Coherus Oncology, Inc.
CHRSHealthcare|Biotechnology|US
$0.77
+0.02 (+2.82%)
Tangible Book / Share
$0.10
Cash / Share
$0.68
Financials
Financial Snapshot
Market Cap
$119.0M
Enterprise Value
$73.7M
Revenue (TTM)
$50.9M
Net Income (TTM)
-$131.0M
Cash & Investments
$105.3M
Net Cash
$67.6M
Free Cash Flow (TTM)
-$243.9M
Operating CF (TTM)
-$243.9M
Debt/Equity
0.62
Cash Runway & Burn Rate
Cash on Hand
$105.3M
Quarterly Burn
$61.0M
Monthly Burn
$20.3M
Est. Runway
~1.7 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $124.9M | $126.9M | $72.4M | $177.7M | $541.2M | $417.2M | $191.7M | $117.7M | $126.0M | $172.1M | $105.3M | |
| Operating Cash Flow | -$252.5M | -$200.3M | -$159.3M | $28.4M | $154.1M | -$37.4M | -$241.1M | -$174.9M | -$20.4M | -$138.5M | -$243.9M | |
| Free Cash Flow | -$259.1M | -$204.9M | -$160.1M | $15.5M | $146.9M | -$38.7M | -$243.2M | -$175.2M | -$20.4M | -$138.5M | -$243.9M | |
| Capital Expenditure | -$6.5M | -$4.6M | -$789.0K | -$12.9M | -$7.2M | -$1.3M | -$2.0M | -$286.0K | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $226.2M | $206.8M | $105.4M | $89.4M | $223.9M | $51.9M | $54.3M | $69.6M | -$187.0M | -$273.7M | $115.4M |
R&D Spending
R&D (TTM)
$98.5M
R&D Intensity
193.3%
R&D Growth vs Prior
-6.2%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $190.1M | $1.6M | $1.6M | $356.1M | $475.8M | $326.6M | $211.0M | $257.2M | $267.0M | $42.2M | $50.9M | |
| R&D Expense | $254.4M | $162.4M | $110.2M | $94.2M | $142.8M | $363.1M | $199.4M | $109.4M | $93.3M | $105.0M | $98.5M | |
| R&D % of Revenue | 133.8% | 10436.3% | 7084.8% | 26.5% | 30.0% | 111.2% | 94.5% | 42.5% | 35.0% | 248.9% | 193.3% | |
| SG&A | $51.6M | $71.3M | $94.2M | $137.0M | $139.1M | $169.7M | $198.5M | $185.6M | $150.4M | $99.0M | $90.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $190.1M | $1.6M | $1.6M | $356.1M | $475.8M | $326.6M | $211.0M | $257.2M | $267.0M | $42.2M | $50.9M | |
| Cost of Revenue | $254.4M | $160.5M | $3.2M | $17.1M | $37.7M | $57.6M | $70.1M | $159.0M | $117.6M | $17.7M | $18.6M | |
| Gross Profit | -$64.3M | -$159.0M | -$1.7M | $339.0M | $438.2M | $269.0M | $141.0M | $98.3M | $149.4M | $24.4M | $32.4M | |
| R&D | $254.4M | $162.4M | $110.2M | $94.2M | $142.8M | $363.1M | $199.4M | $109.4M | $93.3M | $105.0M | $98.5M | |
| SG&A | $51.6M | $71.3M | $94.2M | $137.0M | $139.1M | $169.7M | $198.5M | $185.6M | $150.4M | $99.0M | $90.5M | |
| Operating Income | -$115.9M | -$232.1M | -$204.4M | $107.8M | $156.3M | -$263.9M | -$256.9M | -$203.2M | -$111.7M | -$179.5M | -$156.6M | |
| Interest Expense | $8.0M | $9.6M | $9.7M | $17.6M | $21.2M | $23.0M | $32.5M | $40.5M | $27.2M | $9.0M | $9.1M | |
| Pretax Income | -$127.8M | -$238.3M | -$209.4M | $92.8M | $135.7M | -$287.1M | -$291.8M | -$238.3M | $28.5M | -$183.1M | -$161.1M | |
| Net Income | -$127.3M | -$238.2M | -$209.3M | $89.8M | $132.2M | -$287.1M | -$291.8M | -$237.9M | $28.5M | -$170.3M | -$131.0M | |
| EPS (Diluted) | -3.04 | -4.48 | -3.22 | 1.23 | 1.62 | -3.81 | -3.76 | -2.53 | 0.25 | -1.45 | -1.02 | |
| EBITDA | -$116.8M | -$225.3M | -$204.4M | $111.0M | $159.8M | -$260.7M | -$255.6M | -$193.9M | $60.9M | -$170.2M | -$148.5M | |
| Shares Out. (M) | 41.91 | 53.13 | 65.03 | 73.19 | 83.49 | 75.45 | 77.63 | 94.16 | 114.83 | 120.37 | 154.82 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $124.9M | $126.9M | $72.4M | $177.7M | $541.2M | $417.2M | $63.5M | $102.9M | $126.0M | $88.9M | $82.9M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $128.1M | $14.9M | $0.00 | $83.2M | $22.4M | |
| Total Current Assets | $124.9M | $126.9M | $72.4M | $343.0M | $767.5M | $602.3M | $381.2M | $475.6M | $341.6M | $206.7M | $133.8M | |
| Total Assets | $178.5M | $162.6M | $99.5M | $408.9M | $841.6M | $679.3M | $480.8M | $629.6M | $448.5M | $258.3M | $191.2M | |
| Total Current Liabilities | $56.4M | $28.4M | $33.3M | $115.0M | $145.7M | $165.3M | $138.7M | $331.8M | $283.0M | $141.9M | $75.5M | |
| Long-Term Debt | $100.3M | $101.6M | $103.1M | $178.4M | $404.0M | $408.3M | $471.1M | $473.4M | $264.9M | $37.1M | $37.2M | |
| Total Liabilities | $159.1M | $132.1M | $138.1M | $303.7M | $560.7M | $581.6M | $618.3M | $823.0M | $580.5M | $197.3M | $130.3M | |
| Stockholders' Equity | $19.4M | $30.5M | -$38.6M | $105.2M | $281.0M | $97.7M | -$137.4M | -$193.4M | -$132.0M | $61.0M | $60.8M | |
| Retained Earnings | -$537.3M | -$775.5M | -$984.8M | -$895.0M | -$762.8M | -$1.05B | -$1.34B | -$1.58B | -$1.55B | -$1.38B | -$1.44B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$252.5M | -$200.3M | -$159.3M | $28.4M | $154.1M | -$37.4M | -$241.1M | -$174.9M | -$20.4M | -$138.5M | -$243.9M | |
| Capital Expenditure | -$6.5M | -$4.6M | -$789.0K | -$12.9M | -$7.2M | -$1.3M | -$2.0M | -$286.0K | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$259.1M | -$204.9M | -$160.1M | $15.5M | $146.9M | -$38.7M | -$243.2M | -$175.2M | -$20.4M | -$138.5M | -$243.9M | |
| Investing Cash Flow | -$6.5M | -$4.4M | -$1.2M | -$12.7M | -$14.4M | -$138.4M | -$166.8M | $144.6M | $230.3M | $375.1M | $20.9M | |
| Financing Cash Flow | $226.2M | $206.8M | $105.4M | $89.4M | $223.9M | $51.9M | $54.3M | $69.6M | -$187.0M | -$273.7M | $115.4M | |
| Issuance of Stock | $123.6M | $206.8M | $101.7M | $8.2M | $0.00 | $40.9M | $6.4M | $74.2M | $1.5M | $8.2M | $115.4M | |
| Repurchase of Stock | $0.00 | -$544.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$3.0K | |
| Net Debt Issuance | $100.0M | $0.00 | $0.00 | $73.0M | $222.2M | -$672.0K | $49.9M | $0.00 | -$223.4M | -$233.2M | $0.00 | |
| Stock Based Comp. | $27.4M | $36.1M | $34.8M | $33.6M | $38.2M | $51.4M | $50.7M | $43.1M | $27.8M | $17.0M | $21.5M | |
| Net Change in Cash | -$33.3M | $2.0M | -$54.6M | $104.7M | $363.7M | -$124.0M | -$353.6M | $39.3M | $22.9M | -$37.1M | -$107.6M |
Dilution Tracker
Shares outstanding grew 44.2% over 5 years — significant dilution
Shares Outstanding
155M
5-Year Share Growth
+44.2%
Stock Issuance (TTM)
$115.4M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 41.91 | 53.13 | 65.03 | 73.19 | 83.49 | 75.45 | 77.63 | 94.16 | 114.83 | 120.37 | 154.82 | |
| Change vs Prior % | — | 26.8% | 22.4% | 12.5% | 14.1% | -9.6% | 2.9% | 21.3% | 21.9% | 4.8% | 28.6% | |
| Stock Issuance | $123.6M | $206.8M | $101.7M | $8.2M | $0.00 | $40.9M | $6.4M | $74.2M | $1.5M | $8.2M | $115.4M | |
| Stock Repurchase | $0.00 | -$544.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$3.0K | |
| Stock Based Comp. | $27.4M | $36.1M | $34.8M | $33.6M | $38.2M | $51.4M | $50.7M | $43.1M | $27.8M | $17.0M | $21.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -33.8% | -10216.9% | -107.9% | 95.2% | 92.1% | 82.4% | 66.8% | 38.2% | 56.0% | 57.9% | 63.6% | |
| Operating Margin % | -61.0% | -14918.8% | -13137.3% | 30.3% | 32.9% | -80.8% | -121.7% | -79.0% | -41.8% | -425.7% | -307.4% | |
| Net Margin % | -67.0% | -15306.6% | -13453.7% | 25.2% | 27.8% | -87.9% | -138.2% | -92.5% | 10.7% | -403.8% | -257.1% | |
| EBITDA Margin % | -61.4% | -14481.7% | -13137.3% | 31.2% | 33.6% | -79.8% | -121.1% | -75.4% | 22.8% | -403.6% | -291.5% | |
| FCF Margin % | -136.3% | -13165.7% | -10286.3% | 4.3% | 30.9% | -11.9% | -115.2% | -68.1% | -7.7% | -328.4% | -478.9% | |
| ROE % | -657.9% | -780.0% | 542.5% | 85.4% | 47.1% | -293.8% | 212.3% | 123.0% | -21.6% | -279.1% | -181.7% | |
| ROA % | -71.3% | -146.5% | -210.5% | 22.0% | 15.7% | -42.3% | -60.7% | -37.8% | 6.4% | -65.9% | -68.5% | |
| ROIC % | -94.9% | -173.0% | -308.8% | 35.5% | 21.8% | -51.0% | -74.1% | -67.6% | -66.8% | -151.8% | -135.4% | |
| R&D / Revenue % | 133.8% | 10436.3% | 7084.8% | 26.5% | 30.0% | 111.2% | 94.5% | 42.5% | 35.0% | 248.9% | 193.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 532.8% | -99.2% | 0.0% | 22783.7% | 33.6% | -31.4% | -35.4% | 21.9% | 3.8% | -84.2% | |
| Gross Profit | 64.8% | -147.1% | 98.9% | 20290.2% | 29.3% | -38.6% | -47.6% | -30.3% | 52.1% | -83.6% | |
| Operating Income | 47.1% | -100.2% | 11.9% | 152.7% | 45.1% | -268.8% | 2.6% | 20.9% | 45.0% | -60.8% | |
| Net Income | 43.0% | -87.0% | 12.1% | 142.9% | 47.2% | -317.1% | -1.6% | 18.5% | 112.0% | -697.4% | |
| EPS (Diluted) | 49.4% | -47.4% | 28.1% | 138.2% | 31.7% | -335.2% | 1.3% | 32.7% | 109.9% | -680.0% | |
| Operating Cash Flow | -133.9% | 20.7% | 20.5% | 117.8% | 443.6% | -124.3% | -544.2% | 27.5% | 88.3% | -577.7% | |
| Free Cash Flow | -126.9% | 20.9% | 21.9% | 109.7% | 850.4% | -126.4% | -528.0% | 28.0% | 88.3% | -577.7% | |
| R&D Expense | 19.4% | -36.2% | -32.1% | -14.6% | 51.6% | 154.3% | -45.1% | -45.1% | -14.7% | 12.5% | |
| SG&A Expense | 43.1% | 38.2% | 32.1% | 45.5% | 1.5% | 22.0% | 17.0% | -6.5% | -19.0% | -34.2% | |
| Total Assets | -16.0% | -8.9% | -38.8% | 311.1% | 105.8% | -19.3% | -29.2% | 30.9% | -28.8% | -42.4% | |
| Book Value / Share | 347.4% | 24.5% | -203.3% | 354.4% | 160.6% | -67.1% | -236.7% | -16.0% | 43.9% | 144.0% | |
| Debt | 0.0% | 1.2% | 1.7% | 83.0% | 121.1% | 0.5% | 14.7% | 0.1% | -43.9% | -85.1% | |
| Diluted Shares | 12.9% | 26.8% | 22.4% | 12.5% | 14.1% | -9.6% | 2.9% | 21.3% | 21.9% | 4.8% |
Valuation
P/E (TTM)At Loss
10Y Low / Med / High5.52 / 9.39 / 13.96
P/S2.34
10Y Low / Med / High0.59 / 3.69 / 378.12
P/B1.96
10Y Low / Med / High2.80 / 12.32 / 60.96
EV/EBITDAAt Loss
10Y Low / Med / High4.96 / 6.99 / 11.40
EV/Revenue1.45
10Y Low / Med / High1.13 / 3.69 / 397.88
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.10
Net Current Assets / Share
$0.02
Cash / Share
$0.68
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -9.26 | -1.96 | -2.81 | 13.96 | 9.39 | -4.19 | -2.11 | -1.32 | 5.52 | -0.98 | -0.75 | |
| P/S Ratio | 6.21 | 300.50 | 378.12 | 3.52 | 2.61 | 3.69 | 2.91 | 1.22 | 0.59 | 4.05 | 2.34 | |
| P/B Ratio | 60.96 | 15.31 | -15.25 | 11.92 | 4.42 | 12.32 | -4.47 | -1.62 | -1.20 | 2.80 | 1.96 | |
| EV/EBITDA | -9.89 | -1.96 | -3.03 | 11.40 | 6.99 | -4.63 | -4.04 | -3.57 | 4.96 | -0.72 | -0.50 | |
| EV/Revenue | 6.08 | 284.11 | 397.88 | 3.55 | 2.35 | 3.69 | 4.89 | 2.69 | 1.13 | 2.90 | 1.45 |
Analyst Estimates & Quality
Altman Z-Score
-12.00
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $60.3M | $98.3M | $161.2M |
| Net Income | -$95.7M | -$94.6M | -$83.0M |
| EPS | $-0.80 | $-0.80 | $-0.47 |
| # Analysts (EPS) | 3 | 3 | 4 |
Revenue Segments
By Product
| Segment | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| License And Service | — | — | — | — | — | — |
| Product | $356.1M | — | — | — | $259.7M | — |
| Product Revenue | — | $326.6M | $210.8M | $256.6M | — | — |
| Other | — | — | $282.0K | $664.0K | — | — |
| Product and Service, Other | — | — | — | — | $7.3M | $1.3M |
By Geography
| Segment | 2014 | 2015 | 2016 | 2017 | 2019 |
|---|---|---|---|---|---|
| Foreign Countries | $2.6M | — | — | — | — |
| U S | $28.5M | $27.8M | — | — | — |
| Non Us | — | $2.2M | $1.8M | $1.6M | — |
| UNITED STATES | — | — | $188.3M | — | $356.1M |