UroGen Pharma
URGN on Nasdaq. UroGen Pharma sells drugs for urinary tract cancers to doctors and patients. Market value $2.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-7.61 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$42.78 a share, 170% above its 1-year low
Over the past year the price has ranged from $15.86 to $50.81.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $48m | $64m | $83m | $90m | $110m |
| Operating margin | |||||
| Operating margin | -192.1% | -122.8% | -79.2% | -107.1% | -113.7% |
| Debt to equity | |||||
| Debt to equity | 0.00 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.03bn | 0.04bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsStrong, 56.2% a year
- Buying back its own sharesNo, 112% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $72 million last quarter, up 199% on a year ago.
- A loss of $14 million, compared with a loss of $50 million a year ago.
- It loses 35 cents on each $1 of sales, compared with 131 cents a year earlier.
- Over the past 12 months it spent $159 million more cash than it brought in, compared with $124 million a year earlier.
- Debt is $125 million more than cash, up from $33 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $25m |
| December 2024 | $25m |
| March 2025 | $20m |
| June 2025 | $24m |
| September 2025 | $27m |
| December 2025 | $38m |
| March 2026 | $51m |
| June 2026 | $72m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$24m |
| December 2024 | -$38m |
| March 2025 | -$44m |
| June 2025 | -$50m |
| September 2025 | -$33m |
| December 2025 | -$26m |
| March 2026 | -$24m |
| June 2026 | -$14m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, up from 0 last quarter. 189 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Polen CapitalDan Davidowitz | $1m | <0.1% | New |
Largest holders overall
- RTW Investments, LP$167m
- BlackRock$118mAdded
- Morgan Stanley$95m
- Kynam Capital Management, LP$90mAdded
- Jefferies Financial Group$81m
- SG Americas Securities$76mAdded
- American Century Companies$62mAdded
- Acorn Capital Advisors$62m
- Point72 Asset Management, L.P.$56mNew
- Frontier Capital Management$56mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- The Toronto-Dominion BankPassive investorat least 6.7%+1.3 pts(filed with 1 related holder)Since 30 June 2026
- Morgan StanleyPassive investor5.4%+3.6 ptsSince 30 June 2025
- BlackRock, Inc.Passive investor5.2%+0.2 ptsSince 31 March 2026
- Soleus Capital Master Fund, L.P.Passive investorat least 4.7%−0.3 pts(filed with 5 related holders)Since 30 June 2025
- Paradigm BioCapital Advisors LPPassive investorat least 3.5%−5.5 pts(filed with 3 related holders)Since 31 March 2026
- Adage Capital Management, L.P.Passive investorat least 2.8%−4.2 pts(filed with 2 related holders)Since 31 March 2025
- Fred CohenPassive investorat least 1.9%(filed with 4 related holders)Since 5 June 2025
- Menora Mivtachim Holdings LtdPassive investorSold down below 5%Since 11 March 2025
- Cowen Financial Products LLCPassive investorSold down below 5%Since 30 September 2025
- RA Capital Management, L.P.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
The Toronto-Dominion Bank Passive investor | at least 6.7%+1.3 pts (filed with 1 related holder) | 30 June 2026 | |
Morgan Stanley Passive investor | 5.4%+3.6 pts | 30 June 2025 | |
BlackRock, Inc. Passive investor | 5.2%+0.2 pts | 31 March 2026 | |
Soleus Capital Master Fund, L.P. Passive investor | at least 4.7%−0.3 pts (filed with 5 related holders) | 30 June 2025 | |
Paradigm BioCapital Advisors LP Passive investor | at least 3.5%−5.5 pts (filed with 3 related holders) | 31 March 2026 | |
Adage Capital Management, L.P. Passive investor | at least 2.8%−4.2 pts (filed with 2 related holders) | 31 March 2025 | |
Fred Cohen Passive investor | at least 1.9% (filed with 4 related holders) | 5 June 2025 | |
Menora Mivtachim Holdings Ltd Passive investor | Sold down below 5% | 11 March 2025 | |
Cowen Financial Products LLC Passive investor | Sold down below 5% | 30 September 2025 | |
RA Capital Management, L.P. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $5m, $1m of it under preset trading plans.
- Schoenberg MarkChief Medical OfficerSold
- Date
- 8 September 2026
- Shares
- 871
- Price
- $42.92
- Value
- $37,383
- Smith Jason DrewGeneral CounselSold
- Date
- 8 September 2026
- Shares
- 1,519
- Price
- $42.54
- Value
- $64,618
- Schoenberg MarkChief Medical OfficerSold
- Date
- 20 August 2026
- Shares
- 60,677
- Price
- $47.05
- Value
- $3m
- Schoenberg MarkChief Medical OfficerSoldunder a preset trading plan
- Date
- 9 July 2026
- Shares
- 10,000
- Price
- $40.00
- Value
- $400,000
- Schoenberg MarkChief Medical OfficerSoldunder a preset trading plan
- Date
- 22 June 2026
- Shares
- 10,000
- Price
- $35.01
- Value
- $350,100
- Schoenberg MarkChief Medical OfficerSold
- Date
- 8 June 2026
- Shares
- 5,222
- Price
- $27.30
- Value
- $142,561
- Schoenberg MarkChief Medical OfficerSoldunder a preset trading plan
- Date
- 8 May 2026
- Shares
- 10,000
- Price
- $30.00
- Value
- $300,000
- Smith Jason DrewGeneral CounselSold
- Date
- 3 February 2026
- Shares
- 7,479
- Price
- $19.69
- Value
- $147,262
- Schoenberg MarkChief Medical OfficerSold
- Date
- 3 February 2026
- Shares
- 7,373
- Price
- $19.69
- Value
- $145,174
- Schoenberg MarkChief Medical OfficerSoldunder a preset trading plan
- Date
- 19 November 2025
- Shares
- 10,000
- Price
- $25.00
- Value
- $250,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 September 2026 | Schoenberg Mark Chief Medical Officer | Sold | 871 | $42.92 | $37,383 |
| 8 September 2026 | Smith Jason Drew General Counsel | Sold | 1,519 | $42.54 | $64,618 |
| 20 August 2026 | Schoenberg Mark Chief Medical Officer | Sold | 60,677 | $47.05 | $3m |
| 9 July 2026 | Schoenberg Mark Chief Medical Officer | Sold under a preset trading plan | 10,000 | $40.00 | $400,000 |
| 22 June 2026 | Schoenberg Mark Chief Medical Officer | Sold under a preset trading plan | 10,000 | $35.01 | $350,100 |
| 8 June 2026 | Schoenberg Mark Chief Medical Officer | Sold | 5,222 | $27.30 | $142,561 |
| 8 May 2026 | Schoenberg Mark Chief Medical Officer | Sold under a preset trading plan | 10,000 | $30.00 | $300,000 |
| 3 February 2026 | Smith Jason Drew General Counsel | Sold | 7,479 | $19.69 | $147,262 |
| 3 February 2026 | Schoenberg Mark Chief Medical Officer | Sold | 7,373 | $19.69 | $145,174 |
| 19 November 2025 | Schoenberg Mark Chief Medical Officer | Sold under a preset trading plan | 10,000 | $25.00 | $250,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.