Q3 FY2026
Filed Nov 9, 2026Q3 2026 LOQTORZI revenue of $14.0 million rose 25% year over year as the company narrowed its focus to esophageal cancer and announced a roughly 30% headcount reduction
Revenue growth and a narrower GAAP operating loss stand against a sharp decline in cash and equity, a $65.1 million drop in cash plus marketable securities since year-end on a TSA-inclusive basis, and a restructuring that the company says is still being realized over the next two quarters.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| LOQTORZI net revenue, Q3 2026other | $14M | 3% | 25% |
| Net revenue from continuing operations, Q3 2026GAAP | $14.27M | – | – |
| Net revenue from continuing operations, nine months 2026GAAP | $40.89M | – | – |
| Cost of goods sold, Q3 2026GAAP | $4.09M | – | – |
| Cost of goods sold, nine months 2026GAAP | $12.15M | – | – |
| Research and development, Q3 2026GAAP | $22.61M | – | – |
| Research and development, nine months 2026GAAP | $65.59M | – | – |
| Selling, general and administrative, Q3 2026GAAP | $21.23M | – | – |
| Selling, general and administrative, nine months 2026GAAP | $65.28M | – | – |
| Total costs and expenses, Q3 2026GAAP | $47.92M | – | – |
| Total costs and expenses, nine months 2026GAAP | $143.0M | – | – |
| Loss from operations, Q3 2026GAAP | −$33.65M | – | – |
| Loss from operations, nine months 2026GAAP | −$102.1M | – | – |
| Interest expense, Q3 2026GAAP | −$2.78M | – | – |
| Interest expense, nine months 2026GAAP | −$7.29M | – | – |
| Loss on debt extinguishment, Q3 2026GAAP | −$3.36M | – | – |
| Loss on debt extinguishment, nine months 2026GAAP | −$3.36M | – | – |
| Other income (expense), net, Q3 2026GAAP | $918K | – | – |
| Other income (expense), net, nine months 2026GAAP | $3.63M | – | – |
| Net loss from continuing operations, Q3 2026GAAP | −$38.88M | – | – |
| Net loss from continuing operations, nine months 2026GAAP | −$109.2M | – | – |
| Net income (loss) from discontinued operations, net of tax, Q3 2026GAAP | −$459K | – | – |
| Net income (loss) from discontinued operations, net of tax, nine months 2026GAAP | $10.87M | – | – |
| Net income (loss), Q3 2026GAAP | −$39.33M | – | – |
| Net income (loss), nine months 2026GAAP | −$98.29M | – | – |
| Net loss per share from continuing operations, basic and diluted, Q3 2026GAAP | $(0.25) | – | – |
| Net loss per share from continuing operations, basic and diluted, nine months 2026GAAP | $(0.73) | – | – |
| Net income (loss) per share, basic and diluted, Q3 2026GAAP | $(0.25) | – | – |
| Net income (loss) per share, basic and diluted, nine months 2026GAAP | $(0.66) | – | – |
| Non-GAAP net loss from continuing operations, Q3 2026non-GAAP | −$31.20M | – | – |
| Non-GAAP net loss from continuing operations, nine months 2026non-GAAP | −$95.27M | – | – |
| Non-GAAP net loss per share from continuing operations, basic and diluted, Q3 2026non-GAAP | $(0.20) | – | – |
| Non-GAAP net loss per share from continuing operations, basic and diluted, nine months 2026non-GAAP | $(0.64) | – | – |
| Net cash used in operating activities, Q3 2026GAAP | −$34.02M | – | – |
| Net cash used in operating activities, nine months 2026GAAP | −$154.0M | – | – |
Over the next two quarters (as stated in the filing) outlook
- NoteCore cash burn expected to decline by $6 million to $7 million quarterly once benefits are realized over the next two quarters
- NoteLOQTORZI revenues required to cover core burn: $25 million to $30 million, down from $30 million to $35 million, as previously guided
Capital returns
- No share repurchases or dividends are reported in the filing.
- Proceeds from issuance of common stock under the Public Offering, net of issuance costs: $53,650 thousand for nine months 2026 (cash flow statement).
What drove it
- The company attributes the increase in LOQTORZI revenue to demand growth driven by an increasing number of patients on therapy and increasing treatment duration.
- The company states that the increases in net revenue were driven primarily by volume growth of LOQTORZI.
- The company states that the increases in cost of goods sold were primarily due to volume growth of LOQTORZI.
- The company states that R&D decreased due to savings from reduced headcount, lower infrastructure costs, and lower clinical trial and R&D manufacturing costs.
- The company states that SG&A decreased due to lower headcount and decreased operating costs resulting from completing the exit from the biosimilar business in 2025.
- The company states that the strategic prioritization plan includes right-sizing headcount by approximately 30%, deprioritizing tagmokitug/toripalimab indications other than esophageal cancer, and completing the Transition Services Agreement wind-down and the toripalimab process transfer.
- Net loss from continuing operations narrowed to $(38,875) thousand in Q3 2026 from $(44,517) thousand in Q3 2025, which the filing presents alongside the reduced operating costs described above.
Concerns
- Cash, cash equivalents and marketable securities fell to $83.6 million from $172.1 million at year-end 2025, and the company says this balance includes TSA-related collections that will be applied to TSA payables.
- Net cash used in operating activities was $(153,995) thousand for nine months 2026, compared with $(118,797) thousand for nine months 2025.
- Total stockholders' equity declined to $25,249 thousand from $61,014 thousand at December 31, 2025.
- Interest expense rose to $(2,781) thousand in Q3 2026 from $(2,325) thousand in Q3 2025, and a $(3,363) thousand loss on debt extinguishment was recorded in Q3 2026.
- Net loss from discontinued operations was $(459) thousand in Q3 2026, against $8,986 thousand of income in Q3 2025.
- The company's forward-looking statements cite risks including dependence on the ability to raise funds in the future, which may not be available on acceptable terms or at all.
- Q3 2026 LOQTORZI revenue of $14.0 million was up 3% sequentially, a slower pace than the 25% year-over-year growth.
What to watch
- Realization of the stated $6 million to $7 million quarterly reduction in core cash burn over the next two quarters.
- Whether LOQTORZI revenue reaches the $25 million to $30 million quarterly level the company gives as the threshold to cover core burn.
- Outcome of the company's planned alignment with the FDA on the design of a new second-line esophageal cancer study with toripalimab and the proposed 700 mg dose.
- Initiation of the Phase 1b study of tagmokitug with pasritamig in metastatic castration-resistant prostate cancer, which the company expects in the fall of 2026.
- First data readout from the randomized Phase 2 trial of casdozokitug/toripalimab/bevacizumab in first-line unresectable hepatocellular carcinoma, expected in 1H 2027.
- Company's stated plan to pursue ex-U.S. licensing deals as clinical data support such transactions.
- Company's stated focus on growing LOQTORZI market share over the next four or five quarters.
Balance sheet and cash flow
- Cash, cash equivalents and marketable securities: $83.6 million as of September 30, 2026, compared with $172.1 million as of December 31, 2025. The company states these balances include TSA-related collections that will be applied to TSA payables and accrued liabilities.
- TSA payables and accrued liabilities: $19.6 million as of September 30, 2026, compared with $65.1 million as of December 31, 2025.
- Total assets: $171,104 thousand as of September 30, 2026, compared with $258,343 thousand as of December 31, 2025.
- Total stockholders' equity: $25,249 thousand as of September 30, 2026, compared with $61,014 thousand as of December 31, 2025.
- Term loans: $52,551 thousand as of September 30, 2026, compared with $37,051 thousand as of December 31, 2025.
- Cash flow financing: Proceeds from 2031 Term Loan, net of discount and issuance costs, $52,657 thousand (Q3 and nine months 2026). Repayment of 2029 Term Loan, including premiums and fees, $(40,661) thousand (Q3 and nine months 2026).
- Cash, cash equivalents and restricted cash at end of the period: $53,581 thousand as of September 30, 2026, compared with $103,592 thousand as of September 30, 2025.
Analysis
Coherus reported Q3 2026 net revenue from continuing operations of $14,274 thousand, up from $11,571 thousand in Q3 2025, and LOQTORZI net revenue of $14.0 million, which the release describes as up 25% year over year and up 3% from $13.6 million in Q2 2026. The company attributes the growth to volume, specifically an increasing number of patients on therapy and longer treatment duration. Nine-month net revenue was $40,891 thousand against $29,424 thousand. Cost of goods sold rose to $4,092 thousand from $3,721 thousand, which the company links to volume growth. The filing does not print a gross margin figure, so none is derived here.
Operating expenses fell sharply. R&D was $22,606 thousand against $27,252 thousand, and SG&A was $21,225 thousand against $24,931 thousand in Q3. For nine months, R&D was $65,591 thousand against $77,914 thousand and SG&A was $65,283 thousand against $76,995 thousand. The company credits reduced headcount, lower infrastructure and clinical manufacturing costs, and the completed exit from the biosimilar business. Loss from operations narrowed to $(33,649) thousand from $(44,333) thousand in Q3. Interest expense increased to $(2,781) thousand from $(2,325) thousand, and a $(3,363) thousand loss on debt extinguishment was recorded in Q3 2026. Net loss from continuing operations was $(38,875) thousand, or $(0.25) per share, against $(44,517) thousand, or $(0.38), a year earlier. Non-GAAP net loss from continuing operations was $(31,205) thousand, or $(0.20) per share, against $(38,897) thousand, or $(0.33).
The balance sheet and cash flow show the cost of the transition. Cash, cash equivalents and marketable securities were $83.6 million at September 30, 2026, against $172.1 million at December 31, 2025. The company states this figure includes TSA-related collections that will be applied to TSA payables and accrued liabilities, which were $19.6 million against $65.1 million at year-end. Net cash used in operating activities was $(153,995) thousand for nine months 2026, compared with $(118,797) thousand a year earlier. Total stockholders' equity was $25,249 thousand against $61,014 thousand at December 31, 2025. Term loans rose to $52,551 thousand from $37,051 thousand after the 2031 Term Loan was issued and the 2029 Term Loan was partly repaid. Net income (loss) for nine months 2026 was $(98,292) thousand, compared with $205,667 thousand a year earlier, a comparison that includes discontinued operations of $342,444 thousand in nine months 2025.
The strategic message is the main change from prior communications. The company will concentrate tagmokitug/toripalimab development on esophageal cancer, deprioritize other cohorts, cut headcount by about 30%, and seek FDA alignment for an expedited path in second-line esophageal cancer. The company cites 33.3% confirmed ORR and 55.6% CBR in the 700 mg subgroup of 13 evaluable second-line patients, an interim figure. The CFO states that the restructuring lowers core cash burn by $6 million to $7 million per quarter over the next two quarters and reduces the LOQTORZI revenue needed to cover core burn to $25 million to $30 million from $30 million to $35 million, as previously guided. This is the only forward figure in the filing, and no revenue, margin or expense guidance is provided. The filing does not state whether the company has achieved this coverage level.
The figures that deserve attention are the cash and equity decline, the step-up in interest and debt extinguishment charges, and the gap between LOQTORZI's 25% year-over-year growth and its 3% sequential growth. The filing does not provide a prior-quarter P&L for Q2 2026, so sequential changes for the P&L lines cannot be shown from the document.
Management, verbatim
The strategic prioritization of esophageal cancer as our best-in-disease focus for tagmokitug, together with the Transition Services Agreement wind-down and the toripalimab process transfer completion, provides an ideal opportunity to right-size the organization and deliver financial benefits that flow directly from this prioritization ,
Denny Lanfear, Chief Executive Officer
Our immediate next step is to align with the FDA on our plans to expand the signal observed in esophageal cancer, with an initial focus on the second-line setting. This represents the fastest path to market in this underserved patient population.
Rosh Dias, M.D., Chief Medical Officer
These benefits will be realized over the next two quarters, lowering our core cash burn by $6 million to $7 million quarterly, which in turn lowers the quarterly LOQTORZI revenues required to cover core burn to $25 million to $30 million, down from $30 million to $35 million, as previously guided.
Bryan McMichael, Chief Financial Officer
Not in the filing
stated, not guessed- Prior-quarter (Q2 2026) consolidated income statement figures for net revenue, cost of goods sold, R&D, SG&A, operating loss, and net loss; the filing prints the Q2 2026 LOQTORZI figure only.
- Percentage year-over-year changes for total net revenue, COGS, R&D, SG&A, and net loss; the filing describes the direction of changes but does not print the percentages.
- Gross margin, as the filing does not print it.
- Segment or geographic revenue breakdown; the filing reports a single revenue line.
- Free cash flow or capital expenditure figures.
- Dec 31, 2025 comparisons for the cash and marketable securities total ($172.1 million is printed in prose, with no same-period prior-year figure).
- Revenue, operating expense, or EPS guidance for future periods; the only forward figure is the core cash burn and LOQTORZI coverage threshold.
- Tax rate: the income tax provision is printed as zero for all periods, with no rate stated.
- Prior-year and prior-quarter figures for the balance sheet items and the cash flow financing lines, except the total assets and equity pairs shown in balance_sheet_cash_flow.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.