Persistent cash burn remains a critical concern, evidenced by a negative free cash flow of $57.9M in 2026Q1 and an erratic OCF/NI ratio that reached 1.53 in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -170.57M | -138.51M | -20.44M | -174.88M | -241.12M | -37.43M | 154.15M | 28.36M | -159.27M | -200.29M | -252.54M | -107.99M | -23.93M | 15.42M | -18.25M |
| Operating CF Margin % | - | -328.45% | -7.66% | -67.98% | -114.25% | -11.46% | 32.4% | 7.96% | -10235.6% | -12871.85% | -132.84% | -359.48% | -76.92% | 560.63% | -961.08% |
| Operating CF Growth % | -445.84% | -577.66% | 88.31% | 27.47% | -544.17% | -124.28% | 443.63% | 117.8% | 20.48% | 20.69% | -133.86% | -351.33% | -255.14% | 184.5% | - |
| Net Income | -151.66M | 168.02M | 28.51M | -237.89M | -291.75M | -287.1M | 132.24M | 89.83M | -209.41M | -238.29M | -127.79M | -223.94M | -87.18M | -53.63M | -33.02M |
| Depreciation & Amortization | 4.92M | 0 | 5.28M | 3.79M | 3.7M | 3.45M | 2.89M | 3.26M | 3.23M | 3.4M | 3M | 1.87M | 674K | 404K | 221K |
| Stock-Based Compensation | 19.6M | 0 | 27.8M | 43.11M | 50.74M | 51.36M | 38.16M | 33.59M | 34.8M | 36.06M | 27.42M | 16.72M | 11.06M | 2.04M | 443K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 9.44M | 0 | -55K | 3.56M | 453K | -1.31M | 1.68M | 13.85M | 12.32M | -7.01M |
| Other Non-Cash Items | -592.09M | -300.69M | -137.92M | 52.93M | 75.45M | 143.05M | 15.5M | 15.65M | -1.75M | 3.22M | 5.35M | 4.56M | 9.23M | 12.87M | 9.47M |
| Working Capital Changes | -69.52M | -5.84M | 55.89M | -36.83M | -79.26M | 42.36M | -34.65M | -113.93M | 10.3M | -5.13M | -159.21M | 91.11M | 28.43M | 41.41M | 11.64M |
| Change in Receivables | 152.88M | 93.56M | 149.35M | -150.68M | 13.05M | 34.06M | -15.22M | -141.99M | 8.28M | 1.86M | -299K | 857K | -2.14M | -120K | -158K |
| Change in Inventory | -23.54M | -17.11M | -31.95M | -46.73M | -47.35M | -6.25M | -38.36M | -48.18M | -5.48M | -148K | 8.26M | -1.27M | -16.16M | -384K | 122K |
| Change in Payables | -24.11M | -19.56M | -3.94M | 23.76M | -4.55M | 874K | -9.82M | 9.89M | -534K | -4.45M | -7.64M | 19.93M | 5.27M | -386K | 3.38M |
| Cash from Investing | 423.23M | 375.09M | 230.32M | 144.64M | -166.85M | -138.41M | -14.4M | -12.73M | -1.19M | -4.42M | -6.51M | -6.95M | -525K | -373K | -1.82M |
| Capital Expenditures | 0 | 0 | 0 | -286K | -2.04M | -1.29M | -7.23M | -12.9M | -789K | -4.57M | -6.51M | -6.16M | -2.85M | -373K | -1.78M |
| CapEx % of Revenue | 0% | - | - | 0.11% | 0.97% | 0.39% | 1.52% | 3.62% | 50.71% | 293.89% | 3.43% | 20.52% | 9.16% | 13.56% | 93.89% |
| Acquisitions | 0 | 0 | 0 | 845K | 0 | 1.29M | 0 | 1.66M | -700K | 0 | 0 | 0 | 2.33M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 473.86M | 457.46M | 215.43M | 5.95M | -37.43M | -137.29M | -7.33M | -1.66M | 301K | 156K | -6.51M | -785K | -10K | 0 | -40K |
| Cash from Financing | -219.85M | -273.7M | -186.97M | 69.6M | 54.33M | 51.88M | 223.95M | 89.37M | 105.42M | 206.79M | 226.18M | 122.69M | 135.96M | 9.96M | 26.94M |
| Debt Issued (Net) | -233.19M | -233.19M | -223.41M | 0 | 49.93M | -672K | 222.16M | 72.95M | 0 | 0 | 100M | 0 | 0 | 9.95M | 0 |
| Equity Issued (Net) | 61.9M | 8.25M | 1.46M | 74.22M | 6.36M | -1.75M | 0 | 8.15M | 101.75M | 206.31M | 123.61M | 122.8M | 140.08M | 0 | 26.94M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -544K | 0 | 0 | -2K | 0 | 0 |
| Other Financing | -48.56M | -48.77M | 34.98M | -4.62M | -1.96M | 54.3M | 1.79M | 8.26M | 3.67M | 482K | 2.57M | -111K | -4.12M | 6K | 0 |
| Net Change in Cash | 32.8M | -37.13M | 22.91M | 39.34M | -353.65M | -123.96M | 363.69M | 104.72M | -54.56M | 1.96M | -33.28M | 7.83M | 110.84M | 25.01M | 6.86M |
| Free Cash Flow | -170.57M | -138.51M | -20.44M | -175.17M | -243.16M | -38.72M | 146.91M | 15.46M | -160.06M | -204.86M | -259.06M | -114.15M | -26.78M | 15.05M | -20.03M |
| FCF Margin % | -363.83% | -328.45% | -7.66% | -68.09% | -115.22% | -11.86% | 30.88% | 4.34% | -10286.31% | -13165.75% | -136.27% | -379.99% | -86.08% | 547.07% | -1054.98% |
| FCF Growth % | -34214.6% | -577.66% | 88.33% | 27.96% | -527.99% | -126.36% | 850.41% | 109.66% | 21.87% | 20.92% | -126.94% | -326.33% | -277.91% | 175.12% | - |
| FCF per Share | -1.25 | -1.15 | -0.18 | -1.86 | -3.13 | -0.51 | 1.76 | 0.21 | -2.46 | -3.86 | -6.18 | -3.08 | -3.27 | 0.83 | -7.09 |
| FCF Conversion (FCF/Net Income) | 1.12x | 0.81x | -0.72x | 0.74x | 0.83x | 0.13x | 1.17x | 0.32x | 0.76x | 0.84x | 1.98x | 0.48x | 0.27x | -0.29x | 0.55x |
| Interest Paid | 0 | 0 | 0 | 0 | 34.88M | 18.68M | 16.96M | 15.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 40K | 1.22M | 3.95M | 1.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient liquidity for operations
According to the provided financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 0.16 to 5.77, indicating that reported earnings provide little visibility into the company's actual ability to generate cash from its core oncology operations.
The significant volatility in the OCF/NI ratio suggests that accruals and non-cash adjustments are heavily distorting the company's reported profitability. Investors should monitor this divergence closely, as it implies that the underlying cash-generating capacity of the business remains disconnected from the accounting bottom line.
As reported in quarterly filings, Coherus Oncology has struggled to maintain positive free cash flow, with the most recent 2026Q1 period showing a -$57.9M outflow, highlighting the company's ongoing reliance on external capital to fund its transition toward a concentrated oncology-focused business model.
The consistent negative FCF trajectory underscores the structural challenges of scaling a novel immuno-oncology pipeline while simultaneously managing the decay of legacy biosimilar assets. This trend suggests that the company remains in a cash-burning phase that may necessitate further dilutive financing to sustain its current R&D and commercial infrastructure.
Based on historical cash flow statements, working capital changes have been a major source of cash flow instability, with fluctuations ranging from a $48.2M inflow in 2024Q4 to a $23.7M outflow in 2026Q1, reflecting the inherent unpredictability of managing inventory and receivables in the biosimilar market.
These swings in working capital suggest that the company is struggling to optimize its cash conversion cycle, likely due to the complexities of the buy-and-bill reimbursement model. Such volatility warrants further investigation into whether these movements represent temporary timing differences or more permanent structural inefficiencies in the revenue collection process.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $10.8M in 2025Q4, consistently masks the true extent of the company's cash burn, effectively subsidizing operating expenses that would otherwise be reflected as direct cash outflows from the company's limited liquidity reserves.
By relying on non-cash compensation to manage operating expenses, the company may be understating the true cost of its human capital and the dilution risk faced by shareholders. This practice obscures the actual cash requirements of the business and complicates the assessment of its long-term financial sustainability.
Quick answers to the most common questions about buying CHRS stock.
Coherus Oncology, Inc. (CHRS) generated $-138.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Coherus Oncology, Inc. (CHRS) reported negative free cash flow of $138.5M in 2025, indicating capital requirements exceeded cash from operations.
Coherus Oncology, Inc. (CHRS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.