CG Oncology (CGON) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

CG Oncology

NasdaqGS•Healthcare•Biotechnology

$74.12+1.57(0.02%)Pre-market

Market Cap

$6.67B

P/S

1079.9x

P/B

6.5x

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. The company was formerly known as Cold Genesys, Inc. and changed its name to CG Oncology, Inc. in June 2020. CG Oncology, Inc. was founded in 2010 and is headquartered in Dallas, Texas.

How this company scores

AverageMetricSide Score: 41/100

Strongest: Balance Sheet & Red Flags (19/25); weakest: Profitability (0/25).

Profitability0/25

Growth16/25

Balance Sheet & Red Flags19/25

Cash & Earnings Quality6/25

Strengths

Growing revenueLow leverageConsistent growthNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 1079.9x5y range 796.1x – 3286.7x

Currently near its 7-quarter median.

P/B · 6.5x5y range 2.4x – 6.5x

Currently above its 10-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $6.67B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $6.18M
Q. Revenue: $1.16M
TTM EBITDA: $-249.09M
TTM Op. Income: $-252.62M
Q. Op. Income: $-86.40M
TTM Net Income: $-224.38M
Q. Net Income: $-79.06M
EPS: $-0.9
Shares Out.: $88.20M

$6.18M in TTM revenue grew 924.2% YoY, reaching $1.16M last quarter. TTM EBITDA of $-249.09M and TTM operating income of $-252.62M show growth is flowing through to the bottom line. However, net income is negative at $224.38M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -7394.2%
Op. Margin: -7467.7%
Net Margin: -6832.8%

Op. margin of -7467.7% is up 86265.0% YoY — cost efficiency is improving. Net margin at -6832.8% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 1079.9x
P/B Ratio: 6.5x

P/S of 1079.9x and P/B of 6.5x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.09B
Cash: $19.64M
Long-Term Debt: $3.00M
Book Value: $1.03B
D/E Ratio: 0.0
Debt/EBITDA: N/A

With $1.09B in assets and $3.00M in long-term debt, D/E is 0.0and book value is $1.03B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 0% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-46.41M
TTM Free Cash Flow: $-179.34M
FCF Margin: -2903.9%
FCF / Net Income: 0.8

TTM FCF of $-179.34M on $-46.41M in operating cash flow. The FCF / Net Income ratio of 0.8x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.