Coherus Oncology Cuts Debt 90%, Eyes $30M Quarterly LOQTORZI Run Rate
Coherus Oncology slashed senior secured debt from $480 million to $3.7 million, cutting indebtedness by 90% and adding $250 million post-biosimilar divestiture to strengthen its balance sheet. LOQTORZI sales rose from $19 million in 2024 to about $38 million in 2025, with management eyeing a $30 million-plus quarterly run rate to achieve cash-flow breakeven.
1. LOQTORZI Commercial Ramp
LOQTORZI generated $19 million in sales in 2024 and doubled revenue to roughly $38 million in 2025, driven by expanded coverage with six regional OAMs, a four-person inside sales force and a VA team. Management expects $15–16 million in quarterly sales will offset commercial costs and aims for a $30 million-plus quarterly run rate to reach cash-flow breakeven.
2. Balance Sheet Transformation
The company reduced senior secured debt from $480 million to $3.7 million, marking a 90% paydown, and added $250 million in proceeds from its biosimilar divestiture. This financial restructuring has fortified cash reserves and underpins further oncology pipeline investment.
3. Upcoming Pipeline Catalysts
Tagmokitug, an anti-CCR8 antibody, demonstrated 52–97% tumor Treg depletion in phase I with no dose-limiting toxicities up to 1,200 mg, with higher dose cohorts underway. Casdozokitug, an anti-IL-27 antibody, is advancing toward a randomized phase II in liver and lung tumor models, both readouts slated for 2026.