Coherus Oncology Inc
(FRA:8C5)
€
1.273
+0.035 (+2.83%)
Market Cap: 193.95 Mil
Enterprise Value: 83.78 Mil
PE Ratio: 0.87
PB Ratio: 2.84
GF Score: 42/100 
Q2 2026 Coherus Oncology Inc Earnings Call Transcript
Aug 05, 2026 / 09:00PM GMT
Release Date Price:
€1.27
(+2.83%)
Key Points
Positve
- LOQTORZI net sales grew 15% quarter-over-quarter to $13.6 million, with the highest number of new-patient starts since launch and a rebound in demand to the 10-15% quarterly range.
- The company is on track to meet its long-term revenue projections for LOQTORZI, targeting a $15 million quarter in 2026, $30 million in 2027, and peak market share by 2028.
- Tagmokitug (tagmo) in combination with toripalimab (tori) showed an acceptable and manageable safety profile and evidence of activity in PD-1-resistant head-and-neck squamous cell carcinoma (HNSCC), with potential enrichment in HPV-positive patients and those with a higher tumor-immune regulatory index (TIRI) score.
- Three clinical studies (tagmo in HNSCC and colorectal cancer, and casdozokitug in first-line HCC) have completed full enrollment, with initial data readouts expected later this year, including a formal disclosure in October.
- Operating expenses continue to decline, with R&D down from $26.3 million to $21.4 million and SG&A down from $26.0 million to $21.0 million year-over-year, marking six consecutive quarters of decreasing SG&A.
- The company significantly reduced legacy biosimilar liabilities, with accrued rebates and reserves down from $28.8 million to $14.9 million and TSA payables down from $61.6 million to $22.7 million, reducing future cash burn.
- The company is sufficiently funded through key data readouts in 2026 and 2027, with cash and investments of $105.3 million at the end of Q2.
- The TIRI score, a biomarker related to the target (CCR8-positive Tregs), shows promise in enriching for patient benefit, potentially guiding future development strategies.
- The company is exploring new combinations, including tagmo with J&J's T cell-engager pasritamig in metastatic castrate-resistant prostate cancer, with the study on track to initiate in the fall.
- LOQTORZI's six-year survival data and NCCN guideline recommendations are driving physician behavior change, with a new AI platform pilot program enhancing physician education.
Negative
- Cash and investments decreased significantly from $167 million in Q1 to $105.3 million in Q2, primarily due to TSA obligations, raising concerns about the burn rate.
- The $37.5 million UDENYCA divestiture milestones were not achieved in Q2, and their achievement remains uncertain, subject to buyer-reported results and adjustments.
- Tagmo data in HNSCC is based on a small, immature subset of patients and has not been formally cleaned, so results are subject to change and may not be definitive.
- The casdozokitug study in first-line HCC has only 50% of patients with three scans, delaying data maturation and initial analysis until Q4, which may be later than expected.
- The upper GI cohort (gastric, esophageal, GEJ) has not yet completed accrual, and data is too early to comment on, indicating potential delays in this program.
- LOQTORZI growth is partly driven by correcting physician misdosing (e.g., using Q3-week dosing instead of Q2-week for late-line patients) and inappropriate discontinuations, which may limit near-term revenue upside.
- The company faces competition in head-and-neck cancer from emerging EGFR bispecifics and ADCs, which have shown impressive response rates but with higher toxicity, potentially impacting tagmo's positioning.
- The company's focus on durability and survival, rather than response rates, may be less compelling to investors who prefer quicker, higher response metrics.
- The company is still burning cash, with combined OpEx expected at $170-175 million for 2026, and the cash runway may be tight if data readouts are delayed or negative.
- The TIRI score analysis is retrospective and based on small numbers, and its predictive value across other tumor types or settings is not yet validated.
Operator
Good day and thank you for standing by. Welcome to the Q2 2026 Coherus Oncology, Inc., earnings conference call.
(Operator Instructions) 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
Coherus Oncology Inc - Vice President - Investor Relations, Advocacy
Thank you, Heidi. Good afternoon and welcome to Coherus Oncology's second-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. We undertake no duty to update or revise
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