CG Oncology, Inc.

Listed Company

CGONCIK 0001991792NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-161.00M

Total Assets

$791.59M

Equity

$752.60M

Shares Out

84.44M

Op. Cash Flow

$-132.30M

Business

CG Oncology, Inc. is a late-stage clinical biopharmaceutical company developing cretostimogene grenadenorepvec as a potential backbone, bladder‑sparing therapeutic for a broad range of bladder cancer indications, with an initial focus on high‑risk BCG‑unresponsive non‑muscle invasive bladder cancer (NMIBC). It primarily develops and evaluates cretostimogene as monotherapy and in combination with checkpoint inhibitors, conducts Phase 2 and Phase 3 clinical trials, and prepares commercialization and patient‑access programs. Key business activities include clinical development, regulatory strategy, commercial operations, CMC and third‑party manufacturing, and partnered development/licensing. Its programs target the U.S. market while leveraging regional licensees in Asia and distribution through urology practices and third‑party manufacturers.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Total revenues	4	1	204,000
Cost of sales	5	—	—
Research and development	117	82	46
General and administrative	74	34	10
Total operating costs and expenses	195	116	56
Loss from operations	−191	−115	−55
Interest income, net	30	27	7
Other (expense) income, net	−152,000	3,000	−62,000
Total other income, net	30	27	7
Net loss and comprehensive loss	−161	−88	−49
Deemed dividend on redeemable convertible preferred stock issuances	0	0	−410,000
Cumulative redeemable convertible preferred stock dividends	0	0	−19
Net loss attributable to common stockholders	−161	−88	−68
Net loss per share , basic	−2.08	−1.41	−15.65
Net loss per share , diluted	−2.08	−1.41	−15.65
Weighted average shares of common stock outstanding, basic	77	62	4
Weighted average shares of common stock outstanding, diluted	77	62	4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-07-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	32	—	257	8	—
Marketable securities	710	—	485	179	—
Inventory	2	—	0	—	—
Accounts receivable, net	688,000	—	0	—	—
Prepaid expenses and other current assets	15	—	12	6	—
Total current assets	759	—	754	194	—
Property and equipment, net	16	—	272,000	69,000	—
Operating lease right-of-use assets	4	—	221,000	422,000	—
Intangible assets, net	575,000	—	0	—	—
Goodwill	10	10	0	—	—
Other assets	2	—	94,000	19,000	—
Total assets	792	—	755	199	—
Accounts payable	6	—	7	3	—
Operating lease liabilities, current portion	915,000	—	186,000	217,000	—
Accrued expenses and other current liabilities	24	—	15	10	—
Total current liabilities	31	—	21	14	—
Long-term debt	3	—	0	—	—
Operating lease liabilities, net of current portion	3	—	52,000	244,000	—
Deferred tax liability	307,000	—	0	—	—
Other liabilities	2	—	0	—	—
Total liabilities	39	—	21	15	—
Commitments and contingencies	—	—	—	—	—
Common stock, $0.0001 par value per share; 700,000,000 and 700,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 80,689,128 and 76,154,783 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	8,000	—	8,000	—	—
Additional paid-in capital	1,132	—	951	7	—
Accumulated deficit	−379	—	−218	−130	—
Total stockholders' equity	753	—	733	−123	−78
Total liabilities and stockholders' equity	792	—	755	199	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Net loss	−161	−88	−49
Depreciation and amortization	1	32,000	17,000
Amortization of loan fees	—	—	3,000
Final payment amortization and loss on debt extinguishment	—	—	767,000
Success fee amortization	—	—	37,000
Stock-based compensation expense	27	11	2
Accretion of discount on short-term investments	−1	−5	−3
Non-cash interest expense (income)	−768,000	—	—
Non-cash lease expense	34,000	−22,000	12,000
Prepaid expenses and other current assets	−2	−6	−3
Accounts receivable, net	−320,000	—	—
Inventory	−444,000	—	—
Other assets	−2	−75,000	13,000
Accounts payable	−2	3	2
Accrued expenses and other current liabilities	9	5	4
Other liabilities	−487,000	—	—
Net cash used in operating activities	−132	−79	−46
Proceeds from sales and maturities of investments	844	745	396
Purchases of investments	−1,068	−1,046	−518
Acquisition, net of cash acquired	−22	—	—
Purchases of property and equipment	−134,000	−234,000	—
Net cash used in investing activities	−246	−301	−121
Proceeds from initial public offering, net of issuance costs	—	406	—
Proceeds from follow-on public offerings, net of issuance costs	147	223	—
Proceeds from issuance of Series F redeemable convertible preferred stock, net of issuance costs	—	—	105
Payments of success fee or long-term debt	—	−365,000	−16
Proceeds from exercise of common stock options	6	3	2
Stock issuance costs	−316,000	−3	−3
Net cash provided by financing activities	154	628	87
Net (decrease) increase in cash and cash equivalents	−225	249	−80
Cash paid for interest	103,000	—	376,000
Cash paid for taxes	16,000	—	—
Reclassification of 38,413,909 redeemable convertible preferred stock to 38,413,909 shares of common stock	—	308	—
Conversion of stock issuance costs	—	7	—
Stock issuance costs, unpaid and accrued	46,000	—	1
Operating lease right-of-use asset obtained in exchange for lease liabilities	859,000	0	221,000

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