Coherus Biosciences (CHRS) AI Stock Analysis

• Market Cap: $236.83M
• Dividend Yield: N/A
• Average Volume (3M): 1.79M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.28
• Revenue Growth: -72.54%
• EPS Growth: -19972.15%
• Country: US
• Employees: 228
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.39
• Shares Outstanding: 149,889,910
• 10 Day Avg. Volume: 1,607,856
• 30 Day Avg. Volume: 1,793,881
• PEG Ratio: <0.01
• Price to Book (P/B): 2.80
• Price to Sales (P/S): 4.05
• P/FCF Ratio: -1.23
• Enterprise Value/Market Cap: 0.64
• Enterprise Value/Revenue: 3.57
• Enterprise Value/Gross Profit: 6.16
• Enterprise Value/Ebitda: -0.86
• 1Y Price Target: $7.00
• Price Target Upside: 343.04% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -0.92
• Revenue Forecast (FY): $88.25M

• Rating: 51 Neutral
• Price Target: $1.50 ▼(-5.06% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held back primarily by weak financial performance—sharp revenue decline, negative gross profit, large operating losses, and ongoing cash burn—despite a visibly improved 2025 balance-sheet position. Technicals are moderately supportive with price above key moving averages but mixed momentum indicators. Valuation looks optically cheap on P/E, yet earnings quality concerns limit the upside of that signal. Earnings-call tone and guidance were constructive (sales growth, cost discipline, and pipeline milestones), providing some offset to the financial risks.

Positive Factors

Strengthened liquidity position

A $192M cash position materially reduces near-term liquidity stress and gives management runway to fund clinical readouts, commercial expansion, and debt paydown without immediate reliance on markets. This durable buffer supports execution over the next 2–6 months.

Growing LOQTORZI sales

Sustained double-digit QoQ growth and strong YoY expansion indicate improving market penetration and prescriber adoption, creating a repeatable revenue stream. If commercial execution continues, this product can underpin durable top-line growth and scale fixed-cost leverage.

Strategic clinical partnerships

A collaboration with Janssen spreads development cost and provides access to complementary assets and expertise. Such partnerships validate the program scientifically, reduce capital requirements, and increase optionality for later-stage commercialization or co-development.

Negative Factors

Persistent negative cash flow

Multi-year operating and free cash flow deficits signal structural cash consumption; continued cash burn pressures liquidity and forces recurring financing or cutbacks. This undermines long-term self‑funding for trials and commercialization absent durable margin or revenue improvement.

Volatile revenue and negative gross profit

A ~50% revenue collapse and negative gross margin indicate core unit economics are under stress, likely from pricing, competition or mix shifts. This instability hampers margin sustainability and raises doubt about the ability to convert current sales traction into durable profitability.

Dependence on equity financing

Repeated reliance on equity programs signals insufficient internal cash generation and creates dilution risk. Ongoing capital raises can constrain long-term shareholder returns and make strategic planning contingent on access to public markets rather than operating cash flow.

Coherus Biosciences Business Overview & Revenue Model

Company Description

Coherus Oncology, Inc., a biopharmaceutical company, researches, develops, and commercializes immunotherapies to treat cancer in the United States. The company develops UDENYCA, a biosimilar to Neulasta, a long-acting granulocyte-colony stimulating factor; LOQTORZI, a novel next-generation programmed death receptor-1 inhibitor; and Casdozokitug, an investigational recombinant human immunoglobulin isotype (IgG1) monoclonal antibody targeting interleukin 27. It also develops CHS-114, an investigational highly specific human afucosylated IgG1 monoclonal antibody, a chemokine receptor highly expressed on Treg cells in the tumor microenvironment (TME); and CHS-1000, Anti-ILT4 monoclonal antibody for solid tumors. In addition, the company offers GSK4381562, an antibody targeting CD112R to treat tumor cells; YUSIMRY, a biosimilar to Humira for inflammatory diseases characterized by increased production of tumor necrosis factor (TNF) in the body, such as rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn's disease, psoriasis, and ulcerative colitis; and CIMERLI, a Lucentis biosimilar to treat neovascular age-related macular degeneration, macular edema following retinal vein occlusion, diabetic macular edema, diabetic retinopathy, and myopic choroidal neovascularization. It has a collaboration agreement with Junshi Biosciences for the co-development and commercialization of toripalimab; agreement with Surface and Adimab LLC; license agreements with Bioeq AG and Genentech, Inc. and Surface and Vaccinex, Inc.; and out-licensing agreement with Novartis Institutes for Biomedical Research, Inc. and GlaxoSmithKline Intellectual Property No. 4 Limited. The company was formerly known as Coherus BioSciences, Inc. and changed its name to Coherus Oncology, Inc. in May 2025. The company was incorporated in 2010 and is based in Redwood City, California.

How the Company Makes Money

Coherus primarily makes money by commercializing biosimilar drugs and recognizing net product revenue from their sales in the U.S. Revenue is generated when Coherus (directly or through commercialization partners) sells these products to wholesalers, distributors, specialty pharmacies, hospitals, and other healthcare providers; reported revenue reflects gross sales minus deductions such as rebates, chargebacks, distribution fees, prompt‑pay discounts, returns, and allowances typical in U.S. pharma contracting. Key revenue streams include: (1) Net sales of marketed biosimilars—this is the core recurring revenue driver and depends on prescription/infusion volume, formulary access, pricing relative to the reference product and competing biosimilars, and contracting with payers and provider networks. (2) Collaboration and licensing revenue—Coherus has historically used partnerships for development, manufacturing supply, and/or commercialization; to the extent applicable, it can earn upfront payments, milestone payments tied to regulatory/commercial events, and ongoing royalties or profit‑share/transfer‑price economics related to partnered products. (3) Other revenues such as contract manufacturing/supply arrangements or reimbursements may occur depending on specific agreements; if present, they are generally less central than product sales. Overall earnings are influenced by biosimilar market competition, tender/contract wins, payer rebate dynamics, manufacturing and supply costs, and the terms of any commercialization or supply partnerships supporting its portfolio.

Coherus Biosciences Financial Statement Overview

Summary

Operating fundamentals are weak: revenue fell sharply (~50% YoY in 2025), gross profit turned negative, and operating losses remain very large. The balance sheet shows a notable 2025 repair (low debt vs. equity after prior negative-equity years), but persistent negative operating cash flow/free cash flow (including a large 2025 burn) remains a major risk and dominates the financial profile.

Income Statement

Revenue has deteriorated sharply most recently (2025 down ~50% year over year after modest growth in 2024), and profitability is volatile. 2025 shows negative gross profit and very large operating losses, but reported net income is strongly positive—suggesting results were driven by non-operating or one-time items rather than core earnings power. Overall, the business has not demonstrated consistent operating profitability since 2020, with wide margin swings and recurring operating losses.

Balance Sheet

Leverage improved materially in 2025 with very low debt relative to equity, a sharp contrast to 2022–2024 when equity was negative (a major balance-sheet risk) and debt levels were high. Total assets have also trended down from prior peaks, consistent with a shrinking footprint. The key positive is the apparent recapitalization/repair in 2025; the key risk is the lack of multi-year consistency and the fact that recent profitability quality is questionable given weak operations.

Cash Flow

Cash generation is a primary weakness: operating cash flow and free cash flow are negative across 2021–2025, including a very large burn in 2025. While free cash flow improved versus 2024, the company remains cash-consuming, which can pressure liquidity and increase financing risk if the burn persists. The prior period (2020) showed strong positive cash generation, but that has not been sustained.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	42.17M	266.96M	257.24M	211.04M	326.55M
Gross Profit	24.43M	149.41M	98.25M	140.96M	268.96M
EBITDA	-175.61M	60.94M	-193.94M	-255.58M	-260.69M
Net Income	-170.29M	28.51M	-237.89M	-291.75M	-287.10M
Balance Sheet
Total Assets	258.34M	448.53M	629.60M	480.85M	679.33M
Cash, Cash Equivalents and Short-Term Investments	172.13M	125.99M	117.75M	191.68M	417.19M
Total Debt	54.36M	269.90M	480.84M	480.42M	419.02M
Total Liabilities	197.33M	580.52M	823.03M	618.26M	581.61M
Stockholders Equity	61.01M	-131.99M	-193.43M	-137.42M	97.73M
Cash Flow
Free Cash Flow	-138.51M	-20.44M	-175.17M	-243.16M	-38.72M
Operating Cash Flow	-138.51M	-20.44M	-174.88M	-241.12M	-37.43M
Investing Cash Flow	375.09M	230.32M	144.64M	-166.85M	-138.41M
Financing Cash Flow	-273.70M	-186.97M	69.60M	54.33M	51.88M

Coherus Biosciences Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.58
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CHRS, the sentiment is Negative. The current price of 1.58 is below the 20-day moving average (MA) of 1.71, below the 50-day MA of 1.81, and above the 200-day MA of 1.37, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 40.31 is Neutral, neither overbought nor oversold. The STOCH value of 10.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CHRS.

Coherus Biosciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SLS	56 Neutral	$705.09M	-6.42	-95.20%	―	―	59.04%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CHRS	51 Neutral	$236.83M	-0.11	791.07%	―	-72.54%	-19972.15%
PLX	50 Neutral	$177.73M	-21.41	11.28%	―	35.42%	―
IPHA	49 Neutral	$126.93M	-1.54	-271.32%	―	-75.77%	-31.24%
MCRB	43 Neutral	$86.56M	-2.15	15.31%	―	448.44%	―

Coherus Biosciences Corporate Events

Coherus Biosciences Completes $47 Million Equity Offering

On February 12, 2026, Coherus Oncology, Inc. entered into an underwriting agreement with a syndicate of underwriters to sell 28,600,000 shares of its common stock at a public price of $1.75 per share, with an additional 4,290,000-share over-allotment option available for the underwriters. The offering was conducted under an effective shelf registration statement, included customary representations and indemnification provisions, and imposed a 60-day lock-up on sales of company stock by the issuer, its directors, executive officers and certain affiliated stockholders.

On February 17, 2026, the company completed the sale and issuance of the 28,600,000 shares of common stock, generating net proceeds of approximately $47.0 million after underwriting discounts and commissions but before offering expenses. The capital raise strengthens Coherus Oncology’s balance sheet and provides additional financial resources that can be used to support its oncology portfolio and ongoing operations, while the lock-up arrangements help stabilize the company’s share trading in the near term.

The most recent analyst rating on (CHRS) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Coherus Biosciences stock, see the CHRS Stock Forecast page.

Coherus Signs Clinical Supply Deal With Janssen Oncology

On February 4, 2026, Coherus Oncology, Inc. announced a clinical supply agreement with Janssen Research & Development, LLC to evaluate tagmokitug (CHS-114), its investigational anti-CCR8 cytolytic monoclonal antibody, in combination with Janssen’s T-cell engaging bispecific antibody pasritamig in a Phase 1b clinical study in patients with metastatic castration-resistant prostate cancer. Under the agreement, Janssen will supply pasritamig while Coherus will sponsor the trial, and both companies will retain full commercial rights to their respective compounds, underscoring a collaborative but non-exclusive approach that could broaden future combination therapy options if the study proves successful.

The most recent analyst rating on (CHRS) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Coherus Biosciences stock, see the CHRS Stock Forecast page.

Coherus Biosciences Updates ATM Equity Offering Program

On January 23, 2026, Coherus Oncology, Inc. filed a prospectus supplement tied to its existing sales agreement with TD Securities (USA) LLC (TD Cowen), updating its plan to periodically issue and sell up to $64.88 million of its common stock. The filing enables the company to raise additional equity capital over time through at-the-market offerings, which may support its ongoing oncology programs and strengthen its financial flexibility, with the legal validity of the stock issuance confirmed by an opinion from Latham & Watkins LLP incorporated into the company’s registration statement.

The most recent analyst rating on (CHRS) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Coherus Biosciences stock, see the CHRS Stock Forecast page.