F

CG Oncology, Inc. — Earnings Quality Grade F

CGON · Healthcare

Major red flags

Revenue
$4M
2025
Net Income
-$161M
2025
Gross Margin
-15.0%
Free Cash Flow
-$132M
01

Screening Summary

6
Passed
4
Watch
2
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

Insufficient data

A2AR vs Revenue Growth

Insufficient data

A3Revenue vs CFFO

Revenue grew 254.7% but CFFO declined -68.1%

02

Expense Quality

B1Inventory vs COGS

Insufficient data

B2CapEx vs Revenue

CapEx growth -42.7% vs revenue 254.7%. Normal

B3SG&A Ratio

SG&A/Gross Profit = -12113.0%, excellent (<30%)

!
B4Gross Margin

Gross margin swung -115.0pp (100.0% → -15.0%)

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

!
C2Free Cash Flow

FCF is negative ($-0.1B)

C3Accruals Ratio

Accruals ratio = -3.6%. Low accruals

C4Cash vs Debt

Cash $0.7B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 1% of equity. Manageable

D2Leverage

Debt/EBITDA = -0.0x. Healthy

!
D3Soft Asset Growth

Other assets grew 1685.1% vs revenue 254.7%

D4Asset Impairment

No write-off data

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

Insufficient data

06

Manipulation Score

F1Beneish M-Score

Calculation error: float division by zero

Portfolio monitoring

Monitor CGON continuously

The full checks and model details are free to read. Use Watchlist to track your holdings; Pro adds automatic quarterly rescoring, risk-event email alerts, scans up to 50 tickers, and export workflows.

05

Altman Z-Score

23.13
Safe Zone
0 Distress1.102.605.0+ Safe
0.9205
Liquidity
-0.4788
Cumulative profit
-0.241
Operating efficiency
19.3024
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25