Coherus Oncology, Inc. reported its financial results for the third quarter of 2026 and announced a strategic prioritization plan on November 9, 2026. The company revealed plans to right-size its organization, focusing development efforts on its tagmokitug/toripalimab candidate for esophageal cancer while deprioritizing other indications.
Financial results for the quarter ended September 30, 2026, showed net revenue from continuing operations of $14.3 million, a decrease from $11.6 million in the prior year period. This revenue was driven by volume growth of the company’s LOQTORZI (toripalimab-tpzi) product. LOQTORZI revenue specifically was reported at $14.0 million in Q3 2026, representing a 25% increase over the $11.2 million reported in Q3 2025 and a 3% increase compared to Q2 2026.
Operating expenses were adjusted as a result of the restructuring. Research and development (R&D) expenses for Q3 2026 were $22.6 million, down from $27.3 million in the prior year. This decrease was attributed to savings from reduced headcount and lower infrastructure and manufacturing costs. Selling, general and administrative (SG&A) expenses also declined to $21.2 million in Q3 2026 from $24.9 million in the prior year, driven by lower headcount and the completion of the exit from the biosimilar business in 2025.
As a result of these cost reductions, the company reported a net loss from continuing operations of $38.9 million, or $(0.25) per share, for the third quarter of 2026. This compares to a net loss of $44.5 million, or $(0.38) per share, in the same period of 2025. Non-GAAP net loss for the quarter was $31.2 million, or $(0.20) per share.
Coherus also updated its financial outlook based on the restructuring. The company expects the financial benefits of right-sizing to be realized over the next two quarters, lowering its core cash burn by $6 million to $7 million quarterly. This adjustment lowers the quarterly LOQTORZI revenue required to cover core burn to $25 million to $30 million, down from the previously guided range of $30 million to $35 million.
In terms of clinical data, the company presented interim results from the TREGCHECK Phase 1b/2a program for tagmokitug in combination with toripalimab. Across second-line esophageal squamous cell carcinoma (ESCC) and adenocarcinoma (EAC) cohorts, the confirmed Overall Response Rate (cORR) was 33.3% and the Clinical Benefit Rate (CBR) was 55.6%. The company plans to initiate a new study in second-line esophageal cancer and align with the FDA on an expedited development path.
As of September 30, 2026, the company held $83.6 million in cash, cash equivalents, and marketable securities. This figure includes $19.6 million in Transition Services Agreement (TSA)-related collections, which will be applied to associated payables.
