Coherus Oncology gets Nasdaq minimum bid price deficiency notice, has until December 29, 2025

Coherus Oncology, Inc. (Nasdaq: CHRS) received a Nasdaq deficiency notice on June 30, 2025 because its common stock had closed below the $1.00 minimum bid price for the last 30 consecutive business days. The company disclosed the notice in a Form 8-K filed July 3, 2025. The notice has no immediate effect on the listing of its common stock on the Nasdaq Global Market.

What the notice requires

The Listing Qualifications Department of Nasdaq sent the notice. It says Coherus does not meet the minimum closing bid price of $1.00 per share required by Nasdaq Listing Rule 5450(a)(1) for continued listing. Under Rule 5810(c)(3)(A), the company has 180 calendar days, or until December 29, 2025, to regain compliance. To do so, its stock must close at or above $1.00 for at least 10 consecutive business days before that date.

If the company does not regain compliance by then, it may be eligible for a second 180-day period. That requires transferring the listing to the Nasdaq Capital Market, meeting the market value of publicly held shares requirement and the other initial listing standards there except the bid price, and giving Nasdaq written notice of its intent to cure the deficiency, including by a reverse stock split if necessary. If Nasdaq concludes the company cannot cure the deficiency, or the company is not eligible for the second period, the notice warns the stock could be delisted. Coherus could appeal a delisting determination to a hearings panel, and it says there can be no assurance an appeal would succeed. The company says it will monitor its closing bid price and evaluate available options.

Cash against the debt

The 2024 annual report says cash, cash equivalents and marketable securities totaled $126.0 million at December 31, 2024. The same report lists $230.0 million in aggregate principal of 2026 convertible notes outstanding, The notes, 1.5% Convertible Senior Subordinated Notes, fall due in 2026. Operating activities used $20.4 million of cash in 2024, against net income of $28.5 million.

On December 2, 2024, Coherus agreed to sell the UDENYCA business to Intas for $483.4 million in cash, inclusive of $118.4 million of UDENYCA product inventory. It says the company anticipated the transaction would close late in the first quarter or early in the second quarter of 2025. It expected to use the proceeds to fully repay the $230.0 million of 2026 notes and to pay $47.7 million to buy out its right to receive royalties on UDENYCA net sales, under a revenue purchase and sale agreement with Coduet Royalty Holdings, LLC and the other buyers named in its annex. The notice does not say whether that sale or the payment has closed.

The products and the notice's timing

The annual report names two commercial products, UDENYCA and LOQTORZI. The FDA approved LOQTORZI on October 27, 2023, in combination with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent locally advanced nasopharyngeal carcinoma, and as monotherapy after platinum-containing chemotherapy. LOQTORZI is an anti-PD-1 antibody developed with Junshi Biosciences Co., Ltd. The annual report warns that divesting a major business could make it hard to replace the revenue lost by selling UDENYCA.

The notice covers only the bid price. It says nothing about the convertible notes, the royalty buyout or the sale, and the 8-K does not link the deficiency to any of them.

What comes next

The company's next step is to regain compliance by December 29, 2025, which means closing at or above $1.00 for 10 consecutive business days before that date. A reverse stock split is the remedy the notice names if the company seeks a second compliance period, and the 8-K does not commit the company to one. Chief Executive Officer Dennis M. Lanfear signed the 8-K.

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