Coherus Oncology, Inc.
CHRS · Biological Products, (No Diagnostic Substances) · 154.2M shares · +12%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$28M (gross $2K, SBC $28M)
Reference price $0.74 · est. market cap ~$114M — last insider sale, 2025-05-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Refocused single-product oncology company whose top-decile ROA/ROE are one-off divestiture-gain artifacts, not operating strength.
Strengths
- Only FDA-approved checkpoint inhibitor for NPC (LOQTORZI, NCCN category 1) plus $172M cash (58th pct) after UDENYCA sale
- Headline ROA (99th pct) and ROE (92nd pct) reflect a large one-time gain on biosimilar divestitures
Risks
- Negative interest coverage (-20) and an underlying loss-making, single-commercial-product model with mid-stage pipeline only
- Biosimilar trials read 'unclear' (no inferential stats) and a Phase 2 mCRPC triplet was terminated with 0 responders
Notable findings
- No interest coverageInterest coverage -20.12 (cannot cover interest)
- Auditor changeRecent 8-K item 4.01 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +12%/yr over 4y (dilution, book value/share -60%)
- Strong balance sheetStrong balance sheet — $172M cash & investments
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
275.4%
Return on assets
65.0%
Net-income growth
489.4%
Interest coverage
-20.1×
Current ratio
1.5×
EBITDA
-$180M
Tangible book value
$41M
Cash & investments
$172M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Satvat Ali J. | Grant | 30K | — |
| 2026-06-05 | Karachun Rita A | Grant | 30K | — |
| 2026-06-05 | Newcomer Lee Nisley | Grant | 30K | — |
| 2026-06-05 | Ryan Michael Lee | Grant | 30K | — |
| 2026-06-05 | O'Donnell-Tormey Jill | Grant | 30K | — |
| 2026-06-05 | Wahlstrom Mats | Grant | 30K | — |
| 2026-06-05 | Newton Charles W. | Grant | 30K | — |
| 2026-01-23 | Lanfear Dennis M | Grant | 375K | — |
| 2026-01-22 | McMichael Bryan J | Grant | 112K | — |
| 2026-01-20 | McMichael Bryan J | Tax withheld | 1.7K | $1.55 |
| 2026-01-20 | Lanfear Dennis M | Tax withheld | 12K | $1.55 |
| 2025-05-23 | Wahlstrom Mats | Sell | 100K | $0.74 |
| 2025-01-20 | McMichael Bryan J | Tax withheld | 1.7K | $1.39 |
| 2025-01-20 | Reider Paul | Tax withheld | 4.9K | $1.39 |
| 2025-01-20 | Lanfear Dennis M | Tax withheld | 12K | $1.39 |
| 2025-01-07 | McMichael Bryan J | Tax withheld | 1.7K | $1.57 |
| 2025-01-04 | Lanfear Dennis M | Tax withheld | 12K | $1.66 |
| 2025-01-04 | Reider Paul | Tax withheld | 2.3K | $1.66 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06657144 ↗ | A Study of CHS-114 (Tagmokitug) in Combination With Toripalimab and/or Other Treatments in Participants With Advanced Solid Tumors Metastatic Solid Tumor, Advanced Solid Tumor | PHASE1 | Recruiting | 2028-01-01 |
| NCT06457503 ↗ | A Study of Toripalimab in Combination With Cisplatin and Gemcitabine in Participants With Recurrent Metastatic Nasopharyngeal Cancer Nasopharyngeal Cancer Recurrent | PHASE4 | Recruiting | 2027-12-01 |
| NCT06679985 ↗ | A Trial of Casdozokitug in Combination With Toripalimab Plus Bevacizumab in Participants With Unresectable and/or Locally Advanced or Metastatic Hepatocellular Carcinoma Hepatocellular Carcinoma | PHASE2 | Active Not Recruiting | 2027-09-01 |
| NCT05635643 ↗ | Study of CHS-114 in Participants With Advanced Solid Tumors Advanced Solid Tumor, Head and Neck Squamous Cell Carcinoma | PHASE1 | Recruiting | 2026-09-30 |
| NCT06389526 ↗ | A Study of CHS-1000 in Participants With Advanced or Metastatic Solid Tumors Advanced or Metastatic Solid Tumors | PHASE1 | Not Yet Recruiting | 2028-05-30 |
| NCT05359861 ↗ | Trial of Atezolizumab and Bevacizumab With SRF388 or Placebo in Patients With Hepatocellular Carcinoma Hepatocellular Carcinoma | PHASE2 | Completed | 2025-06-30 |
| NCT04374877 ↗ | Study of CHS-388 (Formerly Known as SRF388) in Patients With Advanced Solid Tumors Advanced Solid Tumor, Clear Cell Renal Cell Carcinoma | PHASE1 | Completed | 2025-05-28 |
| NCT05757492 ↗ | Study to Evaluate Safety and PK of CHS-006 in Combination With Toripalimab in Patients With Advanced Solid Tumors Advanced Solid Tumor, Non-Small Cell Lung Cancer | PHASE1 | Terminated | 2024-07-31 |
| NCT04336098 ↗ | Study of SRF617 in Patients With Advanced Solid Tumors Advanced Solid Tumor | PHASE1 | Completed | 2023-08-25 |
| NCT05177770 ↗ | Study of SRF617 With AB928 (Etrumadenant) and AB122 (Zimberelimab) in Patients With Metastatic Castration Resistant Prostate Cancer Metastatic Castration-resistant Prostate Cancer, Prostate Cancer | PHASE2 | Terminated | 2023-04-05 |
| NCT04662892 ↗ | An Analysis to Estimate Febrile Neutropenia (FN) in Patients Receiving Udenyca Febrile Neutropenia, Non-myeloid Malignancy | — | Unknown | 2022-11-01 |
| NCT02486939 ↗ | A Long Term Safety Extension Study (CHS-0214-05) Rheumatoid Arthritis, Plaque Psoriasis | PHASE3 | Completed | 2017-09-01 |
| NCT02650973 ↗ | Study to Assess the Pharmacokinetic and Pharmacodynamic Bioequivalence of CHS-1701 With Neulasta Healthy | PHASE1 | Completed | 2016-06-01 |
| NCT02489227 ↗ | Comparison of CHS-1420 Versus Humira in Subjects With Chronic Plaque Psoriasis Plaque Psoriasis | PHASE3 | Completed | 2016-05-06 |
| NCT02418104 ↗ | Assessing the Immunogenicity of 2 Subcutaneous Doses of CHS-1701 (Coherus Pegfilgrastim) With 2 Subcutaneous Doses Neulasta® Immunity, Humoral | PHASE1 | Completed | 2015-12-01 |
| NCT02115750 ↗ | Comparison of CHS-0214 to Enbrel (Etanercept) in Patients With Rheumatoid Arthritis (RA) Rheumatoid Arthritis | PHASE3 | Completed | 2015-10-01 |
| NCT02134210 ↗ | Comparison of CHS-0214 to Enbrel (Etanercept) in Patients With Chronic Plaque Psoriasis (PsO) Plaque Psoriasis | PHASE3 | Completed | 2015-07-27 |
| NCT02385851 ↗ | Comparison of the Pharmacokinetic and Pharmacodynamic Biosimilarity of CHS-1701 (Coherus Pegfilgrastim) With Neulasta® (Pegfilgrastim) Bioequivalence | PHASE1 | Completed | 2015-07-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-12 | 0001104659-26-074090 ↗ |
| 8-K | 2026-06-01 | 2026-05-27 | 0001104659-26-068615 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001104659-26-058703 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001104659-26-058666 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001104659-26-025293 ↗ |
| 10-K | 2026-03-09 | 2025-12-31 | 0001104659-26-025308 ↗ |
| 8-K | 2026-02-17 | 2026-02-12 | 0001104659-26-016378 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0001104659-26-010065 ↗ |
| 8-K | 2026-01-23 | 2026-01-23 | 0001104659-26-006307 ↗ |
| 8-K | 2026-01-13 | 2026-01-13 | 0001104659-26-003117 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001104659-25-111484 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001104659-25-107780 ↗ |