$CGON

CG Oncology, Inc.

CIK:0001991792|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 1,157	$ 0	$ 2,240	$ 52
Operating costs and expenses
Cost of sales	3,925	0	6,887	0
Research and development	54,657	31,331	98,387	58,799
General and administrative	28,976	17,410	49,756	32,198
Total operating costs and expenses	87,558	48,741	155,030	90,997
Loss from operations	(86,401)	(48,741)	(152,790)	(90,945)
Other income (expense), net:
Interest income, net	7,329	7,319	13,617	15,066
Other income (expense), net	16	(4)	(85)	1
Total other income, net	7,345	7,315	13,532	15,067
Net loss and comprehensive loss	$ (79,056)	$ (41,426)	$ (139,258)	$ (75,878)
Net loss per share , basic	$ (0.9)	$ (0.54)	$ (1.61)	$ (1)
Net loss per share , diluted	$ (0.9)	$ (0.54)	$ (1.61)	$ (1)
Weighted average shares of common stock outstanding, basic	88,200,023	76,226,829	86,369,437	76,207,333
Weighted average shares of common stock outstanding, diluted	88,200,023	76,226,829	86,369,437	76,207,333
Commercial and Development Revenue
Revenues
Total revenues	$ 1,147	$ 0	$ 2,216	$ 0
License and Collaboration Revenue
Revenues
Total revenues	$ 10	$ 0	$ 24	$ 52

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net loss	$ (139,258)	$ (75,878)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,691	180
Stock-based compensation expense	20,808	12,158
Unrealized losses (gains) on short-term investments	4,668	(2,166)
Non-cash interest expense (income)	92	(675)
Non-cash lease expense	38	13
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(4,882)	234
Accounts receivable, net	271
Inventory	562
Other assets	(3,051)	(13)
Accounts payable	7,013	608
Accrued expenses and other current liabilities	9,345	8,303
Other liabilities	(654)
Net cash used in operating activities	(103,357)	(57,236)
Investing Activities
Proceeds from sales and maturities of investments	479,755	370,520
Purchases of investments	(783,400)	(529,852)
Issuance of note receivable		(26,000)
Purchases of property and equipment	(772)	(30)
Net cash used in investing activities	(304,417)	(185,362)
Financing Activities
Proceeds from follow-on public offerings, net of issuance costs	391,550
Proceeds from exercise of common stock options	3,750	701
Withholding taxes paid on net exercise of stock options	(194)
Stock issuance costs	(186)	(547)
Net cash provided by financing activities	394,920	154
Net decrease in cash and cash equivalents	(12,854)	(242,444)
Cash and cash equivalents at beginning of period	32,490	257,068
Cash and cash equivalents at end of period	19,636	14,624
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	94
Cash paid for taxes	13	11
Non-cash Investing and Financing Activities:
Operating lease right-of-use asset obtained in exchange for lease liabilities	$ 2,295	$ 859

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 19,636	$ 32,490
Marketable securities	1,008,642	709,665
Inventory	1,003	1,565
Accounts receivable, net	417	688
Prepaid expenses and other current assets	19,949	15,067
Total current assets	1,049,647	759,475
Property and equipment, net	14,707	15,596
Operating lease right-of-use assets	5,730	3,971
Intangible assets, net	545	575
Goodwill	10,297	10,297
Other assets	4,729	1,678
Total assets	1,085,655	791,592
Current liabilities:
Accounts payable	12,727	5,714
Operating lease liabilities, current portion	985	915
Accrued expenses and other current liabilities	33,528	24,207
Total current liabilities	47,240	30,836
Long-term debt	3,000	3,000
Operating lease liabilities, net of current portion	4,834	3,106
Deferred tax liability	307	307
Other liabilities	1,156	1,741
Total liabilities	56,537	38,990
Commitments and contingencies
Stockholders' equity:
Common stock, $0.0001 par value per share; 700,000,000 and 700,000,000 share authorized as of June 30, 2026 and December 31, 2025, respectively; 88,306,390 and 80,689,128 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	9	8
Additional paid-in capital	1,547,343	1,131,570
Accumulated deficit	(518,234)	(378,976)
Total stockholders' equity	1,029,118	752,602
Total liabilities and stockholders' equity	$ 1,085,655	$ 791,592