CG Oncology has joined the corporate exodus from California, relocating its headquarters to Dallas.
The Nasdaq-traded biotech firm, valued at roughly $7 billion, moved its corporate base from Irvine, Calif., to Pegasus Park earlier this year, according to Sarah Connors, the company’s vice president of communications and patient advocacy. The 26-acre Dallas campus is built around life sciences, research and entrepreneurship.
Connors said the move opens access to talent, investors and strategic partners. Dallas also offers the company a more central US location, modern facilities, infrastructure and cost advantages.
“Dallas provides CG Oncology with a strategic home within one of the nation’s fastest-growing life sciences ecosystems,” Connors said. “Pegasus Park’s unique combination of research institutions, healthcare innovation, talent and connectivity supports our long-term vision while remaining consistent with our remote-first culture.”
The company will sit near major research institutions including UT Southwestern Medical Center and the University of Texas at Dallas.
CG Oncology focuses on developing treatments for bladder cancer. Its shares have roughly tripled over the past year, and it recently carried a market valuation of about $7 billion.
The relocation places CG Oncology among a growing list of major companies that have abandoned California during Gavin Newsom’s tenure as governor.
Oracle and Hewlett Packard Enterprise moved their headquarters in 2020. Charles Schwab and McKesson followed in 2019. In 2024, Chevron, SpaceX and X also announced departures from the Golden State.
Texas, Arizona and Tennessee have emerged as the top destinations for companies leaving California. Dallas in particular has built a reputation as a business-friendly market with a growing population.
Public Storage recently moved its headquarters from Glendale, Calif., to Frisco. Kelly-Moore Paints, Schwab and CBRE have also relocated to the Dallas area.
In the viral moment that crystallized growing frustration among California business owners, Rick Rosenfield, co-founder of California Pizza Kitchen, said in July, “If it were me today, I would open in Florida before I would open it in California.”
Executives have frequently cited high corporate tax rates, heavy regulations, the high cost of living and local safety or infrastructure concerns when explaining why they are leaving.
For CG Oncology, the Dallas headquarters will handle corporate and administrative work, leadership and business operations, cross-functional collaboration, company meetings and employee gatherings and events.
“As we continue to grow, Dallas positions us well to foster collaboration, attract talent and advance our mission of improving outcomes for patients with bladder cancer,” Connors said.
