UroGen Pharma Ltd.
URGN · Pharmaceutical Preparations · 48.7M shares · +111%/yr ↑ dilution · EDGAR filings ↗
Reference price $35.01 · est. market cap ~$1.7B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C55Dual-commercial urologic-oncology company with positive Phase 3 data, growing revenue, but a thin cash runway.
Strengths
- Two approved products (Jelmyto, newly approved Zusduri) with positive Phase 3 ENVISION (~78% CR) and OLYMPUS support
- Revenue growth 22% (63rd pct) and gross margin 82nd pct on a large NMIBC opportunity
Risks
- Cash runway only 3.0 quarters (22.8th pct) on $120M with Pharmakon debt — meaningful funding risk
- Reported ROE of 1.46 (93rd pct) is a negative-book-equity artifact (debt/equity -1.16), not genuine return strength
- Launch execution on Zusduri is unproven and FCF is -$163M
Notable findings
- Cash burnNegative free cash flow (-162.7M)
- Negative equityNegative book equity (debt/equity -1.16)
- Net lossNet loss (net margin -139.8%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +111%/yr over 3y (dilution, book value/share -99%)
- Trial readout soonUpcoming trial readout ~2027-03 — PHASE3 · Upper Urinary Tract Urothelial Carcinoma
- Insider sellingInsider selling — 9 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$1M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
88.7%
Operating margin
-113.7%
Net margin
-139.8%
Return on equity
145.5%
Return on assets
-76.6%
ROIC
-589.4%
Revenue growth (QoQ)
34.7%
Debt / equity
-1.2×
Current ratio
4.0×
Free cash flow
-$163M
EBITDA
-$125M
Tangible book value
-$105M
Cash & investments
$120M
Cash runway
3q
Stock comp / revenue
10.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Schoenberg Mark | Sell | 10K | $35.01 |
| 2026-06-08 | Schoenberg Mark | Sell | 5.2K | $27.30 |
| 2026-06-08 | Schoenberg Mark | Option exercise | 10K | — |
| 2026-05-26 | Robinson James A. Jr. | Option exercise | 2.0K | — |
| 2026-05-08 | Schoenberg Mark | Sell | 10K | $30.00 |
| 2026-02-03 | Schoenberg Mark | Sell | 3.7K | $19.69 |
| 2026-02-03 | Schoenberg Mark | Sell | 1.8K | $19.69 |
| 2026-02-03 | Smith Jason Drew | Sell | 2.7K | $19.69 |
| 2026-02-03 | Schoenberg Mark | Sell | 1.8K | $19.69 |
| 2026-02-03 | Smith Jason Drew | Sell | 1.6K | $19.69 |
| 2026-02-03 | Smith Jason Drew | Sell | 3.2K | $19.69 |
| 2026-01-31 | Schoenberg Mark | Option exercise | 6.7K | — |
| 2026-01-31 | Smith Jason Drew | Option exercise | 5.5K | — |
| 2026-01-31 | Smith Jason Drew | Option exercise | 3.3K | — |
| 2026-01-31 | Smith Jason Drew | Option exercise | 6.7K | — |
| 2026-01-31 | Schoenberg Mark | Option exercise | 3.3K | — |
| 2026-01-31 | Schoenberg Mark | Option exercise | 3.3K | — |
| 2025-11-26 | Wildman Daniel George | Option exercise | 2.0K | — |
| 2025-11-26 | Holden Stuart | Option exercise | 2.0K | — |
| 2025-11-26 | BUTITTA CYNTHIA M | Option exercise | 2.0K | — |
| 2025-11-26 | Robinson James A. Jr. | Option exercise | 2.0K | — |
| 2025-11-26 | WEN LEANA | Option exercise | 2.0K | — |
| 2025-11-19 | Schoenberg Mark | Sell | 10K | $25.00 |
| 2025-10-08 | Degnan Chris | Option exercise | 4.5K | — |
| 2025-10-08 | Degnan Chris | Sell | 2.2K | $16.85 |
| 2025-09-08 | Schoenberg Mark | Sell | 871 | $19.11 |
| 2025-09-08 | Smith Jason Drew | Sell | 1.5K | $19.11 |
| 2025-09-07 | Schoenberg Mark | Option exercise | 1.7K | — |
| 2025-09-07 | Smith Jason Drew | Option exercise | 3.3K | — |
| 2025-08-11 | Schoenberg Mark | Sell | 10K | $17.69 |
| 2025-07-28 | Smith Jason Drew | Sell | 7.5K | $19.14 |
| 2025-07-28 | Smith Jason Drew | Option exercise | 16K | — |
| 2025-07-28 | Schoenberg Mark | Option exercise | 10K | — |
| 2025-07-28 | Schoenberg Mark | Sell | 5.1K | $19.14 |
| 2025-06-09 | Schoenberg Mark | Sell | 5.2K | $7.37 |
| 2025-06-08 | Schoenberg Mark | Option exercise | 10K | — |
| 2025-02-26 | Robinson James A. Jr. | Option exercise | 2.0K | — |
| 2025-01-31 | Schoenberg Mark | Option exercise | 1.3K | — |
| 2025-01-31 | Smith Jason Drew | Sell | 2.8K | $11.14 |
| 2025-01-31 | Schoenberg Mark | Sell | 759 | $11.14 |
| 2025-01-31 | Schoenberg Mark | Option exercise | 3.3K | — |
| 2025-01-31 | Schoenberg Mark | Sell | 1.9K | $11.14 |
| 2025-01-31 | Schoenberg Mark | Option exercise | 3.3K | — |
| 2025-01-31 | Schoenberg Mark | Sell | 1.9K | $11.14 |
| 2025-01-31 | Smith Jason Drew | Option exercise | 2.5K | — |
| 2025-01-31 | Smith Jason Drew | Sell | 1.3K | $11.14 |
| 2025-01-31 | Smith Jason Drew | Option exercise | 6.7K | — |
| 2025-01-31 | Smith Jason Drew | Sell | 3.4K | $11.14 |
| 2025-01-31 | Smith Jason Drew | Option exercise | 5.5K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06774131 ↗ | A Phase 3 Single-arm Study of UGN-104 for the Treatment of Low-grade Upper Tract Urothelial Cancer Upper Urinary Tract Urothelial Carcinoma, Urothelial Carcinoma | PHASE3 | Recruiting | 2027-03-01 |
| NCT05874921 ↗ | uTRACT Jelmyto Registry: A Registry of Patients With Upper Tract Urothelial Cancer (UTUC) Treated With Jelmyto Urothelial Carcinoma, Urothelial Carcinoma Recurrent | — | Recruiting | 2026-04-01 |
| NCT06331299 ↗ | A Phase 3 Study of UGN-103 for Treatment of Patients With Low-grade Intermediate-risk Non-muscle Invasive Bladder Cancer Bladder Cancer, Urothelial Carcinoma | PHASE3 | Active Not Recruiting | 2025-09-11 |
| NCT05243550 ↗ | A Phase 3 Single-Arm Study of UGN-102 for Treatment of Low-Grade Intermediate-Risk Non-Muscle Invasive Bladder Cancer Bladder Cancer, Urothelial Carcinoma | PHASE3 | Active Not Recruiting | 2023-04-26 |
| NCT05375903 ↗ | A Phase 1 Dose-escalation Study of UGN-301 in Patients With Recurrent Non-muscle Invasive Bladder Cancer (NMIBC) Non-muscle Invasive Bladder Cancer, NMIBC | PHASE1 | Completed | 2026-01-09 |
| NCT04688931 ↗ | A Phase 3 Study of UGN-102 for Low-Grade Intermediate-Risk Non-Muscle Invasive Bladder Cancer Bladder Cancer, Urothelial Carcinoma | PHASE3 | Terminated | 2023-03-17 |
| NCT05136898 ↗ | Feasibility of Home Instillation of UGN-102 for Treatment of Low-Grade (LG) Non-Muscle Invasive Bladder Cancer (NMIBC) Bladder Cancer, Urothelial Carcinoma | PHASE3 | Completed | 2023-02-02 |
| NCT04006691 ↗ | Efficacy and Safety of UGN-101 in Recurrent Patients Carcinoma, Transitional Cell Carcinoma | PHASE3 | Withdrawn | 2020-03-31 |
| NCT03558503 ↗ | A Phase 2b Study of UGN-102 for Low Grade Intermediate Risk Non-Muscle-Invasive Bladder Cancer Bladder Cancer, Urothelial Carcinoma | PHASE2 | Completed | 2020-01-03 |
| NCT02793128 ↗ | The OLYMPUS Study - Optimized DeLivery of Mitomycin for Primary UTUC Study Carcinoma, Transitional Cell, Transitional Cell Carcinoma of Renal Pelvis | PHASE3 | Completed | 2019-04-05 |
| NCT02674269 ↗ | Safety and Efficacy Study of Intravesical Instillations of BotuGelTM, Slow Release RTGel Based Botox® Formulations, in Idiopathic OAB Patients With Urinary Incontinence ("INTIMO2") Overactive Bladder | PHASE1/PHASE2 | Withdrawn | 2016-10-01 |
| NCT01803295 ↗ | Pre-TURBT TC-3 Gel Intravesical Instillation in NMIBC Carcinoma of Urinary Bladder, Superficial | NA | Completed | 2016-07-01 |
| NCT02307487 ↗ | Safety of Pre-TURBT Intravesical Instillation of Escalating Doses of TC-3 Gel and MMC in NMIBC Patients Bladder Cancer, Neoplasms | PHASE2 | Completed | 2016-04-01 |
| NCT02179099 ↗ | Safety and Efficacy of Intravesical Botulinum Toxin in TC-3 Gel in OAB Patients Overactive Bladder | PHASE1/PHASE2 | Terminated | 2015-11-01 |
| NCT01997983 ↗ | Efficacy and Safety of Intravesical Instillations of Botulinum Toxin in TC-3 Gel in IC Patients Interstitial Cystitis, IC | PHASE1/PHASE2 | Completed | 2014-04-01 |
| NCT02891460 ↗ | Pilot Study to Evaluate the Clinical Response to Mitomycin-C in Hydrogel (TC-3) Administered Intravesically in NMIBC Patients Urinary Bladder Neoplasms, Urologic Neoplasms | NA | Completed | 2014-02-01 |
| NCT01648010 ↗ | Safety and Tolerability Study Which Evaluate Intravesical Instillation With Mitomycin C Mixed With TC-3 Drug Retaining Hydrogel Device In Patients With Muscle Invasive Bladder Cancer Carcinoma of Urinary Bladder, Invasive | NA | Completed | 2013-05-01 |
| NCT01799499 ↗ | A Prospective Open Label Comparative Dose Ranging Study Evaluating the Effect of Pre-TURBT Intravesical Instillation of Mitomycin C (MMC) Mixed With TC-3 Gel in Patients With Non Muscle Invasive Bladder Cancer (NMIBC) Non Muscle Invasive Bladder Cancer | NA | Withdrawn | 2013-03-01 |
| NCT05494411 ↗ | Named Patient Program for Mitomycin for Pyelocalyceal Solution Urothelial Cancer of Renal Pelvis, Urothelial Carcinoma of the Renal Pelvis and Ureter | — | Available |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | 3.03Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-06-02 | Other | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-03-02 | ResultsExhibits | filing ↗ |
| 2026-03-02 | Material agreementDebt obligation | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-08-27 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-22 | 0001437749-26-021442 ↗ |
| 8-K | 2026-06-02 | 2026-06-02 | 0001437749-26-019102 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001437749-26-015019 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001437749-26-015018 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001437749-26-006233 ↗ |
| 8-K | 2026-03-02 | 2026-02-26 | 0001193125-26-084282 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001437749-26-006234 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001437749-25-033468 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001437749-25-033466 ↗ |
| 8-K | 2025-08-27 | 2025-08-26 | 0001437749-25-027874 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001437749-25-025242 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001437749-25-025243 ↗ |