CG Oncology Reports $1.1 Million Revenue and $60.2 Million Net Loss in Q1 2026

CG Oncology, Inc. reported its financial results for the first quarter of 2026, revealing a total revenue of $1.1 million, a significant increase from $52,000 in the same period last year. This growth was primarily driven by commercial and development revenue of $1.1 million, attributed to the company's recent acquisition of Biovire, a contract manufacturer. However, the company also reported a net loss of $60.2 million for the quarter, compared to a loss of $34.5 million in the first quarter of 2025, reflecting increased operational costs associated with its ongoing clinical trials and development activities.

Operating expenses surged to $67.5 million in the first quarter of 2026, up from $42.3 million in the prior year. The increase was largely due to a rise in research and development expenses, which reached $43.7 million, compared to $27.5 million in the previous year. This increase was driven by higher external clinical trial costs and personnel-related expenses, including stock-based compensation. General and administrative expenses also rose to $20.8 million, up from $14.8 million, reflecting increased headcount and professional fees.

In terms of strategic developments, CG Oncology completed a follow-on public offering in December 2024, raising $223.1 million, and entered into a Jefferies Sales Agreement in March 2025, which allowed the company to raise an additional $550 million through the sale of common stock. As of March 31, 2026, the company had approximately $1.1 billion in cash, cash equivalents, and marketable securities, providing a solid financial foundation for its ongoing operations and clinical trials.

The company continues to focus on the development of its lead product candidate, cretostimogene grenadenorepvec, which is currently in clinical trials for the treatment of bladder cancer. CG Oncology is actively conducting multiple Phase 3 and Phase 2 trials, with the aim of submitting a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) by the end of 2026. The company has received Fast Track and Breakthrough Therapy designations from the FDA, indicating a favorable regulatory outlook for its product candidate.

Looking ahead, CG Oncology anticipates continued significant expenses as it advances its clinical development programs. The company expects to incur additional costs related to regulatory approvals and potential commercialization efforts for cretostimogene. While the company has sufficient cash reserves to fund operations for at least the next twelve months, it acknowledges the need for substantial additional funding to support its growth strategy and ongoing clinical trials.