CGONCG Oncology, Inc.

Biological Products, (no Diagnostic Substances)

Revenue: $4M; 255% YoY
Operating margin: -4722.1%; 53% YoY
EBITDA: −$189M; 65% YoY
Market cap: $5.7B
Employees: 85,000; $48 revenue each
Net debt / EBITDA: —; −$17M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 2 years
3+ of last 5 years
High CEO pay despite TSRNo
$12M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
660% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$48 · 3rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$20M net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$204K	$1M	$4M	255%
Operating income	−$55M	−$115M	−$191M	66%
Net income	−$49M	−$88M	−$161M	83%
Operating cash flow	−$46M	−$79M	−$132M	68%
Capex	—	$234K	$134K	43%
Stock-based comp	$2M	$11M	$27M	134%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 28, 2025	Seven Fleet Capital Management LP	SCHEDULE 13D/A	1.9%	Passive
Sep 18, 2025	Longitude Capital Partners IV, LLC	SCHEDULE 13D	4.1%	Passive
Sep 18, 2025	Seven Fleet Partners LP	SCHEDULE 13D	2.0%	Passive

Insider trading

Open-market buys, 12 mo: $25M · 1
Open-market sells, 12 mo: $5M · 17
Net: $20M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$12M	$29M	112	131
FY2024	$11M	$23M	77	98