Coherus Opens Second ATM Program Two Weeks After $55M Term Loan
Distressed
Company Background
Coherus Oncology, formerly Coherus BioSciences, completed a fundamental strategic pivot in 2025, divesting its UDENYCA biosimilar franchise to Intas Pharmaceuticals for $483.4 million in upfront cash and renaming itself to reflect an exclusive focus on immuno-oncology. The proceeds funded a dramatic deleveraging — total secured and convertible debt fell 90%, from approximately $480 million to $38.8 million — but also concentrated all commercial revenue on a single product: LOQTORZI, a PD-1 inhibitor approved for recurrent or metastatic nasopharyngeal carcinoma and the only NCCN-preferred therapy in that indication.
Revenue growth has been real but modest. LOQTORZI generated $40.8 million in 2025, more than double the prior year's $19.1 million, and $13.6 million in the second quarter of 2026, up 15% sequentially. Losses from continuing operations, however, remain steep. The full-year 2025 net loss from continuing operations was $183.1 million; through the first half of 2026 it was $70.3 million, on revenue of $26.6 million. A Nasdaq minimum bid-price deficiency notice received June 30, 2025 was resolved by September 5, 2025, and the company replaced Ernst & Young with PricewaterhouseCoopers as its auditor in June 2026, citing no disagreements with the outgoing firm.
What Was Disclosed
Coherus entered into a sales agreement with Leerink Partners LLC on August 28, 2026, authorizing the sale of up to $50 million of its common stock from time to time through an at-the-market program. The company will pay Leerink a commission of up to 3.0% of gross proceeds per sale. Either party may terminate the arrangement on ten days' notice, and Coherus is not obligated to sell any shares. Proceeds, if any, are designated for general corporate purposes, including working capital. The shares will be offered off a shelf registration statement declared effective by the SEC on December 8, 2025.