Coherus Oncology | 10-K: FY2025 Revenue Misses Estimate at USD 42.17 M

Revenue: As of FY2025, the actual value is USD 42.17 M, missing the estimate of USD 48.48 M.

EPS: As of FY2025, the actual value is USD 1.43.

EBIT: As of FY2025, the actual value is USD -181.13 M.

Segment Revenue

• Total Net Revenue (Continuing Operations): Coherus Oncology, Inc. reported total net revenue from continuing operations of $42,172 thousand for the year ended December 31, 2025, an increase from $26,389 thousand for the year ended December 31, 2024.
  • LOQTORZI Net Revenue: $40,836 thousand in 2025, up from $19,131 thousand in 2024, primarily driven by volume growth following its January 2024 launch.
  • Other Revenue: $1,336 thousand in 2025, a decrease from $7,258 thousand in 2024, which included $6.3 million from the out-license of toripalimab rights in Canada.
• Net Revenue from Discontinued Operations: $76,613 thousand in 2025, a significant decrease from $240,571 thousand in 2024, due to divestitures of biosimilar businesses.
  • UDENYCA: $76,031 thousand in 2025, compared to $205,951 thousand in 2024.
  • CIMERLI: $515 thousand in 2025, compared to $27,079 thousand in 2024.
  • YUSIMRY: $67 thousand in 2025, compared to $7,541 thousand in 2024.

Operational Metrics

• Cost of Goods Sold (Continuing Operations): Increased to $13,814 thousand in 2025 from $8,727 thousand in 2024, primarily due to LOQTORZI volume growth.
• Gross Margin (Continuing Operations): Remained stable at 67% in both 2025 and 2024.
• Research and Development (R&D) Expense (Continuing Operations): Increased to $108,888 thousand in 2025 from $91,833 thousand in 2024.
  • Casdozokitug: R&D expenses increased to $31,098 thousand in 2025 from $16,588 thousand in 2024.
  • Tagmokitug: R&D expenses increased to $27,773 thousand in 2025 from $7,847 thousand in 2024, including $1.1 million in milestones.
  • LOQTORZI: R&D expenses decreased to $7,470 thousand in 2025 from $13,290 thousand in 2024.
  • Other discontinued projects: R&D expenses were $2,454 thousand in 2025, including a $2.5 million net write-down of an intangible asset, compared to $2,305 thousand in 2024.
• Selling, General and Administrative (SG&A) Expense (Continuing Operations): Decreased to $100,604 thousand in 2025 from $125,482 thousand in 2024, primarily due to lower average headcount and professional fees, partially offset by a $1.6 million net impairment charge in 2025.
• Loss from Operations (Continuing Operations): -$181,134 thousand in 2025, an improvement from -$199,653 thousand in 2024.
• Interest Expense (Continuing Operations): Decreased to -$9,001 thousand in 2025 from -$10,734 thousand in 2024.
• Loss on Debt Extinguishment (Continuing Operations): $0 thousand in 2025, compared to -$12,630 thousand in 2024.
• Other Income (Expense), Net (Continuing Operations): $7,011 thousand in 2025, a decrease from $7,623 thousand in 2024.
• Net Income from Discontinued Operations, net of tax: Increased to $351,148 thousand in 2025 from $243,901 thousand in 2024.

Cash Flow

• Net Cash Used in Operating Activities: -$138,513 thousand in 2025, a significant increase from -$20,440 thousand in 2024.
• Net Cash Provided by Investing Activities: $375,087 thousand in 2025, an increase from $230,321 thousand in 2024, primarily due to $470.3 million net cash received from Sale Transactions in 2025.
• Net Cash Used in Financing Activities: -$273,705 thousand in 2025, an increase from -$186,974 thousand in 2024, mainly due to $233.2 million repayment of 2026 Convertible Notes and $47.7 million to buy out UDENYCA royalty rights.

Unique Metrics

• Accumulated Deficit: -$1.4 billion as of December 31, 2025.
• Cash, Cash Equivalents and Marketable Securities: $172.1 million as of December 31, 2025.
• Earnout Payments Eligibility: Coherus Oncology, Inc. is eligible to receive two additional payments of $37.5 million each from Intas, contingent on UDENYCA net sales reaching specific thresholds in future fiscal quarters.
• Contingent Milestones: Remaining potential aggregate milestone payments include $355.0 million for LOQTORZI ($65.0 million for regulatory and $290.0 million for sales milestones), $10.5 million for Casdozokitug, $13.5 million for Tagmokitug, and $7.2 million for Tagmokitug to Memorial Sloan Kettering Cancer Center.

Outlook / Guidance

Coherus Oncology, Inc. expects net revenue from continuing operations in 2026 to be higher than in 2025 due to continued LOQTORZI growth. Fixed research and development expenses in 2026 are projected to be lower than in 2025, primarily from rebalancing manufacturing-related development activities and reduced headcount. Selling, general and administrative expenses from continuing operations for 2026 are also expected to decrease compared to 2025, mainly due to decreased operating costs and headcount.