US Bladder Cancer Drug Stocks Plunge 7% in a Day, Pausing Despite Clinical Momentum

CG Oncology Inc. (CGON) closed at $63.50 on Nasdaq, down 7.49%, on a volume of approximately 1.69 million shares. Its market capitalization stood at about $5.3 billion (roughly KRW 7 trillion), meaning the company lost around $370 million (about KRW 500 billion) in market value in a single day.

On February 27, CG Oncology reported its 2025 full-year results, reaffirming its plan to release topline data from the pivotal Phase 3 PIVOT-006 and Phase 2 CORE-008 trials of its bladder cancer therapy, Cretostimogen Grenadenorepvec, in the first half of 2026. The company also stated that with about $903 million in cash and short-term investments, it can fund operations through the first half of 2029. Additionally, CG Oncology aims to submit its first Biologics License Application (BLA) for the high-risk non–muscle-invasive bladder cancer indication before year-end.

Headquartered in Irvine, California, CG Oncology is a late-stage clinical biotech company focused on developing bladder-sparing immuno-oncology treatments to avoid cystectomy. Its lead pipeline candidate, Cretostimogen Grenadenorepvec, is being evaluated for efficacy and tolerability in multiple trials for non–muscle-invasive bladder cancer patients, including BOND-003, PIVOT-006 and CORE-008.