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Side-by-side financial comparison of CG Oncology, Inc. (CGON) and Token Cat Ltd (TC). Click either name above to swap in a different company.
Token Cat Ltd is the larger business by last-quarter revenue ($2.8M vs $2.3M, roughly 1.2× CG Oncology, Inc.). Token Cat Ltd runs the higher net margin — -3.4% vs -1779.0%, a 1775.7% gap on every dollar of revenue. On growth, CG Oncology, Inc. posted the faster year-over-year revenue change (409.2% vs -37.9%).
CG Oncology, Inc. is a clinical-stage biotechnology company focused on developing innovative targeted immunotherapies for urological cancers including non-muscle invasive bladder cancer. It primarily operates in the U.S. market, advancing pipeline candidates to address unmet medical needs for patients with limited treatment options.
CGON vs TC — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3M | $2.8M |
| Net Profit | $-41.3M | $-93.0K |
| Gross Margin | — | 79.0% |
| Operating Margin | -2097.3% | -206.9% |
| Net Margin | -1779.0% | -3.4% |
| Revenue YoY | 409.2% | -37.9% |
| Net Profit YoY | -29.9% | 98.3% |
| EPS (diluted) | $-0.52 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.3M | — | ||
| Q3 25 | $1.7M | — | ||
| Q2 25 | $0 | $2.8M | ||
| Q4 24 | $456.0K | — | ||
| Q2 24 | — | $4.4M | ||
| Q1 24 | $529.0K | — | ||
| Q2 23 | — | $12.7M | ||
| Q2 22 | — | $13.3M |
| Q4 25 | $-41.3M | — | ||
| Q3 25 | $-43.8M | — | ||
| Q2 25 | $-41.4M | $-93.0K | ||
| Q4 24 | $-31.8M | — | ||
| Q2 24 | — | $-5.6M | ||
| Q1 24 | $-16.9M | — | ||
| Q2 23 | — | $-4.2M | ||
| Q2 22 | — | $-8.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 79.0% | ||
| Q4 24 | — | — | ||
| Q2 24 | — | 69.2% | ||
| Q1 24 | — | — | ||
| Q2 23 | — | 63.4% | ||
| Q2 22 | — | 81.0% |
| Q4 25 | -2097.3% | — | ||
| Q3 25 | -3069.0% | — | ||
| Q2 25 | — | -206.9% | ||
| Q4 24 | -8344.1% | — | ||
| Q2 24 | — | -146.9% | ||
| Q1 24 | -4247.4% | — | ||
| Q2 23 | — | -59.9% | ||
| Q2 22 | — | -49.6% |
| Q4 25 | -1779.0% | — | ||
| Q3 25 | -2629.5% | — | ||
| Q2 25 | — | -3.4% | ||
| Q4 24 | -6973.7% | — | ||
| Q2 24 | — | -125.9% | ||
| Q1 24 | -3200.8% | — | ||
| Q2 23 | — | -33.3% | ||
| Q2 22 | — | -62.9% |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $-0.57 | — | ||
| Q2 25 | $-0.54 | — | ||
| Q4 24 | $-0.47 | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-0.36 | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | $-0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $742.2M | $150.0K |
| Total DebtLower is stronger | — | $1.4M |
| Stockholders' EquityBook value | $752.6M | $4.6M |
| Total Assets | $791.6M | $28.4M |
| Debt / EquityLower = less leverage | — | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $742.2M | — | ||
| Q3 25 | $680.3M | — | ||
| Q2 25 | $661.1M | $150.0K | ||
| Q4 24 | $742.0M | — | ||
| Q2 24 | — | $689.0K | ||
| Q1 24 | $566.5M | — | ||
| Q2 23 | — | $3.0M | ||
| Q2 22 | — | $4.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.4M | ||
| Q4 24 | — | — | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | $752.6M | — | ||
| Q3 25 | $687.6M | — | ||
| Q2 25 | $670.4M | $4.6M | ||
| Q4 24 | $733.4M | — | ||
| Q2 24 | — | $-787.0K | ||
| Q1 24 | $568.9M | — | ||
| Q2 23 | — | $9.1M | ||
| Q2 22 | — | $21.4M |
| Q4 25 | $791.6M | — | ||
| Q3 25 | $729.9M | — | ||
| Q2 25 | $701.4M | $28.4M | ||
| Q4 24 | $754.8M | — | ||
| Q2 24 | — | $12.5M | ||
| Q1 24 | $579.1M | — | ||
| Q2 23 | — | $25.1M | ||
| Q2 22 | — | $40.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.30× | ||
| Q4 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-36.2M | $-23.7M |
| Free Cash FlowOCF − Capex | $-36.2M | — |
| FCF MarginFCF / Revenue | -1560.0% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-124.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-36.2M | — | ||
| Q3 25 | $-38.9M | — | ||
| Q2 25 | $-28.0M | $-23.7M | ||
| Q4 24 | $-20.7M | — | ||
| Q2 24 | — | $-1.5M | ||
| Q1 24 | $-26.0M | — | ||
| Q2 23 | — | $-7.2M | ||
| Q2 22 | — | $-8.3M |
| Q4 25 | $-36.2M | — | ||
| Q3 25 | $-39.0M | — | ||
| Q2 25 | $-28.0M | — | ||
| Q4 24 | $-20.9M | — | ||
| Q2 24 | — | $-1.5M | ||
| Q1 24 | $-26.0M | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | $-8.3M |
| Q4 25 | -1560.0% | — | ||
| Q3 25 | -2340.4% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | -4577.0% | — | ||
| Q2 24 | — | -34.4% | ||
| Q1 24 | -4919.5% | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | -62.2% |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | 45.8% | — | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | 2.3% | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | 0.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
