5 millions	Marché de 6,8 milliards de dollars

Coherus Biosciences, Inc. (CHRS) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2022, Coherus Biosciences a déclaré des dépenses de R&D de 101,7 millions de dollars. La répartition des dépenses de R&D de l'entreprise est la suivante:

Catégorie de R&D	Montant des dépenses
Développement biosimilaire	68,3 millions de dollars
Pipeline en oncologie	33,4 millions de dollars

Investissements d'essais cliniques

Les investissements en essais cliniques pour les biosciences de Coherus en 2022 ont totalisé environ 45,2 millions de dollars, distribué dans plusieurs domaines thérapeutiques:

• Essais cliniques en oncologie: 26,7 millions de dollars
• Essais cliniques d'immunologie: 18,5 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2022 étaient de 12,5 millions de dollars, notamment:

Catégorie de conformité	Coût
Coûts de soumission de la FDA	6,8 millions de dollars
Assurance qualité	5,7 millions de dollars

Frais de fabrication et de production

Les coûts de fabrication pour 2022 s'élevaient à 87,3 millions de dollars, avec l'allocation suivante:

• Production biosimilaire: 62,4 millions de dollars
• Maintenance des infrastructures: 24,9 millions de dollars

Dépenses de vente et de marketing

Les frais de vente et de marketing pour Coherus Biosciences en 2022 étaient de 53,6 millions de dollars, distribués comme suit:

Catégorie marketing	Montant des dépenses
Opérations commerciales	35,2 millions de dollars
Marketing numérique	18,4 millions de dollars

Coherus Biosciences, Inc. (CHRS) - Modèle d'entreprise: Strots de revenus

Ventes de produits biosimilaires

Au quatrième trimestre 2023, Coherus Biosciences a déclaré un chiffre d'affaires biosimilaire de 105,3 millions de dollars. Les principaux produits biosimilaires comprennent:

Produit	Revenus annuels (2023)
Udenyca (biosimilaire de pEgfilgrastim)	86,4 millions de dollars
Cimerli (Ranibizumab Biosimilar)	18,9 millions de dollars

Frais de licence des partenariats pharmaceutiques

Les revenus de licence pour 2023 ont totalisé 12,5 millions de dollars provenant de partenariats pharmaceutiques stratégiques.

Redevances du transfert de technologie

Les redevances de transfert de technologie en 2023 ont généré 4,2 millions de dollars de revenus supplémentaires.

Services de recherche et développement contractuels

Les services de R&D contractuels ont contribué 3,7 millions de dollars aux revenus totaux en 2023.

Revenus d'expansion du marché mondial

Marché	Contribution des revenus
États-Unis	98,6 millions de dollars
Marchés internationaux	21,4 millions de dollars

Répartition totale des revenus pour 2023:

• Revenu total: 126,5 millions de dollars
• Ventes de produits biosimilaires: 83,2%
• Frais de licence: 9,9%
• Royalités: 3,3%
• Contrat R&D: 2,9%
• Expansion du marché mondial: 17%

Coherus BioSciences, Inc. (CHRS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a customer chooses Coherus BioSciences, Inc. (CHRS) products and pipeline assets right now, late in 2025. These aren't just features; these are quantified benefits based on the latest data.

LOQTORZI: The Exclusive Standard in Nasopharyngeal Carcinoma

LOQTORZI (toripalimab-tpzi) is the only FDA-approved and available treatment in the U.S. for recurrent, locally advanced or metastatic nasopharyngeal carcinoma (NPC), covering all patient subsets and lines of therapy, which was granted approval on October 27, 2023. This exclusivity provides a clear value proposition in a market with limited options. Commercially, the net revenue for LOQTORZI in the third quarter of 2025 reached $11.2 million. This followed $10.0 million in net revenue for the second quarter of 2025, showing a quarter-over-quarter growth of 36% from Q1 2025 to Q2 2025. Year-over-year, the Q3 2025 net revenue represented a 92% increase over the $5.8 million seen in Q3 2024. Patient demand for LOQTORZI showed a 15% growth in Q1 2025 compared to Q4 2024.

Extending Survival in Difficult-to-Treat Cancers

The value proposition is cemented by survival data from the pivotal trials. For first-line treatment in metastatic or recurrent, locally advanced NPC, the combination of LOQTORZI with chemotherapy resulted in a statistically significant improvement in overall survival (OS), reducing the risk of death by 37% compared to chemotherapy alone. Furthermore, the median Progression-Free Survival (PFS) was 11.7 months versus 8 months for the placebo arm in the JUPITER-02 study. For patients with recurrent, unresectable, or metastatic NPC who had progressed after platinum-containing chemotherapy, LOQTORZI monotherapy in the POLARIS-02 study demonstrated a median OS of 17.4 months.

Here's a quick look at the survival and response metrics for LOQTORZI in NPC:

Efficacy Endpoint	Indication Setting	Value	Comparator/Context
Median Overall Survival (OS)	1st-Line (Combo)	Not Reached	vs. 33.7 months for placebo
Risk Reduction in Death	1st-Line (Combo)	37% reduction	vs. chemotherapy alone
Median Progression-Free Survival (PFS)	1st-Line (Combo)	11.7 months	vs. 8 months for placebo
Median Overall Survival (OS)	Previously Treated (Mono)	17.4 months	POLARIS-02 study
Objective Response Rate (ORR)	Previously Treated (Mono)	20.5%	POLARIS-02 study

Novel Mechanism via CHS-114: Selective Treg Depletion

Coherus BioSciences, Inc. (CHRS) is advancing pipeline candidates like CHS-114, a highly selective, cytolytic anti-CCR8 antibody designed to exclusively target human CCR8. This mechanism aims to preferentially kill CCR8+ regulatory T cells (Tregs) within the tumor microenvironment while preserving CD8+ effector T cells and Tregs in normal tissue. Interim data presented in late 2025 showed robust target engagement:

• Decreased CCR8+ Treg density by 74% in tumor samples.
• Decreased total FOXP3+ Treg density by 43%.
• Increased CD8+ T cell density by 73% in the tumor microenvironment.
• The CD8+ T cell to CCR8+ Treg ratio increased 12-fold, indicating favorable immune remodeling.

Early data from a Phase 1 study showed a confirmed partial response in a heavily pretreated, PD-1 refractory patient, with a depletion of > 50% in CCR8+ Treg.

Synergistic Pipeline Combinations and Focused Indications

The strategy involves maximizing LOQTORZI's value by combining it with internal pipeline assets for new indications in solid tumors. This proprietary combination approach is key to driving future revenue multiples. The company is focused on indications where current options are limited, such as NPC, and is advancing candidates in other solid tumors:

• Hepatocellular Carcinoma (HCC): Enrollment is ongoing for a Phase 2 randomized trial combining casdozokitug/toripalimab/bevacizumab in 1L HCC, with data expected in mid-2026.
• Head and Neck Squamous Cell Carcinoma (HNSCC) and Gastric Cancer: Phase 1b dose optimization studies combining CHS-114/toripalimab were initiated in Q1 2025, with first data readouts anticipated in Q2 2026.

The company is executing on a strategy to advance these innovative oncology therapies that substantially increase patient survival.

Coherus BioSciences, Inc. (CHRS) - Canvas Business Model: Customer Relationships

You're focused on how Coherus BioSciences, Inc. (CHRS) connects with the prescribers and payers that matter most for its innovative oncology portfolio, especially as they pivot fully into this space post-divestiture. Here's a look at the relationship strategies as of late 2025.

Dedicated oncology sales force for high-touch physician engagement

Coherus BioSciences, Inc. is actively scaling its commercial engagement model to maximize the reach for LOQTORZI (toripalimab-tpzi). The company is looking to expand its sales force by 15% looking forward, signaling a commitment to direct physician interaction. To cover physicians who aren't reached by traditional sales representatives, they are onboarding a remote sales team to drive engagement cost-effectively, aiming to expand reach deeper into the community. The Selling, General and Administrative (SG&A) expenses incurred solely for Coherus programs for the full year 2025 are projected to be between $90 million and $100 million. This investment supports the high-touch model required in oncology.

Managed care and payer relations for formulary access and coverage

Gaining and maintaining favorable payer access is critical, especially since oncology remains a top payer priority in 2025. Organized customers, which include networks or systems, exert significant influence on product utilization through pathways and formularies, with an estimated 60-80% of hospitals affiliated with such structures. Coherus BioSciences has seen positive developments, as the National Comprehensive Cancer Network (NCCN) guidelines now recommend LOQTORZI for first and second-line nasopharyngeal carcinoma (NPC). The company's strategy is focused on deepening adoption within the community oncologist setting, which is heavily influenced by these payer and guideline decisions.

Scientific and medical affairs support for key opinion leaders (KOLs)

Scientific exchange with Key Opinion Leaders (KOLs) is central to building evidence and driving adoption. Coherus BioSciences, Inc. supported this by presenting promising early clinical data for its pipeline candidate, CHS-114, at the 2025 AACR Annual Meeting. Beyond in-person scientific exchange, the company is developing a campaign of highly engaging KOL-driven digital programs. These programs are designed to be distributed by the field team, the company website, and third-party distributors, ensuring consistent and evidence-based scientific messaging reaches the broader community of oncologists.

Direct patient support programs for LOQTORZI access

To ensure patients can access LOQTORZI despite coverage hurdles, Coherus BioSciences, Inc. utilizes a Patient Assistance Program (PAP). Patients receiving LOQTORZI who are uninsured or functionally underinsured may qualify to receive the drug at no cost. Eligibility for this program requires meeting all criteria, including having an adjusted annual household income of ≤ 500% of Federal Poverty Level (FPL). The PAP specifically covers the costs of LOQTORZI itself, but does not cover administration or office visit costs for these eligible patients.

Here are the key commercial performance numbers related to customer uptake for LOQTORZI as of the second quarter of 2025:

Metric	Value/Period	Reference Period
LOQTORZI Net Revenue	$7.3 million	Q1 2025
LOQTORZI Net Revenue	$10.0 million	Q2 2025
Patient Demand Growth (QoQ)	> 15%	Q1 2025 vs Q4 2024
LOQTORZI Revenue Growth (QoQ)	36%	Q2 2025 vs Q1 2025
Annual NPC Market Opportunity	$150 million to $200 million	Management Outlook

The company is also advancing its pipeline, with ongoing studies for CHS-114 initiated in Q1 2025 for 2L HNSCC and 2L gastric cancer, with first data readouts projected for Q2 2026.

Coherus BioSciences, Inc. (CHRS) - Canvas Business Model: Channels

Coherus BioSciences, Inc. uses a multi-pronged approach to reach healthcare providers and disseminate its clinical advancements, shifting focus to its innovative oncology portfolio centered on LOQTORZI.

Specialty distributors and wholesalers for drug delivery

The distribution strategy for Coherus BioSciences, Inc. involves leveraging established networks, though specific revenue attribution by channel for LOQTORZI as of late 2025 is not explicitly detailed in recent public filings, the structure supports product access.

• Third-party distributors are used to distribute educational programs alongside the field team and website.
• The prior UDENYCA franchise also utilized third-party distributors.

Direct sales force targeting community oncologists and academic centers

Coherus BioSciences, Inc. is actively scaling its commercial reach through its direct sales organization, focusing on targeted expansion and new engagement models to cover more physicians.

• The company plans to expand its sales force by approximately 15%.
• A remote sales team is being onboarded to drive engagement with oncologists not currently reached by field sales representatives.
• LOQTORZI net revenue for Q3 2025 was $11.2 million, showing a 12% increase over Q2 2025.
• LOQTORZI patient demand grew in excess of 15% in Q1 2025 compared to Q4 2024.

The commercial focus is clearly on driving demand for LOQTORZI, which is the only FDA-approved treatment for recurrent, locally advanced or metastatic nasopharyngeal carcinoma (NPC) across all lines of therapy.

Metric Category	Channel/Activity	Latest Reported Figure (Late 2025 Context)
Commercial Reach Expansion	Planned Sales Force Increase	15%
Product Performance (LOQTORZI)	Q3 2025 Net Revenue	$11.2 million
Product Performance (LOQTORZI)	QoQ Revenue Growth (Q3 vs Q2 2025)	12%
Future Revenue Projection (NPC Indication)	Annualized LOQTORZI Revenue Target (within 3 years)	$150 million to $200 million

Clinical trial sites for pipeline product development and data generation

Clinical sites are the channel for generating the necessary data to expand LOQTORZI indications and advance pipeline assets like CHS-114 and casdozokitug.

• The vast majority of study sites are enrolling for pipeline programs.
• Enrollment is ongoing for the Phase 2 randomized trial of casdozokitug/toripalimab/bevacizumab in 1L HCC, with the first data readout expected in 1H 2026.
• The CHS-114 clinical program has expanded to include colorectal cancer.

Investor relations and medical conferences for data dissemination

Dissemination channels include formal financial reporting events and scientific presentations to key opinion leaders and the broader medical/investment community.

• Coherus BioSciences, Inc. reported Q3 2025 financial results via a conference call on November 6, 2025.
• Clinical data for CHS-114 was presented at the SITC meeting in 2025.
• The company announced participation in upcoming investor conferences in October 2025.

The company uses its investor relations website, https://investors.coherus.com, for disclosing material non-public information.

Coherus BioSciences, Inc. (CHRS) - Canvas Business Model: Customer Segments

You're hiring before product-market fit for a new indication, so you need to know exactly who is writing the prescription and who is paying the bill. Coherus BioSciences, Inc. is sharply focused on its innovative oncology portfolio following the April 2025 divestiture of the UDENYCA franchise, which brought in an upfront payment of $483.4 million.

U.S. Oncologists specializing in Head & Neck, Gastric, and Liver cancers

This segment is targeted through the commercialization of LOQTORZI (toripalimab-tpzi) and the advancement of pipeline assets like CHS-114 and casdozokitug. The commercial focus is on deepening adoption within the community oncologist setting. The company is actively pursuing data readouts in 2026 that directly impact these specialists:

• CHS-114 Phase 1b data in 2L HNSCC (Head & Neck) expected in Q2 2026.
• CHS-114 Phase 1b data in 2L gastric cancer expected in Q2 2026.
• Casdozokitug Phase 2 data in 1L HCC (Liver Cancer) expected in 1H 2026.

The current commercial momentum is centered on LOQTORZI, which saw net revenue of $10.0 million in Q2 2025, a 36% growth over Q1 2025.

The specific focus areas for these oncologists, based on current and near-term clinical programs, are:

Tumor Type / Indication	Product Focus	Key Data Readout Expectation
Recurrent/Metastatic Nasopharyngeal Carcinoma (NPC)	LOQTORZI (PD-1 inhibitor)	Ongoing market penetration; peak sales target of $150 million to $200 million annually by mid-2028.
Head & Neck Cancer (HNSCC)	CHS-114 combination with LOQTORZI	Pivotal data expected by mid-2026.
Gastric Cancer	CHS-114 combination with LOQTORZI	First data readout from dose optimization study expected in Q2 2026.
Hepatocellular Carcinoma (HCC / Liver Cancer)	Casdozokitug combination with LOQTORZI/bevacizumab	First data readout expected in 1H 2026.

Patients with Nasopharyngeal Carcinoma (NPC)

This is the most immediate and established customer group for Coherus BioSciences, Inc. LOQTORZI is the only FDA-approved and available treatment in the U.S. for recurrent, locally advanced or metastatic NPC, across all lines of therapy. Patient demand for LOQTORZI grew over 15% in Q1 2025 versus Q4 2024. The NCCN has granted LOQTORZI preferred status for the NPC indication, which drives adoption among this patient population.

Hospitals and clinics that treat advanced solid tumors

These institutions are the point of care for patients receiving LOQTORZI and the sites for the ongoing clinical trials for CHS-114 and casdozokitug. The company is focused on maximizing LOQTORZI revenues, which generated $7.3 million in Q1 2025 and $10.0 million in Q2 2025. The pipeline focus on combination therapies, such as the Phase 2 trial of casdozokitug in 1L HCC, means that major cancer centers managing advanced liver, head and neck, and gastric tumors are key stakeholders for future product adoption.

Managed care organizations and government payers (Medicare/Medicaid)

These payers determine access and reimbursement for LOQTORZI and future pipeline assets. While specific payer mix percentages are not detailed for 2025, the commercial strategy must secure favorable formulary placement. The company's financial health, bolstered by the $483.4 million upfront cash from the UDENYCA divestiture in April 2025, provides a cash runway expected to fund operations through key data events in 2026, allowing time to negotiate payer coverage based on clinical outcomes.

Coherus BioSciences, Inc. (CHRS) - Canvas Business Model: Cost Structure

You're looking at the core expenses Coherus BioSciences, Inc. (CHRS) is facing as it pivots fully to innovative oncology, which means significant upfront investment in development and commercial scale-up. The cost structure is heavily weighted toward advancing the pipeline and supporting the early commercialization of LOQTORZI.

The primary cost drivers for Coherus BioSciences, Inc. (CHRS) are concentrated in research, development, and the costs associated with launching and growing the LOQTORZI franchise. These expenses are being managed post-divestiture of the UDENYCA business, which closed in April 2025, allowing for a sharper focus on the innovative portfolio.

Research and Development (R&D) Investment

High R&D expenses are necessary to push the proprietary pipeline forward, especially the combination studies involving LOQTORZI. For the first half of 2025 (1H 2025), the reported R&D expense for pipeline development was $50.7 million.

To give you a point of comparison, the Research and Development (R&D) expenses from continuing operations for the first quarter of 2025 alone were $24.4 million, which was a 14% decrease compared to Q1 2024. This investment fuels the progress of key candidates.

• Advancing casdozokitug in combination trials, such as the Phase 2 trial in first-line hepatocellular carcinoma (HCC).
• Funding Phase 1b studies for CHS-114, including dose optimization in second-line head and neck squamous cell carcinoma (HNSCC) and gastric cancer, with initial data readouts projected for Q2 2026.

Selling, General, and Administrative (SG&A) Costs

SG&A costs reflect the commercial infrastructure built around LOQTORZI and general corporate overhead. For the LOQTORZI commercialization efforts in 1H 2025, the reported SG&A cost was $52.1 million.

For context, SG&A expenses from continuing operations for the first quarter of 2025 were $26.0 million, a decrease of 35% from the prior year, attributed to lower average headcount following the strategic transformation and divestitures. Management projected the full year 2025 SG&A, post-divestiture, to be between $90 million and $100 million.

Clinical Trial Expenses

Specific, itemized financial figures for clinical trial costs for casdozokitug and CHS-114 studies for 1H 2025 were not explicitly detailed as a single line item in the available reports. These costs are embedded within the overall R&D expenditure. The company is actively enrolling and running several key studies, which represent ongoing cash burn:

• Phase 2 trial of casdozokitug combined with toripalimab and bevacizumab in first-line HCC.
• Phase 1b studies for CHS-114 in head and neck cancer and gastric cancer.
• Ongoing studies for expanding LOQTORZI indications in combination with pipeline assets.

Manufacturing and Cost of Goods Sold (COGS)

Manufacturing costs are directly tied to the sales volume of the commercial product, LOQTORZI. The Cost of Goods Sold (COGS) from continuing operations for the first quarter of 2025 was $2.7 million, up from $1.4 million in Q1 2024, driven by the higher volume of LOQTORZI sales.

Here's a look at the revenue and associated COGS for the product driving these costs in Q1 2025:

Metric	Amount (Q1 2025)	Notes
LOQTORZI Net Product Sales	$7.3 million	Flat due to seasonal inventory drawdown
COGS from Continuing Operations	$2.7 million	Reflects higher LOQTORZI volume
Projected LOQTORZI Annual Revenue (NPC Indication)	$150 million to $200 million	Targeted annual revenue over the next three years from NPC indication alone

The company is focused on getting LOQTORZI revenue to a point where it covers commercial costs, then progressively R&D costs, which management noted would happen once quarterly revenue exceeds about $15 million. Finance: draft 13-week cash view by Friday.

Coherus BioSciences, Inc. (CHRS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Coherus BioSciences, Inc. brings in cash as of late 2025, which is heavily weighted toward its new oncology focus following major asset sales. The revenue picture is now centered on maximizing sales of its lead product while capturing value from past divestitures.

The primary product revenue stream is driven by LOQTORZI (toripalimab-tpzi), the PD-1 inhibitor. For the first nine months of 2025, LOQTORZI net product sales reached $28.5 million. To give you some context on that growth, LOQTORZI generated $7.3 million in net revenue for the first quarter of 2025, with patient demand growing over 15% compared to the fourth quarter of 2024. By the third quarter of 2025, net revenue for LOQTORZI rose another 12% over the second quarter. Management projected the NPC indication alone could grow to about $150 million to $200 million annually over the next three years.

A significant, non-recurring component of the financial inflow came from the strategic divestiture of the UDENYCA (pegfilgrastim-cbqv) franchise, which closed in April 2025. This transaction was structured to provide immediate liquidity to fund the innovative oncology pipeline. The upfront cash proceeds from this biosimilar divestiture amounted to $483.4 million.

Here's a quick look at the key financial events shaping the current revenue base:

Revenue Source/Event	Financial Amount	Timing/Context
LOQTORZI Net Product Sales	$28.5 million	9M 2025
UDENYCA Divestiture Upfront Cash	$483.4 million	Received April 2025
UDENYCA Potential Milestone Payments	Up to $75 million	Contingent on net sales targets
UDENYCA Q1 2025 Net Sales (Discontinued Ops)	$31.5 million	Reflected prior to closing

Beyond the immediate product sales and the one-time divestiture cash, Coherus BioSciences is structuring future revenue around its pipeline assets, which is where the long-term value is intended to be built. This focus on innovation means future revenue streams will increasingly rely on successful clinical development and commercialization partnerships.

The ongoing and future revenue-generating activities include:

• Maximizing LOQTORZI revenues across current and expanding indications.
• Achieving potential milestone payments from the UDENYCA divestiture.
• Securing future licensing and collaboration revenue from ex-U.S. partnerships for LOQTORZI.
• Advancing novel candidates like casdozokitug and CHS-114 toward data readouts.
• Establishing new partnerships to test LOQTORZI in combination trials, such as with Junshi in small cell lung cancer.

The upfront cash from the UDENYCA sale, which was almost $200 million net of transaction fees and taxes after repaying debt, provides ample runway into 2027 to fund development through key data catalysts expected in 2026. Finance: draft 13-week cash view by Friday.