Urogen Pharma Financials
Urogen Pharma (URGN) reported $188.7M in revenue over the twelve months to Jun 30, 2026, up 100.3% from the prior twelve months. This page shows its 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).
Revenue growth is being absorbed by rising operating investment, leaving the business increasingly dependent on external funding.
The key earnings-quality signal is that FY2025 net loss of$153.5M nearly matched operating cash flow of-$162.4M . That narrow gap, alongside free cash flow of-$162.7M , indicates accounting losses are translating into cash needs rather than arising mainly from non-cash charges.
By FY2025, revenue reached
The balance sheet combines negative equity of
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 -3.24, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.1B) 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.
Urogen Pharma reported a net loss of $153.5M while operations used $162.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Urogen Pharma recorded an outflow of $162.7M in free cash flow in fiscal year 2025, representing a cash shortfall 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.
Not reported for fiscal year 2025.
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.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
URGN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $72.5M+42.2% | $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 |
| Cost of Revenue | $6.6M+58.8% | $4.1M+25.8% | $3.3M+0.3% | $3.3M-7.7% | $3.5M+52.4% | $2.3M | N/A | $2.5M |
| Gross Profit | $65.9M+40.7% | $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 |
| R&D Expenses | $17.3M+11.1% | $15.6M+9.0% | $14.3M+2.2% | $14.0M-25.9% | $18.9M-4.8% | $19.9M | N/A | $11.4M |
| SG&A Expenses | $48.4M-5.9% | $51.5M+30.8% | $39.3M+4.7% | $37.6M-13.0% | $43.2M+23.5% | $35.0M | N/A | $28.9M |
| Operating Income | $111K+100.5% | -$20.3M-6.0% | -$19.1M+30.2% | -$27.4M+33.9% | -$41.4M-12.3% | -$36.9M | N/A | -$17.5M |
| Income Tax | $5.6M+218.0% | -$4.8M-1635.3% | -$275K+73.9% | -$1.1M-203.8% | $1.0M+158.9% | $392K | N/A | $91K |
| Net Income | -$14.4M+39.1% | -$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 |
Not reported in any period shown, so not listed: Interest Expense, EPS (Diluted).
URGN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $252.6M-0.4% | $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 |
| Current Assets | $235.4M-0.9% | $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 |
| Cash & Equivalents | $79.1M-28.0% | $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 |
| Inventory | $24.6M+17.5% | $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 |
| Accounts Receivable | $88.8M+60.2% | $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 |
| Total Liabilities | $385.0M+1.9% | $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 |
| Current Liabilities | $61.9M+22.3% | $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 |
| Long-Term Debt | $188.7M-0.4% | $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 |
| Total Equity | -$132.4M-6.6% | -$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 |
| Retained Earnings | -$997.6M-1.5% | -$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 |
Not reported in any period shown, so not listed: Goodwill.
URGN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$33.0M+27.2% | -$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 |
| Capital Expenditures | $60K+11.1% | $54K+217.6% | $17K-80.5% | $87K-38.3% | $141K+220.5% | $44K-61.7% | $115K+19.8% | $96K |
| Free Cash Flow | -$33.1M+27.1% | -$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 |
| Investing Cash Flow | $1.7M+108.1% | -$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 |
| Financing Cash Flow | $500K-99.2% | $65.2M+108.2% | $31.3M+278.6% | $8.3M+2694.6% | $296K+770.6% | $34K-52.1% | $71K-99.8% | $39.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
URGN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 90.9%-0.9pp | 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% |
| Operating Margin | 0.1%+39.9pp | -39.8%+10.8pp | -50.5%+49.1pp | -99.7% | -171.2% | -182.3% | N/A | -69.6% |
| Net Margin | -19.8%+26.5pp | -46.3%+23.4pp | -69.7% | -121.3% | -206.2% | -216.5% | -152.7% | -93.9% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -92.8% |
| Return on Assets | -5.7%+3.6pp | -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% |
| Current Ratio | 3.80-0.9x | 4.69+0.7x | 4.010.0x | 3.99-0.2x | 4.14-1.5x | 5.65-0.4x | 6.01-3.0x | 9.00 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4.77 |
| FCF Margin | -45.6%+43.4pp | -89.0% | -101.3% | -154.1% | -165.1% | -207.7% | -55.9% | -110.1% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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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Where Urogen Pharma Ranks
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.
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 free cash flow?
Urogen Pharma (URGN) recorded an outflow of $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) recorded an outflow of $162.4M in operating cash flow during fiscal year 2025, representing cash used by 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 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.
How does Urogen Pharma's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Urogen Pharma (URGN) held $160.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $162.4M over that year. Dividing the one by the other, the reported balance equals about 12 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Urogen Pharma's debt-to-equity ratio negative or not reported?
Urogen Pharma (URGN) has negative shareholder equity of -$105.5M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 -3.24, 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) reported a net loss of $153.5M while operations used $162.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 42 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.