CG Oncology, Inc. has recently released its 10-K report, providing a detailed look into the company's financial condition and operations. CG Oncology, Inc. is a late-stage clinical biopharmaceutical company focused on developing and commercializing backbone bladder-sparing therapeutics for patients with bladder cancer. The company's primary product candidate, cretostimogene grenadenorepvec (cretostimogene), is being developed as an alternative to BCG for treating a broad range of bladder cancer indications.
In the 10-K report, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, highlights the company's financials. CG Oncology, Inc. reported net losses of $88.0 million and $48.6 million for the years ended December 31, 2024, and 2023, respectively. As of December 31, 2024, the company had an accumulated deficit of $218.0 million. CG Oncology, Inc. has primarily funded its operations through public offerings, redeemable convertible preferred stock, and term debt. In 2024, the company completed an initial public offering, receiving net proceeds of $399.6 million, and a follow-on offering, receiving net proceeds of $223.1 million. As of December 31, 2024, CG Oncology, Inc. had cash, cash equivalents, and marketable securities of $742.0 million.
The report also outlines the company's revenue, stating that through December 31, 2024, CG Oncology, Inc. recognized $26.1 million in license and collaboration revenue pursuant to its license and collaboration agreements. However, the company has not generated any revenue from the sale of products and does not expect to do so in the foreseeable future.
Additionally, the report delves into the company's operating expenses, which primarily consist of research and development (R&D) expenses and general and administrative expenses. R&D expenses include external costs incurred under agreements with CROs, contract manufacturers, consultants, and other third parties to conduct and support clinical trials and preclinical studies, as well as internal costs such as R&D personnel-related expenses and facilities costs.
Following these announcements, the company's shares moved -3.1%, and are now trading at a price of $26.09. For the full picture, make sure to review CG Oncology's 10-K report.
