CGON Stock — CG Oncology Inc.: Cash, EV, Pipeline

What they do

We are a late-stage clinical biopharmaceutical company focused on developing and commercializing cretostimogene grenadenorepvec (cretostimogene), an investigational oncolytic immunotherapy with a dual mechanism of action designed both to eliminate cancer cells directly by selective replication and indirectly by activating an anti-tumor immune response, as a potential backbone therapy in a broad range of patients afflicted with bladder cancer.

Source: 10-K FY2025 via SEC EDGAR

Share price

$73.23

Market cap

$6,540.6M

Cash

$984.5M

Enterprise value

$5,559.1M

Balance sheet

Cash	$984.5M
Debt	$3.0M
Net cash	$981.5M
Enterprise value	$5,559.1M
Basic shares	89.3M shares
Fully diluted shares	94.9M shares
Fully diluted market cap	$6,950.7M
Cash per share	$11.02
Quarterly burn	$46.4M
Cash runway	21.2 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-10.

Share structure

Common

88.3M

Pre-funded warrants

0.0M

Options

5.1M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.5M

FDSO

94.9M

Cap table as of 2026-08-06.

Price history

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Next catalyst

cretostimogene · Est. Nov 15, 2026 · quarter midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	cretostimogene BLA completion in HR BCG-unresponsive NMIBC	Not disclosed	HR BCG-unresponsive NMIBC	Q4 2026
Dec 13, 2026 - Jan 24, 2027 in 5 wks	Cretostimogene Grenadenorepvec	Phase 3	Non Muscle Invasive Bladder Cancer; Urologic Cancer; Bladder Cancer	—
May 12 - Jun 23 in 6 mo	Cretostimogene Grenadenorepvec	Phase 2	High-Risk Non-Muscle-Invasive Bladder Cancer	—
Jul 28 - Sep 8 in 45 mo	Cretostimogene Grenadenorepvec	Phase 3	Non Muscle Invasive Bladder Cancer; High-grade Ta/ T1 Papillary Disease Bladder Cancer	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

cretostimogene

Phase 3 · Active Modality: oncolytic immunotherapy

Aliases cretostimogene grenadenorepvec

Indications

high-risk BCG-unresponsive NMIBC with CIS (BOND-003 Cohort C) (Phase 3)
intermediate-risk NMIBC, adjuvant post-TURBT (PIVOT-006) (Phase 3)
high-risk BCG-naive NMIBC (CORE-008 Cohort A) (Phase 2)
high-risk BCG-exposed NMIBC (Phase 2)
high-risk BCG-unresponsive NMIBC, combination with pembrolizumab (CORE-001) (Phase 2)

Status note Only product candidate; FDA Breakthrough Therapy designation noted. PIVOT-006 enrollment completed Q3 2025. Designed as potential backbone therapy for bladder cancer.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Cretostimogene Grenadenorepvec
Lead indication	Non Muscle Invasive Bladder Cancer; Urologic Cancer; Bladder Cancer
Lead phase	Phase 3
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06111235	Phase 3	Active, not recruiting	Sponsor	CG Oncology, Inc.	—	Non Muscle Invasive Bladder Cancer; Urologic Cancer; Bladder Cancer	—
NCT04452591	Phase 3	Active, not recruiting	Sponsor	CG Oncology, Inc.	—	Non Muscle Invasive Bladder Cancer; High-grade Ta/ T1 Papillary Disease Bladder Cancer	—
NCT06567743	Phase 2	Recruiting	Sponsor	CG Oncology, Inc.	—	High-Risk Non-Muscle-Invasive Bladder Cancer	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for CG Oncology, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	8,514,590	+1,529,782	5.16%	2026-08-14
EcoR1 Capital	1,494,300	+392,300	5.26%	2026-08-14
Logos Global Management	1,000,000	+425,000	3.06%	2026-08-14
OrbiMed Advisors	972,800	+24,533	1.31%	2026-08-14
ADAR1 Capital Management	118,664	-67,035	0.40%	2026-08-14
Braidwell LP	0	-984,783	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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CGON — CG Oncology Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

CGON — CG Oncology Inc.