CG Oncology reported its Q3 2025 results on November 14, 2025, posting a net loss of $43.8 million versus a $20.4 million loss in the same quarter a year earlier, while revenue surged to $1.67 million from $0.043 million in Q3 2024. The revenue beat analyst expectations of $72.56 k by more than 20 times, reflecting early commercial traction and milestone payments tied to its lead asset.
The company also announced the initiation of a rolling Biologics License Application for cretostimogene in high‑risk BCG‑unresponsive non‑muscle‑invasive bladder cancer (NMIBC). The filing marks a critical regulatory milestone that moves the product from clinical development toward potential market entry, with the full submission slated for 2026.
Management explained that the widened net loss is driven by increased research and development expenses of $27.9 million versus $19.6 million in Q3 2024, and higher general and administrative costs of $23.3 million versus $8.7 million. These investments support accelerated development of cretostimogene and the preparation of additional clinical data from the BOND‑003 Cohort P and CORE‑008 Cohort A, which the company plans to release before year‑end.
Despite the loss, the company’s cash position remains robust, with $680.3 million in cash and marketable securities as of September 30, 2025, providing a runway into the first half of 2028. The strong cash balance, combined with the revenue beat, signals financial resilience and the ability to fund ongoing clinical programs and regulatory activities.
Analyst coverage remains positive, with a consensus EPS of –$0.57 that was met exactly, and a consensus revenue estimate of $72.56 k that was exceeded by $1.597 million. The market reaction was driven primarily by the revenue surprise and the regulatory milestone, underscoring investor confidence in the company’s pipeline and commercial strategy.
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