CG Oncology (CGON)
Market Price (2/18/2026): $53.88 | Market Cap: $4.1 BilSector: Health Care | Industry: Biotechnology
CG Oncology (CGON)
Market Price (2/18/2026): $53.88Market Cap: $4.1 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% | Weak multi-year price returns2Y Excs Rtn is -13%, 3Y Excs Rtn is -23% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -180 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8285% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 218% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Expensive valuation multiplesP/SPrice/Sales ratio is 1,901x |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -66% | Stock price has recently run up significantly6M Rtn6 month market price return is 111% | |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 1126% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5372%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5388% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.9% | ||
| Key risksCGON key risks include [1] its singular dependence on the successful development and regulatory approval of its sole product candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 218% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -66% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -13%, 3Y Excs Rtn is -23% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -180 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8285% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 1,901x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 111% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 1126% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5372%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5388% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.9% |
| Key risksCGON key risks include [1] its singular dependence on the successful development and regulatory approval of its sole product candidate, Show more. |
Qualitative Assessment
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CG Oncology (CGON) stock has gained about 25% since 10/31/2025 because of the following key factors:
1. Accelerated Timeline for PIVOT-006 Phase 3 Trial Data.
CG Oncology announced on January 9, 2026, that topline data from its Phase 3 PIVOT-006 clinical trial for intermediate-risk non-muscle invasive bladder cancer (IR NMIBC) is now expected in the first half of 2026, nearly a year earlier than previously planned. This significant acceleration was driven by expedited patient enrollment across more than 90 clinical sites. The PIVOT-006 study is evaluating cretostimogene grenadenorepvec, an investigational oncolytic immunotherapy, in a patient population that currently has no U.S. FDA-approved options, representing a substantial market opportunity of over 50,000 patients in the United States alone.
2. Positive Clinical Data and Initiation of Rolling Biologics License Application (BLA).
Throughout late 2025 and early 2026, CG Oncology released positive updates regarding its clinical pipeline. In November 2025, the company initiated a rolling BLA submission for cretostimogene as a monotherapy for high-risk BCG-unresponsive NMIBC, with full submission anticipated in 2026. Furthermore, new data presented on December 5, 2025, from the BOND-003 Cohort P and CORE-008 Cohort A studies, highlighted promising efficacy and tolerability for cretostimogene. Specifically, the BOND-003 Cohort C demonstrated robust 24-month complete response (CR) rates of 41.8% in patients with high-risk BCG-unresponsive NMIBC.
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1. Accelerated Timeline for PIVOT-006 Phase 3 Trial Data.
CG Oncology announced on January 9, 2026, that topline data from its Phase 3 PIVOT-006 clinical trial for intermediate-risk non-muscle invasive bladder cancer (IR NMIBC) is now expected in the first half of 2026, nearly a year earlier than previously planned. This significant acceleration was driven by expedited patient enrollment across more than 90 clinical sites. The PIVOT-006 study is evaluating cretostimogene grenadenorepvec, an investigational oncolytic immunotherapy, in a patient population that currently has no U.S. FDA-approved options, representing a substantial market opportunity of over 50,000 patients in the United States alone.
2. Positive Clinical Data and Initiation of Rolling Biologics License Application (BLA).
Throughout late 2025 and early 2026, CG Oncology released positive updates regarding its clinical pipeline. In November 2025, the company initiated a rolling BLA submission for cretostimogene as a monotherapy for high-risk BCG-unresponsive NMIBC, with full submission anticipated in 2026. Furthermore, new data presented on December 5, 2025, from the BOND-003 Cohort P and CORE-008 Cohort A studies, highlighted promising efficacy and tolerability for cretostimogene. Specifically, the BOND-003 Cohort C demonstrated robust 24-month complete response (CR) rates of 41.8% in patients with high-risk BCG-unresponsive NMIBC.
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Stock Movement Drivers
Fundamental Drivers
The 24.5% change in CGON stock from 10/31/2025 to 2/17/2026 was primarily driven by a 294.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 2172026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.27 | 53.87 | 24.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 2 | 294.6% |
| P/S Multiple | 5,986.1 | 1,901.3 | -68.2% |
| Shares Outstanding (Mil) | 76 | 77 | -0.7% |
| Cumulative Contribution | 24.5% |
Market Drivers
10/31/2025 to 2/17/2026| Return | Correlation | |
|---|---|---|
| CGON | 24.5% | |
| Market (SPY) | 0.1% | 29.6% |
| Sector (XLV) | 9.1% | 11.4% |
Fundamental Drivers
The 101.8% change in CGON stock from 7/31/2025 to 2/17/2026 was primarily driven by a 228.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 2172026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.69 | 53.87 | 101.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 2 | 228.4% |
| P/S Multiple | 3,071.7 | 1,901.3 | -38.1% |
| Shares Outstanding (Mil) | 76 | 77 | -0.7% |
| Cumulative Contribution | 101.8% |
Market Drivers
7/31/2025 to 2/17/2026| Return | Correlation | |
|---|---|---|
| CGON | 101.8% | |
| Market (SPY) | 8.3% | 28.1% |
| Sector (XLV) | 21.2% | 15.4% |
Fundamental Drivers
The 79.1% change in CGON stock from 1/31/2025 to 2/17/2026 was primarily driven by a 217.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312025 | 2172026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.07 | 53.87 | 79.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 2 | 217.8% |
| P/S Multiple | 2,951.8 | 1,901.3 | -35.6% |
| Shares Outstanding (Mil) | 67 | 77 | -12.5% |
| Cumulative Contribution | 79.1% |
Market Drivers
1/31/2025 to 2/17/2026| Return | Correlation | |
|---|---|---|
| CGON | 79.1% | |
| Market (SPY) | 14.5% | 42.0% |
| Sector (XLV) | 8.6% | 32.0% |
Fundamental Drivers
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Market Drivers
1/31/2023 to 2/17/2026| Return | Correlation | |
|---|---|---|
| CGON | ||
| Market (SPY) | 74.2% | 37.2% |
| Sector (XLV) | 23.5% | 29.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CGON Return | - | - | - | -23% | 45% | 24% | 39% |
| Peers Return | -26% | -13% | -15% | -50% | -32% | 2% | -81% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| CGON Win Rate | - | - | - | 42% | 67% | 50% | |
| Peers Win Rate | 33% | 58% | 54% | 38% | 56% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CGON Max Drawdown | - | - | - | -30% | -46% | -4% | |
| Peers Max Drawdown | -37% | -32% | -42% | -51% | -49% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, AKTS, ALPS, DCOY, DFTX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/17/2026 (YTD)
How Low Can It Go
CGON has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to VRTX, AKTS, ALPS, DCOY, DFTX
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
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About CG Oncology (CGON)
We are a late-stage clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer. Our product candidate, cretostimogene, is initially in clinical development for the treatment of patients with high-risk Non-MuscleInvasive Bladder Cancer (NMIBC) who are unresponsive to Bacillus Calmette Guerin (BCG) therapy, the current standard-of-care for high-risk NMIBC. There is significant unmet need for treatments in these patients given the limitations of currently approved therapies and patient reluctance to undergo radical cystectomy, or the complete removal of the bladder. We are evaluating the safety and efficacy of cretostimogene as monotherapy in BOND-003, our ongoing Phase 3 clinical trial in high-risk BCG-unresponsive NMIBC patients. We have completed enrollment for this trial, reported interim data in November 2023 and expect to report topline data by the end of 2024. If successful, we believe that this trial could serve as the basis for a Biologics License Application (BLA) submission to the U.S. Food and Drug Administration (FDA). We are also evaluating the use of cretostimogene when administered to this same patient population in combination with FDA-approved pembrolizumab in CORE-001, our ongoing Phase 2 clinical trial. Moreover, we intend to assess the safety and efficacy of cretostimogene in treating a range of other bladder cancer indications as an alternative to BCG therapy and in patients who are not categorized as BCG-unresponsive, including our second Phase 3 clinical trial, PIVOT-006, evaluating adjuvant cretostimogene in intermediate-risk NMIBC patients following transurethral resection of the bladder tumor (TURBT). We believe cretostimogene, if approved, has the potential to serve as first-line therapy, thereby alleviating the current need to prioritize treatment recipients and ration administration of BCG given its significant market shortage. Cretostimogene has shown clinical benefit and has been generally well-tolerated as both a monotherapy and in combination with other therapies in clinical trials to date. Interim data for BOND-003 was reported at the 24th Annual Meeting of Society of Urologic Oncology (SUO) on November 30, 2023. As of the October 5, 2023 efficacy data cutoff, 50 of the 66 (75.7%; 95% CI: 63-85%) evaluable patients achieved a complete response (CR), generally meaning no evidence of bladder cancer, at any time after the administration of cretostimogene. In addition, as of the data cutoff, 45 out of 66 (68.2%) patients achieved a CR at three months and 42 out of 66 (63.6%) patients achieved a CR at six months. Four out of 13 (30.8%) patients who did not achieve a CR at three months, and who were subsequently re-dosed with cretostimogene at three months demonstrated a CR at six months. Of those 50 patients who achieved a CR at any time, 42 out of 50 (84.0%) maintained their response for at least three months and 32 out of 43 (74.4%) maintained their response for at least six months. Seven patients had yet to reach the minimum duration of response (DOR) evaluation and were excluded from the assessment for durable CR lasting at least six months. A DOR is the length of time from the first response until the time the patient no longer meets the definition for a CR. Cretostimogene was generally well-tolerated in this trial as of the September 8, 2023 safety data cutoff, with mostly Grade 1 or Grade 2 adverse events reported and no Grade 3 or higher treatment-related adverse events (TRAEs) reported. There were no treatment discontinuations due to TRAEs and no deaths were reported. Two patients (1.8%) had serious adverse events (SAEs), including Grade 2 noninfective cystitis, which is the inflammation of the bladder not caused by a bacteria or other infectious agent, and Grade 2 clot retention, both of which resolved. In addition, in our ongoing open-label Phase 2 CORE-001 clinical trial of cretostimogene in combination with pembrolizumab in high-risk BCG-unresponsive NMIBC, 29 of the 34 (85%; 95% CI: 68-94%) patients evaluable as of the March 3, 2023 data cutoff achieved a CR after an initial induction course of therapy, with 82% (n=27/33) of patients maintaining a CR at six months, and 68% (n=17/25) of patients maintaining a CR at 12 months. Cretostimogene was generally well-tolerated in this trial as of the January 31, 2023 safety data cutoff, with one Grade 2 SAE (urinary retention) deemed related to cretostimogene and two Grade 3 SAEs related to pembrolizumab (adrenal insufficiency and immune-mediated hepatitis), all of which resolved. Cretostimogene has received fast track designation from the FDA for the treatment of BCG-unresponsive, high risk NMIBC patients with carcinoma in-situ with or without Ta or T1 papillary tumors to improve CR. Fast track designation may not lead to a faster development or regulatory review or approval process, and does not increase the likelihood that cretostimogene will receive marketing approval. We have presented the confidence interval (CI) for CR at any time above and elsewhere in this prospectus. CI is a range of values in which, statistically, there is a specified level of confidence where the result lies. The lower bound of the 95% CI around the observed CR rate provides support that such rate may be clinically meaningful. Interim results from these trials may differ from future results of the trials as more patient data become available. We were originally founded as a California corporation on September 24, 2010 under the name Cold Genesys, Inc. On November 30, 2017, we reincorporated as a Delaware corporation, and on March 31, 2020, we changed our name to CG Oncology, Inc. Our principal executive offices are located at 400 Spectrum Center Drive, Suite 2040, Irvine, CA.
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Here are 1-3 brief analogies for CG Oncology (CGON):
- Moderna for cancer, focused on oncolytic viruses.
- An early-stage Seagen (now part of Pfizer), but pioneering oncolytic virus cancer therapies instead of ADCs.
- A 'disruptor' in oncology, similar to an early CRISPR Therapeutics for genetic diseases, but focused on cancer with oncolytic viruses.
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- Cretinogepore (CG0070): An investigational oncolytic immunotherapy, currently in clinical trials, primarily for high-risk non-muscle invasive bladder cancer and other solid tumors.
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CG Oncology (CGON) is a clinical-stage biopharmaceutical company. As such, it is primarily focused on the research and development of novel oncolytic immunotherapies and does not currently have any commercialized products for sale.
Consequently, CG Oncology does not have traditional "major customers" in the sense of companies or individuals purchasing its products. The company's revenue streams primarily consist of financing activities (from investors) to fund its research and clinical trials, and to a lesser extent, strategic licensing agreements.
The closest entity to a "customer" generating revenue for CG Oncology is through a licensing agreement:
- Jiya Medical Company, Ltd. (private company, no public symbol)
In June 2023, CG Oncology entered into an exclusive license agreement with Jiya Medical Company, Ltd., a private company based in South Korea. Under this agreement, Jiya Medical Company obtained the exclusive rights to develop and commercialize CG Oncology's lead product candidate, cretostimogene grenadenorepvec, in South Korea. CG Oncology received an upfront payment and is eligible for future development, regulatory, and sales milestone payments, as well as royalties on future net sales in the region. This arrangement represents a partnership for future commercialization rather than the sale of a currently marketed product.
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```html- Fujifilm Diosynth Biotechnologies U.S.A., Inc. (Parent Company: FUJIFILM Holdings Corporation, Symbol: FUJIY)
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Arthur Kuan, Chairman and Chief Executive Officer
Arthur Kuan was appointed CEO of CG Oncology in January 2017. He also serves as the Chairman of the Board.
Robert Lapetina, Chief Financial Officer and Principal Accounting Officer
Robert Lapetina serves as the Chief Financial Officer and Principal Accounting Officer of CG Oncology.
Ambaw Bellete, President and Chief Operating Officer
Ambaw Bellete holds the position of President and Chief Operating Officer at CG Oncology.
Dr. Vijay Kasturi, M.D., Chief Medical Officer
Dr. Vijay Kasturi serves as the Chief Medical Officer for CG Oncology.
Joshua F. Patterson, General Counsel, Chief Compliance Officer and Secretary
Joshua F. Patterson is the General Counsel, Chief Compliance Officer, and Secretary at CG Oncology.
AI Analysis | Feedback
The following are key business risks for CG Oncology (symbol: CGON):- Dependency on a Single Product Candidate and Associated Development and Regulatory Risks: CG Oncology's business is heavily reliant on the successful development, regulatory approval, and eventual commercialization of its primary product candidate, cretostimogene, for bladder cancer. The company faces substantial risks, including potential delays or failures in clinical trials, the inability to secure regulatory approvals despite designations like Breakthrough Therapy, or the emergence of adverse side effects or safety concerns that could halt trials or lead to rejection. Any such setbacks would materially harm the business.
- Commercialization Risks: Even if cretostimogene receives regulatory approval, CG Oncology is in the nascent stages of establishing its marketing and sales infrastructure. There is a significant risk that the company may not be able to effectively commercialize its product. Furthermore, the company operates in a highly competitive landscape with other entities developing cancer treatments, which could adversely affect its market share and position.
- Financial Risks, Limited Operating History, and Sustained Operating Losses: CG Oncology has a limited operational history and has consistently incurred substantial operating losses, necessitating significant upfront investments in research and development and clinical trials. This has resulted in negative free cash flow and net losses. A key financial risk is the potential for the company to deplete its capital resources faster than anticipated, which could impede its ability to achieve critical milestones.
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The most clear emerging threat to CG Oncology is the potential success of competing novel therapies targeting BCG-unresponsive non-muscle invasive bladder cancer (NMIBC).
Specifically, Janssen's TAR-200, an intravesical drug delivery system designed to provide sustained local delivery of the PD-1 inhibitor cetrelimab, is in clinical development for BCG-unresponsive NMIBC. While CG Oncology's cretostimogene is further along in Phase 3, TAR-200 has shown promising early-stage clinical data (Phase 1/2). If TAR-200 demonstrates superior long-term efficacy, safety, or convenience due to its innovative sustained-release delivery mechanism, it could emerge as a significant competitor, potentially challenging CG Oncology's market position upon its own potential approval and commercialization. This constitutes a direct competitive threat in the same high-value patient population.
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The addressable market for CG Oncology's main product, cretostimogene grenadenorepvec, is projected to reach an annual total of $351 million by 2038 in the U.S..
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Here are 3-5 expected drivers of future revenue growth for CG Oncology (CGON) over the next 2-3 years:- Regulatory Approval and Commercial Launch of Cretostimogene: The primary driver of future revenue growth for CG Oncology is the anticipated regulatory approval and subsequent commercial launch of its lead product candidate, cretostimogene grenadenorepvec. This oncolytic immunotherapy is currently in Phase 3 clinical trials (BOND-003) for high-risk Non-Muscle Invasive Bladder Cancer (NMIBC) unresponsive to BCG therapy. The company expects to report topline data by the end of 2024, which, if successful, could form the basis for a Biologics License Application (BLA) submission to the U.S. Food and Drug Administration (FDA). Successful approval and market entry would transition CG Oncology from a clinical-stage company to a commercial one, unlocking significant revenue streams.
- Addressing Unmet Medical Need in Bladder Cancer: There is a substantial unmet medical need for effective bladder-sparing therapeutics for patients with high-risk NMIBC, especially those who do not respond to standard BCG therapy. Current alternatives often involve radical cystectomy (bladder removal), which many patients wish to avoid. Cretostimogene aims to fill this critical gap, and its potential to offer a new treatment option in a market expected to reach $4.71 billion by 2026 presents a significant revenue opportunity through patient adoption.
- Expansion into Combination Therapies: Beyond monotherapy, CG Oncology is also exploring the use of cretostimogene in combination with other approved therapies, such as pembrolizumab, in ongoing Phase 2 clinical trials (CORE-001 and CORE-008 Cohort CX). Successful development and approval of combination regimens could expand the addressable patient population and treatment indications for cretostimogene, leading to additional revenue growth.
- Strategic Collaborations and Market Expansion: CG Oncology has already established collaboration agreements with pharmaceutical firms to license its drug for further development in various Asian countries. These partnerships could generate revenue through licensing fees, milestone payments, and royalties as cretostimogene is developed and potentially commercialized in new geographic markets, beyond its initial focus in the U.S.
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Share Issuance
- In January 2024, CG Oncology completed an initial public offering (IPO) of 23,000,000 shares of common stock at $19.00 per share, including the full exercise of underwriters' option to purchase additional shares. This IPO generated aggregate gross proceeds of $437 million, with net proceeds to the company of $399.6 million.
- In December 2024, the company priced a public offering of 8,000,000 common stock shares at $28.00 per share, with 7,300,000 shares offered by CG Oncology and 700,000 by an existing stockholder. This offering closed, raising gross proceeds of $238.0 million to CG Oncology, which included the full exercise of the underwriters' option to purchase 1,200,000 additional shares.
- A director of CG Oncology purchased 1,515,151 shares of the company's stock in September 2025 for approximately $50 million.
Inbound Investments
- Prior to its IPO, CG Oncology raised $308 million through private funding rounds, which included a $105 million Series F "crossover" round.
- The company is supported by several private equity and venture capital firms, such as ORI Capital, Decheng Capital Global Life Science Fund IV, Longitude Venture Partners, Kissei Pharmaceutical Co. Ltd, Foresite Capital, TCG Crossover Fund I, and Ally Bridge Group.
- During the second quarter of 2025, institutional investors increased their holdings, with Invesco Ltd. boosting its stake by 5.3% and Federated Hermes Inc. increasing its stake by 20.0%.
Capital Expenditures
- CG Oncology reported capital expenditures of -$238,000 over the last 12 months as of November 2025.
- Quarterly capital expenditures for June 2025 were $14,000.
- The primary focus of capital allocation, as reflected in significant R&D expenses ($82.1 million in 2024, up from $45.8 million in 2023), is the development and commercialization of bladder cancer therapeutics, particularly its lead candidate, cretostimogene, through ongoing clinical trials.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| CG Oncology Earnings Notes | 12/27/2025 | |
| Is CG Oncology Stock Built to Withstand More Downside? | 10/17/2025 | |
| Why CG Oncology Stock Moved: CGON Stock Has Gained 36% Since 2024 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S) | 08/08/2025 | |
| CGON Dip Buy Analysis | 07/10/2025 | |
| CG Oncology (CGON) Valuation Ratios Comparison | 05/15/2025 | |
| CG Oncology (CGON) Operating Cash Flow Comparison | 02/17/2025 | |
| CG Oncology (CGON) Net Income Comparison | 02/15/2025 | |
| CG Oncology (CGON) Operating Income Comparison | 02/14/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 10/09/2025 |
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 17.42 |
| Mkt Cap | 62.6 |
| Rev LTM | 1 |
| Op Inc LTM | -55 |
| FCF LTM | -42 |
| FCF 3Y Avg | -38 |
| CFO LTM | -42 |
| CFO 3Y Avg | -38 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 113.4% |
| Rev Chg 3Y Avg | 10.4% |
| Rev Chg Q | 1,892.0% |
| QoQ Delta Rev Chg LTM | 148.5% |
| Op Mgn LTM | -4,123.7% |
| Op Mgn 3Y Avg | -7,434.9% |
| QoQ Delta Op Mgn LTM | 10,149.8% |
| CFO/Rev LTM | -2,671.0% |
| CFO/Rev 3Y Avg | -5,765.1% |
| FCF/Rev LTM | -2,680.5% |
| FCF/Rev 3Y Avg | -5,770.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 62.6 |
| P/S | 955.7 |
| P/EBIT | 1.5 |
| P/E | 1.7 |
| P/CFO | -1.0 |
| Total Yield | -0.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.7% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.3% |
| 3M Rtn | 10.9% |
| 6M Rtn | 17.2% |
| 12M Rtn | 8.1% |
| 3Y Rtn | 28.6% |
| 1M Excs Rtn | -2.8% |
| 3M Excs Rtn | 10.7% |
| 6M Excs Rtn | 6.2% |
| 12M Excs Rtn | -4.2% |
| 3Y Excs Rtn | -39.1% |
Price Behavior
Price Behavior
| Market Price | $53.87 | |
| Market Cap ($ Bil) | 4.1 | |
| First Trading Date | 01/25/2024 | |
| Distance from 52W High | -5.7% | |
| 50 Days | 200 Days | |
| DMA Price | $47.27 | $35.80 |
| DMA Trend | up | up |
| Distance from DMA | 14.0% | 50.5% |
| 3M | 1YR | |
| Volatility | 75.9% | 72.6% |
| Downside Capture | 164.96 | 145.67 |
| Upside Capture | 267.90 | 193.80 |
| Correlation (SPY) | 30.9% | 42.0% |
CGON Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.94 | 1.75 | 1.65 | 1.45 | 1.54 | -0.07 |
| Up Beta | 10.37 | 8.00 | 4.17 | 2.64 | 1.51 | -0.21 |
| Down Beta | -0.37 | -0.59 | 1.22 | 1.36 | 1.48 | -0.15 |
| Up Capture | 379% | 284% | 175% | 231% | 289% | 71% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 8 | 17 | 27 | 61 | 124 | 244 |
| Down Capture | -124% | 85% | 64% | 21% | 124% | 99% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 12 | 23 | 32 | 62 | 123 | 255 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CGON | |
|---|---|---|---|---|
| CGON | 92.6% | 72.6% | 1.20 | - |
| Sector ETF (XLV) | 9.0% | 17.4% | 0.34 | 31.9% |
| Equity (SPY) | 13.0% | 19.4% | 0.51 | 41.9% |
| Gold (GLD) | 67.2% | 25.5% | 1.99 | 2.6% |
| Commodities (DBC) | 5.2% | 16.8% | 0.13 | 11.2% |
| Real Estate (VNQ) | 7.8% | 16.6% | 0.28 | 32.1% |
| Bitcoin (BTCUSD) | -28.8% | 44.9% | -0.62 | 20.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CGON | |
|---|---|---|---|---|
| CGON | 8.1% | 66.4% | 0.55 | - |
| Sector ETF (XLV) | 7.9% | 14.5% | 0.36 | 29.5% |
| Equity (SPY) | 13.3% | 17.0% | 0.62 | 37.1% |
| Gold (GLD) | 21.3% | 17.1% | 1.02 | 5.8% |
| Commodities (DBC) | 10.2% | 18.9% | 0.42 | 8.2% |
| Real Estate (VNQ) | 5.3% | 18.8% | 0.19 | 24.7% |
| Bitcoin (BTCUSD) | 8.2% | 57.2% | 0.36 | 14.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CGON | |
|---|---|---|---|---|
| CGON | 4.0% | 66.4% | 0.55 | - |
| Sector ETF (XLV) | 11.3% | 16.5% | 0.57 | 29.5% |
| Equity (SPY) | 15.8% | 17.9% | 0.76 | 37.1% |
| Gold (GLD) | 14.8% | 15.6% | 0.79 | 5.8% |
| Commodities (DBC) | 8.0% | 17.6% | 0.37 | 8.2% |
| Real Estate (VNQ) | 6.8% | 20.7% | 0.29 | 24.7% |
| Bitcoin (BTCUSD) | 68.5% | 66.7% | 1.08 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/14/2025 | 8.6% | 7.8% | 0.2% |
| 8/8/2025 | 2.1% | 6.6% | 38.4% |
| 3/28/2025 | -1.9% | -30.4% | 3.8% |
| 11/12/2024 | -6.8% | -16.3% | -20.1% |
| 8/8/2024 | 7.0% | 7.0% | 22.5% |
| 5/9/2024 | -7.4% | -13.6% | 7.6% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 5 |
| # Negative | 3 | 3 | 1 |
| Median Positive | 7.0% | 7.0% | 7.6% |
| Median Negative | -6.8% | -16.3% | -20.1% |
| Max Positive | 8.6% | 7.8% | 38.4% |
| Max Negative | -7.4% | -30.4% | -20.1% |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Post, Leonard E | Direct | Sell | 11182025 | 41.43 | 1,000 | Form | |||
| 2 | Post, Leonard E | Direct | Sell | 10152025 | 43.25 | 1,000 | Form | |||
| 3 | Mulay, James | Direct | Sell | 10102025 | 43.99 | 5,903 | Form | |||
| 4 | Post, Leonard E | Direct | Sell | 10012025 | 40.09 | 5,000 | Form | |||
| 5 | Mulay, James | Direct | Sell | 9302025 | 39.19 | 12,755 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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