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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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• 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.

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1. 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.
2. 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.
3. 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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1. 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.
2. 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.
3. 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.
4. 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.