10 Best IPO Stocks To Buy Heading into 2025

4. CG Oncology Inc. (NASDAQ:CGON)

Average Upside Potential: 80.04%

Number of Hedge Fund Holders: 27

CG Oncology Inc. (NASDAQ:CGON) is a late-stage clinical biopharmaceutical company focused on developing and commercializing a potential backbone bladder-sparing therapeutic for patients afflicted with bladder cancer. It is dedicated to advancing therapies that address unmet medical needs and improve the lives of cancer patients. The lead product candidate, CG0070, is a novel oncolytic virus designed to selectively target and destroy cancer cells.

Cretostimogene, a potential treatment for BCG-unresponsive, high-risk non-muscle invasive bladder cancer (HR-NMIBC), is expected to be submitted for a Biologics License Application (BLA) in H2 2025. This drug candidate is seen as a potential game-changer due to its favorable tolerability profile, which could give it a competitive edge over other treatments that have faced tolerability issues. Analysts at Roth/MKM are optimistic about cretostimogene’s efficacy for both HR-NMIBC and intermediate-risk NMIBC (IR-NMIBC), projecting global sales to exceed $2 billion by 2033. CMO, Dr. Vijay Kasturi, emphasizes the drug’s potential as a non-surgical, bladder-sparing option.

The company reported strong second-quarter 2024 financial results and significant business updates, generating a quarterly revenue of $111,000. It highlighted the positive final results from the CORE-001 Phase 2 study of cretostimogene grenadenorepvec in combination with pembrolizumab in BCG-Unresponsive HR-NMIBC, demonstrating a 54% complete response (CR) rate at the 24-month landmark.

Additionally, cretostimogene monotherapy showed a 75.2% CR rate in BCG-Unresponsive HR-NMIBC in the BOND-003 Phase 3 study. The company initiated an Expanded Access Program for cretostimogene grenadenorepvec in June and expects to release primary results from the BOND-003 registrational study later this year. With a strong cash position of $552.9 million, CG Oncology Inc. (NASDAQ:CGON) is well-positioned to fund operations through 2027.