Coherus Oncology Q1 2026 Earnings Call - Tagmokitug Pharmacology Wins Amid CCR8 Class Purge

Heidi, Conference Operator: Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Carrie Graham. Please go ahead.

Carrie Graham, Investor Relations, Coherus Oncology: Thank you, Heidi. Good afternoon, and welcome to Coherus Oncology’s first quarter 2026 earnings conference call. Joining me today to discuss our results are Denny Lanfear, Chief Executive Officer of Coherus; Dr. Rosh Dias, Chief Medical Officer; Dr. Theresa LaVallee, Chief Scientific and Development Officer; Sameer Goregaoker, Chief Commercial Officer; and Bryan McMichael, Chief Financial Officer. Before we get started, I would like to remind you that today’s call includes forward-looking statements regarding Coherus’ current expectations about future events. Actual results may vary significantly, and we undertake no duty to update or revise any forward-looking statements. Please see the press release that we issued today and our quarterly report on Form 10-Q for more information on risks and uncertainties. Now I’ll turn the call over to Denny.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Well, thank you, Carrie, and thank you all for joining us this afternoon on our Q1 2026 quarterly call. Let me first give you a quick flyby of the company’s strategy to make sure we level set everyone, including our new investors. That strategy starts with LOQTORZI, our next-generation differentiated PD-1 inhibitor, which is both a revenue generator in the context of nasopharyngeal cancer and a revenue multiplier in the context of its combination with the novel molecules in our pipeline, such as casdozokitug, which we are exploring in liver cancer, and tagmokitug, which we are exploring across a number of cancer indications, including gastrointestinal, head and neck, and most recently, prostate cancer. We are executing a well-integrated financial, commercial, and development strategy that maximizes LOQTORZI’s potential across both these dimensions while moving the pipeline forward efficiently.

NPC is large enough to cover the core cash burn at a projected $175 million a year peak share, which does not include clinical trial costs, something which we view separately. Proprietary combinations of LOQTORZI with the pipeline asset translates to a 2-for-1 win. Label expansion for LOQTORZI included upon any approval. This will, of course, also translate to commercial synergies. This is how we can target $33 billion in market opportunity with our current efforts. The third leg of the strategic triad is a Treg depletion with tagmokitug across cancers and across non-proprietary combinations, which we view as a foundational Treg depletion platform and not merely another checkpoint adjunct. We further wish to explore Treg depletion as a potential new scaffold across cancer therapies. Tregs broadly mediate immune response, and cancer hijacks immune mediation to grow and proliferate.

Many cancer therapies either result in or are limited by Treg gone awry. Our strategic objective is to broadly deploy tagmokitug across cancers and non-proprietary therapies. Last quarter, we concluded the first such arrangement with J&J in prostate with pasritamig, a T-cell engager. We are currently exploring other partnering opportunities, which include not just T-cell engagers, but ADCs, radiotherapy, and various bispecifics. As we have been saying for some time across all of our presentations, CCR8-based Treg depletion could be challenging for a lot of reasons. You need to have the right molecule and the right target. The right molecule translates to a number of things across selectivity, affinity, pharmacology, and all the rest. The right target translates to immune context and the nuances of the biology.

More recently, it’s become clear that the therapeutic promise of Treg depletion notwithstanding, some market participants are pausing or stopping the programs while others are accelerating and expanding the programs. It’s essential for all of us to understand the nuances playing out. Accordingly, I’ve asked my Chief Scientific Officer, Theresa LaVallee, to spend a few minutes with you today and provide a lens through which to view the field’s evolution. I hope you find it useful. Also today, Rosh Dias, our Chief Medical Officer, will update you on the trials, enrollment, and the timing results. Sameer Goregaoker will review the Q1 revenues, as well as provide an update on our commercial execution.

We continue to project that we will hit some $15 million per quarter sometime this year in 2026 and $30 million-$35 million per quarter sometime in 2027, and a market share peak of about $44 million per quarter sometime in 2028, which translates to about $175 million a year. After Samir, Bryan McMichael will review for you our financials. With that, now let me turn the call over to Raj. Dr. Dias?

Dr. Rosh Dias, Chief Medical Officer, Coherus Oncology: Thank you, Denny, and good afternoon, everyone. We continued to advance our highly focused clinical development program for our pipeline molecules pazovocitab and tagmokitug through Q1, and we’re pleased with our progress with both molecules, with accrual progressing well, and we are tracking to plan. Recently, we announced that we had completed our target accrual to our CATALYST-202 randomized study in first-line hepatocellular carcinoma.

As a reminder, this is a 72-patient rearm study investigating two active doses of casdozokitug in combination with toripalimab and bevacizumab versus toribevalimab, and is designed to further characterize the efficacy and safety of this triplet, as well as address FDA’s Project Optimus and contribution of component. This study builds upon the previous data we presented last year at ASCO GI, where the combination of casdozokitug on top of the current standard of care of atezo and bev demonstrated an overall response rate of 38% and a very encouraging complete response rate of 17%, both of which are greater than the historical data for atezo/bev alone of 30% and 7.7% respectively. Patient accrual has gone well, and we anticipate having initial data available around the mid-year timeframe as projected.

Given what we observed in the prior CADILYZE 202 HCC trial, we expect the response data to mature over time after that, perhaps quarter to quarter. Moving to tagmokitug, our CCR8 cytolytic antibody, we’re currently running two active protocols in a targeted clinical program in tumor types where CCR8 intratumoral expression levels and the demonstration of activity previously in the CCR8 field provide rationale for investigation. Our first protocol expands our approach in head and neck squamous cell carcinoma and builds upon the late line head and neck squamous cell data we presented at AACR 2025, where we demonstrated tumor immune cell remodeling to a more cytotoxic state with tagmo monotherapy and a partial response in the fourth line patient with the tagmo/tori combination. Our current 40-patient expansion explores two active doses of tagmo in combination with tori, specifically in a second-line population.

Accrual has progressed well, and we anticipate having data for 40 patients with a varying number of scans around the mid-year frame. Our second protocol looks at multiple cohorts under an umbrella protocol as previously discussed. Cohort A investigates the tagmo/tori combination in 40 patients with second-line upper GI adenocarcinoma, which includes gastric adeno, gastroesophageal junction adeno, and esophageal adenocarcinoma in two dose levels of tagmo in combination with tori. This cohort is ongoing and continues to accrue well. We anticipate having initial data available mid-year as projected. Cohorts B, C, and D are all active and accruing, and we remain on track to show initial data through the second half of this year, as previously communicated.

Cohorts B and C of this protocol are in esophageal squamous cell carcinoma, where the activity of toripalimab irrespective of PD-L1 status is particularly marked and forms the basis of toripalimab’s approval in Europe as the only PD-1 approved across all PD-L1 levels in this tumor type. We’re investigating the tagmokitug/toripalimab combination in second-line ESCC, and in first-line ESCC, we’re exploring tagmokitug and toripalimab in combination with chemotherapy as a safety cohort. Cohort D is exploring tagmokitug and toripalimab in fourth line plus microsatellite stable colorectal carcinoma without liver mets, an area of increasing incidence, particularly in younger age groups, and where there is a large unmet medical need as the current standard of care demonstrates very limited benefit.

Lastly, we’ve made excellent progress on the J&J pasritamig T-cell engager combination cohort of tagmo in prostate cancer, which will be the first of a new multi-cohort protocol, which is an approach that will enable us to add additional tagmo combination cohorts with other novel mechanisms under a single protocol efficiently. We continue to anticipate first patient in this fall. With that, I will hand it over to Theresa. Theresa?

Carrie Graham, Investor Relations, Coherus Oncology1: Thank you, Rosh Dias, good afternoon. Today, I will cover three topics. Two aspects for tagmokitug. As the CCR8 competitive field is evolving, I will briefly review the importance of pharmacology in drug development, and then I will review our own tagmokitug pharmacology data to date. These data have supported the opportunity to expand tagmokitug development with J&J T-cell engager pasritamig, a novel combination with CCR8-depleting antibodies and a potentially complementary anticancer therapy. We are excited this is our first non-proprietary combination to advance to clinical development. Let me start with reviewing some of our analysis plans for the casdozokitug randomized CATALYST-202 study. Having the casdozokitug HCC study fully enrolled now allows for the biomarker analysis to be done. We have prioritized two aspects for data readouts, biomarkers associated with response and pharmacodynamic biomarkers to support contribution of effect for casdozokitug.

The previous casdozokitug HCC study provided a small data set suggesting that higher levels of IL-27 expression in tumors were associated with response. We had just 7 tumor samples, which is only 25% of the evaluable patients. Despite that, the analysis showed the tumors from the 4 patients with response had a higher level of IL-27 protein compared to the 3 progressive disease patients. In the current CATALYST-202 study, we obtained pretreatment tumor samples for almost all of the patients and expect to have IL-27 expression data when we read out the study. We also plan to perform circulating tumor DNA analysis. Circulating tumor DNA is emerging as an important biomarker to evaluate tumor burden and treatment response. As tumor cells grow, they shed DNA into the patient’s blood, and many studies show a decrease in circulating tumor DNA levels following treatment correlates with better survival outcomes.

Circulating tumor DNA already serves as a marker for minimal residual disease in hematological malignancies, and there is a large effort in the field to have the same for solid tumors. Given the delayed responses in HCC, we are interested in exploring this as an earlier surrogate marker for efficacy. Let me shift now to our cytolytic CCR8 antibody, tagmokitug, which we are investigating across a number of indications. As the competitive field is evolving, with some teams pausing or stopping their programs, while others are advancing their programs into late-stage development, these disparate outcomes may be explained by the basics of drug development. Early-phase clinical studies must answer two questions. Right drug, right target. To have the right drug requires four critical pharmacological elements.

Good PK and potency, showing you can deliver the drug at the needed exposure, thirdly, dose-dependent effects on the intended target, showing the drug has hit the target and affected the target as related to dose. Fourthly, an acceptable safety profile alone in combination. The majority of the CCR8 antibodies aim for a bind and kill MOA to deplete intratumoral Tregs. However, as we have consistently stated, the CCR8 receptor is a GPCR. It is well-known GPCRs are challenging to make selective and potent antibodies against. This is now being reinforced with the CCR8 class. In April, at the AACR meeting, Amgen and Gilead presented on their CCR8 programs. The data show mixed results, these antibodies show a toxicity profile that is not seen by some other CCR8 programs. Amgen halted enrollment in their program after presenting data showing only 2 responses in 77 patients treated.

About a third of the patients were treated with a combination of AMG 355 and pembrolizumab. From the 12 with gastric cancer, 1 partial response was observed. These results contrast with the gastric cancer data from LaNova Medicines, now Sino Biopharmaceutical, where LM-108 in combination with PD-1 inhibitors demonstrated a 36% overall response rate. Gilead, in contrast, showed antitumor activity, including single-agent activity in tumor types known to have a high degree of CCR8-positive Tregs. Gilead is now advancing their Denoskitug into phase II development in multiple studies, and we await additional datasets. In summary, it would seem that many CCR8 programs that are stopping are doing so due to drug-like properties falling short and failing the right drug criteria. In contrast, tagmokitug has shown good pharmacology and has met all the criteria for right drug.

Excellent linear dose and dose-dependent PK, potency for both binding and killing the target, dose-dependent immune effects, and acceptable safety profile both with and without toripalimab. With the right drug under investigation, we have now turned our attention to answering the question of hitting the right target. As you have seen, we are aggressively pursuing data to support right combination for the best efficacy across cancers, lines of therapy, and immune context. We are evaluating tagmokitug in combination with either toripalimab, a PD-1 inhibitor, or pasritamig, a T-cell engager. We plan to evaluate tagmokitug in other combination where Tregs are associated with therapy resistance, such as ADCs or radiotherapy. We believe this will inform our inde-development broadly across anticancer therapies on the best way to overcome Treg-driven resistance in cancer patients. With that, I will turn the call over to our Chief Commercial Officer, Sameer Goregaoker.

Carrie Graham, Investor Relations, Coherus Oncology0: Thank you, Theresa, and good afternoon, everyone. Today, let me offer you some color on our Q1 results, what we saw with respect to demand signal, and our focus going forward to drive growth. In Q1 2026, LOQTORZI net sales were up 61% versus Q1 2025. On a quarter-over-quarter basis, net sales were $11.8 million versus $12.4 million in Q4 2025. This result was consistent with typical 1st quarter seasonal trends, but this year it was impacted by severe weather across large parts of the country, as others have also seen. To better understand this year’s seasonal impact, we assessed a basket of 85 oncology products. We found an average of 5% decline from Q4 to Q1 over the past 4 years.

However, in 2026, the decline for this basket was more pronounced at 10%, likely driven by the severe winter storms that hit most of the country. With this seasonal impact now behind us, we expect LOQTORZI revenue growth to build through the remainder of 2026, given a closer analysis of our growth drivers. We are pleased to report that LOQTORZI new starts reached an all-time high in Q1. This was driven by, 1, broader prescribing in new accounts, and 2, deeper use through repeat ordering in existing accounts. Overall, breadth and depth of ordering accounts increased 21%, and treatment duration continues to increase quarter-over-quarter. Looking ahead, we see 2 clear levers to drive continued demand growth.

We’re focusing on reducing chemo-only use, particularly in the community setting, through continued education on NCCN guidelines and our phase III data, including the 6-year long-term survival benefit analysis. We’re working to curb off-label PD-1 use in NPC that is mainly driven by guideline and indication misperceptions. On both fronts, our efforts reinforce LOQTORZI’s position as the only approved and available immune therapy in NPC, offering a superior survival benefit over chemotherapy alone. We’re moving this plan forward utilizing targeted investments to enhance our execution. Importantly, new claims data purchases have expanded our visibility into chemo-only and off-label IO use across up to 70% of addressable patients. This expanded visibility is being incorporated into patient alerts to enable earlier, more precise field targeting and multi-channel execution. Our inside sales team is now fully operational, significantly expanding our reach into the community setting, a key growth driver.

We’re also scaling digital education through KOL video programs, targeted EMR initiatives, and pilots on emerging HCP AI platforms. These AI platforms are seeing rapid growth by rapid adoption by oncologists and are increasingly used to drive treatment decisions. Regarding our guidance, we continue to expect 10%-15% demand growth per quarter averaged across 2026 quarters. Our focus will continue to be on driving broader and deeper adoption across the community and academic settings, supported by growing durational treatment. With that, I’ll now turn the call over to Bryan McMichael, our Chief Financial Officer.

Bryan McMichael, Chief Financial Officer, Coherus Oncology: Thank you, Sameer, and good afternoon, everyone. I’ll start with notable financial and operational updates, then run through the company’s financial position at the end of the quarter and results for Q1 2026. The key financial event this quarter was the follow-on equity offering, which we mentioned on last earnings call. As an update, total net proceeds were $54 million and include the full exercise of the underwriter’s over-allotment option. These funds have strengthened our liquidity position and are supporting the new cabrolitug CRC and prostate studies, enhanced investments in LOQTORZI commercialization capabilities to reach revenue targets faster, and general corporate purposes. Regarding sales, in addition to the color on LOQTORZI net revenues provided by Sameer, I will add that we expect to provide full year 2026 revenue guidance on the earnings call in August, as indicated on our last call. Let me turn to operating expenses.

R&D expenses from continuing operations for Q1 2026 were $21.5 million, down from $24.4 million in the first quarter of the prior year. The decrease was primarily due to savings from reduced headcount and infrastructure costs, reflecting tight spending discipline, partially offset by increased investments in the pipeline. SG&A expenses from continuing operations were $23.1 million in the first quarter, down from $26 million in Q1 2025. The decrease reflects continued savings from Coherus’ complete exit from the biosimilar business, which as we talked to you today, was completed more than 1 year ago. Turning to the balance sheet. Total cash equivalents, and investments at the end of the quarter was $167 million, down slightly from $172.1 million at year-end.

Given the recent raise in our financial plans, we believe we are sufficiently funded through key data readouts in 2026 and 2027. With that, I’ll hand the call back over to Denny.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Thank you, Brian. Operator, we’re ready to go to the questions.

Heidi, Conference Operator: We will take our first question. The first question comes from the line of Jay Olson from Oppenheimer. Please go ahead. Your line is open.

Jay Olson, Analyst, Oppenheimer: Oh, hey, thank you for providing this update and for taking our questions. On LOQTORZI, can you talk about the dynamics driving the average duration of treatment among existing patients, which continues to grow? Is the growing duration driven by 1st-line patients? Related to that-Congrats on the new patient starts in the 1st quarter. Can you maybe share some color on how the patients split between 1st and 2nd line? Where should we eventually expect the percentage of patients on LOQTORZI in the 1st-line setting? If I could, I have a follow-up on TAGMO, please.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Good. Thank you, Jay. I’ll let Sameer unpack that for you. Sameer, would you like to address Jay’s question?

Carrie Graham, Investor Relations, Coherus Oncology0: Yeah

Denny Lanfear, Chief Executive Officer, Coherus Oncology: About the treatment duration and so on?

Carrie Graham, Investor Relations, Coherus Oncology0: Thank you, Jay. Thanks for the question. You know, you had a couple points to that question, so just make sure I got your question correctly. The first question was the average duration of treatment and how that split between new and existing patients. Is that correct, Jay?

Jay Olson, Analyst, Oppenheimer: Yes.

Carrie Graham, Investor Relations, Coherus Oncology0: Yeah.

Jay Olson, Analyst, Oppenheimer: Yeah. Yeah.

Carrie Graham, Investor Relations, Coherus Oncology0: In terms of the duration of treatment, what I can say is our duration of treatment depends on the type of patients. We have 2 types of patients. 1 type of patient is the first-line locally advanced and first-line metastatic patients. The 2nd type of patient is a monotherapy patient, which is the later-line metastatic patients. In the clinical trials in the real world, we’re seeing higher duration of therapy for the first-line patients than the second-line monotherapy patients. In terms of new and existing patients, I think it’s the same dynamic playing out for both the new and existing patients. Across the board, we’re seeing that the duration continues to grow, as we get further away from launch, and eventually, hopefully, we’ll get close to the clinical trial duration.

Jay Olson, Analyst, Oppenheimer: Okay.

Carrie Graham, Investor Relations, Coherus Oncology0: The next question was about new patient starts in first line and second line. Currently we’re seeing about 75%-80% of our patients are coming from the metastatic setting, both the front-line metastatic setting and the second-line metastatic setting, and a smaller % of patients coming from the locally advanced recurrent setting. That’s in line with physicians initially at launch, putting patients on a later line patients and then moving the use of therapy to an earlier line setting. As we get further into the launch, we would expect that we get more locally advanced recurrent patients. Last thing I’ll say is we also now have visibility into where these patients are.

We’ve purchased a lot of claims data, so we know which physicians are managing these locally advanced recurrent patients, and we’re going after those accounts and physicians to educate them on LOQTORZY.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Thank you, Jay, and thank you, Sameer.

Jay Olson, Analyst, Oppenheimer: Thank you. That’s super helpful.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: We’re ready for the next question.

Jay Olson, Analyst, Oppenheimer: Oh, could I ask?

Denny Lanfear, Chief Executive Officer, Coherus Oncology: I’m sorry. Go ahead. Sure.

Jay Olson, Analyst, Oppenheimer: Thanks. That was super helpful and extremely comprehensive, so thanks for the detailed explanation. Just on TAGMO, given that the second line head and neck and gastric cancer readout is expected midyear, could you just talk about what investors should expect to learn from those two updates? Will you be providing, next steps in the clinical development for those two programs?

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Rosh Dias, you wanna take that one about the data, and then, Theresa LaVallee, you can take next steps.

Dr. Rosh Dias, Chief Medical Officer, Coherus Oncology: Yeah. Thank you, Jay, for the question. In terms of data readouts, yeah, we anticipate initial data for the 2nd line head and neck and the 2nd line upper GI adeno around the mid-year timeframe. Couple of things I’ll say. First of all, you know, we anticipate at least 50% of the patients to be reported. You know, as you think about the data and timing, there are probably 2 key determinants, right? One is the number of patients. Number 2 is the number of scans that may be needed to show activity. Again, for the number of patients, I anticipate more than 50% or more of patients. In terms of the numbers of scans, that’s a little bit more variable. We’ll be looking at overall response rate.

We’ll be looking at clinical benefit rate. We’ll be looking at safety, but duration will take a little bit longer to really mature. As you know, the real benefit of IO has been in extending that tail. I’d look out for those key metrics to start with.

Jay Olson, Analyst, Oppenheimer: Great. Thank you very much.

Carrie Graham, Investor Relations, Coherus Oncology1: Yeah. I think just to add to that, Jay, thanks, because we’re super excited to think about next steps. As we look at the data, particularly with durability, I mean, ORR is nice. It’s, you know, 30% or greater tumor shrinkage. Durability is what matters, though, ’cause the regulatory endpoints are survival. Thinking about, is there sufficient efficacy to support favorable regulatory strategies, which all of these studies are designed, if the signal’s there, to have sufficient patients to do that. Additionally, is there a patient population or a way of enriching patients, is another output that we’re really looking at for what’s the immune context, and is there a way then to advance into a study to look more towards later stage development.

We’ll be looking for both of those outputs and directions from the studies as they read out.

Jay Olson, Analyst, Oppenheimer: Great. Thank you so much.

Carrie Graham, Investor Relations, Coherus Oncology1: Thank you, Jay.

Jay Olson, Analyst, Oppenheimer: Looking forward to it.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: We’re ready for the next question, operator.

Heidi, Conference Operator: Thank you. Your next question comes from the line of Paul Choi from Guggenheim. Please go ahead. Your line is open.

Paul Choi, Analyst, Guggenheim: Great. Thanks so much for taking the question. For TAGMO, I have a follow-up question on the head and neck cancer data that you’ll be reporting, mostly around patient demographics. Can you speak to what proportion of patients you would expect to be PD-1 experienced? Do you plan to break out responses by HPV status? Then how do you think about the bar for response?

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Okay, hold on, Paul. Let’s Paul, yeah, Paul, well, Paul, let’s stop there and just do one question. Let’s answer that, then we can follow on. Theresa, Rosh Dias, can you take that?

Dr. Rosh Dias, Chief Medical Officer, Coherus Oncology: Yeah, I can take that. Thanks, Paul, for the question. Yes, all of the patients in the second line head and neck study will be PD-1 or PD-L1 experienced. Yes, one of the key stratification factors is the HPV status.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Did you have a follow-up question, Paul?

Paul Choi, Analyst, Guggenheim: I did, yeah. I just wanted to ask about how you’re thinking about the bar for response rates in light of what some of the investigational EGFRs and even ADCs have shown in the setting.

Dr. Rosh Dias, Chief Medical Officer, Coherus Oncology: Yeah. I can take that one as well. First of all, you know, the current standard of care is pretty dismal in terms of the overall response rate. It is cetuximab, and that overall response rates tends to be in the 13%-15% ORR range. You’re absolutely right. We do see the environment changing and evolving with the EGFRs. A couple of points I’ll mention. First of all, there is positive data in the first line as well as the second line setting, which I think better positions these agents in the first line setting. Secondly, you know, I think the majority of the benefit is really driven by HPV negative status.

You know, I think that also leaves the HPV-positive patients, which accounts for roughly about 40% of subjects overall, pretty wide open. I think that’s the way we kind of look at the current benchmarks and the evolving datasets.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Theresa, additional comment?

Carrie Graham, Investor Relations, Coherus Oncology1: We’re actively watching it, obviously, with announcements from the Nectin-4 ADC data that’s super exciting, shows a rapid development path in the head and neck space. Hibrix data coming out really showing a non-EGFR approach in the frontline setting shows room and interest for novel agents. What we find particularly interesting about this mechanism, obviously our initial output is with PD-1 and Tagmo. To your question, the first study is only asking, "Can we rescue PD-1 resistance?" since they’re all PD-1 failures. Moving into combination with any and all of these agents could make a lot of sense. In addition to streamlining our development with a way to advance to later stage, we also see ways to broaden and improve on durability of a lot of these responses, particularly with ADCs, as we do combinations.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Thank you. Thank you very much, Paul. Heidi, we’re ready for the next question.

Paul Choi, Analyst, Guggenheim: Thank you.

Heidi, Conference Operator: Thank you. We will take the next question. Please stand by. Your next question comes from the line of Lut Ming Cheng from JPMorgan. Please go ahead. Your line is open.

Bryan Choi, Analyst, JPMorgan: Hi, guys. Thanks for taking our questions this afternoon. Maybe just first on LOQTORZI. Can you provide a little bit more about this weather impact to the top line here? Are patients not able to get another round of LOQTORZI? Is there access issue because of weather? Just, you know, just on top of this, how do we reconcile that dynamic with the record new patient starts that you’re seeing this quarter? We have a follow-up. Thank you.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Okay. Thanks, Bryan. Sameer, you wanna take that?

Carrie Graham, Investor Relations, Coherus Oncology0: Thank you, Bryan, for the question. We’re now into the third year of our launch, so we’re getting a better sense of the seasonality patterns. We saw some seasonality last year. It was kinda early to understand that. This year again, we saw the seasonality, and that’s why we dug into an analysis of what’s really happening in the oncology setting. We took a basket of 85 oncology molecules. Really interestingly, for the last 4 years, this basket, we saw a very consistent 5% decline from Q-four to Q-one. What we didn’t expect is a larger magnitude of decline in 2026, where we saw a 10% decline for that basket from Q-four to Q-one.

It’s like, as we expected, it’s a pretty consistent decline pattern in Q-one, most products go back to growth in Q-two. We’re following a similar pattern it looks like, right? That being said, in terms of reconciling the new patients and the existing patients, we believe what happened is we had, I think about two major winter storms which affected about two to three weeks throughout the first quarter. I think what happened is a lot of patients who are on either three-week cycles or two-week cycles missed their cycles. As a result, we lost that entire cycle for big chunks of patients, and they reset their cycle clock. We lost these individual cycles for chunks of patients. That is totally separate from the new patient starts, right?

New patients are really important for us to drive future growth, and we’re pretty excited that we saw robust new patient growth, which is gonna become the existing patients for future quarters. Those are the two dynamics that played itself.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: The other, the other point I say, Bryan McMichael, is I think Q4 to Q1 last year, we went down I think about 3%. This year I think it’s like 5%. Given the storms, you know, it’s pretty much in line. Also given these starts, I think that we should go back on the growth curve here directly this Quarter now. Did you have a follow-up question, Bryan McMichael?

Bryan Choi, Analyst, JPMorgan: Yeah, we do. Maybe just on the CADILYZE 202 study. Theresa LaVallee, you talked about how, you know, the importance of circulating tumor DNA and also IL-27 expression in the upcoming data read, you know, in terms of, you know, figuring out the association of those expressions to tumor reduction. Do you have a sense, based on preclinical model, do you have a sense of how correlated they are, you know, in terms of the magnitude of IL-27 reduction to tumor reduction in preclinical model? Thank you.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Thanks, Bryan.

Carrie Graham, Investor Relations, Coherus Oncology1: Yeah. It, the preclinical models don’t have a good readout there. I mean, what we have seen in the mouse is that it’s very tissue specific, so that the tumors have to be in the lung or the liver. Given the amount of IL-27 that’s expressed there, that comes through. The two things that we’re really looking for, I think, just to set expectations for the mid-year readout, we’ve talked about this at several times, is that it’s an initial readout. The first readout in the CAS CATALYST-201, the previous atezo/bev study, the overall response rate was only 27%. A lot of patients were on study, and we saw tumor shrinkage deepening.

That’s where we think that the initial readout with trends in circulating tumor DNA, as well as looking at are there differences in the outcomes based on IL-27 levels, will really give us a look-see about the probability of it being a positive study as the data mature.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Thank you. Thank you, Bryan.

Bryan Choi, Analyst, JPMorgan: Great. Thank you.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: All right. Heidi, we’re ready for the next question.

Heidi, Conference Operator: Thank you. As a reminder, if you wish to ask a question, please press star 11 on your telephone. As a request, if you wish to ask more than 1 question, please ask 1 question at a time. We will take our next question. Your next question comes from the line of Colleen Kusy from Baird. Please go ahead. Your line is open.

Carrie Graham, Investor Relations, Coherus Oncology2: Hey, everyone, it’s Nick on for Colleen. Thanks for taking the question. Just had a quick one on the Casdozo program. Between AtezoBev and ToriBev as the backbone in combination there, do you expect to see any differences in the efficacy or safety profile? Thank you.

Dr. Rosh Dias, Chief Medical Officer, Coherus Oncology: Yeah. Thanks, Nick, for the question. I think you’ll recall that we talked about HEPATORCH, which is the study of toripalimab and bevacizumab versus sorafenib. That really showed very similar, if not slightly higher, overall survival compared to AtezoBev, obviously not a head-to-head. I think we have confidence in that. The other thing I’ll say is that the ADA rates for tezo tends to be a lot higher than the toripalimab. I think those two points really give us some confidence that the ToriBev is a good backbone on which to add casdozokitug.

Carrie Graham, Investor Relations, Coherus Oncology1: The safety profile has been quite good. That’s actually one of the standouts, particularly in this disease in the frontline HCC study. casdozo, across the board, really hasn’t added any additional or new toxicities to any treatment, whether it be atezolizumab, whether it be toripalimab, whether it be pembrolizumab, that has been evaluated to date.

Carrie Graham, Investor Relations, Coherus Oncology2: Great. Thank you.

Dr. Rosh Dias, Chief Medical Officer, Coherus Oncology: Thank you.

Heidi, Conference Operator: Thank you. We will take our next question. Your next question comes from the line of Michael Nedelcovych from TD Cowen. Please go ahead. Your line is open.

Michael Nedelcovych, Analyst, TD Cowen: Hi. Thanks for the questions. I have two. I’ll start with my first on tagmokitug. Theresa, you alluded to this in your remarks, but I believe LaNova Medicines has initiated a phase III trial for its CCR8 antibody. Can you elaborate a bit on your previous remarks? How important is this development from the point of view both of validating the mechanism but also in terms of what it means for the competitive landscape? To the extent that you can speak to specific similarities or differences between their molecule and approach to tagmokitug, that would be super helpful. Thanks.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Thanks for that, Mike. Theresa?

Carrie Graham, Investor Relations, Coherus Oncology1: I love this question, and I think this is really important because we see programs advancing and programs stopping. Sino Biopharmaceutical with LM-108 cafelkibart and have started two phase IIIs. In fact, last week they announced dosing the first patient in the gastric cancer phase III. They also have a MSI-H CRC study as a pivotal study ongoing. They really have confidence and are doubling down on this program and the molecule, and they also will be reporting at ESMO this year. Additionally, we see players like Gilead opening two phase II randomized study, gastric cancer, colorectal cancer. AbbVie advancing in colorectal cancer, and Bristol Myers Squibb continuing to add patients to their study.

We think that the differences, you know, from the programs that are being parked or the negative data that, the lack of activity that Amgen showed comes down to pharmacology. We’re super excited about seeing programs advancing and seeing the properties of our molecule really making it exciting to now look at the data readouts later this year.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Mike, did you have a follow-on question for us?

Michael Nedelcovych, Analyst, TD Cowen: I have another on LOQTORZI, if that’s okay.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Sure.

Michael Nedelcovych, Analyst, TD Cowen: I’m just curious, given that you now have a better sense of seasonality, do you still think LOQTORZI can get to that roughly $30 million-$35 million in quarterly sales in 2027, or might it take a bit longer than that?

Denny Lanfear, Chief Executive Officer, Coherus Oncology: We are confident in doing so. In my prepared remarks, I reiterated guidance on three key issues with respect to the revenues. First, being reaching $15 million per quarter sometime this year in 2026. Second, reaching $30 million-$35 million per quarter sometime in 2027. Thirdly, reaching what would be an annualized $175 million per year, which is about $44 million a quarter, sometime in 2028. I think that our data purchases and our knowledge now of the therapeutic area gives us confidence we’ll be able to do that.

Michael Nedelcovych, Analyst, TD Cowen: Great. Sorry I missed that. I appreciate the update. Thanks all.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Thank you, Mike.

Heidi, Conference Operator: Thank you. Once again, if you wish to ask a question, please press star one one on your telephone. We will take our next question. The question comes from Douglas Tsao from H.C. Wainwright. Please go ahead. Your line is open.

Douglas Tsao, Analyst, H.C. Wainwright: Oh, sorry. Can you hear me?

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Yes.

Douglas Tsao, Analyst, H.C. Wainwright: Hello? Can you hear me?

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Hi, Doug. Yes, Doug. Hello.

Douglas Tsao, Analyst, H.C. Wainwright: Sorry about that. I had you on unmute at first. Just thanks for taking the questions. I guess just maybe on the LOQTORZI issue in terms of the impact on storms, was this something that affected largely new patient starts, or was it just simply a function of patients’ ongoing therapy? Should we think of this as just sort of purely deferred revenue that eventually should catch up for the rest of the year?

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Sameer, you wanna take that one first, Doug?

Carrie Graham, Investor Relations, Coherus Oncology0: I’ll take a shot at that. Thank you, Doug, for the question. I think, the first part of that question is, I believe it affected our existing patients. New patients that I mentioned in my prepared remarks, we had, you know, more new accounts either starting or restarting new patients than we had in the past. Our new patient growth seems robust. I believe what happened is the existing patients, because of seasonality insurance changes plus the weather, there were some hiccups in ongoing treatment. That’s where we lost some cycles. I don’t think we’re gonna get those cycles back because if you’re on a 3-week cycle and you miss your cycle this week, you basically go back on a new 3-week cycle, so that 1 cycle is lost basically forever.

Again, let me just kinda go back to what we said earlier, right? That’s Q1, right? We’re pretty excited about the new patient starts continuing on track and our ability to drive demand growth for the rest of this year.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Thanks, Sameer.

Carrie Graham, Investor Relations, Coherus Oncology0: Yep.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Thank you, Doug.

Douglas Tsao, Analyst, H.C. Wainwright: Yeah, thanks. Can I jump in with a follow-up, Denny?

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Sure.

Douglas Tsao, Analyst, H.C. Wainwright: Just maybe on TASMO, you know, obviously we have a significant number of readouts through beginning in the middle part of the year and into the second half of the year. I guess just when you think about where you are from a balance sheet, Denny, you know, are you able to And, you know, I think you would certainly play to succeed or assume that you’re gonna succeed with these studies. You know, do you think that you’re in a position to continue to sort of prosecute all these opportunities? You know, is there some prioritization that might need to happen?

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Yeah. I would direct you back to my prepared remarks at the beginning of the call. We are, you know, certainly funded through 2026 then all the 2027, turning over of all the data cards. One thing that we do is if we have a unfunded clinical trial or we have something that we believe is worthwhile, you know, we take it to our investors. As currently all of our clinical trials are funded. We just raised, as you know, that really addressed the issues with the CRC study, which were not funded, as well as the prostate study with Johnson & Johnson. Both of which, I think you’d agree are very worthwhile. That’s pretty much our approach to it.

We don’t foresee any additional trials right now. I think that we’ve done a very good job with a very broad development program across tagmokitug and a very highly focused program with respect to toripalimab. I think we’re set.

Douglas Tsao, Analyst, H.C. Wainwright: Okay, great. Thank you.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Thank you, Doug.

Heidi, Conference Operator: Thank you. There seems to be no further questions. I would like to hand back for closing remarks.

Denny Lanfear, Chief Executive Officer, Coherus Oncology: Thank you, Heidi. Thank you all for joining us today on our Q1 2026 call. We look forward to seeing you again on our August call, which will be very exciting. In the interim, we’ll see you at Jefferies, where we’ll be presenting, and we’ll also be at ASCO. Thank you. Bye-bye.

Heidi, Conference Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.