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CG Oncology, Inc. (CGON+5.13%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a net loss of $88 million for the year, compared to a net loss of $48.6 million in the previous year. The increase in net loss is attributed to higher research and development expenses, which rose to $82.1 million from $45.8 million, primarily due to increased clinical trial activities and personnel costs.
General and administrative expenses also increased significantly to $33.7 million from $9.9 million, driven by higher personnel-related costs and professional fees.
CG Oncology reported $1.1 million in license and collaboration revenue, compared to $0.2 million in the previous year, primarily from agreements with Lepu Biotech Co., Ltd. and Kissei Pharmaceutical Co., Ltd.
The company ended the year with $742 million in cash, cash equivalents, and marketable securities, following its initial public offering and a follow-on offering, which raised net proceeds of $399.6 million and $223.1 million, respectively.
CG Oncology continues to focus on the development and potential commercialization of cretostimogene grenadenorepvec, its product candidate for bladder cancer. The company is actively preparing for potential FDA approval and building its commercial operations.
The filing outlines ongoing and planned clinical trials, including the Phase 3 BOND-003 trial, which could support a Biologics License Application submission to the FDA in the second half of 2025.
The company acknowledges its dependence on additional funding to support its operations and the continued development of cretostimogene. It anticipates the need for substantial capital to finance ongoing and future R&D activities.
CG Oncology's management discusses the company's strategy to address significant unmet needs in bladder cancer treatment and highlights its efforts to establish partnerships and collaborations to enhance its development pipeline.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.