LOQTORZI's commercial trajectory toward $150-200M by 2028 is the thesis; pipeline optionality in casdozokitug and tagmokitug determines whether this becomes a multi-asset story

Coherus Oncology is a commercial-stage oncology company whose approved lead product, LOQTORZI, treats recurrent or metastatic nasopharyngeal cancer.

LOQTORZI (toripalimab-tpzi), approved for recurrent or metastatic nasopharyngeal carcinoma, is the sole revenue engine for Coherus Oncology, with 2025 net revenue of $40.8M and a projected $150-200M peak by 2028. The thesis resolves on whether LOQTORZI achieves that commercial trajectory before cash is exhausted, with mid-2026 casdozokitug Phase 2 data in NSCLC and HCC providing the critical pipeline inflection. Established PD-1 inhibitors—pembrolizumab and nivolumab—dominate the broader IO landscape, and any NPC label erosion or reimbursement pressure would directly threaten the single commercial asset supporting the entire pipeline.