CGON - Bladder Cancer KOL Lunch Takeaways: Durability is the Key Currency That Matters in IR NMIBC

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CGON - Bladder Cancer KOL Lunch Takeaways: Durability is the Key Currency That Matters in IR NMIBC

Truist Securities

Equity Research Report May 14, 2026

HEALTHCARE: Biotech CG Oncology, Inc. (CGON)

CGON - Bladder Cancer KOL Lunch Takeaways: Durability is the Gregory Renza, M.D.

212-419-4617 Key Currency That Matters in IR NMIBC

Gregory.Renza@truist.com

Supawat Thongthip, Ph.D. We hosted a KOL lunch with a high-volume urologist on evolving treatment dynamics across

212-401-4429 IR & HR NMIBC. Key takeaways: (1) IR NMIBC remains a chronic management paradigm

Supawat.Thongthip@truist.com with rising interest in emerging therapies; (2) Durability is the primary adoption driver, with

~80% 24-month DOR a key bar for differentiation; (3) HR NMIBC landscape to likely be

Anish Nikhanj, Ph.D. fragmented though with potential for more lines before cystectomy; & (4) Real-world factors

212-326-3106 (workflow, reimbursement, convenience) are also critical to driving utilization. We came away

Anish.Nikhanj@truist.com encouraged on Creto's opportunity in NMIBC ahead of PIVOT-006 readout in 1H26 - Raising

PT to $82 (from $77) & reiterating our Buy.

Stock Rating BUY IR NMIBC - Chronic management dynamic has historically limited urgency, though

Unchanged this may shift with emerging options. Our KOL emphasized IR NMIBC as a chronic

management paradigm, with ~60% of patients (across LG and HG) recurring and undergoing

Price Target $82.00 ~2-6 TURBTs over ~5 years. While this has historically reduced urgency to escalate

↑ treatment - particularly in LG disease, the KOL is seeing increasing interest from both

from community physicians and her own patients in novel therapies, supporting our view that

$77.00 demand is building for emerging options in IR NMIBC such as CGON’s cretostimogene