Coherus Oncology, Inc. · NASDAQ:CHRS
Coherus Oncology — Q4 2025 Earnings Presentation
30 slides from Coherus Oncology's earnings presentation, Mar 9, 2026
Slide 1: Overcoming Immune Resistance in Cancer
OVERCOMING IMMUNE RESISTANCE IN CANCER March 2026 ©2026 Coherus Oncology, Inc.
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements Except for the historical information contained herein, the matters set forth in this presentation are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking stateme
Slide 3: Coherus Oncology: Overcoming Immune Resistance in Cancer
COHERUS ONCOLOGY Overcoming Immune Resistance in Cancer • Commercial Stage Innovative Oncology Company • LOQTORZI®: Backbone PD-1 • Tagmokitug: Highly-Selective, Potentially Best-in- Class CCR8+ Treg Depleter • Casdozokitug: Potentially First-in-Class IL-27 Antagonist • 2026 is a Data-Rich Year with
Slide 4: Coherus Oncology: Completed Transformation to Innovative Oncology
Coherus Oncology: Completed Transformation to Innovative Oncology Overcoming Immune Resistance in Cancer Oncology Pipeline Acquisition Biosimilar Divestitures September 2023 2024-2025 Surface Oncology Acquisition— $67 Million in CIMERLI® Divestiture—$170M upfront— June 2024 CHRS stock; Acquired asse
Slide 5: Coherus Oncology: A Pure-Play Oncology Company
Coherus Oncology: A Pure-Play Oncology Company Overcoming Immune Resistance in Cancer • Commercial product: LOQTORZI - proprietary backbone PD-1 ‒ Demonstrated significant survival benefit to R/M Nasopharyngeal Carcinoma patients ‒ Demonstrated activity irrespective of PD-L1 status in 1L ESCC ‒ Stro
Slide 6: Creating Value through Drugs, Data and Deals
Coherus Oncology is Focused on Creating Value through Drugs, Data and Deals DRUGS DATA DEALS Commercial Stage Tagmokitug • HNSCC – Mid 2026 Tagmokitug • GC, GEJ, EAC – Mid 2026 novel combinations • CRC – 2H 2026 Clinical Stage • ESCC – 2H 2026 • mCRPC – anticipate 1H Ex-US licensing Tagmokitug 2027
Slide 7: Coherus Oncology Pipeline: Overcoming Immune Resistance In Cancer
Coherus Oncology Pipeline: Overcoming Immune Resistance In Cancer LOQTORZI® – Commercial PD-1 Backbone Enabling Value-Generating Combinations Across Portfolio Pre- Upcoming Data Target Indication Combo Phase 1 Phase 2 Phase 3 Marketed Clinical Readouts Gemcitabine/ 1L NPC From Anti-PD-1 Cisplatin mo
Slide 8: LOQTORZI Potential Combinations Address Large Markets
LOQTORZI Potential Combinations Address Large Markets Pipeline Addresses ~$33 Billion of Market Opportunity in the U.S. Coherus Pipeline U.S. Market Opportunity • LOQTORZI potential expansion: each pipeline product approval U.S. Addressable Market in US$ Billion represents a label expansion for $32.
Slide 9: Coherus Oncology
COHERUS ONCOLOGY • Commercial Stage Innovative Oncology Company • LOQTORZI®: Backbone PD-1 • Tagmokitug: Highly-Selective, Potentially Best-in- Class CCR8+ Treg Depleter • Casdozokitug: Potentially First-in-Class IL-27 Antagonist • 2026 is a Data-Rich Year with Multiple Read-Outs ©2026 Coherus Oncol
Slide 10: LOQTORZI is a Next-Generation PD-1 Inhibitor
LOQTORZI® is a Next-Generation PD-1 Inhibitor Demonstrated Differentiation LOQTORZI binds to a unique epitope and with LOQTORZI demonstrated activity irrespective of higher affinity than first-generation PD-1s PD-L1 status in 1L ESCC 10-fold higher affinity than approved PD-1s Hazard Ratio PD-L1 ≥ 1
Slide 11: LOQTORZI Continues to Deliver Meaningful Clinical Evidence
LOQTORZI Continues to Deliver Meaningful Clinical Evidence Only Preferred Regimen in NCCN NPC Guidelines LOQTORZI long-term OS data readout at ESMO LOQTORZI is the only preferred regimen Asia 2025 strengthens clinical evidence established in NCCN NPC guidelines ©2025 Coherus ©2026 Coherus Oncology,
Slide 12: LOQTORZI Delivering Steady Demand and Revenue Growth
LOQTORZI® Delivering Steady Demand and Revenue Growth Projected to Reach $150-200M in Revenues by 2028 in $250M Market Strong demand growth for LOQTORZI supported Resulting in steady revenue growth, projected by data strength and commercial efforts to ~$150-200 million by 2028 LOQTORZI Demand Trend
Slide 13: Coherus Oncology
COHERUS ONCOLOGY • Commercial Stage Innovative Oncology Company • LOQTORZI®: Backbone PD-1 • Tagmokitug: Highly-Selective, Potentially Best- in-Class CCR8+ Treg Depleter • Casdozokitug: Potentially First-in-Class IL-27 Antagonist • 2026 is a Data-Rich Year with Multiple Read-Outs ©2026 Coherus Oncol
Slide 14: Overcoming Immune Resistance In Cancer Through Treg Depletion
Overcoming Immune Resistance In Cancer Through Treg Depletion Large Unmet Need Where PD-1 Therapies Are Not Effective ~70% High infiltration of suppressive Tregs Low T cell infiltration (cold tumors) Cancer Patients Not Addressable by Anti-PD-1 Inhibitors Low or absent PD-L1 expression • Targets bot
Slide 15: CCR8+ Tregs Presence Is Prognostic Of Poor Outcomes
CCR8+ Tregs Presence Is Prognostic Of Poor Outcomes Treg Depletion Modulates The Tumor Microenvironment To Support Anti-Tumor Responses Presence of CCR8+ Tregs is prognostic for Selectively depleting CCR8+ Tregs in tumors lower survival outcomes in several solid tumors primes the immune system for r
Slide 16: Requirements for Treg Depletion-Driven Anti-Tumor Response
Requirements for Treg Depletion-Driven Anti-Tumor Response Deplete CCR8+ Tregs Significant Treg (cells/mm2)1 Treg depleting agent depletion from TME (e.g., CCR8 mAb) and not normal tissue Pre-Rx Post-Rx % Change CD8 + T cells1 Infiltration of CD8+ T Remodeling of TME required cells to attack tumors
Slide 17: Tagmokitug Is A Highly-Selective, Potentially Best-In-Class Treg Depleter
Tagmokitug Is A Highly-Selective, Potentially Best-In-Class Treg Depleter Differentiated High Selectivity Pharmacology ✓ Selective CCR8 mAb, showing no off- ✓ High affinity (pM) and potency with target binding enhanced ADCC/ADCP activity ✓ Excellent human PK profile Differentiated Proof of Mechanism
Slide 18: Tagmokitug is a Potential Best in Class CCR8+ Treg Depleter
Tagmokitug is a Potential Best in Class CCR8+ Treg Depleter Only Known Selective mAb Known to Date GPCRs are difficult mAb targets - Tagmokitug binds only to CCR8 - Tagmokitug Best In-Class Potential often have off-target binding only selective mAb identified to date Only ~25% of the receptor is Sel
Slide 19: Tumor Response in the Tagmokitug + Toripalimab Combination
Tumor Response in the Tagmokitug + Toripalimab Combination Tumor Shrinkage with Confirmed Partial Response in a 4L HNSCC Anti-PD-1 Refractory Patient Tumor biopsy from HNSCC patients (tagmokitug Confirmed partial response in 4L PD-1 refractory monotherapy) demonstrate proof of mechanism patient with
Slide 20: Ongoing Tagmokitug Studies Provide Multiple Shots on Goal
Ongoing Tagmokitug Studies Provide Multiple Shots on Goal while Addressing Large Market Opportunities Gastric Esophageal Colorectal HNSCC mCRPC 2L GC, GEJ, EAC 2L ESCC 4L+ MSS CRC 2L HNSCC 3L+ mCRPC NLM MSS CRC Tagmo & Tagmo & Tori Tagmo & Tori Tagmo & Tori Tagmo & Tori Pasritamig 1L ESCC LM MSS CRC
Slide 21: Our Strategy Is To Broadly Develop Tagmokitug As The CCR8+ Treg Depleter Of Choice
Our Strategy Is To Broadly Develop Tagmokitug As The CCR8+ Treg Depleter Of Choice With Partners, And Across Treatments Potential is partner with several therapeutic TCE/CAR-T cells require T cells in the tumor modalities to activate and kill tumor cells Targeted Enabling immune T Cell Therapies act
Slide 22: Clinical Supply Agreement with Johnson & Johnson to Evaluate Tagmokitug in Combination with TCE
Clinical Supply Agreement with Johnson & Johnson to Evaluate Tagmokitug in Combination with TCE Pasritamig Tagmokitug is the first anti-CCR8 in combination with a TCE, and the first to be evaluated in prostate cancer • Combination to be evaluated in a Phase 1b clinical study in patients with mCRPC •
Slide 23: Coherus Oncology
COHERUS ONCOLOGY • Commercial Stage Innovative Oncology Company • LOQTORZI®: Backbone PD-1 • Tagmokitug: Highly-Selective, Potentially Best-in- Class CCR8+ Treg Depleter • Casdozokitug: Potentially First-in-Class IL-27 Antagonist • 2026 is a Data-Rich Year with Multiple Read-Outs ©2026 Coherus Oncol
Slide 24: IL-27 Inhibits Natural Killer (NK) and T Cell Antitumor Response
IL-27 Inhibits Natural Killer (NK) and T Cell Antitumor Response Modulates Immune Response, Immune Pathology, and Tumor Immune Evasion IL-27 upregulates IL-27 constrains NK cell checkpoint receptors1,2 NK cell immunosurveillance3 Myeloid Tigit DC Lag3 T cell IL-27 Tim3 NK cell PD-L1 IL-27 T cell IL-
Slide 25: Casdozokitug Combination Demonstrated Clinical Activity and Safety
Casdozokitug Combination Demonstrated Clinical Activity and Safety Phase 2 Study Final Results in 1L HCC: 11 Objective Responses, Including 5 CRs Best % Change from Baseline in Sum of Target Lesions Target Lesion Change Over Time (n=28) (n=28) 80 140 Patient Continuing 60 120 Treated Past Progressio
Slide 26: Casdozokitug has the Potential to Advance the Standard of Care in 1st Line HCC
Casdozokitug has the Potential to Advance the Standard of Care in 1st Line HCC Casdozo + atezo/bev demonstrated a higher ORR and CR than standard of care in 1st Line HCC Inter-trial Meta-analysis • Opportunity to improve Atezo + Bev1 efficacy in combination Lenvatinib2 with next-gen anti-PD-1 37.9 D
Slide 27: Ongoing Casdozokitug Phase 2 Clinical Study in 1L HCC
Ongoing Casdozokitug Phase 2 Clinical Study in 1L HCC In Combination with LOQTORZI and Bevacizumab with Aim to Advance 1L SOC Interim data readouts projected for mid 2026 with data maturation through 2026 Arm A: • First patient dosed in Q2 2025 casdozo (Dose 1) + tori/bev • Toripalimab phase 3 HEPAT
Slide 28: Coherus Oncology
COHERUS ONCOLOGY • Commercial Stage Innovative Oncology Company • LOQTORZI®: Backbone PD-1 • Tagmokitug: Highly-Selective, Potentially Best-in- Class CCR8+ Treg Depleter • Casdozokitug: Potentially First-in-Class IL-27 Antagonist • 2026 is a Data-Rich Year with Multiple Read-Outs ©2026 Coherus Oncol
Slide 29: Creating Value through Drugs, Data and Deals
Coherus Oncology is Focused on Creating Value through Drugs, Data and Deals DRUGS DATA DEALS Commercial Stage Tagmokitug • HNSCC – Mid 2026 Tagmokitug • GC, GEJ, EAC – Mid 2026 novel combinations • CRC – 2H 2026 Clinical Stage • ESCC – 2H 2026 • mCRPC – anticipate 1H Ex-US licensing Tagmokitug 2027
Slide 30: For more information visit www.coherus.com
For more information visit www.coherus.com