Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Cg Oncology, Inc. (CGON)
A forensic read on Cg Oncology, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
15.5
Distress distance
Clean
Earnings quality
4
Forensic signals
-27.6
P / E (ttm)
-21.4%
ROE
$6.5B
Market cap
0.00%
Dividend yield
254.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Cg Oncology, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 15.5, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
62d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 0 to 62 days FY2024→FY2025. Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. There's no FY2023 figure on file for receivables, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
+41.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +41.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply, and much of it is accounted for. The build is led by PP&E up +5634% against revenue +255% and payables paid down 12% against +255% in revenue. That build tracks a +255% revenue year: net operating assets grew +52%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 5% of net operating assets, against an accruals ratio of 41.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +1685% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +322.5%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$4.0M
Revenue Growth YoY+254.7%
Revenue CAGR (2yr)+344.6%
Net Margin-3985.0%
Free Cash Flow-$132.5M
Return on Equity-21.4%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cg Oncology, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Cg Oncology, Inc. (CGON) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
660% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 660% of revenue in FY2025 — about $0.35 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 23.7% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.