CG Oncology, Inc. reported significant financial developments in its recent 10-Q filing for the third quarter of 2024. As of September 30, 2024, the company had total assets of $552.5 million, a substantial increase from $199.3 million at the end of 2023. This growth was primarily driven by a rise in cash and cash equivalents, which reached $43.4 million, up from $8.3 million, and marketable securities, which surged to $497.3 million from $179.4 million.

The company’s revenue from research and collaboration for the third quarter of 2024 was $43,000, compared to $9,000 in the same period of 2023. For the nine months ended September 30, 2024, total research and collaboration revenue was $683,000, up from $203,000 in the prior year. Despite this increase in revenue, CG Oncology reported total operating expenses of $28.3 million for Q3 2024, significantly higher than $14.1 million in Q3 2023. For the nine-month period, operating expenses totaled $77.3 million, compared to $36.3 million in 2023.

The net loss for the third quarter of 2024 was $20.4 million, an increase from $11.8 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $56.2 million, compared to $32.1 million in the same period of 2023. The loss per share for Q3 2024 was $(0.30), a notable improvement from $(4.00) in Q3 2023, reflecting a significant increase in the number of shares outstanding following the company's IPO.

CG Oncology completed its initial public offering on January 29, 2024, raising approximately $399.6 million in net proceeds. The IPO involved the sale of 23 million shares at $19.00 each, with an additional 3 million shares purchased by underwriters. The company plans to utilize these funds for general corporate purposes, including research and development of its lead product candidate, cretostimogene grenadenorepvec, aimed at treating bladder cancer.

The company’s research and development expenses for Q3 2024 were $19.6 million, up from $11.7 million in Q3 2023, driven by increased clinical trial costs and headcount. General and administrative expenses also rose to $8.7 million from $2.3 million, reflecting higher compensation and professional fees.

As of September 30, 2024, CG Oncology had approximately $540.7 million in cash, cash equivalents, and marketable securities, positioning the company to fund its operations through 2027. However, it continues to face substantial funding needs to support ongoing clinical development and regulatory approval processes.