UroGen Pharma Reports Increased Revenue and Assets, Widening Losses in Q3 2024

UroGen Pharma Ltd. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in total current assets, which rose to $295.1 million from $169.2 million at the end of 2023. Cash and cash equivalents also improved, reaching $124.9 million compared to $95.0 million previously. Marketable securities surged to $124.7 million, up from $42.0 million.

Revenue for the third quarter of 2024 was $25.2 million, an increase from $20.9 million in the same period of 2023. For the nine months ended September 30, 2024, revenue totaled $65.8 million, compared to $59.2 million in the prior year. Gross profit for the third quarter was $22.8 million, up from $18.5 million, while gross profit for the nine-month period increased to $59.4 million from $52.1 million.

Despite these revenue gains, UroGen reported an operating loss of $17.5 million for the third quarter, widening from a loss of $13.5 million in the same quarter of 2023. The nine-month operating loss also increased to $69.1 million from $50.9 million. The net loss for the third quarter was $23.7 million, compared to $21.9 million in the prior year, and for the nine months, the net loss rose to $89.4 million from $76.2 million.

The company’s total assets increased to $301.9 million as of September 30, 2024, from $178.3 million at the end of 2023. Shareholders' equity improved significantly to $25.5 million, recovering from a deficit of $65.2 million at the end of 2023. This was attributed to an increase in additional paid-in capital, which rose to $793.9 million from $614.0 million.

UroGen's research and development expenses for the nine months ended September 30, 2024, were $42.3 million, up from $34.3 million in the same period of 2023. Selling, general, and administrative expenses also increased, totaling $53.8 million for the nine months, compared to $40.7 million in the prior year.

Strategically, UroGen is advancing its product pipeline, with the FDA accepting the New Drug Application (NDA) for UGN-102 in October 2024, and a PDUFA goal date set for June 13, 2025. The company has also entered into various financing agreements, including a loan agreement with Pharmakon Advisors and a prepaid forward agreement with RTW Investments, to support its product development and commercialization efforts.

As of September 30, 2024, UroGen had a cash position of $254.2 million, which it believes is sufficient to fund operations beyond one year, although it may need to raise additional capital in the future.