CG Oncology, Inc. Common stock
- Open
- 70.68
- Day high
- 73.88
- Day low
- 70.19
- Prev close
- 71.96
- Volume
- 296K
- Mkt cap
- $6.5B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 6.0
- P/S
- 1282.4
- Yield
- —
- Per share
- —
- ▲Insiders net buying $22.9M over the last 3 months (1 open-market buy, 5 sales)
- 🏛Institutions accumulating (13F)
CG Oncology, Inc. Common stock (CGON) is a Healthcare company listed on NASDAQ. The stock is up 177% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 5 sales (SEC Form 4).
CG Oncology, Inc. Common stock (CGON) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CGON earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $-0.58 | $-0.71 | -22.4% | $1M | +139.1% |
| Nov 14, 2025 | $-0.56 | $-0.57 | -2.0% | $2M | +2706.4% |
| Aug 8, 2025 | $-0.49 | $-0.54 | -10.2% | — | — |
| Mar 28, 2025 | $-0.41 | $-0.48 | -17.1% | $456000 | +267.9% |
| Aug 8, 2024 | $-0.42 | $-0.28 | +33.3% | $111000 | — |
| May 9, 2024 | $-0.35 | $-0.36 | -2.9% | $529000 | — |
CGON insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | Liu Brian Guan-Chyundirector | Buy | 371,085 | $66.87 |
| Jun 25, 2026 | POST LEONARD Edirector | Option | 5,000 | $0.60 |
| Jun 25, 2026 | POST LEONARD Edirector | Sell | 5,000 | $70.00 |
| Jun 23, 2026 | POST LEONARD Edirector | Option | 5,000 | $0.60 |
| Jun 23, 2026 | POST LEONARD Edirector | Sell | 5,000 | $65.00 |
| Jun 16, 2026 | Mulay Jamesdirector | Option | 1,310 | $12.59 |
| Jun 16, 2026 | Mulay Jamesdirector | Option | 654 | $3.72 |
| Jun 16, 2026 | Mulay Jamesdirector | Sell | 1,310 | $60.12 |
| Jun 5, 2026 | POST LEONARD Edirector | Sell | 1,000 | $54.50 |
| Jun 5, 2026 | POST LEONARD Edirector | Grant | 9,354 | $56.09 |
| Jun 5, 2026 | Graf Susan Edirector | Grant | 9,354 | $56.09 |
| Jun 5, 2026 | POST LEONARD Edirector | Option | 1,000 | $0.60 |
| Jun 5, 2026 | Rossi Christinadirector | Grant | 9,354 | $56.09 |
| Jun 5, 2026 | Mulay Jamesdirector | Grant | 9,354 | $56.09 |
| Jun 5, 2026 | Tong Victor Edward Jrdirector | Grant | 9,354 | $56.09 |
Source: CGON SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full CGON insider & 13F page →CG Oncology, Inc. Common stock company profile
Overview
CG Oncology, Inc. (NASDAQ:CGON) is a clinical-stage biopharmaceutical company founded to develop innovative cancer treatments, specifically focusing on bladder cancer therapies. The company went public in 2024 and is headquartered in Irvine, California. CG Oncology represents a specialized approach to oncology drug development, concentrating on a single therapeutic area where significant unmet medical needs exist. The company is currently in clinical development phases and has not yet commercialized any products, operating as a pure-play research and development organization focused on advancing its lead drug candidate through regulatory approval processes.
Business
CG Oncology operates in the biotechnology sector, specifically within the oncology therapeutics space. The company's core focus is developing treatments for bladder cancer, which affects approximately 80,000 Americans annually and represents the sixth most common cancer in the United States. The company's flagship product candidate is cretostimogene, an investigational immunotherapy designed to treat patients with high-risk Non-Muscle Invasive Bladder Cancer (NMIBC). To understand this treatment's significance, it's important to know that bladder cancer typically progresses through stages, with NMIBC representing an earlier stage where the cancer hasn't spread into the muscle wall of the bladder. The current standard treatment for high-risk NMIBC is Bacillus Calmette-Guérin (BCG) therapy, a form of immunotherapy that has been used for decades. However, a significant portion of patients - approximately 30-40% - do not respond adequately to BCG therapy or experience recurrence after initial treatment. These patients face limited options, often requiring radical cystectomy (complete bladder removal), which dramatically impacts quality of life. Cretostimogene is specifically designed as a "bladder-sparing" therapy for these BCG-unresponsive patients, potentially allowing them to retain their bladders while effectively treating their cancer. The company operates as a single-segment business focused entirely on this bladder cancer indication, with 100% of its research and development efforts directed toward advancing cretostimogene through clinical trials and toward potential regulatory approval.
Revenue model
CG Oncology currently generates minimal revenue, as it operates as a pre-commercial biotechnology company. The company's financial statements show small amounts of revenue (ranging from $43,000 to $456,000 quarterly) likely from research collaborations, licensing agreements, or grant funding, but these represent less than 1% of typical operational expenses. The company's primary business model is built on the eventual commercialization of cretostimogene following regulatory approval. Once approved, CG Oncology would generate revenue through direct product sales to hospitals, cancer treatment centers, and healthcare systems. The target market consists of oncologists and urologists treating bladder cancer patients, particularly those who have failed BCG therapy. The company's future profitability depends on several critical factors. Positive clinical trial results would significantly increase the probability of FDA approval and subsequent market access. The size of the addressable market - estimated at thousands of BCG-unresponsive patients annually in the United States alone - provides substantial revenue potential given the high pricing typical of specialty oncology drugs. However, several factors could impact margins and success. Competition from other experimental bladder cancer treatments, changes in treatment guidelines, pricing pressure from payers and government healthcare programs, and the substantial costs associated with manufacturing and distributing specialized cancer therapeutics all present challenges. Additionally, the company faces the inherent risks of clinical development, where negative trial results could eliminate the product's commercial viability entirely. The company currently operates at significant losses, burning cash to fund clinical trials, regulatory activities, and operational infrastructure necessary to support a potential commercial launch.
Competitive moat
CG Oncology's competitive position is primarily built on its specialized focus and clinical development progress rather than traditional economic moats. The company's main competitive advantage lies in its deep expertise in bladder cancer treatment and its advanced clinical development program for cretostimogene. The biotechnology industry typically offers limited sustainable moats during the pre-commercial phase. However, if cretostimogene receives FDA approval, CG Oncology would benefit from regulatory exclusivity periods that prevent generic competition for several years. The specialized nature of bladder cancer treatment also creates some barriers to entry, as competitors would need to invest substantial time and resources to develop competing therapies and navigate complex clinical trial requirements. The company's focused approach on BCG-unresponsive patients represents both a strength and vulnerability. While this specialization allows for deep expertise and targeted clinical development, it also limits the addressable market compared to broader oncology applications. The competitive landscape includes larger pharmaceutical companies with greater resources that could potentially develop competing treatments or acquire smaller competitors. Potential disruption could come from several sources: novel treatment modalities like CAR-T cell therapies, improved BCG formulations that reduce the population of BCG-unresponsive patients, or breakthrough treatments from larger pharmaceutical companies. The company's narrow focus, while providing expertise, also means that failure of cretostimogene would leave few alternatives for revenue generation. Overall, CG Oncology's moat is relatively narrow and primarily dependent on execution of its clinical development program and achieving regulatory approval ahead of potential competitors.
Risks & safety
CG Oncology presents a mixed margin of safety profile typical of clinical-stage biotechnology companies, with strong liquidity but significant execution risks. **Liquidity and Solvency:** - Strong cash position with $257 million in cash and short-term investments as of Q4 2024 - Minimal debt with debt-to-equity ratio of 0.0003 - Excellent current ratio of 35.3, indicating strong short-term liquidity - Current cash burn rate of approximately $79 million annually suggests roughly 3+ years of runway **Valuation Metrics:** - Trading at 2.5x book value, reasonable for a biotech with substantial cash - Negative EBITDA of -$115 million makes traditional valuation metrics less meaningful - Market cap of approximately $2 billion appears high relative to single-asset, pre-revenue status **Other Considerations:** - Binary risk profile: success depends almost entirely on cretostimogene's clinical and regulatory success - No diversified revenue streams or backup product candidates - Strong balance sheet provides time to execute clinical strategy but doesn't eliminate execution risk - High valuation relative to current development stage suggests limited downside protection if clinical trials fail
Recent development
Based on the available financial data, CG Oncology has undergone significant corporate development over the past few years. The company completed its initial public offering in 2024, raising substantial capital that boosted its cash position from approximately $88 million in 2022 to $257 million by the end of 2024. The company has maintained consistent focus on advancing cretostimogene through clinical development, with research and development expenses representing the majority of its operational spending. The increase in cash burn from approximately $30 million in 2022 to $79 million in 2024 suggests expanded clinical trial activities and preparation for potential commercialization. Revenue generation has remained minimal but shows some variability, ranging from $191,000 in 2022 to over $1.1 million in 2024, likely reflecting research collaborations or milestone payments. The company has maintained a lean operational structure with minimal debt and focused spending on core clinical development activities. The significant increase in total assets from $148 million in 2022 to $755 million in 2024 primarily reflects the successful capital raising activities that have positioned the company to fund its clinical programs through potential regulatory approval. This capital infusion represents a critical strategic milestone that provides the financial runway necessary to complete clinical development of cretostimogene.
CGON company profile · for informational purposes only — not investment advice.
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