CHRS · CIK 1512762
What Coherus Oncology, Inc. told the SEC could break it.
Coherus Oncology's disclosures center on dependencies it doesn't control across its commercial and development paths. Nearly all of its product revenue flows through just three wholesalers — about 43%, 36%, and 20% of gross product revenue from continuing operations in 2025 — so losing one or a material cut in their purchasing would hurt the business. On the development side it relies on third-party CROs and vendors to run its nonclinical and clinical studies, where a failure to perform or comply could block regulatory approvals, and it is exposed to disruptions at the FDA — funding shortfalls, staffing limits, or shutdowns — that could delay inspections and new-product clearances.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Three wholesalers ~99% of gross product revenue (43/36/20%)high
Coherus's product revenue flows almost entirely through three wholesalers (43%, 36%, and 20% of gross product revenue from continuing operations in 2025); loss of any, or a material reduction in their purchases/pricing, would harm the business.
“In 2025, three wholesalers individually comprised approximately 43%, 36%, and 20%, respectively, of our total gross product revenue from continuing operations.”
SEC filing →As of 2026
Other disclosures
- Reliance on third-party CROs for nonclinical/clinical studies and other tasksmedium
Coherus relies on third parties (CROs and other vendors) to conduct its nonclinical and clinical studies and perform other tasks; if they fail to perform, meet deadlines, or comply with regulations, Coherus may be unable to obtain regulatory approvals.
“We rely on third parties to conduct our nonclinical and clinical studies and perform other tasks for us.”
SEC filing →As of 2026
Regulatory & policy
- FDA capacity/disruption risk affecting approvals and inspectionsmedium
Disruptions at the FDA and other agencies (funding shortages, staffing limits, shutdowns, or health concerns) could impair their ability to conduct manufacturing inspections and approve new products, delaying Coherus's pipeline.
“Disruptions at the FDA and other government agencies caused by funding shortages, staffing limitations, government shut-downs or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel, and conduct inspections of manufacturing facilities, or otherwise prevent new”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“Under the Vaccinex License Agreement, we are obligated to use commercially reasonable efforts to develop, clinically test, achieve regulatory approval, manufacture, market and commercialize at least one Vaccinex Licensed Product and have the sole right to develop, manufacture and commercialize the licensed products worldwide.”
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