CG Oncology
CGON on Nasdaq. Biological products, (no diagnostic substances). Market value $6.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-3.18 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$63.64 a share, 78% above its 1-year low
Over the past year the price has ranged from $35.80 to $80.97.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $1m | $4m |
| Operating margin | ||
| Operating margin | -10067.3% | -4722.1% |
| Debt to equity | ||
| Debt to equity | 0.00 | 0.00 |
| Shares outstanding | ||
| Shares outstanding | 0.08bn | 0.09bn |
Health checks
- Free cash flow positive0 of 2 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 10% more shares since 2024
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $79 million, compared with a loss of $41 million a year ago.
- It loses 4056 cents on each $1 of sales, compared with 28546 cents a year earlier.
- Over the past 12 months it spent $179 million more cash than it brought in, compared with $94 million a year earlier.
- 16% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $43,000 |
| December 2024 | $456,000 |
| March 2025 | $52,000 |
| June 2025 | $0 |
| September 2025 | $2m |
| December 2025 | $2m |
| March 2026 | $1m |
| June 2026 | $1m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$20m |
| December 2024 | -$32m |
| March 2025 | -$34m |
| June 2025 | -$41m |
| September 2025 | -$44m |
| December 2025 | -$41m |
| March 2026 | -$60m |
| June 2026 | -$79m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 227 funds in all.
Largest holders overall
- RTW Investments, LP$605mAdded
- T. Rowe Price Investment Management$470m
- Decheng Capital$453m
- BlackRock$445mAdded
- Wellington Management Group LLP$378m
- FMR$296mAdded
- Price T Rowe Associates$270mAdded
- TCG Crossover Management$261m
- Vanguard Portfolio Management$246mAdded
- State Street$244mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
11 investors own more than 5%.
- RTW Investments, LPPassive investorat least 9.7%+1.4 pts(filed with 1 related holder)Since 30 June 2026
- Xiangmin CuiPassive investorat least 8.4%(filed with 4 related holders)Since 31 December 2024
- T. Rowe Price Investment Management, Inc.Passive investor8.0%Since 31 March 2026
- BlackRock, Inc.Passive investor6.8%Since 30 June 2026
- Wellington Management Group LLPPassive investorat least 6.0%−1.2 pts(filed with 3 related holders)Since 30 June 2026
- Patrick G. EnrightPassive investorat least 6.0%(filed with 5 related holders)Since 11 September 2025
What they said
The information set forth in Item 3 of this Statement is incorporated herein by reference. The Reporting Persons hold the securities of the Issuer for general investment purposes. The Reporting Persons may, from time to time, depending on prevailing market, economic and other…
Read the filing - SONG, Hong FangPassive investorat least 5.5%(filed with 9 related holders)Since 31 December 2024
- FMR LLCPassive investorat least 5.1%(filed with 1 related holder)Since 30 June 2025
- James B. TananbaumPassive investorat least 4.9%(filed with 6 related holders)Since 30 June 2026
- TCG Crossover GP I, LLCPassive investorat least 4.8%(filed with 2 related holders)Since 31 March 2025
- Brian LiuPassive investorat least 2.0%0.0 pts(filed with 3 related holders)Since 6 October 2025
What they said
Item 4 of the Schedule 13D is amended to add the following: The Reporting Persons effected an internal restructuring into a master-feeder structure, pursuant to which Seven Fleet Partners LP contributed, for no consideration, all of the 1,515,151 Shares it then held to Seven…
Read the filing - Seven Fleet Partners LPPassive investorSold down below 5%Since 11 September 2025
What they said
The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
RTW Investments, LP Passive investor | at least 9.7%+1.4 pts (filed with 1 related holder) | 30 June 2026 | |
Xiangmin Cui Passive investor | at least 8.4% (filed with 4 related holders) | 31 December 2024 | |
T. Rowe Price Investment Management, Inc. Passive investor | 8.0% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.8% | 30 June 2026 | |
Wellington Management Group LLP Passive investor | at least 6.0%−1.2 pts (filed with 3 related holders) | 30 June 2026 | |
Patrick G. Enright Passive investor | at least 6.0% (filed with 5 related holders) | 11 September 2025 | What they saidThe information set forth in Item 3 of this Statement is incorporated herein by reference. The Reporting Persons hold the securities of the Issuer for general investment purposes. The Reporting Persons may, from time to time, depending on prevailing market, economic and other… Read the filing |
SONG, Hong Fang Passive investor | at least 5.5% (filed with 9 related holders) | 31 December 2024 | |
FMR LLC Passive investor | at least 5.1% (filed with 1 related holder) | 30 June 2025 | |
James B. Tananbaum Passive investor | at least 4.9% (filed with 6 related holders) | 30 June 2026 | |
TCG Crossover GP I, LLC Passive investor | at least 4.8% (filed with 2 related holders) | 31 March 2025 | |
Brian Liu Passive investor | at least 2.0%0.0 pts (filed with 3 related holders) | 6 October 2025 | What they saidItem 4 of the Schedule 13D is amended to add the following: The Reporting Persons effected an internal restructuring into a master-feeder structure, pursuant to which Seven Fleet Partners LP contributed, for no consideration, all of the 1,515,151 Shares it then held to Seven… Read the filing |
Seven Fleet Partners LP Passive investor | Sold down below 5% | 11 September 2025 | What they saidThe Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $25m of shares on the open market. 2 sold $5m, $5m of it under preset trading plans.
- POST LEONARD EDirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 1,000
- Price
- $72.98
- Value
- $72,980
- POST LEONARD EDirectorSoldunder a preset trading plan
- Date
- 14 August 2026
- Shares
- 1,000
- Price
- $74.54
- Value
- $74,540
- POST LEONARD EDirectorSoldunder a preset trading plan
- Date
- 15 July 2026
- Shares
- 1,000
- Price
- $71.17
- Value
- $71,170
- Mulay JamesDirectorSoldunder a preset trading plan
- Date
- 10 July 2026
- Shares
- 24,165
- Price
- $75.16
- Value
- $2m
- Liu Brian Guan-ChyunDirectorBoughtunder a preset trading plan
- Date
- 25 June 2026
- Shares
- 371,085
- Price
- $66.87
- Value
- $25m
- POST LEONARD EDirectorSoldunder a preset trading plan
- Date
- 24 June 2026
- Shares
- 5,000
- Price
- $70.00
- Value
- $350,000
- POST LEONARD EDirectorSoldunder a preset trading plan
- Date
- 22 June 2026
- Shares
- 5,000
- Price
- $65.00
- Value
- $325,000
- Mulay JamesDirectorSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 1,964
- Price
- $60.12
- Value
- $118,076
- POST LEONARD EDirectorSoldunder a preset trading plan
- Date
- 4 June 2026
- Shares
- 1,000
- Price
- $54.50
- Value
- $54,500
- Mulay JamesDirectorSoldunder a preset trading plan
- Date
- 17 April 2026
- Shares
- 15,600
- Price
- $73.01
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | POST LEONARD E Director | Sold under a preset trading plan | 1,000 | $72.98 | $72,980 |
| 14 August 2026 | POST LEONARD E Director | Sold under a preset trading plan | 1,000 | $74.54 | $74,540 |
| 15 July 2026 | POST LEONARD E Director | Sold under a preset trading plan | 1,000 | $71.17 | $71,170 |
| 10 July 2026 | Mulay James Director | Sold under a preset trading plan | 24,165 | $75.16 | $2m |
| 25 June 2026 | Liu Brian Guan-Chyun Director | Bought under a preset trading plan | 371,085 | $66.87 | $25m |
| 24 June 2026 | POST LEONARD E Director | Sold under a preset trading plan | 5,000 | $70.00 | $350,000 |
| 22 June 2026 | POST LEONARD E Director | Sold under a preset trading plan | 5,000 | $65.00 | $325,000 |
| 15 June 2026 | Mulay James Director | Sold under a preset trading plan | 1,964 | $60.12 | $118,076 |
| 4 June 2026 | POST LEONARD E Director | Sold under a preset trading plan | 1,000 | $54.50 | $54,500 |
| 17 April 2026 | Mulay James Director | Sold under a preset trading plan | 15,600 | $73.01 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.