Urogen Pharma's Promising Growth and Demand Surge Support Buy RatingWe expect accelerating demand as the company works through the hurdles and getting physicians up to speed. This can be seen with the 54 unique Zusduri prescribers, of which 16 are repeat prescribers. As such, we estimate Q4 Zusduri sales of $12MM in anticipation of continued demand and expect +20-30% Q/Q growth in each quarter during 2026, in-line with KOL commentary (discussed below) On timing, it now takes 4-6 weeks from enrollment to dosing, and should improve to 2-3 weeks next year. Remittance (time to paid claims) is at 50-60 days, and should improve to 15-20 days throughout H1:2026. UroGen Is Taking A Management believes that there will be two stages to the launch encompassing the periods before and after the expected permanent J code, which was granted by CMS in October and will go into effect January 1st.