CG Oncology Inc.(NASDAQ:CGON) 
CG Oncology is a late-stage clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer.
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
revenues | ||||||||||
commercial and development revenue | 1,069,000 | 1,726,000 | 1,508,000 | |||||||
license and collaboration revenue | 14,000 | 596,000 | 158,000 | 52,000 | ||||||
total revenues | 1,083,000 | 2,322,000 | 1,666,000 | |||||||
yoy | ||||||||||
qoq | -53.36% | 39.38% | ||||||||
operating costs and expenses | ||||||||||
cost of sales | 2,962,000 | 3,070,000 | 1,577,000 | |||||||
research and development | 43,730,000 | 29,958,000 | 27,884,000 | 31,331,000 | 27,467,000 | 26,800,000 | 19,622,000 | 18,470,000 | 17,210,000 | |
general and administrative | 20,780,000 | 17,994,000 | 23,334,000 | 17,410,000 | 14,789,000 | 11,705,000 | 8,716,000 | 7,494,000 | 5,788,000 | |
total operating costs and expenses | 67,472,000 | 51,022,000 | 52,795,000 | |||||||
income from operations | -66,389,000 | -48,700,000 | -51,129,000 | -48,741,000 | -42,204,000 | -38,049,000 | -28,295,000 | -25,853,000 | -22,469,000 | |
yoy | 57.30% | 27.99% | 80.70% | 88.53% | 87.83% | |||||
qoq | 36.32% | -4.75% | 4.90% | 15.49% | 10.92% | 34.47% | 9.45% | 15.06% | ||
operating margin % | -6130.10% | -2097.33% | -3068.97% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | |
other income, net: | -9,000 | |||||||||
interest income | 6,288,000 | 7,444,000 | 7,421,000 | 7,319,000 | 7,747,000 | 6,245,000 | 7,892,000 | 6,943,000 | 5,546,000 | |
other income | -101,000 | -53,000 | -100,000 | -4,000 | 5,000 | 6,000 | -2,000 | 8,000 | ||
total other income | 6,187,000 | 7,391,000 | 7,321,000 | 7,315,000 | 7,752,000 | 6,251,000 | 7,890,000 | 6,951,000 | 5,537,000 | |
net loss and comprehensive loss | -60,202,000 | -41,309,000 | -43,808,000 | -41,426,000 | -34,452,000 | -31,798,000 | -20,405,000 | -18,902,000 | -16,932,000 | |
net income per share | -0.71 | -0.51 | -0.57 | -0.54 | -0.45 | -0.48 | -0.3 | -0.28 | -0.36 | |
weighted-average shares of common stock outstanding, basic and diluted | 84,518,512 | 77,303,440 | 76,729,726 | 76,226,829 | 76,187,621 | 62,496,725 | 67,143,744 | 66,649,443 | 47,064,768 | |
operating expenses | ||||||||||
total operating expenses | 48,741,000 | 42,256,000 | 38,505,000 | 28,338,000 | 25,964,000 | 22,998,000 | ||||
research and collaboration revenue | 170,750 | 43,000 | 111,000 | 529,000 | ||||||
deemed dividend on redeemable convertible preferred stock issuances | ||||||||||
cumulative redeemable convertible preferred stock dividends | ||||||||||
net loss attributable to common stockholders | -31,798,000 | -20,405,000 | -18,902,000 | -16,932,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||
current assets: | ||||||||||
cash and cash equivalents | 33,700,000 | 32,490,000 | 45,145,000 | 14,624,000 | 41,472,000 | 257,068,000 | 43,411,000 | 25,158,000 | 77,468,000 | 8,266,000 |
marketable securities | 1,042,542,000 | 709,665,000 | 635,118,000 | 646,428,000 | 646,962,000 | 484,930,000 | 497,299,000 | 527,722,000 | 489,040,000 | 179,408,000 |
inventory | 1,493,000 | 1,565,000 | 1,501,000 | |||||||
accounts receivable | 1,275,000 | 688,000 | 515,000 | |||||||
prepaid expenses and other current assets | 23,133,000 | 15,067,000 | 13,511,000 | 11,416,000 | 12,413,000 | 11,431,000 | 11,233,000 | 10,802,000 | 11,949,000 | 6,358,000 |
total current assets | 1,102,143,000 | 759,475,000 | 695,790,000 | 673,030,000 | 701,192,000 | 754,210,000 | 552,080,000 | 563,864,000 | 578,610,000 | 194,124,000 |
property and equipment | 15,074,000 | 15,596,000 | 15,329,000 | 253,000 | 264,000 | 272,000 | 63,000 | 84,000 | 77,000 | 69,000 |
operating lease right-of-use assets | 4,512,000 | 3,971,000 | 4,203,000 | 965,000 | 1,033,000 | 221,000 | 275,000 | 329,000 | 368,000 | 422,000 |
intangible assets | 560,000 | 575,000 | 1,672,000 | |||||||
goodwill | 10,297,000 | 10,297,000 | 12,805,000 | |||||||
other assets | 2,676,000 | 1,678,000 | 114,000 | 522,000 | 516,000 | 94,000 | 53,000 | 53,000 | 53,000 | 19,000 |
total assets | 1,135,262,000 | 791,592,000 | 729,913,000 | 701,445,000 | 728,181,000 | 754,797,000 | 552,471,000 | 564,330,000 | 579,108,000 | 199,301,000 |
liabilities and stockholders’ equity | ||||||||||
current liabilities: | ||||||||||
accounts payable | 8,236,000 | 5,714,000 | 9,193,000 | 7,125,000 | 6,731,000 | 6,517,000 | 4,076,000 | 4,491,000 | 4,658,000 | 3,242,000 |
operating lease liabilities, current portion | 1,066,000 | 915,000 | 912,000 | 288,000 | 255,000 | 186,000 | 225,000 | 237,000 | 220,000 | 217,000 |
accrued expenses and other current liabilities | 25,914,000 | 24,207,000 | 20,423,000 | 22,968,000 | 15,656,000 | 14,665,000 | 11,329,000 | 7,125,000 | 5,106,000 | 10,443,000 |
total current liabilities | 35,216,000 | 30,836,000 | 30,528,000 | 30,381,000 | 22,642,000 | 21,368,000 | 15,630,000 | 11,853,000 | 9,984,000 | 14,254,000 |
long-term debt | 3,000,000 | 3,000,000 | 3,000,000 | |||||||
operating lease liabilities, net of current portion | 3,509,000 | 3,106,000 | 3,329,000 | 706,000 | 781,000 | 52,000 | 71,000 | 118,000 | 184,000 | 244,000 |
deferred tax liability | 307,000 | 307,000 | 1,609,000 | |||||||
other liabilities | 1,451,000 | 1,741,000 | 3,804,000 | |||||||
total liabilities | 43,483,000 | 38,990,000 | 42,270,000 | 31,087,000 | 23,423,000 | 21,420,000 | 15,701,000 | 11,971,000 | 10,168,000 | 14,511,000 |
commitments and contingencies | ||||||||||
stockholders’ equity: | ||||||||||
common stock, 0.0001 par value per share... | 9,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 7,000 | 7,000 | 7,000 | |
additional paid-in capital | 1,530,948,000 | 1,131,570,000 | 1,025,302,000 | 964,209,000 | 957,183,000 | 951,350,000 | 722,946,000 | 718,130,000 | 715,807,000 | 6,842,000 |
accumulated deficit | -439,178,000 | -378,976,000 | -337,667,000 | -293,859,000 | -252,433,000 | -217,981,000 | -186,183,000 | -165,778,000 | -146,874,000 | -129,942,000 |
total stockholders' equity | 1,091,779,000 | 752,602,000 | 687,643,000 | 670,358,000 | 704,758,000 | 733,377,000 | 536,770,000 | 552,359,000 | 568,940,000 | |
total liabilities and stockholders' equity | 1,135,262,000 | 791,592,000 | 729,913,000 | 701,445,000 | 728,181,000 | |||||
accounts receivable - other | 562,000 | 345,000 | 781,000 | 137,000 | 182,000 | 153,000 | ||||
note receivable | 26,675,000 | 25,176,000 | ||||||||
deferred offering costs | 4,667,000 | |||||||||
liabilities, convertible preferred stock and stockholders’ equity | ||||||||||
success fee liability, current portion | 352,000 | |||||||||
success fee liability, non-current | ||||||||||
redeemable convertible preferred stock | ||||||||||
series a-1 redeemable convertible preferred stock, 0.0001 par value per share... | 3,570,000 | |||||||||
series b redeemable convertible preferred stock, 0.0001 par value per share... | 10,000,000 | |||||||||
series c redeemable convertible preferred stock, 0.0001 par value per share... | 22,000,000 | |||||||||
series d redeemable convertible preferred stock, 0.0001 par value per share... | 47,300,000 | |||||||||
series e redeemable convertible preferred stock, 0.0001 par value per share... | 120,000,000 | |||||||||
series f redeemable convertible preferred stock, 0.0001 par value per share... | 105,020,000 | |||||||||
stockholders’ equity | ||||||||||
total liabilities, redeemable convertible preferred stock and stockholders' equity | 754,797,000 | 552,471,000 | 564,330,000 | 579,108,000 | ||||||
other receivables | 92,000 | |||||||||
liabilities, redeemable convertible preferred stock and stockholders’ deficit | ||||||||||
long-term debt, current portion | ||||||||||
success fee liability, net of current portion | 13,000 | |||||||||
common stock, 0.001 par value per share... | ||||||||||
total stockholders' deficit | -123,100,000 | |||||||||
total liabilities, convertible preferred stock and stockholders' deficit | 199,301,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||
net loss | -60,202,000 | -41,309,000 | -43,808,000 | -41,426,000 | -34,452,000 | -31,798,000 | -20,405,000 | -18,904,000 | -16,932,000 |
adjustments to reconcile net loss to net cash from operating activities: | |||||||||
depreciation and amortization | 841,000 | 849,000 | 416,000 | 156,000 | 24,000 | 0 | 21,000 | 7,000 | 4,000 |
stock-based compensation expense | 6,474,000 | 7,187,000 | 7,331,000 | 7,007,000 | 5,151,000 | 4,990,000 | 2,649,000 | 2,246,000 | 1,517,000 |
unrealized losses on short-term investments | 1,664,000 | ||||||||
non-cash interest expense | 46,000 | ||||||||
non-cash lease expense | 13,000 | 13,000 | 8,000 | 27,000 | -14,000 | -5,000 | -4,000 | -10,000 | -3,000 |
changes in operating assets and liabilities: | |||||||||
prepaid expenses and other current assets | -8,066,000 | -1,810,000 | -105,000 | 997,000 | -982,000 | -198,000 | -431,000 | ||
accounts receivable | -587,000 | -301,000 | |||||||
inventory | 72,000 | -64,000 | |||||||
other assets | -998,000 | -1,564,000 | -7,000 | 22,000 | -35,000 | -41,000 | 0 | -1,000 | -33,000 |
accounts payable | 2,522,000 | -3,479,000 | 1,227,000 | 394,000 | 214,000 | 2,441,000 | -415,000 | -168,000 | 1,417,000 |
accrued expenses and other current liabilities | 1,607,000 | 3,731,000 | -3,379,000 | 7,467,000 | 836,000 | 3,338,000 | 4,203,000 | ||
other liabilities | -329,000 | -496,000 | |||||||
net cash from operating activities | -56,943,000 | -36,216,000 | -38,894,000 | -27,959,000 | -29,277,000 | -20,662,000 | -15,919,000 | -16,120,000 | -26,012,000 |
capital expenditures | -304,000 | -7,000 | -97,000 | -14,000 | -16,000 | -209,000 | 1,000 | 0 | -12,000 |
free cash flows | -57,247,000 | -36,223,000 | -38,991,000 | -27,973,000 | -29,293,000 | -20,871,000 | -15,918,000 | -16,120,000 | -26,024,000 |
investing activities | |||||||||
proceeds from sales and maturities of investments | 252,853,000 | 222,240,000 | |||||||
purchases of investments | -587,394,000 | -297,738,000 | |||||||
issuance of note receivable | -1,000,000 | -25,000,000 | |||||||
purchases of property and equipment | -304,000 | -7,000 | -97,000 | -14,000 | -16,000 | -209,000 | 1,000 | ||
net cash from investing activities | -334,845,000 | -75,505,000 | 15,045,000 | 1,407,000 | -186,769,000 | 10,905,000 | 32,005,000 | -36,230,000 | -307,444,000 |
financing activities | |||||||||
proceeds from follow-on public offerings, net of issuance costs | 391,550,000 | ||||||||
proceeds from exercise of common stock options | 1,669,000 | ||||||||
withholding taxes paid on net exercise of stock options | -174,000 | ||||||||
stock issuance costs | -47,000 | ||||||||
net cash from financing activities | 392,998,000 | 99,066,000 | 54,370,000 | -296,000 | 450,000 | 223,414,000 | 2,167,000 | 40,000 | 402,658,000 |
net increase in cash and cash equivalents | 1,210,000 | -12,655,000 | 30,521,000 | -26,848,000 | -215,596,000 | ||||
cash and cash equivalents at beginning of period | 32,490,000 | 0 | 0 | 0 | 257,068,000 | ||||
cash and cash equivalents at end of period | 33,700,000 | -12,655,000 | 30,521,000 | -26,848,000 | 41,472,000 | ||||
supplemental disclosure of cash flow information | |||||||||
cash paid for interest | 47,000 | ||||||||
cash paid for taxes | 0 | 5,000 | |||||||
non-cash investing and financing activities: | |||||||||
stock issuance costs, unpaid and accrued | 139,000 | ||||||||
operating lease right-of-use asset obtained in exchange for lease liabilities | 791,000 | 0 | 0 | 0 | 859,000 | ||||
amortization of loan fees | |||||||||
final payment amortization and loss on debt extinguishment | |||||||||
success fee amortization | |||||||||
accretion of discount on short-term investments | 951,000 | 201,000 | -1,887,000 | -279,000 | 1,255,000 | -1,582,000 | |||
acquisition, net of cash acquired | 0 | ||||||||
proceeds from initial public offering, net of issuance costs | 0 | 0 | 0 | 406,410,000 | |||||
proceeds from issuance of series f redeemable convertible preferred stock, net of issuance costs | |||||||||
payments of success fee or long-term debt | 0 | 0 | 0 | -365,000 | |||||
reclassification of 38,413,909 redeemable convertible preferred stock to 38,413,909 shares of common stock | 0 | 0 | 0 | 307,890,000 | |||||
conversion of stock issuance costs | |||||||||
non-cash interest income | -169,000 | -499,000 | -176,000 | ||||||
proceeds from at-the-market offering, net of issuance costs | |||||||||
proceeds from exercise of common stock options and issuance of common stock under the employee stock purchase plan | 5,099,000 | 19,000 | 682,000 | 355,000 | |||||
deferred offering costs | 270,000 | -315,000 | -232,000 | 0 | 0 | -37,000 | -3,387,000 | ||
supplemental schedule of non-cash investing and financing activities: | |||||||||
conversion of deferred offering costs | |||||||||
deferred offering costs, unpaid and accrued | 215,000 | ||||||||
accounts receivable - other | -217,000 | 436,000 | -644,000 | 45,000 | |||||
proceeds from sales and maturities of short-term investments | 170,381,000 | 200,139,000 | 228,182,000 | 201,239,000 | 170,126,000 | 145,865,000 | |||
purchases of short-term investments | -167,960,000 | -361,892,000 | -217,068,000 | -169,235,000 | |||||
proceeds from follow-on public offering, net of issuance costs | |||||||||
net increase in cash, cash equivalents and restricted cash | 18,253,000 | ||||||||
cash, cash equivalents and restricted cash at beginning of period | 0 | ||||||||
cash, cash equivalents and restricted cash at end of period | 18,253,000 | -52,310,000 | 77,468,000 | ||||||
reclassification of deferred offering costs | 0 | 0 | 6,845,000 | ||||||
final payment amortization | |||||||||
(accretion of discount) amortization of premium on short-term investments | -2,199,000 | ||||||||
prepaid and current assets | -5,654,000 | ||||||||
accrued expenses | -4,129,000 | ||||||||
purchase of short-term investments | -453,297,000 | ||||||||
purchase of property and equipment | -12,000 | ||||||||
proceeds from exercise of stock options | |||||||||
net increase in cash, cash equivalent and restricted cash | 69,202,000 | ||||||||
cash, cash equivalents and restricted cash at beginning of year | 8,266,000 | ||||||||
supplemental schedule of noncash investing and financing activities: | |||||||||
proceeds from issuance of series e redeemable convertible preferred stock, net of issuance costs | |||||||||
payment of long-term debt |