CG Oncology, Inc. (CGON) AI Stock Analysis
CGON AI stock analysis summary
AI ResearchCG Oncology, Inc. (CGON) is a clinical-stage biotechnology company developing oncolytic immunotherapies focused on bladder cancer. The company generated $6.2M in trailing twelve-month revenue while reporting an annual net loss of -$161.0M for FY2025. It maintains a well-capitalized balance sheet with $1.03B in cash and short-term investments as of June 30, 2026.
- Market cap
- $5.31B
- Revenue (TTM)
- $6.2M
- P/E
- —
- 1Y return
- 43.0% S&P 500 16.8%
- Avg. target
- $91.08 52.2% vs last close
Bull case
- CG Oncology holds a robust balance sheet with $1.02B in net cash and a current ratio of 22.22 as of June 30, 2026.
- Analysts project next fiscal year revenue to expand by 1768.5% to $83.5M.
- The consensus mean price target of $91.08 implies 52.2% upside from the last closing price of $59.85.
Bear case
- The company trades at a steep price-to-sales ratio of 851.8x compared to the median of its US-listed Healthcare peers of 4.1x.
- Free cash flow was negative at -$132.5M in FY2025 as net losses widened to -$161.0M.
- CG Oncology recorded 0 EPS beats over the last 4 quarters against consensus estimates.
What CG Oncology does
CG Oncology, Inc., an innovative oncolytic immunotherapy firm founded in 2010 and based in Irvine, California, develops and commercializes advanced therapies designed to preserve the bladder for bladder cancer patients. Its clinical portfolio includes BOND-003 for high-risk BCG-unresponsive non-muscle invasive bladder cancer (NMIBC). The company is evaluating CORE-001 combining cretostimogene with pembrolizumab for high-risk BCG-unresponsive NMIBC, and CORE-002 pairing cretostimogene with nivolumab for muscle invasive bladder cancer. In addition, CG Oncology is advancing PIVOT-006 monotherapy for intermediate-risk NMIBC post-transurethral resection, alongside CORE-008 for high-risk NMIBC patients with prior BCG exposure.
Growth and profitability
Between FY2021 and FY2025, revenue recorded a 4-year CAGR of -21.0%, dropping from $10.4M in FY2021 to $191,000 in FY2022 before recovering to $4.0M in FY2025. Net losses widened over this period from -$12.8M in FY2021 to -$161.0M in FY2025, driven by research and development expenses expanding from $18.3M to $116.6M. In the latest quarter ending June 30, 2026, quarterly revenue growth was 1982.7% year-over-year. For the trailing twelve months, revenue totaled $6.2M with an operating margin of -7467.7% and EPS of -$2.69.
Balance sheet and cash flow
As of June 30, 2026, CG Oncology held $1.03B in cash and short-term investments against total debt of $8.8M, resulting in net cash of $1.02B. Shareholders' equity stood at $1.03B with total assets of $1.09B, supporting a current ratio of 22.22 and a debt-to-equity ratio of 0.01. Free cash flow for FY2025 was -$132.5M, reflecting operating cash flow of -$132.3M and capital expenditures of $134,000.
Valuation and performance
CG Oncology has a market capitalization of $5.31B and an enterprise value of $5.49B. The stock trades at a price-to-sales multiple of 851.8x and an EV to revenue multiple of 881.1x, substantially above the median of its US-listed Healthcare peers of 4.1x price-to-sales. Its price-to-book ratio is 6.3x. Over the past year, CGON gained 43.0%, outperforming the 16.8% return for the S&P 500, while its year-to-date return stood at 44.1%.
What analysts expect
Wall Street sentiment includes 10 StrongBuy ratings, 4 Buy ratings, and 1 Hold rating, with 0 Sell ratings. The mean price target is $91.08, representing a 52.2% upside relative to the last close of $59.85 on October 16, 2026. For the current fiscal year ending December 31, 2026, analysts expect revenue of $4.5M and EPS of -$3.23. The company missed EPS estimates in all 4 of the last 4 quarters, recording 0 beats. The next earnings date is November 13, 2026.
Key risks and what to watch
- Research and development spending climbed to $116.6M in FY2025, which may accelerate future cash burn as clinical pipelines expand.
- Short interest accounts for 12.0% of the float, indicating meaningful market skepticism.
- Analysts forecast current fiscal year EPS to fall 55.3% to -$3.23.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this CGON AI stock analysis
This page is an AI-written research summary of CG Oncology, Inc. (CGON). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: CGON income statement, CGON balance sheet, CGON key metrics, CGON analyst forecast, CGON chart. See the CGON stock overview for the latest quote and news.
CGON AI stock analysis FAQ
What does CG Oncology do?
CG Oncology, Inc. is an oncolytic immunotherapy company developing bladder-sparing therapeutics, including BOND-003 and combination regimens like CORE-001 and CORE-002 for bladder cancer.
What is CG Oncology's cash position?
As of June 30, 2026, the company held $1.03B in cash and short-term investments alongside total debt of $8.8M, yielding net cash of $1.02B.
What are Wall Street analysts projecting for CGON stock?
Analysts have established a mean price target of $91.08, which represents a 52.2% premium over the closing price of $59.85 on October 16, 2026.
Does CG Oncology pay a dividend?
CG Oncology does not pay a dividend, reinvesting its financial resources into clinical development and research operations.