UroGen Pharma Ltd. Q4 FY2025 earnings call

• Top priority is Zysturi's commercial launch in recurrent, low-grade, intermediate-risk, non-muscle-invasive bladder cancer, with early 2026 launch acceleration post-permanent J code.- Jalmito had $94M net product revenue in 2025.- UGN-103 showed compelling results in Phase III utopia trial, on track to submit NDA in 2026 for low-grade IR non-MIBC with potential FDA approval in 2027, and evaluating lifecycle management in other bladder cancer settings.- UGN-104 Phase III enrollment expected to complete by end of 2026.- Refinancing of debt facility strengthened balance sheet and financial flexibility.

Product Segments: Zesturi generated $15.8 million in 2025 revenue. Jalmito had net product revenue of $94 million in 2025. Zesturi revenue contribution: ~14.4% ($15.8M / $109.8M total revenue in 2025). Jalmito revenue contribution: ~85.6% ($94M / $109.8M).

• 2026 guidance for Jalmito net product revenue: $97 - $101M (3% - 7% growth vs 2025).- 2026 total company operating expenses: $240 - $250M, including non-cash share-based comp of $20 - $24M.- No formal sales guidance for Zesturi in 2026 yet, will provide when there's better visibility post-permanent J code.

Forward-looking statements subject to change based on current info, assumptions, expectations.- Risks detailed in earnings press release and SEC disclosure documents, including those related to commercialization, clinical trials, regulatory approvals, etc.

Q: Kelsey Goodwin asked about patient enrollment forms, benchmarking to Jalmito, and Zesturi guidance.

A: Chris mentioned need for better visibility post-permanent J code for Zesturi guidance; David said saw step-up in indicators post-J code, and February indicators surpassed Jalmito.- Q: Raghuram Selvaraju asked on repeat prescribers trend and UGN-103 market introduction.

A: David said steady growth in repeat prescribers with positive experience; Liz said UGN-103 planned to launch in early 2028 after approval.- Q: Michael Schmidt asked on Zesturi current use and UGN-103 lifecycle management.

A: David said Zesturi used for early recur, frequent recur, and unfit for surgery patients; Mark said UGN-103 expansion in adjuvant setting for intermediate and high-risk disease.- Q: Leland Gershel asked on Zesturi channel mix vs Jalmito and UGN-103 expansion.

A: David said Zesturi mix started to pivot to community setting; Mark said UGN-103 in BCG unresponsive high-grade disease and considering combinations.- Q: Paul Choi asked on Zesturi investment and capital allocation.

A: Liz said investing aggressively in Zesturi launch; Chris said refinance reduced cost of capital and provided financial flexibility, still disciplined in capital allocation.- Q: Aiden Usinov asked on Zesturi peak sales timing and UGN-501 RT-GL tech.

A: Chris said roughly four-year ramp to peak for Zesturi; Mark said UGN-501 aqueous-based preparation with activating agent under investigation for dwell time