The company's operating margin of -61.3% in 2026Q1 reflects a lack of operating leverage as R&D expenses surged to $43.7M, far outpacing the $1.1M in milestone-driven revenue.
| Sales/Revenue | 5.07M | 4.04M | 1.14M | 204K | 191K | 10.36M |
| Revenue Growth % | 666.01% | 254.7% | 458.33% | 6.81% | -98.16% | - |
| Cost of Goods Sold | 7.45M | 4.65M | 0 | 0 | 15K | 10K |
| COGS % of Revenue | - | 115.02% | - | - | 7.85% | 0.1% |
| Gross Profit | -2.38M | -607K | 1.14M | 204K | 176K | 10.35M |
| Gross Margin % | -46.97% | -15.02% | 100% | 100% | 92.15% | 99.9% |
| Gross Profit Growth % | - | -153.29% | 458.33% | 15.91% | -98.3% | - |
| Operating Expenses | 212.58M | 190.17M | 115.81M | 55.65M | 35.42M | 22.95M |
| OpEx % of Revenue | - | 4707.1% | 10167.25% | 27280.88% | 18545.55% | 221.61% |
| Selling, General & Admin | 79.52M | 73.53M | 33.7M | 9.9M | 6.39M | 4.63M |
| SG&A % of Revenue | - | 1819.95% | 2959% | 4853.43% | 3347.12% | 44.75% |
| Research & Development | 132.9M | 116.64M | 82.1M | 45.75M | 29.03M | 18.32M |
| R&D % of Revenue | - | 2887.15% | 7208.25% | 22427.45% | 15198.43% | 176.86% |
| Other Operating Expenses | 155K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -214.96M | -190.77M | -114.67M | -55.45M | -35.25M | -12.61M |
| Operating Margin % | -4238.99% | -4722.13% | -10067.25% | -27180.88% | -18453.4% | -121.7% |
| Operating Income Growth % | - | -66.37% | -106.8% | -57.32% | -179.6% | - |
| EBITDA | -212.7M | -189.33M | -114.63M | -55.43M | -35.23M | -12.6M |
| EBITDA Margin % | -4194.38% | -4686.36% | -10064.44% | -27172.55% | -18445.55% | -121.61% |
| EBITDA Growth % | -58.28% | -65.16% | -106.8% | -57.34% | -179.7% | - |
| D&A (Non-Cash Add-back) | 2.26M | 1.45M | 32K | 17K | 15K | 10K |
| EBIT | -200.25M | -161M | -114.67M | -55.45M | -35.25M | -12.39M |
| Net Interest Income | 43.52M | 0 | 26.62M | 6.9M | -1K | -451K |
| Interest Income | 43.52M | 0 | 26.62M | 6.9M | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 1K | 451K |
| Other Income/Expense | 28.21M | 29.78M | 26.63M | 6.84M | -197K | -233K |
| Pretax Income | -186.75M | -161M | -88.04M | -48.61M | -35.44M | -12.84M |
| Pretax Margin % | -3682.61% | -3985.02% | -7729.5% | -23826.96% | -18556.54% | -123.95% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -186.75M | -161M | -88.04M | -48.61M | -35.44M | -12.84M |
| Net Margin % | -3682.61% | -3985.02% | -7729.5% | -23826.96% | -18556.54% | -123.95% |
| Net Income Growth % | -76.91% | -82.87% | -81.12% | -37.14% | -176.06% | - |
| Net Income (Continuing) | -186.75M | -161M | -88.04M | -48.61M | -35.44M | -12.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.21 | -2.08 | -1.41 | -1.02 | -0.66 | -0.28 |
| EPS Growth % | -53.95% | -47.52% | -38.24% | -54.55% | -135.71% | - |
| EPS (Basic) | - | -2.08 | -1.41 | -1.02 | -0.66 | -0.28 |
| Diluted Shares Outstanding | 84.52M | 77.3M | 62.5M | 66.64M | 66.64M | 66.64M |
| Basic Shares Outstanding | 84.52M | 77.3M | 62.5M | 66.64M | 66.64M | 66.64M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Clinical trial execution failure
As reported in financial statements, CGON's revenue remains highly volatile and non-commercial, with a 19.8% year-over-year increase in 2026Q1 reflecting the timing of milestone payments rather than sustainable product demand, which warrants caution regarding the company's ability to generate consistent top-line growth without commercial approval.
The revenue trajectory is currently defined by the accounting recognition of collaboration milestones, which creates significant quarter-to-quarter variance. Investors should interpret these figures as indicators of clinical progress rather than market adoption, as the company lacks a recurring commercial revenue stream.
Based on the company's reported income statement, R&D expenses have surged to $43.7M in 2026Q1, representing a substantial increase from $15.9M in 2023Q4, which underscores the firm's aggressive commitment to advancing its late-stage clinical pipeline despite the absence of meaningful offsetting commercial revenue.
The cost structure is heavily skewed toward clinical trial execution, specifically the BOND-003 and PIVOT-006 programs. This expense discipline appears focused on accelerating regulatory milestones, though it necessitates a high cash burn rate that will likely persist until a potential commercial launch.
According to recent SEC filings, CGON's operating margin of -61.3% in 2026Q1 highlights the lack of operating leverage, as the company's fixed clinical and administrative costs continue to scale significantly faster than the incidental milestone-based revenue recognized during the same period.
The current operating structure is inherently inefficient from a profitability standpoint, as the firm is in a pre-commercial investment phase. Future operating leverage will depend entirely on the successful transition to a commercial model where manufacturing and distribution costs can be amortized over product sales.
As noted in the provided financial data, stock-based compensation has become a recurring and material expense, reaching $7.3M in 2025Q3, which suggests that reported net losses may understate the true economic cost of operations when accounting for the dilution of existing shareholders.
The reliance on equity-based incentives to manage cash burn is a common practice in the biotech sector, but it complicates the assessment of true operational profitability. Analysts should monitor the trend of these non-cash charges as they directly impact the long-term value proposition for equity holders.
Based on the reported figures, the company's net loss of $60.2M in 2026Q1, combined with a negative gross margin of 173.5%, suggests that the current business model is unsustainable without significant future capital raises or a successful, timely transition to commercialization of its lead candidate.
Short-term observers may focus on the widening gap between R&D spending and revenue, which poses a risk if clinical timelines are delayed. The lack of a stable gross margin indicates that the company is not yet prepared for the cost-of-goods-sold pressures inherent in commercial-scale viral vector manufacturing.
Quick answers to the most common questions about buying CGON stock.
For fiscal year 2025, CG Oncology, Inc. Common stock (CGON) reported total revenue of $4.0M. This represents a 61.0% decline compared to $10.4M in 2021.
CG Oncology, Inc. Common stock (CGON) reported a net loss of $161.0M for the fiscal year ending 2025.
CG Oncology, Inc. Common stock (CGON) reported an operating income of $-190.8M, resulting in an operating profit margin of -4722.1%. This margin reflects the operational efficiency of the business before interest and taxes.
CG Oncology, Inc. Common stock (CGON) generated $-0.6M in gross profit for the year, representing a gross profit margin of -15.0%. This demonstrates the company's core pricing power and production efficiency.