CGON · CG Oncology, Inc. Common stock

CG Oncology's Q1 2026 results reflect intensified investment in its bladder cancer pipeline, with R&D expenses rising 59% year-over-year to $43.7 million, driven by higher clinical trial costs including CMC for the upcoming BLA and increased headcount. G&A expenses grew 41% to $20.8 million from personnel expansion and professional fees, signaling commercial readiness. Total revenues were modest at $1.1 million, primarily commercial and development revenue of $1.1 million versus none last year, with license revenue declining to $14 thousand. Operating loss widened to $66.4 million from $42.2 million, offset partially by $6.2 million in net interest income, yielding a net loss of $60.2 million or $(0.71) per share on 84.5 million weighted shares, up from $(0.45) on 76.2 million shares. Balance sheet strengthened significantly with cash, equivalents, and marketable securities at $1.1 billion as of March 31, 2026, versus $742.2 million at December 31, 2025, bolstered by $391.4 million net proceeds from 6.9 million ATM shares sold on reverse inquiries. CEO Arthur Kuan highlighted BLA progress post-FDA discussions, with CMC module on track for Q4 2026 submission in HR BCG-unresponsive NMIBC with CIS ± Ta/T1. Near-term catalysts include PIVOT-006 Phase 3 topline in intermediate-risk NMIBC and CORE-008 Cohort CX Phase 2 combination data in H1 2026, plus durability data from BOND-003 and CORE-008 cohorts. Leadership bolstered by CFO Jim DeTore appointment in April 2026, bringing financing expertise. This positions CG Oncology for pivotal milestones with ample runway through 2029.