CG Oncology, Inc. CGON
We are a late-stage clinical biopharmaceutical company focused on developing and commercializing cretostimogene grenadenorepvec (cretostimogene), an investigational oncolytic immunotherapy with a dual mechanism of action designed both to eliminate cancer cells directly by selective replication and indirectly by activating an anti-tumor immune response, as a potential backbone therapy in a broad range of patients afflicted with bladder cancer. Cretostimogene is currently in clinical development for the treatment of patients with high-risk and intermediate-risk non-muscle invasive bladder cancer (NMIBC), which potentially represents up to 150,000 addressable patients.
We are evaluating the safety and efficacy of cretostimogene as a monotherapy in BOND-003 Cohort C, our ongoing Phase 3 clinical trial in high-risk Bacillus Calmette-Guérin (BCG)-unresponsive NMIBC with carcinoma in situ (CIS), with or without Ta/T1 disease. Given the limitations of currently approved therapies, the next course of treatment for these patients with BCG-unresponsive tumors is radical cystectomy, which is the complete removal of the bladder. This surgery carries a significant social, functional and emotional burden for patients. As such, there is a significant unmet need for effective bladder-sparing treatments. We have completed enrollment for this cohort and reported potentially best-in-disease data in September 2025. This trial served as the basis for our Biologics License Application (BLA) submission for our initial indication to the U.S. Food and Drug Administration (FDA), which we initiated in the fourth quarter of 2025 and expect to complete in 2026. Cretostimogene has received both Fast Track and Breakthrough Therapy designations from the FDA for the treatment of high-risk BCG-unresponsive NMIBC with CIS with or without Ta or T1 papillary tumors. Additionally, in April 2024, we initiated BOND-003 Cohort P, an exploratory study evaluating cretostimogene monotherapy in high-risk BCG-unresponsive NMIBC with only Ta/T1 disease. Initial data from this Cohort was reported at the 2025 AUA Annual Meeting, with potentially best-in-disease data reported at the Society of Urologic Oncology (SUO) 26th Annual Meeting in December 2025. Based on internal research derived from the National Cancer Institute Surveillance, Epidemiology, and End Results Program's (NIH SEER) database, secondary claims data analytics and management assumptions, the high-risk BCG-unresponsive NMIBC segment may represent up to 25,000 addressable patients.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $4.0M | $1.1M | $204.0K | — |
| R&D | $116.6M | $82.1M | $45.8M | — |
| SG&A | $73.5M | $33.7M | $9.9M | — |
| Total operating expenses | — | $115.8M | $55.7M | — |
| Operating income | -$190.8M | -$114.7M | -$55.4M | — |
| Pre-tax income | -$160.7M | -$88.0M | -$48.6M | — |
| Income tax | $270.0K | $1.0K | $1.0K | — |
| Net income | -$161.0M | -$88.0M | -$48.6M | — |
| EPS, basic | -2.08 | -1.41 | -15.65 | — |
| EPS, diluted | -2.08 | -1.41 | -15.65 | — |
| Shares, diluted (wtd. avg.) | 77.3M | 62.5M | 4.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $32.5M | $257.1M | $8.3M | $88.1M |
| Short-term investments | $709.7M | $484.9M | $179.4M | — |
| Receivables | $688.0K | $0 | — | — |
| Inventory | $1.6M | $0 | — | — |
| Total current assets | $759.5M | $754.2M | $194.1M | — |
| Property, plant and equipment | $15.6M | $272.0K | $69.0K | — |
| Goodwill | $10.3M | $0 | — | — |
| Other intangibles | $575.0K | $0 | — | — |
| Total assets | $791.6M | $754.8M | $199.3M | — |
| Accounts payable | $5.7M | $6.5M | $3.2M | — |
| Total current liabilities | $30.8M | $21.4M | $14.3M | — |
| Long-term debt | $3.0M | $0 | — | — |
| Total liabilities | $39.0M | $21.4M | $14.5M | — |
| Retained earnings | -$379.0M | -$218.0M | -$129.9M | — |
| Total equity | $752.6M | $733.4M | -$123.1M | -$77.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$132.3M | -$78.7M | -$45.7M | — |
| Depreciation and amortisation | $1.4M | $32.0K | $17.0K | — |
| Stock-based compensation | $26.7M | $11.4M | $1.5M | — |
| Capital expenditure | $134.0K | $234.0K | — | — |
| Investing cash flow | -$245.8M | -$300.8M | -$121.2M | — |
| Financing cash flow | $153.6M | $628.3M | $87.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177395.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $204.0K | $1.1M | $4.0M |
| Gross profit | — | — | — | — |
| Net income | — | -$48.6M | -$88.0M | -$161.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event Item 8.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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