CG Oncology Inc. Common stock (CGON)

FairStock Score: 32/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am a value investor who wants proven earnings, durable competitive advantages, and a margin of safety. CG Oncology does not offer those today. Its business is a late-stage clinical biopharmaceutical effort aimed at bladder cancer with cretostimogene. In fiscal Q2 2026, the quarter ended 2026-06-30, it reported revenue of $1.2 million and a net loss of $79.1 million, or diluted EPS of -$0.90. In fiscal year 2025, the year ended 2025-12-31, revenue was $4.0 million and net loss was $161.0 million. In fiscal year 2024, the year ended 2024-12-31, revenue was $1.1 million and net loss was $88.0 million. In fiscal year 2023, the year ended 2023-12-31, revenue was $204,000 and net loss was $48.6 million. Losses are widening, not narrowing. Trailing free cash flow is -$179.3 million, and FairStock's FCF yield is -3.2%. The balance sheet has little debt—D/E of 0.01—and FairStock's Altman Z-Score is 58.88, but that does not replace profits. At the 2026-10-13 close of $62.40, FairStock calculates P/B of 5.36, ROE of -26.41%, ROCE of -17.67%, Piotroski F-Score of 2/9, and a FairStock score of 32/100. Market cap is $5.5 billion against fiscal year 2025 revenue of $4.0 million. Revenue is growing from a tiny base, but not enough to fund the operation. Any moat would come only from successful trials, approval, and commercialization—none of which is in the filed figures. I can admire the scientific ambition, but I cannot call this a bargain on current numbers. The stock is a speculative bet on future clinical success, not a Graham-style value investment.

In plain English: CG Oncology is a healthcare company developing a treatment for bladder cancer. It has almost no sales and is losing a lot of money, with losses getting larger. At $62.40, the stock looks expensive compared with its tiny revenue and current losses.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer