$7B Biotech Company Leaves OC For Texas, Citing Business Advantages: Report

CG Oncology (NASDAQ: CGON) reported Q2 2026 results for the quarter ended June 30, 2026, with net loss of $79.1 million, or $0.90 per share. Cash, cash equivalents and marketable securities were about $1.0 billion, funding operations through 2029. The company said PIVOT-006 topline data are expected soon, and a BLA for HR BCG-unresponsive NMIBC is expected in Q4 2026.

CG Oncology, Inc. (CGON) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 CG Oncology Reports Second Quarter 2026 Financial Results and Provides Business Updates • PIVOT-006 Phase 3 topline data evaluating cretostimogene monotherapy as an adjuvant therapy in intermediate-risk NMIBC anticipated in the near-term • BLA completion for HR BCG-u

BioNTech (NASDAQ:BNTX) halted a mid-stage trial of its mRNA cancer vaccine, autogene cevumeran, due to an overall survival imbalance. The decision raises concerns about its mRNA strategy in colorectal cancer and other 'cold' tumors. BioNTech plans to continue other trials, including one for pancreatic cancer and BNT113 for head and neck cancer. The company also focuses on diversifying its oncology pipeline. According to Reuters, the news caused a 7.5% drop in BioNTech's US-listed shares.

Volkswagen (VW) plans to produce components for Israel's Iron Dome missile defense system at its Osnabrück, Germany factory. The move is part of VW's restructuring efforts amid economic challenges and competition. The project involves a joint venture with Israeli defense company Rafael and the German state of Lower Saxony, aiming to overcome opposition from Qatar's sovereign wealth fund, a VW stakeholder. This marks VW's return to defense-related manufacturing as European defense spending rises.

Piper Sandler raised its price target for ExxonMobil (XOM) to $185, citing strong fundamentals, cost savings, and growth in Guyana. XOM's Q2 earnings beat expectations, with high free cash flow and shareholder returns. However, risks include exposure to Middle East conflicts and potential crude price normalization. XOM's stock has risen 30% in 2026, with a 16% upside implied by the new target.

Baker Hughes (BKR) secured a multi-year contract with Pakistan's OGDC to enhance production from mature oil and gas fields. The deal involves assessing 120 wells and providing tailored redevelopment plans. Baker Hughes aims to use AI and other technologies to improve flow assurance and restore production. The contract aligns with Baker Hughes' strategy to diversify revenue and reduce reliance on short-term drilling cycles, as evidenced by a 49% YoY increase in orders to $10.5 billion in Q2. Howe