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    CG Oncology (CGON) Is Down 8.7% After Strong Cretostimogene NMIBC Data - What's Changed

    Simply Wall St·12/19/2025 21:17:52
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    • CG Oncology recently reported topline data from its BOND-003 and CORE-004 trials of investigational therapy cretostimogene in non-muscle invasive bladder cancer, showing encouraging efficacy measures, a consistent safety profile, and largely localized, low-grade bladder-related adverse events in patients across multiple high-risk settings.
    • The data, which will be featured as late-breaking abstracts at the Society of Urologic Oncology meeting, highlight high complete response rates in BCG-naive patients and reinforce CG Oncology’s broader Phase 3 program in non-muscle invasive bladder cancer.
    • We’ll now examine how these promising cretostimogene efficacy and safety results shape CG Oncology’s investment narrative over the past week.

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    What Is CG Oncology's Investment Narrative?

    For CG Oncology, the core investment belief is that cretostimogene can become a meaningful option in non-muscle invasive bladder cancer and eventually justify a business that is still almost entirely pre-revenue, loss making and valued primarily on future trial outcomes. The new BOND-003 and CORE-004 data slot directly into that story by strengthening the near-term catalyst stack around Phase 3 readouts and potential regulatory interactions, even if the immediate share price pullback suggests the market is still debating durability and competitive positioning. With revenue at about US$2.2 million against a nine‑month net loss above US$119 million, the biggest near-term risks remain clinical, regulatory and financing related, especially if any part of the broader Phase 3 program fails to reproduce these efficacy and safety signals at scale.

    However, one key funding risk from the company’s ongoing losses is easy to miss at first glance. Despite retreating, CG Oncology's shares might still be trading above their fair value and there could be some more downside. Discover how much.

    Exploring Other Perspectives

    CGON 1-Year Stock Price Chart
    CGON 1-Year Stock Price Chart
    The single Simply Wall St Community fair value estimate sits very far above CG Oncology’s current US$38 share price, underscoring how widely opinions can differ. Set that against the company’s small revenue base, sizeable losses and trial dependent catalysts, and it becomes clear why you may want to weigh several viewpoints before forming your own view on CGON’s prospects.

    Explore another fair value estimate on CG Oncology - why the stock might be worth over 10x more than the current price!

    Build Your Own CG Oncology Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.