Revenue is negligible at $1.2M in 2026Q2 with a negative gross margin of -2.4%, while R&D expenses of $54.7M drive operating losses of -$86.4M, reflecting a pre-commercial stage with escalating clinical costs.
CG Oncology Inc. (CGON) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 6.17M | 4.04M | 1.14M | 204K | 191K | 10.36M |
| Revenue Growth % | 183.62% | 254.7% | 458.33% | 6.81% | -98.16% | - |
| Cost of Goods Sold | 12.47M | 4.65M | 82.1M | 45.75M | 15K | 10K |
| COGS % of Revenue | - | 115.02% | 7208.25% | 22427.45% | 7.85% | 0.1% |
| Gross Profit | -6.3M | -607K | -80.96M | -45.55M | 176K | 10.35M |
| Gross Margin % | -102.24% | -15.02% | -7108.25% | -22327.45% | 92.15% | 99.9% |
| Gross Profit Growth % | - | 99.25% | -77.75% | -25979.55% | -98.3% | - |
| Operating Expenses | 258.44M | 190.17M | 33.7M | 9.9M | 35.42M | 22.95M |
| OpEx % of Revenue | - | 4707.1% | 2959% | 4853.43% | 18545.55% | 221.61% |
| Selling, General & Admin | 90.71M | 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 | 167.57M | 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 | -82.1M | -45.75M | 0 | 0 |
| Operating Income | -264.74M | -190.77M | -114.67M | -55.45M | -35.25M | -12.61M |
| Operating Margin % | -4293.53% | -4722.13% | -10067.25% | -27180.88% | -18453.4% | -121.7% |
| Operating Income Growth % | - | -66.37% | -106.8% | -57.32% | -179.6% | - |
| EBITDA | -262.2M | -189.33M | -114.63M | -55.43M | -35.23M | -12.6M |
| EBITDA Margin % | -4252.34% | -4686.36% | -10064.44% | -27172.55% | -18445.55% | -121.61% |
| EBITDA Growth % | -51.32% | -65.16% | -106.8% | -57.34% | -179.7% | - |
| D&A (Non-Cash Add-back) | 2.54M | 1.45M | 32K | 17K | 15K | 10K |
| EBIT | -180.57M | -161M | -88.04M | -48.61M | -35.44M | -12.39M |
| Net Interest Income | 36.1M | 29.93M | 26.62M | 6.9M | -1K | -451K |
| Interest Income | 36.1M | 29.93M | 26.62M | 6.9M | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 1K | 451K |
| Other Income/Expense | 20.92M | 29.78M | 26.63M | 6.84M | -197K | -233K |
| Pretax Income | -180.57M | -161M | -88.04M | -48.61M | -35.44M | -12.84M |
| Pretax Margin % | -2928.43% | -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 | -180.57M | -161M | -88.04M | -48.61M | -35.44M | -12.84M |
| Net Margin % | -2928.43% | -3985.02% | -7729.5% | -23826.96% | -18556.54% | -123.95% |
| Net Income Growth % | -19.2% | -82.87% | -81.12% | -37.14% | -176.06% | - |
| Net Income (Continuing) | -180.57M | -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) | -2.03 | -2.08 | -1.41 | -1.02 | -0.66 | -0.28 |
| EPS Growth % | -35.12% | -47.52% | -38.24% | -54.55% | -135.71% | - |
| EPS (Basic) | - | -2.08 | -1.41 | -1.02 | -0.66 | -0.28 |
| Diluted Shares Outstanding | 88.87M | 77.3M | 62.5M | 66.64M | 66.64M | 66.64M |
| Basic Shares Outstanding | 88.87M | 77.3M | 62.5M | 66.64M | 66.64M | 66.64M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying CGON stock.
For fiscal year 2025, CG Oncology Inc. (CGON) reported total revenue of $4.0M. This represents a 61.0% decline compared to $10.4M in 2021.
CG Oncology Inc. (CGON) reported a net loss of $161.0M for the fiscal year ending 2025.
CG Oncology Inc. (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. (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.
Key Metrics
Top Statement Risk
Cash burn and trial execution
Metrics are mathematically derived from official filings.
Milestone-Driven Revenue Volatility
Revenue surged 254.7% YoY in 2026Q2, but absolute TTM revenue is only $4.04M, reflecting milestone timing rather than commercial traction. According to the latest quarterly report, growth is highly lumpy and not indicative of market demand.
The 254.7% YoY growth in 2026Q2 is misleading given the tiny base; revenue of $1.2M is still minimal. The pattern of revenue spikes and troughs (e.g., $2.3M in 2025Q4 vs. $52K in 2025Q1) suggests dependence on collaboration milestones, likely from Kissei. Investors should treat revenue as a proxy for clinical progress, not sustainable growth.
Pre-Commercial Margin Compression
Gross margin turned negative at -2.4% in 2026Q2, with COGS exceeding revenue, reflecting early manufacturing and collaboration costs. As reported in financial statements, margins are structurally negative until commercial launch, with no pricing power in the pre-revenue phase.
The negative gross margin is consistent with a clinical-stage biotech where COGS includes costs for clinical trial materials and manufacturing scale-up. Operating margin of -74.7% in 2026Q2 underscores the heavy investment phase. These margins will likely remain deeply negative until regulatory approval and commercial scaling, which is years away.
R&D Scaling Outpaces Revenue
Operating losses widened to -$86.4M in 2026Q2, with R&D expenses of $54.7M representing 63% of total costs. Based on reported figures, operating leverage is negative as fixed clinical trial costs escalate ahead of any revenue inflection.
R&D spending has grown from $17.2M in 2024Q1 to $54.7M in 2026Q2, a 218% increase, while revenue remains negligible. SG&A also expanded to $29.0M, indicating investment in commercial infrastructure. This suggests management is prioritizing late-stage trial execution and pre-commercial readiness, but the lack of revenue means operating leverage will remain unfavorable for the foreseeable future.
Losses Driven by Non-Cash and Trial Costs
Net loss of -$79.1M in 2026Q2 includes $14.3M in stock-based compensation, which is non-cash but dilutive. As per the income statement, EPS of -$0.90 is heavily impacted by SBC and escalating R&D, masking the true cash burn.
SBC has grown from $1.5M in 2024Q1 to $14.3M in 2026Q2, reflecting increased headcount and equity compensation. While non-cash, SBC dilutes shareholders and should be adjusted for cash runway analysis. The net loss is also inflated by one-time items like the $31.3M COGS in 2025Q2, which may include a milestone payment. Investors should focus on cash used in operations, which is likely higher than net loss due to working capital changes.
Clinical Trial Costs Dominate
R&D expenses are the primary cost driver, reaching $54.7M in 2026Q2, up from $17.2M in 2024Q1, a 218% increase. According to the latest financials, this reflects accelerated enrollment in BOND-003 and PIVOT-006, with SG&A also rising to $29.0M.
The cost structure is typical of a late-stage biotech, with R&D consuming the majority of cash. The spike in COGS in 2025Q2 ($31.3M) is anomalous and may be related to a one-time manufacturing or licensing cost. Management appears to be investing aggressively in trial execution, but the lack of revenue means cost discipline is less relevant than capital efficiency.
2025Q2: A Cost Inflection Point
In 2025Q2, COGS jumped to $31.3M with zero revenue, causing gross margin to collapse to -100% and operating margin to become undefined. This quarter marks a significant escalation in spending, likely tied to a milestone or manufacturing scale-up, and sets the tone for higher burn.
The 2025Q2 quarter is a clear inflection point where costs surged dramatically, possibly due to a one-time payment or increased trial activity. Revenue dropped to zero, highlighting the lumpiness of collaboration income. This quarter underscores the company's transition to a higher-spend phase, with subsequent quarters showing sustained R&D growth. The lasting impact is a higher cash burn rate that will require additional financing.
Cash Burn Threatens Runway
With operating losses of -$86.4M in 2026Q2 and only $32.49M in cash, the company may have less than one quarter of funding left. As reported in the balance sheet, this raises serious doubts about the ability to reach BLA without dilutive financing.
The cash position of $32.49M is dangerously low relative to the quarterly burn of ~$86M, implying imminent capital needs. Even if the IPO proceeds are not fully reflected, the magnitude of losses suggests the company will need to raise capital soon. This could lead to significant dilution for existing shareholders. Additionally, the competitive approval of Anktiva may pressure enrollment and future pricing, adding to the risk profile.