Coherus Oncology Announces Workforce Reductions and Strategic Clinical Shift
Coherus Oncology (CHRS) has announced a significant restructuring plan involving a 30% reduction in its workforce, cutting full-time employees from approximately 140 to 100. This move is designed to reduce quarterly operating expenses by $6 million to $7 million as the company seeks to lower its cash burn and extend its current runway of less than 12 months. Strategically, the company is narrowing its clinical focus for tagmokitug toward second-line esophageal cancer treatment to accelerate regulatory pathways. Additionally, Coherus reported that LOQTORZI sales reached $14 million in the third quarter, representing a 25% year-over-year increase. Management aims to reach cash breakeven through commercial sales by 2027 while pursuing non-dilutive funding via international partnerships.