CG Oncology, Inc.
CGON Healthcare Biotechnology
CG Oncology, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.0 million, up 254.7% from fiscal 2024. In the quarter to June 2026, revenue grew 2,125.0%, EPS fell 66.7% and free cash flow fell 67.6%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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CG Oncology, Inc. (CGON) Piotroski F-score
CG Oncology, Inc.'s Piotroski F-score for fiscal 2025 is 2 out of 9: 2 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 2 | (3.00) |
| FY2024 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (20.82%) | (18.45%) | Fail | 0 |
| Positive operating cash flow | (132.35m) | (78.71m) | Fail | 0 |
| Rising return on assets | (20.82%) | (18.45%) | Fail | 0 |
| Cash flow above net income | 28.65m | 9.33m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Fail | 0 |
| Rising current ratio | 24.63 | 35.30 | Fail | 0 |
| No new shares issued | 77,303,400 | 62,496,700 | Fail | 0 |
| Rising gross margin | (15.02%) | 100.00% | Fail | 0 |
| Rising asset turnover | 0.01 | 0.00 | Pass | 1 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 2 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| PTCT PTC Therapeutics, Inc. compare | 7 |
| LGND Ligand Pharmaceuticals Incorporated compare | 6 |
| MIRM Mirum Pharmaceuticals, Inc. compare | 6 |
| COGT Cogent Biosciences, Inc. compare | 3 |
| CRSP CRISPR Therapeutics AG compare | 2 |
| CGON CG Oncology, Inc. | 2 |
| KOD Kodiak Sciences Inc. compare | — |
| ERAS Erasca, Inc. compare | — |
| IMVT Immunovant, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover