Urogen Pharma (URGN) AI Stock Analysis

• Market Cap: $916.20M
• Dividend Yield: N/A
• Average Volume (3M): 778.02K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.80
• Revenue Growth: 8.00%
• EPS Growth: -10.15%
• Country: US
• Employees: 234
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.54
• Shares Outstanding: 48,682,280
• 10 Day Avg. Volume: 1,071,191
• 30 Day Avg. Volume: 778,025
• PEG Ratio: -0.94
• Price to Book (P/B): -10.68
• Price to Sales (P/S): 10.26
• P/FCF Ratio: -6.92
• Enterprise Value/Market Cap: 1.05
• Enterprise Value/Revenue: 8.76
• Enterprise Value/Gross Profit: 9.88
• Enterprise Value/Ebitda: -7.53
• 1Y Price Target: $37.33
• Price Target Upside: 85.17% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -1.05
• Revenue Forecast (FY): $236.13M

• Rating: 49 Neutral
• Price Target: $19.00 ▼(-5.75% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is held down primarily by weak financial fundamentals (large losses, negative equity, and heavy cash burn) and soft technical momentum. Offsetting this, the latest earnings call highlighted improving commercial traction, encouraging clinical progress, and extended liquidity, but execution and funding risk remain central.

Positive Factors

Strong revenue growth with very high gross margins

Accelerating top‑line (51.8% in 2025) combined with very high gross margins (~88–92%) creates durable operating leverage. As Jelmyto and Zasturi scale, the strong product economics support margin expansion potential and give the company a structural opportunity to improve unit profitability if operating spend and cash burn are controlled.

Durable reimbursement and early commercial traction for Zasturi

A product‑specific J‑code and early acceleration in prescribers, patient starts and activated sites materially reduce billing friction and payer barriers. This structural reimbursement advantage supports broader access, predictable reimbursement and a multi‑year adoption curve that underpins a sustained revenue ramp rather than a transient launch spike.

Refinancing extends runway with non‑dilutive capital

The amended $250M senior secured facility (with $200M funded) materially extends liquidity and reduces immediate refinancing need. Back‑ended principal repayments to 2030 and a drawable tranche provide non‑dilutive capital to support commercialization and Phase‑3 programs, lowering short‑term funding pressure and enabling focus on execution.

Negative Factors

Large and worsening cash burn

Persistent, large negative operating and free cash flow in 2025 indicates ongoing heavy cash consumption and reliance on external funding. Structurally, sustained cash burn increases execution risk: future capital needs could force dilutive equity raises or more restrictive financing, constraining long‑term strategic flexibility if commercial progress slows.

Weak balance sheet: negative equity and rising debt

Negative shareholders' equity and higher total debt materially weaken financial flexibility. Secured lending against assets and IP, plus deterioration in equity cushions, limit strategic options and increase the cost and complexity of future financings, making the company more sensitive to adverse shocks or slower revenue ramps.

Uncertainty around Zasturi near‑term revenue contribution

Management's decision not to give formal 2026 sales guidance for Zasturi leaves near‑term revenue visibility limited during a critical launch year. That structural uncertainty complicates capacity, salesforce and cash‑flow planning, increasing the risk that expected revenue will not materialize in time to offset elevated operating spend.

Urogen Pharma Business Overview & Revenue Model

Company Description

UroGen Pharma Ltd., a biotechnology company, engages in the development and commercialization novel solutions for specialty cancers and urothelial diseases. It offers RTGel, a polymeric biocompatible and reverse thermal gelation hydrogel to improve therapeutic profiles of existing drugs; and Jelmyto for pyelocalyceal solution. The company's lead product candidate is UGN-102, which is in Phase III clinical trials for the treatment of several forms of non-muscle invasive urothelial cancer that include low-grade upper tract urothelial carcinoma and low-grade non-muscle invasive bladder cancer. It is also developing UGN-301 for the treatment of high-grade non-muscle invasive bladder cancer. The company has a license agreement with Allergan Pharmaceuticals International Limited for developing and commercializing pharmaceutical products that contain RTGel and clostridial toxins; 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 strategic research collaboration with MD Anderson to advance investigational treatment for high-grade bladder cancer. UroGen Pharma Ltd. was incorporated in 2004 and is based in Princeton, New Jersey.

How the Company Makes Money

Urogen Pharma generates revenue primarily through the sale of its pharmaceutical products, specifically those that have received regulatory approval and are on the market. The company may also generate income from licensing agreements, collaborations, and partnerships with other pharmaceutical companies for the development and commercialization of its therapies. These partnerships can include milestone payments and royalties based on sales of the partnered products. Additionally, Urogen may benefit from government grants and funding aimed at supporting the research and development of its innovative treatments.

Urogen Pharma Financial Statement Overview

Summary

Strong revenue growth and very high gross margins are outweighed by deeply negative profitability, negative shareholder equity, rising debt, and significant worsening cash burn (2025 operating cash flow and free cash flow around -$163M).

Income Statement

Revenue growth has been strong, accelerating to 51.8% in 2025 (annual) from low single-digit growth in 2024, and gross margins remain very high (~88–92%) across the period—supportive of long-term operating leverage. However, profitability remains deeply negative: 2025 net loss was -$153.5M on $109.8M of revenue (net margin about -140%), and operating results are consistently loss-making with EBITDA remaining heavily negative. Overall, the model shows good top-line momentum and attractive gross economics, but the company has not demonstrated a path to sustainable earnings yet.

Balance Sheet

The balance sheet shows elevated financial risk driven by negative shareholder equity in most years (including 2025 at -$105.5M), which limits financial flexibility and makes leverage harder to assess on a traditional basis. Total debt has risen versus earlier years (2025 total debt ~$128.3M), while the equity position has deteriorated meaningfully versus 2024. Assets are moderate in size (~$200.5M in 2025), but the weak equity cushion remains the key concern.

Cash Flow

Cash generation remains a major weakness: operating cash flow and free cash flow are consistently negative, with 2025 operating cash flow at -$162.4M and free cash flow at -$162.7M—worse than 2024 (about -$97M). While free cash flow growth was positive in 2025 (i.e., less negative versus the prior period in percentage terms), the absolute cash burn increased, indicating continued reliance on external funding and ongoing execution risk if capital markets tighten.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	109.79M	90.40M	82.71M	64.36M	48.04M
Gross Profit	97.34M	81.52M	73.35M	56.70M	42.88M
EBITDA	-135.66M	-95.35M	-60.35M	-76.21M	-91.46M
Net Income	-153.49M	-126.87M	-102.24M	-109.78M	-110.82M
Balance Sheet
Total Assets	200.46M	285.71M	178.31M	135.62M	119.75M
Cash, Cash Equivalents and Short-Term Investments	120.46M	236.69M	136.97M	99.96M	89.14M
Total Debt	128.33M	123.39M	99.39M	99.12M	398.00K
Total Liabilities	305.93M	294.51M	243.52M	224.98M	111.33M
Stockholders Equity	-105.47M	-8.80M	-65.21M	-89.36M	8.41M
Cash Flow
Free Cash Flow	-162.73M	-97.06M	-76.57M	-87.81M	-85.64M
Operating Cash Flow	-162.44M	-96.77M	-76.38M	-87.56M	-84.89M
Investing Cash Flow	61.56M	-20.61M	-953.00K	1.06M	4.07M
Financing Cash Flow	39.92M	194.62M	116.93M	97.13M	72.32M

Urogen Pharma Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 20.16
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For URGN, the sentiment is Negative. The current price of 20.16 is below the 20-day moving average (MA) of 20.83, below the 50-day MA of 21.18, and above the 200-day MA of 18.36, indicating a neutral trend. The MACD of -0.29 indicates Positive momentum. The RSI at 46.84 is Neutral, neither overbought nor oversold. The STOCH value of 30.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for URGN.

Urogen Pharma Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GERN	57 Neutral	$941.60M	-10.26	-33.89%	―	522.13%	62.68%
TSHA	53 Neutral	$1.24B	-8.82	-64.93%	―	-36.36%	-945.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ZBIO	51 Neutral	$1.35B	-4.54	-68.33%	―	―	-38.04%
PHAT	50 Neutral	$870.73M	-5.47	―	―	460.30%	33.03%
URGN	49 Neutral	$916.20M	-7.34	―	―	8.00%	-10.15%
ABUS	41 Neutral	$902.00M	-28.12	-45.88%	―	116.64%	47.93%

Urogen Pharma Corporate Events

UroGen Pharma Secures New $250 Million Term Loan

On February 26, 2026, UroGen Pharma Ltd. and its U.S. subsidiary entered into a new loan agreement with BioPharma Credit-affiliated lenders for term loans of up to $250 million, comprising a $200 million Tranche A funded at closing and a $50 million Tranche B available at the company’s option through June 30, 2027. The Tranche A proceeds refinance an existing $125 million term facility and provide additional capital for general corporate and working capital needs, with the debt maturing five years after the initial closing and carrying a fixed 8.25% annual interest rate, back-ended principal amortization beginning in 2030, and customary fees, security interests, covenants and default provisions that tighten operational flexibility but remove financial covenants and extend the company’s funding runway.

The loan is secured by substantially all tangible and intangible assets of UroGen and its borrower subsidiary, including intellectual property, and restricts asset sales, incurrence of new debt, dividend payments and certain change-of-control transactions without lender consent. While the structure enhances balance-sheet liquidity and pushes out principal repayments, it also introduces prepayment fees, makewhole costs on early repayment and mandatory prepayment triggers on change of control or certain debt actions, underscoring lenders’ priority on capital protection and influencing the company’s future strategic and financing options.

The most recent analyst rating on (URGN) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Urogen Pharma stock, see the URGN Stock Forecast page.