Coherus Q1 revenue $12.3M (+62% YoY), non-GAAP EPS $(0.27), LOQTORZI up 61%, reiterates LT targets

 

Coherus Oncology posts Q1 revenue $12.3M (+62% YoY) and non-GAAP EPS $(0.27) as LOQTORZI climbs 61%, reiterates long-term targets

• Non-GAAP EPS $(0.27) missed analyst estimates but improved 34% year over year versus Q1 2025.
• LOQTORZI demand strong YoY; modest QoQ revenue dip attributed to oncology seasonality and storms.
• Q1 LOQTORZI net sales $11.8m, +61% YoY; total revenue and EPS not disclosed.
• New LOQTORZI patient starts record high; ordering account breadth and depth up 21%; durations rising.
• Management reiterates LOQTORZI targets: $15m quarterly 2026, $30–35m 2027, ~$44m 2028 peak.
• Key risk: upcoming tagmokitug and casdozokitug data must outperform emerging EGFR, ADC, CCR8 competitors.
• R&D and SG&A from continuing operations declined YoY to $21.5m and $23.1m, respectively.
• GAAP net loss totaled $36.9 million for Q1 2026, as reported in the quarterly results.
• Balance sheet bolstered by $54m equity raise; quarter-end cash and investments totaled $167m.
• Coherus Oncology raised net proceeds of $53.6 million from a first-quarter equity offering.
• Casdozokitug HCC study fully enrolled; initial efficacy and biomarker data expected around midyear 2026.
• Tagmokitug programs progressing with multiple midyear and second-half 2026 readouts across several tumor types.
• Q&A centered on LOQTORZI duration and mix, seasonality impact, CCR8 validation, financing flexibility.
• Main concern: ability of tagmokitug and casdozokitug data to validate large oncology strategy.
• Mixed quarter, driven by strong LOQTORZI demand but seasonal revenue dip and looming data.

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