Coherus Oncology, Inc. · NASDAQ:CHRS
Coherus Oncology — Coherus BioSciences — 43rd Annual J.P. Morgan Healthcare Conference January 2025
42 slides from Coherus Oncology's conference presentation, Jan 14, 2025
Slide 1: 43rd Annual J.P. Morgan Healthcare Conference January 2025
43rd Annual J.P. Morgan Healthcare Conference January 2025
Slide 2: Forward Looking Statements
Forward Looking Statements 2 ©2025 Coherus BioSciences Except for the historical information contained herein, the matters set forth in this presentation are forward - looking statement s within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, incl
Slide 3: Forward Looking Statements: Additional Information and Where to Find It
Forward Looking Statements 3 ©2025 Coherus BioSciences Additional Information and Where to Find It In connection with the proposed transaction, the Company expects to file with the SEC a proxy statement on Schedule 14A, and it may also file other documents regarding the proposed transaction with the
Slide 4: Agenda
Agenda Corporate Overview and Strategy LOQTORZI ® : Approved, Foundational PD - 1 Innovative LOQTORZI Combinations Commercial Oncology Opportunity Financial Results and Outlook 4 4 ©2025 Coherus BioSciences
Slide 5: Agenda
Agenda 5 ©2025 Coherus BioSciences Corporate Overview and Strategy LOQTORZI ® : Approved, Foundational PD - 1 Innovative LOQTORZI Combinations Commercial Oncology Opportunity Financial Results and Outlook
Slide 6: Fully Integrated Model Maximizes Value
Antibody Pipeline Toripalimab - tpzi (LOQTORZI): next - generation PD - 1 inhibitor Casdozokitug: IL - 27 antagonist CHS - 114: anti - CCR8 CHS - 1000: anti - ILT4 Fully Integrated Model Maximizes Value Commercia : Oncology expertise Revenue - generating Oncology Products Fully Integrated, Commercia
Slide 7: Sharpened Focus on Innovative Oncology
Sharpened Focus on Innovative Oncology Biosimilar Divestitures Strengthens Balance Sheet, Funds Pipeline 7 ©2025 Coherus BioSciences Strategic Transformation ~$ 800M Biosimilar Asset Divestitures Non - dilutive Capital Raised 2024 - 2025 2025 - 2030 CIMERLI YUSIMRY UDENYCA* ~$ 480M Debt Retirement*
Slide 8: LOQTORZI: Foundational Building Block for a Diversified Immuno-Oncology Portfolio
LOQTORZI : Foundational Building Block for a Diversified Immuno - Oncology Portfolio – Bringing I - O Beyond NPC 8 ©2025 Coherus BioSciences An approved PD - 1 is a distinct strategic advantage in Immuno - Oncology and is required to be a market leader Novel Combinations Unlock Value $15B Significan
Slide 9: I-O Pipeline and Lifecycle Access ~$15B Market Opportunity
US Drug Treatable Cases 1 Setting Molecule ~24K 1L Advanced HCC (Hepatocellular Carcinoma) Casdozokitug / Toripalimab ~100K 2L NSCLC (Non - Small Cell Lung Cancer) Casdozokitug / Toripalimab ~15K 2L HNSCC (Non - Nasopharyngeal Head and Neck Squamous Cell Carcinoma) CHS - 114 / Toripalimab ~13K 2L Ga
Slide 10: Agenda
Agenda ©2025 Coherus BioSciences 10 Corporate Overview and Strategy LOQTORZI ® : Approved, Foundational PD - 1 Innovative LOQTORZI Combinations Commercial Oncology Opportunity Financial Results and Outlook
Slide 11: Toripalimab's Unique Binding Epitope on PD-1 and Receptor Affinity
Rajasekaran, N., Wang, X., Ravindranathan, S. et al. Toripalimab, a therapeutic monoclonal anti - PD - 1 antibody with high binding affinity to PD - 1 and enhanced potency to activate hu man T cells. Cancer Immunol Immunother 73 , 60 (2024). Toripalimab’s Unique Binding Epitope on PD - 1 and Recepto
Slide 12: Toripalimab in combination with chemotherapy improves PFS and OS across PD-L1 levels
Pembrolizumab Toripalimab PD - L1 ≥ 10 PD - L1 < 10 HR = 0.61 Source: Shun Yamamoto, Ken Kato, JUPITER - 06 establishes immune checkpoint inhibitors as essential first - line drugs for the treat ment of advanced esophageal squamous cell carcinoma, Cancer Cell, Volume 40, Issue 3, 2022, Pages 238 - 2
Slide 13: Despite PD-1's Success, Significant Unmet Need Exists in I-O
Coherus is focused on combination I - O therapies that can improve response rates and extend durability, without significant additional toxicity Toxicity Compromises opportunity for later line treatments and decreases Overall Survival Minority of patients respond to PD - 1 therapy Lack of durability
Slide 14: Competitively-Positioned Immuno-Oncology Pipeline
Competitively - Positioned Immuno - Oncology Pipeline Combinations include Coherus assets, multiplying value opportunity 14 ©2025 Coherus BioSciences © 2024 Coherus BioSciences. Phase 3 Phase 2 Phase 1 Pre - Clinical Combo Indication Agent Gemcitabine/ Cisplatin 1L Nasopharyngeal Carcinoma (NPC) Ant
Slide 15: Agenda
Agenda ©2025 Coherus BioSciences 15 Corporate Overview and Strategy LOQTORZI: Approved, Foundational PD - 1 Innovative LOQTORZI ® Combinations Casdozokitug: IL - 27 Antagonist CHS - 114: Anti - CCR8 (Treg depleter ) Commercial Oncology Opportunity Financial Results and Outlook
Slide 16: Casdozokitug: Phase 2 Clinical Stage Program
Strong line - of - sight for target indications (HCC, NSCLC) Acceptable safety profile; no added toxicity in combinations Demonstrated monotherapy durable responses Immune activation in cancer patients via non - PD - 1 MoA 16 Casdozokitug ( casdozo , CHS - 388): Phase 2 Clinical Stage Program Casdoz
Slide 17: IL-27 Represents A Novel Immune Target Complementary to PD-1
IL - 27 Percentage positive CD8 + T Cells +IL - 27 Control T N F ⍺ p g /m L +IL - 27 Control PD - L1 Lag3 Tigit Tim3 IL - 27R Pro - inflammatory cytokines IL - 27 ra +/ - IL - 27ra - / - Myeloid DC IL - 27 T cell T cell NK cell NK cell T cell IL - 27 downregulates pro - inflammatory cytokines IL - 2
Slide 18: In Vivo Studies With Casdozo Suggest Tissue-Specific Antitumor Activity
Aghayev , et al. Cancer Discovery . 2022 Rausch et al. SITC P727 J Immunother Cancer. 2020 Antitumor activity ( casdozo Rx) Tumor location In vivo study No activity No acceleration of tumor growth SQ Multiple SQ syngeneic tumor models No activity SQ B16 lung metastasis model Antitumor activity Lung
Slide 19: Casdozo Activates Immune Responses and Inhibits IL-27 Signaling in Patients
Clinical Translation: Casdozo Activates Immune Responses and Completely Inhibits IL - 27 Signaling in Cancer Patients at ≥ 10 mg/kg 19 ©2025 Coherus BioSciences Casdozo Rx at ≥ 10 mg/kg • I nhibits IL - 27 signaling • Activates T and NK cells • Activates tertiary lymphoid structures (PBMC) Phase 1 C
Slide 20: Translation to Clinical Efficacy: NSCLC Monotherapy Antitumor Activity
Translation to Clinical Efficacy : NSCLC Monotherapy Antitumor Activity Two confirmed monotherapy PRs in α PD - (L)1 - experienced patients sqNSCLC 20 ©2025 Coherus BioSciences Response Evaluable (n=42) Best overall Response, n (%) 0 2 (4.8) 11 (26.2) 29 (69.0) Complete response Confirmed partial re
Slide 21: Casdozokitug Demonstrates Combination Activity and Safety in 1L HCC
Casdozokitug Demonstrates Combination Activity and Safety 1L HCC Interim Results: 11 Durable Obj Responses, Including 3 Complete Responses 21 ©2025 Coherus BioSciences I nterim results from ongoing study (data cutoff Nov 9, 2023) – Final data results ASCO GI 2025 >60% of patients with tumor shrinkag
Slide 22: Phase 2 Study in HCC: Dose Optimization Design
Study CHS - 388 - 202 in HCC: Dose Optimization/Contribution to Determine RP2D and Obtain Preliminary Efficacy Outcomes 22 ©2025 Coherus BioSciences Primary Endpoint • Objective Response Rate (ORR) Key Endpoint • Duration of response ( DoR ) Secondary Endpoints: Efficacy • Progression - free surviva
Slide 23: Agenda
Agenda ©2025 Coherus BioSciences 23 Corporate Overview and Strategy LOQTORZI: Approved, Foundational PD - 1 Innovative LOQTORZI ® Combinations Casdozokitug: IL - 27 Antagonist CHS - 114: Anti - CCR8 (Treg depleter ) Commercial Oncology Opportunity Financial Results and Outlook
Slide 24: CHS-114: Phase 1 Clinical Stage Program
High unmet need in multiple indications including CRC (I - O has not worked historically) and HNSCC (low survival with approved PD - 1s) Overcoming Treg immune suppression by recruiting T cells to turn “cold” tumors “hot,” with no added toxicity Specifically binds and preferentially depletes CCR8+ t
Slide 25: CHS-114 Binds Only to CCR8, the Only Selective mAb Known to Date
GPCRs are difficult targets for mAbs and commonly have off - target binding Number of non - CCR8 Targets Identified Selected Antibodies 0 CHS - 114 1 mAb2 8 mAb3 15 mAb4 20 mAb5 Non - CCR8, “Off Target” Binding Comparator Antibodies ANGPTL7 Comparator 1 J chain Comparator 2 SEMA4B Comparator 3 CCR8
Slide 26: CCR8+ Tregs Most Abundant in HNSCC, Cervical SCC, and Gastric
CCR8 + Tregs are Most Abundant in HNSCC , Cervical SCC, and Gastric, but Broadly Expressed in a Number of Solid Tumors, Including Colorectal and Lung ©2025 Coherus BioSciences C e r v i c a l S C C H N S C C G a s t r i c C R C E s o p h a g e a l B r e a s t N S C L C O v a r i a n H C C E n d o m
Slide 27: CHS-114 Phase 1 Study Design: Head and Neck Cancer Dose Expansion
CHS - 114 Phase 1 Study Design: Head and Neck Cancer Dose Expansion: 2L+ HNSCC (CHS - 114 monotherapy and in combination with toripalimab ) 27 ©2025 Coherus BioSciences Primary Endpoint • Safety and tolerability Key Secondary Endpoints • Pharmacokinetics (PK) • Objective Response Rate † (ORR) • Addi
Slide 28: CHS-114 Selectively Depletes CCR8+ Tregs
CHS - 114 Selectively Depletes CCR8+ Tregs Establishing Proof of Mechanism in Phase 1a Monotherapy Dose Escalation 28 ©2025 Coherus BioSciences CHS - 114 treatment led to a decrease in subset of total Tregs, while preserving broader Treg population confirming the specificity for CCR8+ Tregs Total fr
Slide 29: Phase 1a Monotherapy Dose Escalation Response Summary
Phase 1a Monotherapy Dose Escalation Response Summary H ighly refractory 2L+ HNSCC patients showed encouraging disease control 29 ©2025 Coherus BioSciences Response Evaluable N = 19 Best Overall Response n (%) 0 Complete Response 0 Partial Response 9 (47.4%) Stable Disease 10 (52.6%) Progressive Dis
Slide 30: CHS-114 Phase 1a Data Establishes Safety, Proof of Mechanism
CHS - 114 Phase 1a Data Establishes Safety, Proof of Mechanism Phase 1b Studies in HNSCC and Gastric Cancer to establish Proof of Concept 30 ©2025 Coherus BioSciences Phase 1b Expansion Ongoing - HNSCC Phase 1b Study Start Q1 ‘25 - Gastric • Two dose levels of CHS - 114 with and without toripalimab
Slide 31: Agenda
Agenda ©2025 Coherus BioSciences 31 Corporate Overview and Strategy LOQTORZI ® : Approved, Foundational PD - 1 Innovative LOQTORZI Combinations Commercial Oncology Opportunity Financial Results and Outlook
Slide 32: LOQTORZI: Establishing a Position in NPC
32 ©2025 Coherus BioSciences Only Preferred NCCN regimen in 2nd Line treatment and later Only I - O treatment with Preferred Category 1 designation under NCCN* in combination with gemcitabine and cisplatin Establishing position in rare indication with less competition Strong Clinical evidence (PFS a
Slide 33: Revised NCCN NPC Guidelines Establish LOQTORZI as Only Preferred Regimen
Recently Revised NCCN NPC Guidelines Clearly Establishes LOQTORZI ® as the Only PREFERRED Regimen for NPC Patients 33 ©2025 Coherus BioSciences Commercial Impact: Opportunity to Accelerate Ramp to Peak Sales Updated promotional materials to drive rapid & broad awareness of the NCCN guidelines update
Slide 34: ~2,000 LOQTORZI Treatment Eligible Patients Annually
~2,000 LOQTORZI ® Treatment Eligible Patients Annually Across Three Patient Segments 34 ©2025 Coherus BioSciences Source: Historical data from DRG: Squamous Cell Carcinoma of the Head and Neck - Epidemiology - Mature - Markets - All - Populations - Geogr aphic - Summary & Internal A ssumptions on pa
Slide 35: Long-Term LOQTORZI Revenue Ramp Driven by Early-Line Patients
Long - Term LOQTORZI ® Revenue Ramp Driven by Accessing Early - Line Patients Who have Longer Duration of Treatment 35 ©2025 Coherus BioSciences Locally Advanced/Regional Recurrent m1L Drug Treatable m2L+ Drug Treatable Segment Revenue Impact Duration of LOQ Use HIGH HIGH LOWER LONGEST LONGEST SHORT
Slide 36: I-O Portfolio has Broad Market Potential, Including I-O Treatment Deserts
12 6 7 36 ©2025 Coherus BioSciences CCR8+ Treg (cells/mm 2 ) 150 100 50 0 0 50 100 150 200 4 10 5 8 1 2 9 11 3 1. HNSCC 2. Gastric 3. Cervical 4. NSCLC 5. Bladder 6. Endometrial 7. HCC 8. Breast 9. Esophageal 10. CRC (1) 11. Pancreatic (1) 12. Ovarian (1) 13. RCC 14. Mesothelioma Patient population
Slide 37: Toripalimab Represents an Indication Value Multiplier with Combinations
2K 2K 2K 2K 2K 2K 2K 5K 5K 5K LOQTORZI NPC: 2K LOQTORZI (+ casdozo ) 1L HCC: 24K LOQTORZI (+ casdozo ) 2L NSCLC: 100K LOQTORZI (+CHS - 114) 2L Gastric: 13K LOQTORZI (+CHS - 114) 2L HNSCC: 15K Casdozokitug (+LOQ) 1L HCC: 24K Casdozokitug (+LOQ) 2L NSCLC: 100K LOQTORZI (+INO - 3112) HPV+ HNSCC: 2K LOQ
Slide 38: Agenda
Agenda ©2025 Coherus BioSciences 38 Corporate Overview and Strategy LOQTORZI: Approved, Foundational PD - 1 Innovative LOQTORZI Combinations Commercial Oncology Opportunity Financial Results and Outlook
Slide 39: 2024 Preliminary Revenues and Cash
2024 Preliminary Revenues and Cash 39 ©2025 Coherus BioSciences 2024 Total Year Expected Net Revenues $255M - $260M Cash, Cash Equivalents & Investments Q4 expected net revenues $49M - $54M OBI and strong pricing continue to differentiate the franchise and drive net revenues UDENYCA LOQTORZI Expecte
Slide 40: Coherus I-O Milestones and Data Catalysts
Coherus I - O Milestones and Data Catalysts* 40 ©2025 Coherus BioSciences 2H’24 1H’25 2026 Casdozokitug (IL - 27) CHS - 114 (CCR8) Phase 2 randomized trial of casdozokitug/toripalimab/bevacizumab in first - line (1L) HCC initiated Q4 2024 Final data from Phase 2 trial of casdozokitug/atezolizumab/be
Slide 41: Fully Integrated Business Model Maximizes Value
Fully Integrated Business Model Maximizes Value Commercia : Oncology expertise Revenue - generating Oncology Products Fully Integrated, Commercial Stage Innovative Oncology Company Retain full value of pipeline in the US; Capture Ex - US Value via Partners 41 ©2025 Coherus BioSciences DEVELOPMENT CO
Slide 42: Thank You / Q&A
Thank You / Q&A
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