Coherus Oncology, Inc. Common Stock H.C. Wainwright 28th Annual Global Investment Conference

Yeah. Thanks, Doug. First of all, thanks for the opportunity to have us at your conference. If you will allow me, what I will do is I will frame the fundamentals of the company, the investment appeal factors, if you will, in a very brief manner, just for the benefit of those who might not know the company as well as you do and those who are on the line. I think the question you raise is an important one because, even up until last year, I think the company was largely viewed as a biosimilars company, despite the fact that we had made the strategic pivot to innovative oncology. That pivot is now complete. We are very much focused on developing innovative oncology molecules, first-in-class and potentially best-in-class molecules.

If you scroll down and look at the strategic makeup of the company, it is unique for a small-cap biotech company from the standpoint that we are a commercial stage company, and we are also a clinical stage company. From a commercial stage perspective, we have a product. It is a product called LOQTORZI or toripalimab. It is a PD-1 inhibitor. We believe it is a next-generation PD-1 inhibitor. We think of this product as a revenue generator. We are generating revenues on this product. Last year, we did about $40 million. This year, the guidance that we have provided is that we expect something in the range of $57 million-$62 million for this product. On a sequential quarterly basis, that correlates with about a 10%-15% growth on average.

It is a revenue generator, but it is also a revenue multiplier because we have a couple of compounds in the pipeline that I will come back to in a couple of minutes here, and it allows us to run combination trials with our own PD-1 inhibitor. We do not have to go out and hunt for a PD-1 inhibitor outside. It has also become a funding vehicle. Because of the fact that we are generating revenues with this product, we are able to offset some of our operating expenses. We anticipate that in 2028, we are going to reach peak market share with LOQTORZI, and that should correspond or correlate with a revenue range of $150 million-$200 million on a full-year basis.

Once we get to that level, we are going to be able to largely offset our so-called core burn, which includes cost of goods, it includes SG&A, and it also includes warranty expense. So everything outside of clinical trial and expenses. That is the reason we feel that this is, again, a very unique aspect for us strategically in that we actually have a product that we can use as a funding vehicle. We have an innovative pipeline. We have a product called tagmokitug, which is a product that is an antibody that actually targets CCR8-positive Tregs. CCR8 is a protein that is expressed predominantly on T regulatory cells, and obviously it contributes to immune resistance. We are running a broad program, and we will delve into some additional detail here in terms of the different trials that we are running.

Ranging from head and neck cancer to gastric cancer to colorectal cancer, and recently, we struck a collaboration with Johnson & Johnson, in which we are looking at a collaboration of tagmokitug, in combination with their T-cell engager, a product called pasritamig, for castration-resistant prostate cancer. We expect to dose the first patient this fall with that particular combination. The second product in the pipeline that I would highlight is a product called casdozokitug. This is an antibody that is directed towards IL-27. IL-27 is an immunomodulatory cytokine, and it basically impairs or undermines the functionality of T cells and natural killer cells or NK cells. Again, staying consistent with the theme of addressing immune resistance. With this product, casdozokitug, we are running a trial in first-line HCC or hepatocellular carcinoma. This is a randomized trial of about 72 patients.

This study is fully enrolled, and we expect to get the initial data from this particular study towards the end of this year. Again, just to summarize, with tagmokitug, we have the potential to be potentially best in class, and with casdozokitug, certainly this is a first-in-class molecule. The last comment that I make before I turn it back to you, Doug, for any other questions that you have, is that we had about $105 million in cash on our balance sheet at the end of the second quarter, and that should be sufficient to see us through the data readouts in 2026 and early 2027. With that, let me turn it back to you.

Do you want to address that?

Yeah. So, I think, Doug, of the company as really focusing in on resistance mechanisms and overcoming resistance, specifically in the tumor microenvironment. That's our focus. It's a complementary mechanism of action to toripalimab. Given that we have toripalimab, that's where I think these additional compounds, the pipeline compounds, tagmo, as well as casdozokitug, can really be of benefit. We're starting to see, and again, we can talk about the program in a little bit more detail, but we're starting to see emerging evidence that supports that.

Yes, I will make a few points. So if you think about Tregs specifically, we know that Tregs are a predominant resistance mechanism for tumors to avoid cytotoxicity, essentially. What has been missing in the field has been the ability to preferentially target those Tregs within the tumor microenvironment. So CCR8 has a very interesting mechanism. It preferentially tags those Tregs that are present within the tumor microenvironment preferentially, and therefore minimizing some of the extra-tumoral effects that other T-reg targeting agents may have. So that is the mechanism. The tumor types that we are looking at specifically do, we know, have high expression levels of CCR8, and we are focused in on those different tumor types. If you look at the specific tumors we are looking at, we are running 2 protocols, and we have a third one about to start.