CGON

MKT CAP:$6B

CG Oncology, Inc. Common stock

Market Cap

$6B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$70.68+$28.89 (+69.13%)

Apr 22, 2026

Company Details

CG Oncology Inc is a clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer. Their product candidate cretostimogene, is initia...

CEO

Arthur Kuan

IPO Date

Jan 25, 2024

Website

cgoncology.com

Key Metrics TTM

Revenue

$4M

+254.7% YoY

Net Income

-$161M

EPS (Diluted)

-$2.08

Free Cash Flow

-$132M

Revenue / Share

$0.05

Gross Margin

-15.0%

Operating Margin

-4722.1%

Net Margin

-3985.0%

FCF Margin

-3279.2%

P/S

1438.0x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 27, 2026

$4M+254.7%EPS -$2.08

Q4 2025

Feb 27, 2026

$2M+409.2%EPS -$0.52

Q3 2025

Nov 14, 2025

$2M+3774.4%EPS -$0.57

Q2 2025

Aug 8, 2025

$0-100.0%EPS -$0.54

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$0	-$4.0K	-$9M
Q1 23	$194.0K	-$8M	-$10M
Q2 23	$0	-$4.0K	-$12M
Q3 23	$9.0K	-$12M	-$14M
Q1 24	$529.0K	$525.0K	-$22M
Q2 24	$111.0K	$111.0K	-$26M
Q3 24	$43.0K	$43.0K	-$28M
Q4 24	$456.0K	$456.0K	-$38M
Q1 25	$52.0K	$52.0K	-$42M
Q2 25	$0	-$156.0K	-$49M
Q3 25	$2M	$89.0K	-$51M
Q4 25	$2M	-$592.0K	-$49M

Valuation

Quarter	P/S	P/E
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	8578.3x	—
Q1 24	3893.3x	—
Q2 24	3281.7x	—
Q3 24	3660.9x	—
Q4 24	1621.9x	—
Q1 25	2818.5x	—
Q2 25	3595.1x	—
Q3 25	1370.3x	—
Q4 25	757.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	-$7M	-$7M
Q1 23	-$8M	-$8M
Q2 23	-$11M	-$11M
Q3 23	-$11M	-$11M
Q1 24	-$26M	-$26M
Q2 24	-$16M	-$16M
Q3 24	-$16M	-$16M
Q4 24	-$21M	-$21M
Q1 25	-$29M	-$29M
Q2 25	-$28M	-$28M
Q3 25	-$39M	-$39M
Q4 25	-$36M	-$36M

Capital Expenditures

Quarter	CapEx
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$6.0K
Q1 24	$12.0K
Q2 24	$14.0K
Q3 24	$1.0K
Q4 24	$209.0K
Q1 25	$16.0K
Q2 25	$14.0K
Q3 25	$97.0K
Q4 25	$7.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 24	—	+146.9%
Q2 24	-42.8%	+161.9%
Q3 24	—	+129.9%
Q4 24	+4966.7%	+174.0%
Q1 25	-90.2%	+83.7%
Q2 25	-100.0%	+87.7%
Q3 25	+3774.4%	+86.3%
Q4 25	+409.2%	+32.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$148.0K	—
Q1 23	$179.0K	92.3%
Q2 23	$177.0K	—
Q3 23	$394.0K	4377.8%
Q1 24	$2M	286.8%
Q2 24	$2M	2023.4%
Q3 24	$3M	6160.5%
Q4 24	$5M	1094.3%
Q1 25	$5M	9905.8%
Q2 25	$7M	—
Q3 25	$7M	440.0%
Q4 25	$7M	309.5%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 22	$8M	$2M	—
Q1 23	$8M	$2M	—
Q2 23	$10M	$2M	—
Q3 23	$12M	$2M	—
Q1 24	$17M	$6M	—
Q2 24	$18M	$7M	—
Q3 24	$20M	$9M	—
Q4 24	$27M	$12M	—
Q1 25	$27M	$15M	—
Q2 25	$31M	—	$17M
Q3 25	$28M	$23M	—
Q4 25	$30M	$18M	—

Revenue Segments

Quarter	Operating Segments
Q1 25	$52.0K
Q2 25	$52.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$88M	$55M	$143M
Q1 23	$0	$287M	$287M
Q3 23	$10M	$193M	$204M
Q4 23	$8M	$179M	$188M
Q1 24	$77M	$489M	$567M
Q2 24	$25M	$528M	$553M
Q3 24	$43M	$497M	$541M
Q4 24	$257M	$485M	$742M
Q1 25	$41M	$647M	$688M
Q2 25	$15M	$646M	$661M
Q3 25	$45M	$635M	$680M
Q4 25	$32M	$710M	$742M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	67M	—	—
Q1 23	67M	0.0%	—
Q2 23	67M	0.0%	—
Q3 23	67M	0.0%	—
Q1 24	67M	+0.0%	+0.0%
Q2 24	67M	+0.0%	+0.0%
Q3 24	67M	+0.7%	+0.8%
Q4 24	65M	-3.5%	-2.7%
Q1 25	76M	+17.5%	+14.3%
Q2 25	76M	+0.1%	+14.4%
Q3 25	77M	+0.7%	+14.3%
Q4 25	77M	+0.7%	+19.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q1 24	$8.7K	61
Q2 24	$1.8K	61
Q3 24	$705	61
Q4 24	$4.0K	113
Q1 25	$460	113
Q2 25	$0	113
Q3 25	$14.7K	113
Q4 25	$27	85K

Revenue / Employee