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Common Stock - Schedule of Common Stock Reserved for Issuance Upon Conversion (Details)	Mar. 31, 2025 shares
Class of Stock [Line Items]
Common stock reserved for future issuance	13,514,160
Employee Stock Option
Class of Stock [Line Items]
Common stock reserved for future issuance	6,607,154
Reserved for Future Stock Option Issuances
Class of Stock [Line Items]
Common stock reserved for future issuance	6,155,929
Reserved for Future ESPP Issuances
Class of Stock [Line Items]
Common stock reserved for future issuance	751,077

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Debt	3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]
Debt	12. Debt In January 2021, the Company entered into a loan agreement with SVB (the “Loan Agreement”) for a term loan in three tranches. In 2021, the Company drew down on two of the tranches in the aggregate principal amount of $15.0 million. On May 12, 2023, the Company repaid all outstanding principal and accrued and unpaid interest on the funds received under the Loan Agreement and all other outstanding obligations with respect to the funds received under the Loan Agreement and made a final payment. In connection with the Loan Agreement, the Company entered into a Success Fee Agreement (the Success Fee Agreement) with SVB in January 2021. In accordance with the Success Fee Agreement, the Company agreed to pay to SVB an amount equal to (a) the quotient of (i) the aggregate original principal amount of all Term Loan Advances made by SVB to the Company divided by (ii) $5 million, multiplied by (b) $125,000 (the Success Fee), upon the closing of a success fee event (the Success Fee Event) and, in the event of an IPO, within five business days of closing such IPO. In connection with the Company’s IPO, it became obligated to pay SVB the Success Fee. On March 5, 2024, the Company paid $0.4 million for the Success Fee under the Success Fee Agreement. As of March 31, 2025, the Company has no further obligations in connection with the Loan Agreement.

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

12. Debt

In January 2021, the Company entered into a loan agreement with SVB (the “Loan Agreement”) for a term loan in three tranches. In 2021, the Company drew down on two of the tranches in the aggregate principal amount of $15.0 million. On May 12, 2023, the Company repaid all outstanding principal and accrued and unpaid interest on the funds received under the Loan Agreement and all other outstanding obligations with respect to the funds received under the Loan Agreement and made a final payment.

In connection with the Loan Agreement, the Company entered into a Success Fee Agreement (the Success Fee Agreement) with SVB in January 2021. In accordance with the Success Fee Agreement, the Company agreed to pay to SVB an amount equal to (a) the quotient of (i) the aggregate original principal amount of all Term Loan Advances made by SVB to the Company divided by (ii) $5 million, multiplied by (b) $125,000 (the Success Fee), upon the closing of a success fee event (the Success Fee Event) and, in the event of an IPO, within five business days of closing such IPO. In connection with the Company’s IPO, it became obligated to pay SVB the Success Fee.

On March 5, 2024, the Company paid $0.4 million for the Success Fee under the Success Fee Agreement. As of March 31, 2025, the Company has no further obligations in connection with the Loan Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

As of March 31, 2025 and December 31, 2024, the Company had three and two operating leases, respectively, in which the Company was the lessee for office space. As of March 31, 2025, the leases have varying terms expiring between 2026 and 2030. The Company had no finance leases as of March 31, 2025 and December 31, 2024.

The components of lease expense as of March 31, 2025 and 2024 were as follows (in thousands):


	Three Months Ended March 31,
	2025			2024
Lease cost
Operating lease cost	$	67		$	61
Total lease cost	$	67		$	61
Other information
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$	859		$	—
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$	75		$	58
Weighted-average remaining lease term		3.94			1.92
Weighted-average discount rate		6.77	%		1.63	%

Maturities of lease liabilities as of March 31, 2025 were as follows (in thousands):


2025	$	230
2026		324
2027		274
2028		227
2029		123
Thereafter		10
Total lease payment		1,188
Less: amount representing imputed interest		(152	)
Total future minimum lease obligations	$	1,036

Legal Proceedings

A liability for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources is recorded in the condensed consolidated financial statements if it is determined that it is probable that a loss has been incurred, and that the amount (or range) of the loss can be reasonably estimated.

On March 4, 2024, a complaint was filed against the Company in the Superior Court of the State of Delaware by ANI Pharmaceuticals, Inc. seeking a declaratory judgment that an assignment and technology transfer agreement between the Company and ANI, dated November 15, 2010, obligates the Company to pay ANI a royalty on certain "net sales" of cretostimogene. The court set a trial date for July 21, 2025. The Company disputes the allegations and is vigorously defending the matter.

Indemnification

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with officers and members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. As of March 31, 2025, the Company had not experienced any losses related to these indemnification obligations, and no claims with respect thereto were outstanding.

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

13. Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2025			2024
Numerator:
Net loss and comprehensive loss	$	(34,452	)	$	(16,934	)
Denominator:
Weighted-average common stock outstanding, basic and diluted		76,187,621			47,064,768
Net loss per share attributable to common stockholders, basic and diluted	$	(0.45	)	$	(0.36	)

The Company’s potentially dilutive securities, which include redeemable convertible preferred stock and stock options, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. The Company considers all series of its redeemable convertible preferred stock to be participating securities as the holders of such stock have the right to receive dividends on a pari passu basis in the event that a dividend is paid on common stock. Under the two-class method, the net loss attributable to common stockholders is not allocated to the redeemable convertible preferred stock as the preferred stockholders do not have a contractual obligation to share in the Company’s losses.

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at March 31, 2025 and 2024 because including them would have had an anti-dilutive effect:


	March 31,
	2025		2024
Stock options outstanding		6,607,154		5,998,420
Total		6,607,154		5,998,420

Accrued Expenses and Other Current Liabilities - Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accrued Expenses and Other Current Liabilities [Line Items]
Total accrued expenses and other current liabilities	$ 15,656	$ 14,665
External Research and Development Expenses
Accrued Expenses and Other Current Liabilities [Line Items]
Total accrued expenses and other current liabilities	10,861	7,181
Personnel-related Expenses
Accrued Expenses and Other Current Liabilities [Line Items]
Total accrued expenses and other current liabilities	2,336	5,793
Professional Fees
Accrued Expenses and Other Current Liabilities [Line Items]
Total accrued expenses and other current liabilities	1,978	1,255
Deferred Offering Costs
Accrued Expenses and Other Current Liabilities [Line Items]
Total accrued expenses and other current liabilities	215
Other
Accrued Expenses and Other Current Liabilities [Line Items]
Total accrued expenses and other current liabilities	$ 266	$ 436

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Jan. 11, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	13,514,160
Stock-based compensation expense	$ 5,151	$ 1,517
Gross unrecognized stock-based compensation expense	$ 52,300
Weighted average period of unrecognized compensation expense remained to be amortized	3 years 1 month 6 days
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	6,607,154
Common stock, shares outstanding	6,607,154		6,574,580
Shares of common stock issuable upon the exercise of stock options	34,487
Weighted average grant-date fair value of the options granted	$ 27.3	$ 13.94
Fair value of shares vested	16.61	$ 3.4
Fair value of shares exercised	$ 6.88
Stock-based compensation expense	$ 4,400	$ 1,500
2015 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares outstanding	905,885
2022 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares outstanding	3,337,431
2024 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares outstanding	2,363,838
Common stock available for future issuance	6,155,924			8,246,565
Fair Value \| Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of shares exercised	$ 2.84	$ 1.82

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Assumptions Used in Determining Fair Value of Option Awards

The following table provides the assumptions used in determining the fair value of option awards for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025	2024
Expected volatility	73.39% - 74.09%	84.5%
Risk-free interest rate	4.05% - 4.5%	3.93%
Expected dividend yield	0%	0%
Expected term (in years)	6.0 - 6.1	6.05

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2025 (in thousands, except share and per share amounts):


	Number of Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(Years)
Balance at December 31, 2024		6,574,580		$	14.19		8.20	$	108,155
Granted		67,134		$	27.30
Exercised		(34,487	)	$	2.84
Forfeited/Expired		(73	)	$	36.63
Balance at March 31, 2025		6,607,154		$	14.38		7.99	$	87,311
Vested and expected to vest at March 31, 2025		6,607,154		$	14.38		7.99	$	87,311
Exercisable at March 31, 2025		2,494,428		$	6.88		6.79	$	46,115

Summary of Stock-based Compensation Expense Related to Stock Options

Stock-based compensation expense related to stock options and the 2024 Employee Stock Purchase Plan (see Note 9) recorded in the accompanying statements of operations for the three months ended March 31, 2025 and 2024 was as follows (in thousands):


	For the Three Months Ended March 31,
	2025		2024
Research and development	$	1,652	$	543
General and administrative		3,499		974
Total stock-based compensation expense	$	5,151	$	1,517

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements appearing in its 2024 Annual Report.

Deferred Offering Costs

The Company capitalizes as deferred offering costs all direct and incremental legal, professional, accounting and other third-party fees incurred in connection with the filing of a registration statement on Form S-3. As of March 31, 2025 and December 31, 2024, the Company had $0.4 million and zero, respectively, in deferred offering costs, of which $0.2 million and zero were in accrued expenses, respectively. Deferred offering costs are included in Other assets in the Company's condensed consolidated balance sheets.

Recently Issued Accounting Standards

Accounting standards not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance includes the requirement that public business entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). It also requires that all entities disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received) and requires that all entities disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. Lastly, the guidance eliminates the requirement for all entities to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or make a statement that an estimate of the range cannot be made. The guidance is effective for the Company for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The guidance should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact that this guidance may have on its financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Comprehensive Income - Expense Disaggregation Disclosures, which will improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions such as cost of sales, selling, general and administrative, and research and development. The amendments are effective for fiscal years beginning after December 15, 2026. Early adoption is permitted for annual financial statements that have not yet been issued or made available. The amendments should be applied on either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the provisions of the amendments and the effect on its future consolidated financial statements.

Stock-Based Compensation - Summary of Assumptions Used in Determining Fair Value of Option Awards (Details) - Stock Options	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, Minimum	73.39%
Expected volatility, Maximum	74.09%
Expected volatility		84.50%
Risk-free interest rate, Minimum	4.05%
Risk-free interest rate, Maximum	4.50%
Risk-free interest rate		3.93%
Expected dividend yield	0.00%	0.00%
Expected term (in years)		6 years 18 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years

Commitments and Contingencies - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2025 Claim Leases	Dec. 31, 2024 Leases
Commitments and Contingencies Disclosure [Abstract]
Operating leases, description	As of March 31, 2025 and December 31, 2024, the Company had three and two operating leases, respectively, in which the Company was the lessee for office space. As of March 31, 2025, the leases have varying terms expiring between 2026 and 2030.
Number of operating leases	3	2
Number of finance leases	0	0
Number of claims outstanding \| Claim	0

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Marketable securities representing fixed income securities (U.S. treasury bills) maturity description	original maturities greater than 90 days
Transfers between Level 1 and Level 2 of fair value hierarchy	$ 0	$ 0

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	May 09, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-41925
Entity Registrant Name	CG Oncology, Inc.
Entity Central Index Key	0001991792
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1611499
Entity Address, Address Line One	400 Spectrum Center Drive
Entity Address, Address Line Two	Suite 2040
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	949
Local Phone Number	409-3700
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CGON
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		76,225,308

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 230
2026	324
2027	274
2028	227
2029	123
Thereafter	10
Total lease payment	1,188
Less: amount representing imputed interest	(152)
Total future minimum lease obligations	$ 1,036

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Outstanding Options, Beginning Balance	6,574,580
Number of Outstanding Options, Granted	67,134
Number of Outstanding Options, Exercised	(34,487)
Number of Outstanding Options, Forfeited/Expired	(73)
Number of Outstanding Options, Ending Balance	6,607,154	6,574,580
Number of Outstanding Options, Vested and expected to vest	6,607,154
Number of Outstanding Options, Exercisable	2,494,428
Weighted Average Exercise Price, Beginning Balance	$ 14.19
Weighted Average Exercise Price, Granted	27.3
Weighted Average Exercise Price, Exercised	2.84
Weighted Average Exercise Price, Forfeited/Expired	36.63
Weighted Average Exercise Price, Ending Balance	14.38	$ 14.19
Weighted Average Exercise Price, Vested and expected to vest	14.38
Weighted Average Exercise Price, Exercisable	$ 6.88
Weighted Average Remaining Contractual Term (Years)	7 years 11 months 26 days	8 years 2 months 12 days
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest	7 years 11 months 26 days
Weighted Average Remaining Contractual Term (Years), Exercisable	6 years 9 months 14 days
Aggregate Intrinsic Value, Beginning Balance	$ 108,155
Aggregate Intrinsic Value, Ending Balance	87,311	$ 108,155
Aggregate Intrinsic Value, Vested and expected to vest	87,311
Aggregate Intrinsic Value, Exercisable	$ 46,115

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Significant Accounting Policy [Line Items]
Deferred offering costs	$ 400,000	$ 0
Deferred offering costs accounts payable	$ 200,000	$ 0

Commitments and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Operating lease cost	$ 67	$ 61
Total lease cost	67	61
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	859
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$ 75	$ 58
Weighted-average remaining lease term	3 years 11 months 8 days	1 year 11 months 1 day
Weighted-average discount rate	6.77%	1.63%

Segment Disclosures - Additional Information (Details)	3 Months Ended
Segment Disclosures - Additional Information (Details)	Mar. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM uses consolidated net income (loss) to assess financial performance and allocate resources. The CODM does not review assets in evaluating the results of the single segment and therefore, such information is not presented.

Fair Value Measurements - Summary of Financial Instruments Carried at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Cash Equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	$ 41,057	$ 256,204
Marketable Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	646,962	484,930
Level 1 \| Cash Equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	41,057	256,204
Level 2 \| Marketable Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	$ 646,962	$ 484,930

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	700,000,000	700,000,000
Common stock, shares issued	76,221,289	76,154,783
Common Stock, shares outstanding	76,221,289	76,154,783

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present the financial instruments carried at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, respectively, in accordance with the ASC 820, Fair Value Measurement (ASC 820) hierarchy (in thousands):


	Fair Value Measurements at March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	41,057	$	—	$	—	$	41,057
Marketable securities	$	—	$	646,962	$	—	$	646,962

	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	256,204	$	—	$	—	$	256,204
Marketable securities	$	—	$	484,930	$	—	$	484,930

The Company’s cash equivalents represent deposits in a short-term U.S. Treasury money market fund quoted in an active market and were classified as a Level 1 fair value measurement. Marketable securities represent fixed income securities (U.S. treasury bills) with original maturities greater than 90 days and were classified as a Level 2 fair value measurement. As of March 31, 2025 and December 31, 2024, the amortized cost of the Company's available for sale marketable securities approximated their fair value. There was no material realized or unrealized gains or losses, either individually or in the aggregate.

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2025 and the year ended December 31, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stock-Based Compensation - Summary of Stock-based Compensation Expense Related to Stock Options (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,151	$ 1,517
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,652	543
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,499	$ 974

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Carried at Fair Value on Recurring Basis


	Fair Value Measurements at March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	41,057	$	—	$	—	$	41,057
Marketable securities	$	—	$	646,962	$	—	$	646,962

	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	256,204	$	—	$	—	$	256,204
Marketable securities	$	—	$	484,930	$	—	$	484,930

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Common Stock Initial Public Offering	Additional Paid-in Capital	Additional Paid-in Capital Initial Public Offering	Accumulated Deficit	Series A-1 Redeemable Convertible Preferred Stock Preferred Stock	Series B Redeemable Convertible Preferred Stock Preferred Stock	Series C Redeemable Convertible Preferred Stock Preferred Stock	Series D Redeemable Convertible Preferred Stock Preferred Stock	Series E Redeemable Convertible Preferred Stock Preferred Stock	Series F Redeemable Convertible Preferred Stock Preferred Stock
Beginning balance, shares at Dec. 31, 2023							5,075,000	11,973,000	73,598,283	53,271,754	112,422,700	81,587,937
Beginning balance at Dec. 31, 2023							$ 3,570	$ 10,000	$ 22,000	$ 47,300	$ 120,000	$ 105,020
Beginning balance, shares at Dec. 31, 2023		5,222,283
Beginning balance at Dec. 31, 2023	$ (123,100)			$ 6,842		$ (129,942)
Conversion of redeemable convertible preferred stock, shares							(5,075,000)	(11,973,000)	(73,598,283)	(53,271,754)	(112,422,700)	(81,587,937)
Conversion of redeemable convertible preferred stock, value							$ (3,570)	$ (10,000)	$ (22,000)	$ (47,300)	$ (120,000)	$ (105,020)
Conversion of redeemable convertible preferred stock, shares		38,413,909
Conversion of redeemable convertible preferred stock, value	307,890	$ 4		307,886
Issuance of common stock, net of issuance costs, shares		60	23,000,000
Issuance of common stock, net of issuance costs	399,565		$ 3		$ 399,562
Stock-based compensation expense	1,517			1,517
Net loss	(16,934)					(16,934)
Ending balance, shares at Mar. 31, 2024		66,636,252
Ending balance at Mar. 31, 2024	568,938	$ 7		715,807		(146,876)
Beginning balance, shares at Dec. 31, 2024		76,154,783
Beginning balance at Dec. 31, 2024	$ 733,377	$ 8		951,350		(217,981)
Conversion of redeemable convertible preferred stock, shares	38,413,909
Conversion of redeemable convertible preferred stock, shares	38,413,909
Issuance of common stock, net of issuance costs, shares		66,506
Issuance of common stock, net of issuance costs	$ 682			682
Stock-based compensation expense	5,151			5,151
Net loss	(34,452)					(34,452)
Ending balance, shares at Mar. 31, 2025		76,221,289
Ending balance at Mar. 31, 2025	$ 704,758	$ 8		$ 957,183		$ (252,433)

Common Stock - Additional Information (Details) - shares	Mar. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Common stock, shares authorized	700,000,000	700,000,000
Common stock, shares issued	76,221,289	76,154,783
Common Stock, shares outstanding	76,221,289	76,154,783

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense

The components of lease expense as of March 31, 2025 and 2024 were as follows (in thousands):


	Three Months Ended March 31,
	2025			2024
Lease cost
Operating lease cost	$	67		$	61
Total lease cost	$	67		$	61
Other information
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$	859		$	—
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$	75		$	58
Weighted-average remaining lease term		3.94			1.92
Weighted-average discount rate		6.77	%		1.63	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of March 31, 2025 were as follows (in thousands):


2025	$	230
2026		324
2027		274
2028		227
2029		123
Thereafter		10
Total lease payment		1,188
Less: amount representing imputed interest		(152	)
Total future minimum lease obligations	$	1,036

Description of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

1. Description of Business and Basis of Presentation

Description of Business

CG Oncology, Inc. (the Company) is a late-stage clinical biopharmaceutical company focused on developing and commercializing its product candidate, cretostimogene grenadenorepvec, for patients with bladder cancer. The Company is at a clinical stage and does not project to generate significant revenues if and until the U.S. Food and Drug Administration (FDA) approves its product candidate, cretostimogene, and the Company is able to commercialize this product candidate.

On January 11, 2024, the Company’s board of directors approved a 1-for-9.535 reverse stock split of its issued and outstanding common stock and stock option awards which was effected on January 16, 2024. All issued and outstanding shares of common stock, stock option awards and per share data have been adjusted in these condensed consolidated financial statements, on a retrospective basis, to reflect the reverse stock split for all periods presented. The par value of the common stock and preferred stock was not adjusted as a result of the reverse stock split.

On January 29, 2024, the Company completed the closing of its initial public offering (IPO) of 23,000,000 shares of common stock, which included the exercise in full by the underwriters of their option to purchase 3,000,000 additional shares, at a price of $19.00 per share. The common stock began trading on the Nasdaq Global Market on January 25, 2024, under the symbol "CGON". The Company received net proceeds of $399.6 million, after deducting discounts and commissions and other offering expenses. In addition, as a result of its IPO, the Company’s redeemable convertible preferred stock converted into common stock concurrently with the IPO. In December 2024, we completed a follow-on offering of 8,500,000 shares of common stock at a price of $28.00 per share, including the exercise in full by the underwriters of their option to purchase an additional 1,200,000 shares of common stock. We received net proceeds of $223.1 million, after deducting discounts, commissions and other offering expenses.

In February 2025, the Company's wholly owned subsidiary, SafeGuard Healthcare, LLC, established a note receivable in the principal amount of $25.0 million through a convertible promissory note (Note) from SP Healthcare SPV I, LLC (SPV). The SPV used the proceeds from the Note to make an investment in Biovire, Inc. for the purpose of Biovire acquiring substantially all of the assets of a contract manufacturing organization that provides clinical supply of cretostimogene to the Company. See footnote 4 for more information on the accounting for the Note.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2024 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Annual Report). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal and recurring adjustments, considered necessary for a fair statement of the interim periods.

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period.

Liquidity and Management’s Plans

As of March 31, 2025, the Company had approximately $688.4 million of cash, cash equivalents and marketable securities and working capital of approximately $678.6 million. The Company has a relatively limited operating history, and the revenue and income potential of the Company’s business and market are unproven. The Company has experienced net losses and negative cash flows from operations since its inception and, as of March 31, 2025, the Company had an accumulated deficit of $252.4 million. During the three months ended March 31, 2025, the Company incurred a net loss of $34.5 million and negative cash flows from operations of $29.3 million. The Company will continue to incur significant costs and expenses related to its ongoing operations until it successfully develops, obtains regulatory approval, and gains market acceptance of a product candidate and achieves a level of revenues adequate to support the Company’s operations.

At-the-Market Offering

On March 28, 2025, the Company entered into an Open Market Sale AgreementSM (Jefferies Sales Agreement) with Jefferies LLC, as agent, pursuant to which the Company may offer and sell, from time to time through Jefferies, up to $250 million of shares of the Company’s common stock. As of March 31, 2025, no sales have been made under the Jefferies Sales Agreement.

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2025			2024
Numerator:
Net loss and comprehensive loss	$	(34,452	)	$	(16,934	)
Denominator:
Weighted-average common stock outstanding, basic and diluted		76,187,621			47,064,768
Net loss per share attributable to common stockholders, basic and diluted	$	(0.45	)	$	(0.36	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders


	March 31,
	2025		2024
Stock options outstanding		6,607,154		5,998,420
Total		6,607,154		5,998,420

Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Selected Financial Information with Respect to Single Operating Segment

The following table presents selected financial information with respect to the Company's single operating segment for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025			2024
Revenue	$	52		$	529
Less:
Research and development
Clinical and manufacturing		23,065			14,226
Other research and development(1)		4,402			2,984
Total research and development		27,467			17,210
General and administrative		14,789			5,788
Total operating expenses		42,256			22,998
Loss from operations		(42,204	)		(22,469	)
Other income, net		7,752			5,535
Net loss	$	(34,452	)	$	(16,934	)
(1) Other research and development consists of indirect costs incurred for the benefit of the research and development efforts, including certain personnel, supply chain, quality assurance, and regulatory affairs.

Note Receivable

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Note Receivable

4. Note Receivable

The Company has a note receivable from SPV totaling $25.0 million, which was established in February 2025. The note carries an interest rate of 8% and is due on February 3, 2029. As of March 31, 2025, no payments have been made, and the outstanding principal balance is $25.0 million. The note is recognized on an amortized cost basis, which is equal to the principal amount, adjusted for accrued interest. The Company assesses the collectability of this note on an ongoing basis and has determined that it is fully collectible as of the reporting date.

Segment Disclosures - Schedule of Selected Financial Information with Respect to Single Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 52	$ 529
Research and development
Total research and development	27,467	17,210
General and administrative	14,789	5,788
Total operating expenses	42,256	22,998
Loss from operations	(42,204)	(22,469)
Other income, net	5	(9)
Net loss and comprehensive loss	(34,452)	(16,934)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	52	529
Research and development
Clinical and manufacturing	23,065	14,226
Other research and development	4,402	2,984
Total research and development	27,467	17,210
General and administrative	14,789	5,788
Total operating expenses	42,256	22,998
Loss from operations	(42,204)	(22,469)
Other income, net	7,752	5,535
Net loss and comprehensive loss	$ (34,452)	$ (16,934)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating Activities
Net loss	$ (34,452)	$ (16,934)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	24	4
Stock-based compensation expense	5,151	1,517
Accretion of discount on short-term investments	(279)	(2,199)
Non-cash interest income	(176)
Non-cash lease expense	(14)	(3)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(982)	(5,654)
Accounts receivable - other	436
Other assets	(35)	(33)
Accounts payable	214	1,417
Accrued expenses and other current liabilities	836	(4,127)
Net cash used in operating activities	(29,277)	(26,012)
Investing Activities
Proceeds from sales and maturities of short-term investments	200,139	145,865
Purchases of short-term investments	(361,892)	(453,297)
Issuance of note receivable	(25,000)
Purchases of property and equipment	(16)	(12)
Net cash used in investing activities	(186,769)	(307,444)
Financing Activities
Proceeds from initial public offering, net of issuance costs		406,410
Payments of success fee or long-term debt		(365)
Proceeds from exercise of common stock options and issuance of common stock under the employee stock purchase plan	682
Deferred offering costs	(232)	(3,387)
Net cash provided by financing activities	450	402,658
Net (decrease) increase in cash and cash equivalents	(215,596)	69,202
Cash and cash equivalents at beginning of period	257,068	8,266
Cash and cash equivalents at end of period	41,472	77,468
Supplemental Schedule of Non-cash Investing and Financing Activities:
Reclassification of 38,413,909 redeemable convertible preferred stock to 38,413,909 shares of common stock		307,890
Conversion of deferred offering costs		$ 6,845
Deferred offering costs, unpaid and accrued	215
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$ 859

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

In 2015, the Company established the 2015 Plan, under which the Company may grant options and restricted stock to its employees and certain non-employees. As of March 31, 2025, there were 905,885 shares of common stock subject to outstanding awards under the 2015 Plan. In 2022, the Company established the 2022 Plan, under which the Company may grant options, restricted stock units, restricted stock, stock appreciation rights, dividend equivalents and other stock and cash-based awards to its employees and certain non-employees. As of March 31, 2025, there were 3,337,431 shares of common stock subject to outstanding awards under the 2022 Plan.

On January 11, 2024, the Company’s board of directors and stockholders approved the 2024 Equity Incentive Plan (the 2024 Plan), which became effective on the date immediately preceding the date on which the Company’s registration statement was declared effective by the SEC. The 2024 Plan replaced the 2022 Plan, as the Company’s board of directors has determined to not make additional grants under the 2022 Plan following the closing of the offering. However, the 2015 and 2022 Plan will continue to govern outstanding equity awards granted under the 2015 and 2022 Plans. The 2024 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The number of shares initially available for issuance under awards granted pursuant to the 2024 Plan is (1) 8,246,565 shares, plus (2) any shares subject to outstanding awards under the 2015 Plan and 2022 Plan as of the effective date of the 2024 Plan that become available for issuance under the 2024 Plan thereafter in accordance with its terms. As of March 31, 2025, there were 2,363,838 shares of common stock subject to outstanding awards and 6,155,924 shares of common stock remaining and available for issuance under the 2024 Plan.

The Company may grant options to purchase authorized but unissued shares of the Company’s common stock. Options granted under the 2015 Plan, 2022 Plan and 2024 Plan include incentive stock options that can be granted only to the Company’s employees and non-statutory stock options that can be granted to the Company’s employees, consultants, advisors and directors.

The exercise prices, vesting and other restrictions of the awards granted under the 2015 Plan, 2022 Plan and 2024 Plan are determined by the Board, except that no stock option may be issued with an exercise price less than the fair market value of the common stock at the date of the grant or have a term in excess of ten years. Options granted under the 2015 Plan, 2022 Plan and 2024 Plan are exercisable in whole or in part at any time subsequent to vesting.

Stock Options

The following table provides the assumptions used in determining the fair value of option awards for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025	2024
Expected volatility	73.39% - 74.09%	84.5%
Risk-free interest rate	4.05% - 4.5%	3.93%
Expected dividend yield	0%	0%
Expected term (in years)	6.0 - 6.1	6.05

The weighted average grant-date fair value of the options granted was $27.30 and $13.94 per share for the three months ended March 31, 2025 and 2024, respectively. The fair value of shares vested during the three months ended March 31, 2025 and 2024 was $16.61 and $3.40 per share, respectively. The fair value of shares exercised during the three months ended March 31, 2025 and 2024 was $2.84 and $1.82 per share, respectively.

The following table summarizes stock option activity for the three months ended March 31, 2025 (in thousands, except share and per share amounts):


	Number of Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(Years)
Balance at December 31, 2024		6,574,580		$	14.19		8.20	$	108,155
Granted		67,134		$	27.30
Exercised		(34,487	)	$	2.84
Forfeited/Expired		(73	)	$	36.63
Balance at March 31, 2025		6,607,154		$	14.38		7.99	$	87,311
Vested and expected to vest at March 31, 2025		6,607,154		$	14.38		7.99	$	87,311
Exercisable at March 31, 2025		2,494,428		$	6.88		6.79	$	46,115

The Company recorded stock-based compensation expense related to stock options of $4.4 million and $1.5 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had an aggregate $52.3 million of gross unrecognized stock-based compensation expense related to unvested options to be recognized over a weighted average period of 3.1 years.


	For the Three Months Ended March 31,
	2025		2024
Research and development	$	1,652	$	543
General and administrative		3,499		974
Total stock-based compensation expense	$	5,151	$	1,517

The Company has not recognized and does not expect to recognize in the near future, any tax benefit related to employee stock-based compensation expense as a result of the full valuation allowance related to its net deferred tax assets.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 41,472	$ 257,068
Marketable securities	646,962	484,930
Prepaid expenses and other current assets	12,413	11,431
Accounts receivable - other	345	781
Total current assets	701,192	754,210
Property and equipment, net	264	272
Note receivable, net	25,176	0
Operating lease right-of-use assets	1,033	221
Other assets	516	94
Total assets	728,181	754,797
Current liabilities:
Accounts payable	6,731	6,517
Operating lease liabilities, current portion	255	186
Accrued expenses and other current liabilities	15,656	14,665
Total current liabilities	22,642	21,368
Operating lease liabilities, net of current portion	781	52
Total liabilities	23,423	21,420
Commitments and contingencies
Stockholders' equity:
Common stock, $0.0001 par value per share; 700,000,000 and 700,000,000 shares authorized as of March 31, 2025 and December 31, 2024, respectively; 76,221,289 and 76,154,783 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	8	8
Additional paid-in capital	957,183	951,350
Accumulated deficit	(252,433)	(217,981)
Total stockholders' equity	704,758	733,377
Total liabilities and stockholders' equity	$ 728,181	$ 754,797

Note Receivable - Additional Information (Details) - USD ($)		3 Months Ended
	Feb. 28, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note receivable, net		$ 25,176,000	$ 0
SafeGuard Healthcare, LLC [Member] \| Convertible Promissory Note [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amount of convertible promissory note	$ 25,000,000
Interest rate	8.00%
Maturity date	Feb. 03, 2029
Payments from note receivable		0
Note receivable, net		$ 25,000,000

Debt - Additional Information (Details)	3 Months Ended	12 Months Ended
Debt - Additional Information (Details)	Mar. 31, 2025 USD ($)	Dec. 31, 2021 Tranche	Mar. 05, 2024 USD ($)	Jan. 31, 2021 USD ($) Tranche
Debt Instrument [Line Items]
Debt description	In January 2021, the Company entered into a loan agreement with SVB (the “Loan Agreement”) for a term loan in three tranches. In 2021, the Company drew down on two of the tranches in the aggregate principal amount of $15.0 million. On May 12, 2023, the Company repaid all outstanding principal and accrued and unpaid interest on the funds received under the Loan Agreement and all other outstanding obligations with respect to the funds received under the Loan Agreement and made a final payment.
Loan Agreement with SAB
Debt Instrument [Line Items]
Number of tranches \| Tranche				3
Number of tranches drawn \| Tranche		2
Original principal amount				$ 15,000,000
Success fee				5,000,000
Debt outstanding obligations	$ 0
Success Fee Agreement with SVB
Debt Instrument [Line Items]
Success fee			$ 400,000	$ 125,000,000
Success fee agreement description	In connection with the Loan Agreement, the Company entered into a Success Fee Agreement (the Success Fee Agreement) with SVB in January 2021. In accordance with the Success Fee Agreement, the Company agreed to pay to SVB an amount equal to (a) the quotient of (i) the aggregate original principal amount of all Term Loan Advances made by SVB to the Company divided by (ii) $5 million, multiplied by (b) $125,000 (the Success Fee), upon the closing of a success fee event (the Success Fee Event) and, in the event of an IPO, within five business days of closing such IPO. In connection with the Company’s IPO, it became obligated to pay SVB the Success Fee.

Condensed Consolidated Statements of Cash Flows (Parenthetical)	3 Months Ended
	Mar. 31, 2025 shares
Statement of Cash Flows [Abstract]
Reclassification of redeemable convertible preferred stock	38,413,909
Reclassification of common stock	38,413,909

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,607,154	5,998,420
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,607,154	5,998,420

License and Collaboration Agreements - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2025	Mar. 31, 2024
License and Collaboration Agreements [Line Items]
License and collaboration revenue			$ 52,000	$ 529,000
Lepu Biotech Co., Ltd.
License and Collaboration Agreements [Line Items]
One-time upfront payment		$ 4,500,000
Collaboration agreement transaction price		4,500,000
License and collaboration revenue			0	500,000
Lepu Biotech Co., Ltd. \| Maximum
License and Collaboration Agreements [Line Items]
Regulatory milestone payments		2,500,000
Commercial milestone payments		$ 57,500,000
Kissei Pharmaceutical Co., Ltd.
License and Collaboration Agreements [Line Items]
One-time upfront payment	$ 10,000,000
License and collaboration revenue				$ (0)
Royalties	0
Kissei Pharmaceutical Co., Ltd. \| Maximum
License and Collaboration Agreements [Line Items]
Commercial milestone payments	67,000,000
Development and regulatory milestone payments	33,000,000
License and collaboration revenue			$ 100,000
Kissei Pharmaceutical Co., Ltd. \| Series D Redeemable Convertible Preferred Stock
License and Collaboration Agreements [Line Items]
Purchase of redeemable convertible preferred stock	$ 30,000,000

Description of Business and Basis of Presentation - Additional Information (Details)		1 Months Ended	3 Months Ended
	Jan. 29, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) shares	Mar. 31, 2024 USD ($) shares	Mar. 28, 2025 USD ($)	Feb. 28, 2025 USD ($)
Description of Business and Basis of Presentation [Line Items]
Reverse stock split description			On January 11, 2024, the Company’s board of directors approved a 1-for-9.535 reverse stock split of its issued and outstanding common stock and stock option awards which was effected on January 16, 2024.
Reverse stock split conversion ratio			0.105
Cash, cash equivalents and marketable securities			$ 688,400,000
Working capital			678,600,000
Accumulated deficit		$ (217,981,000)	(252,433,000)
Net loss			(34,452,000)	$ (16,934,000)
Cash flows from operations			$ (29,277,000)	$ (26,012,000)
Common Stock [Member]
Description of Business and Basis of Presentation [Line Items]
Common shares offering \| shares			66,506	60
SafeGuard Healthcare, LLC [Member] \| Convertible Promissory Note [Member]
Description of Business and Basis of Presentation [Line Items]
Principal amount of convertible promissory note						$ 25,000,000
IPO [Member]
Description of Business and Basis of Presentation [Line Items]
Common shares offering \| shares	23,000,000
Net proceeds	$ 399,600,000
IPO [Member] \| Common Stock [Member]
Description of Business and Basis of Presentation [Line Items]
Common shares offering \| shares				23,000,000
Follow On Offering [Member]
Description of Business and Basis of Presentation [Line Items]
Common shares offering \| shares		8,500,000
Share price \| $ / shares		$ 28
Stock issued shares under writers option exercised \| shares		1,200,000
Net proceeds		$ 223,100,000
Underwriters [Member]
Description of Business and Basis of Presentation [Line Items]
Share price \| $ / shares	$ 19
Stock issued shares under writers option exercised \| shares	3,000,000
Open Market Sale Agreement [Member] \| Common Stock [Member] \| Jefferies LLC [Member]
Description of Business and Basis of Presentation [Line Items]
Value of common stock issuable					$ 250,000,000
Sale of stock \| shares			0

Common Stock

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Common Stock

9. Common Stock

The Company is authorized to issue up to 700,000,000 shares of common stock at March 31, 2025 and December 31, 2024, of which 76,221,289 and 76,154,783 shares were issued and outstanding at March 31, 2025 and December 31, 2024, respectively.

Voting, dividend and liquidation rights of the holders of the common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock.

Voting

Each holder of outstanding shares of common stock shall be entitled to one vote in respect of each share. The holders of outstanding shares of common stock, voting together as a single class, shall be entitled to elect one director. The number of authorized shares of common stock may be increased or decreased by the affirmative vote of a majority of the outstanding shares of common stock and preferred stock voting together as a single class.

Dividends

The holders of common stock shall be entitled to receive dividends out of funds legally available therefore at such times and in such amounts as the board of directors may determine in its sole discretion.

Liquidation Rights

Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Company or deemed liquidation event of the Company, all of the remaining assets of the Company available for distribution to the stockholders shall be distributed among the holders of the common stock, pro rata based on the number of shares held by each such holder.

Reserved Shares

As of March 31, 2025, the Company reserved the following shares of common stock for issuance:


	March 31,
	2025
Stock options outstanding		6,607,154
Reserved for future stock option issuances		6,155,929
Reserved for future ESPP issuances		751,077
Total		13,514,160

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Disclosures

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Disclosures

8. Segment Disclosures

The Company operates as a single operating segment. The Company's chief operating decision maker (CODM) is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated net income (loss) to assess financial performance and allocate resources. The CODM does not review assets in evaluating the results of the single segment and therefore, such information is not presented.

The following table presents selected financial information with respect to the Company's single operating segment for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025			2024
Revenue	$	52		$	529
Less:
Research and development
Clinical and manufacturing		23,065			14,226
Other research and development(1)		4,402			2,984
Total research and development		27,467			17,210
General and administrative		14,789			5,788
Total operating expenses		42,256			22,998
Loss from operations		(42,204	)		(22,469	)
Other income, net		7,752			5,535
Net loss	$	(34,452	)	$	(16,934	)
(1) Other research and development consists of indirect costs incurred for the benefit of the research and development efforts, including certain personnel, supply chain, quality assurance, and regulatory affairs.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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+ Details

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues
License and collaboration revenue	$ 52	$ 529
Operating expenses
Research and development	27,467	17,210
General and administrative	14,789	5,788
Total operating expenses	42,256	22,998
Loss from operations	(42,204)	(22,469)
Other income (expense), net:
Interest income, net	7,747	5,544
Other income (expense), net	5	(9)
Total other income, net	7,752	5,535
Net loss and comprehensive loss	$ (34,452)	$ (16,934)
Net loss per share , basic	$ (0.45)	$ (0.36)
Net loss per share , diluted	$ (0.45)	$ (0.36)
Weighted average shares of common stock outstanding, basic	76,187,621	47,064,768
Weighted average shares of common stock outstanding, diluted	76,187,621	47,064,768

Employee Stock Purchase Plan - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 11, 2024	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued under ESPP		13,514,160
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued under ESPP	812,242	800,000
Percentage of sale of common stock at fair value	85.00%
Percentage of earnings applied to purchase of stock under ESPP	15.00%
Maximum number of shares per employee (in shares)	100,000
Stock-based compensation expense under ESPP		$ 0.7
Gross unrecognized stock-based compensation cost		$ 2.7
Unrecognized stock-based compensation expense expected to be recognized over weighted-average period		1 year 2 months 8 days
ESPP shares purchased during period (in shares)		32,019

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (34,452)	$ (16,934)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Accounts Payable and Accrued Liabilities, Current [Abstract]

Components of Accrued Expenses and Other Current Liabilities

The components of accrued expenses and other current liabilities as of March 31, 2025 and as of December 31, 2024 were as follows (in thousands):


	March 31, 2025		December 31, 2024
External research and development expenses	$	10,861	$	7,181
Personnel-related expenses		2,336		5,793
Professional fees		1,978		1,255
Deferred offering costs		215		—
Other		266		436
Total accrued expenses and other current liabilities	$	15,656	$	14,665

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2025

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

The components of accrued expenses and other current liabilities as of March 31, 2025 and as of December 31, 2024 were as follows (in thousands):


	March 31, 2025		December 31, 2024
External research and development expenses	$	10,861	$	7,181
Personnel-related expenses		2,336		5,793
Professional fees		1,978		1,255
Deferred offering costs		215		—
Other		266		436
Total accrued expenses and other current liabilities	$	15,656	$	14,665

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes as deferred offering costs all direct and incremental legal, professional, accounting and other third-party fees incurred in connection with the filing of a registration statement on Form S-3. As of March 31, 2025 and December 31, 2024, the Company had $0.4 million and zero, respectively, in deferred offering costs, of which $0.2 million and zero were in accrued expenses, respectively. Deferred offering costs are included in Other assets in the Company's condensed consolidated balance sheets.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Accounting standards not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance includes the requirement that public business entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). It also requires that all entities disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received) and requires that all entities disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. Lastly, the guidance eliminates the requirement for all entities to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or make a statement that an estimate of the range cannot be made. The guidance is effective for the Company for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The guidance should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact that this guidance may have on its financial statements. In November 2024, the FASB issued ASU No. 2024-03, Comprehensive Income - Expense Disaggregation Disclosures, which will improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions such as cost of sales, selling, general and administrative, and research and development. The amendments are effective for fiscal years beginning after December 15, 2026. Early adoption is permitted for annual financial statements that have not yet been issued or made available. The amendments should be applied on either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the provisions of the amendments and the effect on its future consolidated financial statements.

Net Loss Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income (Loss)	$ (34,452)	$ (16,934)
Weighted-average common stock outstanding, basic	76,187,621	47,064,768
Weighted-average common stock outstanding, diluted	76,187,621	47,064,768
Net loss per share attributable to common stockholders, basic	$ (0.45)	$ (0.36)
Net loss per share attributable to common stockholders, diluted	$ (0.45)	$ (0.36)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details