CGON
CG Oncology, Inc. Common stockHealthcare·Biotechnology
$62.29
$5.5B market cap
Revenue
$3.4M
Free Cash Flow
$-93.5M
Rev Growth
+0.0%
FCF Margin
-2745.1%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
CG Oncology Inc is a clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer. Their product candidate cretostimogene, is initially in clinical development for the treatment of patients with high-risk Non-Muscle Invasive Bladder Cancer who are unresponsive to Bacillus Calmette Guerin (BCG) therapy, the current standard-of-care for high-risk NMIBC.
2-Year Price History
$64.25+97.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 1.1 | -65.6 | -66.4 | -60.2 | -56.9 | -57.3 | -0.3 | 1,076 | 7.6 | 84.5 | -45.2% | -- | -- |
| Act | 2025-Q4 | 2.3 | -40.5 | -48.7 | -41.3 | -36.2 | -36.2 | -0.0 | 742.2 | 7.0 | 77.3 | -77.4% | -- | -- |
Valuation & Metrics
Market Stats
Price$62.29
Market Cap$5.5B
Enterprise Value$4.4B
P/S Ratio1613.5x
P/FCF--
EV/FCF--
FCF Margin (TTM)-2745.1%
FCF Yield-1.7%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$3.4M
Net Income$-101.5M
Free Cash Flow$-93.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin-3113.3%
Net Margin-2981.2%
FCF Margin-2745.1%
CapEx % of Revenue9.1%
SBC % of Revenue211.1%
ROIC-61.3%
WC Change % Rev58.9%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares9.2M
Days to Cover10.1
Change (vs Prior)-3.3%
Need at least 2 settlement dates for chart
Employees
Headcount113
Revenue / Employee$30,133
Gross Profit / Employee$-21,867
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
82.5%(+58.0% YoY)
213 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.2%(+14.2% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
1.8%(+1.7% YoY)
8 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| RTW INVESTMENTS, LP | $473M | $58.30 | +$337M | +$358M | -2.2% | $9.26B |
| T. Rowe Price Investment Management, Inc. | $455M | $64.13 | +$426M | +$455M | -1.3% | $145.22B |
| Decheng Capital LLC | $431M | $41.75 | +$0 | +$0 | -6.3% | $661M |
| WELLINGTON MANAGEMENT GROUP LLP | $364M | $37.21 | −$42.5M | +$220M | -0.3% | $533.98B |
| BlackRock, Inc.Passive | $343M | $37.42 | +$15.0M | +$48.0M | -0.2% | $5.69T |
| FMR LLC | $255M | $29.38 | −$36.1M | +$82.6M | -0.0% | $1.89T |
| TCG Crossover Management, LLC | $248M | $43.56 | +$0 | +$0 | +4.9% | $3.50B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $247M | $38.53 | +$14.2M | +$179M | -0.2% | $864.93B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $209M | $67.68 | +$209M | +$209M | — | $1.91T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $205M | $67.68 | +$205M | +$205M | — | $4.04T |
| STATE STREET CORPPassive | $179M | $36.75 | −$23.7M | +$46.0M | -0.2% | $2.89T |
| Foresite Capital Management VI LLC | $150M | $28.68 | +$0 | +$0 | +5.8% | $460M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $108M | $39.54 | +$5.8M | +$21.5M | +2.3% | $1.61T |
| FRANKLIN RESOURCES INC | $102M | $38.30 | −$3.7M | +$12.7M | -0.2% | $403.03B |
| BANK OF AMERICA CORP /DE/ | $98.1M | $33.96 | +$17.6M | +$75.0M | -0.1% | $1.36T |
| DV Trading LLCMM | $97.4M | $41.52 | +$0 | +$97.4M | -2.7% | $1.10B |
| UBS Group AG | $88.8M | $27.02 | −$41.4M | −$26.6M | -0.3% | $562.11B |
| Avidity Partners Management LP | $87.2M | $39.02 | −$12.4M | +$20.8M | -8.4% | $505M |
| GOLDMAN SACHS GROUP INC | $78.5M | $31.46 | −$11.2M | +$26.5M | -0.2% | $760.93B |
| ACORN CAPITAL ADVISORS, LLC | $76.6M | $28.68 | −$68K | −$68K | +1.7% | $352M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.18%
avg per quarter
Holders (ex-self)
-0.84%
excl. this stock
Buyers (this Q)
-1.11%
134 buyers · $2.15B in
Sellers (this Q)
-11.29%
71 sellers · $-0.30B out
alpha coverage: 92% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+3.3%
how holders react when this stock falls
On quiet Qs
+10.7%
−10% to +10% baseline
On rallies (+10%+)
-0.5%
how they react when this stock rises
Holders' portfolio flow this Q
+0.2%
inflows — adds are organic
Sellers' portfolio flow this Q
-10.7%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.5%
Holder mid (any stock)
-3.5%
Holder rally (any stock)
-4.5%
Biggest decreases this quarter
BRAIDWELL LP−$60.0Mα-1.8WELLINGTON MANAGEMENT GROUP LLP−$42.5Mα-0.3UBS Group AG−$41.4Mα-0.3Kynam Capital Management, LPexited−$39.3MFMR LLC−$36.1Mα-0.0STATE STREET CORP−$23.7Mα-0.2Eversept Partners, LPexited−$12.8MAvidity Partners Management LP−$12.4Mα-8.4GOLDMAN SACHS GROUP INC−$11.2Mα-0.2MARSHALL WACE, LLPexited−$10.8M
New buyers this quarter
Top-5 holders · 34.8%
RTW INVESTMENTS, LP--
T. Rowe Price Investment Management, Inc.--
Decheng Capital LLC--
WELLINGTON MANAGEMENT GROUP LLP--
BlackRock, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
RTW INVESTMENTS, LP7.0MT. Rowe Price Investment Management, Inc.6.7MDecheng Capital LLC6.4MWELLINGTON MANAGEMENT GROUP LLP5.4MFMR LLC3.8MTCG Crossover Management, LLC3.7MPRICE T ROWE ASSOCIATES INC /MD/3.7MForesite Capital Management VI LLC2.2MBRAIDWELL LP985KFRANKLIN RESOURCES INC1.5M
Related Stocks
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| 0LOV.L | Verastem, Inc. | 3 | 140.56× |
| JBIO | Jade Biosciences, Inc. | 3 | 124.94× |
| MBX | MBX Biosciences, Inc. Common Stock | 4 | 115.33× |
| IRON | Disc Medicine, Inc. | 5 | 104.12× |
| AGIO | Agios Pharmaceuticals, Inc. | 3 | 102.22× |
| TNGX | Tango Therapeutics, Inc. | 4 | 99.95× |
| BCRX | BioCryst Pharmaceuticals, Inc. | 3 | 93.71× |
| ELVN | Enliven Therapeutics, Inc. | 4 | 88.19× |
| TYRA | Tyra Biosciences, Inc. | 3 | 80.32× |
| CNTA | Centessa Pharmaceuticals plc | 5 | 74.97× |
| DNTH | Dianthus Therapeutics, Inc. | 5 | 72.08× |
| KRYS | Krystal Biotech, Inc. | 3 | 70.28× |
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (5 analysts)$82.403230.0%
Last Year (18 analysts)$76.502280.0%
Current Price$62.29
Analyst Ratings
10
Buy: 10Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$50.00M
1 txn · 1 insider · 1,515,151 sh
Sells ($, 12mo)
$7.49M
15 txns · 3 insiders · 207,414 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-17 | SELL | Mulay James | director | 15,600 | $73.01 | $1.14M | $0 |
| 2026-03-16 | SELL | Mulay James | director | 1,310 | $63.50 | $83K | $0 |
| 2026-01-09 | SELL | Mulay James | director | 11,145 | $52.47 | $585K | $0 |
| 2025-11-17 | SELL | POST LEONARD E | director | 1,000 | $41.43 | $41K | $0 |
| 2025-10-13 | SELL | POST LEONARD E | director | 1,000 | $43.25 | $43K | $0 |
| 2025-10-09 | SELL | Mulay James | director | 5,903 | $43.99 | $260K | $0 |
| 2025-09-30 | SELL | POST LEONARD E | director | 5,000 | $40.09 | $200K | $0 |
| 2025-09-29 | SELL | Mulay James | director | 12,755 | $39.19 | $500K | $0 |
| 2025-09-19 | SELL | Mulay James | director | 3,574 | $38.99 | $139K | $0 |
| 2025-09-18 | SELL | Mulay James | director | 19,112 | $39.01 | $746K | $0 |
| 2025-09-15 | SELL | POST LEONARD E | director | 1,000 | $35.10 | $35K | $0 |
| 2025-09-11 | BUY | Liu Brian Guan-Chyun | director | 1,515,151 | $33.00 | $50.00M | $50.00M |
| 2025-09-05 | SELL | Mulay James | director | 27,015 | $31.53 | $852K | $0 |
| 2025-09-03 | SELL | POST LEONARD E | director | 1,000 | $28.00 | $28K | $0 |
| 2025-09-03 | SELL | Song Hong Fang | director | 100,000 | $27.80 | $2.78M | $80.72M |
| 2025-07-17 | SELL | POST LEONARD E | director | 2,000 | $28.00 | $56K | $0 |
Order Flow (FINRA, ~3w lag)
14.9%retail-8.7pp
28.6%dark+4.8pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
CG Oncology, Inc.: The High-Octane Dilution Machine
Overall Risk
6/10
Fraud
2/10
Dilution
9/10
Insolvency
3/10
Earnings Overstated
2/10
Hidden Liabilities
4/10
Legal
5/10
Audit Warnings
1/10
Hidden Upside
7/10
Contextually Acceptable
8/10