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CG Oncology (CGON) investor relations material

CG Oncology Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary14 Nov, 2025

Executive summary

  • Focused on developing cretostimogene grenadenorepvec for bladder cancer, with no approved products or product sales to date.

  • Reported topline Phase 3 data for cretostimogene showing a 41.8% complete response rate at 24 months in high-risk NMIBC, supporting a BLA submission to the FDA.

  • Initiated rolling BLA submission to the FDA for cretostimogene monotherapy in high-risk BCG-unresponsive NMIBC, with full submission expected in 2026.

  • Completed enrollment of PIVOT-006, a large Phase 3 trial in intermediate-risk NMIBC, 10 months ahead of schedule.

  • Building commercial infrastructure in anticipation of potential FDA approval.

Financial highlights

  • Net loss for Q3 2025 was $43.8 million ($0.57 per share), compared to $20.4 million ($0.30 per share) in Q3 2024; net loss for the nine months ended September 30, 2025 was $119.7 million, up from $56.2 million year-over-year.

  • Total revenues for Q3 2025 were $1.7 million, up from $43,000 in Q3 2024, driven by commercial and development revenue from the Biovire acquisition.

  • Research and development expenses rose to $27.9 million in Q3 2025 (from $19.6 million in Q3 2024) and $86.7 million for the nine months (from $55.3 million year-over-year).

  • General and administrative expenses increased to $23.3 million in Q3 2025 (from $8.7 million in Q3 2024) and $55.5 million for the nine months (from $22.0 million year-over-year).

  • Cash, cash equivalents, and marketable securities totaled $680.3 million as of September 30, 2025, up from $661.1 million at June 30, 2025.

Outlook and guidance

  • Current cash position expected to fund operations into the first half of 2028, but additional funding will be needed for commercialization and further development.

  • Anticipates continued significant operating losses as clinical development and commercialization efforts expand.

  • Topline data from BOND-003 Cohort P and first results from CORE-008 Cohort A expected in Q4 2025.

  • Topline data from CORE-008 Cohort CX anticipated in 1H 2026.

  • Completion of BLA submission for cretostimogene in initial indication targeted for 2026.

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Frequently asked questions

CG Oncology Inc. is a late-stage clinical biopharmaceutical company primarily engaged in the development and commercialization of innovative treatments for bladder cancer. The company's main focus is on creating a bladder-sparing therapeutic option for patients suffering from this disease. CG Oncology's leading product candidate, cretostimogene, is currently in clinical development targeting high-risk Non-Muscle Invasive Bladder Cancer (NMIBC) patients who have not responded to Bacillus Calmette Guerin (BCG) therapy, the current standard-of-care. The company is headquartered in Irving, California, and its shares are listed on the Nasdaq.

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