CG Oncology, Inc. Financials
CG Oncology, Inc. (CGON) reported $4.0M in revenue for fiscal year 2025, up 254.7% from the prior fiscal year. This page shows its 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).
Shareholder funding, not product revenue, is carrying CG Oncology as R&D spending scales far faster than revenue.
Between FY2023 and FY2025, equity financing flipped the balance sheet from negative equity of-$123.1M to positive equity of$752.6M . That recapitalization did not create self-funding operations: FY2025 cash was$32.5M while operating cash burn was-$132.3M , so outside capital is still financing the business buildout rather than merely cushioning the balance sheet.
FY2025 revenue of
Capital intensity is low in the physical sense: FY2025 capex was only
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of CG Oncology, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
CG Oncology, Inc.'s reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 19/100.
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 99/100.
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 89/100, 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.
CG Oncology, Inc.'s reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
CG Oncology, Inc. posts a -21.4% return on equity (ROE), meaning it loses $21 for every $100 of shareholders' equity. This results in a returns score of 33/100. This is down from -12.0% the prior year.
CG Oncology, Inc. scores 103.71, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.8B) relative to total liabilities ($39.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
CG Oncology, Inc. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
CG Oncology, Inc. reported a net loss of $161.0M while operations used $132.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
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. recorded an outflow of $132.5M in free cash flow in fiscal year 2025, representing a cash shortfall 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.
Not reported for fiscal year 2025.
Margins & Returns
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.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
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.
Not reported for fiscal year 2025.
CGON Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue | N/A | $4.0M+254.7% | $1.1M+458.3% | $204K |
| R&D Expenses | N/A | $116.6M+42.1% | $82.1M+79.5% | $45.8M |
| SG&A Expenses | N/A | $73.5M+118.2% | $33.7M+240.4% | $9.9M |
| Operating Income | N/A | -$190.8M-66.4% | -$114.7M-106.8% | -$55.4M |
| Income Tax | N/A | -$270K-27100.0% | $1K0.0% | $1K |
| Net Income | N/A | -$161.0M-82.9% | -$88.0M-81.1% | -$48.6M |
| EPS (Diluted) | — | -$2.08-47.5% | -$1.41 | -$15.65 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CGON Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Assets | $791.6M+4.9% | $754.8M+278.7% | $199.3M |
| Current Assets | $759.5M+0.7% | $754.2M+288.5% | $194.1M |
| Cash & Equivalents | $32.5M-87.4% | $257.1M+3009.9% | $8.3M |
| Inventory | $1.6M | $0 | N/A |
| Goodwill | $10.3M | $0 | N/A |
| Total Liabilities | $39.0M+82.0% | $21.4M-93.4% | $322.4M |
| Current Liabilities | $30.8M+44.3% | $21.4M+49.9% | $14.3M |
| Long-Term Debt | $3.0M | $0 | N/A |
| Total Equity | $752.6M+2.6% | $733.4M+695.8% | -$123.1M |
| Retained Earnings | -$379.0M-73.9% | -$218.0M-67.8% | -$129.9M |
Not reported in any period shown, so not listed: Accounts Receivable.
CGON Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Operating Cash Flow | -$178.5M | -$132.3M-68.1% | -$78.7M-72.3% | -$45.7M |
| Capital Expenditures | $876K | $134K-42.7% | $234K | N/A |
| Free Cash Flow | -$179.3M | -$132.5M-67.8% | -$78.9M | N/A |
| Investing Cash Flow | -$364.9M | -$245.8M+18.3% | -$300.8M-148.2% | -$121.2M |
| Financing Cash Flow | $548.4M | $153.6M-75.6% | $628.3M+622.2% | $87.0M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CGON Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Operating Margin | -4722.1% | -10067.3% | -27180.9% |
| Net Margin | -3985.2% | -7729.6% | -23827.0% |
| Return on Equity | -21.4%-9.4pp | -12.0% | N/A |
| Return on Assets | -20.3%-8.7pp | -11.7%+12.7pp | -24.4% |
| Current Ratio | 24.63-10.7x | 35.30+21.7x | 13.62 |
| Debt-to-Equity | 0.000.0x | 0.00 | N/A |
| FCF Margin | -3279.2% | -6931.3% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Where CG Oncology, Inc. Ranks
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.
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 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) recorded an outflow of $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) recorded an outflow of $132.3M in operating cash flow during fiscal year 2025, representing cash used by 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 Altman Z-Score?
CG Oncology, Inc. (CGON) has an Altman Z-Score of 103.71, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is CG Oncology, Inc.'s Piotroski F-Score?
CG Oncology, Inc. (CGON) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $161.0M while operations used $132.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 57 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.