CG Oncology Raises $286M, Holds $903M Cash, Targets H1 2026 Trial Readouts
CG Oncology ended 2025 with $903M in cash, cash equivalents and marketable securities, extending runway into first half of 2029 after raising $286M via ATM sales in Q4 and January. The company expects topline data from its PIVOT-006 Phase 3 and CORE-008 Cohort CX Phase 2 trials in first half of 2026.
1. Year-End Financial Results
CG Oncology recorded R&D expenses of $116.6M in 2025, up from $82.1M in 2024, and G&A expenses of $73.5M versus $33.7M year-over-year. Fourth-quarter 2025 R&D and G&A reached $30.0M and $18.0M, reflecting higher clinical trial and personnel-related costs.
2. Cash Position and ATM Raises
As of December 31, 2025, CG Oncology held $742.2M in cash and equivalents, and in Q4 2025 raised $98.4M via ATM sales, followed by $188.0M in January 2026, bringing total liquidity to $903.0M and funding operations into first half of 2029.
3. Upcoming Clinical Milestones
Topline results from the PIVOT-006 Phase 3 trial in intermediate-risk NMIBC are expected in first half of 2026, an aggressive timeline nearly one year ahead of initial plans. CORE-008 Cohort CX Phase 2 data for the combination of cretostimogene and gemcitabine in high-risk NMIBC is also due in first half of 2026.
4. Corporate and Regulatory Outlook
CG Oncology appointed Christina Rossi to its Board in November 2025, bolstering commercial development expertise. The company plans to complete its BLA submission in high-risk BCG-unresponsive NMIBC during 2026.