10-K · February 27, 2026
CG Oncology is a late-stage biotech centered on a single product candidate, cretostimogene, with a BLA submission initiated in the fourth quarter of 2025 that the company "expect[s] to complete in 2026." The filing…
Earnings analysis · 10-Q
CGON earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
CG Oncology reported Q1 2026 total revenue of $1.08 million, exceeding estimates by $0.08 million. However, the company reported a net loss of $60.2 million or $(0.71) per share, missing estimates by $0.26. The cash…
Read full summary
CG Oncology reported Q1 2026 total revenue of $1.08 million, exceeding estimates by $0.08 million. However, the company reported a net loss of $60.2 million or $(0.71) per share, missing estimates by $0.26. The cash position has strengthened significantly to approximately $1.1 billion.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.71
What stood out
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Revenue Exceeds Estimates
Actual revenue was $1.083 million, exceeding estimates of $0.512 million by 112%.
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Significant Operating Loss
Net loss increased to $60.2 million from $34.5 million year-over-year.
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Strong Cash Position
Cash and cash equivalents reached $1,076.2 million as of March 31, 2026.
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Increased R&D Expenses
R&D expenses rose to $43.7 million, up from $27.5 million in the previous year.
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Commercial and Development Revenue
Commercial and development revenue was $1.069 million, compared to zero in the prior period.
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Cash Flow from Financing
Net cash provided by financing activities was $392.998 million, largely from equity offerings.
What to watch
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Rising Net Losses
The net loss increased by $25.75 million compared to the same quarter last year.
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High Cash Burn Rate
Cash used in operating activities was $56.9 million, up from $29.3 million year-over-year.
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Regulatory and Development Risks
The ability to commercialize cretostimogene is uncertain and may delay future revenues.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 8, 2025
CG Oncology reported Q2 2025 results showing zero license & collaboration revenue and a wider net loss as operating spend stepped up. Quarterly net loss was $41,426 (EPS -$0.54) driven by higher R&D ($31,331) and G&A…
10-Q · May 13, 2025
CG Oncology reported Q1 2025 operating results showing stepped-up R&D investment and a wider loss while maintaining a sizable liquidity position. Revenue (license & collaboration) was $52,000 and net loss was $34.5…
10-K · March 28, 2025
Crogen (CGON) is a late-stage clinical biotech focused on cretostimogene grenadenorepvec for bladder cancer; Phase 3 BOND-003 Cohort C topline data show a 75.5% complete response (CR) rate at any time and median…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.