2022 Q3 Form 10-Q Financial Statement

#000143774922020131 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $16.10M $16.60M $13.56M
YoY Change 41.81% 27.41% 81.22%
Cost Of Revenue $2.020M $1.846M $1.525M
YoY Change 62.38% 29.36% 70.01%
Gross Profit $14.08M $14.76M $12.04M
YoY Change 39.28% 27.17% 82.74%
Gross Profit Margin 87.45% 88.88% 88.76%
Selling, General & Admin $19.07M $20.83M $21.30M
YoY Change -11.81% -6.6% -4.01%
% of Gross Profit 135.48% 141.16% 176.92%
Research & Development $13.09M $12.64M $12.70M
YoY Change 9.81% 4.26% 20.76%
% of Gross Profit 93.01% 85.65% 105.46%
Depreciation & Amortization $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit 1.42% 1.36% 1.66%
Operating Expenses $32.16M $33.47M $34.00M
YoY Change -4.12% -2.77% 3.96%
Operating Profit -$18.09M -$18.72M -$21.96M
YoY Change -22.84% -18.0% -15.92%
Interest Expense -$2.253M -$2.213M -$280.0K
YoY Change -3186.3% -2207.62% -264.71%
% of Operating Profit
Other Income/Expense, Net -$4.782M -$5.731M -$5.830M
YoY Change -30.13% 79.54% -58400.0%
Pretax Income -$25.12M -$26.66M -$28.07M
YoY Change -16.84% 2.89% 8.22%
Income Tax $709.0K $32.00K $325.0K
% Of Pretax Income
Net Earnings -$25.83M -$26.69M -$28.39M
YoY Change -14.5% 1.79% 9.47%
Net Earnings / Revenue -160.47% -160.75% -209.32%
Basic Earnings Per Share -$1.13 -$1.18 -$1.25
Diluted Earnings Per Share -$1.133M -$1.176M -$1.255M
COMMON SHARES
Basic Shares Outstanding 22.74M 22.70M 22.63M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.91M $111.7M $136.4M
YoY Change -9.7% -7.68% 79.75%
Cash & Equivalents $28.69M $80.69M $105.4M
Short-Term Investments $67.23M $31.05M $31.07M
Other Short-Term Assets $11.39M $11.24M $9.825M
YoY Change 55.23% 72.11% 31.0%
Inventory $4.862M $5.047M $4.756M
Prepaid Expenses
Receivables $9.429M $11.60M $9.499M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $121.6M $139.6M $160.5M
YoY Change -2.83% -0.62% 72.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.519M $1.605M $1.777M
YoY Change -23.21% -19.79% -17.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $673.0K $674.0K
YoY Change -100.0% -91.88%
Other Assets $2.471M $1.900M $1.572M
YoY Change 39.37% 72.26% 2281.82%
Total Long-Term Assets $6.879M $6.517M $5.191M
YoY Change -27.31% -50.89% 19.83%
TOTAL ASSETS
Total Short-Term Assets $121.6M $139.6M $160.5M
Total Long-Term Assets $6.879M $6.517M $5.191M
Total Assets $128.5M $146.1M $165.7M
YoY Change -4.55% -4.96% 70.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.545M $2.457M $4.234M
YoY Change -37.32% -49.13% -30.54%
Accrued Expenses $14.38M $13.44M $11.78M
YoY Change -1.61% 0.46% 14.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.00M $18.04M $19.09M
YoY Change -4.07% -5.33% 12.27%
LONG-TERM LIABILITIES
Long-Term Debt $71.87M $71.20M $70.80M
YoY Change
Other Long-Term Liabilities $100.9M $97.82M $92.90M
YoY Change 21.17% 24.7% 2282.08%
Total Long-Term Liabilities $71.87M $71.20M $70.80M
YoY Change -13.68% -9.24% 1715.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.00M $18.04M $19.09M
Total Long-Term Liabilities $71.87M $71.20M $70.80M
Total Liabilities $191.8M $187.1M $182.8M
YoY Change 86.05% 91.86% 773.63%
SHAREHOLDERS EQUITY
Retained Earnings -$548.2M -$522.4M -$495.7M
YoY Change 24.9% 27.82% 29.63%
Common Stock $485.1M $481.5M $478.7M
YoY Change 3.13% 4.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$63.29M -$40.91M -$17.07M
YoY Change
Total Liabilities & Shareholders Equity $128.5M $146.1M $165.7M
YoY Change -4.55% -4.96% 70.11%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$25.83M -$26.69M -$28.39M
YoY Change -14.5% 1.79% 9.47%
Depreciation, Depletion And Amortization $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
Cash From Operating Activities -$17.61M -$24.20M -$24.00M
YoY Change -4.68% 27.73% -12.43%
INVESTING ACTIVITIES
Capital Expenditures -$153.0K -$63.00K $25.00K
YoY Change -21.13% -4.55% -91.29%
Acquisitions
YoY Change
Other Investing Activities -$35.34M -$88.00K $13.62M
YoY Change -425.59% -99.71% -11.03%
Cash From Investing Activities -$35.49M -$151.0K $13.60M
YoY Change -432.95% -99.51% -9.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.101M -77.00K $70.74M
YoY Change -755.36% -100.11% 1768450.0%
NET CHANGE
Cash From Operating Activities -17.61M -24.20M -$24.00M
Cash From Investing Activities -35.49M -151.0K $13.60M
Cash From Financing Activities 1.101M -77.00K $70.74M
Net Change In Cash -52.00M -24.43M $60.34M
YoY Change 551.35% -206.96% -587.69%
FREE CASH FLOW
Cash From Operating Activities -$17.61M -$24.20M -$24.00M
Capital Expenditures -$153.0K -$63.00K $25.00K
Free Cash Flow -$17.46M -$24.14M -$24.02M
YoY Change -4.5% 27.84% -13.24%

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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
12241000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-226000 usd
us-gaap Net Income Loss
NetIncomeLoss
-55083000 usd
us-gaap Net Income Loss
NetIncomeLoss
-52157000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
449000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
401000 usd
us-gaap Inventory Write Down
InventoryWriteDown
265000 usd
us-gaap Inventory Write Down
InventoryWriteDown
0 usd
urgn Accrued Financing On Prepaid Forward Obligation
AccruedFinancingOnPrepaidForwardObligation
8359000 usd
urgn Accrued Financing On Prepaid Forward Obligation
AccruedFinancingOnPrepaidForwardObligation
2330000 usd
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-169000 usd
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-181000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
5772000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
12241000 usd
urgn Interest Expense Noncash
InterestExpenseNoncash
403000 usd
urgn Interest Expense Noncash
InterestExpenseNoncash
0 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
483000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
469000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
480000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1457000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-122000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2465000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2958000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1944000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
444000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
1026000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3454000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
319000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-520000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-2781000 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-704000 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
195000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-574000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-652000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-48195000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-46346000 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
-0 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
41655000 usd
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
13533000 usd
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
26295000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
88000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
356000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
13445000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15716000 usd
urgn Proceeds From Prepaid Forward Arrangement Net
ProceedsFromPrepaidForwardArrangementNet
0 usd
urgn Proceeds From Prepaid Forward Arrangement Net
ProceedsFromPrepaidForwardArrangementNet
72472000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
16000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
58000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
144000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
11000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
70793000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
70665000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
72519000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
35915000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
10457000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
45586000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
54090000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
81501000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
64547000 usd
urgn Non Cash New Lease Liabilities
NonCashNewLeaseLiabilities
1419000 usd
urgn Non Cash New Lease Liabilities
NonCashNewLeaseLiabilities
-36000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Note <em style="font: inherit;">1</em> </b>–<b> Business and Nature of Operations</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><i>Nature of Operations</i></b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">UroGen Pharma Ltd. is an Israeli company incorporated in <em style="font: inherit;"> April 2004 (</em>“UPL”).</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">UroGen Pharma Inc., a wholly owned subsidiary of UPL, was incorporated in Delaware in <em style="font: inherit;"> October 2015 </em>and began operating in <em style="font: inherit;"> February 2016 (</em>“UPI”).</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">UPL and UPI (together the “Company”) is a biotechnology company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers. Since commencing operations, the Company has devoted substantially all of its efforts to securing intellectual property rights, performing research and development activities, including conducting clinical trials and manufacturing activities, hiring personnel, launching the Company’s <em style="font: inherit;">first</em> commercial product, <i>Jelmyto</i> (mitomycin) for pyelocalyceal solution, formerly known as UGN-<em style="font: inherit;">101,</em> clinical development of UGN-<em style="font: inherit;">102,</em> and raising capital to support and expand these activities.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">On <em style="font: inherit;"> April 15, 2020, </em>the U.S. Food and Drug Administration (“FDA”) granted expedited approval for <i>Jelmyto</i>, a <em style="font: inherit;">first</em>-in-class treatment indicated for adults with low-grade upper tract urothelial cancer (“low-grade UTUC”). <i>Jelmyto</i> consists of mitomycin, an established chemotherapy, and sterile hydrogel, using our proprietary sustained release RTGel technology. It has been designed to enable longer exposure of urinary tract tissue to mitomycin, thereby enabling the treatment of tumors by non-surgical means.</p>
us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Note <em style="font: inherit;">2</em> </b>–<b> Basis of Presentation</b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form <em style="font: inherit;">10</em>-Q and Article <em style="font: inherit;">10</em> of Regulation S-<em style="font: inherit;">X.</em> Accordingly, they do <em style="font: inherit;">not</em> include all the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals and adjustments) necessary for fair statement of its financial position, results of operations and cash flows of the Company at the dates and for the periods indicated. Interim results are <em style="font: inherit;">not</em> necessarily indicative of results for the full fiscal year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does <em style="font: inherit;">not</em> include all disclosures required by accounting principles generally accepted in the United States. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto contained in the Company’s Annual Report on Form <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> December </em><em style="font: inherit;">31,</em> <em style="font: inherit;">2021,</em> as filed with the Securities and Exchange Commission (“SEC”) on <em style="font: inherit;"> March 21, 2022.</em></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Company has experienced net losses since its inception and has an accumulated deficit o<span style="background-color:#ffffff;">f $522.4 </span>million and $467.3 million as of <em style="font: inherit;"> June 30, 2022</em> and <em style="font: inherit;"> December </em><em style="font: inherit;">31,</em> <em style="font: inherit;">2021,</em> respectively. The Company expects to incur losses and have negative net cash flows from operating activities as it executes on its strategy including engaging in further research and development activities, particularly conducting non-clinical studies and clinical trials.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The success of the Company depends on the ability to successfully commercialize its technologies to support its operations and strategic plan. Based on management’s cash flow projections the Company believes that its cash and cash equivalents and marketable securities are sufficient to fund the Company’s planned operations for at least the next <em style="font: inherit;">12</em> months. The Company anticipates that it will need to raise additional capital in the future. There can be <em style="font: inherit;">no</em> assurances that the Company will be able to secure such additional financing if at all, or on terms that are satisfactory to the Company, and that it will be sufficient to meet its needs. In the event the Company is <em style="font: inherit;">not</em> successful in obtaining sufficient funding, this could force us to delay, limit, or reduce our product development, commercialization efforts or other operations.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-522400000 usd
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-467300000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"/> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><i>Use of Estimates</i></b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results <em style="font: inherit;"> may </em>differ from those estimates. As applicable to the unaudited condensed consolidated financial statements, the critical accounting estimates relate to the fair value of share-based compensation, measurement of revenue, estimate of uncertain tax positions, and measurement of liabilities accounted for under the interest method.</p>
us-gaap Sublease Income
SubleaseIncome
112000 usd
us-gaap Sublease Income
SubleaseIncome
112000 usd
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
19000 usd
CY2022Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
112400000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><i>Concentration of Credit Risk</i></b></p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents and marketable securities. The primary objectives for the Company’s investment portfolio are the preservation of capital and the maintenance of liquidity. The Company does <em style="font: inherit;">not</em> enter into any investment transaction for trading or speculative purposes.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Company’s investment policy limits investments to certain types of instruments such as certificates of deposit, money market instruments, obligations issued by the U.S. government and U.S. government agencies as well as corporate debt securities, and places restrictions on maturities and concentration by type and issuer. The Company maintains cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation and concentrated within a limited number of financial institutions. The accounts are monitored by management to mitigate the risk.</p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-variant: normal; margin: 0pt;">The Company’s product sales are recognized through the Company's arrangement with a single customer, a <em style="font: inherit;">third</em>-party national specialty distributor. The Company assesses the need for an allowance for doubtful accounts primarily based on creditworthiness, historical payment experience and general economic conditions. The Company has <em style="font: inherit;">not</em> experienced any credit losses related to this customer and has <em style="font: inherit;">not</em> currently recognized any allowance for doubtful accounts.</p>
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
257000 usd
CY2021Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
44779000 usd
CY2022Q2 urgn Debt Securities Availableforsale Fair Value Maturity Allocated And Single Maturity Date After Year One Through Three
DebtSecuritiesAvailableforsaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughThree
673000 usd
CY2021Q4 urgn Debt Securities Availableforsale Fair Value Maturity Allocated And Single Maturity Date After Year One Through Three
DebtSecuritiesAvailableforsaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughThree
675000 usd
CY2022Q2 us-gaap Investments
Investments
84120000 usd
CY2021Q4 us-gaap Investments
Investments
45454000 usd
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
260000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
516000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
527000 usd
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
56000 usd
CY2021Q2 us-gaap Sublease Income
SubleaseIncome
56000 usd
CY2022Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
2457000 usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
5786000 usd
CY2022Q2 urgn Accrued Sales Reserve Current
AccruedSalesReserveCurrent
679000 usd
CY2021Q4 urgn Accrued Sales Reserve Current
AccruedSalesReserveCurrent
497000 usd
CY2022Q2 urgn Accrued Clinical Expense
AccruedClinicalExpense
1678000 usd
CY2021Q4 urgn Accrued Clinical Expense
AccruedClinicalExpense
1377000 usd
CY2022Q2 urgn Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
875000 usd
CY2021Q4 urgn Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
1748000 usd
CY2022Q2 urgn Accrued Selling General And Administrative Expense
AccruedSellingGeneralAndAdministrativeExpense
2268000 usd
CY2021Q4 urgn Accrued Selling General And Administrative Expense
AccruedSellingGeneralAndAdministrativeExpense
1965000 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
690000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
729000 usd
CY2022Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
8647000 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
12102000 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
28000 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
272000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
98000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-60000 usd
us-gaap Interest And Other Income
InterestAndOtherIncome
126000 usd
us-gaap Interest And Other Income
InterestAndOtherIncome
212000 usd
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
4543000 usd
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3894000 usd
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2034000 usd
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1958000 usd
CY2022Q2 urgn Inventory Current And Noncurrent Net
InventoryCurrentAndNoncurrentNet
6577000 usd
CY2021Q4 urgn Inventory Current And Noncurrent Net
InventoryCurrentAndNoncurrentNet
5852000 usd
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
52401000 usd
CY2022Q2 urgn Cash Equivalent Accumulated Gross Unrealized Gain
CashEquivalentAccumulatedGrossUnrealizedGain
1000 usd
CY2022Q2 urgn Cash Equivalents Accumulated Gross Unrealized Loss
CashEquivalentsAccumulatedGrossUnrealizedLoss
3000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
52399000 usd
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
31775000 usd
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
54000 usd
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
31721000 usd
CY2022Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
43600000 usd
CY2022Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
83447000 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4280000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4193000 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2675000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2226000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1605000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1967000 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
200000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
400000 usd
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
200000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
400000 usd
CY2020Q4 urgn Prepaid Forward Obligation
PrepaidForwardObligation
75000000 usd
CY2021 urgn Capitalized Closing Costs On Prepaid Forward Obligation
CapitalizedClosingCostsOnPrepaidForwardObligation
2599000 usd
CY2021 urgn Financing On Prepaid Forward Obligation
FinancingOnPrepaidForwardObligation
17291000 usd
CY2021 urgn Decrease In Prepaid Forward Obligation Amounts Paid And Payable
DecreaseInPrepaidForwardObligationAmountsPaidAndPayable
3979000 usd
CY2021Q4 urgn Prepaid Forward Obligation
PrepaidForwardObligation
85713000 usd
urgn Financing On Prepaid Forward Obligation
FinancingOnPrepaidForwardObligation
11659000 usd
urgn Decrease In Prepaid Forward Obligation Amounts Paid And Payable
DecreaseInPrepaidForwardObligationAmountsPaidAndPayable
3911000 usd
CY2022Q2 urgn Prepaid Forward Obligation
PrepaidForwardObligation
93461000 usd
CY2020Q4 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
200000 usd
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
14000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
36000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
36000 usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
220000 usd
CY2021Q2 us-gaap Lease Cost
LeaseCost
218000 usd
us-gaap Lease Cost
LeaseCost
440000 usd
us-gaap Lease Cost
LeaseCost
451000 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2116000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1180000 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1515000 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
398000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
3615000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
2445000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1861000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
135000 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M28D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0993 pure
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0543 pure
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
539000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
875000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
632000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
585000 usd
CY2022Q2 urgn Lessee Operating Lease Liability To Be Paid After Year Three
LesseeOperatingLeaseLiabilityToBePaidAfterYearThree
49000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2680000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
348000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2332000 usd
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3916311
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1010573
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
121000 usd
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
251000 usd
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
49000 usd
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
0 usd
CY2022Q2 urgn Lessor Operating Lease Payment To Be Received After Year Three
LessorOperatingLeasePaymentToBeReceivedAfterYearThree
0 usd
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
421000 usd
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
56000 usd
CY2021Q2 us-gaap Sublease Income
SubleaseIncome
56000 usd
us-gaap Sublease Income
SubleaseIncome
112000 usd
us-gaap Sublease Income
SubleaseIncome
112000 usd
CY2022Q1 urgn Accrued Sales Reserve
AccruedSalesReserve
1708000 usd
CY2022Q2 urgn Sales Reserve Accruals
SalesReserveAccruals
5776000 usd
CY2022Q2 urgn Sales Reserve Utilization
SalesReserveUtilization
-5549000 usd
CY2022Q2 urgn Accrued Sales Reserve
AccruedSalesReserve
1935000 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000.0
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
22700000
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
22500000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2823000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6046000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5772000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12241000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
14900000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M21D
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2800000 usd
CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
900000 usd

Files In Submission

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0001437749-22-020131-index.html Edgar Link pending
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ex_387567.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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urgn-20220630.xsd Edgar Link pending
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urgn-20220630_lab.xml Edgar Link unprocessable
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urgn20220630_10q_htm.xml Edgar Link completed