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CG Oncology cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$48.8M in Q3 2026 · −$189M over twelve months

Operating cash flow−$47.7M
Capital spending−$1.1M
Free cash flow−$48.8M
Cash conversion cycle-319 days

Analysis

In Q3 2026, CG Oncology generated −$47.7M of operating cash flow and spent $1.1M on capital projects, leaving free cash flow of −$48.8M. That is $9.8M less than in Q3 2025 (−$39.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$187M; the largest uses were other investing ($332M), operating cash flow ($187M), capital spending ($1.9M); besides operations, cash came from shares issued ($505M); the cash balance fell by $16.9M.

Operating cash flow was −$47.7M against net income of −$56.9M. The largest differences: stock-based pay +$8.5M, payables −$3.0M, accrued liabilities +$2.0M.

Its cash conversion cycle was -319 days (receivables 31 + inventory 37 − payables 388): suppliers fund its working capital.

Free cash flow

CG Oncology: free cash flow by quarterCG Oncology: free cash flow by quarter−$20.9MQ4 2024−$29.3MQ1 2025−$28.0MQ2 2025−$39.0MQ3 2025−$36.2MQ4 2025−$57.2MQ1 2026−$46.9MQ2 2026−$48.8MQ3 2026
Operating cash flow less capital spending.
CG Oncology: operating cash flow against capital spendingCG Oncology: operating cash flow against capital spendingOperating cash flowCapital spending−$20.7M$209KQ4 2024−$29.3M$16KQ1 2025−$28.0M$14KQ2 2025−$38.9M$97KQ3 2025−$36.2M$7KQ4 2025−$56.9M$304KQ1 2026−$46.4M$468KQ2 2026−$47.7M$1.1MQ3 2026
Latest (Q3 2026): Operating cash flow −$47.7M, Capital spending $1.1M.

Capital allocation, year by year

CG Oncology: where the cash came from (up) and went (down), by fiscal yearCG Oncology: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsFY2023: Operating cash flow −$45.7MFY2023: Shares issued $107M$107MFY2023FY2024: Operating cash flow −$78.7MFY2024: Shares issued $226MFY2024: Capital spending −$234K$226MFY2024FY2025: Operating cash flow −$132MFY2025: Shares issued $154MFY2025: Capital spending −$134KFY2025: Acquisitions −$22.0M$154MFY2025
Over these 3 years operating cash flow totalled −$257M; the largest uses were operating cash flow ($257M) and acquisitions ($22.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$984M
Debt$3.0M
Net cash$981M
Cash runway5.2 years

CG Oncology is burning cash: its operations consume cash, a free cash flow of −$189M a year at the current rate against $984M of cash and investments: a runway of about 5.2 years before any new financing.

Where the cash came from and went

CG Oncology: sources (+) and uses (−) of cash, Q3 2026CG Oncology: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$47.7MOther investing$47.1MShares issued$10.3MCash drawn (+) / kept (−)−$8.6MCapital spending−$1.1MTaxes on employees’ shares−$3K
CG Oncology: sources (+) and uses (−) of cash, TTM to Q3 2026CG Oncology: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$505MOther investing−$332MOperating cash flow−$187MCash drawn (+) / kept (−)$16.9MCapital spending−$1.9MOther financing−$422K

From profit to cash

CG Oncology: net income to operating cash flow, Q3 2026CG Oncology: net income to operating cash flow, Q3 2026Net income−$56.9MDepreciation & amortization$1.2MStock-based pay$8.5MOther non-cash$47KReceivables−$249KInventory−$162KPayables−$3.0MAccrued liabilities$2.0MPrepaid and other assets−$1.5MOperating cash flow−$47.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$47.7M−$1.1M$10.3M−$8.6M−$48.8M
Q2 2026−$46.4M−$468K$2.1M$14.1M−$46.9M
Q1 2026−$56.9M−$304K$393M−$1.2M−$57.2M
Q4 2025−$36.2M−$7K$99.1M$12.7M−$36.2M
Q3 2025−$38.9M−$97K$5.1M−$30.5M−$39.0M
Q2 2025−$28.0M−$14K$19K$26.8M−$28.0M
Q1 2025−$29.3M−$16K$682K$216M−$29.3M
Q4 2024−$20.7M−$209K$355K−$214M−$20.9M

CG Oncology: income statement and cash flow

CG Oncology, Q3 2026: revenue $1.6M (-4% year over year). The chart follows the revenue to costs, profit and cash.

CG Oncology: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.