One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
CG Oncology, Inc.
CGON · NMS · Healthcare · Biotechnology
Current price
$78.25
52-week range
$35.64 - $80.97
Market cap
$6.94B
Balance sheet
Healthy
-190,774.00x Concerning
Net cash $1.02B. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Revenue grew 254.7% last year.
- Risk Return on equity was -26.4% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 0.2% (peer median: 6.6%).
What this company does
CG Oncology, Inc.
CG Oncology is a pharmaceutical company developing a new drug, cretostimogene, to treat bladder cancer. The company does not have any sales yet because its potential product is still undergoing the final phases of government-required safety and effectiveness testing (called clinical trials). The company's future success depends entirely on whether this drug is approved for sale and becomes a new treatment option for patients.
How the company got here
CG Oncology was founded in 2010 as Cold Genesys, Inc., with a focus on developing a new type of therapy for bladder cancer. A key turning point was in 2020 when the company changed its name to CG Oncology to better reflect its focus on fighting cancer. The company has since concentrated its efforts on its main drug candidate, cretostimogene grenadenorepvec, advancing it through various stages of clinical trials (the process of testing new medical treatments in people). A major milestone was its initial public offering (IPO) in January 2024, where it began trading on the Nasdaq stock exchange, raising significant funds to support its research and development.
What it actually does
CG Oncology is a biotechnology company working on a new treatment for bladder cancer. Its main focus is a potential therapy called cretostimogene grenadenorepvec, which is a type of oncolytic immunotherapy (a treatment that uses a modified virus to infect and kill cancer cells and help the body's own immune system fight the cancer). This investigational drug is delivered directly into the bladder and is designed to specifically target and destroy cancer cells while leaving healthy cells unharmed. The goal is to provide a treatment option that can save the bladder, offering an alternative to surgery for patients.
Developing Bladder Cancer Therapeutics
The company operates as a single business focused on developing and preparing to sell its main drug candidate, cretostimogene grenadenorepvec. Currently, CG Oncology does not have any products approved for sale and therefore generates very little revenue (money a company earns from its business activities). Its income comes from licensing and collaboration agreements, which are partnerships with other companies, and some minor revenue from a manufacturing facility it controls. The vast majority of the company's spending is on research and development (the process of creating and testing new products), as it works to get its main drug through the final stages of testing and approved by regulators like the FDA.
What management is betting on now
Management's primary focus is on getting their lead drug candidate, cretostimogene grenadenorepvec, approved by the U.S. Food and Drug Administration (FDA). They are heavily invested in completing the final stages of clinical trials for bladder cancer patients who have not responded to standard treatments. The company is also exploring the use of their drug in patients with earlier stages of bladder cancer and in combination with other cancer treatments to broaden its potential use. A successful approval and launch of this drug is the central part of their strategy to become a leading company in bladder cancer treatment.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-15.92M
FY2024 Q4
$-20.87M
FY2025 Q1
$-29.29M
FY2025 Q2
$-27.97M
FY2025 Q3
$-38.99M
FY2025 Q4
$-36.22M
FY2026 Q1
$-57.25M
FY2026 Q2
$-46.88M
Revenue
—
Net income
$-79.06M
Diluted EPS
-0.90
Operating cash flow
$-46.41M
Free cash flow
$-46.88M
Fetching…
Sources
Revenue
—
Net income
$-60.20M
Diluted EPS
-0.71
Operating cash flow
$-56.94M
Free cash flow
$-57.25M
Fetching…
Sources
Revenue
—
Net income
$-41.31M
Diluted EPS
-0.52
Operating cash flow
$-36.22M
Free cash flow
$-36.22M
Fetching…
Sources
Revenue
—
Net income
$-43.81M
Diluted EPS
-0.57
Operating cash flow
$-38.89M
Free cash flow
$-38.99M
Fetching…
Sources
Revenue
—
Net income
$-41.43M
Diluted EPS
-0.54
Operating cash flow
$-27.96M
Free cash flow
$-27.97M
Fetching…
Sources
Revenue
—
Net income
$-34.45M
Diluted EPS
-0.45
Operating cash flow
$-29.28M
Free cash flow
$-29.29M
Fetching…
Sources
Revenue
—
Net income
$-31.80M
Diluted EPS
-0.47
Operating cash flow
$-20.66M
Free cash flow
$-20.87M
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Sources
Revenue
—
Net income
$-20.41M
Diluted EPS
-0.30
Operating cash flow
$-15.92M
Free cash flow
$-15.92M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $78.25
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $1.0B - more cash than debt. Interest coverage -190774.0x.
Net debt
$-1.02B
Interest coverage
-190,774.00x
CG Oncology, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
CGON
BASELINE
CG Oncology, Inc.
Total debt $8.82M Interest coverage -190,774.00x This is the baseline the peer rows are being compared against.
Total debt $1.23B Interest coverage -2.28x Neither company has much profit cushion over interest right now.
Total debt $30.66M Interest coverage -11.20x Neither company has much profit cushion over interest right now.
Total debt $416.26M Interest coverage -15.57x Neither company has much profit cushion over interest right now.
Total debt $4.74M Interest coverage -22,411.30x Neither company has much profit cushion over interest right now.
What you should know
The case for and against CGON
1 Reward
2 Risks
Rewards
-
Revenue grew 254.7% last year.
Risks
-
Return on equity was -26.4% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 0.2% (peer median: 6.6%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-25.91x
P/B
6.71x
P/S
1,113.70x
EV/EBITDA
-23.70x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
-7,467.7%
Net margin
0.0%
ROE
-26.4%
ROA
-17.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.01x
Current ratio
22.22x
Quick ratio
21.78x
Total debt
$8.82M
Total cash
$1.03B
Growth
How the business has been compounding
Revenue TTM
$6.23M
Revenue 5Y CAGR
176.6%
EPS TTM
-2.69
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-178.47M
Free CF TTM
$-132.48M
FCF margin
-2,127.2%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
—