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Biotechnology · Healthcare · Fiscal year ends Dec 31
CG Oncology reported revenue of $4M in the fiscal year ended Dec 2025, up 254.7% from the year before. Operating income was −$191M, an operating margin of −4722.1%, and net income was −$161M. Operating cash flow of −$132M less capital expenditure of $134,000 left free cash flow of −$132M. It held more cash than debt (net cash $29M).
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 0.2 | 1.1 | 4.0 |
| Research & development | 45.8 | 82.1 | 117 |
| Operating income | −55.4 | −115 | −191 |
| Income tax | 0.0 | 0.0 | −0.3 |
| Net income | −48.6 | −88.0 | −161 |
| Diluted EPS | −15.65 | −1.41 | −2.08 |
| Diluted shares | 4.3 | 62.5 | 77.3 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 8.3 | 257 | 32.5 |
| Receivables | 0.1 | 0.0 | 0.7 |
| Inventory | – | 0.0 | 1.6 |
| Current assets | 194 | 754 | 759 |
| Net PP&E | 0.1 | 0.3 | 15.6 |
| Goodwill | – | 0.0 | 10.3 |
| Total assets | 199 | 755 | 792 |
| Payables | 3.2 | 6.5 | 5.7 |
| Current liabilities | 14.3 | 21.4 | 30.8 |
| Long-term debt | – | 0.0 | 3.0 |
| Total liabilities | 14.5 | 21.4 | 39.0 |
| Shareholders' equity | −123 | 733 | 753 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −45.7 | −78.7 | −132 |
| Capital expenditure | – | 0.2 | 0.1 |
| Free cash flow | – | −78.9 | −132 |
| Depreciation & amortisation | 0.0 | 0.0 | 1.4 |
| Stock-based compensation | 1.5 | 11.4 | 26.7 |
| Acquisitions | – | – | 22.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 458.3% | 254.7% |
| Operating margin | −27180.9% | −10067.3% | −4722.1% |
| Net margin | −23827.0% | −7729.5% | −3985.0% |
| Return on equityBlank when equity is negative | – | −12.0% | −21.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −30.0% | −15.6% | −25.1% |
| Free cash flow margin | – | −6931.3% | −3279.2% |
| Cash conversion (CFO ÷ net income) | 0.94x | 0.89x | 0.82x |
| Receivable days | 165 | 0 | 62 |
| Debt ÷ equity | – | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −257 | −29.5 |
| Current ratio | 13.6x | 35.3x | 24.6x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.