The company's financial position is increasingly strained, evidenced by a total debt load of $197.1 million and a negative equity position of $124.3 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 237.46M | 186.02M | 276.13M | 169.19M | 128.91M | 114.39M | 115.62M | 148.63M | 102.24M | 74.47M | 22.04M | 19.13M | 4.29M | 3.15M |
| Cash & Short-Term Investments | 141.6M | 120.46M | 236.69M | 136.97M | 99.96M | 89.14M | 102.02M | 147.08M | 101.32M | 73M | 21.36M | 17.98M | 3.87M | 3.04M |
| Cash Only | 111.3M | 110.75M | 171.99M | 95M | 55.41M | 44.36M | 52.86M | 49.69M | 101.32M | 37M | 21.36M | 17.98M | 3.87M | 3.04M |
| Short-Term Investments | 30.31M | 9.71M | 64.7M | 41.97M | 44.56M | 44.78M | 49.15M | 97.39M | 0 | 36M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 55.41M | 33.08M | 20.3M | 15.44M | 12.7M | 11.72M | 7.05M | 0 | 0 | 0 | 83K | 0 | 0 | 0 |
| Days Sales Outstanding | 83.04 | 109.98 | 81.97 | 68.15 | 72.05 | 89.02 | 218 | - | - | - | 1.73 | - | - | - |
| Inventory | 20.92M | 16.46M | 9.23M | 5.67M | 4.33M | 4.83M | 1.96M | 0 | 0 | 316K | 105K | 0 | 0 | 0 |
| Days Inventory Outstanding | 338.31 | 482.8 | 379.22 | 221.2 | 206.25 | 342 | 710.47 | - | - | 192.23 | 1.37K | - | - | - |
| Other Current Assets | 19.53M | 16.02M | 9.92M | 11.1M | 11.91M | 1.23M | 1.23M | 523K | 253K | 198K | 95K | 21K | 20K | 43K |
| Total Non-Current Assets | 16.23M | 14.43M | 9.58M | 9.13M | 6.71M | 5.36M | 6.39M | 53.75M | 1.32M | 1.08M | 1.01M | 259K | 71K | 77K |
| Property, Plant & Equipment | 8.56M | 9.09M | 3.79M | 2.36M | 3.75M | 3.15M | 4.2M | 4.71M | 948K | 805K | 741K | 259K | 71K | 77K |
| Fixed Asset Turnover | 16.99x | 12.07x | 23.86x | 35.05x | 17.17x | 15.27x | 2.81x | 0.00x | 1.19x | 10.13x | 23.66x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 5.37M | 0 | 5.02M | 4.5M | 0 | 675K | 1.89M | 48.55M | 51K | 29K | 24K | 0 | 0 | 0 |
| Other Non-Current Assets | 7.49M | 5.34M | 765K | 2.26M | 2.96M | 1.53M | 289K | 487K | 317K | 244K | 250K | 0 | 0 | 0 |
| Total Assets | 253.69M | 200.46M | 285.71M | 178.31M | 135.62M | 119.75M | 122M | 202.39M | 103.56M | 75.55M | 23.06M | 19.39M | 4.36M | 3.23M |
| Asset Turnover | 0.66x | 0.55x | 0.32x | 0.46x | 0.47x | 0.40x | 0.10x | 0.00x | 0.01x | 0.11x | 0.76x | - | - | - |
| Asset Growth % | -92.05% | -29.84% | 60.23% | 31.48% | 13.26% | -1.85% | -39.72% | 95.43% | 37.07% | 227.68% | 18.91% | 344.83% | 35.16% | - |
| Total Current Liabilities | 50.63M | 46.42M | 45.95M | 31.21M | 23.92M | 22.38M | 21.44M | 19.48M | 13.46M | 7.04M | 3.14M | 2.24M | 891K | 484K |
| Accounts Payable | 17.21M | 12.14M | 10.93M | 6.51M | 5.53M | 5.79M | 3.27M | 4.69M | 4.27M | 2.84M | 1.88M | 1.72M | 513K | 334K |
| Days Payables Outstanding | 340.45 | 355.91 | 449.25 | 253.99 | 263.57 | 409.52 | 1.18K | - | 864.83 | 1.73K | 24.51K | 5.54K | - | - |
| Short-Term Debt | 1.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 8.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 650K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 13.39M | 34.28M | 18.52M | 14.67M | 11.53M | 10.28M | 11.41M | 1.58M | 0 | -1.6M | 570K | 0 | 0 | 0 |
| Current Ratio | 4.69x | 4.01x | 6.01x | 5.42x | 5.39x | 5.11x | 5.39x | 7.63x | 7.59x | 10.59x | 7.03x | 8.55x | 4.81x | 6.50x |
| Quick Ratio | 4.28x | 3.65x | 5.81x | 5.24x | 5.21x | 4.90x | 5.30x | 7.63x | 7.59x | 10.54x | 6.99x | 8.55x | 4.81x | 6.50x |
| Cash Conversion Cycle | 80.89 | 236.87 | 11.94 | 35.36 | 14.73 | 21.5 | -254.8 | - | - | - | -23.14K | - | - | - |
| Total Non-Current Liabilities | 327.31M | 259.51M | 248.56M | 212.31M | 201.06M | 88.95M | 4.21M | 2.6M | 0 | 0 | 3.61M | 0 | 0 | 0 |
| Long-Term Debt | 189.53M | 122.21M | 121.73M | 98.55M | 97.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 21.42M | 6.12M | 1.65M | 844K | 1.59M | 398K | 1.5M | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 3.02M | 2.84M | 2.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 132.13M | 131.18M | 125.18M | 112.92M | 98.92M | 85.71M | 0 | 0 | 0 | 0 | 3.61M | 0 | 0 | 0 |
| Total Liabilities | 377.94M | 305.93M | 294.51M | 243.52M | 224.98M | 111.33M | 25.65M | 22.09M | 13.46M | 7.04M | 6.75M | 2.24M | 891K | 484K |
| Total Debt | 197.09M | 128.33M | 123.39M | 99.39M | 99.12M | 398K | 1.5M | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 85.8M | 17.59M | -48.6M | 4.39M | 43.72M | -43.96M | -51.37M | -47.08M | -101.32M | -37M | -21.36M | -17.98M | -3.87M | -3.04M |
| Debt / Equity | -1.59x | - | - | - | - | 0.05x | 0.02x | 0.01x | - | - | - | - | - | - |
| Debt / EBITDA | -1.87x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.81x | - | - | - | - | - | - | - | - | - | -21.13x | - | - | - |
| Interest Coverage | -3.09x | -4.08x | -7.64x | -4.22x | -9.25x | - | -349.45x | -385.49x | - | - | - | - | - | - |
| Total Equity | -124.25M | -105.47M | -8.8M | -65.21M | -89.36M | 8.41M | 96.36M | 180.3M | 90.09M | 68.52M | 16.31M | 17.15M | 3.47M | 2.74M |
| Equity Growth % | -2225.96% | -1098.16% | 86.5% | 27.02% | -1162.18% | -91.27% | -46.56% | 100.13% | 31.5% | 320.16% | -4.93% | 394.61% | 26.52% | - |
| Book Value per Share | -2.48 | -2.19 | -0.21 | -2.26 | -3.92 | 0.38 | 4.42 | 8.78 | 5.72 | 7.05 | 1.36 | 7.45 | 1.51 | 1.29 |
| Total Shareholders' Equity | -124.25M | -105.47M | -8.8M | -65.21M | -89.36M | 8.41M | 96.36M | 180.3M | 90.09M | 68.52M | 16.31M | 17.15M | 3.47M | 2.74M |
| Common Stock | 134K | 133K | 115K | 89K | 63K | 61K | 60K | 57K | 44K | 37K | 6K | 2K | 2K | 2K |
| Retained Earnings | -983.29M | -959.72M | -806.22M | -679.35M | -577.1M | -467.32M | -356.5M | -228.02M | -122.87M | -47.21M | -27.21M | -25.27M | -12.58M | -8.11M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 8K | 19K | 56K | 12K | -107K | -25K | 271K | 276K | -747K | -577K | -370K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital dilution
As reported in recent financial statements, UroGen's equity position has deteriorated into a deficit of $124.3 million by 2026Q1, a trend driven by persistent net losses that suggest the company's current business trajectory is increasingly reliant on external financing rather than internal capital generation.
The consistent decline in retained earnings, which reached -$983.3 million in 2026Q1, indicates that the company is consuming its capital base to fund commercialization and R&D. This trajectory warrants close monitoring, as the lack of positive equity may limit future financing flexibility and increase the cost of capital.
Based on the provided quarterly data, total debt has climbed to $197.1 million as of 2026Q1, reflecting a strategic reliance on debt financing to bridge the gap between commercial launch costs and the delayed revenue realization from the company's specialized urology product portfolio.
The accumulation of debt in the absence of positive operating cash flow suggests a necessity-driven capital structure rather than a strategic leverage play. Investors should consider the potential for future refinancing risks if the UGN-102 launch does not yield the expected cash flow inflection.
According to the latest balance sheet figures, UroGen holds $111.3 million in cash as of 2026Q1, which, when measured against the company's ongoing burn rate, suggests a limited liquidity buffer that may necessitate further dilutive capital raises to sustain operations through the next clinical milestones.
While the current ratio of 4.69 appears healthy on the surface, the underlying cash position is insufficient to cover the long-term R&D and commercialization requirements implied by the company's negative net margins. This liquidity profile indicates that the company remains highly sensitive to capital market conditions.
As indicated by the financial data, the absence of goodwill and minimal PPE investment suggests that the company's value is almost entirely tied to intangible intellectual property, which creates significant valuation risk should clinical trial outcomes for UGN-102 fail to meet the market's high expectations.
The reliance on intangible assets means that the balance sheet provides little tangible collateral to support the current debt load. This structure makes the company's solvency highly dependent on the successful commercialization of its pipeline, rather than the underlying value of its physical assets.
Quick answers to the most common questions about buying URGN stock.
As of 2025, UroGen Pharma Ltd. (URGN) had total assets of $200.5M including $186.0M in current assets.
UroGen Pharma Ltd. (URGN) carries total debt of $128.3M, offset by $120.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
UroGen Pharma Ltd. (URGN) has total shareholders' equity (book value) of $-105.5M ($-2.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
UroGen Pharma Ltd. (URGN) reported a current ratio of 4.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.