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CG Oncology, Inc. (CGON-1.13%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and collaboration revenue of $43,000, compared to $9,000 in the same quarter the previous year. This revenue is primarily attributed to the Kissei License Agreement.
Research and development expenses increased to $19,622,000 from $11,735,000 in the same quarter of the previous year. This increase is primarily due to higher external clinical trial expenses and increased headcount.
General and administrative expenses rose to $8,716,000 from $2,317,000, driven by higher personnel-related expenses and professional fees.
Net loss for the quarter was $20,405,000, compared to $11,768,000 in the previous year. The increase in net loss is attributed to higher operating expenses.
The company reported interest income of $7,892,000, up from $2,283,000 in the previous year, mainly due to interest earned on marketable securities.
As of September 30, 2024, CG Oncology had cash, cash equivalents, and marketable securities totaling $540.7 million. The company projects that this will be sufficient to fund operations through 2027.
CG Oncology continues to focus on developing its product candidate, cretostimogene, for bladder cancer treatment. The company is conducting multiple clinical trials, including the Phase 3 BOND-003 trial.
The filing also details legal proceedings, including a complaint filed by ANI Pharmaceuticals, Inc. (ANIP-2.02%) regarding royalty obligations.
CG Oncology completed its initial public offering in January 2024, raising net proceeds of $399.6 million, which contributed to its current financial position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CG Oncology, Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.