The firm's cash burn is accelerating, evidenced by a $57.2M free cash flow outflow in 2026Q1, which highlights the heavy reliance on external financing to fund clinical development.
| Cash from Operations | -160.01M | -132.35M | -78.71M | -45.68M | -29.8M | -13.65M |
| Operating CF Margin % | - | -3275.89% | -6910.71% | -22391.67% | -15604.19% | -131.82% |
| Operating CF Growth % | -387.54% | -68.14% | -72.32% | -53.26% | -118.28% | - |
| Net Income | -186.75M | -161M | -88.04M | -48.61M | -35.44M | -12.84M |
| Depreciation & Amortization | 2.26M | 1.45M | 32K | 17K | 15K | 10K |
| Stock-Based Compensation | 21.52M | 26.68M | 11.4M | 1.53M | 676K | 1.11M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 6.92M | -1.75M | -5.01M | -2.06M | 509K | 30K |
| Working Capital Changes | -3.97M | 2.28M | 2.91M | 3.44M | 4.44M | -1.97M |
| Change in Receivables | -1.34M | -320K | -689K | 0 | 0 | 0 |
| Change in Inventory | 8K | -444K | 0 | 0 | 0 | 0 |
| Change in Payables | 664K | -1.64M | 3.27M | 2.01M | -18K | 578K |
| Cash from Investing | -393.9M | -245.82M | -300.76M | -121.19M | -55.35M | -97K |
| Capital Expenditures | -422K | -134K | -234K | 0 | -14K | -97K |
| CapEx % of Revenue | 8.32% | 3.32% | 20.54% | - | 7.33% | 0.94% |
| Acquisitions | -21.97M | -21.97M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 25M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 546.14M | 153.59M | 628.28M | 87M | 119.69M | 15.45M |
| Debt Issued (Net) | 0 | 0 | -365K | -16.29M | 0 | 15.2M |
| Equity Issued (Net) | 540.94M | 153.59M | 629.47M | 104.63M | 119.69M | 245K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.2M | 0 | -825K | -1.34M | 0 | 0 |
| Net Change in Cash | -7.77M | -224.58M | 248.8M | -79.88M | 34.54M | 1.7M |
| Free Cash Flow | -160.43M | -132.48M | -78.95M | -45.68M | -29.82M | -13.75M |
| FCF Margin % | -3163.75% | -3279.21% | -6931.26% | -22391.67% | -15611.52% | -132.76% |
| FCF Growth % | -95.14% | -67.81% | -72.83% | -53.19% | -116.84% | - |
| FCF per Share | -1.90 | -1.71 | -1.26 | -0.69 | -0.45 | -0.21 |
| FCF Conversion (FCF/Net Income) | 0.86x | 0.82x | 0.89x | 0.94x | 0.84x | 1.06x |
| Interest Paid | 0 | 0 | 0 | 376K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding runway
According to reported financial statements, CGON's operating cash flow consistently trails net income, with the 2026Q1 OCF/NI ratio of 0.95 highlighting that the company's cash burn is fundamentally tied to its clinical development cycle rather than accounting accruals or non-cash adjustments to earnings.
The persistent gap between net losses and operating cash outflows suggests that the company is consuming cash at a rate that closely mirrors its accounting losses. Investors should monitor this alignment, as it indicates that the firm lacks significant non-cash expenses to buffer its liquidity position during this intensive R&D phase.
As reported in recent filings, CGON's free cash flow trajectory has deteriorated significantly, reaching a quarterly outflow of $57.2M in 2026Q1, which reflects the escalating costs of late-stage clinical trials and the absence of a sustainable, recurring revenue stream to offset these expenditures.
The negative FCF margins, which hit -52.9% in the most recent quarter, underscore the company's reliance on external financing to sustain operations. This trend appears to be accelerating as the firm approaches critical regulatory milestones, necessitating a close watch on the remaining cash runway.
Based on the provided data, CGON maintains a relatively low capital intensity, with CapEx/Revenue ratios fluctuating significantly due to lumpy milestone payments, though the absolute investment in property and equipment remains modest compared to the massive R&D outlays required for clinical trial execution.
The limited investment in physical assets suggests that the company's primary capital requirements are operational rather than infrastructure-based. This may indicate that the firm is prioritizing the outsourcing of manufacturing or utilizing existing capacity, which preserves cash for the core clinical development mission.
Analysis of the cash flow statements reveals that working capital changes are highly erratic, with a $5.8M outflow in 2026Q1 following periods of positive inflows, suggesting that the timing of milestone-related receivables and payables creates significant, albeit temporary, fluctuations in the company's available liquidity.
These swings appear to be driven by the lumpy nature of collaboration agreements rather than operational efficiency in managing inventory or collections. Investors should interpret these movements as artifacts of the business model rather than indicators of underlying operational health or supply chain management.
Based on reported figures, stock-based compensation has grown to $7.3M per quarter, which effectively obscures the true economic cost of talent acquisition and retention while providing a non-cash mechanism to preserve the company's limited cash reserves during this pre-commercial phase of development.
While this practice reduces immediate cash outflows, it represents a significant dilution risk for shareholders that should be factored into any valuation model. The reliance on equity-based incentives appears to be a strategic necessity to conserve cash for the high-cost BOND-003 and PIVOT-006 clinical trials.
Quick answers to the most common questions about buying CGON stock.
CG Oncology, Inc. Common stock (CGON) generated $-132.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CG Oncology, Inc. Common stock (CGON) reported negative free cash flow of $132.5M in 2025, indicating capital requirements exceeded cash from operations.
CG Oncology, Inc. Common stock (CGON) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.