# UroGen Pharma (URGN.US)

Canonical: https://gigainvestors.com/s/URGN

Analysis as of: 2026-10-16T07:32:45.852Z. Financial observations: FY2013–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $36.61 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 10

- Operating margin variation: 2.95×

Chart: Operating margin; fiscal year observations.

- FY2017: -2.45×

- FY2018: -68.42×

- FY2019: -6,082.11×

- FY2020: -10.74×

- FY2021: -1.92×

- FY2022: -1.23×

- FY2023: -0.79×

- FY2024: -1.07×

- FY2025: -1.14×

- LTM to Jun 2026: -0.35×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -126.9%

- ROIC, second-lowest year: -639.6%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 89.7%

- Recent gross margin (lower of latest and 3-year median): 88.7%

- Years with nonpositive capital: 9

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: -290.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.2%

- FY2017: -23.0%

- FY2018: -67.7%

- FY2019: -241.4%

- FY2020: -102.3%

- FY2021: -827.5%

- FY2022: -639.6%

- FY2023: -151.5%

- FY2024: -66.7%

- FY2025: -431.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$596M

- Net income, five-year total: -$603M

- Return on incremental invested capital: -293.7%

- Working capital / revenue, annual change: 1849.5 pp

- Working capital / revenue, change between three-year averages: 407.4 pp

- Working capital / revenue, final three-year average: 24.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$110M

- FY2022: -$108M

- FY2023: -$101M

- FY2024: -$126M

- FY2025: -$151M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -23.0% vs -151.5%

- Per-share earnings: -2.06 to -3.19 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 35.5%

- Ordinary dilution, 5-year annual growth: 17.2%

- Market cap gain: $621M

- Cumulative retained earnings: -$913M

- Diluted shares, 10-year annual growth: 35.5%

- Diluted shares, 5-year annual growth: 17.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.13

- Per-share value, starting three-year median: -$2.06

- Per-share value, ending three-year median: -$3.19

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: -$934M

- ROIC, first three-year median: -23.0%

- ROIC, last three-year median: -151.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.18

- FY2017: -$2.06

- FY2018: -$4.80

- FY2019: -$5.12

- FY2020: -$5.90

- FY2021: -$4.96

- FY2022: -$4.81

- FY2023: -$3.55

- FY2024: -$2.96

- FY2025: -$3.19

### accounting: pass

- Sloan accruals: 4.5%

- Receivables to sales index (DSRI): 1.34×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2016: -26.6%

- FY2017: -13.8%

- FY2018: -37.0%

- FY2019: -16.9%

- FY2020: -18.5%

- FY2021: -21.7%

- FY2022: -16.4%

- FY2023: -14.5%

- FY2024: -10.5%

- FY2025: 4.5%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 227% since Oct 2023 · sales +71.9%

Story as of 2026-10-16T09:59:46.405Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +71.9%; source https://www.sec.gov/Archives/edgar/data/1668243/000143774926006234/urgn20251231_10k.htm; observed 2026-03-02.

- FY2017: $8.2M 

- FY2018: $1.1M 

- FY2019: $18K 

- FY2020: $12M 

- FY2021: $48M 

- FY2022: $64M 

- FY2023: $83M 

- FY2024: $90M 

- FY2025: $110M 

- FY2026: $189M 

### Gross margin · FY2025

gross margin 88.7%; source https://www.sec.gov/Archives/edgar/data/1668243/000143774926006234/urgn20251231_10k.htm; observed 2026-03-02.

- FY2016: 99.8% 

- FY2017: 92.6% 

- FY2020: 91.4% 

- FY2021: 89.3% 

- FY2022: 88.1% 

- FY2023: 88.7% 

- FY2024: 90.2% 

- FY2025: 88.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 109.8 million.

- Source: https://www.sec.gov/Archives/edgar/data/1668243/000143774926006234/urgn20251231_10k.htm (filed 2026-03-02); FY2025: revenue 109788000; grossProfit 97341000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); URGN.US: UroGen Pharma Ltd., a biotechnology company, engages in the development and commercialization of solutions for urothelial and specialty cancers. It offers RTGel, a novel proprietary polymeric biocompatible, reverse thermal gelation hydrogel technology; Mitomycin a generic drug used off-label as an adjuvant chemotherapy for the treatment of low-grade NMIBC after trans-urethral resection of bladder tumor; Zusduri, a sustained-release formulation of mitomycin for the treatment of non-muscle invasive bladder cancer (NMIBC); and Jelmyto for pyelocalyceal solutions. The company's lead product candidates are UGN-103, which is in phase 3 of clinical trial for intravesical solution; and UGN-104 that is in phase 3 of clinical trial for pyelocalyceal solution designed for the treatment of several forms of non-muscle invasive urothelial cancer that include low-grade upper tract urothelial cancer and low-grade intermediate risk NMIBC. It is also developing UGN-301, UGN-301+UGN 201, and UGN-301+gemcitabine that are in phase 1 of clinical trial for the treatment of high-grade NMIBC. The company has license agreement with Agenus Inc. to develop, make, use, sell, import, and commercialize products of Agenus for the treatment of cancers of the urinary tract via intravesical delivery; and licensing and supply agreement with medac Gesellschaft für klinische Spezialpräparate m.b.H. to develop UGN-103 and UGN-104. UroGen Pharma Ltd. was incorporated in 2004 and is headquartered in Princeton, New Jersey.

### Why customers stay

Margins ranged from 88.7% to 90.2% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 88.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 90.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1668243/000143774926006234/urgn20251231_10k.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 88.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on capital observations [[2016,0.03164917917566143],[2017,-0.23002992045537474],[2018,-0.6767620485270939],[2019,-2.413899913477909],[2020,-1.02321679679516],[2021,-8.274960844399047],[2022,-6.396475107559926],[2023,-1.5145961442822455],[2024,-0.6672640159184529],[2025,-4.3154156094146465]]; median -1.2689064705387028. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 88% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1668243/000143774926006234/urgn20251231_10k.htm (filed 2026-03-02); Gross margin observations: [[2021,0.8926564256275759],[2022,0.881069658312227],[2023,0.8868255292396601]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); URGN.US SharesStats.PercentInsiders = 3.4930000000000003 percentage points; cache date 2026-10-15.

### What the price says

The price is 16 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Closing price 36.61 USD; reporting-to-trading FX 1; FY2025 annual sales per share 2.28173115783412; price multiple 16.044835025503698. FY2025 cash earnings/share -3.1459741394657565. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-05: $17.85 per share

- 2017-06: $18.06 per share

- 2017-07: $18.16 per share

- 2017-08: $23.85 per share

- 2017-09: $31.52 per share

- 2017-10: $31.73 per share

- 2017-11: $40.37 per share

- 2017-12: $37.21 per share

- 2018-01: $49.12 per share

- 2018-02: $52.66 per share

- 2018-03: $49.69 per share

- 2018-04: $56.02 per share

- 2018-05: $60.12 per share

- 2018-06: $49.76 per share

- 2018-07: $45.20 per share

- 2018-08: $48.33 per share

- 2018-09: $47.23 per share

- 2018-10: $39.91 per share

- 2018-11: $49.04 per share

- 2018-12: $43.06 per share

- 2019-01: $41.42 per share

- 2019-02: $38.48 per share

- 2019-03: $36.94 per share

- 2019-04: $35.95 per share

- 2019-05: $34.06 per share

- 2019-06: $35.94 per share

- 2019-07: $34.10 per share

- 2019-08: $33.95 per share

- 2019-09: $23.83 per share

- 2019-10: $22.63 per share

- 2019-11: $31.64 per share

- 2019-12: $33.37 per share

- 2020-01: $29.41 per share

- 2020-02: $27.26 per share

- 2020-03: $17.84 per share

- 2020-04: $22.21 per share

- 2020-05: $23.47 per share

- 2020-06: $26.12 per share

- 2020-07: $22.09 per share

- 2020-08: $25.09 per share

- 2020-09: $19.29 per share

- 2020-10: $22.52 per share

- 2020-11: $20.75 per share

- 2020-12: $18.02 per share

- 2021-01: $22.07 per share

- 2021-02: $19.05 per share

- 2021-03: $19.48 per share

- 2021-04: $19.45 per share

- 2021-05: $17.62 per share

- 2021-06: $15.27 per share

- 2021-07: $15.50 per share

- 2021-08: $17.62 per share

- 2021-09: $16.82 per share

- 2021-10: $17.20 per share

- 2021-11: $12.09 per share

- 2021-12: $9.51 per share

- 2022-01: $7.72 per share

- 2022-02: $6.00 per share

- 2022-03: $8.71 per share

- 2022-04: $7.06 per share

- 2022-05: $5.32 per share

- 2022-06: $8.19 per share

- 2022-07: $7.84 per share

- 2022-08: $7.45 per share

- 2022-09: $8.32 per share

- 2022-10: $11.85 per share

- 2022-11: $8.57 per share

- 2022-12: $8.87 per share

- 2023-01: $10.39 per share

- 2023-02: $10.30 per share

- 2023-03: $9.24 per share

- 2023-04: $11.59 per share

- 2023-05: $9.90 per share

- 2023-06: $10.35 per share

- 2023-07: $21.66 per share

- 2023-08: $17.48 per share

- 2023-09: $14.01 per share

- 2023-10: $11.21 per share

- 2023-11: $13.19 per share

- 2023-12: $15.00 per share

- 2024-01: $15.70 per share

- 2024-02: $18.33 per share

- 2024-03: $15.00 per share

- 2024-04: $13.82 per share

- 2024-05: $13.30 per share

- 2024-06: $16.78 per share

- 2024-07: $16.45 per share

- 2024-08: $13.91 per share

- 2024-09: $12.70 per share

- 2024-10: $12.26 per share

- 2024-11: $12.70 per share

- 2024-12: $10.65 per share

- 2025-01: $11.01 per share

- 2025-02: $9.46 per share

- 2025-03: $11.06 per share

- 2025-04: $11.64 per share

- 2025-05: $4.24 per share

- 2025-06: $13.70 per share

- 2025-07: $19.06 per share

- 2025-08: $19.45 per share

- 2025-09: $19.95 per share

- 2025-10: $20.47 per share

- 2025-11: $28.81 per share

- 2025-12: $23.42 per share

- 2026-01: $19.61 per share

- 2026-02: $21.70 per share

- 2026-03: $17.98 per share

- 2026-04: $23.83 per share

- 2026-05: $28.13 per share

- 2026-06: $36.80 per share

- 2026-07: $38.24 per share

- 2026-08: $43.09 per share

- 2026-09: $40.63 per share

- 2026-10: $36.61 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1668243/000143774926006234/urgn20251231_10k.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.