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Financial Liabilities - 2029 Term Loan - Narrative (Details) - 2029 Term Loans $ in Millions		3 Months Ended		6 Months Ended
	May 08, 2024 USD ($)	Jun. 30, 2026 USD ($) item	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) item	Jun. 30, 2025 USD ($)
Debt Instrument [Line Items]
Net proceeds, net of original issuance discount	$ 37.5
Number of events in default \| item		0		0
Interest expense		$ 1.2	$ 1.3	$ 2.4	$ 2.6
Ankura Trust Company, LLC
Debt Instrument [Line Items]
Stated interest rate	8.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

The fair values of financial instruments are classified into one of the following categories based upon the lowest level of input that is significant to the fair value measurement:

●

Level 1 — Quoted prices in active markets for identical assets or liabilities.

●

Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair values of cash equivalents approximate their carrying values due to the short-term nature of such financial instruments.

The Revenue Participation Right Purchase and Sale Agreement (the “Revenue Purchase and Sale Agreement”), dated as of May 8, 2024 among the Company and Coduet Royalty Holdings, LLC, as administrative agent and each buyer named in an annex thereto (collectively, the “Purchaser Group”) (see Note 8. Financial Liabilities) contained an embedded derivative that met the criteria to be bifurcated and accounted for separately from the Revenue Purchase and Sale Agreement (the "Royalty Fee Derivative Liability"). To estimate the fair value, the Company uses Monte Carlo simulation models that require the use of Level 3 unobservable inputs, primarily the amount and timing of our expected future revenue, the estimated volatility of these revenues, the discount rate corresponding to the risk of revenue, and the probability of certain events. During the three and six months ended June 30, 2026, the fair value of the Royalty Fee Derivative Liability did not materially change. During the three and six months ended June 30, 2025, the Company recognized no adjustment and a $12.6 million charge, respectively, for the change in estimated fair value. Of this amount, $11.8 million related to UDENYCA and was classified within discontinued operations, and $0.8 million related to LOQTORZI and was recorded in other income (expense), net on the condensed consolidated statements of operations. In connection with the UDENYCA Sale, the UDENYCA portion of the Royalty Fee Derivative Liability was derecognized.

Financial liabilities related to long-term debt obligations are summarized in Note 8. Financial Liabilities. Other financial assets and liabilities from continuing operations measured at fair value on a recurring basis are summarized as follows:


		Fair Value Measurements
		June 30, 2026
(in thousands)		Level 1			Level 2			Level 3			Total
Financial Assets:
Cash equivalents⁽¹⁾		$	68,772		$	12,473		$	—		$	81,245
Marketable debt securities:
Commercial paper and corporate notes			—			22,383			—			22,383
Total		$	68,772		$	34,856		$	—		$	103,628
Financial Liabilities:
Royalty Fee Derivative Liability		$	—		$	—		$	1,490		$	1,490


		Fair Value Measurements
		December 31, 2025
(in thousands)		Level 1			Level 2			Level 3			Total
Financial Assets:
Cash equivalents⁽¹⁾		$	78,278		$	1,708		$	—		$	79,986
Marketable debt securities:
U.S. government agency securities			3,803			—			—			3,803
U.S. treasury securities			42,303			—			—			42,303
Commercial paper and corporate notes			—			37,140			—			37,140
Total		$	124,384		$	38,848		$	—		$	163,232
Financial Liabilities:
Royalty Fee Derivative Liability		$	—		$	—		$	1,490		$	1,490

(1)

Cash equivalents may include the following: money market funds, U.S. treasury securities, commercial paper or corporate notes with original maturities of 90 days or less.

The cost, unrealized gains or losses, and fair value by investment type are summarized as follows:


	June 30, 2026
(in thousands)	Cost			Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	68,772		$	—	$	—	$	68,772
Commercial paper and corporate notes		34,861			1		(6)		34,856
Total	$	103,633		$	1	$	(6)	$	103,628


	December 31, 2025
(in thousands)	Cost			Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	78,278		$	—	$	—	$	78,278
U.S. government agency securities		3,800			3		—		3,803
U.S. treasury securities		42,257			46		—		42,303
Commercial paper and corporate notes		38,817			31		—		38,848
Total	$	163,152		$	80	$	—	$	163,232

For the three and six months ended June 30, 2026 and 2025, the Company did not recognize any expected credit losses. As of June 30, 2026, the remaining contractual maturities of available-for-sale securities were less than one year, and the average maturity of investments upon acquisition was approximately five months. The Company expects to collect all contractual principal and interest payments and does not intend to sell these investments before recovery of

their amortized cost basis. The accrued interest receivable on available-for-sale marketable securities was immaterial at June 30, 2026 and December 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Revenue

6 Months Ended

Jun. 30, 2026

Revenue

Revenue

2. Revenue

The Company launched LOQTORZI in January 2024. Net revenue for sales of UDENYCA, YUSIMRY and CIMERLI are classified within discontinued operations (refer to Note 6. Discontinued Operations). All LOQTORZI net product revenue was generated in the United States. The Company’s net revenue from continuing operations was as follows:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
(in thousands)		2026		2025		2026			2025
LOQTORZI		$	13,613	$	9,959	$	25,416		$	17,307
Other revenue			694		295		1,201			546
Total net revenue		$	14,307	$	10,254	$	26,617		$	17,853

For continuing operations, gross product revenues by significant customers as a percentage of total gross product revenues were as follows:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
McKesson Corporation		42	%	44	%	40	%	45	%
Cencora, Inc.		40	%	39	%	41	%	37	%
Cardinal Health, Inc.		16	%	15	%	18	%	17	%

Product Sales Discounts and Allowances

The total provision related to sales made in the prior period was $(13.0) million and $(8.7) million for the three months ended June 30, 2026 and 2025, respectively. Chargebacks and discounts for prompt payment are recorded as a reduction in trade receivables, and the remaining reserve balances are classified as current liabilities on the condensed consolidated balance sheets.

In connection with the sales of the CIMERLI ophthalmology franchise and the YUSIMRY franchise in 2024 and the UDENYCA franchise in 2025, the Company retained and continued to be responsible for sales discounts and allowance liabilities incurred prior to March 1, 2024 for CIMERLI, June 26, 2024 for YUSIMRY and April 11, 2025 for UDENYCA.

Sales discounts and allowances incurred on behalf of the respective counterparties following the close of the Sale Transactions in accordance with the Company’s Transition Services Agreement (the “CIMERLI TSA”) with Sandoz Inc. (“Sandoz”) for CIMERLI, the Company’s Transition Services Agreement (the “YUSIMRY TSA”) with Hong Kong King-Friend Industrial Company Ltd. (“HKF”) for YUSIMRY and the Company’s Transition Services Agreement with Intas Pharmaceuticals Ltd. (“Intas”) (the “UDENYCA TSA” and, together with the CIMERLI TSA and the YUSIMRY TSA, collectively the “TSA” or the “TSAs”) for UDENYCA are reflected within TSA receivables, net and TSA payables and accrued liabilities in the condensed consolidated balance sheets and are excluded from the below table (see Note 6. Discontinued Operations).

The activities and ending reserve balances for each significant category of discounts and allowances that constitute variable consideration were as follows:


		Six Months Ended June 30, 2026
		Chargebacks					Other Fees,
		and Discounts					Co-pay
		for Prompt					Assistance
(in thousands)		Payment			Rebates		and Returns		Total
Balances at December 31, 2025		$	2,446		$	20,323	$	10,074	$	32,843
Provision related to sales made in:
Current year			5,933			1,219		1,603		8,755
Prior years - increase (decrease)			(414)			(10,923)		(774)		(12,111)
Payments and customer credits issued			(5,162)			(4,686)		(1,942)		(11,790)
Balances at June 30, 2026		$	2,803		$	5,933	$	8,961	$	17,697


		Six Months Ended June 30, 2025
		Chargebacks					Other Fees,
		and Discounts					Co-pay
		for Prompt					Assistance
(in thousands)		Payment			Rebates		and Returns		Total
Balances at December 31, 2024		$	110,778		$	123,738	$	41,129	$	275,645
Provision related to sales made in:
Current year			193,653			45,168		31,051		269,872
Prior years - increase (decrease)			(3,439)			(474)		(1,239)		(5,152)
Payments and customer credits issued			(295,912)			(91,372)		(51,187)		(438,471)
Balances at June 30, 2025		$	5,080		$	77,060	$	19,754	$	101,894

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Financial Liabilities - Revenue Purchase and Sale Agreement - Narrative (Details) - USD ($) $ in Millions	Apr. 15, 2025	Jun. 30, 2026	May 08, 2024
Embedded Derivative [Line Items]
Effective interest rate		2.10%
Revenue Purchase and Sale Agreement
Embedded Derivative [Line Items]
Revenue Purchase and Sale Agreement, Purchase price			$ 37.5
Purchase price multiplier			2.25
Discount on revenue participation liability from allocation of purchase price to the embedded derivative		$ 9.2
Issuance costs on revenue participation liability		$ 1.4
UDENYCA \| Revenue Purchase and Sale Agreement
Embedded Derivative [Line Items]
Payments to buy out right to receive future payments	$ 47.7
UDENYCA \| Revenue Purchase and Sale Agreement
Embedded Derivative [Line Items]
Revenue payment, Percentage of U.S. net sales			5.00%
UDENYCA and LOQTORZI \| Revenue Purchase and Sale Agreement
Embedded Derivative [Line Items]
Revenue payment, Percentage of U.S. net sales			0.50%
LOQTORZI
Embedded Derivative [Line Items]
Effective interest rate		27.20%

Financial Liabilities

6 Months Ended

Jun. 30, 2026

Financial Liabilities

Financial Liabilities

8. Financial Liabilities

A summary of the Company’s debt obligations as of the dates indicated, including the level within the fair value hierarchy (see Note 3. Fair Value Measurements), is as follows:


		At June 30, 2026
(in thousands)		Principal Amount			Unamortized Debt Discount and Debt Issuance Costs			Net Carrying Value			Estimated Fair Value			Level
Financial Liabilities:
2029 Term Loan		$	38,660		$	(1,413)		$	37,247		$	37,247		Level 2*

		At December 31, 2025
(in thousands)		Principal Amount			Unamortized Debt Discount and Debt Issuance Costs			Net Carrying Value			Estimated Fair Value			Level
Financial Liabilities:
2029 Term Loan		$	38,660		$	(1,609)		$	37,051		$	37,051		Level 2*
2026 Convertible Notes		$	121		$	—		$	121		$	119		Level 2**

*	The principal amounts outstanding are subject to variable interest rates, which are based on three-month SOFR plus fixed percentages. Therefore, the Company believes the carrying amount of these obligations approximates their fair value.

The fair value was influenced by interest rates, the Company’s stock price and stock price volatility and was determined by prices observed in market trading. Since the market for trading of the 2026 Convertible Notes was not considered to be an active market, the estimated fair value was based on Level 2 inputs.

2029 Term Loan

On May 8, 2024, the Company entered into a senior secured term loan facility (the “2029 Term Loan”) and received proceeds, net of the original issuance discount, of $37.5 million. The net proceeds were used by the Company as part of the full repayment of the $250.0 million aggregate principal amount of the senior secured term loan facility that the Company entered into on January 5, 2022 (as amended, the “2027 Term Loans”).

The 2029 Term Loan matures on May 8, 2029 and accrues interest equal to 8.0%, plus a three-month SOFR rate per annum. The 2029 Term Loan provides for interest-only payments on a quarterly basis until maturity. The loan agreement, by and among the Company, Ankura Trust Company, LLC and the lenders signatory thereto (the “2029 Loan Agreement”), contains certain covenants, and the Company was in full compliance with no events of default as of June 30, 2026.

Interest expense on the 2029 Term Loan was $1.2 million and $2.4 million for the three and six months ended June 30, 2026, and $1.3 million and $2.6 million for the three and six months ended June 30, 2025, respectively.

Revenue Purchase and Sale Agreement

On May 8, 2024, concurrent with the 2029 Term Loan, the Company entered into the Revenue Purchase and Sale Agreement with Coduet Royalty Holdings, LLC, as administrative agent, and the Purchaser Group. Under the terms of the Revenue Purchase and Sale Agreement, the Purchaser Group paid the Company $37.5 million, subject to certain conditions at closing (the “Revenue Purchase Price”). In exchange, the Company sold to the Purchaser Group a right to receive 5.0% of U.S. net sales of UDENYCA and LOQTORZI with respect to a specified threshold applicable to UDENYCA net sales and a specified threshold applicable to LOQTORZI net sales during an applicable year and 0.5% of U.S. net sales of UDENYCA and LOQTORZI that exceeded the specified threshold during that year (the “Revenue Payment”) for each calendar quarter commencing May 8, 2024. The Purchaser Group’s right to receive the Revenue Payment terminates and the Company no longer has the obligation to pay Revenue Payments once the Purchaser Group receives the amount equal to 2.25 times the Revenue Purchase Price allocated to each product. The Company may also buy out the Purchaser Group’s rights to receive the Revenue Payments by triggering certain conditions and paying the Purchaser Group the unpaid portion of the 2.25 multiple on the Revenue Purchase Price. The proceeds from the Revenue Purchase Price were used by the Company as part of the full repayment of the 2027 Term Loans. On April 15, 2025, the Company paid $47.7 million to buy out the Purchaser Group’s right to receive the Revenue Payments with respect to UDENYCA in accordance with the Revenue Purchase and Sale Agreement (the “UDENYCA Buy-out”).

The Revenue Purchase and Sale Agreement contains certain covenants, and the Company was in full compliance with the agreement as of June 30, 2026.

The Revenue Purchase and Sale Agreement contains an embedded derivative that meets the criteria to be bifurcated and accounted for as a freestanding instrument subject to derivative accounting. The allocation of the Revenue Purchase Price to the embedded derivative resulted in a $9.2 million discount on the revenue participation liability at inception. Additionally, there was $1.4 million in issuance costs. The discount and issuance costs are amortized to interest expense over the estimated term of the Revenue Purchase and Sale Agreement using the effective interest method. In connection with the UDENYCA Buy-out, the unamortized portion of the discount and issuance costs related to UDENYCA was derecognized. The effective interest rate was 27.2% for the LOQTORZI portion at June 30, 2026. For additional details on the Royalty Fee Derivative Liability, see Note 3. Fair Value Measurements.

A summary of the revenue participation liability is as follows:


(in thousands)	June 30, 2026		December 31, 2025
Revenue participation liability	$	16,921	$	16,524
Less: unamortized discount and issuance costs		(2,151)		(2,496)
Net carrying value⁽¹⁾	$	14,770	$	14,028

(1)	At June 30, 2026, $0.2 million is included in accrued and other current liabilities and $14.5 million is in other liabilities, non-current.

The following table summarizes the activity within the revenue participation liability for the periods presented:


	Six Months Ended June 30,
(in thousands)	2026		2025
Balance at January 1	$	14,028	$	28,743
Royalty payments		(1,208)		(2,177)
Interest expense recognized⁽¹⁾		1,950		3,818
Portion derecognized in connection with the UDENYCA Buy-out		—		(17,283)
Balance at June 30	$	14,770	$	13,101

(1)

For the three and six months ended June 30, 2026, $1.0 million and $2.0 million, respectively, was presented in continuing operations. For the three months ended June 30, 2025, interest expense was $1.0 million for continuing operations and $0.2 million for discontinued operations related to UDENYCA. For the six months ended June 30, 2025, interest expense was $1.9 million for continuing operations and $1.9 million for discontinued operations .

1.5% Convertible Senior Subordinated Notes due 2026

In April 2020, the Company issued and sold $230.0 million aggregate principal amount of its 1.5% Convertible Senior Subordinated Notes due 2026 (the “2026 Convertible Notes”). The 2026 Convertible Notes accrued interest at a rate of 1.5% per annum, payable semi-annually in arrears on April 15 and October 15 of each year and matured on April 15, 2026.

On April 15, 2025, the Company paid $170.0 million in cash to repurchase $170.0 million aggregate principal amount of the 2026 Convertible Notes in privately negotiated transactions. On May 15, 2025, pursuant to the Fundamental Change Repurchase Right (as defined in the indenture, dated as of April 17, 2020, between the Company and U.S. Bank Trust Company, National Association, as trustee), the Company repurchased $59.9 million aggregate principal amount of the 2026 Convertible Notes, at a cash repurchase price of $59.9 million, which amount was equivalent to 100% of the principal amount of the repurchased notes, together with the accrued and unpaid interest. In connection with the repurchases, the Company recorded a $4.7 million loss on debt extinguishment which is classified within discontinued operations in the condensed consolidated statements of operations for the three and six months ended June 30, 2025. The charge included the write-off of the remaining debt discount and debt issuance costs and related transaction fees. The 2026 Convertible Notes were fully repaid in April 2026 at maturity.

The annual effective interest rate was 2.1% for the 2026 Convertible Notes, and the following table presents the components of interest expense which have been presented within discontinued operations:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
(in thousands)		2026		2025		2026			2025
Stated coupon interest		$	—	$	209	$	—		$	1,072
Amortization of debt discount and debt issuance costs			—		83		—			423
Total interest expense		$	—	$	292	$	—		$	1,495

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2026

Discontinued Operations

Schedule Of Reconciliation Of Discontinued Operations, Net Revenue From Discontinued Operations, Derecognized Assets And Balance Sheet Classifications


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in thousands)		2026			2025			2026			2025
Net revenue		$	12,824		$	23,094		$	11,925		$	55,228
Costs and expenses:
Cost of goods sold			—			6,548			55			25,897
Research and development			10			440			10			162
Selling, general and administrative			(213)			2,027			(163)			9,483
Total costs and expenses			(203)			9,015			(98)			35,542
Income from operations			13,027			14,079			12,023			19,686
Interest expense			—			(487)			—			(3,484)
Gain (Loss) on Sale Transactions, net			(311)			339,102			(699)			339,102
Loss on debt extinguishment			—			(10,286)			—			(10,286)
Other income (expense), net			—			221			—			(11,560)
Net income from discontinued operations before income taxes			12,716			342,629			11,324			333,458
Income tax provision			—			—			—			—
Net income from discontinued operations, net of tax		$	12,716		$	342,629		$	11,324		$	333,458


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in thousands)		2026			2025			2026			2025
UDENYCA		$	11,441		$	23,190		$	10,594		$	54,652
CIMERLI			1,383			(96)			1,329			533
YUSIMRY			—			—			2			43
Total net revenue from discontinued operations		$	12,824		$	23,094		$	11,925		$	55,228


		June 30,			December 31,
(in thousands)		2026			2025
Assets
Trade receivables, net⁽¹⁾		$	(1,611)		$	(3,199)
Liabilities
Accrued rebates, fees and reserves		$	12,118	⁽²⁾	$	27,781

(1)	Chargebacks and discounts for prompt payment are classified as a reduction in trade receivables.

(2)	This balance is expected to be settled in a front-weighted fashion over the remainder of 2026 and into 2027.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Organization and Summary of Significant Accounting Policies - Segment Reporting and Geographic Disclosures (Details)	6 Months Ended
	Jun. 30, 2026 segment
Organization and Summary of Significant Accounting Policies
Number of operating segments	1
Number of reportable segments	1

Discontinued Operations - Net revenue from discontinued operations additional information (Details) - Discontinued Operations Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Discontinued Operations
Total net revenue from discontinued operations	$ 12,824	$ 23,094	$ 11,925	$ 55,228
UDENYCA
Discontinued Operations
Total net revenue from discontinued operations	11,441	23,190	10,594	54,652
CIMERLI
Discontinued Operations
Total net revenue from discontinued operations	$ 1,383	$ (96)	1,329	533
YUSIMRY immunology franchise
Discontinued Operations
Total net revenue from discontinued operations			$ 2	$ 43

Fair Value Measurements - Financial Assets Measured on a Recurring Basis (Details) - Fair Value Measurements Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Financial assets measured at fair value on a recurring basis
Total financial assets	$ 103,628	$ 163,232
Royalty Fee Derivative Liability
Financial assets measured at fair value on a recurring basis
Total financial liabilities	1,490	1,490
Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets	68,772	124,384
Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets	34,856	38,848
Level 3 \| Royalty Fee Derivative Liability
Financial assets measured at fair value on a recurring basis
Total financial liabilities	1,490	1,490
U.S. government agency securities
Financial assets measured at fair value on a recurring basis
Total financial assets		3,803
U.S. government agency securities \| Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets		3,803
U.S. treasury securities
Financial assets measured at fair value on a recurring basis
Total financial assets		42,303
U.S. treasury securities \| Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets		42,303
Commercial paper and corporate notes
Financial assets measured at fair value on a recurring basis
Total financial assets	22,383	37,140
Commercial paper and corporate notes \| Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets	22,383	37,140
Cash equivalents
Financial assets measured at fair value on a recurring basis
Total financial assets	81,245	79,986
Cash equivalents \| Level 1
Financial assets measured at fair value on a recurring basis
Total financial assets	68,772	78,278
Cash equivalents \| Level 2
Financial assets measured at fair value on a recurring basis
Total financial assets	$ 12,473	$ 1,708

Balance Sheet Components - Other Liabilities, Non-current (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Components
Deferred tax liability	$ 1,102	$ 1,102
Revenue participation liability, non-current	14,524	14,028
Royalty fee derivative liability	1,490	1,490
Lease liabilities, non-current	$ 459	$ 1,457
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Other liabilities, non-current	Total Other liabilities, non-current
Other	$ 13	$ 1,815
Total Other liabilities, non-current	$ 17,588	$ 19,892

Inventory and Prepaid Manufacturing (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory and Prepaid Manufacturing
Inventory current and noncurrent	$ 14,100
Inventory finished goods current and noncurrent	7,100
Inventory work in progress current and noncurrent	7,000
Finished goods		$ 3,200
Non-current inventory within continuing operations	8,425	0
Prepayments made to a CMO For Other Research And Development Pipeline Program	3,200	2,400
Prepayment made for manufacturing services	$ 3,208	6,758
Prepayments made to a CMO for manufacturing services		$ 4,300

Fair Value Measurements - Cost, Unrealized Gains or Losses, and Fair Value by Investment Type (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost	$ 103,633	$ 163,152
Unrealized Gain	1	80
Unrealized (Loss)	(6)
Fair Value	103,628	163,232
Money market funds
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost	68,772	78,278
Fair Value	68,772	78,278
U.S. government agency securities
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost		3,800
Unrealized Gain		3
Fair Value		3,803
U.S. treasury securities
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost		42,257
Unrealized Gain		46
Fair Value		42,303
Commercial paper and corporate notes
Cost, Unrealized Gains or Losses, and Fair Value by Investment
Cost	34,861	38,817
Unrealized Gain	1	31
Unrealized (Loss)	(6)
Fair Value	$ 34,856	$ 38,848

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Inventory and Prepaid Manufacturing

6 Months Ended

Jun. 30, 2026

Inventory and Prepaid Manufacturing

Inventory and Prepaid Manufacturing

4. Inventory and Prepaid Manufacturing

Total inventory of $14.1 million as of June 30, 2026 consisted of $7.1 million in finished goods and $7.0 million in work in process inventory, and the inventory totaling $3.2 million as of December 31, 2025 consisted entirely of finished goods. Inventory expected to be sold more than twelve months from the balance sheet date is classified as inventory, non-current on the condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, the portion of total inventory recorded as non-current was $8.4 million and nil, respectively.

Prior to the regulatory approvals of product candidates, the Company has incurred expenses for the manufacture of drug product that could potentially be available to support the commercial launches of the products. Inventory costs are capitalized when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. A number of factors are considered, including the current status in the regulatory approval process, potential impediments to the approval process such as safety or efficacy, viability of commercialization and marketplace trends. During the three months ended March 31, 2026, the Company commenced the capitalization of inventory costs associated with LOQTORZI produced in the United States, because the manufacturing of the drug substance received regulatory approval and the attainment of remaining approvals has been considered probable.

Prepaid manufacturing of $3.2 million as of June 30, 2026 included prepayments to contract manufacturing organizations (“CMOs”) for research and development. Prepaid manufacturing of $6.8 million as of December 31, 2025 included $4.3 million for manufacturing services of LOQTORZI and $2.4 million for research and development.

Revenue - Gross Product Revenues by Significant Customer as a Percentage of Total Gross Revenues (Details) - Net Product Revenue - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
McKesson
Concentration Risk
Percentage of total gross revenue	42.00%	44.00%	40.00%	45.00%
Cencora, Inc.
Concentration Risk
Percentage of total gross revenue	40.00%	39.00%	41.00%	37.00%
Cardinal Health, Inc.
Concentration Risk
Percentage of total gross revenue	16.00%	15.00%	18.00%	17.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Discontinued Operations (Details) - UDENYCA - Discontinued Operations Disposed of by Sale - USD ($) $ in Millions		6 Months Ended	12 Months Ended
	Apr. 11, 2025	Jun. 30, 2025	Dec. 31, 2025
Discontinued Operations
Cash consideration	$ 483.4
Product Inventory	118.4
Net gain		$ 339.1	$ 338.3
Transaction expenses			$ 10.7
Scenario, net sales exceeding 300 million, quarters ending september 30, 2026
Discontinued Operations
Amount of each earnout payments	37.5
Threshold net sales, payment trigger	300.0
Scenario, net sales exceeding 350 million, quarters ending march 31, 2027
Discontinued Operations
Amount of each earnout payments	37.5
Threshold net sales, payment trigger	$ 350.0

Financial Liabilities - Summary of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	May 08, 2024
2029 Term Loans \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 38,660	$ 38,660
Less: unamortized discount and issuance costs	(1,413)	(1,609)
Net carrying amount	37,247	37,051
Estimated Fair Value	$ 37,247	37,051
2027 Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount			$ 250,000
1.5% Convertible Senior Subordinated Notes due 2026 \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount		121
Net carrying amount		121
Estimated Fair Value		$ 119

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Organization and Summary of Significant Accounting Policies - Liquidity and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization and Summary of Significant Accounting Policies
Cash, cash equivalents and marketable securities	$ 105,300
Accumulated deficit	1,441,927	$ 1,382,969
Restricted cash	$ 200	$ 200

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Components

Schedule of Goodwill and Intangible Assets, Net


		June 30,			December 31,
(in thousands)		2026			2025
Finite-lived assets, net of accumulated amortization of $6,250 and $5,000 as of June 30, 2026 and December 31, 2025, respectively		$	18,750		$	20,000
Indefinite-lived assets - in-process research and development			26,239			26,239
Total Intangible assets, net		$	44,989		$	46,239

Schedule of Accrued Liabilities


		June 30,			December 31,
(in thousands)		2026			2025
Accrued commercial and research and development manufacturing		$	1,638		$	7,349
Lease liabilities, current			1,947			1,828
Accrued other			11,266			11,253
Total Accrued and other current liabilities		$	14,851		$	20,430

Schedule of Other Liabilities, Non-current


		June 30,			December 31,
(in thousands)		2026			2025
Deferred tax liability		$	1,102		$	1,102
Revenue participation liability, non-current (Note 8)			14,524			14,028
Royalty fee derivative liability (Note 3)			1,490			1,490
Lease liabilities, non-current			459			1,457
Other			13			1,815
Total Other liabilities, non-current		$	17,588		$	19,892

Balance Sheet Components - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Components
Accrued commercial and research and development manufacturing	$ 1,638	$ 7,349
Lease liabilities, current	$ 1,947	$ 1,828
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total Accrued and other current liabilities	Total Accrued and other current liabilities
Accrued other	$ 11,266	$ 11,253
Total Accrued and other current liabilities	$ 14,851	$ 20,430

Financial Liabilities - Revenue Purchase and Sale Agreement - Activity within the Revenue Participation Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Discontinued Operations Disposed of by Sale
Debt Instrument [Line Items]
Interest expense, discontinued operation		$ 487		$ 3,484
Revenue Purchase and Sale Agreement
Debt Instrument [Line Items]
Balance at January 1			$ 14,028	28,743
Royalty payments			(1,208)	(2,177)
Interest expense recognized			1,950	3,818
Portion derecognized in connection with the UDENYCA Buy-out				(17,283)
Balance at June 30	$ 14,770	13,101	14,770	13,101
Revenue Purchase and Sale Agreement \| Continuing Operations
Debt Instrument [Line Items]
Interest expense recognized	$ 1,000	1,000	$ 2,000	1,900
Revenue Purchase and Sale Agreement \| Discontinued Operations Disposed of by Sale \| UDENYCA \| Discontinued Operations
Debt Instrument [Line Items]
Interest expense, discontinued operation		$ 200		$ 1,900

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Stock-Based Compensation

Stock-Based Compensation

11. Stock-Based Compensation

On May 29, 2026 (the “modification date”), the Company’s stockholders approved a one-time option repricing (the “Repricing”) of certain outstanding stock options (“Eligible Options”) granted under the Amended and Restated 2014 Equity Incentive Award Plan (the “2014 Plan”) and the 2016 Employment Commencement Incentive Plan (the “2016 Plan”). The Repricing was eligible to current employees, including executive officers, and certain consultants, but explicitly excluded non-employee directors. Only options with an original exercise price of $5.00 or higher were included in the Repricing. The pool of Eligible Options were granted from 2016 through 2023 and carried per-share exercise prices ranging from $5.44 to $30.98. The Company pursued the Repricing to restore the retention and motivational value of these underwater options without causing the equity dilution or cash expenditures associated with alternative compensation structures.

As of the modification date, the total number of shares underlying the Eligible Options was 8,907,542. These options were automatically repriced to the closing price on the date of stockholder approval of $1.59 per share. Additionally, the contractual term of all Eligible Options was extended to 10 years from the modification date.

If a holder terminates service or exercises an Eligible Option prior to the one-year retention date of May 29, 2027, the exercise price will automatically revert to its original exercise price, except as otherwise determined by the Company’s Board or Compensation Committee. Except for the reduction in exercise price and the extension of the contractual term, all other original terms and conditions of the options remain unchanged.

The incremental stock-based compensation expense was calculated using the Black-Scholes model. The Repricing resulted in total incremental stock-based compensation expense of $6.3 million, which will be recognized on a straight-line basis through May 29, 2027, the end of the retention period. For the three months ended June 30, 2026, the

Company recognized incremental stock-based compensation expense of $0.5 million associated with the Repricing, which is included in the table below.

The following table summarizes the classification of stock-based compensation expense in the Company’s condensed consolidated statements of operations related to employees and non-employees:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2026		2025		2026		2025
Cost of goods sold ⁽¹⁾	$	5	$	106	$	9	$	368
Research and development		673		2,131		1,308		3,841
Selling, general and administrative		1,905		3,184		3,651		6,584
Stock-based compensation subtotal		2,583		5,421		4,968		10,793
Less: Stock-based compensation from discontinued operations		—		(255)		—		(581)
Total stock-based compensation expense from continuing operations	$	2,583	$	5,166	$	4,968	$	10,212

Total stock-based compensation expense capitalized into inventory	$	21	$	43	$	54	$	286

(1)	Stock-based compensation capitalized into inventory is recognized as cost of goods sold when the related product is sold.

Discontinued Operations - Not Classified as Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Liabilities
Accrued rebates, fees and reserves	$ 14,894		$ 14,894		$ 30,397
TSA related operating assets and liabilities			42,174	$ 10,547
Increase in inventory			10,875	18,474
UDENYCA
Liabilities
Change in fair value				11,800
Discontinued Operations Disposed of by Sale
Assets
Trade receivables, net	(1,611)		(1,611)		(3,199)
Liabilities
Accrued rebates, fees and reserves	12,118		12,118		27,781
TSA related operating assets and liabilities			(42,200)
Loss on debt extinguishment		$ (10,286)		(10,286)
Discontinued Operations Disposed of by Sale \| UDENYCA
Liabilities
Net gain				339,100	$ 338,300
Loss on debt extinguishment				10,300
Disposal Group
Liabilities
Reimbursed for its costs and has recorded income	$ 1,700	$ 1,800	$ 1,700	$ 1,800

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended
	Feb. 12, 2026	Oct. 21, 2025	Nov. 08, 2022	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Stockholders' Deficit
Common stock, par value					$ 0.0001		$ 0.0001
Net proceeds					$ 53,650
Sales agreement
Stockholders' Deficit
Number of common stock shares sold during the period					0	0
Common stock remaining available for sales under the ATM Offering					$ 64,900
Sales agreement \| Maximum
Stockholders' Deficit
Common stock			$ 92,500
Private placement
Stockholders' Deficit
Number of common stock shares sold during the period		4,634,995
Class of Warrant or Right, Date from which Warrants or Rights Exercisable		Oct. 21, 2025
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		463,498
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.01
Proceeds from Issuance of Private Placement		$ 8,000
Common stock, net proceeds		$ 7,900
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date		Oct. 21, 2030
Exercise shares					0
Public offering
Stockholders' Deficit
Common stock				$ 53,650
Number of common stock shares sold during the period				32,890,000
Aggregate shares	28,600,000
Common stock, par value	$ 0.0001
Share price	$ 1.75
Net proceeds				$ 53,600
Underwriters' Option to Purchase Additional Shares
Stockholders' Deficit
Aggregate shares	4,290,000
Term of share offering	30 days
Share price	$ 1.645

Net Income (Loss) Per Share - Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net loss per share	33,682,883	29,947,343	33,348,849	30,693,622
Stock options, performance stock options and shares subject to ESPP
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net loss per share	32,088,228	29,704,100	31,937,390	30,386,951
Restricted stock units
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net loss per share	1,594,655	236,960	1,411,459	300,388
2026 Convertible Notes \| Shares issuable upon conversion of 2026 Convertible Notes
Antidilutive securities excluded from computation of EPS
Antidilutive securities excluded from the calculation of diluted net loss per share		6,283		6,283

Financial Liabilities - 2026 Convertible Notes Interest Expense Components (Details) - 1.5% Convertible Senior Subordinated Notes due 2026 - Convertible Debt [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
Financial Liabilities
Stated coupon interest	$ 209	$ 1,072
Amortization of debt discount and debt issuance costs	83	423
Total Interest expense	$ 292	$ 1,495

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Stockholders' Equity

Stockholders' Equity

10. Stockholders’ Equity

Sales Agreement

On November 8, 2022, the Company entered into a Sales Agreement, as amended, with Cowen and Company, LLC (“TD Cowen”), pursuant to which (and subject to applicable law) the Company may issue and sell from time to time up to $92.5 million of its common stock, including the common stock already sold, through or to TD Cowen as the Company’s sales agent or principal under the Sales Agreement. No shares were sold under the Sales Agreement during the six months ended June 30, 2026 or 2025. As of June 30, 2026, the Company had approximately $64.9 million of its common stock remaining available for sales under the Sales Agreement.

Private Placement

On October 21, 2025, the Company sold to certain unaffiliated third-party investors (i) an aggregate of 4,634,995 shares of our common stock (the “PIPE Shares”) and (ii) warrants (the “PIPE Warrants”) to purchase an aggregate of 463,498 shares of common stock, each for an exercise price of $0.01 per share, for an aggregate purchase price of $8.0

million (collectively, the “Private Placement”) and net proceeds were $7.9 million. The PIPE Warrants may be exercised at any time on or before October 21, 2030. There was no exercise activity during the six months ended June 30, 2026, and all PIPE Warrants remained outstanding as of June 30, 2026. The PIPE Warrants are subject to appropriate adjustment in the event of share dividends, stock splits, reorganizations or similar events affecting our common stock.

The Company determined that the PIPE Warrants issued to investors are indexed to its own stock and meet the requirements for equity classification. Accordingly, the fair value of the PIPE Warrants was recorded as a component of additional paid-in capital within stockholders’ equity and is not subject to subsequent remeasurement.

Public Offering

On February 12, 2026, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with TD Securities (USA) LLC, Guggenheim Securities, LLC and Oppenheimer & Co. Inc. as representatives of the several underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company agreed to issue and sell an aggregate of 28,600,000 shares (the “Firm Shares”) of its common stock, par value $0.0001 per share (“Common Stock”) to the Underwriters (the “Public Offering”). Additionally, under the terms of the Underwriting Agreement, the Company granted the Underwriters an option, for 30 days from the date of the Underwriting Agreement, solely for the purpose of covering over-allotments, if any, to purchase up to an additional 4,290,000 shares of Common Stock (the “Optional Shares,” and together with the Firm Shares, the “Offering Shares”). The price to the public in the Public Offering was $1.75 per share. The Underwriters agreed to purchase the Offering Shares from the Company pursuant to the Underwriting Agreement at a price of $1.645 per share.

During the three months ended March 31, 2026, the Company completed the sale and issuance of 32,890,000 Offering Shares, which included all the Optional Shares. The Company received net proceeds of $53.6 million, after deducting the Underwriters’ discounts and commissions and offering expenses payable by the Company.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 31, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-36721
Entity Registrant Name	Coherus Oncology, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3615821
Entity Address, Address Line One	333 Twin Dolphin Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	649-3530
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	CHRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		154,500,966
Entity Central Index Key	0001512762
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Financial Liabilities - Revenue Purchase and Sale Agreement - Summary of Revenue Participation Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Amount included in accrued and other current liabilities	$ 200
Revenue participation liability, non-current	14,524	$ 14,028
Revenue Purchase and Sale Agreement
Debt Instrument [Line Items]
Revenue participation liability	16,921	16,524
Less: unamortized discount and issuance costs	(2,151)	(2,496)
Net carrying value	$ 14,770	$ 14,028	$ 13,101	$ 28,743

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (20,631)	$ (38,327)	$ 297,767	$ (56,569)	$ (58,958)	$ 241,198

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Financial Liabilities - Convertible Senior Subordinated Notes due 2026 - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended	6 Months Ended
	May 15, 2025	Apr. 15, 2025	Apr. 30, 2020	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Financial Liabilities
Cash paid to repurchase debt					$ 121	$ 233,185
Effective interest rate					2.10%
Discontinued Operations Disposed of by Sale
Financial Liabilities
Loss on debt extinguishment				$ 10,286		10,286
1.5% Convertible Senior Subordinated Notes due 2026
Financial Liabilities
Aggregate principal amount	$ 59,900
Percentage of redemption price	100.00%
Cash paid to repurchase debt		$ 170,000
Repurchase Amount	$ 59,900	$ 170,000
Loss on debt extinguishment				$ 4,700		$ 4,700
Convertible Debt [Member] \| 1.5% Convertible Senior Subordinated Notes due 2026
Financial Liabilities
Principal Amount			$ 230,000
Stated interest rate			1.50%
Interest rate description			The 2026 Convertible Notes accrued interest at a rate of 1.5% per annum, payable semi-annually in arrears on April 15 and October 15 of each year
Debt instrument maturity date			Apr. 15, 2026

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurements

Schedule of Financial Assets and Liabilities Measured on a Recurring Basis


		Fair Value Measurements
		June 30, 2026
(in thousands)		Level 1			Level 2			Level 3			Total
Financial Assets:
Cash equivalents⁽¹⁾		$	68,772		$	12,473		$	—		$	81,245
Marketable debt securities:
Commercial paper and corporate notes			—			22,383			—			22,383
Total		$	68,772		$	34,856		$	—		$	103,628
Financial Liabilities:
Royalty Fee Derivative Liability		$	—		$	—		$	1,490		$	1,490


		Fair Value Measurements
		December 31, 2025
(in thousands)		Level 1			Level 2			Level 3			Total
Financial Assets:
Cash equivalents⁽¹⁾		$	78,278		$	1,708		$	—		$	79,986
Marketable debt securities:
U.S. government agency securities			3,803			—			—			3,803
U.S. treasury securities			42,303			—			—			42,303
Commercial paper and corporate notes			—			37,140			—			37,140
Total		$	124,384		$	38,848		$	—		$	163,232
Financial Liabilities:
Royalty Fee Derivative Liability		$	—		$	—		$	1,490		$	1,490

(1)

Cash equivalents may include the following: money market funds, U.S. treasury securities, commercial paper or corporate notes with original maturities of 90 days or less.

Schedule of Cash and cash equivalents, marketable securities and restricted cash


	June 30, 2026
(in thousands)	Cost			Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	68,772		$	—	$	—	$	68,772
Commercial paper and corporate notes		34,861			1		(6)		34,856
Total	$	103,633		$	1	$	(6)	$	103,628


	December 31, 2025
(in thousands)	Cost			Unrealized Gain		Unrealized (Loss)		Fair Value
Money market funds	$	78,278		$	—	$	—	$	78,278
U.S. government agency securities		3,800			3		—		3,803
U.S. treasury securities		42,257			46		—		42,303
Commercial paper and corporate notes		38,817			31		—		38,848
Total	$	163,152		$	80	$	—	$	163,232

Discontinued Operations - Reconciliation of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Costs and expenses:
Net income from discontinued operations, net of tax	$ 12,716	$ 342,629	$ 11,324	$ 333,458
Discontinued Operations Disposed of by Sale
Discontinued Operations
Net revenue	12,824	23,094	11,925	55,228
Costs and expenses:
Cost of goods sold		6,548	55	25,897
Research and development	10	440	10	162
Selling, general and administrative	(213)	2,027	(163)	9,483
Total costs and expenses	(203)	9,015	(98)	35,542
Income from operations	13,027	14,079	12,023	19,686
Interest expense		(487)		(3,484)
Gain (Loss) on Sale Transactions, net	(311)	339,102	(699)	339,102
Loss on debt extinguishment		(10,286)		(10,286)
Other income (expense), net		221		(11,560)
Net income from discontinued operations before income taxes	12,716	342,629	11,324	333,458
Net income from discontinued operations, net of tax	12,716	342,629	11,324	333,458
Discontinued Operations Disposed of by Sale \| YUSIMRY immunology franchise
Discontinued Operations
Net revenue			2	43
Discontinued Operations Disposed of by Sale \| CIMERLI ophthalmology franchise
Discontinued Operations
Net revenue	$ 1,383	$ (96)	$ 1,329	$ 533

Collaborations and Other Arrangements (Details) $ in Millions, $ in Millions		3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 23, 2021 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2026 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2025 USD ($)
Junshi Biosciences
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Royalties due			$ 2.7			$ 4.7
Canada license agreement with Apotex
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Company an upfront payment received				$ 6.3
Regulatory and sales milestones eligible to receive					$ 51.5
Collaboration agreement, royalty on net sales, percentage				20.00%	20.00%
Renewal term			10 years
Vaccinex License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions
Accrued milestone payment						$ 1.0
Maximum aggregate milestone payments to be made	$ 2.0
Maximum aggregate amount payable for achievement of certain clinical milestones low single digit royalties on global net sales of any approved licensed products	$ 11.5
Clinical milestone payments		$ 1.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue - Net Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue - Net Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Net revenue	$ 14,307	$ 10,254	$ 26,617	$ 17,853
LOQTORZI
Revenue
Net revenue	13,613	9,959	25,416	17,307
Other revenue
Revenue
Net revenue	$ 694	$ 295	$ 1,201	$ 546

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Discontinued Operations

6 Months Ended

Jun. 30, 2026

Discontinued Operations

Discontinued Operations

6. Discontinued Operations

On December 2, 2024, the Company and Intas entered into an asset purchase agreement (the “UDENYCA Purchase Agreement”), pursuant to which the Company agreed to divest the UDENYCA franchise (the “UDENYCA Business”) to Intas (the “UDENYCA Sale”). Intas designated Accord BioPharma, Inc., an indirect wholly owned subsidiary of Intas (“Accord” and, together with Intas, the “Intas Parties”) to purchase the physical assets, including product inventory. On April 11, 2025 (the “UDENYCA Closing Date”), the Company completed the divestiture of the UDENYCA Business to Intas for upfront, all-cash consideration of $483.4 million, inclusive of $118.4 million for UDENYCA product inventory. For the year ended December 31, 2025, the Company recognized a net gain on the UDENYCA Sale of $338.3 million, which included the cash receipts less net assets transferred to Accord or otherwise derecognized, and transaction expenses of $10.7 million. The Company is eligible to receive two additional payments of $37.5 million each (together, the “Earnout Payments”). The first such payment is payable by Intas to the Company if net sales (as defined in the UDENYCA Purchase Agreement, “Net Sales”) of UDENYCA for four consecutive fiscal quarters from July 1, 2025 through September 30, 2026 are equal to or greater than $300 million, and the second such payment is payable by Intas to the Company if Net Sales of UDENYCA for four consecutive fiscal quarters from July 1, 2025 through March 31, 2027 are equal to or greater than $350 million. As of June 30, 2026, revenues reported to the Company by the Intas Parties did not meet either of the earnout thresholds.

On June 26, 2024, the Company completed the sale of its YUSIMRY immunology franchise (the “YUSIMRY Sale”). On March 1, 2024, the Company completed the sale of its CIMERLI ophthalmology franchise through the sale of its subsidiary, Coherus Ophthalmology LLC, to Sandoz (the “CIMERLI Sale” and, together with the UDENYCA Sale and the YUSIMRY Sale, the “Sale Transactions”).

The UDENYCA Sale represented the last and most significant divestiture of the Company’s biosimilar businesses, which comprised the UDENYCA, YUSIMRY and CIMERLI franchises. Accordingly, the associated results of operations have been classified as discontinued operations in the condensed consolidated financial statements for all periods presented.

The Company used a portion of the proceeds of the UDENYCA Sale to repay substantially all of the outstanding 2026 Convertible Notes (see Note 8. Financial Liabilities) and to buy out the right to receive royalties on net sales of UDENYCA in accordance with the Revenue Purchase and Sale Agreement, and thus the related interest expense and loss on debt extinguishment have been presented within discontinued operations.

The following table presents a summary of discontinued operations for the periods presented:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in thousands)		2026			2025			2026			2025
Net revenue		$	12,824		$	23,094		$	11,925		$	55,228
Costs and expenses:
Cost of goods sold			—			6,548			55			25,897
Research and development			10			440			10			162
Selling, general and administrative			(213)			2,027			(163)			9,483
Total costs and expenses			(203)			9,015			(98)			35,542
Income from operations			13,027			14,079			12,023			19,686
Interest expense			—			(487)			—			(3,484)
Gain (Loss) on Sale Transactions, net			(311)			339,102			(699)			339,102
Loss on debt extinguishment			—			(10,286)			—			(10,286)
Other income (expense), net			—			221			—			(11,560)
Net income from discontinued operations before income taxes			12,716			342,629			11,324			333,458
Income tax provision			—			—			—			—
Net income from discontinued operations, net of tax		$	12,716		$	342,629		$	11,324		$	333,458

Net revenue from discontinued operations by product was as follows:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in thousands)		2026			2025			2026			2025
UDENYCA		$	11,441		$	23,190		$	10,594		$	54,652
CIMERLI			1,383			(96)			1,329			533
YUSIMRY			—			—			2			43
Total net revenue from discontinued operations		$	12,824		$	23,094		$	11,925		$	55,228

For the three and six months ended June 30, 2026, net revenue was primarily driven by favorable adjustments to prior period estimates.

Assets of discontinued operations were entirely derecognized as of April 11, 2025.

The following table presents the balance sheet classifications of assets and liabilities that were related to the Company’s divested biosimilar businesses but did not transfer to any of the buyers in the Sale Transactions, and thus were not classified as discontinued operations:


		June 30,			December 31,
(in thousands)		2026			2025
Assets
Trade receivables, net⁽¹⁾		$	(1,611)		$	(3,199)
Liabilities
Accrued rebates, fees and reserves		$	12,118	⁽²⁾	$	27,781

(1)	Chargebacks and discounts for prompt payment are classified as a reduction in trade receivables.

(2)	This balance is expected to be settled in a front-weighted fashion over the remainder of 2026 and into 2027.

Cash flows from continuing operations and discontinued operations have been presented together in the condensed consolidated statement of cash flows. During the six months ended June 30, 2026, operating cash flows from discontinued operations primarily reflected $42.2 million of payments for TSA related operating assets and liabilities, net. During the six months ended June 30, 2025, operating cash flows of discontinued operations were primarily related to the following adjustments to arrive at operating cash flows: the net gain on UDENYCA Sale of $339.1 million, partially offset by the $11.8 million change in fair value for the UDENYCA portion of the Royalty Fee Derivative Liability and a loss on debt extinguishment of $10.3 million.

In connection with the Sale Transactions, the Company entered into separate TSAs with each of the buyers pursuant to which the Company has been providing certain business support services which have included billings, collections, and the remittance of rebates to ensure business continuity for patients and customers for specified periods. Under each of the TSAs, the Company is entitled to be reimbursed for its costs. Such reimbursements were nominal for the three and six months ended June 30, 2026, and $1.7 million and $1.8 million for the three and six months ended June 30, 2025, respectively, and were recorded as a reduction to operating expenses or in other income (expense), net in the condensed consolidated statements of operations based on the nature of the payment.

Commitments and Contingencies - Additional Information (Details) $ in Millions	Jun. 30, 2026 USD ($)
Commitments and Contingencies
Purchase obligation	$ 3.3
Legacy customer agreement
Commitments and Contingencies
Maximum potential commitment exposure	5.9
Amounts recorded in the financial statements	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Stock-Based Compensation - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	May 29, 2026	Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Threshold exercise price considered for modification	$ 5
Number of shares affected in modification	8,907,542
Exercise price after modification	$ 1.59
Options, expiration period	10 years
Retention period of plan modification	1 year
Incremental stock-based compensation expense	$ 6.3
Incremental stock-based compensation recognized as an expense		$ 0.5
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant date exercise price considered for modification	$ 5.44
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant date exercise price considered for modification	$ 30.98

Stock-Based Compensation - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	$ 2,583	$ 5,421	$ 4,968	$ 10,793
Total stock-based compensation expense capitalized into inventory	21	43	54	286
Discontinued Operations
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense		(255)		(581)
Continuing Operations
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	2,583	5,166	4,968	10,212
Cost of goods sold
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	5	106	9	368
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	673	2,131	1,308	3,841
Selling, general and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs
Stock-based compensation expense	$ 1,905	$ 3,184	$ 3,651	$ 6,584

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 82,923	$ 88,879
Investments in marketable securities	22,383	83,246
Trade receivables, net	13,881	17,815
TSA receivables, net	372	603
Inventory	5,667	3,172
Prepaid manufacturing	3,208	6,758
Other prepaids and current assets	5,354	6,233
Total current assets	133,788	206,706
Property and equipment, net	865	1,345
Inventory, non-current	8,425	0
Intangible assets, net	44,989	46,239
Other assets, non-current	3,116	4,053
Total assets	191,183	258,343
Current liabilities:
Accounts payable	13,168	9,915
Accrued rebates, fees and reserves	14,894	30,397
TSA payables and accrued liabilities	22,660	65,065
Accrued compensation	9,937	14,579
Accrued and other current liabilities	14,851	20,430
Total current liabilities	75,510	140,386
Term loan, non-current	37,247	37,051
Other liabilities, non-current	17,588	19,892
Total liabilities	130,345	197,329
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock ($0.0001 par value; shares authorized: 5,000,000; shares issued and outstanding: 0 at June 30, 2026 and December 31, 2025)
Common stock ($0.0001 par value; shares authorized: 300,000,000; shares issued and outstanding: 154,470,363 and 121,154,925 at June 30, 2026 and December 31, 2025, respectively)	15	12
Additional paid-in capital	1,503,031	1,444,166
Accumulated other comprehensive loss	(281)	(195)
Accumulated deficit	(1,441,927)	(1,382,969)
Total stockholders' equity	60,838	61,014
Total liabilities and stockholders' equity	$ 191,183	$ 258,343

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Net revenue	$ 14,307	$ 10,254	$ 26,617	$ 17,853
Costs and expenses:
Cost of goods sold	4,242	3,395	8,056	6,048
Research and development	21,442	26,306	42,985	50,662
Selling, general and administrative	20,954	26,039	44,058	52,064
Total costs and expenses	46,638	55,740	95,099	108,774
Loss from operations	(32,331)	(45,486)	(68,482)	(90,921)
Interest expense	(2,323)	(2,277)	(4,509)	(4,427)
Other income (expense), net	1,307	2,901	2,709	3,088
Loss from continuing operations before income taxes	(33,347)	(44,862)	(70,282)	(92,260)
Net loss from continuing operations	(33,347)	(44,862)	(70,282)	(92,260)
Net income from discontinued operations, net of tax (Note 6)	12,716	342,629	11,324	333,458
Net income (loss)	$ (20,631)	$ 297,767	$ (58,958)	$ 241,198
Net income (loss) per share
Net loss per share from continuing operations - basic	$ (0.22)	$ (0.39)	$ (0.48)	$ (0.8)
Net loss per share from continuing operations - diluted	(0.22)	(0.39)	(0.48)	(0.8)
Net income per share from discontinued operations - basic	0.08	2.95	0.08	2.88
Net income per share from discontinued operations - diluted	0.08	2.95	0.08	2.88
Net income (loss) per share - Basic (In dollar per share)	(0.13)	2.57	(0.4)	2.08
Net income (loss) per share - Diluted (In dollar per share)	$ (0.13)	$ 2.57	$ (0.4)	$ 2.08
Weighted-average number of shares used in computing net income (loss) per share:
Basic (In shares)	154,816,912	116,077,710	145,658,487	115,968,352
Diluted (In shares)	154,816,912	116,077,710	145,658,487	115,968,352
Comprehensive income (loss):
Net income (loss)	$ (20,631)	$ 297,767	$ (58,958)	$ 241,198
Other comprehensive loss:
Unrealized loss on available-for-sale securities, net of tax	(13)		(86)
Comprehensive income (loss)	$ (20,644)	$ 297,767	$ (59,044)	$ 241,198

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies.

Commitments and Contingencies

9. Commitments and Contingencies

Purchase Commitments

The Company entered into agreements with certain vendors to secure raw materials and certain CMOs to manufacture products. As of June 30, 2026, the Company’s non-cancelable purchase commitments were $3.3 million, and they pertain to the second half of 2026.

In connection with the divestiture of the UDENYCA Business, the Company has certain contractual obligations related to inventory replacement under a legacy customer agreement. Pursuant to the terms of that agreement, the Company may be required to pay Accord for replacing certain inventory in specified circumstances. The Company’s maximum potential exposure under this obligation is approximately $5.9 million. As of June 30, 2026, no amounts have been recorded in the condensed consolidated financial statements related to this matter. The Company will continue to assess this matter each reporting period and recognize a liability at such time as reimbursement is required.

Guarantees and Indemnifications

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company has not received any material claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company assesses the likelihood of any adverse judgments or related claims, as well as ranges of probable losses. In the cases where the Company believes that a reasonably possible or probable loss exists, it will disclose the facts and circumstances of the claims, including an estimate range, if possible.

Legal Proceedings

There are no pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of its subsidiaries is a party, or that any of the Company or its subsidiaries' property is subject.

Income Tax Matters

The Company’s 2023 tax year is currently under examination by the Internal Revenue Service. The Company is currently evaluating the scope and potential outcomes of the tax audit.

Collaborations and Other Arrangements

6 Months Ended

Jun. 30, 2026

Collaborations and Other Arrangements

Collaborations and Other Arrangements

7. Collaborations and Other Arrangements

In-Licensing Agreement

Junshi Biosciences

On February 1, 2021, we entered into the Collaboration Agreement with Junshi Biosciences Co., Ltd. (“Junshi Biosciences”) for the co-development and commercialization of toripalimab, Junshi Biosciences’ anti-PD-1 antibody in the United States and Canada (the “Collaboration Agreement”).

The research and development expense recognized for obligations to Junshi Biosciences for the three and six months ended June 30, 2026 and 2025, was nominal. The accrued royalty obligation to Junshi Biosciences was $2.7 million and $4.7 million as of June 30, 2026 and December 31, 2025, respectively. The additional milestone payments, option fee for IL-2 cytokine, and royalties are contingent upon future events and, therefore, will be recorded if and when it becomes probable that a milestone will be achieved, or when an option fee or royalties are contractually payable.

Apotex

On June 27, 2024, the Company entered into a license Agreement with Apotex, Inc. (“Apotex”), pursuant to which the Company granted to Apotex an exclusive license under the Company’s rights to toripalimab to commercialize toripalimab within Canada (“Canada License Agreement”). Pursuant to the Canada License Agreement, Apotex paid the Company an upfront payment of $6.3 million United States Dollars in 2024. In addition, Apotex agreed to pay the Company up to an aggregate of $51.5 million Canadian Dollars in milestone payments in connection with the achievement of certain regulatory and sales milestones with respect to toripalimab in Canada. Apotex also agreed to pay the Company a low twenty percent range royalty on future net sales of toripalimab in Canada, which the Company subsequently pays through to Junshi Biosciences pursuant to the Collaboration Agreement. Accordingly, because the Company acts as an agent, these transactions are recognized on a net basis in the Company’s condensed consolidated statements of operations. Net sales in Canada are also included in calculating sales milestones payable by the Company to Junshi Biosciences under the Collaboration Agreement, although any actual milestone payments received from Apotex are retained by the Company.

Apotex received Health Canada approval for LOQTORZI for the treatment of recurrent unresectable or metastatic nasopharyngeal cancer in October 2025. The Canada License Agreement continues until the tenth anniversary of the first commercial sale of toripalimab in Canada, which occurred in January 2026, and is subject to a ten-year extension at the option of Apotex. Apotex may terminate the Canada License Agreement for convenience following a specified notice

period. The agreement terminates automatically upon the termination of the underlying Collaboration Agreement, an uncured material breach, certain patent challenges by Apotex, or specific insolvency events.

Vaccinex License Agreement

On March 23, 2021, Surface and Vaccinex entered into the Vaccinex License Agreement which provides the Company a worldwide, exclusive, sublicensable license to make, have made, use, sell, offer to sell, have sold, import, and otherwise exploit Vaccinex Licensed Products, including the antibody tagmokitug, targeting CCR8. Under the Vaccinex License Agreement, the Company is obligated to use commercially reasonable efforts to develop, clinically test, achieve regulatory approval, manufacture, market and commercialize at least one Vaccinex Licensed Product.

The Company is responsible for all costs and expenses to the development, manufacturing and commercialization of Vaccinex Licensed Products. Vaccinex is eligible to receive up to $2.0 million in remaining clinical milestone payments (excluding the $1.0 million milestone that was accrued as of December 31, 2025), and up to $11.5 million in regulatory milestones per Vaccinex Licensed Product, and low single-digit royalties on global net sales of any approved licensed products.

During the quarter ended March 31, 2026, the Company paid a $1.0 million milestone payment to Vaccinex related to the achievement of a clinical milestone. Any additional milestone payments and royalties under the Vaccinex License Agreement are contingent upon the achievement of future development, regulatory, or commercial events and will be recorded if and when it becomes probable that a milestone will be achieved, or when royalties are contractually payable.

Janssen Agreement

On February 4, 2026, the Company announced a clinical supply agreement with Janssen Research & Development, LLC (“Janssen”), to evaluate tagmokitug in combination with pasritamig, a T-cell engaging bispecific antibody, in a Phase 1b clinical study in patients with metastatic castration-resistant prostate cancer (“mCRPC”). Under the terms of the clinical supply agreement, Janssen will provide pasritamig to the Company, and the Company will be the sponsor of the Phase 1b clinical trial. Janssen and the Company each retain all commercial rights to their respective compounds, including as monotherapy or as combination treatments. The pasritamig combination study is expected to initiate in the fall of 2026.

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue

Schedule of Net product revenue in United States, and Company's net revenue


		Three Months Ended				Six Months Ended
		June 30,				June 30,
(in thousands)		2026		2025		2026			2025
LOQTORZI		$	13,613	$	9,959	$	25,416		$	17,307
Other revenue			694		295		1,201			546
Total net revenue		$	14,307	$	10,254	$	26,617		$	17,853

Schedule of Gross Revenues by Significant Customer as a Percentage of Total Gross Revenues


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
McKesson Corporation		42	%	44	%	40	%	45	%
Cencora, Inc.		40	%	39	%	41	%	37	%
Cardinal Health, Inc.		16	%	15	%	18	%	17	%

Schedule of Activities and Ending Reserve Balances for Each Significant Category of Discounts and Allowances


		Six Months Ended June 30, 2026
		Chargebacks					Other Fees,
		and Discounts					Co-pay
		for Prompt					Assistance
(in thousands)		Payment			Rebates		and Returns		Total
Balances at December 31, 2025		$	2,446		$	20,323	$	10,074	$	32,843
Provision related to sales made in:
Current year			5,933			1,219		1,603		8,755
Prior years - increase (decrease)			(414)			(10,923)		(774)		(12,111)
Payments and customer credits issued			(5,162)			(4,686)		(1,942)		(11,790)
Balances at June 30, 2026		$	2,803		$	5,933	$	8,961	$	17,697


		Six Months Ended June 30, 2025
		Chargebacks					Other Fees,
		and Discounts					Co-pay
		for Prompt					Assistance
(in thousands)		Payment			Rebates		and Returns		Total
Balances at December 31, 2024		$	110,778		$	123,738	$	41,129	$	275,645
Provision related to sales made in:
Current year			193,653			45,168		31,051		269,872
Prior years - increase (decrease)			(3,439)			(474)		(1,239)		(5,152)
Payments and customer credits issued			(295,912)			(91,372)		(51,187)		(438,471)
Balances at June 30, 2025		$	5,080		$	77,060	$	19,754	$	101,894

Balance Sheet Components - Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Balance Sheet Components
Finite-lived assets, net	$ 18,750		$ 18,750		$ 20,000
Accumulated amortization	6,250		6,250		5,000
Indefinite-lived assets - in-process research and development	26,239		26,239		26,239
Total Intangible assets, net	44,989		44,989		$ 46,239
Amortization expense, Finite-lived intangible assets	$ 600	$ 600	$ 1,300	$ 1,300

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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-Topic 220
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Subparagraph (a)(2)
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-Topic 350
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Charge recorded	$ 0		$ 12,600
Remaining contractual maturities of available-for-sale securities		1 year
Average maturity of investments upon acquisition		5 months
Expected credit losses	$ 0	$ 0	0
LOQTORZI
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Charge recorded			800
UDENYCA \| Discontinued Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Charge recorded			$ 11,800

Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Balance Sheet Components

Balance Sheet Components

5. Balance Sheet Components

Intangible Assets, Net

Intangible assets, net consisted of the following:


		June 30,			December 31,
(in thousands)		2026			2025
Finite-lived assets, net of accumulated amortization of $6,250 and $5,000 as of June 30, 2026 and December 31, 2025, respectively		$	18,750		$	20,000
Indefinite-lived assets - in-process research and development			26,239			26,239
Total Intangible assets, net		$	44,989		$	46,239

Amortization expense related to finite-lived intangible assets was $0.6 million for each of the three-month periods ended June 30, 2026 and 2025, and $1.3 million for each of the six-month periods ended June 30, 2026 and 2025.

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


		June 30,			December 31,
(in thousands)		2026			2025
Accrued commercial and research and development manufacturing		$	1,638		$	7,349
Lease liabilities, current			1,947			1,828
Accrued other			11,266			11,253
Total Accrued and other current liabilities		$	14,851		$	20,430

Other Liabilities, Non-current

Other liabilities, non-current consisted of the following:


		June 30,			December 31,
(in thousands)		2026			2025
Deferred tax liability		$	1,102		$	1,102
Revenue participation liability, non-current (Note 8)			14,524			14,028
Royalty fee derivative liability (Note 3)			1,490			1,490
Lease liabilities, non-current			459			1,457
Other			13			1,815
Total Other liabilities, non-current		$	17,588		$	19,892

Organization and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Organization and Summary of Significant Accounting Policies

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Organization

Coherus Oncology, Inc. (the “Company” or “Coherus”) is a fully integrated commercial-stage innovative oncology company with an approved next-generation programmed death receptor-1 (“PD-1”) inhibitor, LOQTORZI® (toripalimab-tpzi), and a pipeline that includes two mid-stage clinical candidates targeting liver, prostate, head & neck, colorectal and other cancers. The Company’s strategy is to grow sales of LOQTORZI in Nasopharyngeal Carcinoma (“NPC”) while advancing the development of its two pipeline candidates in combination with LOQTORZI, and through strategic partnerships. The Company has global rights to both clinical-stage candidates and plans to execute ex-U.S. licensing deals as the clinical data supports such transactions.

Liquidity

These condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of June 30, 2026, the Company had cash, cash equivalents and marketable securities of $105.3 million and an accumulated deficit of $1.4 billion. Management believes that its cash, cash equivalents and marketable securities are sufficient to continue operating activities for at least 12 months following the issuance date of these condensed consolidated financial statements. The Company does not expect its existing cash, cash equivalents and marketable securities to be sufficient to fund the completion of its clinical trials through commercialization and will need additional funding to support its continuing operations and pursue its long-term business plan.

Since inception, the Company has generally incurred losses and negative net cash flows from operations. The Company anticipates incurring additional losses until such time, if ever, that it can generate increased sales through sources which include LOQTORZI, the Company’s drug candidates currently in development, tagmokitug and casdozokitug, and strategic partnerships to generate sales. The Company’s operations have historically been financed primarily through the sale of the Company’s common stock, issuance and incurrence of debt, the Revenue Purchase and Sale Agreement, proceeds from biosimilar product divestitures and sales of the Company’s products. Future capital requirements will depend on many factors, including the timing and extent of cash proceeds from LOQTORZI sales and the related distribution and marketing costs, whether the Company receives either of the Earnout Payments from the sale of the UDENYCA Business, and the timing and extent of spending on research and development. The Company will require additional capital for the development efforts of the Company’s drug candidates, but the Company cannot be certain that any of its product candidates will be successful in clinical trials or receive regulatory approval, which is necessary before they can be commercialized. The Company’s operations are dependent on the growth of LOQTORZI sales, which can be adversely impacted by size of the applicable markets and the degree of market acceptance and adoption by prescribing physicians, healthcare providers and the patients to whom the Company’s medicines are prescribed. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. If additional capital is not available, a failure to generate sufficient cash flows from operations could have a material adverse effect on the Company’s ability to achieve its business objectives and remain in compliance with certain covenants contained in the 2029 Term Loan.

Basis of Consolidation and Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Coherus and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring accruals that the Company believes are necessary to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim-period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) filed with the SEC.

Beginning in the first quarter of 2026, the Company changed its presentation of comprehensive income (loss) from two separate statements to one combined statement of operations and comprehensive income (loss). The change affects presentation only and has no impact on comprehensive income (loss). Certain amounts in prior year’s condensed consolidated balance sheet and statement of cash flows have been reclassified to conform with the current period presentation, and these changes had no impact to net income (loss) or the net cash used in operating activities.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information. Accounting estimates and judgments are inherently uncertain and therefore actual results could differ from these estimates.

Restricted Cash

As of June 30, 2026 and December 31, 2025, restricted cash consisted of a $0.2 million deposit for a letter of credit provided to secure a lease obligation, which was included in other assets, non-current in the condensed consolidated balance sheets.

Segment Reporting and Geographic Disclosures

The Company has one reportable and operating segment, which is engaged in developing and commercializing human pharmaceutical products. The Company’s chief executive officer, as the chief operating decision maker (“CODM”), manages and allocates resources to the operations of the Company on an entity-wide basis. Managing and allocating resources on an entity-wide basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions. The CODM assesses operating performance and makes operating decisions primarily based on net income (loss), revenues, cash on-hand and investments, and cash flows. All expense categories on the condensed consolidated statements of operations are significant, and there are no other significant segment expenses that would require disclosure. Asset information is not regularly provided to the CODM for assessing

performance and allocating resources other than cash, cash equivalents and investments in marketable securities. Primarily, all revenue is generated and all long-lived assets are maintained in the United States.

Royalty and Other Revenue Recognition

Royalty revenue from licensees, which is based on sales to third parties of licensed products, is recorded when the third-party sale occurs and the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied) and is classified in other revenue within net revenue. In arrangements where the Company acts as an agent, these transactions are recognized on a net basis in the Company's condensed consolidated statements of operations.

Recent Accounting Pronouncements

The following are recent accounting pronouncements that the Company has not yet adopted:

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose certain disaggregated costs and expenses on an annual and interim basis in the notes to the financial statements. It also requires disclosure of the total amount of selling expenses, and the Company’s definition of selling expenses. The Company is currently evaluating the disclosure requirements of this standard and any changes to processes and controls that may be necessary to support adoption. The Company expects the guidance to impact its financial statement disclosures but does not expect adoption to have an impact on its condensed consolidated financial position, results of operations, or cash flows. This standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective or retrospective basis.

The Company has reviewed other recent accounting pronouncements and concluded they are either not applicable to the business or that no material effect is expected on the condensed consolidated financial statements as a result of future adoption.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income (loss)	$ (58,958)	$ 241,198
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	1,743	2,062
Stock-based compensation expense	4,968	10,793
Loss on debt extinguishment		10,286
(Gain) loss on Sale Transactions, net (Note 6)	699	(339,102)
Change in fair value of derivatives		12,608
Other non-cash adjustments, net	(12,030)	2,490
Changes in operating assets and liabilities:
Trade receivables, net	3,940	106,161
Inventory	(10,875)	(18,474)
Prepaids and other current and non-current assets	4,568	(473)
Accounts payable	4,253	833
Accrued rebates, fees and reserves	(2,365)	(68,053)
TSA related operating assets and liabilities, net	(42,174)	(10,547)
Accrued compensation	(5,299)	(7,329)
Accrued and other current and non-current liabilities	(8,446)	(14,911)
Net cash used in operating activities	(119,976)	(72,458)
Investing activities
Purchases of investments in marketable securities	(20,285)	(20,726)
Proceeds from maturities of investments in marketable securities	81,671
Net cash received related to the Sale Transactions (Note 6)		478,681
Milestone payment to Junshi Biosciences		(12,500)
Other investing activities, net	(1,100)	(303)
Net cash provided by investing activities	60,286	445,152
Financing activities
Proceeds from issuance of common stock under Public Offering, net of issuance costs	53,650
Partial repayment of Revenue Purchase and Sale Agreement		(47,652)
Proceeds from purchases under the employee stock purchase plan	202	188
Taxes paid related to net share settlement	(112)	(280)
Repayment and redemption of 2026 Convertible Notes, including transaction costs	(121)	(233,185)
Other financing activities, net	115	(859)
Net cash provided by (used in) financing activities	53,734	(281,788)
Net increase (decrease) in cash, cash equivalents and restricted cash	(5,956)	90,906
Cash, cash equivalents and restricted cash at beginning of period	89,119	126,250
Cash, cash equivalents and restricted cash at end of period	$ 83,163	$ 217,156

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Condensed Consolidated Balance Sheets
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	154,470,363	121,154,925
Common stock, shares outstanding	154,470,363	121,154,925

Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Net Income (Loss) Per Share

Schedule of Computation of Basic and Diluted Net Loss Per Share


	Three Months Ended				Six Months Ended
	June 30,					June 30,
(in thousands, except share and per share data)	2026		2025		2026		2025
Net loss from continuing operations	$	(33,347)	$	(44,862)	$	(70,282)	$	(92,260)
Weighted-average common shares outstanding, basic and diluted		154,816,912		116,077,710		145,658,487		115,968,352
Net loss per share from continuing operations, basic and diluted	$	(0.22)	$	(0.39)	$	(0.48)	$	(0.80)

Net income from discontinued operations, net of tax	$	12,716	$	342,629	$	11,324	$	333,458
Weighted-average common shares outstanding, basic and diluted		154,816,912		116,077,710		145,658,487		115,968,352
Net income per share from discontinued operations, basic and diluted	$	0.08	$	2.95	$	0.08	$	2.88

Net income (loss)	$	(20,631)	$	297,767	$	(58,958)	$	241,198
Weighted-average common shares outstanding, basic and diluted		154,816,912		116,077,710		145,658,487		115,968,352
Net income (loss) per share, basic and diluted	$	(0.13)	$	2.57	$	(0.40)	$	2.08

Schedule of Outstanding Dilutive Potential Shares Excluded from Calculation of Diluted Net Loss Per Share


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
Stock options, performance stock options and shares subject to ESPP	32,088,228	29,704,100	31,937,390	30,386,951
Restricted stock units	1,594,655	236,960	1,411,459	300,388
Shares issuable upon conversion of 2026 Convertible Notes	—	6,283	—	6,283
Total	33,682,883	29,947,343	33,348,849	30,693,622

Financial Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Financial Liabilities

Schedule of Company's Debt Obligations


		At June 30, 2026
(in thousands)		Principal Amount			Unamortized Debt Discount and Debt Issuance Costs			Net Carrying Value			Estimated Fair Value			Level
Financial Liabilities:
2029 Term Loan		$	38,660		$	(1,413)		$	37,247		$	37,247		Level 2*

		At December 31, 2025
(in thousands)		Principal Amount			Unamortized Debt Discount and Debt Issuance Costs			Net Carrying Value			Estimated Fair Value			Level
Financial Liabilities:
2029 Term Loan		$	38,660		$	(1,609)		$	37,051		$	37,051		Level 2*
2026 Convertible Notes		$	121		$	—		$	121		$	119		Level 2**

*	The principal amounts outstanding are subject to variable interest rates, which are based on three-month SOFR plus fixed percentages. Therefore, the Company believes the carrying amount of these obligations approximates their fair value.

Revenue Purchase and Sale Agreement

Financial Liabilities

Schedule of royalty participation liability

A summary of the revenue participation liability is as follows:


(in thousands)	June 30, 2026		December 31, 2025
Revenue participation liability	$	16,921	$	16,524
Less: unamortized discount and issuance costs		(2,151)		(2,496)
Net carrying value⁽¹⁾	$	14,770	$	14,028

(1)	At June 30, 2026, $0.2 million is included in accrued and other current liabilities and $14.5 million is in other liabilities, non-current.

The following table summarizes the activity within the revenue participation liability for the periods presented:


	Six Months Ended June 30,
(in thousands)	2026		2025
Balance at January 1	$	14,028	$	28,743
Royalty payments		(1,208)		(2,177)
Interest expense recognized⁽¹⁾		1,950		3,818
Portion derecognized in connection with the UDENYCA Buy-out		—		(17,283)
Balance at June 30	$	14,770	$	13,101

(1)

1.5% Convertible Senior Subordinated Notes due 2026

Financial Liabilities

Schedule of Components of Interest Expense


		Three Months Ended				Six Months Ended
		June 30,				June 30,
(in thousands)		2026		2025		2026			2025
Stated coupon interest		$	—	$	209	$	—		$	1,072
Amortization of debt discount and debt issuance costs			—		83		—			423
Total interest expense		$	—	$	292	$	—		$	1,495

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Net Income (Loss) Per Share

Net Income (Loss) Per Share

12. Net Income (Loss) Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common shares. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period, without consideration for any potential dilutive common share equivalents as their effect would be antidilutive.

The following table sets forth the computation of the basic and diluted net income (loss) per share:


	Three Months Ended				Six Months Ended
	June 30,					June 30,
(in thousands, except share and per share data)	2026		2025		2026		2025
Net loss from continuing operations	$	(33,347)	$	(44,862)	$	(70,282)	$	(92,260)
Weighted-average common shares outstanding, basic and diluted		154,816,912		116,077,710		145,658,487		115,968,352
Net loss per share from continuing operations, basic and diluted	$	(0.22)	$	(0.39)	$	(0.48)	$	(0.80)

Net income from discontinued operations, net of tax	$	12,716	$	342,629	$	11,324	$	333,458
Weighted-average common shares outstanding, basic and diluted		154,816,912		116,077,710		145,658,487		115,968,352
Net income per share from discontinued operations, basic and diluted	$	0.08	$	2.95	$	0.08	$	2.88

Net income (loss)	$	(20,631)	$	297,767	$	(58,958)	$	241,198
Weighted-average common shares outstanding, basic and diluted		154,816,912		116,077,710		145,658,487		115,968,352
Net income (loss) per share, basic and diluted	$	(0.13)	$	2.57	$	(0.40)	$	2.08

For the three and six months ended June 30, 2026, the PIPE Warrants issued in the Private Placement to purchase the Company’s common stock were included in the basic and diluted earnings per share calculation because their exercise price was non-substantive.

As the Company had discontinued operations, the Company used net loss from continuing operations as the control number to determine whether potential common shares were dilutive or anti-dilutive for purposes of reporting each of the basic and diluted net loss per common share presentations above. Because there is a loss from continuing operations in each of the periods presented, the potentially dilutive shares are anti-dilutive and diluted net income (loss) per share in each of the presentations is the same as basic net income (loss) per share.

The following outstanding dilutive potential shares were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
Stock options, performance stock options and shares subject to ESPP	32,088,228	29,704,100	31,937,390	30,386,951
Restricted stock units	1,594,655	236,960	1,411,459	300,388
Shares issuable upon conversion of 2026 Convertible Notes	—	6,283	—	6,283
Total	33,682,883	29,947,343	33,348,849	30,693,622

In connection with the Surface Acquisition, the Company entered into the Contingent Value Rights Agreement, dated September 8, 2023, by and among the Company and Computershare Inc. and its affiliate Computershare Trust Company, N.A., together, as the rights agent thereunder (the “CVR Agreement”). The amounts in the table above exclude any shares contingently issuable pursuant to the CVR Agreement because the conditions that could result in a payment becoming due were not met.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Stock-Based Compensation

Schedule of Stock-Based Compensation Expense


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2026		2025		2026		2025
Cost of goods sold ⁽¹⁾	$	5	$	106	$	9	$	368
Research and development		673		2,131		1,308		3,841
Selling, general and administrative		1,905		3,184		3,651		6,584
Stock-based compensation subtotal		2,583		5,421		4,968		10,793
Less: Stock-based compensation from discontinued operations		—		(255)		—		(581)
Total stock-based compensation expense from continuing operations	$	2,583	$	5,166	$	4,968	$	10,212

Total stock-based compensation expense capitalized into inventory	$	21	$	43	$	54	$	286

(1)	Stock-based compensation capitalized into inventory is recognized as cost of goods sold when the related product is sold.

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Common Stock Public Offering	Common Stock	Additional Paid-In Capital Public Offering	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Public Offering	Total
Beginning Balances at Dec. 31, 2024		$ 12		$ 1,419,266	$ (275)	$ (1,550,993)		$ (131,990)
Beginning Balances (in shares) at Dec. 31, 2024		115,614,548
Net income (loss)						(56,569)		(56,569)
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)		474,410
Taxes paid related to net share settlement of RSUs				(264)				(264)
Taxes paid related to net share settlement of RSUs (in shares)		(181,742)
Stock-based compensation expense				5,353				5,353
Ending Balances at Mar. 31, 2025		$ 12		1,424,355	(275)	(1,607,562)		(183,470)
Ending Balances (in shares) at Mar. 31, 2025		115,907,216
Beginning Balances at Dec. 31, 2024		$ 12		1,419,266	(275)	(1,550,993)		(131,990)
Beginning Balances (in shares) at Dec. 31, 2024		115,614,548
Net income (loss)								241,198
Ending Balances at Jun. 30, 2025		$ 12		1,429,885	(275)	(1,309,795)		119,827
Ending Balances (in shares) at Jun. 30, 2025		116,222,726
Beginning Balances at Mar. 31, 2025		$ 12		1,424,355	(275)	(1,607,562)		(183,470)
Beginning Balances (in shares) at Mar. 31, 2025		115,907,216
Net income (loss)						297,767		297,767
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)		44,556
Taxes paid related to net share settlement of RSUs				(16)				(16)
Taxes paid related to net share settlement of RSUs (in shares)		(16,519)
Issuance of common stock under the employee stock purchase plan ("ESPP")				188				188
Issuance of common stock under the employee stock purchase plan ("ESPP") (in shares)		287,473
Stock-based compensation expense				5,358				5,358
Ending Balances at Jun. 30, 2025		$ 12		1,429,885	(275)	(1,309,795)		119,827
Ending Balances (in shares) at Jun. 30, 2025		116,222,726
Beginning Balances at Dec. 31, 2025		$ 12		1,444,166	(195)	(1,382,969)		$ 61,014
Beginning Balances (in shares) at Dec. 31, 2025		121,154,925						121,154,925
Net income (loss)						(38,327)		$ (38,327)
Issuance of common stock upon exercise of stock options				57				57
Issuance of common stock upon exercise of stock options (in shares)		56,705
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)		188,057
Taxes paid related to net share settlement of RSUs				(112)				(112)
Taxes paid related to net share settlement of RSUs (in shares)		(72,078)
Issuance of common stock under Public Offering, net of issuance costs	$ 3		$ 53,647				$ 53,650
Issuance of common stock under Public Offering, net of issuance costs (in shares)	32,890,000						32,890,000
Stock-based compensation expense				2,414				2,414
Other comprehensive loss, net of tax					(73)			(73)
Ending Balances at Mar. 31, 2026		$ 15		1,500,172	(268)	(1,421,296)		78,623
Ending Balances (in shares) at Mar. 31, 2026		154,217,609
Beginning Balances at Dec. 31, 2025		$ 12		1,444,166	(195)	(1,382,969)		$ 61,014
Beginning Balances (in shares) at Dec. 31, 2025		121,154,925						121,154,925
Net income (loss)								$ (58,958)
Ending Balances at Jun. 30, 2026		$ 15		1,503,031	(281)	(1,441,927)		$ 60,838
Ending Balances (in shares) at Jun. 30, 2026		154,470,363						154,470,363
Beginning Balances at Mar. 31, 2026		$ 15		1,500,172	(268)	(1,421,296)		$ 78,623
Beginning Balances (in shares) at Mar. 31, 2026		154,217,609
Net income (loss)						(20,631)		(20,631)
Issuance of common stock upon exercise of stock options				58				58
Issuance of common stock upon exercise of stock options (in shares)		42,457
Issuance of common stock under the employee stock purchase plan ("ESPP")				202				202
Issuance of common stock under the employee stock purchase plan ("ESPP") (in shares)		210,297
Stock-based compensation expense				2,599				2,599
Other comprehensive loss, net of tax					(13)			(13)
Ending Balances at Jun. 30, 2026		$ 15		$ 1,503,031	$ (281)	$ (1,441,927)		$ 60,838
Ending Balances (in shares) at Jun. 30, 2026		154,470,363						154,470,363

Revenue - Activities and Ending Reserve Balances for Each Significant Category of Discounts and Allowances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance			$ 32,843	$ 275,645
Provision related to sales made in:
Current year			8,755	269,872
Prior years - increase (decrease)	$ (13,000)	$ (8,700)	(12,111)	(5,152)
Payments and customer credits issued			(11,790)	(438,471)
Activities and reserve balance, ending balance	17,697	101,894	17,697	101,894
Chargebacks and Discounts for Prompt Payment
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance			2,446	110,778
Provision related to sales made in:
Current year			5,933	193,653
Prior years - increase (decrease)			(414)	(3,439)
Payments and customer credits issued			(5,162)	(295,912)
Activities and reserve balance, ending balance	2,803	5,080	2,803	5,080
Rebates
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance			20,323	123,738
Provision related to sales made in:
Current year			1,219	45,168
Prior years - increase (decrease)			(10,923)	(474)
Payments and customer credits issued			(4,686)	(91,372)
Activities and reserve balance, ending balance	5,933	77,060	5,933	77,060
Other Fees, Co-pay Assistance and Returns
Accounts Notes And Loans Receivable
Activities and reserve balance, beginning balance			10,074	41,129
Provision related to sales made in:
Current year			1,603	31,051
Prior years - increase (decrease)			(774)	(1,239)
Payments and customer credits issued			(1,942)	(51,187)
Activities and reserve balance, ending balance	$ 8,961	$ 19,754	$ 8,961	$ 19,754

Net Income (Loss) Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Income (Loss) from Continuing Operations
Net loss from continuing operations	$ (33,347)		$ (44,862)		$ (70,282)	$ (92,260)
Weighted-average common shares outstanding from continuing operations, basic	154,816,912		116,077,710		145,658,487	115,968,352
Weighted-average common shares outstanding from continuing operations, diluted	154,816,912		116,077,710		145,658,487	115,968,352
Net loss per share from continuing operations - basic	$ (0.22)		$ (0.39)		$ (0.48)	$ (0.8)
Net loss per share from continuing operations - diluted	$ (0.22)		$ (0.39)	$ (0.39)	$ (0.48)	$ (0.8)
Income from Discontinued Operations
Net income from discontinued operations, net of tax	$ 12,716		$ 342,629		$ 11,324	$ 333,458
Weighted-average common shares outstanding from discontinued operations, basic	154,816,912		116,077,710		145,658,487	115,968,352
Weighted-average common shares outstanding from discontinued operations, diluted	154,816,912		116,077,710		145,658,487	115,968,352
Net income per share from discontinued operations - basic	$ 0.08		$ 2.95		$ 0.08	$ 2.88
Net income per share from discontinued operations - diluted	$ 0.08		$ 2.95	$ 2.95	$ 0.08	$ 2.88
Net income (loss)	$ (20,631)	$ (38,327)	$ 297,767	$ (56,569)	$ (58,958)	$ 241,198
Weighted-average common shares outstanding - Basic	154,816,912		116,077,710		145,658,487	115,968,352
Weighted-average common shares outstanding - Diluted	154,816,912		116,077,710	116,077,710	145,658,487	115,968,352
Net income (loss) per share - Basic (In dollar per share)	$ (0.13)		$ 2.57		$ (0.4)	$ 2.08
Net income (loss) per share - Diluted (In dollar per share)	$ (0.13)		$ 2.57	$ 2.57	$ (0.4)	$ 2.08

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2026
Organization and Summary of Significant Accounting Policies
Liquidity	Liquidity These condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of June 30, 2026, the Company had cash, cash equivalents and marketable securities of $105.3 million and an accumulated deficit of $1.4 billion. Management believes that its cash, cash equivalents and marketable securities are sufficient to continue operating activities for at least 12 months following the issuance date of these condensed consolidated financial statements. The Company does not expect its existing cash, cash equivalents and marketable securities to be sufficient to fund the completion of its clinical trials through commercialization and will need additional funding to support its continuing operations and pursue its long-term business plan. Since inception, the Company has generally incurred losses and negative net cash flows from operations. The Company anticipates incurring additional losses until such time, if ever, that it can generate increased sales through sources which include LOQTORZI, the Company’s drug candidates currently in development, tagmokitug and casdozokitug, and strategic partnerships to generate sales. The Company’s operations have historically been financed primarily through the sale of the Company’s common stock, issuance and incurrence of debt, the Revenue Purchase and Sale Agreement, proceeds from biosimilar product divestitures and sales of the Company’s products. Future capital requirements will depend on many factors, including the timing and extent of cash proceeds from LOQTORZI sales and the related distribution and marketing costs, whether the Company receives either of the Earnout Payments from the sale of the UDENYCA Business, and the timing and extent of spending on research and development. The Company will require additional capital for the development efforts of the Company’s drug candidates, but the Company cannot be certain that any of its product candidates will be successful in clinical trials or receive regulatory approval, which is necessary before they can be commercialized. The Company’s operations are dependent on the growth of LOQTORZI sales, which can be adversely impacted by size of the applicable markets and the degree of market acceptance and adoption by prescribing physicians, healthcare providers and the patients to whom the Company’s medicines are prescribed. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. If additional capital is not available, a failure to generate sufficient cash flows from operations could have a material adverse effect on the Company’s ability to achieve its business objectives and remain in compliance with certain covenants contained in the 2029 Term Loan.
Basis of Consolidation and Presentation	Basis of Consolidation and Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Coherus and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring accruals that the Company believes are necessary to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim-period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) filed with the SEC. Beginning in the first quarter of 2026, the Company changed its presentation of comprehensive income (loss) from two separate statements to one combined statement of operations and comprehensive income (loss). The change affects presentation only and has no impact on comprehensive income (loss). Certain amounts in prior year’s condensed consolidated balance sheet and statement of cash flows have been reclassified to conform with the current period presentation, and these changes had no impact to net income (loss) or the net cash used in operating activities.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information. Accounting estimates and judgments are inherently uncertain and therefore actual results could differ from these estimates.
Restricted Cash	Restricted Cash As of June 30, 2026 and December 31, 2025, restricted cash consisted of a $0.2 million deposit for a letter of credit provided to secure a lease obligation, which was included in other assets, non-current in the condensed consolidated balance sheets.
Segment Reporting and Geographic Disclosures	Segment Reporting and Geographic Disclosures The Company has one reportable and operating segment, which is engaged in developing and commercializing human pharmaceutical products. The Company’s chief executive officer, as the chief operating decision maker (“CODM”), manages and allocates resources to the operations of the Company on an entity-wide basis. Managing and allocating resources on an entity-wide basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions. The CODM assesses operating performance and makes operating decisions primarily based on net income (loss), revenues, cash on-hand and investments, and cash flows. All expense categories on the condensed consolidated statements of operations are significant, and there are no other significant segment expenses that would require disclosure. Asset information is not regularly provided to the CODM for assessing performance and allocating resources other than cash, cash equivalents and investments in marketable securities. Primarily, all revenue is generated and all long-lived assets are maintained in the United States.
Royalty and Other Revenue Recognition	Royalty and Other Revenue Recognition Royalty revenue from licensees, which is based on sales to third parties of licensed products, is recorded when the third-party sale occurs and the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied) and is classified in other revenue within net revenue. In arrangements where the Company acts as an agent, these transactions are recognized on a net basis in the Company's condensed consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The following are recent accounting pronouncements that the Company has not yet adopted: In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose certain disaggregated costs and expenses on an annual and interim basis in the notes to the financial statements. It also requires disclosure of the total amount of selling expenses, and the Company’s definition of selling expenses. The Company is currently evaluating the disclosure requirements of this standard and any changes to processes and controls that may be necessary to support adoption. The Company expects the guidance to impact its financial statement disclosures but does not expect adoption to have an impact on its condensed consolidated financial position, results of operations, or cash flows. This standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective or retrospective basis. The Company has reviewed other recent accounting pronouncements and concluded they are either not applicable to the business or that no material effect is expected on the condensed consolidated financial statements as a result of future adoption.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details