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CG Oncology, Inc., a late-stage clinical biopharmaceutical company, develops and commercializes cretostimogene grenadenorepvec for patients with bladder cancer in the United States. The company's product candidate is cretostimogene, an investigational oncolytic immunotherapy, which is in phase 2 clinical trials of cretostimogene in patients with high-risk NMIBC after BCG failure; a phase 3 clinical trials to evaluate the safety and efficacy of cretostimogene as monotherapy in the treatment of patients who have received adequate BCG therapy with high-risk BCG-unresponsive, CIS-containing NMIBC and BCG-unresponsive Ta, or T1 papillary tumors; phase 3 BOND-003 Cohort C trials as a single agent; phase 3 BOND-003 Cohort P as a single agent in patients with BCG-UR papillary-only NMIBC. It also develops cretostimogene monotherapy for intermediate-risk NMIBC following TURBT, which is in phase 3 PIVOT-006 clinical trials to assess the safety and efficacy of adjuvant cretostimogene; and cretostimogene monotherapy for high-risk NMIBC in phase 2 CORE-008 clinical trials to assess the safety and clinical outcomes of cretostimogene in treating patients with high-risk NMIBC, including BCG-exposed and BCG-naïve NMIBC. The company was formerly known as Cold Genesys, Inc. and changed its name to CG Oncology, Inc. in June 2020. CG Oncology, Inc. was founded in 2010 and is headquartered in Irvine, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4M | $-189M | $-161M | $-132M | -21.4% | 254.7% | - |
| 2024 | $1M | $-115M | $-88M | $-79M | -12.0% | 458.3% | - |
| 2023 | $0M | $-55M | $-49M | $-46M | -26.3% | 6.8% | - |
| 2022 | $0M | $-35M | $-35M | $-30M | -28.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0.19 | 0.20 | 1.14 | 4.04 |
| Cost Of Revenue | 0 | 0 | 0 | 4.65 |
| Gross Profit | 0 | 0.20 | 1.14 | -0.61 |
| Operating Expense | 35.44 | 55.65 | 115.81 | 190.17 |
| Operating Income | -35.25 | -55.45 | -114.67 | -190.77 |
| EBITDA | -35.23 | -55.43 | -114.63 | -189.33 |
| EBIT | -35.25 | -55.45 | -114.67 | -190.77 |
| Pretax Income | -35.44 | -48.61 | -88.04 | -161 |
| Net Income | -35.44 | -48.61 | -88.04 | -161 |
| Net Income Common Stockholders | -43.79 | -67.80 | -88.04 | -161 |
| Total Expenses | 35.44 | 55.65 | 115.81 | 194.81 |
| Interest Expense | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 6.90 | 26.62 | 29.93 |
| Research And Development | 29.03 | 45.75 | 82.10 | 116.64 |
| Selling General And Administration | 6.41 | 9.90 | 33.70 | 73.53 |
| Normalized EBITDA | -35.23 | -55.43 | -114.63 | -189.33 |
| Normalized Income | -35.44 | -48.61 | -88.04 | -161 |
| Basic EPS | -11.71 | -15.65 | -1.41 | 0 |
| Diluted EPS | -11.71 | -15.65 | -1.41 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -35.44 | -48.61 | -88.04 | -161 |
| Reconciled Depreciation | 0.01 | 0.02 | 0.03 | 1.45 |
| Reconciled Cost Of Revenue | 0 | 0 | 0 | 4.65 |
| Net Interest Income | 0 | 6.90 | 26.62 | 29.93 |
| Net Income From Continuing And Discontinued Operation | -35.44 | -48.61 | -88.04 | -161 |
| Total Operating Income As Reported | -35.25 | -55.45 | -114.67 | -190.77 |
| Diluted Average Shares | 3.74 | 4.33 | 62.50 | 0 |
| Basic Average Shares | 3.74 | 4.33 | 62.50 | 0 |
| Diluted NI Availto Com Stockholders | -43.79 | -67.80 | -88.04 | -161 |
| Preferred Stock Dividends | 8.35 | 19.19 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -35.44 | -48.61 | -88.04 | -161 |
| Net Income Continuous Operations | -35.44 | -48.61 | -88.04 | -161 |
| Other Income Expense | -0.20 | -0.06 | 0 | -0.15 |
| Other Non Operating Income Expenses | -0.20 | -0.06 | 0 | -0.15 |
| Net Non Operating Interest Income Expense | 0 | 6.90 | 26.62 | 29.93 |
| Total Other Finance Cost | 0 | -6.90 | 0 | 0 |
| Interest Expense Non Operating | 0 | 0 | 0 | 0 |
| Interest Income Non Operating | 0 | 6.90 | 26.62 | 29.93 |
| General And Administrative Expense | 6.41 | 9.90 | 33.70 | 73.53 |
| Other Gand A | 3.10 | 9.90 | 12.31 | 34.28 |
| Salaries And Wages | 3.31 | 5.54 | 21.39 | 39.25 |
| Operating Revenue | 0.19 | 0.20 | 1.14 | 4.04 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CG Oncology, Inc.this co. | CGON | $5.7B | - | 6.94 | -21.4% | -24.99 |
| Hims & Hers Health, Inc. | HIMS | $6.1B | 51.63 | 11.06 | 23.7% | 37.26 |
| Celcuity Inc. | CELC | $5.8B | - | 57.10 | -176.1% | -32.74 |
| Mirum Pharmaceuticals, Inc. | MIRM | $5.7B | - | 15.53 | -7.4% | 2666.18 |
| Rhythm Pharmaceuticals, Inc. | RYTM | $5.6B | - |
| 39.69 |
| -72.8% |
| -28.64 |
| Scholar Rock Holding Corporation | SRRK | $5.5B | - | 20.46 | -154.0% | -13.21 |
| Immunovant, Inc. | IMVT | $5.5B | - | 5.56 | -58.5% | -9.23 |
| Oscar Health, Inc. | OSCR | $5.4B | - | 5.45 | -45.2% | -5.02 |
| Xenon Pharmaceuticals Inc. | XENE | $5.4B | - | 7.67 | -59.5% | -11.06 |
| Peer Median | - | 51.63 | 13.30 | -59.0% | -10.14 | |