CG Oncology (CGON) director exits 15,600-share position via 10b5-1 sale

Rhea-AI Filing Summary

CG Oncology director James Mulay reported an exercise-and-sale transaction in the company’s common stock. On April 17, 2026, he exercised options to acquire 15,600 shares of common stock at $36.63 per share, then sold the same 15,600 shares in an open-market transaction at a weighted average price of $73.01 per share.

The filing states these sales were made under a pre-arranged Rule 10b5-1 trading plan adopted on June 6, 2025, indicating they were scheduled in advance rather than timed discretionarily. After these transactions, Mulay reported holding no shares of common stock or related director stock options directly.

Insights

Insider trading and governance analyst

Director exercised options, sold all related shares under a pre-set plan.

Director James Mulay exercised options for 15,600 shares of CG Oncology common stock at $36.63 per share, then sold the same number of shares at a weighted average of $73.01. This is a classic exercise-and-sell pattern converting an option position into cash.

The filing notes the trades were executed under a Rule 10b5-1 trading plan adopted on June 6, 2025, suggesting they were pre-scheduled. Following the transactions, Mulay reported no remaining common shares or director stock options from this grant, so this filing shows a full exit from this particular equity position.

Insider Trade Summary 10b5-1

Net Seller: 15,600 shares ($1,138,956)

Net Sell 3 txns

Insider Mulay James

Role null

Sold 15,600 shs ($1.14M)

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (right to buy)	15,600	$0.00	--
Exercise	Common Stock	15,600	$36.63	$571K
Sale	Common Stock	15,600	$73.01	$1.14M

Holdings After Transaction: Director Stock Option (right to buy) — 0 shares (Direct, null); Common Stock — 15,600 shares (Direct, null)

Footnotes (1)

1. The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 6, 2025. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $72.99 to $73.04, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range. Fully vested.

Key Figures

Shares sold: 15,600 shares Weighted average sale price: $73.01 per share Option exercise price: $36.63 per share +4 more

7 metrics

Shares sold 15,600 shares Common stock sold in open-market transaction on April 17, 2026

Weighted average sale price $73.01 per share Average price for 15,600 shares sold, range $72.99–$73.04

Option exercise price $36.63 per share Exercise price for 15,600 underlying common shares

Option shares exercised 15,600 shares Director Stock Option exercised into common stock

Rule 10b5-1 plan adoption date June 6, 2025 Date pre-arranged trading plan was adopted by reporting person

Option expiration date October 3, 2034 Original expiration for Director Stock Option before exercise

Shares held after transaction 0 shares Common stock reported as directly owned following transactions

Key Terms

Rule 10b5-1 trading plan, Director Stock Option (right to buy), weighted average price, derivative security, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Director Stock Option (right to buy) financial

"security_title: "Director Stock Option (right to buy)""

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

derivative security financial

"transaction_code_description: "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mulay James

(Last) (First) (Middle)

C/O CG ONCOLOGY, INC.

3000 PEGASUS PARK DRIVE, SUITE 1640

(Street)

DALLAS TEXAS 75247

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CG Oncology, Inc. [ CGON ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/17/2026		M		15,600	A	$36.63	15,600	D
Common Stock	04/17/2026		S(1)		15,600	D	$73.01(2)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Director Stock Option (right to buy)	$36.63	04/17/2026		M			15,600	(3)	10/03/2034	Common Stock	15,600	$0	0	D

Explanation of Responses:

1. The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 6, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $72.99 to $73.04, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.

3. Fully vested.

	/s/ Joshua F. Patterson, Attorney-in-Fact for James J. Mulay	04/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did CG Oncology (CGON) director James Mulay report?

Director James Mulay reported exercising options for 15,600 CG Oncology common shares at $36.63, then selling all 15,600 shares in an open-market transaction at a weighted average price of $73.01 per share on April 17, 2026.

Did James Mulay still hold CG Oncology (CGON) shares after this Form 4?

After these transactions, James Mulay reported holding zero shares of CG Oncology common stock directly. He also reported no remaining director stock options from the exercised grant, indicating a full exit from that specific equity position in this filing.

Was the CG Oncology (CGON) insider sale by James Mulay under a Rule 10b5-1 plan?

Yes. The filing states the reported sales were effected under a Rule 10b5-1 trading plan adopted by James Mulay on June 6, 2025. Such plans are pre-arranged, meaning the trades were scheduled in advance rather than timed opportunistically.

At what prices did James Mulay sell his CG Oncology (CGON) shares?

The Form 4 reports a weighted average sale price of $73.01 per CG Oncology share. A footnote explains the 15,600 shares were sold in multiple transactions at prices ranging from $72.99 to $73.04 per share, inclusive, on April 17, 2026.

What stock options did James Mulay exercise in this CG Oncology (CGON) filing?

He exercised a Director Stock Option covering 15,600 underlying CG Oncology common shares at a conversion or exercise price of $36.63 per share. After exercising this option, the derivative position showed zero remaining options from that grant, with an original expiration of October 3, 2034.

Is James Mulay’s CG Oncology (CGON) Form 4 transaction an open-market sale?

Yes. The transaction is coded as an open-market sale of common stock, with 15,600 shares sold. The filing describes the code as a sale in an open market or private transaction, and notes execution under a pre-arranged Rule 10b5-1 trading plan.