Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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
-27.5
P / E (ttm)
-21.4%
ROE
$6.7B
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). 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 5% of net operating assets, diverging from the balance-sheet accrual read.
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.
660% of rev
FY2025
Key fundamentals
Latest Revenue$4.0M
Revenue Growth YoY+254.7%
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 Aug 11, 2026. Forensic signals flag probability, not certainty.
Cg Oncology, Inc. (CGON) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Stock-based comp load.Stock-based compensation ran 660% of revenue in FY2025 — about $0.35 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 23.7% a year, small enough that totals and per-share results tell the same story.