Coherus Biosciences Reports Q1 Revenue Decline Despite LOQTORZI Growth – Financing Needed Before Study Data

Coherus Biosciences (NASDAQ: CHRS) announced financial results for the first quarter 2026 on May 11, 2026. The biotechnology company generated total revenue of $12.31 million, falling significantly short of analyst estimates of $14.34 million. Adjusted loss per share came in at $0.25, beating consensus estimates of $0.27 – an improvement of 7.41 percent versus consensus.

LOQTORZI posts strong growth

The flagship product LOQTORZI, a biosimilar for oncology treatment, increased sales in the first quarter 2026 by 61 percent year-over-year to $11.8 million. LOQTORZI continues to account for the largest portion of company revenue, but failed to meet higher market expectations.

Compared to the prior-year quarter, loss per share improved by 28.57 percent. In the first quarter 2025, Coherus had reported a loss of $0.35 per share. The improvement reflects growing product sales, but also shows the company's persistently high clinical pipeline costs.

Liquidity covers only two to three quarters

According to a SeekingAlpha analysis from May 13, 2026, Coherus Biosciences' current liquidity at the current burn rate covers only two to three quarters. The company may therefore require additional financing before key clinical milestones. This assessment raises questions about the company's financial viability through the anticipated study data.

Coherus Biosciences is at a critical juncture: the company is preparing key data readouts for mid-2026, but may need additional capital before these results are available. A financing round or capital increase ahead of study results could be dilutive to existing shareholders.

Pipeline progress with Casdozokitug and Tagmokitug

Despite financial challenges, Coherus is making progress in its clinical pipeline. The company expects data readouts in mid-2026 for candidates Casdozokitug and Tagmokitug. Both compounds are in clinical development for oncology indications and could expand the future product portfolio if results are positive.

Casdozokitug and Tagmokitug are monoclonal antibodies targeting different molecules in cancer therapy. The upcoming data readouts will show whether these candidates have the potential to reduce dependence on LOQTORZI and unlock new revenue streams.

Earnings call confirms strategic direction

During the earnings call on May 11, 2026 at 5:00 p.m. EDT, management led by Carrie Graham, Vice President of Investor Relations, presented the quarterly results. The full transcript of the call is available and documents the company's strategic focus on upcoming clinical milestones.

For investors in the DACH region, note that Coherus Biosciences is listed on NASDAQ and all financial metrics are reported in US dollars. The stock is therefore subject to typical currency risks relative to Swiss francs and euros.