CG Oncology (CGON) Q4 2025 earnings summary

Executive summary

• Reported financial results for Q4 and full year 2025, highlighting progress in clinical trials for cretostimogene in NMIBC.

• Advanced key clinical milestones, including expedited timelines for pivotal Phase 3 and Phase 2 trials.

• Strengthened leadership with the addition of an experienced board member.

Financial highlights

• Cash, cash equivalents, and marketable securities were $742.2M as of Dec 31, 2025, up from $680.3M at Sep 30, 2025.

• Raised an additional $188.0M in January 2026, bringing cash balance to $903.0M as of Feb 26, 2026.

• R&D expenses for Q4 2025 were $30.0M, up from $26.8M year-over-year; full year R&D was $116.6M vs $82.1M in 2024.

• G&A expenses for Q4 2025 were $18.0M, up from $11.7M year-over-year; full year G&A was $73.5M vs $33.7M in 2024.

• Net loss for Q4 2025 was $41.3M ($0.52/share) vs $31.8M ($0.46/share) prior year; full year net loss was $161.0M ($2.08/share) vs $88.0M ($1.41/share) in 2024.

Outlook and guidance

• Cash position expected to fund operations into the first half of 2029.

• Anticipates Phase 3 topline data for PIVOT-006 and Phase 2 results for CORE-008 Cohort CX in 1H 2026.

• Plans to complete BLA submission for HR BCG-unresponsive NMIBC in 2026.