URGN Stock — UroGen Pharma Ltd.: Cash, EV, Pipeline

What they do

We are a biotechnology company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers. We have developed RTGel reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based technology that has the potential to improve therapeutic profiles of existing drugs.

Source: 10-K FY2025 via SEC EDGAR

Share price

$24.75

Market cap

$1,213.9M

Cash

$91.9M

Enterprise value

$1,311.3M

Balance sheet

Cash	$91.9M
Debt	$189.3M
Net cash	-$97.4M
Enterprise value	$1,311.3M
Basic shares	48.9M shares
Fully diluted shares	48.9M shares
Fully diluted market cap	$1,209.8M
Cash per share	$1.88
Quarterly burn	$33.0M
Cash runway	3.3 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

48.9M

Pre-funded warrants

—

Options

—

RSUs

—

Warrants

—

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

48.9M

Cap table as of 2026-07-28.

Price history

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Next catalyst

UGN-104 · Apr 12 - May 24 in 5 mo · Phase 3 · Upper Urinary Tract Urothelial Carcinoma; Urothelial Carcinoma

Recently reported

UGN-103 Phase 3 Mixed · 2026-10-19

UGN-103 · bladder cancer, urothelial carcinoma, urothelial carcinoma bladder

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Apr 12 - May 24 in 5 mo	UGN-104	Phase 3	Upper Urinary Tract Urothelial Carcinoma; Urothelial Carcinoma	—
Sep 13 - Oct 25 in 35 mo	UGN-501	Phase 1	Bladder (Urothelial, Transitional Cell) Cancer; NMIBC; Urothelial Carcinoma Bladder	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Jelmyto

Approved · Active Modality: Mitomycin formulated with RTGel sustained-release hydrogel

Aliases mitomycin for pyelocalyceal solution (formerly UGN-101)

Target DNA

Indications

Low-grade upper tract urothelial cancer (low-grade UTUC) (Approved)

Status note FDA approved April 15, 2020 for adults with low-grade upper tract urothelial cancer. Teva settlement (June 2026): non-exclusive license to Teva's generic beginning September 15, 2030 if approved.

Zusduri

Approved · Active Modality: Mitomycin formulated with RTGel sustained-release hydrogel (intravesical)

Aliases mitomycin for intravesical solution (formerly UGN-102)

Target DNA

Indications

Recurrent low-grade intermediate-risk non-muscle invasive bladder cancer (Approved)

Status note FDA approved June 12, 2025 for adults with recurrent low-grade intermediate-risk NMIBC.

UGN-103

Phase 3 · Active Modality: Mitomycin (medac 80 mg formulation) with RTGel sustained-release hydrogel (intravesical)

Target DNA

Partnerships medac Gesellschaft für klinische Spezialpräparate (Jan 2024 licensing and supply agreement): next-generation formulation of Zusduri combining medac's proprietary mitomycin formulation with UroGen's RTGel technology

Indications

Recurrent low-grade intermediate-risk NMIBC (Phase 3)

Catalysts

— 2026 (Q3)
— 2027

Status note Next-generation investigational formulation of Zusduri. Phase 3 UTOPIA trial enrollment completed July 2025. FDA agreed on a regulatory plan to submit an NDA based on UTOPIA data.

UGN-104

Phase 3 · Active Modality: Mitomycin (medac 80 mg formulation) with RTGel sustained-release hydrogel (pyelocalyceal)

Target DNA

Partnerships medac (Jan 2024 licensing and supply agreement): next-generation formulation of Jelmyto

Indications

Low-grade UTUC (Phase 3)

Catalysts

— 2026 (end)

Status note Next-generation investigational formulation of Jelmyto. FDA accepted IND February 2025; Phase 3 trial in low-grade UTUC initiated June 2025.

UGN-501

Phase 1 · Active Modality: Next-generation oncolytic virus (intravesical)

Aliases formerly ICVB-1042

Partnerships IconOVir Bio (Feb 2025 asset purchase agreement): acquired ICVB-1042 and related IP/regulatory assets

Indications

NMIBC (locally administered) (Phase 1)

Catalysts

— 2026 (Q4)

Status note Investigational oncolytic virus therapy. FDA cleared IND July 2026; initial focus bladder cancer with potential expansion beyond the genitourinary system.

UGN-301

Phase 1 · Terminated Modality: Anti-CTLA-4 monoclonal antibody with RTGel

Aliases zalifrelimab (AGEN1884, anti-CTLA-4 formulated with RTGel)

Target CTLA-4

Status note Was in Phase 1 development for high-grade NMIBC. In November 2025 the company notified Agenus of termination of the license agreement in connection with its decision to discontinue development of UGN-301.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	UGN-102
Lead indication	Bladder Cancer
Lead phase	Phase 3
Active trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06774131	Phase 3	Recruiting	Sponsor	URGN	—	Upper Urinary Tract Urothelial Carcinoma; Urothelial Carcinoma	—
NCT05243550	Phase 3	Active, not recruiting	Sponsor	URGN	—	Bladder Cancer; Urothelial Carcinoma; Urothelial Carcinoma Bladder	—
NCT06331299	Phase 3	Active, not recruiting	Sponsor	URGN	—	Bladder Cancer; Urothelial Carcinoma; Urothelial Carcinoma Bladder	—
NCT07725796	Phase 1	Not yet recruiting	Sponsor	URGN	—	Bladder (Urothelial, Transitional Cell) Cancer; NMIBC; Urothelial Carcinoma Bladder	—
NCT05874921	Not disclosed	Recruiting	Sponsor	URGN	—	Urothelial Carcinoma; Urothelial Carcinoma Recurrent; Urothelial Carcinoma Ureter	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for UroGen Pharma Ltd. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	4,543,895	no change	1.43%	2026-08-14
OrbiMed Advisors	676,187	-199,300	0.47%	2026-08-14
Boxer Capital	500,000	no change	1.39%	2026-08-14
ADAR1 Capital Management	252,395	-143,064	0.44%	2026-08-14
Aisling Capital	108,000	no change	0.84%	2026-08-13
Ally Bridge Group	69,183	-132,941	3.28%	2026-08-14
Tang Capital Partners	0	-350,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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URGN — UroGen Pharma Ltd. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

URGN — UroGen Pharma Ltd.