Coherus Oncology, Inc. Q4 FY2025 earnings call

• Strategic transformation: Completed transformation to an innovative oncology company focused on overcoming immune resistance in cancer since September 2023 acquisition of Service Oncology. Divested biosimilar franchise, reduced debt, refocused company, enhanced team and board. - Product strategy: Lactorsi as revenue generator and multiplier. Two other product candidates, Pagmo Ketog with broad clinical therapeutic utility and Caslodoketog first-in-class anti-IL-27 inhibitor with promising data in hepatocellular carcinoma. - Deals: Strong track record of strategic transactions. J&J collaboration important for T-reg depletor of choice, validation of scientific competency, and potential shareholder accretion. - Clinical development: Initiated clinical development program. TAGMO-Ketog has TregCheck program with multiple protocols in various tumor types. Casdoza-Ketog's Catalyze program in first-line HTC with ongoing study. - Commercial: Lactrosi net revenue growth, focus on educating oncologists on six-year survival data, investments in CRM technology, expanding field and remote sales teams, targeting VA hospitals.

Lactorsi: Full year 2025 net revenue was $40.8 million, up from $19.1 million in 2024 (113% growth year over year). Q4 2025 net revenue was $12.4 million, 11% growth over Q3. It has a $250 million addressable market and is expected to achieve peak market share in 2028 with annualized revenues of $175 million (about 70% market share of the total market).

• Expected Lactrosi to achieve peak market share in 2028 with $175 million annualized revenues. - Plan to provide full-year 2026 revenue guidance on August earnings call. - Recently raised about $50 million to support commercial effort and Tegno Keto clinical program, with belief of being sufficiently funded through 2027.

• Jay Olson: Question on Loctorsi new vs repeat patients, promotional sensitivity, commercial infrastructure investments, and TAGMO triple combination. Samir and Dr. LaVallee responded. - Mike Nedelkovich: Question on CAS-DOZO trial tracking responses and TAGMO data disclosure. Dr. Dias responded. - Colleen Clissy: Question on CASDOZO Frontline HTC study maturation timeline and competitive front for CCR8. Dr. Dias and Dr. LaVallee responded. - Brian Chang: Question on TACMO prostate cancer combo strategy. Dr. Dias responded. - Douglas Sal: Question on R&D spend balance and Loctorsi patient therapy duration. Denny and Sameer responded.