CG Oncology Reports Q2 Financials – Cash Position Declines

By Hao Liu • Friday, August 08 10:28 • Permanent Link

CG Oncology, Inc. (NASDAQ: CGON) has reported its financial results for the second quarter ending June 30, 2025, and provided updates on its business activities. The company's cash and cash equivalents, along with marketable securities, stood at $661.1 million as of June 30, 2025, compared to $688.4 million as of March 31, 2025. This indicates a decrease in the cash position since the last period.

The research and development (R&D) expenses for the three months ending June 30, 2025, were $31.3 million, marking a significant increase from $18.5 million for the same period in 2024. This surge in R&D expenses was primarily attributed to heightened clinical trial expenses and increased compensation costs due to a rise in headcount.

Additionally, the general and administrative (G&A) expenses for the three months ending June 30, 2025, were $17.4 million, in contrast to $7.5 million for the same period in 2024. The escalation in G&A expenses was mainly due to an increase in personnel-related costs, including compensation expenses resulting from expanded headcount, and a rise in legal expenses.

The net loss for the three months ending June 30, 2025, amounted to $41.4 million, or ($0.54) per share, representing a substantial increase from the net loss of $18.9 million, or ($0.28) per share, for the same period in 2024.

Furthermore, the company highlighted several corporate and anticipated upcoming milestones, including its ongoing clinical trials and the initiation of the Biologics License Application (BLA) submission for cretostimogene monotherapy in high-risk BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without Ta/T1 disease in the fourth quarter of 2025.

CG Oncology also presented best-in-disease durability and tolerability data from the Phase 3 bond-003 cohort C registrational trial, demonstrating a 75.5% complete response at any time, with 34 confirmed complete responses at 24 months, and a promising early signal in cohort P for cretostimogene at the American Urological Association (AUA) Annual Meeting.

Moreover, the company initiated the core-008 cohort CX clinical trial of cretostimogene plus gemcitabine in high-risk BCG-exposed NMIBC, and announced a unanimous verdict in its favor in a lawsuit brought by Ani Pharmaceuticals, Inc., relieving CG Oncology from future royalties or other payments to Ani.

CG Oncology's financial results and business updates reflect its ongoing commitment to advancing its potential breakthrough treatment, cretostimogene, for patients with bladder cancer and its strategic progress in the pharmaceutical landscape. Following these announcements, the company's shares moved -3.72%, and are now trading at a price of $24.35. Check out the company's full 8-K submission here.

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