Coherus BioSciences, Inc. (CHRS): Business Model Canvas [Dec-2025 Updated]

You're looking to map out the new Coherus BioSciences, Inc. strategy now that they've decisively pivoted toward oncology, and honestly, the shift from their older biosimilar business to a focused cancer play is starkly visible in their late 2025 financials. After executing major divestitures-like netting $483.4 million from the UDENYCA sale-the firm is now banking on the commercial success of LOQTORZI and advancing proprietary assets like CHS-114, all while holding $191.7 million in cash as of Q3 2025 to fund the associated R&D, which ran $50.7 million in the first half of the year. This canvas distills exactly how Coherus BioSciences, Inc. is structuring its key partnerships, activities, and cost base to support this high-stakes, focused value proposition in underserved solid tumors; dig in below to see the full nine-block blueprint.

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

You're looking at the core relationships Coherus BioSciences, Inc. has built to pivot its business, moving away from the lower-margin biosimilar space and focusing squarely on its innovative immuno-oncology assets, primarily LOQTORZI. These partnerships are crucial for both funding that pivot and advancing the pipeline.

Junshi Biosciences for LOQTORZI in-license and co-development

The foundation of Coherus BioSciences, Inc.'s commercial oncology strategy rests on the in-license agreement for LOQTORZI (toripalimab-tpzi) from Junshi Biosciences, which began in early 2021. This relationship is more than just a licensing deal; Junshi Biosciences also made a strategic investment in Coherus BioSciences, Inc. to align interests.

• Junshi Biosciences made a strategic investment of $50 million in Coherus BioSciences, Inc. pursuant to a definitive stock purchase agreement.
• LOQTORZI is the PD-1 inhibitor Coherus markets in the U.S.

Intas Pharmaceuticals/Accord BioPharma for UDENYCA divestiture

The divestiture of the UDENYCA franchise, completed in April 2025, was the final step in Coherus BioSciences, Inc.'s strategic exit from its biosimilar business, providing significant capital for its novel oncology focus. This transaction was massive in scale, both financially and operationally.

Here's a quick look at the financial structure of the UDENYCA sale to Intas Pharmaceuticals Ltd., via its U.S. specialty division, Accord BioPharma, which assumed full responsibility for the franchise in the U.S. following the closing on April 11, 2025.

This strategic move had immediate organizational impacts, too. Coherus BioSciences, Inc. transferred approximately 50 employees to Accord BioPharma, which represented a reduction of around 30% of the company's workforce at that time.

Sandoz and Hong Kong King-Friend for other biosimilar divestitures

Before the UDENYCA deal, Coherus BioSciences, Inc. streamlined its portfolio by offloading two other key biosimilars, generating substantial, non-dilutive capital to fund its pipeline development. These sales were part of the same strategic transformation that culminated with the Intas deal.

• Sale of the Lucentis biosimilar, CIMERLI, to Sandoz in March 2024 for $170 million.
• Sale of the Humira biologic copycat, YUSIMRY, to Hong Kong King-Friend Industrial in June 2024 for an upfront payment of $40 million.

ENB Therapeutics for LOQTORZI Phase 2 combination trial

Coherus BioSciences, Inc. is actively pursuing label expansions for LOQTORZI through capital-efficient external partnerships, such as the one involving ENB Therapeutics. This collaboration is being executed through the Cancer Research Institute (CRI) platform study.

• Coherus supplies LOQTORZI for a combination study with ENB Therapeutics' ENB-003, a small molecule inhibitor of endothelin B receptor.
• As of October 2025, the third cohort of the ongoing Phase 2 Immunotherapy Platform Study in Platinum-Resistant High-Grade Serous Ovarian Cancer (IPROC) was evaluating the combination of LOQTORZI with ENB Therapeutics' ENB-003.

Contract Research Organizations (CROs) for clinical trial execution

Executing the clinical development plan for novel candidates like Casdozokitug and CHS-114, alongside the LOQTORZI combination studies, requires extensive support from external partners. While specific financial terms with all CROs aren't public, the reliance on external expertise for trial execution is a key operational component.

• The Cancer Research Institute (CRI) is overseeing the IPROC study, which involves the LOQTORZI/ENB-003 combination.
• Coherus is driving towards multiple data readouts in 2026 across various tumor types, which necessitates the management of numerous active study sites.

Finance: draft 13-week cash view by Friday.

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

You're focusing on the core engine of Coherus BioSciences, Inc. right now, which is heavily weighted toward commercial execution and advancing that novel pipeline post-biosimilar divestiture. Here are the hard numbers driving those Key Activities as of late 2025.

Research and development of novel immuno-oncology pipeline

Research and development (R&D) expenses from continuing operations for the nine months ended September 30, 2025, totaled $77.9 million. This compares to $71.1 million for the same period in 2024. For the third quarter of 2025 alone, R&D expenses were $27.3 million. The increases in R&D spending are primarily due to advancing casdozokitug and CHS-114 development.

The pipeline activities involve specific candidates:

• CHS-114 is in Phase 1b/2a studies, including in head and neck squamous cell carcinoma (HNSCC).
• CHS-114 clinical program expanded to include colorectal cancer as of Q3 2025.
• Casdozokitug is a novel IL-27 antagonistic antibody.
• Casdozokitug is being evaluated in a Phase 2 study in hepatocellular carcinoma (HCC).
• An Investigational New Drug (IND) for CHS-1000 was allowed to proceed by the FDA in the second quarter of 2024.

Key data readouts for these pipeline studies are projected for the first half of 2026.

Commercialization and market penetration of LOQTORZI in the U.S.

Commercial execution is centered on maximizing LOQTORZI (toripalimab-tpzi) revenue following the UDENYCA divestiture completion in April 2025. The company projected LOQTORZI in the nasopharyngeal carcinoma (NPC) indication alone will grow to about $150 million to $200 million annually over the next three years.

LOQTORZI net revenue milestones for 2025:

The company noted that once LOQTORZI sales exceed about $15 million per quarter, revenues will begin contributing progressively to cover R&D costs. Selling, general and administrative (SG&A) expenses for the full year 2025 are projected to be between $90 million and $100 million. SG&A expenses from continuing operations for the nine months ended September 30, 2025, were lower than the prior year due to headcount reduction following divestitures.

Clinical trial execution for CHS-114 and casdozokitug

Execution involves advancing combination studies to generate data supporting label expansion. For CHS-114, a Phase 1b combination dose optimization study in second-line HNSCC was initiated in the first quarter of 2025, with the first data readout expected in the second quarter of 2026.

For casdozokitug, final data from a Phase 2 trial in treatment-naïve HCC patients, combining it with atezolizumab and bevacizumab, was presented at ASCO-GI 2025. That trial showed an overall response rate (ORR) of 38%.

The company initiated a new randomized Phase 2 study (NCT06679985) evaluating casdozokitug in combination with bevacizumab and toripalimab in first-line HCC, designed to enroll up to 72 patients.

Securing ex-U.S. licensing partnerships for pipeline assets

The strategy includes creating Ex-U.S. licensing opportunities as clinical data evolve, which is expected to be unlocked by strong clinical execution. The company has established multiple partnerships to expand LOQTORZI indications, including pivotal trials with Junshi in small cell lung cancer.

Managing regulatory submissions for new LOQTORZI indications

Key Activities here are tied to pipeline progress, as the strategy is to advance development of new LOQTORZI indications in combination with proprietary pipeline candidates. The company is advancing pivotal studies, such as the one with Junshi for small cell lung cancer. Management remains optimistic about achieving multiple data readouts in 2026, which will build momentum for future regulatory submissions.

Cash and cash equivalents, plus marketable securities, totaled $191.7 million as of September 30, 2025, providing a cash runway through 2026, beyond key data readouts.

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

You're looking at the core assets Coherus BioSciences, Inc. is relying on to drive its innovative oncology focus now that the biosimilar business is largely behind it. These resources are what make their value proposition possible.

LOQTORZI (toripalimab-tpzi) FDA Approval and Intellectual Property

The foundation of the current commercial engine is LOQTORZI (toripalimab-tpzi), which received its initial FDA approval on October 27, 2023. This product is the only FDA-approved and available treatment for recurrent, locally advanced or metastatic nasopharyngeal carcinoma (NPC), covering all patient subsets and all lines of therapy. The intellectual property strength is bolstered by clinical recognition; in November 2024, the National Comprehensive Cancer Network (NCCN) revised its guidelines to designate LOQTORZI as the only treatment with Preferred status for NPC, both in the first line (1L) with a Category 1 designation and in second line (2L) and later settings. Commercially, LOQTORZI generated net product sales of $7.3 million in the first quarter of 2025, accompanied by patient demand growth exceeding 15% compared to the fourth quarter of 2024.

Proprietary Pipeline Assets: CHS-114 and casdozokitug

Coherus BioSciences, Inc. is banking on its proprietary immuno-oncology pipeline to build future value, often planning to combine these assets with LOQTORZI. The development strategy is focused on achieving key data milestones in 2026.

Here's a snapshot of the key internal assets as of late 2025:

Financial and Operational Strength

The strategic transformation, culminating in the April 2025 divestiture of the UDENYCA franchise, has significantly reshaped the balance sheet and operational focus. You can see the immediate impact on liquidity and debt management.

• Cash, cash equivalents, and marketable securities stood at $191.7 million as of the third quarter of 2025 [cite: 6, using provided figure].
• The company used divestiture proceeds to pay off near-term maturity debts, leaving a reduced debt load, including a senior secured term loan facility balance of $38.7 million as of early 2025.
• The UDENYCA franchise divestiture received an upfront, all-cash consideration of $483.4 million in April 2025.
• The workforce has been streamlined; headcount was expected to be reduced by approximately 30% following the transaction, aiming for approximately 155 employees focused on continuing operations.
• Operating expenses related to discontinued operations (the divested biosimilar business) dwindled to less than $1 million in Q3 2025, compared to total OPEX for that segment exceeding $40 million for the full year 2024.

The Q3 2025 revenue from continuing operations was $11.6 million. Honestly, the focus now is entirely on maximizing LOQTORZI and hitting those 2026 pipeline data readouts.

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:

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:

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.

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:

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:

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:

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.