CG Oncology (CGON) Stock Overview

A late-stage clinical biopharmaceutical company, develops and commercializes cretostimogene grenadenorepvec for patients with bladder cancer in the United States. More details

CGON fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	5/6
Past Performance	0/6
Financial Health	4/6
Dividends	0/6

Rewards

Trading at 81% below our estimate of its fair value

Earnings are forecast to grow 60.05% per year

Analysts in good agreement that stock price will rise by 34.9%

Risk Analysis

Shareholders have been diluted in the past year

CGON Community Fair Values

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CG Oncology, Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for CG Oncology
Historical stock prices
Current Share Price	US$66.93
52 Week High	US$75.50
52 Week Low	US$23.65
Beta	0.42
1 Month Change	-8.85%
3 Month Change	24.24%
1 Year Change	169.23%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	80.06%

Recent updates

Seeking Alpha • Apr 05

CG Oncology: Passing A Red Line For What I Would Call A Reasonable Valuation (Rating Downgrade)

Summary CG Oncology has seen significant stock appreciation but now enters a holding pattern with reduced near-term upside potential. Cretostimogene grenadenorepvec remains the lead asset, targeting non-metastatic bladder cancer with pivotal data and a BLA submission expected in 2025-2026. A key upcoming catalyst is the PIVOT-006 topline readout, the first randomized registrational study in intermediate-risk non-muscle invasive bladder cancer. With a strengthened balance sheet and recent fundraising, CGON projects a cash runway extending into the first half of 2029. Read the full article on Seeking Alpha

Analysis Article • Jul 16

We're Not Very Worried About CG Oncology's (NASDAQ:CGON) Cash Burn Rate

Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and...

Seeking Alpha • Jan 10

A First Take On CG Oncology

Summary CG Oncology's stock has dropped 40% since its IPO peak, driven by profit-taking and competitive concerns despite promising Phase 3 data for Cretostimogene. Cretostimogene shows superior complete response rates compared to current NMIBC therapies, with a 75% anytime CR and 97% one-year progression-free survival. The competitive landscape includes ImmunityBio's Anktiva and J&J's Gemzar, but CG's clean one-drug profile and strong data make it a potential market leader. A first analysis around CG Oncology follows in the paragraphs below. Read the full article on Seeking Alpha

Seeking Alpha • Dec 13

CG Oncology: Positive Phase 3 Outcome Could Lead To BLA Of Cretostimogene

Summary CG Oncology, Inc. reported positive phase 3 BOND-003 results for Cretostimogene in treating BCG-unresponsive NMIBC, presented at the SUO 25th Annual Meeting. The company aims to use Cretostimogene as a backbone therapy for NMIBC and has shown increased response rates when combined with KEYTRUDA. CG Oncology plans to expand Cretostimogene's use to intermediate-risk NMIBC patients with the phase 3 PIVOT-006 trial, targeting enrollment completion in 1H 2026. The global bladder cancer market size is estimated to reach $8.2 billion by 2032. Read the full article on Seeking Alpha

Seeking Alpha • Aug 26

CG Oncology: Promising Data, But Looks Expensive

Summary CG Oncology's bladder cancer molecule, cretostimogene, showed high success with a 75.2% complete response rate in a phase 3 monotherapy study. Cretostimogene, an oncolytic immunotherapy, works by selectively replicating in cancer cells and encoding GM-CSF to activate the immune system. The market potential for cretostimogene is significant, targeting BCG-unresponsive NMIBC patients with a multi-billion dollar opportunity. Read the full article on Seeking Alpha

Seeking Alpha • Jul 09

CG Oncology Bringing Undervalued Innovation To Bladder Cancer

Summary CG Oncology's cretostimogene shows high potential to disrupt the NMIBC market with promising efficacy and safety data. The company is initially targeting high-risk NMIBC patients who no longer respond to the BCG vaccine, but intermediate-risk patients could bring the addressable market above 60,000. Cretostimogene is the company's only asset and there is likely to be significant competition, most likely from Johnson & Johnson. Peak market share of 30% and a $300K sales price at peak can support over $3B in potential revenue and a $54 fair value today. Read the full article on Seeking Alpha

Seeking Alpha • May 06

CG Oncology: ASCO Play And Top-Line Data End Of 2024 Could Drive Further Value

Summary CG Oncology, Inc. achieved positive results from its phase 3 BOND-003 study using cretostimogene for the treatment of high-risk BCG unresponsive NMIBC patients; Final data expected end of 2024. Data from phase 3 BOND-003 study turning out positive, could possibly mean an ability for the company to file a New Drug Application to the FDA in 1st half of 2025. A phase 2 study has been initiated, where the combination of cretostimogene + Keytruda is being used to target high-risk BCG-unresponsive NMIBC patients; Data to be released at ASCO 2024. The global bladder cancer market size is projected to reach $7.52 billion by 2030. Read the full article on Seeking Alpha

Shareholder Returns

	CGON	US Biotechs	US Market
7D	-3.4%	-1.8%	-0.3%
1Y	169.2%	32.7%	24.1%

Return vs Industry: CGON exceeded the US Biotechs industry which returned 32.7% over the past year.

Return vs Market: CGON exceeded the US Market which returned 24.1% over the past year.

Price Volatility

Is CGON's price volatile compared to industry and market?
CGON volatility
CGON Average Weekly Movement	6.5%
Biotechs Industry Average Movement	10.9%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.2%
10% least volatile stocks in US Market	3.2%

Stable Share Price: CGON has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: CGON's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2010	142	Arthur Kuan	cgoncology.com

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.

CG Oncology, Inc. Fundamentals Summary

How do CG Oncology's earnings and revenue compare to its market cap?
CGON fundamental statistics
Market cap	US$5.90b
Earnings (TTM)	-US$186.74m
Revenue (TTM)	US$5.07m

1,164x

P/S Ratio

-31.6x

P/E Ratio

Is CGON overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
CGON income statement (TTM)
Revenue	US$5.07m
Cost of Revenue	US$140.51m
Gross Profit	-US$135.44m
Other Expenses	US$51.30m
Earnings	-US$186.74m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)	-2.12
Gross Margin	-2,670.91%
Net Profit Margin	-3,682.61%
Debt/Equity Ratio	0.3%

How did CGON perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/05/18 14:03
End of Day Share Price	2026/05/15 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

CG Oncology, Inc. is covered by 19 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Alec Stranahan	BofA Global Research
Joshua Schimmer	Cantor Fitzgerald & Co.
Corinne Johnson	Goldman Sachs

CG Oncology (CGON) Stock Overview

Rewards

Risk Analysis

CG Oncology, Inc. Competitors

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Price History & Performance

Recent News & Updates

CG Oncology Gains Analyst Confidence With Strong Cash Position and Upcoming Phase 3 Data

CG Oncology Inc Reports Positive First Results from CORE-008 Cohort CX Phase 2 Trial Evaluating Intravesical Combination Therapy in High-Risk BCG-Exposed and BCG-Unresponsive Patients

Consensus revenue estimates fall by 18%

Cg Oncology Inc Announces Results from Core-008 Cohort Cx Phase 2 Trial and Presents At American Urological Association Annual Meeting

No longer forecast to breakeven

New minor risk - Shareholder dilution

Recent updates

CG Oncology Gains Analyst Confidence With Strong Cash Position and Upcoming Phase 3 Data

CG Oncology Inc Reports Positive First Results from CORE-008 Cohort CX Phase 2 Trial Evaluating Intravesical Combination Therapy in High-Risk BCG-Exposed and BCG-Unresponsive Patients

Consensus revenue estimates fall by 18%

Cg Oncology Inc Announces Results from Core-008 Cohort Cx Phase 2 Trial and Presents At American Urological Association Annual Meeting

No longer forecast to breakeven

New minor risk - Shareholder dilution

CG Oncology, Inc., Annual General Meeting, Jun 04, 2026

CG Oncology: Passing A Red Line For What I Would Call A Reasonable Valuation (Rating Downgrade)

Consensus revenue estimates decrease by 30%, EPS upgraded

Full year 2025 earnings: EPS and revenues exceed analyst expectations

New minor risk - Share price stability

Price target increased by 8.3% to US$76.57

CG Oncology, Inc. Provides Updated Timeline for PIVOT-006 Phase 3 Topline Data in Intermediate-Risk NMIBC

Forecast to breakeven in 2028

CG Oncology, Inc. Announces New Cretostimogene Grenadenorepvec Data Highlight Its Potential to Become the Backbone Therapy for High-Risk Non-Muscle Invasive Bladder Cancer

CG Oncology, Inc. Announces Board and Committee Changes

CG Oncology, Inc. Announces Principal Financial and Accounting Officer Changes

New minor risk - Shareholder dilution

Third quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat

Price target increased by 7.6% to US$68.08

Price target increased by 7.2% to US$63.27

CG Oncology Continues to Demonstrate Best-In-Disease Durability and Tolerability in Bond-003 Cohort C; Additional 12 Patients in Complete Response at 24 Months

CG Oncology Completes Enrollment in Pivot-006

Second quarter 2025 earnings released: US$0.54 loss per share (vs US$0.36 loss in 2Q 2024)

Jury Rules CG Oncology Owes No Future Payments to Ani Pharmaceuticals

We're Not Very Worried About CG Oncology's (NASDAQ:CGON) Cash Burn Rate

CG Oncology, Inc. Announces Chief Financial Officer Changes, Effective August 5, 2025

CG Oncology, Inc.(NasdaqGS:CGON) dropped from Russell 2000 Value Index

First quarter 2025 earnings: EPS and revenues miss analyst expectations

New minor risk - Share price stability

CG Oncology, Inc., Annual General Meeting, Jun 05, 2025

Price target decreased by 8.8% to US$62.38

Consensus revenue estimates fall by 17%

Full year 2024 earnings: EPS and revenues miss analyst expectations

Cg Oncology, Inc. Announces Complete Response (Cr) At Any Time in A Phase 3 Study

A First Take On CG Oncology

Independent Director recently sold US$20m worth of stock

CG Oncology, Inc. has completed a Follow-on Equity Offering in the amount of $224 million.

CG Oncology: Positive Phase 3 Outcome Could Lead To BLA Of Cretostimogene

CG Oncology, Inc. has filed a Follow-on Equity Offering in the amount of $310.04 million.

CG Oncology, Inc. Announces Topline Data from the Phase 3 Bond-003 Trial in Patients with High-Risk Non-Muscle Invasive Bladder Cancer

CG Oncology, Inc. to Present Results on Cretostimogene Grenadenorepvec at the Society of Urologic Oncology 25th Annual Meeting

Consensus revenue estimates decrease by 14%, EPS upgraded

Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

New major risk - Revenue and earnings growth

CG Oncology, Inc. Announces Nature Medicine Publication of Phase 1b Study Results Evaluating Cretostimogene Grenadenorepvec in Combination with Nivolumab in Muscle-Invasive Bladder Cancer

Independent Director recently sold US$8.0m worth of stock

CG Oncology: Promising Data, But Looks Expensive

Consensus estimates of losses per share improve by 15%

New major risk - Revenue and earnings growth

CG Oncology Bringing Undervalued Innovation To Bladder Cancer

CG Oncology Announces Nature Medicine Publication of Final Results from CORE-001 Study of Cretostimogene Grenadenorepvec in Combination with Pembrolizumab in BCG-Unresponsive NMIBC

CG Oncology, Inc. to Present Positive Final Results from Phase 2 Core-001 Study of Cretostimogene Grenadenorepvec in Combination with Pembrolizumab in BCG-Unresponsive High-Risk NMIBC At Asco 2024 Annual Meeting

First quarter 2024 earnings released: US$0.36 loss per share (vs US$3.20 loss in 1Q 2023)

Now 20% undervalued after recent price drop

CG Oncology: ASCO Play And Top-Line Data End Of 2024 Could Drive Further Value

CG Oncology, Inc., Annual General Meeting, May 03, 2024

Full year 2023 earnings released

New major risk - Revenue and earnings growth

CG Oncology, Inc. has completed an IPO in the amount of $380 million.

Shareholder Returns

Price Volatility

About the Company