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Side-by-side financial comparison of CG Oncology, Inc. (CGON) and Instil Bio, Inc. (TIL). Click either name above to swap in a different company.
CG Oncology, Inc. is the larger business by last-quarter revenue ($2.3M vs $2.2M, roughly 1.0× Instil Bio, Inc.). Instil Bio, Inc. runs the higher net margin — -365.3% vs -1779.0%, a 1413.7% gap on every dollar of revenue. On growth, CG Oncology, Inc. posted the faster year-over-year revenue change (409.2% vs -19.2%).
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.
Instil Bio Inc. is a clinical-stage biotechnology company focused on developing innovative tumor-infiltrating lymphocyte (TIL) therapies for patients with difficult-to-treat advanced solid tumors. It operates in the immuno-oncology segment, serving patient populations that show limited response to existing standard cancer treatment options.
CGON vs TIL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3M | $2.2M |
| Net Profit | $-41.3M | $-8.2M |
| Gross Margin | — | — |
| Operating Margin | -2097.3% | -426.3% |
| Net Margin | -1779.0% | -365.3% |
| Revenue YoY | 409.2% | -19.2% |
| Net Profit YoY | -29.9% | 31.1% |
| EPS (diluted) | $-0.52 | $-1.13 |
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 | $2.2M | ||
| Q3 25 | $1.7M | $2.2M | ||
| Q2 25 | $0 | $2.2M | ||
| Q1 25 | — | $2.2M | ||
| Q4 24 | $456.0K | $2.8M | ||
| Q3 24 | — | $1.5M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | $529.0K | $0 |
| Q4 25 | $-41.3M | $-8.2M | ||
| Q3 25 | $-43.8M | $-13.6M | ||
| Q2 25 | $-41.4M | $-21.4M | ||
| Q1 25 | — | $-28.2M | ||
| Q4 24 | $-31.8M | $-11.9M | ||
| Q3 24 | — | $-23.0M | ||
| Q2 24 | — | $-14.9M | ||
| Q1 24 | $-16.9M | $-24.3M |
| Q4 25 | -2097.3% | -426.3% | ||
| Q3 25 | -3069.0% | -670.0% | ||
| Q2 25 | — | -1045.5% | ||
| Q1 25 | — | -1363.2% | ||
| Q4 24 | -8344.1% | -426.1% | ||
| Q3 24 | — | -1582.8% | ||
| Q2 24 | — | — | ||
| Q1 24 | -4247.4% | — |
| Q4 25 | -1779.0% | -365.3% | ||
| Q3 25 | -2629.5% | -606.0% | ||
| Q2 25 | — | -954.2% | ||
| Q1 25 | — | -1257.8% | ||
| Q4 24 | -6973.7% | -428.8% | ||
| Q3 24 | — | -1541.9% | ||
| Q2 24 | — | — | ||
| Q1 24 | -3200.8% | — |
| Q4 25 | $-0.52 | $-1.13 | ||
| Q3 25 | $-0.57 | $-2.01 | ||
| Q2 25 | $-0.54 | $-3.24 | ||
| Q1 25 | — | $-4.32 | ||
| Q4 24 | $-0.47 | $-1.82 | ||
| Q3 24 | — | $-3.54 | ||
| Q2 24 | — | $-2.29 | ||
| Q1 24 | $-0.36 | $-3.74 |
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 | $6.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $752.6M | $113.9M |
| Total Assets | $791.6M | $203.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $742.2M | $6.6M | ||
| Q3 25 | $680.3M | $5.8M | ||
| Q2 25 | $661.1M | $7.7M | ||
| Q1 25 | — | $15.4M | ||
| Q4 24 | $742.0M | $8.8M | ||
| Q3 24 | — | $6.7M | ||
| Q2 24 | — | $6.8M | ||
| Q1 24 | $566.5M | $5.5M |
| Q4 25 | $752.6M | $113.9M | ||
| Q3 25 | $687.6M | $120.4M | ||
| Q2 25 | $670.4M | $131.7M | ||
| Q1 25 | — | $144.9M | ||
| Q4 24 | $733.4M | $169.4M | ||
| Q3 24 | — | $176.3M | ||
| Q2 24 | — | $195.0M | ||
| Q1 24 | $568.9M | $205.8M |
| Q4 25 | $791.6M | $203.5M | ||
| Q3 25 | $729.9M | $211.8M | ||
| Q2 25 | $701.4M | $231.0M | ||
| Q1 25 | — | $237.4M | ||
| Q4 24 | $754.8M | $263.6M | ||
| Q3 24 | — | $272.6M | ||
| Q2 24 | — | $294.3M | ||
| Q1 24 | $579.1M | $306.3M |
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 | $-7.1M |
| 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 | $-7.1M | ||
| Q3 25 | $-38.9M | $-10.6M | ||
| Q2 25 | $-28.0M | $-14.8M | ||
| Q1 25 | — | $-4.2M | ||
| Q4 24 | $-20.7M | $-10.6M | ||
| Q3 24 | — | $-20.1M | ||
| Q2 24 | — | $-10.6M | ||
| Q1 24 | $-26.0M | $-14.4M |
| Q4 25 | $-36.2M | — | ||
| Q3 25 | $-39.0M | — | ||
| Q2 25 | $-28.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-20.9M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-26.0M | — |
| Q4 25 | -1560.0% | — | ||
| Q3 25 | -2340.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4577.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -4919.5% | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 45.8% | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | 2.3% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
