Coherus Oncology, Inc. Q3 FY2025 earnings call

• Progress on strategic plan: Driving top line, reducing expenses, and strengthening balance sheet.
• LOQTORZI: A revenue generator in nasopharyngeal cancer with growing sales and margin contribution.
• Pipeline progress: CHS-114 (CCR8 Treg depleter) is being pursued in multiple indications including head and neck, gastric, esophageal, and colorectal cancer in combination with LOQTORZI; casdozokitug (IL-27 antagonist) is in development for liver cancer.
• Clinical trials: Enrollment across initiated studies is in full swing globally.
• Presentations: Biomarker data on CHS-114 at SITC meeting and casdozokitug at cytokine meeting were highlighted.
• Partnerships: Compelling clinical data for CHS-114 and casdozokitug are supporting discussions with potential partners.

LOQTORZI, a next-generation PD-1, is a revenue generator. In Q3 2025, LOQTORZI net revenue was $11.2 million, a 12% quarter-over-quarter increase and 92% year-over-year increase. This represents a significant revenue contribution to Coherus Oncology.

• LOQTORZI sales trajectory: Expected 10% to 15% demand growth over the next 3 years, aiming for $150 million to $200 million peak sales by mid-2028.
• Pipeline data: Anticipated key data readouts from clinical trials in 2026.
• Partnerships: Ongoing discussions with potential partners to offset clinical development costs.

No specific detailed discussion of risks in the transcript.

Q: Mike Nedelcovych asked about CCR8 mechanism complemented by bispecific format.

A: Theresa Lavallee responded that while bispecifics are being explored, a traditional combination therapy approach is hypothesized to give stronger clinical response.

Q: Brian Cheng inquired about LOQTORZI trajectory and colorectal study benchmarks.

A: Dennis Lanfear and Rosh Dias discussed LOQTORZI sales growth potential and colorectal study benchmarks focusing on overall response rate and durability.

Q: Nick Quartapella asked about LOQTORZI duration and CHS-114 study.

A: Sameer Goregaoker talked about increasing duration of LOQTORZI therapy and Rosh Dias discussed CHS-114 study in second-line head and neck with focus on efficacy, safety, and dose optimization.

Q: Douglas Tsao questioned rationale for colorectal study.

A: Theresa Lavallee explained the biology of CCR8 in colorectal cancer, preclinical and clinical data supporting the study, and strategic importance of the program.