URGNUroGen Pharma Ltd.

Pharmaceutical Preparations

Revenue: $110M; 21% YoY
Operating margin: -113.7%; 6.2% YoY
EBITDA: −$125M; 29% YoY
Market cap: $1.6B
Employees: 150; $732K revenue each
Net debt / EBITDA: —; $121M net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
11% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$732K · 64th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 25th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$48M	$64M	$83M	$90M	$110M	21%
Operating income	−$92M	−$79M	−$66M	−$97M	−$125M	29%
Net income	−$111M	−$110M	−$102M	−$127M	−$153M	21%
Operating cash flow	−$85M	−$88M	−$76M	−$97M	−$162M	68%
Capex	$752K	$254K	$194K	$295K	$289K	2.0%
Stock-based comp	$23M	$11M	$9M	$13M	$12M	8.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 9, 2025	Monograph Capital Holdings Advisors, LLC	SCHEDULE 13D/A	1.8%	Passive
Nov 18, 2024	Pontifax Management III G.P. (2011) Ltd.	SC 13D/A	4.4%	Passive
Feb 22, 2024	Arkin Moshe	SC 13D/A	4.4%	Passive
Aug 4, 2023	Monograph Capital Holdings Advisors, LLC	SC 13D	5.1%	Passive
Feb 12, 2020	Arkin Moshe	SC 13D/A	6.5%	Passive
Jun 3, 2019	Arkin Moshe	SC 13D/A	6.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 15
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$12M	264	—
FY2024	$4M	$2M	120	—
FY2023	$5M	$6M	169	—