The balance sheet appears adequately capitalized with $1.1B in total equity, though this is heavily offset by an accumulated deficit of $439.2M as of 2026Q1.
| Total Current Assets | 1.1B | 759.48M | 754.21M | 194.12M | 147.21M | 58.41M |
| Cash & Short-Term Investments | 1.08B | 742.15M | 742M | 187.67M | 143.48M | 53.61M |
| Cash Only | 33.7M | 32.49M | 257.07M | 8.27M | 88.14M | 53.61M |
| Short-Term Investments | 1.04B | 709.66M | 484.93M | 179.41M | 55.34M | 0 |
| Accounts Receivable | 1.27M | 688K | 781K | 92K | 303K | 2K |
| Days Sales Outstanding | 54.7 | 62.16 | 250.28 | 164.61 | 579.03 | 0.07 |
| Inventory | 1.49M | 1.56M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 55.82 | 122.92 | - | - | - | - |
| Other Current Assets | 23.13M | 15.07M | 11.43M | 6.36M | 3.42M | 4.8M |
| Total Non-Current Assets | 33.12M | 32.12M | 587K | 5.18M | 539K | 285K |
| Property, Plant & Equipment | 19.59M | 19.57M | 493K | 491K | 506K | 200K |
| Fixed Asset Turnover | 0.34x | 0.21x | 2.31x | 0.42x | 0.38x | 51.79x |
| Goodwill | 10.3M | 10.3M | 0 | 0 | 0 | 0 |
| Intangible Assets | 560K | 575K | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.68M | 1.68M | 94K | 4.69M | 33K | 85K |
| Total Assets | 1.14B | 791.59M | 754.8M | 199.3M | 147.75M | 58.69M |
| Asset Turnover | 0.01x | 0.01x | 0.00x | 0.00x | 0.00x | 0.18x |
| Asset Growth % | 117.19% | 4.87% | 278.72% | 34.89% | 151.73% | - |
| Total Current Liabilities | 35.22M | 30.84M | 21.37M | 14.25M | 15.43M | 5.97M |
| Accounts Payable | 8.24M | 5.71M | 6.52M | 3.24M | 985K | 1M |
| Days Payables Outstanding | 370.58 | 448.81 | - | - | 23.97K | 36.61K |
| Short-Term Debt | 1.07M | 915K | 0 | 569K | 8.97M | 2.94M |
| Deferred Revenue (Current) | 259K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 25.91M | 24.21M | 436K | 547K | 173K | 1.13M |
| Current Ratio | 31.30x | 24.63x | 35.30x | 13.62x | 9.54x | 9.78x |
| Quick Ratio | 31.25x | 24.58x | 35.30x | 13.62x | 9.54x | 9.78x |
| Cash Conversion Cycle | -260.06 | -263.73 | - | - | - | - |
| Total Non-Current Liabilities | 8.27M | 8.15M | 52K | 257K | 7.14M | 12.46M |
| Long-Term Debt | 6.51M | 6.11M | 0 | 0 | 6.53M | 12.06M |
| Capital Lease Obligations | 4.04M | 0 | 52K | 244K | 257K | 50K |
| Deferred Tax Liabilities | 2.22M | 307K | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.45M | 1.74M | 0 | 13K | 352K | 351K |
| Total Liabilities | 43.48M | 38.99M | 21.42M | 14.51M | 22.57M | 18.44M |
| Total Debt | 7.58M | 7.02M | 238K | 1.03M | 15.94M | 15.13M |
| Net Debt | -26.13M | -25.47M | -256.83M | -7.24M | -72.2M | -38.48M |
| Debt / Equity | 0.01x | 0.01x | 0.00x | 0.01x | 0.13x | 0.38x |
| Debt / EBITDA | -0.04x | - | - | - | - | - |
| Net Debt / EBITDA | 0.12x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -35246.00x | -27.47x |
| Total Equity | 1.09B | 752.6M | 733.38M | 184.79M | 125.18M | 40.25M |
| Equity Growth % | 107.01% | 2.62% | 296.87% | 47.62% | 210.98% | - |
| Book Value per Share | 12.92 | 9.74 | 11.73 | 2.77 | 1.88 | 0.60 |
| Total Shareholders' Equity | 1.09B | 752.6M | 733.38M | 184.79M | 125.18M | 40.25M |
| Common Stock | 9K | 8K | 8K | 0 | 0 | 0 |
| Retained Earnings | -439.18M | -378.98M | -217.98M | -129.94M | -81.33M | -45.89M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding runway
As reported in financial statements, CGON's total assets grew from $199.3M in 2023Q4 to $1.1B by 2026Q1, a trend primarily driven by capital raises rather than organic operational growth, which suggests the company is aggressively building a liquidity buffer to support its late-stage clinical development pipeline.
The significant increase in total assets appears to be a strategic move to ensure the company remains well-capitalized through the completion of its BOND-003 and PIVOT-006 trials. Investors should monitor whether this asset base can be efficiently converted into commercial value or if it will continue to be eroded by persistent R&D-driven operating losses.
Based on the company's reported figures, the current ratio of 31.30 in 2026Q1 indicates a substantial liquidity position, providing a necessary buffer against the high cash burn associated with ongoing clinical trials, though this metric remains highly sensitive to the timing of future capital market activities.
While the current ratio appears exceptionally high, it is characteristic of a pre-commercial biotech firm that has recently bolstered its balance sheet through equity financing. This liquidity profile suggests the company has sufficient runway to reach critical clinical milestones, provided that the current rate of cash consumption does not accelerate unexpectedly.
According to recent SEC filings, the company's equity base has expanded significantly to $1.1B as of 2026Q1, yet this is heavily offset by an accumulated deficit of $439.2M, which highlights the ongoing erosion of shareholder value as the firm prioritizes clinical development over near-term profitability.
The reliance on equity financing to fund operations suggests that existing shareholders face ongoing dilution risks until the company can demonstrate a path to commercial viability. The widening deficit warrants further investigation into the long-term sustainability of the current capital structure if clinical timelines face any unforeseen regulatory delays.
As noted in the provided financial data, the emergence of $10.3M in goodwill and $19.6M in net PPE by 2026Q1 suggests a shift toward more tangible asset investment, which may indicate early-stage preparations for internal manufacturing capabilities that could introduce new operational risks and capital requirements.
The transition from an asset-light model to one carrying goodwill and increased PPE may imply that management is internalizing critical manufacturing processes to secure supply chain control. Investors should monitor whether these investments lead to improved margins or if they simply add fixed-cost burdens that complicate the company's already strained profitability profile.
Quick answers to the most common questions about buying CGON stock.
As of 2025, CG Oncology, Inc. Common stock (CGON) had total assets of $791.6M including $759.5M in current assets.
CG Oncology, Inc. Common stock (CGON) carries total debt of $7.0M, offset by $742.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CG Oncology, Inc. Common stock (CGON) has total shareholders' equity (book value) of $752.6M ($9.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CG Oncology, Inc. Common stock (CGON) reported a current ratio of 24.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.