# CG Oncology, Inc. (CGON)

> Source: Nexqual · https://nexqual.com/CGON · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, CG Oncology, Inc. (CGON), nexqual.com/CGON" · informational, not investment advice.

**Price:** USD 63.47 (-0.77% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 63.96 · day 63.08–65.59 · 52w 35.8–80.97 · market cap $5.63B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.2M, net income -$224M (-3602.7% margin), free cash flow -$179M (SEC filings).
- Analysts: Buy (mean 1.80 on a 1–5 scale) (15 analysts), mean target USD 91.08 (range 79–108).
- Total return with dividends: 1Y +50.6% vs S&P 500 +14.8%; 5Y +81.2% vs S&P 500 +79.1%.
- Next earnings: 2026-11-09 (date not yet confirmed by the company), EPS estimate USD -0.81, revenue estimate $534K. All companies reporting that day: https://nexqual.com/earnings/2026-11-09
- Dividend: CGON paid no cash dividend in the last five years.
- Short interest: 10.19% of float (as of 2026-10-15), 8.1 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $204K | $1.1M | $4.0M | $6.2M |
| Operating income | -$55.4M | -$115M | -$191M | -$253M |
| Net income | -$48.6M | -$88.0M | -$161M | -$224M |
| EPS (diluted) | -$15.65 | -$1.41 | -$2.08 | — |
| Free cash flow | — | -$78.9M | -$132M | -$179M |
| Operating margin | -27180.9% | -10067.3% | -4722.1% | -4056.2% |
| Net margin | -23827.0% | -7729.5% | -3985.0% | -3602.7% |
| Revenue growth | — | +458.3% | +254.7% | — |
| Cash + short-term investments | $188M | $742M | $742M | — |
| Total debt | — | $0K | $3.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 903.3x · EV/Sales 738.7x · P/B 5.5x · FCF yield -3.19% · Earnings yield -3.99% · Net cash $1.03B · EV $4.60B

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 15 analysts; mean target USD 91.08 (low 79, high 108).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | RBC Capital | Target lowered | Outperform | $81 → $79 |
| 2026-08-07 | Piper Sandler | Target raised | Overweight | $82 → $85 |
| 2026-08-07 | Truist Securities | Target raised | Buy | $82 → $85 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2024-01-22) |
|---|---|---|
| Total return | +50.6% | +81.2% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +51.0% | +23.9% |
| Volatility (annualized) | 54.1% | 61.7% |
| Max drawdown | -27.4% (May 2026→Jun 2026) | -64.1% (Feb 2024→Mar 2025) |

## Dividends
CGON paid no cash dividend in the last five years.

## Short interest
8,873,120 shares sold short, 10.19% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 11,254,500 shares (-21.2%). Days to cover: 8.1 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/CGON · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CGON's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1991792/000119312526079498/ck0001991792-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Biovire | "We rely on Biovire and third parties for the manufacture and shipping of cretostimogene for clinical development and if approved by the FDA, will rely on third parties for the manufacture, supply and shipping of cretosti…" |
| Supplier | Merck (MRK) | "While there are other options globally for BCG, none of the options are available in the United States, except for the TICE BCG strain manufactured by Merck." |
| Partner | Kissei Pharmaceutical | "In March 2020, and as amended September 2022, we entered into a license and collaboration agreement (the Kissei Agreement) with Kissei Pharmaceutical Co., Ltd. (Kissei), under which we granted to Kissei an exclusive lice…" |
| Partner | Lepu Biotech | "In March 2019, we entered into a development and license agreement (the Lepu Agreement) with Lepu Biotech Co., Ltd. (Lepu), under which we granted an exclusive license to Lepu to develop, manufacture and commercialize cr…" |
| Partner | Jefferies | "On March 28, 2025, we entered into the Jefferies Sales Agreement with Jefferies LLC, as agent, pursuant to which we may offer and sell, from time to time through Jefferies, shares of our common stock." |
| Competitor | Johnson & Johnson (JNJ) | "There are numerous companies that have commercialized or are developing treatments for NMIBC that we will compete with, including Bristol Meyers Squibb, enGene Inc., Gilead Sciences, Inc., Hoffman-La Roche AG (Roche), Im…" |
| Competitor | Pfizer (PFE) | "There are numerous companies that have commercialized or are developing treatments for NMIBC that we will compete with, including Bristol Meyers Squibb, enGene Inc., Gilead Sciences, Inc., Hoffman-La Roche AG (Roche), Im…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commercial & Development Revenue | $1.1M | 99.1% | — |
| License & Collaboration Revenue | $10,000 | 0.9% | — |
| Total revenue | $1.2M | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "The Company anticipates its existing cash, cash equivalents and marketable securities as of this date will be sufficient to fund operations through 2029. 2 | • Research and Development (R&D) Expenses : R&D expenses were $54.7 million for the second quarter of 2026, as compared to $31.3 million for the prior year period."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.81 | $-0.68 | −$0.13 | $534,480 | 12 |
| Next quarter (ends 2026-12-31) | $-0.84 | $-0.61 | −$0.22 | $531,180 | 12 |
| Current fiscal year (ends 2026-12-31) | $-3.23 | $-2.67 | −$0.56 | $4.5M | 12 |
| Next fiscal year (ends 2027-12-31) | $-3.02 | $-2.75 | −$0.27 | $83.5M | 12 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.90 | −$0.64 | Miss −40.6% | — |
| — | Quarter ended Mar 31, 2026 | −$0.71 | −$0.54 | Miss −31.5% | — |
| — | Quarter ended Dec 31, 2025 | −$0.51 | −$0.58 | Beat +12.1% | — |
| — | Quarter ended Sep 30, 2025 | −$0.57 | −$0.55 | Miss −3.6% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).