Overview

• U.S. oncology drug developer's Q1 sales rose yr/yr but missed analyst expectations

• Adjusted net loss for Q1 improved yr/yr, driven by lower headcount and reduced costs

• Company raised $53.6 mln in public offering to support pipeline and operations

Outlook

• Company expects initial data from 1L HCC Phase 2 trial in mid-2026

• Initial data from tagmokitug/toripalimab combination studies expected in mid- and 2H 2026

• Company plans to initiate mCRPC combination study in fall 2026

Result Drivers

• LOQTORZI VOLUME - Year-over-year revenue growth driven primarily by higher LOQTORZI sales volumes

• SEASONALITY AND WEATHER - Sequential revenue decline attributed to severe weather events and normal seasonality

• COST REDUCTIONS - Lower R&D and SG&A expenses due to reduced headcount and exit from biosimilar business

Company press release: ID:nGNX1Qphf9

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Miss	$12.31 mln	$14.34 mln (5 Analysts)
Q1 EPS		-$0.28
Q1 Adjusted Net Income	Beat	-$33.93 mln	-$42.80 mln (2 Analysts)
Q1 Net Income		-$38.33 mln
Q1 Operating Income		-$36.15 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Coherus Oncology Inc is $6.00, about 242.9% above its May 8 closing price of $1.75

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