Coherus at Morgan Stanley healthcare conference: oncology push gains traction

On September 16, 2026, Adlai Nortye, CEO of Morgan Stanley's global healthcare conference, presented the company's oncology strategy centered around targeting RAS (Ras-related protein) pathways with dual approach therapies. Nortye highlighted two lead programs: AN9025, an oral pan-RAS(ON) inhibitor, and AN4035, a novel ADC carrying a RAS inhibitor payload.

AN9025 demonstrated approximately 250 times greater potency than divarasib in preclinical testing, while early human data aligned with expectations. AN4035 began dosing its first patient just prior to the conference, and it is being tested in a global Phase I basket trial encompassing front-line pancreatic and lung cancers.

The company reported $232 million in cash as of June 30, 2025, with sufficient funds to support operations through 2028, as evidenced by a current ratio of 9.55, indicating robust short-term liquidity. InvestingPro analysis revealed that ANL holds more cash than debt, a crucial advantage for a clinical-stage biotech. Despite this strong financial position, the stock trades above its InvestingPro fair value estimate, placing it on the "Most Overvalued" watchlist.

Nortye emphasized that combination therapy, not monotherapy, would be the primary development strategy, particularly for front-line pancreatic and lung cancers. Cash and cash equivalents totaled $232 million as of June 30, 2025, providing a buffer for operations through 2028. The company completed two financings in 2025, including a PIPE financing that garnered strong shareholder backing, which is expected to fund preliminary safety and efficacy work for both lead programs.

AN9025 is the most advanced program, designed as a potential best-in-class oral small molecule for RAS-driven cancers. The global Phase I trial commenced in February 2025, with a once-daily dosing arm and an additional weekly intermittent dosing arm added in July 2025 based on preclinical findings suggesting prolonged dosing intervals.

Dose escalation is ongoing, and the maximum tolerated dose has not yet been reached in the once-daily arm. Expansion cohorts have already begun in the once-daily arm following favorable human pharmacokinetic data and early efficacy signals. Human pharmacokinetics have tracked closely with preclinical predictions, and early data indicate better tolerability than anticipated.

In preclinical models, AN9025 exhibited deeper tumor inhibition across G12X and G13X models compared to competitors like Revolution Medicines and Erasca, displaying about 250 times greater potency than divarasib. This advantage stems from stronger CypA binding, slower dissociation, and enhanced binding to RAS(ON), resulting in a more stable tri-complex and durable RAS signaling inhibition.

Weekly dosing of AN9025 potentially doubled the therapeutic window, with rat models showing dosing efficiencies of 0.2 mg daily versus 2.8 mg weekly.

AN4035, the company's second lead asset, differs from traditional ADCs by incorporating a pan-RAS(ON) inhibitor payload. The first patient was dosed in the global Phase I trial shortly before the conference, with the study enrolling solid tumors harboring RAS mutations across pancreatic, lung, and colorectal cancers. CEACAM5, chosen for its high expression in colorectal and pancreatic cancers and reduced expression in normal tissues, serves as the target antigen due to its manageable gastrointestinal toxicity profile.

Immunohistochemistry studies are planned to correlate CEACAM5 expression levels with drug activity. Expansion cohorts are anticipated to include previously treated patients with divarasib.

The company is developing an RASiCA platform, which has synthesized over 1,000 RAS(ON) inhibitor molecules over approximately five years. This platform includes internal abilities in linker and payload design, facilitating faster program development. Future programs may leverage dual-payload mechanisms and bispecific antibody approaches, with strategic partnerships also being considered for platform expansion.

Adlai Nortye stressed the company's global presence, with research and development teams situated in the U.S., Singapore, and China. In China, partner ASK Pharm is pursuing monotherapy strategies in second-line pancreatic and lung cancers, while Adlai Nortye focuses on front-line combination approaches. The primary strategy involves using combinations rather than relying on monotherapy alone, aiming to enhance success rates in challenging cancers and align with the rapid pace of the RAS field.

For AN9025, the company intends to initiate front-line pancreatic cancer studies with chemotherapy combinations like GnP and FOLFIRINOX promptly, without waiting for weekly dosing data to influence treatment plans.