CG Oncology Inc
CGONHealthcare|Biotechnology|USA
$75.24
+1.89 (+2.58%)
Tangible Book
$12.28
Financials
Financial Snapshot
Market Cap
$6.64B
Enterprise Value
$1.07B
Revenue (TTM)
$5.1M
Net Income (TTM)
$-186.7M
Cash & Equivalents
—
Net Cash/Share
$11.73
Free Cash Flow (TTM)
$-160.4M
Operating CF (TTM)
$-160.0M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$40.0M
Monthly Burn
$13.3M
Est. Runway
—
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Investments | $53.6M | $143.5M | $187.7M | $742.0M | $742.2M | $1.08B | |
| Operating Cash Flow | $-13.7M | $-29.8M | $-45.7M | $-78.7M | $-132.3M | $-160.0M | |
| Free Cash Flow | $-13.8M | $-29.8M | $-45.7M | $-78.9M | $-132.5M | $-160.4M | |
| Capital Expenditure | $-97.0K | $-14.0K | $0.00 | $-234.0K | $-134.0K | $-422.0K | |
| Financing Cash Flow | $15.4M | $119.7M | $87.0M | $628.3M | $153.6M | $546.1M |
R&D Spending
R&D (TTM)
$132.9M
R&D Intensity
2620.8%
R&D Growth YoY
+13.9%
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $10.4M | $191.0K | $204.0K | $1.1M | $4.0M | $5.1M | |
| R&D Expense | $18.3M | $29.0M | $45.8M | $82.1M | $116.6M | $132.9M | |
| R&D % of Revenue | 176.9% | 15198.4% | 22427.5% | 7208.3% | 2887.2% | 2620.8% | |
| SG&A | $4.6M | $6.4M | $9.9M | $33.7M | $73.5M | $79.5M |
Income Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $10.4M | $191.0K | $204.0K | $1.1M | $4.0M | $5.1M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $4.6M | $7.6M | |
| Gross Profit | $10.4M | $191.0K | $204.0K | $1.1M | $-607.0K | $-2.5M | |
| R&D | $18.3M | $29.0M | $45.8M | $82.1M | $116.6M | $132.9M | |
| SG&A | $4.6M | $6.4M | $9.9M | $33.7M | $73.5M | $79.5M | |
| Operating Income | $-12.6M | $-35.2M | $-55.4M | $-114.7M | $-190.8M | $-215.0M | |
| Interest Expense | $-451.0K | $-1.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-12.8M | $-35.4M | $-48.6M | $-88.0M | $-161.0M | $-186.7M | |
| Net Income | $-12.8M | $-35.4M | $-48.6M | $-88.0M | $-161.0M | $-186.7M | |
| EPS (Diluted) | -0.55 | -11.71 | -15.65 | -1.41 | -2.08 | -2.33 | |
| EBITDA | $-12.4M | $-35.2M | $-55.4M | $-114.6M | $-189.3M | $-212.7M | |
| Shares Out. (M) | 33.70 | 3.74 | 4.33 | 62.50 | 77.30 | 84.52 |
Balance Sheet
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $53.6M | $88.1M | $8.3M | $257.1M | $32.5M | $33.7M | |
| Marketable Securities | $0.00 | $55.3M | $179.4M | $484.9M | $709.7M | $1.04B | |
| Total Current Assets | $58.4M | $147.2M | $194.1M | $754.2M | $759.5M | $1.10B | |
| Total Assets | $58.7M | $147.7M | $199.3M | $754.8M | $791.6M | $1.14B | |
| Total Current Liabilities | $6.0M | $15.4M | $14.3M | $21.4M | $30.8M | $35.2M | |
| Long-Term Debt | $12.1M | $6.5M | $0.00 | $0.00 | $3.0M | $3.0M | |
| Total Liabilities | $18.4M | $22.6M | $14.5M | $21.4M | $39.0M | $43.5M | |
| Stockholders' Equity | $40.3M | $125.2M | $184.8M | $733.4M | $752.6M | $1.09B | |
| Retained Earnings | $-45.9M | $-81.3M | $-129.9M | $-218.0M | $-379.0M | $-439.2M |
Cash Flow Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-13.7M | $-29.8M | $-45.7M | $-78.7M | $-132.3M | $-160.0M | |
| Capital Expenditure | $-97.0K | $-14.0K | $0.00 | $-234.0K | $-134.0K | $-422.0K | |
| Free Cash Flow | $-13.8M | $-29.8M | $-45.7M | $-78.9M | $-132.5M | $-160.4M | |
| Investing Cash Flow | $-97.0K | $-55.4M | $-121.2M | $-300.8M | $-245.8M | $-393.9M | |
| Financing Cash Flow | $15.4M | $119.7M | $87.0M | $628.3M | $153.6M | $546.1M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $629.5M | $147.4M | $539.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $15.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $-16.3M | $-365.0K | $0.00 | $0.00 | |
| Stock Based Comp. | $1.1M | $676.0K | $1.5M | $11.4M | $26.7M | $28.0M | |
| Net Change in Cash | $1.7M | $34.5M | $-79.9M | $248.8M | $-224.6M | $-7.8M |
Dilution Tracker
Shares outstanding grew 150.8% over 5 years — significant dilution
Shares Outstanding
85M
5-Year Share Growth
+150.8%
Stock Issuance (TTM)
$539.0M
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 33.70 | 3.74 | 4.33 | 62.50 | 77.30 | 84.52 | |
| YoY Change % | — | -88.9% | 15.8% | 1343.0% | 23.7% | 9.3% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $629.5M | $147.4M | $539.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.1M | $676.0K | $1.5M | $11.4M | $26.7M | $28.0M |
Margins & Profitability
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | -15.0% | -50.0% | |
| Operating Margin % | -121.7% | -18453.4% | -27180.9% | -10067.3% | -4722.1% | -4239.0% | |
| Net Margin % | -124.0% | -18556.5% | -23827.0% | -7729.5% | -3985.0% | -3682.6% | |
| EBITDA Margin % | -119.5% | -18445.5% | -27172.5% | -10064.4% | -4686.4% | -4194.4% | |
| FCF Margin % | -132.8% | -15611.5% | -22391.7% | -6931.3% | -3279.2% | -3163.8% | |
| ROE % | -31.9% | -42.9% | -31.4% | -19.2% | -21.7% | -23.9% | |
| ROA % | -21.9% | -34.3% | -28.0% | -18.5% | -20.8% | -22.9% | |
| R&D / Revenue | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S1175.63
Historical778.44 / 1563.64 / 4171.11
Industry Med.9.51
P/B6.07
Historical1.86 / 4.25 / 6.98
Industry Med.2.93
EV/EBITDA-26.18
Historical-57.07 / -16.09 / -4.64
Industry Med.13.14
EV/Revenue1097.95
Historical646.22 / 1805.92 / 15506.95
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$12.28
Net Current Assets
$12.030
Net-Net Working Capital
$11.75
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | N/A | At Loss | At Loss | At Loss | |
| PS Ratio | 0.00 | 0.00 | 0.00 | 1593.33 | 798.46 | 1175.63 | |
| PB Ratio | 0.00 | 0.00 | 0.00 | 2.98 | 4.45 | 6.07 | |
| EV/EBITDA | 0.00 | 0.00 | 0.00 | -12.58 | -13.81 | -26.18 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 1266.34 | 647.30 | 1097.95 |
Analyst Estimates & Quality
Altman Z-Score
91.62
Safe
Piotroski F-Score
3
Weak
Beneish M-Score
1.04
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $4.26M | $97.34M | $486.07M |
| Net Income | $-246.44M | $-250.45M | $-3.28M |
| EPS | -2.89 | -2.88 | -0.29 |
| Book Value per Share | 12.19 | 10.87 | 12.33 |
| Operating Cash Flow per Share | -2.20 | -1.79 | 2.61 |
| Operating CF | $-185.66M | $-151.29M | $220.60M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Single Segment | $4.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $4.0M |