CG Oncology, Inc. Financials
This page shows CG Oncology, Inc. (CGON) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
CG Oncology, Inc. has an operating margin of -4722.1%, meaning the company retains $-4722 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -10067.3% the prior year.
CG Oncology, Inc.'s revenue surged 254.7% year-over-year to $4.0M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
CG Oncology, Inc. carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 24.63, CG Oncology, Inc. holds $24.63 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While CG Oncology, Inc. generated -$132.3M in operating cash flow, capex of $134K consumed most of it, leaving -$132.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
CG Oncology, Inc. generates a -21.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -12.0% the prior year.
CG Oncology, Inc. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, CG Oncology, Inc. generates $0.82 in operating cash flow (-$132.3M OCF vs -$161.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
CG Oncology, Inc. generated $4.0M in revenue in fiscal year 2025. This represents an increase of 254.7% from the prior year.
CG Oncology, Inc.'s EBITDA was -$189.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 65.2% from the prior year.
CG Oncology, Inc. reported -$161.0M in net income in fiscal year 2025. This represents a decrease of 82.9% from the prior year.
CG Oncology, Inc. earned $-2.08 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 47.5% from the prior year.
Cash & Balance Sheet
CG Oncology, Inc. generated -$132.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 67.8% from the prior year.
CG Oncology, Inc. held $32.5M in cash against $3.0M in long-term debt as of fiscal year 2025.
CG Oncology, Inc. had 81M shares outstanding in fiscal year 2025. This represents an increase of 6.0% from the prior year.
Margins & Returns
CG Oncology, Inc.'s operating margin was -4722.1% in fiscal year 2025, reflecting core business profitability. This is up 5345.1 percentage points from the prior year.
CG Oncology, Inc.'s net profit margin was -3985.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3744.5 percentage points from the prior year.
CG Oncology, Inc.'s ROE was -21.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.4 percentage points from the prior year.
Capital Allocation
CG Oncology, Inc. invested $116.6M in research and development in fiscal year 2025. This represents an increase of 42.1% from the prior year.
CG Oncology, Inc. invested $134K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 42.7% from the prior year.
CGON Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $1.7M | $0-100.0% | $52K-88.6% | $456K+960.5% | $43K-61.3% | $111K-79.0% | $529K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | $27.9M-11.0% | $31.3M+14.1% | $27.5M+2.5% | $26.8M+36.6% | $19.6M+6.2% | $18.5M+7.3% | $17.2M |
| SG&A Expenses | N/A | $23.3M+34.0% | $17.4M+17.7% | $14.8M+26.3% | $11.7M+34.3% | $8.7M+16.3% | $7.5M+29.5% | $5.8M |
| Operating Income | N/A | -$51.1M-4.9% | -$48.7M-15.5% | -$42.2M-10.9% | -$38.0M-34.5% | -$28.3M-9.4% | -$25.9M-15.1% | -$22.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | -$43.8M-5.8% | -$41.4M-20.2% | -$34.5M-8.3% | -$31.8M-55.8% | -$20.4M-8.0% | -$18.9M-11.6% | -$16.9M |
| EPS (Diluted) | N/A | $-0.57-5.6% | $-0.54-20.0% | $-0.45 | N/A | $-0.30-7.1% | $-0.28+22.2% | $-0.36 |
CGON Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $791.6M+8.5% | $729.9M+4.1% | $701.4M-3.7% | $728.2M-3.5% | $754.8M+36.6% | $552.5M-2.1% | $564.3M-2.6% | $579.1M |
| Current Assets | $759.5M+9.2% | $695.8M+3.4% | $673.0M-4.0% | $701.2M-7.0% | $754.2M+36.6% | $552.1M-2.1% | $563.9M-2.5% | $578.6M |
| Cash & Equivalents | $32.5M-28.0% | $45.1M+208.7% | $14.6M-64.7% | $41.5M-83.9% | $257.1M+492.2% | $43.4M+72.6% | $25.2M-67.5% | $77.5M |
| Inventory | $1.6M+4.3% | $1.5M | N/A | N/A | $0 | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $10.3M-19.6% | $12.8M+24.3% | $10.3M | N/A | $0 | N/A | N/A | N/A |
| Total Liabilities | $39.0M-7.8% | $42.3M+36.0% | $31.1M+32.7% | $23.4M+9.4% | $21.4M+36.4% | $15.7M+31.2% | $12.0M+17.7% | $10.2M |
| Current Liabilities | $30.8M+1.0% | $30.5M+0.5% | $30.4M+34.2% | $22.6M+6.0% | $21.4M+36.7% | $15.6M+31.9% | $11.9M+18.7% | $10.0M |
| Long-Term Debt | $3.0M0.0% | $3.0M | N/A | N/A | $0 | N/A | N/A | N/A |
| Total Equity | $752.6M+9.4% | $687.6M+2.6% | $670.4M-4.9% | $704.8M-3.9% | $733.4M+36.6% | $536.8M-2.8% | $552.4M-2.9% | $568.9M |
| Retained Earnings | -$379.0M-12.2% | -$337.7M-14.9% | -$293.9M-16.4% | -$252.4M-15.8% | -$218.0M-17.1% | -$186.2M-12.3% | -$165.8M-12.9% | -$146.9M |
CGON Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$36.2M+6.9% | -$38.9M-39.1% | -$28.0M+4.5% | -$29.3M-41.7% | -$20.7M-29.8% | -$15.9M+1.2% | -$16.1M+38.0% | -$26.0M |
| Capital Expenditures | $7K-92.8% | $97K+592.9% | $14K-12.5% | $16K-92.3% | $209K+21000.0% | -$1K-107.1% | $14K+16.7% | $12K |
| Free Cash Flow | -$36.2M+7.1% | -$39.0M-39.4% | -$28.0M+4.5% | -$29.3M-40.4% | -$20.9M-31.1% | -$15.9M+1.3% | -$16.1M+38.0% | -$26.0M |
| Investing Cash Flow | -$75.5M-601.9% | $15.0M+969.3% | $1.4M+100.8% | -$186.8M-1812.7% | $10.9M-65.9% | $32.0M+188.3% | -$36.2M+88.2% | -$307.4M |
| Financing Cash Flow | $99.1M+82.2% | $54.4M+18468.2% | -$296K-165.8% | $450K-99.8% | $223.4M+10209.8% | $2.2M+5317.5% | $40K-100.0% | $402.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CGON Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | -3069.0% | N/A | -81161.5%-72817.5pp | -8344.1%+57458.3pp | -65802.3%-42511.3pp | -23291.0%-19043.5pp | -4247.4% |
| Net Margin | N/A | -2629.5% | N/A | -66253.9%-59280.6pp | -6973.3%+40480.2pp | -47453.5%-30424.7pp | -17028.8%-13827.7pp | -3201.1% |
| Return on Equity | N/A | -6.4%-0.2pp | -6.2%-1.3pp | -4.9%-0.5pp | -4.3%-0.5pp | -3.8%-0.4pp | -3.4%-0.4pp | -3.0% |
| Return on Assets | N/A | -6.0%-0.1pp | -5.9%-1.2pp | -4.7%-0.5pp | -4.2%-0.5pp | -3.7%-0.3pp | -3.4%-0.4pp | -2.9% |
| Current Ratio | 24.63+1.8 | 22.79+0.6 | 22.15-8.8 | 30.97-4.3 | 35.30-0.0 | 35.32-12.2 | 47.57-10.4 | 57.95 |
| Debt-to-Equity | 0.000.0 | 0.00-0.0 | 0.05+0.0 | 0.03+0.0 | 0.00-0.0 | 0.030.0 | 0.020.0 | 0.02 |
| FCF Margin | N/A | -2340.4% | N/A | -56332.7%-51755.7pp | -4577.0%+32446.3pp | -37023.3%-22488.1pp | -14535.1%-9615.7pp | -4919.5% |
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Frequently Asked Questions
What is CG Oncology, Inc.'s annual revenue?
CG Oncology, Inc. (CGON) reported $4.0M in total revenue for fiscal year 2025. This represents a 254.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is CG Oncology, Inc.'s revenue growing?
CG Oncology, Inc. (CGON) revenue grew by 254.7% year-over-year, from $1.1M to $4.0M in fiscal year 2025.
Is CG Oncology, Inc. profitable?
No, CG Oncology, Inc. (CGON) reported a net income of -$161.0M in fiscal year 2025, with a net profit margin of -3985.0%.
What is CG Oncology, Inc.'s EBITDA?
CG Oncology, Inc. (CGON) had EBITDA of -$189.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does CG Oncology, Inc. have?
As of fiscal year 2025, CG Oncology, Inc. (CGON) had $32.5M in cash and equivalents against $3.0M in long-term debt.
What is CG Oncology, Inc.'s operating margin?
CG Oncology, Inc. (CGON) had an operating margin of -4722.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is CG Oncology, Inc.'s net profit margin?
CG Oncology, Inc. (CGON) had a net profit margin of -3985.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is CG Oncology, Inc.'s return on equity (ROE)?
CG Oncology, Inc. (CGON) has a return on equity of -21.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is CG Oncology, Inc.'s free cash flow?
CG Oncology, Inc. (CGON) generated -$132.5M in free cash flow during fiscal year 2025. This represents a -67.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is CG Oncology, Inc.'s operating cash flow?
CG Oncology, Inc. (CGON) generated -$132.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are CG Oncology, Inc.'s total assets?
CG Oncology, Inc. (CGON) had $791.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are CG Oncology, Inc.'s capital expenditures?
CG Oncology, Inc. (CGON) invested $134K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does CG Oncology, Inc. spend on research and development?
CG Oncology, Inc. (CGON) invested $116.6M in research and development during fiscal year 2025.
What is CG Oncology, Inc.'s current ratio?
CG Oncology, Inc. (CGON) had a current ratio of 24.63 as of fiscal year 2025, which is generally considered healthy.
What is CG Oncology, Inc.'s debt-to-equity ratio?
CG Oncology, Inc. (CGON) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is CG Oncology, Inc.'s return on assets (ROA)?
CG Oncology, Inc. (CGON) had a return on assets of -20.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is CG Oncology, Inc.'s cash runway?
Based on fiscal year 2025 data, CG Oncology, Inc. (CGON) had $32.5M in cash against an annual operating cash burn of $132.3M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is CG Oncology, Inc.'s Piotroski F-Score?
CG Oncology, Inc. (CGON) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are CG Oncology, Inc.'s earnings high quality?
CG Oncology, Inc. (CGON) has an earnings quality ratio of 0.82x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is CG Oncology, Inc.?
CG Oncology, Inc. (CGON) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.