CG Oncology, Inc. (CGON) AI Stock Analysis

• Market Cap: $4.20B
• Dividend Yield: N/A
• Average Volume (3M): 1.16M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.80
• Revenue Growth: 217.84%
• EPS Growth: -85.53%
• Country: US
• Employees: 113
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.57
• Shares Outstanding: 80,666,176
• 10 Day Avg. Volume: 1,214,540
• 30 Day Avg. Volume: 1,159,780
• PEG Ratio: -0.53
• Price to Book (P/B): 2.44
• Price to Sales (P/S): 1573.67
• P/FCF Ratio: -22.70
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 1.93K
• Enterprise Value/Gross Profit: 9.53K
• Enterprise Value/Ebitda: -25.48
• 1Y Price Target: $77.67
• Price Target Upside: 42.93% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 13
• EPS Forecast (FY): -2.61
• Revenue Forecast (FY): $26.08M

• Rating: 57 Neutral
• Price Target: $43.00 ▼(-20.87% Downside)

The score is primarily driven by mixed financial performance: a very strong, low-debt balance sheet is outweighed by heavy losses and ongoing cash burn. Technicals are modestly supportive with neutral-to-positive momentum and price above key moving averages. Valuation is pressured by negative earnings and no dividend, while the accelerated Phase 3 timeline is a meaningful positive catalyst but secondary to current fundamentals.

Positive Factors

Low leverage balance sheet

Extremely low leverage and sizable equity versus assets provide durable funding flexibility for multi-year R&D and trial costs. A strong capital structure reduces near-term refinancing risk, enabling the company to pursue clinical milestones without immediate reliance on dilutive financing.

Accelerated Phase 3 readout

An expedited Phase 3 topline reduces time to a potential registrational outcome and commercial decision. Being the first randomized Phase 3 in this IR NMIBC population expands strategic optionality, strengthens partnership and licensing leverage, and materially de-risks future revenue pathways if results are positive.

Improving revenue trends

Sustained, sharp revenue improvement signals early commercial or trial-related traction and validates aspects of the company’s strategy. If revenue growth persists, it can support scaling operations, improve margins over time, and reduce reliance on external capital to fund development.

Negative Factors

Persistent cash burn

Material negative operating and free cash flow indicates ongoing cash burn to sustain R&D and operations. Over months this necessitates external funding or partnerships, creating dilution risk, constraining strategic choices, and placing pressure on management to extend runway while progressing pivotal trials.

Worsening profitability and margins

Falling gross margin alongside expanding losses suggests costs are scaling faster than revenue, undermining margin sustainability. Structural margin compression raises questions about unit economics and long-term profitability unless the company demonstrably improves pricing, cost structure, or achieves significant volume scale.

Financial leadership turnover

A recent interim CFO appointment and prior resignation create potential continuity risk in financial reporting and planning during a critical clinical and funding window. Temporary external engagement can slow strategic execution, complicate investor communications, and increase execution risk around financing or commercialization plans.

CG Oncology, Inc. Business Overview & Revenue Model

Company Description

CG Oncology Inc is a clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer. Their product candidate cretostimogene, is initially in clinical development for the treatment of patients with high-risk Non-Muscle Invasive Bladder Cancer who are unresponsive to Bacillus Calmette Guerin (BCG) therapy, the current standard-of-care for high-risk NMIBC.

How the Company Makes Money

CG Oncology generates revenue primarily through the development and commercialization of its cancer therapies. The company may receive funding through partnerships and collaborations with larger pharmaceutical firms, which often involve milestone payments and royalties on future sales of approved products. Additionally, CGON may obtain revenue from government grants or research funding aimed at advancing its clinical trials. As the company progresses through the stages of drug development, it has the potential to generate significant earnings from product sales once its therapies are approved by regulatory bodies and launched into the market.

CG Oncology, Inc. Financial Statement Overview

Summary

Strong balance sheet with minimal leverage supports near-term funding flexibility, but this is offset by deep unprofitability and materially negative operating/free cash flow (ongoing cash burn). Revenue is improving, yet losses expanded and gross margin fell versus 2024, keeping overall fundamentals mixed.

Income Statement

TTM (Trailing-Twelve-Months) revenue improved sharply versus prior years, but the company remains deeply unprofitable with very large operating and net losses. Profitability deteriorated versus 2024 as gross margin fell meaningfully and losses expanded, indicating costs are scaling faster than revenue at this stage.

Balance Sheet

The balance sheet is a clear strength: leverage is extremely low in TTM (Trailing-Twelve-Months) with minimal debt relative to equity, and equity is sizable versus total assets. The key weakness is negative returns on equity driven by ongoing losses, but the capital structure appears well-positioned to fund operations in the near term.

Cash Flow

Cash generation remains a challenge: operating and free cash flow are materially negative in TTM (Trailing-Twelve-Months), implying continued cash burn to support the business. A modest improvement in free cash flow versus the prior year is a positive signal, and cash burn broadly tracks reported losses, but the company is not yet close to self-funding.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.17M	1.14M	204.00K	191.00K	10.36M
Gross Profit	441.00K	1.14M	204.00K	176.00K	10.35M
EBITDA	-164.89M	-114.63M	-55.43M	-35.23M	-12.38M
Net Income	-151.48M	-88.04M	-48.61M	-35.44M	-12.84M
Balance Sheet
Total Assets	729.91M	754.80M	199.30M	147.75M	58.69M
Cash, Cash Equivalents and Short-Term Investments	680.26M	742.00M	187.67M	143.48M	53.61M
Total Debt	7.24M	238.00K	1.03M	15.94M	15.13M
Total Liabilities	42.27M	21.42M	14.51M	22.57M	18.44M
Stockholders Equity	687.64M	733.38M	184.79M	125.18M	40.25M
Cash Flow
Free Cash Flow	-117.13M	-78.95M	-45.68M	-29.82M	-13.75M
Operating Cash Flow	-116.79M	-78.71M	-45.68M	-29.80M	-13.65M
Investing Cash Flow	-159.41M	-300.76M	-121.19M	-55.35M	-97.00K
Financing Cash Flow	277.94M	628.28M	87.00M	119.69M	15.45M

CG Oncology, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 54.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CGON, the sentiment is Positive. The current price of 54.34 is above the 20-day moving average (MA) of 51.61, above the 50-day MA of 45.52, and above the 200-day MA of 34.35, indicating a bullish trend. The MACD of 2.83 indicates Positive momentum. The RSI at 60.69 is Neutral, neither overbought nor oversold. The STOCH value of 26.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CGON.

CG Oncology, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IDYA	63 Neutral	$2.82B	-18.36	-14.15%	―	5376.27%	20.97%
ARQT	60 Neutral	$3.11B	-72.13	-28.17%	―	129.21%	80.35%
CGON	57 Neutral	$4.20B	-27.39	-24.74%	―	217.84%	-85.53%
COGT	56 Neutral	$5.46B	-16.01	-95.40%	―	―	4.32%
BEAM	53 Neutral	$2.80B	―	-47.19%	―	-84.07%	-157.71%
IRON	52 Neutral	$2.92B	-15.05	-34.78%	―	―	-34.96%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

CG Oncology, Inc. Corporate Events

CG Oncology Expands At-The-Market Equity Offering Capacity

On January 13, 2026, CG Oncology, Inc. filed an amended prospectus with the U.S. Securities and Exchange Commission to expand its existing open market stock offering program with Jefferies LLC, increasing the total aggregate offering capacity from $250 million to up to $550 million of common stock. The company had previously sold 5,861,984 shares for gross proceeds of $250 million under this sales agreement and is now seeking to raise an additional $300 million, a move that significantly enlarges its potential capital-raising runway and could support future corporate financing needs and strategic initiatives while diluting existing shareholders if fully utilized.

The most recent analyst rating on (CGON) stock is a Buy with a $82.00 price target. To see the full list of analyst forecasts on CG Oncology, Inc. stock, see the CGON Stock Forecast page.

CG Oncology Accelerates Phase 3 Bladder Cancer Trial Timeline

On January 9, 2026, CG Oncology announced that topline data from its Phase 3 PIVOT-006 trial of adjuvant intravesical cretostimogene grenadenorepvec in intermediate-risk non-muscle invasive bladder cancer are now expected in the first half of 2026, nearly a year earlier than originally planned, following rapid enrollment of more than 360 patients across over 90 sites. The company highlighted that PIVOT-006 is the first randomized Phase 3 registrational study in this underserved patient group, which is estimated to exceed 50,000 individuals in the U.S., and the accelerated timeline, alongside encouraging safety and efficacy signals from the BOND-003 and CORE-008 studies reported as of September 1, 2025, underscores cretostimogene’s potential to reshape the treatment landscape for NMIBC and could materially strengthen CG Oncology’s position in bladder cancer therapeutics if future results remain favorable.

The most recent analyst rating on (CGON) stock is a Buy with a $89.00 price target. To see the full list of analyst forecasts on CG Oncology, Inc. stock, see the CGON Stock Forecast page.

CG Oncology Appoints Christina Rossi to Board

On November 22, 2025, CG Oncology, Inc. announced the appointment of Christina Rossi to its Board of Directors, effective November 24, 2025. Rossi will serve as a Class II director with a term expiring at the 2026 annual meeting of stockholders, receiving a $45,000 annual fee and stock options. Concurrently, Simone Song resigned from the Board, effective immediately, with no disagreements cited with the company.

The most recent analyst rating on (CGON) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on CG Oncology, Inc. stock, see the CGON Stock Forecast page.

CG Oncology Appoints Jim DeTore as Interim CFO

On November 10, 2025, Robert Lapetina resigned as interim principal financial and accounting officer of CG Oncology, Inc., effective November 30, 2025. Subsequently, on November 14, 2025, the company appointed Jim DeTore as the new interim principal financial and accounting officer, effective November 17, 2025. DeTore’s appointment comes through a consulting agreement with Monomoy Advisors, LLC, which stipulates a monthly payment structure and an initial engagement term of three months, with an option to extend. This leadership change is significant for CG Oncology as it navigates its financial and accounting operations, potentially impacting its strategic direction and stakeholder relations.

The most recent analyst rating on (CGON) stock is a Buy with a $75.00 price target. To see the full list of analyst forecasts on CG Oncology, Inc. stock, see the CGON Stock Forecast page.