Coherus Oncology is a commercial-stage oncology company focused on a single approved product, LOQTORZI (toripalimab), an anti-PD-1 antibody and the only FDA-approved immunotherapy for nasopharyngeal carcinoma (NPC), a rare cancer of the upper throat. LOQTORZI is approved both as a first-line treatment in combination with chemotherapy and as a monotherapy in later-line NPC, and carries NCCN's only preferred Category 1 designation for first-line metastatic NPC. Coherus sells LOQTORZI exclusively in the U.S. through specialty wholesale distributors, primarily McKesson, Cencora, and Cardinal Health. Revenue is driven by new patient starts, physician adoption across academic and community oncology settings, and treatment duration. A notable cost item is a royalty to Junshi Biosciences in the low-20% range on net sales, plus up to $380M in milestone payments tied to regulatory and commercial achievements. Beyond NPC, Coherus is advancing two pipeline assets, both paired with LOQTORZI in trials. Casdozokitug is a first-in-class anti-IL-27 antibody being studied in first-line hepatocellular carcinoma and lung cancer. Tagmokitug is an anti-CCR8 antibody designed to deplete tumor-resident regulatory T cells, being studied across head and neck, upper GI, esophageal, and colorectal cancers. Coherus holds global rights to both pipeline assets, and management's long-term thesis is that each new indication approval compounds LOQTORZI's addressable market, since LOQTORZI is the combination backbone in all pipeline trials.