Estados financieros detallados de CG Oncology Inc. (CGON): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto -82.7%, margen operativo -40.6%, margen neto -36.0%.
Al precio actual de $74.12, CGON presenta beneficios negativos (P/E no significativo) y un ROE del -25.20%. La capitalización bursátil es de $6.5B.
Cuenta de Resultados (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $10.4M | $191000 | $204000 | $1.1M | $4.0M |
| Coste de Ventas | $10000 | $15000 | $45.8M | $82.1M | $4.6M |
| Beneficio Bruto | $10.3M | $176000 | -$45.5M | -$81.0M | -$607000 |
| I+D | $18.3M | $29.0M | $45.8M | $82.1M | $116.6M |
| Generales y Administrativos | $4.6M | $6.4M | $9.9M | $33.7M | $73.5M |
| Gastos Operativos | $23.0M | $35.4M | $9.9M | $33.7M | $190.2M |
| Beneficio Operativo | -$12.6M | -$35.2M | -$55.4M | -$114.7M | -$190.8M |
| EBITDA | -$12.4M | -$35.4M | -$48.6M | -$88.0M | -$159.6M |
| Gastos por Intereses | $451000 | $1000 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$12.8M | -$35.4M | -$48.6M | -$88.0M | -$161.0M |
| Impuestos | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$12.8M | -$35.4M | -$48.6M | -$88.0M | -$161.0M |
| BPA | $-0.28 | $-0.66 | $-1.02 | $-1.41 | $-2.08 |
| BPA Diluido | $-0.28 | $-0.66 | $-1.02 | $-1.41 | $-2.08 |
| Acciones en Circulación (Diluidas) | $66.6M | $66.6M | $66.6M | $62.5M | $77.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $1.7M | $2.3M | $1.1M | $1.2M |
| Beneficio Bruto | $89000 | -$592000 | -$1.9M | -$2.8M |
| Beneficio Operativo | -$51.1M | -$48.7M | -$66.4M | -$86.4M |
| EBITDA | -$43.4M | -$40.5M | -$59.4M | -$79.1M |
| Beneficio Neto | -$43.8M | -$41.3M | -$60.2M | -$79.1M |
| BPA | $-0.57 | $-0.52 | $-0.71 | $-0.90 |
| BPA Diluido | $-0.57 | $-0.52 | $-0.71 | $-0.90 |
Balance (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $53.6M | $88.1M | $8.3M | $257.1M | $32.5M |
| Inversiones a Corto | 0 | $55.3M | $179.4M | $484.9M | $709.7M |
| Cuentas por Cobrar | $2000 | $303000 | $92000 | $781000 | $688000 |
| Inventario | 0 | 0 | 0 | 0 | $1.6M |
| Activos Corrientes | $58.4M | $147.2M | $194.1M | $754.2M | $759.5M |
| Inmovilizado Material | $200000 | $506000 | $491000 | $493000 | $19.6M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $10.3M |
| Activos Intangibles | 0 | 0 | 0 | 0 | $575000 |
| Activos Totales | $58.7M | $147.7M | $199.3M | $754.8M | $791.6M |
| Cuentas por Pagar | $1.0M | $985000 | $3.2M | $6.5M | $5.7M |
| Deuda a Corto | $2.9M | $9.0M | $569000 | 0 | 0 |
| Pasivos Corrientes | $6.0M | $15.4M | $14.3M | $21.4M | $30.8M |
| Deuda a Largo | $12.1M | $6.5M | 0 | 0 | $3.0M |
| Pasivos Totales | $18.4M | $22.6M | $14.5M | $21.4M | $39.0M |
| Reservas | -$45.9M | -$81.3M | -$129.9M | -$218.0M | -$379.0M |
| Patrimonio Neto | $40.3M | $125.2M | $184.8M | $733.4M | $752.6M |
| Deuda Total | $15.1M | $15.9M | $1.0M | $238000 | $7.0M |
| Deuda Neta | -$38.5M | -$127.5M | -$186.6M | -$741.8M | -$735.1M |
| Capital Circulante | $52.4M | $131.8M | $179.9M | $732.8M | $728.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $45.1M | $32.5M | $33.7M | $19.6M |
| Activos Totales | $729.9M | $791.6M | $1.14B | $1.09B |
| Pasivos Totales | $42.3M | $39.0M | $43.5M | $56.5M |
| Patrimonio Neto | $687.6M | $752.6M | $1.09B | $1.03B |
| Deuda Total | $7.2M | $7.0M | $7.6M | $8.8M |
Flujo de Caja (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$12.8M | -$35.4M | -$48.6M | -$88.0M | -$161.0M |
| Amortizaciones | $10000 | $15000 | $17000 | $32000 | $1.4M |
| Compensación en Acciones | $1.1M | $676000 | $1.5M | $11.4M | $26.7M |
| Cambio en Capital Circulante | -$2.0M | $4.4M | $3.4M | $2.9M | $2.3M |
| Flujo de Caja Operativo | -$13.7M | -$29.8M | -$45.7M | -$78.7M | -$132.3M |
| Inversiones (CapEx) | -$97000 | -$14000 | 0 | -$234000 | -$134000 |
| Adquisiciones | 0 | 0 | 0 | 0 | -$22.0M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$13.8M | -$29.8M | -$45.7M | -$78.9M | -$132.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$38.9M | -$36.2M | -$56.9M | -$46.4M |
| Inversiones (CapEx) | -$97000 | -$7000 | -$304000 | -$468000 |
| Flujo de Caja Libre | -$39.0M | -$36.2M | -$57.2M | -$46.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $7.3M | $7.2M | $6.5M | $14.3M |
Crecimiento y Márgenes (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -98.2% | +6.8% | +458.3% | +254.7% |
| Crecimiento Beneficio Neto (anual) | | -176.1% | -37.1% | -81.1% | -82.9% |
| Crecimiento BPA (anual) | | -135.7% | -54.5% | -38.2% | -47.5% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | -6.2% | +23.7% |
| Crecimiento FCF (anual) | | -116.8% | -53.2% | -72.8% | -67.8% |
| Margen Bruto | 99.9% | 92.1% | -22327.5% | -7108.3% | -15.0% |
| Margen Operativo | -121.7% | -18453.4% | -27180.9% | -10067.3% | -4722.1% |
| Margen EBITDA | -119.5% | -18548.2% | -23818.6% | -7726.7% | -3949.3% |
| Margen Neto | -124.0% | -18556.5% | -23827.0% | -7729.5% | -3985.0% |
| Margen FCF | -132.8% | -15611.5% | -22391.7% | -6931.3% | -3279.2% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.21 | $-0.45 | $-0.69 | $-1.26 | $-1.71 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $66.6M | $66.6M | $66.6M | $62.5M | $77.3M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -25.20% |
| Rentabilidad sobre capital invertido | -24.30% |
| Rentabilidad sobre activos | -20.67% |
| Margen bruto | -82.69% |
| Margen operativo | -4056.18% |
| Margen neto | -3602.68% |
Salud financiera
| Deuda / Patrimonio | 0.01 |
| Ratio corriente | 22.22 |
Ratios Clave (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -132.75 | -56.32 | -36.44 | -20.34 | -19.96 |
| P/VC | 61.53 | 19.79 | 13.40 | 2.44 | 4.26 |
| P/V | 239.13 | 12967.90 | 12141.52 | 1573.67 | 794.47 |
| Margen Bruto | 99.9% | 92.1% | -22327.5% | -7108.3% | -15.0% |
| Margen Operativo | -121.7% | -18453.4% | -27180.9% | -10067.3% | -4722.1% |
| Margen Neto | -124.0% | -18556.5% | -23827.0% | -7729.5% | -3985.0% |