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CGON

CG Oncology, Inc. Common stock

CGON

CG Oncology, Inc. Common stock • NASDAQ
$44.84 ▲ 0.00% (+0.00)
Market Cap $3.36 B
52w High $45.94
52w Low $14.80
Dividend Yield 0%
P/E -21.87
Volume 389.20K
Outstanding Shares 74.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.666M ▲ $51.218M ▲ $-43.808M ▼ -2.63K% ▼ $-0.57 ▼ $-43.392M ▼
Q2-2025 $0 ▼ $48.585M ▲ $-41.426M ▼ 0% ▲ $-0.54 ▼ $-41.27M ▲
Q1-2025 $52K ▼ $42.256M ▲ $-34.452M ▼ -66.254K% ▼ $-0.45 ▲ $-42.18M ▼
Q4-2024 $456K ▲ $38.505M ▲ $-31.798M ▼ -6.973K% ▲ $-0.49 ▼ $-38.049M ▼
Q3-2024 $43K $28.338M $-20.405M -47.453K% $-0.3 $-28.274M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $680.263M ▲ $729.913M ▲ $42.27M ▲ $687.643M ▲
Q2-2025 $661.052M ▼ $701.445M ▼ $31.087M ▲ $670.358M ▼
Q1-2025 $688.434M ▼ $728.181M ▼ $23.423M ▲ $704.758M ▼
Q4-2024 $741.998M ▲ $754.797M ▲ $21.42M ▲ $733.377M ▲
Q3-2024 $540.71M $552.471M $15.701M $536.77M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-43.808M ▼ $-38.894M ▼ $15.045M ▲ $54.37M ▲ $30.521M ▲ $-38.991M ▼
Q2-2025 $-41.426M ▼ $-27.959M ▲ $1.407M ▲ $-296K ▼ $-26.848M ▲ $-27.973M ▲
Q1-2025 $-34.452M ▼ $-29.277M ▼ $-186.769M ▼ $450K ▼ $-215.596M ▼ $-29.293M ▼
Q4-2024 $-31.798M ▼ $-20.662M ▼ $10.905M ▼ $223.414M ▲ $213.657M ▲ $-20.871M ▼
Q3-2024 $-20.405M $-15.919M $32.005M $2.167M $18.253M $-15.918M

Five-Year Company Overview

Income Statement

Income Statement CG Oncology is still a classic clinical‑stage biotech story: essentially no product revenue yet and steadily rising losses as development spending ramps up. The income statement shows that operating and net losses have widened each year, and the loss per share has grown as trials expanded. This pattern is typical for a late‑stage biotech investing heavily in clinical programs, but it also means the path to profitability depends almost entirely on successfully bringing its lead therapy to market and scaling commercial sales over time.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully in the most recent year. Total assets and shareholders’ equity have grown several times compared with prior years, and cash on hand is now much more substantial than it used to be. The company carries effectively no financial debt, which reduces balance‑sheet risk. Overall, CG Oncology currently looks reasonably well‑capitalized for a development‑stage biotech, though its position will be shaped by how quickly it spends cash on trials and launch preparation versus any future capital raises or partnerships.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting ongoing research, clinical trials, and overhead without offsetting revenue. The cash burn has increased as the company moved into later‑stage studies, and free cash flow tracks this pattern because there is essentially no heavy capital spending. In practical terms, the business is using cash rather than generating it, and will likely continue to rely on external funding or milestone payments until commercialization is established, if approvals are obtained.

Competitive Edge

Competitive Edge CG Oncology’s competitive position centers on a single, highly focused area: non‑muscle invasive bladder cancer. Its lead therapy has produced very strong response rates and durable benefit in a tough patient group, with data that compare favorably to existing approved options, and a safety profile that appears manageable and largely localized. The treatment is bladder‑sparing and convenient for urologists to administer, which fits well with current clinical practice. Regulatory designations such as Fast Track and Breakthrough suggest the therapy is viewed as addressing an important unmet need. At the same time, CG Oncology competes against very large pharmaceutical companies and other emerging therapies in bladder cancer, and it remains heavily dependent on the success of one core product, which concentrates risk.

Innovation and R&D

Innovation and R&D The company’s innovation is built around an engineered oncolytic virus that both kills cancer cells directly and stimulates the immune system, a dual mechanism that could provide meaningful differentiation. R&D efforts are not just focused on one niche: CG Oncology is running late‑stage trials in high‑risk disease, expanding into intermediate‑risk settings, and testing combinations with major checkpoint inhibitors in more advanced bladder cancer. This creates several potential paths for the platform if the data hold up. Rising research and development spending reflects this broader pipeline push. However, as with all biotechs, there is substantial scientific and regulatory uncertainty until trials are completed and regulators and physicians fully validate the approach.

Summary

CG Oncology is a late‑stage oncology biotech with a single, very focused mission: changing how bladder cancer is treated through an innovative viral immunotherapy. Financially, it looks like a typical pre‑revenue biotech—no commercial sales, growing losses, steady cash burn, but now a much stronger cash and equity base and little to no debt. Strategically, it stands out because of strong clinical data, a clear bladder‑sparing value proposition, and supportive regulatory designations, all of which could translate into a meaningful competitive edge if approvals and adoption follow. The main sensitivities are the usual ones for this type of company: heavy dependence on successful approval and commercialization of one key asset, ongoing cash needs as trials and launch plans progress, and competition from much larger players in the bladder cancer space.

NEWS

November 26, 2025 · 7:00 AM UTC

CG Oncology Announces New Board Member and Board Transition

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November 14, 2025 · 8:00 AM UTC

CG Oncology Reports Third Quarter 2025 Financial Results and Provides Business Updates

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September 5, 2025 · 7:00 AM UTC

CG Oncology Continues to Demonstrate Best-in-Disease Durability and Tolerability in BOND-003 Cohort C; Additional 12 Patients in Complete Response at 24 Months

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September 3, 2025 · 8:00 AM UTC

CG Oncology Completes Enrollment in PIVOT-006

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