Coherus Oncology (NASDAQ:CHRS) used its presentation at the Citizens Life Sciences Conference to outline its transition into what CEO Denny Lanfear described as an “innovative oncology company focused on overcoming immune resistance in cancer,” centered on a commercial PD-1 therapy and two pipeline immuno-oncology assets acquired through the purchase of Surface Oncology.
Transformation and balance sheet actions
Lanfear said the company acquired Surface Oncology in September 2023 and then moved to divest its biosimilar assets. He said the company paid down nearly $480 million in debt and put $250 million on the balance sheet to support development efforts.
LOQTORZI commercialization and growth expectations
Lanfear positioned LOQTORZI (toripalimab) as both a revenue generator in metastatic nasopharyngeal carcinoma and a “revenue multiplier” because multiple pipeline trials are being developed in combination with toripalimab, potentially expanding future indications. He said the company is targeting a $33 billion opportunity based on trials currently underway in the U.S.
He described LOQTORZI as a “next-gen” PD-1 with high-affinity binding and a mechanism that results in internalization of PD-1 from the T-cell surface, which he said has translated into activity in low PD-L1 cancers. As one example, he noted LOQTORZI is labeled in the European Union for low PD-L1 esophageal cancer, while KEYTRUDA and OPDIVO have lost U.S. labels in low PD-L1 esophageal cancer.
On clinical outcomes in nasopharyngeal cancer, Lanfear pointed to recently disclosed six-year survival data showing median survival of 64.8 months versus 33.7 months for chemotherapy alone. He said this has supported top ranking in NCCN guidelines and helped drive sales growth.
Commercially, Lanfear said LOQTORZI sales more than doubled from $19.1 million in 2024 to $40.8 million in 2025, with systematic increases each quarter. He said the company’s goal is to ramp sales by about 10% to 15% per quarter, noting performance was higher than that in 2025.
Looking ahead, Lanfear projected LOQTORZI could reach peak market share in 2028 in what he described as an approximately $250 million market. He said the company expects to reach about 70% market share, equating to roughly $43.75 million per quarter, or about $175 million annualized. He also provided internal “stop posts” related to expense coverage:
- During 2026, management is guiding LOQTORZI will reach about $15 million to $16 million per quarter, which Lanfear said would cover overall commercial costs (including COGS, royalties, and commercial team costs).
- In 2027, LOQTORZI is projected to cover the company’s “core burn” (commercial and personnel costs), though excluding clinical and development expenses.
Lanfear said the company recently raised $50 million and allocated $10 million to $15 million of that toward commercial investments, including adding an additional salesperson per region, building an inside sales function, and adding a dedicated Veterans Affairs resource. He also described increased spending on data and information systems to identify patients in a rare-disease setting, with plans to increase “alerts” coverage from 30%–35% in 2025 to 65%–70% over the next two years.
Tagmokitug: CCR8 Treg depletion and expanded combinations
Lanfear said tagmokitug, a CCR8-targeting T-regulatory cell (Treg) depleting molecule acquired with Surface, is being studied across head and neck cancer and multiple gastrointestinal cancers, and now in prostate cancer through a collaboration with Johnson & Johnson. He emphasized that Tregs are associated with poor prognosis and can contribute to immune resistance across tumors.
He described tagmokitug as highly selective, stating it is the only known CCR8 molecule with no off-target binding and that it has high affinity and favorable pharmacokinetics. He also highlighted biopsy data presented at AACR showing depletion of CCR8-positive cells in head and neck cancer tissue after treatment and accompanying CD8+ T-cell infiltration, which he described as tumor microenvironment remodeling.
In an adjacent study arm combining tagmokitug with toripalimab, Lanfear pointed to imaging of a 2.8 cm lung metastasis shrinking over three to four months as “validation of the role of Tregs.” He said these findings supported broader development and helped spur the J&J collaboration.
Lanfear said the J&J effort represents the first time a Treg depleter has been combined with a T-cell engager and the first CCR8 approach in prostate cancer. He said the study is expected to begin enrolling in the second half of this year, with data anticipated in the first half of 2027.
Casdozokitug: IL-27 blockade in first-line HCC
Lanfear also detailed casdozokitug, an anti-IL-27 antagonist he described as first-in-class and “only in class.” He said IL-27 plays a role in turning off immune responses in barrier tissues by upregulating checkpoints (including PD-1, LAG-3, and TIGIT), downregulating pro-inflammatory cytokines, and constraining natural killer cell activity.
He highlighted results in first-line hepatocellular carcinoma showing 11 objective responses, including five complete responses, which he cited as a 38% overall response rate and 17% complete response rate. He also said responses appeared durable, with some patients on therapy for years.
Coherus is running a follow-on study with two doses of casdozokitug to align with Project Optimus. The trial is evaluating casdozokitug plus toripalimab on a background of bevacizumab versus toripalimab and bevacizumab alone. Lanfear said toripalimab has shown efficacy comparable to standard of care with bevacizumab in prior Chinese studies and said the company is confident substituting toripalimab for atezolizumab will “work out well.” Management expects a mid-year readout.
Upcoming readouts and partnering strategy
In the Q&A, Chief Scientific & Development Officer Theresa LaVallee said the randomized Phase II HCC study will be evaluated for both efficacy—particularly whether the earlier high complete response rate repeats—and safety, which she said is critical in the first-line setting for an overall survival registration endpoint.
LaVallee also said initial interim HCC data may show equivalency between casdozokitug and the control, with responses potentially deepening over time, as prior results improved over an additional six months. For tagmokitug studies, she said the program is designed around roughly a 40-patient assessment to address Project Optimus and to evaluate overall response rate and duration of response, while also learning which biological context (such as CCR8 Treg density or ratios) best predicts activity to prioritize tumor types.
Finally, Lanfear said the company expects additional collaboration agreements for tagmokitug in combination with other modalities, including radiotherapy and antibody-drug conjugates, and intends to pursue ex-U.S. licensing for both tagmokitug and casdozokitug. He said Coherus holds global rights and expects ex-U.S. partners to contribute to the cost of pivotal trials, potentially making development costs more manageable.
About Coherus Oncology (NASDAQ:CHRS)
Coherus Oncology, Inc is a commercial-stage biopharmaceutical company focused on the development, manufacturing and commercialization of biologic therapies for oncology support and immuno-oncology. Founded in 2010 and headquartered in Redwood City, California, Coherus specializes in biosimilar versions of established oncology agents as well as novel immunotherapy candidates.
The company’s lead marketed products include Udenyca (pegfilgrastim-cbqv) and Fulphila (pegfilgrastim-jmdb), biosimilars to Amgen’s Neulasta, which are designed to reduce the incidence of infection in patients undergoing myelosuppressive chemotherapy.
