When CG Oncology reopened a frozen biotech IPO market in early 2024, it brought to Wall Street an unlikely centerpiece: an oncolytic virus acquired from a defunct dot-com-era lab for just $95,000. Under a 26-year-old venture investor turned CEO, the company abandoned broad platform ambitions to focus relentlessly on a single clinical setting, engineering a bladder-sparing therapy for cancer patients long hamstrung by shortages and failures of standard treatments. Today, armed with a $1 billion cash runway and industry-leading two-year durability data, the $6 billion biotech holds a potential breakthrough in urology. Yet as it approaches regulatory submission, CG Oncology faces its steepest test yet: proving that superior clinical data can translate into commercial victory against seasoned heavyweights like Johnson & Johnson in the high-stakes battle for community urology practices.
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