Urogen Pharma Financials
This page shows Urogen Pharma (URGN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
High gross margins are being overwhelmed by a cash-intensive commercial buildout that still depends on outside funding.
Across recent years, gross profit increased by$24.0M , but selling, general and administrative expense increased by$61.8M ; the widening loss is therefore tied more to commercial expansion than to weak product-level economics. That is why a88.7% gross margin can coexist with a deeper operating loss: scale has not yet covered the overhead added to support growth.
Liquidity is still cushioned by
With capex at just
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Urogen Pharma's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Urogen Pharma scores -3.55, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.9B) relative to total liabilities ($305.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Urogen Pharma passes 1 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Urogen Pharma generates $1.06 in operating cash flow (-$162.4M OCF vs -$153.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Urogen Pharma generated $109.8M in revenue in fiscal year 2025. This represents an increase of 21.4% from the prior year.
Urogen Pharma's EBITDA was -$124.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 29.1% from the prior year.
Urogen Pharma reported -$153.5M in net income in fiscal year 2025. This represents a decrease of 21.0% from the prior year.
Cash & Balance Sheet
Urogen Pharma generated -$162.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 67.7% from the prior year.
Urogen Pharma held $110.7M in cash against $122.2M in long-term debt as of fiscal year 2025.
Urogen Pharma had 48M shares outstanding in fiscal year 2025. This represents an increase of 14.5% from the prior year.
Margins & Returns
Urogen Pharma's gross margin was 88.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the prior year.
Urogen Pharma's operating margin was -113.7% in fiscal year 2025, reflecting core business profitability. This is down 6.7 percentage points from the prior year.
Urogen Pharma's net profit margin was -139.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.5 percentage points from the prior year.
Capital Allocation
Urogen Pharma invested $67.1M in research and development in fiscal year 2025. This represents an increase of 17.4% from the prior year.
Urogen Pharma invested $289K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.0% from the prior year.
URGN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $51.0M+34.7% | $37.8M+37.7% | $27.5M+13.5% | $24.2M+19.6% | $20.3M-17.5% | $24.6M-2.5% | $25.2M+15.4% | $21.8M |
| Cost of Revenue | $4.1M+25.8% | $3.3M+0.3% | $3.3M-7.7% | $3.5M+52.4% | $2.3M | N/A | $2.5M+10.0% | $2.2M |
| Gross Profit | $46.8M+35.5% | $34.5M+42.7% | $24.2M+17.1% | $20.7M+15.3% | $17.9M-18.9% | $22.1M-2.9% | $22.8M+16.0% | $19.6M |
| R&D Expenses | $15.6M+9.0% | $14.3M+2.2% | $14.0M-25.9% | $18.9M-4.8% | $19.9M | N/A | $11.4M-26.3% | $15.4M |
| SG&A Expenses | $51.5M+30.8% | $39.3M+4.7% | $37.6M-13.0% | $43.2M+23.5% | $35.0M | N/A | $28.9M-3.7% | $30.1M |
| Operating Income | -$20.3M-6.0% | -$19.1M+30.2% | -$27.4M+33.9% | -$41.4M-12.3% | -$36.9M | N/A | -$17.5M+32.1% | -$25.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$4.8M-1635.3% | -$275K+73.9% | -$1.1M-203.8% | $1.0M+158.9% | $392K | N/A | $91K+139.5% | $38K |
| Net Income | -$23.6M+10.6% | -$26.4M+20.9% | -$33.3M+33.2% | -$49.9M-13.9% | -$43.8M-16.9% | -$37.5M-58.5% | -$23.7M+29.1% | -$33.4M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
URGN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $253.7M+26.6% | $200.5M+8.3% | $185.0M-11.3% | $208.7M-15.7% | $247.6M-13.3% | $285.7M-5.4% | $301.9M+7.1% | $281.8M |
| Current Assets | $237.5M+27.7% | $186.0M+10.4% | $168.5M-14.4% | $196.9M-17.0% | $237.2M-14.1% | $276.1M-6.4% | $295.1M+5.8% | $279.0M |
| Cash & Equivalents | $110.0M-0.7% | $110.7M+23.0% | $90.0M-3.1% | $92.9M-10.7% | $104.0M-39.5% | $172.0M+37.7% | $124.9M-43.2% | $220.0M |
| Inventory | $20.9M+27.1% | $16.5M+97.4% | $8.3M+17.0% | $7.1M-6.1% | $7.6M-17.7% | $9.2M+21.5% | $7.6M+2.0% | $7.4M |
| Accounts Receivable | $55.4M+67.5% | $33.1M+67.9% | $19.7M+0.3% | $19.6M+0.1% | $19.6M-3.3% | $20.3M-11.0% | $22.8M+30.9% | $17.4M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $377.9M+23.5% | $305.9M+1.8% | $300.5M-0.5% | $302.1M+2.7% | $294.1M-0.1% | $294.5M+6.5% | $276.4M+9.9% | $251.5M |
| Current Liabilities | $50.6M+9.1% | $46.4M+9.9% | $42.2M-11.2% | $47.5M+13.2% | $42.0M-8.6% | $45.9M+40.1% | $32.8M-4.2% | $34.2M |
| Long-Term Debt | $189.5M+55.1% | $122.2M+0.1% | $122.1M-0.3% | $122.5M+0.3% | $122.1M+0.3% | $121.7M0.0% | $121.7M+24.4% | $97.8M |
| Total Equity | -$124.3M-17.8% | -$105.5M+8.6% | -$115.4M-23.6% | -$93.4M-101.0% | -$46.5M-427.8% | -$8.8M-134.5% | $25.5M-15.8% | $30.3M |
| Retained Earnings | -$983.3M-2.5% | -$959.7M-2.8% | -$933.4M-3.7% | -$900.0M-5.9% | -$850.1M-5.4% | -$806.2M-4.9% | -$768.7M-3.2% | -$745.0M |
URGN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$45.3M-18.2% | -$38.3M+9.3% | -$42.3M-6.1% | -$39.8M+5.2% | -$42.0M-208.6% | -$13.6M+50.8% | -$27.7M-16.5% | -$23.7M |
| Capital Expenditures | $54K+217.6% | $17K-80.5% | $87K-38.3% | $141K+220.5% | $44K-61.7% | $115K+19.8% | $96K+14.3% | $84K |
| Free Cash Flow | -$45.4M-18.3% | -$38.3M+9.5% | -$42.4M-6.0% | -$40.0M+5.0% | -$42.1M-206.3% | -$13.7M+50.5% | -$27.8M-16.5% | -$23.8M |
| Investing Cash Flow | -$20.7M-174.6% | $27.7M-11.7% | $31.4M+10.5% | $28.4M+209.4% | -$26.0M-142.8% | $60.6M+156.8% | -$106.8M-989.7% | $12.0M |
| Financing Cash Flow | $65.2M+108.2% | $31.3M+278.6% | $8.3M+2694.6% | $296K+770.6% | $34K-52.1% | $71K-99.8% | $39.6M-60.5% | $100.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
URGN Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 91.9%+0.6pp | 91.3%+3.2pp | 88.1%+2.7pp | 85.3%-3.2pp | 88.5%-1.4pp | 89.9%-0.3pp | 90.3%+0.5pp | 89.8% |
| Operating Margin | -39.8%+10.8pp | -50.5%+49.1pp | -99.7%+71.5pp | -171.2%+11.1pp | -182.3% | N/A | -69.6%+48.7pp | -118.3% |
| Net Margin | -46.3%+23.4pp | -69.7%+51.7pp | -121.3%+84.9pp | -206.2%+10.2pp | -216.5%-63.8pp | -152.7%-58.8pp | -93.9%+59.0pp | -152.9% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | -92.8%+17.4pp | -110.2% |
| Return on Assets | -9.3%+3.9pp | -13.2%+4.9pp | -18.0%+5.9pp | -23.9%-6.2pp | -17.7%-4.6pp | -13.1%-5.3pp | -7.8%+4.0pp | -11.8% |
| Current Ratio | 4.69+0.7 | 4.01+0.0 | 3.99-0.2 | 4.14-1.5 | 5.65-0.4 | 6.01-3.0 | 9.00+0.8 | 8.15 |
| Debt-to-Equity | -1.53-0.4 | -1.16-0.1 | -1.06+0.3 | -1.31+1.3 | -2.63+11.2 | -13.83-18.6 | 4.77+1.5 | 3.23 |
| FCF Margin | -89.0%+12.3pp | -101.3%+52.8pp | -154.1%+10.9pp | -165.1%+42.6pp | -207.7%-151.8pp | -55.9%+54.2pp | -110.1%-1.1pp | -109.1% |
Note: Shareholder equity is negative (-$105.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Urogen Pharma's annual revenue?
Urogen Pharma (URGN) reported $109.8M in total revenue for fiscal year 2025. This represents a 21.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Urogen Pharma's revenue growing?
Urogen Pharma (URGN) revenue grew by 21.4% year-over-year, from $90.4M to $109.8M in fiscal year 2025.
Is Urogen Pharma profitable?
No, Urogen Pharma (URGN) reported a net income of -$153.5M in fiscal year 2025, with a net profit margin of -139.8%.
What is Urogen Pharma's EBITDA?
Urogen Pharma (URGN) had EBITDA of -$124.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Urogen Pharma have?
As of fiscal year 2025, Urogen Pharma (URGN) had $110.7M in cash and equivalents against $122.2M in long-term debt.
What is Urogen Pharma's gross margin?
Urogen Pharma (URGN) had a gross margin of 88.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Urogen Pharma's operating margin?
Urogen Pharma (URGN) had an operating margin of -113.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Urogen Pharma's net profit margin?
Urogen Pharma (URGN) had a net profit margin of -139.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Urogen Pharma's free cash flow?
Urogen Pharma (URGN) generated -$162.7M in free cash flow during fiscal year 2025. This represents a -67.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Urogen Pharma's operating cash flow?
Urogen Pharma (URGN) generated -$162.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Urogen Pharma's total assets?
Urogen Pharma (URGN) had $200.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Urogen Pharma's capital expenditures?
Urogen Pharma (URGN) invested $289K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Urogen Pharma spend on research and development?
Urogen Pharma (URGN) invested $67.1M in research and development during fiscal year 2025.
What is Urogen Pharma's current ratio?
Urogen Pharma (URGN) had a current ratio of 4.01 as of fiscal year 2025, which is generally considered healthy.
What is Urogen Pharma's debt-to-equity ratio?
Urogen Pharma (URGN) had a debt-to-equity ratio of -1.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Urogen Pharma's return on assets (ROA)?
Urogen Pharma (URGN) had a return on assets of -76.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Urogen Pharma's cash runway?
Based on fiscal year 2025 data, Urogen Pharma (URGN) had $110.7M in cash against an annual operating cash burn of $162.4M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Urogen Pharma's debt-to-equity ratio negative or unusual?
Urogen Pharma (URGN) has negative shareholder equity of -$105.5M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Urogen Pharma's Altman Z-Score?
Urogen Pharma (URGN) has an Altman Z-Score of -3.55, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Urogen Pharma's Piotroski F-Score?
Urogen Pharma (URGN) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Urogen Pharma's earnings high quality?
Urogen Pharma (URGN) has an earnings quality ratio of 1.06x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Urogen Pharma?
Urogen Pharma (URGN) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.