CG Oncology disclosed its fourth‑quarter and full‑year 2025 financial results, reporting total revenue of $4.0 million for the year—an increase of 260% from $1.1 million in 2024. The company’s net loss attributable to common stockholders widened to $161.0 million, or ($2.08) per share, compared with a $88.0 million loss, or ($1.41) per share, in the prior year. For the fourth quarter, the net loss was $41.3 million, or ($0.52) per share, versus $31.8 million, or ($0.46) per share, in the same period a year earlier.
The company’s research and development expense rose to $116.6 million for 2025, up from $82.1 million in 2024, reflecting intensified clinical trial activity. Fourth‑quarter R&D spending was $30.0 million, an increase from $26.8 million in the prior year, driven largely by higher CMC costs and expanded headcount. General and administrative expenses climbed to $73.5 million for the year, up from $33.7 million, with fourth‑quarter G&A at $18.0 million versus $11.7 million a year earlier, largely due to increased personnel, professional, and marketing costs.
Chief Executive Officer Arthur Kuan highlighted the company’s clinical momentum, stating, "In the coming months, we look forward to sharing topline data from PIVOT‑006, the first randomized registrational trial to evaluate an investigational therapy in intermediate‑risk NMIBC. We believe we have the opportunity to set the new standard in intermediate‑risk NMIBC. I am extremely proud of our team for planning, enrolling and executing this important trial in record time. With cretostimogene's unique best‑in‑disease profile, we remain laser‑focused on advancing a comprehensive strategy designed to support an optimized product label and ensure success across additional indications—positioning cretostimogene as a potential backbone therapy for a broad range of NMIBC patients." Kuan added, "We are also looking forward to sharing results from CORE‑008 Cohort CX in high‑risk BCG exposed from our first trial evaluating the combination of cretostimogene with gemcitabine in the coming quarter."
Analysts surveyed by FactSet had expected a loss of $0.62 per share for the quarter; CG Oncology reported a loss of $0.52 per share, a beat of $0.10 or 16.1%. The company’s guidance for the next quarter was not disclosed, but the earnings beat signals stronger-than‑expected cost control and a favorable operating environment for its clinical pipeline.
The positive reaction from analysts and investors is driven by several tailwinds: a strong cash position of approximately $903 million as of February 26, 2026, which provides a runway into the first half of 2029; accelerated clinical data readouts from PIVOT‑006 and CORE‑008; and regulatory progress, including a Biologics License Application filing for cretostimogene in high‑risk BCG‑unresponsive NMIBC. These factors reinforce confidence in the company’s ability to translate clinical milestones into future commercial success.
The earnings report underscores CG Oncology’s continued investment in research and development, with a widening net loss reflecting the company’s strategic focus on advancing its pipeline. While the company remains pre‑commercial and unprofitable, the significant revenue growth, disciplined expense management, and robust cash runway position it well to navigate the next phases of clinical development and potential regulatory approvals.
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