CG Oncology Q3 net loss widens on higher R&D costs

Overview

• US bladder cancer therapy developer's Q3 revenue was little changed yr/yr

• Q3 net loss widened, driven by higher R&D expenses from increased clinical trial activity

• Company ended Q3 with $984.5 mln in cash, expects to fund operations through 2029

Outlook

• CG Oncology expects PIVOT-006 Phase 3 topline data in November 2026

• Company anticipates 12-month data from BOND-003 and CORE-008 trials in December 2026

• CG Oncology expects BLA completion for BCG-unresponsive NMIBC in Q4 2026

Result Drivers

• CLINICAL TRIAL EXPENSES - Co said higher R&D expenses in Q3 were mainly due to increased clinical trial activity and related CMC costs

• INCREASED HEADCOUNT - Co attributed higher R&D and G&A expenses to increased compensation costs from expanded workforce

• DECREASED PROFESSIONAL FEES - Co said lower G&A expenses were mainly due to reduced professional and consultant fees

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for CG Oncology, Inc. is $89.00, about 37.3% above its November 5 closing price of $64.80

Reuters Recommended Reads

• Nov 5 - Enliven Therapeutics Q3 net loss widens on higher R&D spend

• Nov 4 - Kailera Therapeutics Q3 net loss widens on higher R&D costs

• Nov 5 - Cogent Biosciences Q3 net loss widens on higher expenses

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)