CG Oncology, Inc. (CGON) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CGON SEC filings page.
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).
CG Oncology remains a development-stage business: research spending dominates limited revenue, while financing—not operations—has funded expansion.
Revenue more than tripled from FY2024 to FY2025, and operating margin improved from-100.7% to-47.2% . But operating loss still rose to$190.8M as R&D reached$116.6M , so the better margin reflects early scale against a much larger investment base, not operating profitability.
In FY2025, operating cash flow of
Assets were
Financial Health Signals
Scored against emerging 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. held $742.2M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $132.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and CG Oncology, Inc. scores 71/100 among other emerging companies.
CG Oncology, Inc. had 84M shares outstanding at the end of fiscal year 2025, against 76M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and CG Oncology, Inc. scores 4/100 among other emerging companies.
CG Oncology, Inc. spent $116.6M on research and development in fiscal year 2025, which was 59.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and CG Oncology, Inc. scores 83/100 among other emerging companies.
CG Oncology, Inc. reported revenue of $4.0M in fiscal year 2025, against $1.1M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and CG Oncology, Inc. scores 95/100 among other emerging companies.
CG Oncology, Inc.'s operations used $132.3M of cash in fiscal year 2025, against $78.7M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and CG Oncology, Inc. scores 12/100 among other emerging companies.
CG Oncology, Inc.'s cash, cash equivalents and investments came to $742.2M at the end of fiscal year 2025, against $39.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and CG Oncology, Inc. scores 99/100 among other emerging companies.
CG Oncology, Inc. scores 91.55, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.0B) 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 $1.2M in revenue in Q2 2026. Against the prior quarter it is up 6.8%.
CG Oncology, Inc.'s EBITDA was -$85.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 76.1% from the same quarter a year earlier. Against the prior quarter it is down 30.5%.
CG Oncology, Inc. reported -$79.1M in net income in Q2 2026. This represents a decrease of 90.8% from the same quarter a year earlier. Against the prior quarter it is down 31.3%.
CG Oncology, Inc. earned -$0.90 per diluted share (EPS) in Q2 2026. This represents a decrease of 66.7% from the same quarter a year earlier. Against the prior quarter it is down 26.8%.
Cash & Balance Sheet
CG Oncology, Inc. recorded an outflow of $46.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 67.6% from the same quarter a year earlier. Against the prior quarter it is up 18.1%.
CG Oncology, Inc. held $19.6M in cash against $3.0M in long-term debt as of Q2 2026, with $47.2M of liabilities due within a year.
Not reported for Q2 2026.
Margins & Returns
CG Oncology, Inc.'s ROE was -7.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.2 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: 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 $54.7M in research and development in Q2 2026. This represents an increase of 74.5% from the same quarter a year earlier. Against the prior quarter it is up 25.0%.
CG Oncology, Inc. invested $468K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 3242.9% from the same quarter a year earlier. Against the prior quarter it is up 53.9%.
Not reported for Q2 2026.
CGON Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M | $1.1M+1982.7% | N/A | $1.7M+3774.4% | $0-100.0% | $52K-90.2% | $456K | $43K+377.8% |
| R&D Expenses | $54.7M+74.5% | $43.7M+59.2% | N/A | $27.9M+42.1% | $31.3M+69.6% | $27.5M+59.6% | $26.8M | $19.6M+67.2% |
| SG&A Expenses | $29.0M+66.4% | $20.8M+40.5% | N/A | $23.3M+167.7% | $17.4M+132.3% | $14.8M+155.5% | $11.7M | $8.7M+276.2% |
| Operating Income | -$86.4M-77.3% | -$66.4M-57.3% | N/A | -$51.1M-80.7% | -$48.7M-88.5% | -$42.2M-87.8% | -$38.0M | -$28.3M-101.5% |
| EBITDA | -$85.6M-76.1% | -$65.5M-55.4% | N/A | -$50.6M-79.1% | -$48.6M-88.0% | -$42.2M-87.8% | -$38.0M | -$28.3M-101.4% |
| Net Income | -$79.1M-90.8% | -$60.2M-74.7% | N/A | -$43.8M-114.7% | -$41.4M-119.2% | -$34.5M-103.4% | -$31.8M | -$20.4M-73.4% |
| EPS (Basic) | -$0.90-66.7% | -$0.71-57.8% | -$0.51-6.3% | -$0.57-90.0% | -$0.54-92.9% | -$0.45-25.0% | -$0.48+89.3% | -$0.30+92.5% |
| EPS (Diluted) | -$0.90-66.7% | -$0.71-57.8% | -$0.51-6.3% | -$0.57-90.0% | -$0.54-92.9% | -$0.45 | -$0.48 | -$0.30 |
| Diluted Shares (Avg) | 88M+15.7% | 85M+10.9% | N/A | 77M+14.3% | 76M+14.4% | 76M | N/A | 67M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
CGON Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B+54.8% | $1.1B+55.9% | $791.6M+4.9% | $729.9M+32.1% | $701.4M+24.3% | $728.2M+25.7% | $754.8M+278.7% | $552.5M |
| Current Assets | $1.0B+56.0% | $1.1B+57.2% | $759.5M+0.7% | $695.8M+26.0% | $673.0M+19.4% | $701.2M+21.2% | $754.2M+288.5% | $552.1M |
| Cash & Equivalents | $19.6M+34.3% | $33.7M-18.7% | $32.5M-87.4% | $45.1M+4.0% | $14.6M-41.9% | $41.5M-46.5% | $257.1M+3009.9% | $43.4M+322.6% |
| Short-Term Investments | $1.0B+56.0% | $1.0B+61.1% | $709.7M+46.3% | $635.1M+27.7% | $646.4M+22.5% | $647.0M+32.3% | $484.9M+170.3% | $497.3M |
| Inventory | $1.0M | $1.5M | $1.6M | $1.5M | N/A | N/A | $0 | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $10.3M0.0% | $10.3M | $10.3M | $12.8M | $10.3M | N/A | $0 | N/A |
| Total Liabilities | $56.5M+81.9% | $43.5M+85.6% | $39.0M+82.0% | $42.3M+169.2% | $31.1M+159.7% | $23.4M+130.4% | $21.4M-93.4% | $15.7M |
| Current Liabilities | $47.2M+55.5% | $35.2M+55.5% | $30.8M+44.3% | $30.5M+95.3% | $30.4M+156.3% | $22.6M+126.8% | $21.4M+49.9% | $15.6M |
| Non-Current Liabilities | $9.3M+1216.9% | $8.3M+958.5% | $8.2M+15580.8% | $11.7M+16438.0% | $706K+498.3% | $781K+324.5% | $52K-100.0% | $71K |
| Long-Term Debt | $3.0M | $3.0M | $3.0M | $3.0M | N/A | N/A | $0 | N/A |
| Total Equity | $1.0B+53.5% | $1.1B+54.9% | $752.6M+2.6% | $687.6M+28.1% | $670.4M+21.4% | $704.8M+23.9% | $733.4M+695.8% | $536.8M+598.9% |
| Retained Earnings | -$518.2M-76.4% | -$439.2M-74.0% | -$379.0M-73.9% | -$337.7M-81.4% | -$293.9M-77.3% | -$252.4M-71.9% | -$218.0M-67.8% | -$186.2M |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$46.4M-66.0% | -$56.9M-94.5% | -$36.2M-75.3% | -$38.9M-144.3% | -$28.0M-73.4% | -$29.3M-12.6% | -$20.7M-41.1% | -$15.9M-29.8% |
| Depreciation & Amortization | $850K+444.9% | $841K+3404.2% | $849K | $500K+2281.0% | $156K+2128.6% | $24K+500.0% | $0-100.0% | $21K+320.0% |
| Stock-Based Compensation | $14.3M+104.6% | $6.5M+25.7% | N/A | $7.3M+176.7% | $7.0M+212.0% | $5.2M+239.6% | N/A | $2.6M+572.3% |
| Capital Expenditures | $468K+3242.9% | $304K+1800.0% | $7K-96.7% | $97K+9600.0% | $14K0.0% | $16K+33.3% | $209K | -$1K |
| Free Cash Flow | -$46.9M-67.6% | -$57.2M-95.4% | -$36.2M-73.6% | -$39.0M-144.9% | -$28.0M-73.4% | -$29.3M-12.6% | -$20.9M | -$15.9M |
| Investing Cash Flow | $30.4M+2062.6% | -$334.8M-79.3% | -$75.5M-792.4% | $15.0M-53.0% | $1.4M+103.9% | -$186.8M+39.3% | $10.9M-29.8% | $32.0M+119.8% |
| Financing Cash Flow | $1.9M+749.3% | $393.0M+87232.9% | $99.1M-55.7% | $54.4M+2409.0% | -$296K-840.0% | $450K-99.9% | $223.4M+7814.6% | $2.2M-98.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
CGON Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -7467.7% | -6130.1% | N/A | -3069.0% | N/A | -81161.5% | -8344.1% | -65802.3% |
| Net Margin | -6832.8% | -5558.8% | N/A | -2629.5% | N/A | -66253.9% | -6973.5% | -47453.5% |
| Return on Equity | -7.7%-1.5pp | -5.5%-0.6pp | N/A | -6.4%-2.6pp | -6.2%-2.8pp | -4.9%-1.9pp | -4.3% | -3.8% |
| Return on Assets | -7.3%-1.4pp | -5.3%-0.6pp | N/A | -6.0%-2.3pp | -5.9%-2.6pp | -4.7%-1.8pp | -4.2% | -3.7% |
| Current Ratio | 22.22+0.1x | 31.30+0.3x | 24.63-10.7x | 22.79-12.5x | 22.15-25.4x | 30.97-27.0x | 35.30+21.7x | 35.32 |
| Debt-to-Equity | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.050.0x | 0.030.0x | 0.00 | 0.03 |
| Asset Turnover | 0.000.0x | 0.000.0x | N/A | 0.000.0x | 0.000.0x | 0.000.0x | 0.00 | 0.00 |
| FCF Margin | -4052.0% | -5286.0% | N/A | -2340.4% | N/A | -56332.7% | -4577.0% | -37023.3% |
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
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| CG Oncology, Inc. CGON | FY2025 | $4.0M | -$161.0M | N/A | $6.0B | 61/100 |
| Amicus Therapeutics, Inc FOLD | FY2025 | $634.2M | -$27.1M | -4.3% | $4.5B | 44/100 |
| Celcuity Inc. CELC | FY2025 | N/A | -$177.0M | N/A | $3.5B | — |
| Tarsus Pharmaceuticals, Inc. TARS | FY2025 | $451.4M | -$66.0M | -14.6% | $3.4B | 49/100 |
| ImmunityBio, Inc. IBRX | FY2025 | $113.3M | -$351.5M | N/A | $10.9B | 41/100 |
| Liquidia Corporation LQDA | FY2025 | $158.3M | -$68.9M | -43.5% | $2.6B | 61/100 |
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 P/E ratio?
CG Oncology, Inc. (CGON) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $6.0B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is CG Oncology, Inc.'s price-to-sales ratio?
CG Oncology, Inc. (CGON) has no price-to-sales ratio at the moment: outside the range published as a multiple (on $4.0M revenue, FY2025). The market capitalization is $6.0B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does CG Oncology, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, CG Oncology, Inc. (CGON) held $742.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $132.3M over that year. Dividing the one by the other, the reported balance equals about 67 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is CG Oncology, Inc.'s Altman Z-Score?
CG Oncology, Inc. (CGON) has an Altman Z-Score of 91.55, 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 61 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.