Operating cash flow averaged 0.85x net loss over the last ten quarters, but FCF burn accelerated 191% from -$16.1M in 2024Q2 to -$46.9M in 2026Q2, with no dividends or buybacks, signaling all cash is directed to operations.
CG Oncology Inc. (CGON) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | -187.28M | -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 % | -258.44% | -68.14% | -72.32% | -53.26% | -118.28% | - |
| Net Income | -180.57M | -161M | -88.04M | -48.61M | -35.44M | -12.84M |
| Depreciation & Amortization | 3.69M | 1.45M | 32K | 17K | 15K | 10K |
| Stock-Based Compensation | 36.45M | 26.68M | 11.4M | 1.53M | 676K | 1.11M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 14.02M | -1.75M | -5.01M | -2.06M | 509K | 30K |
| Working Capital Changes | -3.98M | 2.28M | 2.91M | 3.44M | 4.44M | -1.97M |
| Change in Receivables | -279K | -320K | -689K | 0 | 0 | 0 |
| Change in Inventory | 336K | -444K | 0 | 0 | 0 | 0 |
| Change in Payables | 579K | -1.64M | 3.27M | 2.01M | -18K | 578K |
| Cash from Investing | -333.89M | -245.82M | -300.76M | -121.19M | -55.35M | -97K |
| Capital Expenditures | -1.89M | -134K | -234K | 0 | -14K | -97K |
| CapEx % of Revenue | 30.72% | 3.32% | 20.54% | - | 7.33% | 0.94% |
| Acquisitions | 0 | -21.97M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 504.27M | 153.59M | 628.28M | 87M | 119.69M | 15.45M |
| Debt Issued (Net) | 0 | 0 | -365K | -16.29M | 0 | 15.2M |
| Equity Issued (Net) | 102.82M | 153.59M | 629.47M | 106.71M | 119.69M | 245K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 401.45M | 0 | -825K | -3.42M | 0 | 0 |
| Net Change in Cash | -16.9M | -224.58M | 248.8M | -79.88M | 34.54M | 1.7M |
| Free Cash Flow | -189.17M | -132.48M | -78.95M | -45.68M | -29.82M | -13.75M |
| FCF Margin % | -3068.02% | -3279.21% | -6931.26% | -22391.67% | -15611.52% | -132.76% |
| FCF Growth % | -61.51% | -67.81% | -72.83% | -53.19% | -116.84% | - |
| FCF per Share | -2.13 | -1.71 | -1.26 | -0.69 | -0.45 | -0.21 |
| FCF Conversion (FCF/Net Income) | 1.05x | 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 |
Quick answers to the most common questions about buying CGON stock.
CG Oncology Inc. (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. (CGON) reported negative free cash flow of $132.5M in 2025, indicating capital requirements exceeded cash from operations.
CG Oncology Inc. (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.
Key Metrics
Top Statement Risk
Cash burn and trial execution
Metrics are mathematically derived from official filings.
Cash Conversion Masked by Non-Cash Charges
Operating cash flow averaged 0.85x net loss over the last ten quarters, but stock-based compensation of $14.3M in 2026Q2 inflates the gap, suggesting cash burn is more severe than GAAP losses indicate.
The OCF/NI ratio has hovered between 0.59 and 1.54, but the consistent positive working capital adjustments (e.g., $14.4M in 2026Q2) and rising SBC suggest that reported net losses understate the true cash outflow. Investors should focus on cash burn rather than net income, as the latter is heavily influenced by non-cash items and accruals.
Free Cash Flow Burn Accelerates
FCF deteriorated from -$16.1M in 2024Q2 to -$46.9M in 2026Q2, a 191% increase, with FCF margin worsening to -40.5% despite minimal revenue, indicating escalating clinical trial costs.
The FCF trajectory is clearly negative, with quarterly burn more than doubling over the period. This reflects the scaling of late-stage trials (BOND-003 and PIVOT-006) and the absence of commercial revenue. The company's cash runway appears short, especially given the reported cash balance of $32.49M, which may cover less than one quarter of current burn.
Minimal CapEx Signals Asset-Light Model
CapEx averaged just $0.1M per quarter, representing less than 1% of revenue, indicating that the company's capital intensity is low and that cash burn is driven by operating expenses, not fixed asset investment.
The negligible CapEx suggests that CGON is not investing in manufacturing or physical infrastructure, consistent with a pre-commercial biotech relying on contract manufacturing. This implies that future capital needs will be for R&D and working capital, not heavy asset purchases, but also that the company lacks the internal capacity to scale production without external partners.
Working Capital Swings Reflect Trial Timing
Working capital changes swung from -$8.4M in 2024Q1 to +$14.4M in 2026Q2, indicating that cash flow is influenced by the timing of clinical trial payments and milestone receipts, not operational efficiency.
The volatility in working capital adjustments suggests that the company's cash flow is lumpy, with positive adjustments in some quarters (e.g., 2026Q2) and negative in others (e.g., 2026Q1). This is typical for a clinical-stage biotech where payments to CROs and vendors are irregular. Investors should not read too much into quarterly working capital swings, as they are likely timing-related rather than indicative of structural changes.
No Capital Returns, All Cash to Operations
CGON has paid no dividends and made no buybacks over the past ten quarters, with all cash directed to funding operations and clinical trials, reflecting a pre-revenue growth strategy.
The absence of capital returns is expected for a clinical-stage biotech, but it underscores that the company is entirely dependent on external financing to sustain operations. The $22.0M acquisition in 2025Q3, likely for a licensing or asset purchase, indicates that management is willing to deploy cash for strategic purposes, but the overall capital allocation is focused on advancing the pipeline.
Cumulative Losses Outpace Cash Burn
Over the last ten quarters, cumulative net losses totaled -$388.3M, while cumulative operating cash outflow was -$314.4M, a $73.9M gap driven by non-cash charges like SBC and depreciation.
The divergence between cumulative net income and operating cash flow is significant, with the gap representing about 19% of net losses. This suggests that a portion of the reported losses is non-cash, but the cash burn is still substantial. The company's ability to continue funding operations will depend on its ability to raise capital, as the current cash balance appears insufficient to sustain the current burn rate for more than a few quarters.
What the Cash Flow Statement Obscures
The cash flow statement obscures the dilutive impact of stock-based compensation, which totaled $14.3M in 2026Q2, and the lumpy nature of milestone revenue, which may overstate the sustainability of cash inflows.
While operating cash flow is negative, the inclusion of SBC as a non-cash add-back masks the true economic cost to shareholders. Additionally, the $22.0M acquisition in 2025Q3 is not fully detailed, potentially hiding future cash commitments. Investors should adjust for these items to assess the real cash runway and the potential need for dilutive financing.