CG Oncology, Inc.
CGON · Biological Products, (No Diagnostic Substances) · 88.2M shares · +0%/yr ↓ buyback · EDGAR filings ↗
Reference price $70.00 · est. market cap ~$6.2B — last insider sale, 2026-06-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — bladder-cancer clinical, heavy burn ($132M), very cash-rich.
Strengths
- Liquidity — current ratio 24.6 (96th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-132.5M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $742M cash & investments, ~22 quarters of runway
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Insider sellingInsider selling — 10 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$3M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-06 — PHASE3 · Non Muscle Invasive Bladder Cancer
Key metrics
Return on equity
-21.4%
Return on assets
-20.3%
ROIC
-19.9%
Debt / equity
0.0×
Current ratio
24.6×
Free cash flow
-$132M
EBITDA
-$189M
Tangible book value
$742M
Cash & investments
$742M
Cash runway
22q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | POST LEONARD E | Option exercise | 5.0K | $0.60 |
| 2026-06-24 | POST LEONARD E | Sell | 5.0K | $70.00 |
| 2026-06-22 | POST LEONARD E | Option exercise | 5.0K | $0.60 |
| 2026-06-22 | POST LEONARD E | Sell | 5.0K | $65.00 |
| 2026-06-15 | Mulay James | Option exercise | 654 | $3.72 |
| 2026-06-15 | Mulay James | Sell | 654 | $60.12 |
| 2026-06-15 | Mulay James | Option exercise | 1.3K | $12.59 |
| 2026-06-15 | Mulay James | Sell | 1.3K | $60.12 |
| 2026-06-04 | POST LEONARD E | Option exercise | 1.0K | $0.60 |
| 2026-06-04 | POST LEONARD E | Sell | 1.0K | $54.50 |
| 2026-04-17 | Mulay James | Option exercise | 16K | $36.63 |
| 2026-04-17 | Mulay James | Sell | 16K | $73.01 |
| 2026-03-16 | Mulay James | Option exercise | 654 | $3.72 |
| 2026-03-16 | Mulay James | Sell | 654 | $63.50 |
| 2026-03-16 | Mulay James | Option exercise | 1.3K | $12.59 |
| 2026-03-16 | Mulay James | Sell | 1.3K | $63.50 |
| 2026-03-12 | Kuan Arthur | Option exercise | 65K | $1.72 |
| 2026-03-12 | Kuan Arthur | Tax withheld | 1.8K | $60.15 |
| 2026-03-04 | Kuan Arthur | Option exercise | 103K | $1.72 |
| 2026-03-04 | Kuan Arthur | Tax withheld | 2.9K | $61.61 |
| 2026-01-09 | Mulay James | Option exercise | 654 | $3.72 |
| 2026-01-09 | Mulay James | Sell | 654 | $44.16 |
| 2026-01-09 | Mulay James | Option exercise | 10K | $12.59 |
| 2026-01-09 | Mulay James | Sell | 10K | $52.99 |
| 2025-11-17 | POST LEONARD E | Option exercise | 1.0K | $0.60 |
| 2025-11-17 | POST LEONARD E | Sell | 1.0K | $41.43 |
| 2025-10-13 | POST LEONARD E | Option exercise | 1.0K | $0.60 |
| 2025-10-13 | POST LEONARD E | Sell | 1.0K | $43.25 |
| 2025-10-09 | Mulay James | Option exercise | 5.9K | $3.72 |
| 2025-10-09 | Mulay James | Sell | 5.9K | $43.99 |
| 2025-09-30 | POST LEONARD E | Option exercise | 5.0K | $0.60 |
| 2025-09-30 | POST LEONARD E | Sell | 5.0K | $40.09 |
| 2025-09-29 | Mulay James | Option exercise | 13K | $1.82 |
| 2025-09-29 | Mulay James | Sell | 13K | $39.19 |
| 2025-09-19 | Mulay James | Option exercise | 3.6K | $1.82 |
| 2025-09-19 | Mulay James | Sell | 3.6K | $38.99 |
| 2025-09-18 | Mulay James | Sell | 19K | $39.01 |
| 2025-09-18 | Mulay James | Option exercise | 19K | $1.82 |
| 2025-09-15 | POST LEONARD E | Option exercise | 1.0K | $0.60 |
| 2025-09-15 | POST LEONARD E | Sell | 1.0K | $35.10 |
| 2025-09-11 | Liu Brian Guan-Chyun | Buy | 1.5M | $33.00 |
| 2025-09-05 | Mulay James | Option exercise | 27K | $0.60 |
| 2025-09-05 | Mulay James | Sell | 12K | $30.47 |
| 2025-09-05 | Mulay James | Sell | 4.1K | $31.42 |
| 2025-09-05 | Mulay James | Sell | 7.5K | $32.64 |
| 2025-09-05 | Mulay James | Sell | 3.1K | $33.22 |
| 2025-09-03 | Song Hong Fang | Sell | 100 | $28.99 |
| 2025-09-03 | Song Hong Fang | Sell | 70K | $27.60 |
| 2025-09-03 | Song Hong Fang | Sell | 30K | $28.24 |
| 2025-09-03 | Song Hong Fang | Sell | 100 | $28.96 |
| 2025-09-03 | POST LEONARD E | Option exercise | 1.0K | $0.60 |
| 2025-09-03 | POST LEONARD E | Sell | 1.0K | $28.00 |
| 2025-07-17 | POST LEONARD E | Option exercise | 2.0K | $0.60 |
| 2025-07-17 | POST LEONARD E | Sell | 2.0K | $28.00 |
| 2025-05-21 | POST LEONARD E | Option exercise | 1.0K | $0.60 |
| 2025-05-21 | POST LEONARD E | Sell | 1.0K | $28.00 |
| 2025-04-28 | POST LEONARD E | Option exercise | 1.0K | $0.60 |
| 2025-04-28 | POST LEONARD E | Sell | 1.0K | $30.76 |
| 2025-03-17 | POST LEONARD E | Option exercise | 1.0K | $0.60 |
| 2025-03-17 | POST LEONARD E | Sell | 1.0K | $28.00 |
| 2025-02-18 | POST LEONARD E | Option exercise | 1.0K | $0.60 |
| 2025-02-18 | POST LEONARD E | Sell | 1.0K | $28.61 |
| 2025-01-13 | POST LEONARD E | Option exercise | 1.0K | $0.60 |
| 2025-01-13 | POST LEONARD E | Sell | 1.0K | $29.66 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT04452591 ↗ | Study of Cretostimogene Given in Patients With Non-Muscle Invasive Bladder Cancer ,Unresponsive to Bacillus-Calmette-Guerin Non Muscle Invasive Bladder Cancer, High-grade Ta/ T1 Papillary Disease Bladder Cancer | PHASE3 | Active Not Recruiting | 2030-06-16 |
| NCT06567743 ↗ | Phase 2 Study to Evaluate Safety and Efficacy of Cretostimogene Grenadenorepvec in High-Risk NMIBC High-Risk Non-Muscle-Invasive Bladder Cancer | PHASE2 | Recruiting | 2027-03-31 |
| NCT06111235 ↗ | A Study of Adjuvant Cretostimogene Grenadenorepvec for Treatment of Intermediate Risk NMIBC Following TURBT Non Muscle Invasive Bladder Cancer, Urologic Cancer | PHASE3 | Active Not Recruiting | 2026-06-01 |
| NCT04387461 ↗ | Study of CG0070 Given in Combination With Pembrolizumab, in Non-Muscle Invasive Bladder Cancer, Unresponsive to Bacillus Calmette-Guerin Non Muscle Invasive Bladder Cancer | PHASE2 | Completed | 2023-03-07 |
| NCT02365818 ↗ | Safety and Efficacy of CG0070 Oncolytic Virus Regimen for High Grade NMIBC After BCG Failure Bladder Cancer | PHASE2 | Completed | 2018-08-01 |
| NCT01438112 ↗ | Efficacy Study of Recombinant Adenovirus for Non Muscle Invasive Bladder Cancer Transitional Cell Carcinoma, Bladder Cancer | PHASE2/PHASE3 | Terminated | 2016-06-01 |
| NCT02143804 ↗ | Safety and Efficacy of CG0070 Oncolytic Virus Regimen in Patients With High Grade Non-Muscle Invasive Bladder Cancer Bladder Cancer, High Grade | PHASE2 | Withdrawn | 2015-03-01 |
| NCT06443944 ↗ | An Expanded Access Program of Cretostimogene Grenadenorepvec for Treatment of NMIBC for Patients Unresponsive to BCG Non-Muscle Invasive Bladder Cancer, Urothelial Carcinoma | — | Available |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-08 | 2026-06-04 | 0001193125-26-261670 ↗ |
| 8-K | 2026-05-26 | 2026-05-20 | 0001193125-26-237908 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001193125-26-214669 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001193125-26-213440 ↗ |
| 8-K | 2026-04-13 | 2026-04-13 | 0001193125-26-152044 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001193125-26-079498 ↗ |
| 8-K | 2026-02-27 | 2026-02-27 | 0001193125-26-079452 ↗ |
| 8-K | 2026-01-13 | 2026-01-13 | 0001193125-26-011855 ↗ |
| 8-K | 2026-01-09 | 2026-01-09 | 0001193125-26-008329 ↗ |
| 8-K | 2025-11-26 | 2025-11-22 | 0001193125-25-298160 ↗ |
| 8-K | 2025-11-14 | 2025-11-10 | 0001193125-25-283108 ↗ |
| 10-Q | 2025-11-14 | 2025-09-30 | 0001193125-25-283000 ↗ |