Cash burn remains acute with a 2026Q1 free cash flow margin of -89.0%, necessitating ongoing reliance on external capital to sustain operations.
| 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 |
|---|
| Cash from Operations | -165.74M | -162.44M | -96.77M | -76.38M | -87.56M | -84.89M | -105.89M | -71.02M | -37.33M | -9.57M | 4.19M | -7.17M | -4.12M | -2.56M |
| Operating CF Margin % | - | -147.96% | -107.04% | -92.34% | -136.05% | -176.7% | -897.41% | -394538.89% | -3309.75% | -117.32% | 23.9% | - | - | - |
| Operating CF Growth % | -309.74% | -67.87% | -26.7% | 12.77% | -3.14% | 19.83% | -49.1% | -90.22% | -290.07% | -328.48% | 158.38% | -74.28% | -61.01% | - |
| Net Income | -133.22M | -153.49M | -126.87M | -102.24M | -109.78M | -110.82M | -128.48M | -105.15M | -75.66M | -20M | -1.94M | -12.69M | -4.48M | -3.31M |
| Depreciation & Amortization | 2.57M | 2.41M | 1.19M | 1.71M | 1.82M | 1.77M | 2.04M | 1.32M | 417K | 207K | 213K | 113K | 30K | 18K |
| Stock-Based Compensation | 8.89M | 11.96M | 13.11M | 9.34M | 10.58M | 23.11M | 28.02M | 29.97M | 30.64M | 6.3M | 1.97M | 449K | 293K | 541K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 15.32M | 439K | -572K | 0 | 0 | 0 | 240K | 0 | 0 |
| Other Non-Cash Items | 9.23M | 4.59M | 10.88M | 11.48M | 16.13M | -1.18M | -1.54M | -910K | 100K | 165K | 2.74M | 4.1M | 198K | 177K |
| Working Capital Changes | -53.19M | -27.91M | 4.93M | 3.34M | -6.31M | -13.11M | -6.37M | 4.32M | 7.16M | 3.76M | 1.21M | 609K | -162K | 13K |
| Change in Receivables | -36.58M | -12.78M | -4.86M | -2.74M | -987K | -4.67M | -7.05M | 0 | 3.29M | 83K | -83K | 0 | 0 | 0 |
| Change in Inventory | -13.81M | -7.24M | -3.55M | -1.35M | -362K | -2.87M | -1.96M | 0 | 316K | -211K | -105K | 0 | 0 | 0 |
| Change in Payables | 9.25M | 286K | 10.89M | 4.16M | 281K | 2M | -1.25M | 2.93M | 4.21M | 2.53M | 481K | 1.16M | 0 | 0 |
| Cash from Investing | 66.83M | 61.56M | -20.61M | -953K | 1.06M | 4.07M | 93.24M | -145.59M | 35.29M | -36.38M | -793K | -301K | -1K | -89K |
| Capital Expenditures | -299K | -289K | -295K | -194K | -254K | -752K | -1.22M | -325K | -560K | -271K | -695K | -301K | -24K | -57K |
| CapEx % of Revenue | 0.21% | 0.26% | 0.33% | 0.23% | 0.39% | 1.57% | 10.3% | 1805.56% | 49.65% | 3.32% | 3.96% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -1.31M | -4.82M | -94.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 1.31M | 4.82M | 94.45M | -172K | -54K | -105K | -98K | 0 | 23K | -32K |
| Cash from Financing | 105.09M | 39.92M | 194.62M | 116.93M | 97.13M | 72.32M | 16.53M | 165.25M | 66.42M | 61.59M | -9K | 21.58M | 4.95M | 3.47M |
| Debt Issued (Net) | -2.29M | -1.85M | 24.49M | 0 | 95.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 647K | 0 |
| Equity Issued (Net) | 145K | 41.77M | 151.17M | 67.36M | 1.35M | -83K | 15.85M | 161.66M | 64.23M | 60.84M | 0 | 21.58M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 107.23M | 0 | 18.96M | 49.57M | 0 | 72.4M | 674K | 3.59M | 2.19M | 744K | -9K | 0 | 4.3M | 3.47M |
| Net Change in Cash | 6.19M | -60.97M | 77.24M | 39.6M | 10.63M | -8.5M | 3.88M | -51.36M | 64.37M | 15.64M | 3.39M | 14.11M | 833K | 822K |
| Free Cash Flow | -166.03M | -162.73M | -97.06M | -76.57M | -87.81M | -85.64M | -107.1M | -71.34M | -37.89M | -9.84M | 3.49M | -7.48M | -4.14M | -2.61M |
| FCF Margin % | -118.18% | -148.22% | -107.37% | -92.57% | -136.45% | -178.27% | -907.71% | -396344.44% | -3359.4% | -120.64% | 19.93% | - | - | - |
| FCF Growth % | -54.6% | -67.66% | -26.76% | 12.8% | -2.53% | 20.03% | -50.12% | -88.27% | -285.02% | -381.68% | 146.74% | -80.54% | -58.42% | - |
| FCF per Share | -3.31 | -3.38 | -2.26 | -2.66 | -3.85 | -3.83 | -4.92 | -3.48 | -2.41 | -1.01 | 0.29 | -3.25 | -1.80 | -1.23 |
| FCF Conversion (FCF/Net Income) | 1.25x | 1.06x | 0.76x | 0.75x | 0.80x | 0.77x | 0.82x | 0.68x | 0.49x | 0.48x | -2.16x | 0.57x | 0.90x | 0.77x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and commercial adoption
As reported in recent financial filings, URGN's operating cash flow consistently trails net income, with the OCF/NI ratio reaching 1.92 in 2026Q1, suggesting that accounting losses are being compounded by significant cash outflows rather than mitigated by non-cash accruals or efficient working capital management.
The persistent divergence between net income and operating cash flow indicates that the company's reported losses are not merely accounting artifacts but reflect actual cash burn. Investors should monitor this relationship closely, as the inability to bridge the gap between accrual-based losses and cash consumption suggests that the current commercial model is not yet self-funding.
Based on the provided quarterly data, URGN's free cash flow remains deeply negative, with a 2026Q1 FCF margin of -89.0%, highlighting a structural reliance on external financing to sustain operations while the company attempts to scale its Jelmyto commercialization and pipeline development efforts.
The trajectory of free cash flow shows no clear path to breakeven, as the company continues to burn significant capital each quarter. This trend implies that the current revenue growth is insufficient to cover the high fixed costs of the specialized sales force and ongoing clinical trial expenditures.
According to the quarterly cash flow statements, working capital changes have been highly erratic, swinging from a $30.1 million outflow in 2026Q1 to a $15.5 million inflow in 2024Q4, which complicates the predictability of the company's short-term liquidity and cash management requirements.
These fluctuations in working capital suggest potential inefficiencies in inventory management or the timing of collections within the buy-and-bill model. Such volatility warrants further investigation into whether the company is experiencing delays in converting sales into actual cash receipts from urology practices.
As indicated by the reported figures, URGN maintains a very low capital intensity, with CapEx/Revenue ratios consistently below 1% over the last ten quarters, suggesting that the company's primary cash requirements are driven by operating expenses rather than heavy investment in physical manufacturing infrastructure.
While the low capital intensity is typical for a biotech firm, it implies that the company's cash burn is almost entirely driven by R&D and SG&A. This structure leaves little room for cost-cutting without directly impacting the company's ability to support its commercial launch or advance its clinical pipeline.
Quick answers to the most common questions about buying URGN stock.
UroGen Pharma Ltd. (URGN) generated $-162.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
UroGen Pharma Ltd. (URGN) reported negative free cash flow of $162.7M in 2025, indicating capital requirements exceeded cash from operations.
UroGen Pharma Ltd. (URGN) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.