Coherus Oncology Enters $50M At-the-Market Equity Sales Agreement

What Happened

• On August 28, 2026, Coherus Oncology, Inc. (CHRS) entered into a sales agreement with Leerink Partners LLC to offer and sell, from time to time, shares of its common stock with an aggregate offering price of up to $50.0 million. The company is not obligated to sell any shares under the agreement.
• The offering will be conducted as an "at-the-market" (ATM) offering under Rule 415(a)(4) and is being made pursuant to the company’s shelf registration statement on Form S-3 (File No. 333-291520), declared effective December 8, 2025, and a prospectus supplement filed August 28, 2026. Net proceeds are intended for general corporate purposes, including working capital.

Key Details

• Amount available: up to $50.0 million of common stock.
• Agent: Leerink Partners LLC may act as agent or principal and will use commercially reasonable efforts to sell shares per company instructions.
• Fee: Company will pay the agent a commission of up to 3.0% of gross proceeds on each sale.
• Other terms: Sales may be made by any lawful method considered an ATM offering; either party may terminate the agreement with 10 days’ notice.

Why It Matters

• This ATM facility gives Coherus flexible, on-demand access to equity capital that can be used for working capital and general corporate needs without a firm commitment to sell shares now.
• Any future share sales under the agreement would dilute existing shareholders and increase shares outstanding; the extent of dilution depends on timing and prices of future sales.
• Commissions and offering expenses will reduce net proceeds. Investors should monitor future filings for actual sales, proceeds, and changes to share count that could affect per-share metrics and market valuation.