2023 Q3 Form 10-Q Financial Statement

#000143774923022879 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $20.85M $21.14M
YoY Change 29.54% 27.31%
Cost Of Revenue $2.367M $2.443M
YoY Change 17.18% 32.34%
Gross Profit $18.49M $18.70M
YoY Change 31.31% 26.68%
Gross Profit Margin 88.65% 88.44%
Selling, General & Admin $21.76M $22.49M
YoY Change 14.07% 7.97%
% of Gross Profit 117.69% 120.31%
Research & Development $10.23M $11.58M
YoY Change -21.87% -8.35%
% of Gross Profit 55.34% 61.96%
Depreciation & Amortization $200.0K $200.0K
YoY Change 0.0% 0.0%
% of Gross Profit 1.08% 1.07%
Operating Expenses $31.99M $34.08M
YoY Change -0.56% 1.81%
Operating Profit -$13.50M -$15.38M
YoY Change -25.36% -17.81%
Interest Expense -$2.980M -$3.326M
YoY Change 32.27% 50.29%
% of Operating Profit
Other Income/Expense, Net $71.00K -$5.374M
YoY Change -101.48% -6.23%
Pretax Income -$21.89M -$24.08M
YoY Change -12.87% -9.67%
Income Tax -$9.000K $54.00K
% Of Pretax Income
Net Earnings -$21.88M -$24.14M
YoY Change -15.3% -9.57%
Net Earnings / Revenue -104.93% -114.18%
Basic Earnings Per Share -$0.68 -$1.03
Diluted Earnings Per Share -$0.68 -$1.03
COMMON SHARES
Basic Shares Outstanding 30.28M 23.45M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.4M $47.30M
YoY Change 53.7% -57.67%
Cash & Equivalents $119.3M $20.13M
Short-Term Investments $28.11M $27.17M
Other Short-Term Assets $16.80M $13.54M
YoY Change 47.47% 20.41%
Inventory $5.002M $4.988M
Prepaid Expenses
Receivables $12.85M $15.51M
Other Receivables $0.00 $0.00
Total Short-Term Assets $182.1M $81.33M
YoY Change 49.78% -41.75%
LONG-TERM ASSETS
Property, Plant & Equipment $823.0K $910.0K
YoY Change -45.82% -43.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.500M $7.970M
YoY Change 1084.25%
Other Assets $2.050M $2.817M
YoY Change -17.04% 48.26%
Total Long-Term Assets $11.51M $14.03M
YoY Change 67.32% 115.25%
TOTAL ASSETS
Total Short-Term Assets $182.1M $81.33M
Total Long-Term Assets $11.51M $14.03M
Total Assets $193.6M $95.36M
YoY Change 50.72% -34.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.041M $4.659M
YoY Change 58.78% 89.62%
Accrued Expenses $19.10M $19.38M
YoY Change 32.86% 44.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.79M $26.77M
YoY Change 35.73% 48.36%
LONG-TERM LIABILITIES
Long-Term Debt $98.52M $98.30M
YoY Change 37.08% 38.06%
Other Long-Term Liabilities $111.3M $108.7M
YoY Change 10.32% 11.16%
Total Long-Term Liabilities $98.52M $98.30M
YoY Change 37.08% 38.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.79M $26.77M
Total Long-Term Liabilities $98.52M $98.30M
Total Liabilities $235.6M $233.8M
YoY Change 22.88% 24.99%
SHAREHOLDERS EQUITY
Retained Earnings -$653.3M -$631.5M
YoY Change 19.17% 20.88%
Common Stock $611.5M $493.2M
YoY Change 26.05% 2.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$41.99M -$138.4M
YoY Change
Total Liabilities & Shareholders Equity $193.6M $95.36M
YoY Change 50.72% -34.75%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$21.88M -$24.14M
YoY Change -15.3% -9.57%
Depreciation, Depletion And Amortization $200.0K $200.0K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$17.30M -$20.27M
YoY Change -1.77% -16.22%
INVESTING ACTIVITIES
Capital Expenditures $100.0K $15.00K
YoY Change -165.36% -123.81%
Acquisitions
YoY Change
Other Investing Activities $500.0K $3.735M
YoY Change -101.41% -4344.32%
Cash From Investing Activities $400.0K $3.720M
YoY Change -101.13% -2563.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 116.1M 143.0K
YoY Change 10443.14% -285.71%
NET CHANGE
Cash From Operating Activities -17.30M -20.27M
Cash From Investing Activities 400.0K 3.720M
Cash From Financing Activities 116.1M 143.0K
Net Change In Cash 99.18M -16.41M
YoY Change -290.72% -32.82%
FREE CASH FLOW
Cash From Operating Activities -$17.30M -$20.27M
Capital Expenditures $100.0K $15.00K
Free Cash Flow -$17.40M -$20.29M
YoY Change -0.34% -15.94%

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us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
759000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
403000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
440000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
483000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
663000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
480000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2801000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-122000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1622000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2958000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
77000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
444000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4020000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3454000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-1536000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-520000 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
0 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-704000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-504000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-574000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-46081000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-48195000 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
24176000 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
-0 usd
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
34204000 usd
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
13533000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
38000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
88000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
9990000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
13445000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
814000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
16000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
70793000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
-0 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
144000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
814000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
70665000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-35277000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
35915000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
56220000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
45586000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
20943000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
81501000 usd
urgn Non Cash New Lease Liabilities
NonCashNewLeaseLiabilities
95000 usd
urgn Non Cash New Lease Liabilities
NonCashNewLeaseLiabilities
1419000 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 <i>RTGel</i> 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;">2022,</em> as filed with the U.S. Securities and Exchange Commission (“SEC”) on <em style="font: inherit;"> March 24, 2023.</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 $631.5 </span>million and $577.1 million as of <em style="font: inherit;"> June 30, 2023</em> and <em style="font: inherit;"> December </em><em style="font: inherit;">31,</em> <em style="font: inherit;">2022,</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. The success of the Company depends on the ability to successfully commercialize its technologies to support its operations and strategic plan. </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;">In accordance with the accounting guidance related to the presentation of financial statements, management evaluates whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for the next <em style="font: inherit;">12</em> months from the date the financial statements are issued. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, and do <em style="font: inherit;">not</em> include any adjustments relating to the carrying amounts and classification of assets and liabilities that <em style="font: inherit;"> may </em>be necessary should the Company be unable to continue as a going concern. The Company’s ability to continue as a going concern is expected to be impacted by its ability to raise additional capital to fund its operations, produce cash inflows from <i>Jelmyto</i> product sales and develop UGN-<em style="font: inherit;">102.</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;">On <em style="font: inherit;"> July </em><em style="font: inherit;">26,</em> <em style="font: inherit;">2023,</em> the Company entered into a private placement transaction with certain institutional and other accredited investors pursuant to which the Company agreed to sell its ordinary shares and pre-funded warrants to purchase ordinary shares to the investors, for aggregate gross proceeds of $120.0 million.  See Note <em style="font: inherit;">19</em> for further discussion regarding the private placement transaction.</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;">Based on the Company's cash, cash equivalents and marketable securities as of <em style="font: inherit;"> June 30, 2023, </em>together with management’s cash flow projections and the net proceeds to the Company from its private placement transaction in <em style="font: inherit;"> July 2023, </em>the Company believes that it has sufficient cash and cash equivalents to fund its operations beyond <em style="font: inherit;">one</em> year from the issuance of these financial statements. The Company 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>
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-631500000 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-577100000 usd
us-gaap Use Of Estimates
UseOfEstimates
<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 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>
CY2023Q2 urgn Debt Securities Availableforsale Fair Value Maturity Allocated And Single Maturity Date After Year One Through Three
DebtSecuritiesAvailableforsaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughThree
7970000 usd
CY2022Q4 urgn Debt Securities Availableforsale Fair Value Maturity Allocated And Single Maturity Date After Year One Through Three
DebtSecuritiesAvailableforsaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughThree
0 usd
CY2023Q2 us-gaap Investments
Investments
35740000 usd
CY2023Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
55300000 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>
CY2023Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
4659000 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
5527000 usd
CY2023Q2 urgn Accrued Sales Reserve Current
AccruedSalesReserveCurrent
2721000 usd
CY2022Q4 urgn Accrued Sales Reserve Current
AccruedSalesReserveCurrent
618000 usd
CY2023Q2 urgn Accrued Clinical Expense
AccruedClinicalExpense
2054000 usd
CY2022Q4 urgn Accrued Clinical Expense
AccruedClinicalExpense
2853000 usd
CY2023Q2 urgn Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
1003000 usd
CY2022Q4 urgn Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
1285000 usd
CY2023Q2 urgn Accrued Selling General And Administrative Expense
AccruedSellingGeneralAndAdministrativeExpense
2836000 usd
CY2022Q4 urgn Accrued Selling General And Administrative Expense
AccruedSellingGeneralAndAdministrativeExpense
1609000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3130000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
491000 usd
CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
16403000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
12383000 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
1080000 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
28000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-45000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
98000 usd
urgn Interest And Other Income Net
InterestAndOtherIncomeNet
1035000 usd
urgn Interest And Other Income Net
InterestAndOtherIncomeNet
126000 usd
CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
5363000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
4676000 usd
CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2072000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2019000 usd
CY2023Q2 urgn Inventory Current And Noncurrent Net
InventoryCurrentAndNoncurrentNet
7435000 usd
CY2022Q4 urgn Inventory Current And Noncurrent Net
InventoryCurrentAndNoncurrentNet
6695000 usd
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
35298000 usd
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000 usd
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
155000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
35144000 usd
CY2023Q2 us-gaap Short Term Investments
ShortTermInvestments
35894000 usd
CY2023Q2 urgn Cash Cash Equivalents And Short Term Investments Accumulated Gross Unrealized Gain Before Tax
CashCashEquivalentsAndShortTermInvestmentsAccumulatedGrossUnrealizedGainBeforeTax
1000 usd
CY2023Q2 urgn Cash Cash Equivalents And Short Term Investments Accumulated Gross Unrealized Losses Before Tax
CashCashEquivalentsAndShortTermInvestmentsAccumulatedGrossUnrealizedLossesBeforeTax
155000 usd
CY2023Q2 urgn Cash Cash Equivalents And Short Term Investments Fair Value Disclosure
CashCashEquivalentsAndShortTermInvestmentsFairValueDisclosure
35740000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
33900000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
27770000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
44556000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
126000 usd
CY2022Q4 us-gaap Investments
Investments
44556000 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4485000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4447000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3575000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3150000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
910000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1297000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
200000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
400000 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
200000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
400000 usd
CY2021Q4 urgn Prepaid Forward Obligation
PrepaidForwardObligation
85713000 usd
CY2022 urgn Financing On Prepaid Forward Obligation
FinancingOnPrepaidForwardObligation
21559000 usd
CY2022 urgn Decrease In Prepaid Forward Obligation Amounts Paid And Payable
DecreaseInPrepaidForwardObligationAmountsPaidAndPayable
8349000 usd
CY2022Q4 urgn Prepaid Forward Obligation
PrepaidForwardObligation
98923000 usd
urgn Financing On Prepaid Forward Obligation
FinancingOnPrepaidForwardObligation
10568000 usd
urgn Decrease In Prepaid Forward Obligation Amounts Paid And Payable
DecreaseInPrepaidForwardObligationAmountsPaidAndPayable
4984000 usd
CY2023Q2 urgn Prepaid Forward Obligation
PrepaidForwardObligation
104507000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
49000 usd
CY2023Q2 urgn Lessor Operating Lease Payment To Be Received After Next Year
LessorOperatingLeasePaymentToBeReceivedAfterNextYear
0 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
175000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
257000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
257000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
485000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
516000 usd
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
56000 usd
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
56000 usd
us-gaap Sublease Income
SubleaseIncome
112000 usd
us-gaap Sublease Income
SubleaseIncome
112000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
19000 usd
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
19000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
38000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
36000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
220000 usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
220000 usd
us-gaap Lease Cost
LeaseCost
411000 usd
us-gaap Lease Cost
LeaseCost
440000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2107000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2452000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1209000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1586000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
587000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
590000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
95000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1419000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M23D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1016 pure
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0993 pure
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
581000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
923000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
811000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
52000 usd
CY2023Q2 urgn Lessee Operating Lease Liability To Be Paid After Year Three
LesseeOperatingLeaseLiabilityToBePaidAfterYearThree
0 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2367000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
248000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2119000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2823000 usd
CY2022Q4 urgn Accrued Sales Reserve
AccruedSalesReserve
1437000 usd
urgn Sales Reserve Accruals
SalesReserveAccruals
11444000 usd
urgn Sales Reserve Utilization
SalesReserveUtilization
-8938000 usd
CY2023Q2 urgn Accrued Sales Reserve
AccruedSalesReserve
3943000 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000.0
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
23500000
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
23100000
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3493724
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
941759
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2222000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4508000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5772000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
12600000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3000000.0 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1100000 usd

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