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ZYBERNO

Stock Report

Updated Aug 30, 2026

CG Oncology, Inc. (CGON)

Healthcare • NASDAQ

$74.34

CG Oncology Inc. is an American clinical-stage biopharmaceutical company headquartered in Irvine, California, that develops oncolytic immunotherapy treatments for bladder cancer. The company's lead product cretostimogene grenadenorepvec is engineered to replicate selectively in cancer cells, kill them, and trigger immune responses, and received FDA Breakthrough Therapy designation for BCG-unresponsive non-muscle invasive bladder cancer.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

39.0/100

WEAK BUSINESS

CG Oncology, Inc. (CGON) scores 39/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full CGON quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full CGON valuation analysis · → View full CGON Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-25.2%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.01x)

Operating Margin (Operational Efficiency):CRITICAL (-4,056.2%)

Return on Capital (Capital Efficiency):CRITICAL (-18.7%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

CG Oncology, Inc. (CGON) stock report — Zyberno Score 39/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, CGON generated -$160.43M in Owner Earnings. Capital was deployed as follows: $422.00K invested in capital expenditures. Reinvestment rate: -10.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:74.34

Market Cap:$6.56B

Valuation Multiples (3)

P/B Ratio:6.37x

P/S Ratio:1,052.79x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$6.54B

Price Action & Momentum (3)

12-1 Momentum:

+159.7% (96th pctile)

📈 Click to view full CGON Momentum analysis →

Momentum Percentile:96 / 100

% of 52-Week High:91.8%

B. Profitability Assessment

Return Metrics (5)

ROE:

-25.2%

📊 Click to view full CGON ROE analysis →

ROA:-24.0%

Roic:

-18.7%

📊 Click to view full CGON ROIC analysis →

Reinvestment Rate:-10.9%

Fundamental Growth Rate (g):2.0%

Margin Analysis (3)

Operating Margin Ttm:-4,056.2%

Net Margin Ttm:-3,602.7%

Ebitda Margin:-4,019.9%

TTM Performance (2)

Operating Margin Ttm:-4,056.2%

Net Margin Ttm:-3,602.7%

Yield Metrics (2)

Earnings Yield:-$3.63

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):100.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:22.22x

Quick Ratio:22.20x

Cash Ratio:0.42x

Leverage Analysis (3)

Debt To Equity Ttm:0.01x

Debt-to-Equity Ratio:0.01x

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:1,002,407,000.00

Cash And Cash Equivalents:19,636,000.00

Long Term Debt:$3.00M

Net Debt:-$15.65M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $6.23M

Linear Growth: 100.0%

📊 Click to view full CGON Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00-$252.62M

Bottom Line Performance (3)

-$224.38M

Income Before Tax:$0.00

Ebitda Ttm:-250,357,000.00

Operating Expenses (5)

Operating Expenses:258,847,000.00

R And D Expense:156,230,000.00

Sga Expense:91,083,000.00

Income Tax Expense:-$270.00K

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:13,503.0%

Sga To Revenue Percentage:7,872.3%

Ebitda Margin:-4,019.9%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.09B

Current Assets:$1.05B

Ppe Net:14,707,000.00

Goodwill:10,297,000.00

Intangible Assets:$545.00K

Liability Structure (4)

Total Liabilities:56,537,000.00

Current Liabilities:47,240,000.00

Long Term Debt:$3.00M

Short Term Debt:$985.00K

Equity & Capital (3)

Equity:$1.03B

Retained Earnings:-$518.23M

Common Stock:700,000,000.00

Working Capital Items (3)

Accounts Receivable:417,000.00

Inventory:1,003,000.00

Accounts Payable:12,727,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:14,334,000.00

C. Cash Flow Analysis

Operating Activities (2)

-$160.01M-$160.43M

Investment Activities (2)

Investing Cash Flow:-$334.85M

Capital Expenditures Ttm:422,000.00

Financing Activities (3)

Financing Cash Flow:$393.00M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:391,550,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:2,262,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-2.70

-$2.70

Earnings Per Share Ttm:-$2.54

Revenue & Cash Per Share (2)

Sales Per Share Ttm:0.07

Operating Cash Flow Per Share:-$1.50

Book Value & Capital (2)

Book Value Per Share:$11.67

Cash Per Share:0.22

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.01x

Working Capital Turnover Ttm:0.01x

Receivables Management (2)

Receivables Turnover Ttm:14.94x

Days Sales Outstanding Ttm:24.44

Inventory Management (2)

Inventory Turnover Ttm:6.21x

Days Inventory Outstanding Ttm:58.78

Payables & Cash Cycle (2)

Days Payable Outstanding:745.88

Cash Conversion Cycle:-662.66

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$160.43M

Damodaran Growth Analysis (2)

Reinvestment Rate:-10.9%

Fundamental Growth Rate (g):2.0%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):100.0%

Other Growth Rates (1)

Book Value Growth Rate (Linear):32.3%

C. Company Profile & Context

Corporate Information (6)

Symbol:CGON

Company Name:CG Oncology, Inc.

Sector:Healthcare

Industry:Biological Products, (No Diagnostic Substances)

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:88.20M

Shares Outstanding Basic:88.20M

Shares Outstanding Diluted:88.20M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-30 06:10:19 UTC

Data Timestamp:2026-08-30T06:10:19.248845