[SCHEDULE 13G/A] UroGen Pharma Ltd. SEC Filing

Rhea-AI Filing Summary

Cel-Sci Corp. (CVM) filed a Form 4 showing CEO & Director Geert R. Kersten was granted 25,000 stock options on 07/28/2025. The options carry an $8.20 exercise price, expire 07/27/2035, and vest in three equal annual tranches starting one year from grant. No common-stock purchases or sales were reported in Table I.

After the grant, Kersten directly holds 175,157 derivative securities (options). The transaction represents routine equity compensation and introduces only immaterial dilution given Cel-Sci’s outstanding share base. The filing contains no financial results, guidance changes, or other corporate events.

Positive

• Incentive alignment: Option grant ties CEO compensation to future share performance, potentially motivating value creation.

Negative

• Potential dilution: New options add to overhang, albeit modestly.
• No performance conditions: Time-based vesting may weaken pay-for-performance linkage.

Insights

Financial Analyst

TL;DR: Routine CEO option grant; negligible balance-sheet impact.

The 25k option award aligns the CEO with shareholders but is too small to materially affect dilution or valuation. Strike set at $8.20—likely near or slightly above market—so value is contingent on future price appreciation. Total options held (175k) remain minor versus Cel-Sci’s float. No cash outlay or revenue effect; investor impact neutral.

Corporate Governance Expert

TL;DR: Standard incentive structure; governance risk unchanged.

Three-year graded vesting promotes retention and long-term focus. Absence of performance hurdles limits pay-for-performance rigor, yet award size is moderate. Filing discloses direct ownership, enhancing transparency. Overall, governance profile remains stable.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

UroGen Pharma Ltd.

(Name of Issuer)

Ordinary Shares, par value NIS 0.01 per share

(Title of Class of Securities)

M96088105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. M96088105

1

Names of Reporting Persons

Cowen Financial Products LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,190,510.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,190,510.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,190,510.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: UroGen Pharma Ltd.
(b)	Address of issuer's principal executive offices: 9 HA'TA'ASIYA ST, RA'ANANA, ISRAEL 4365007
Item 2.
(a)	Name of person filing: Cowen Financial Products LLC
(b)	Address or principal business office or, if none, residence: One Vanderbilt Avenue New York, NY 10017
(c)	Citizenship: Cowen Financial Products LLC - DELAWARE
(d)	Title of class of securities: Ordinary Shares, par value NIS 0.01 per share
(e)	CUSIP No.: M96088105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,190,510
(b)	Percent of class: 6.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Cowen Financial Products LLC - 3,190,510
	(ii) Shared power to vote or to direct the vote: Cowen Financial Products LLC - 0
	(iii) Sole power to dispose or to direct the disposition of: Cowen Financial Products LLC - 3,190,510
	(iv) Shared power to dispose or to direct the disposition of: Cowen Financial Products LLC - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Cowen Financial Products LLC

Signature:	John Holmes
Name/Title:	John Holmes / Chief Operating Officer
Date:	07/29/2025

FAQ

How many options did CVM's CEO receive in the latest Form 4?

Geert Kersten was granted 25,000 stock options on 07/28/2025.

What is the exercise price of the newly issued CVM options?

The options have an $8.20 exercise (conversion) price.

When do the options granted to CVM's CEO vest?

They vest in three equal annual installments starting one year after the 07/28/2025 grant date.

What is the expiration date for the CEO’s new CVM options?

The options expire on 07/27/2035.

How many derivative securities does the CEO hold after this transaction?

Following the grant, Kersten beneficially owns 175,157 options.