0001437749-25-033468 | 10-Q | XBRL Viewer

Debt Disclosure [Text Block]

Note 10 – Long-Term Debt

On March 7, 2022, the Company entered into a loan agreement with Pharmakon for a senior secured term loan of up to $100 million in two tranches. The first tranche of $75 million was funded in March 2022. The second tranche of $25 million was funded in December 2022.

On June 29, 2023, the loan agreement with Pharmakon was amended to replace the benchmark governing the interest rate with a rate based on the secured overnight financing rate ("SOFR") published by the Federal Reserve Bank of New York. Effective July 2023, the loan accrued interest using a benchmark rate of three-month SOFR plus 8.25% plus an additional adjustment of 0.26161%.

On March 13, 2024, the Company entered into an amended and restated loan agreement with Pharmakon for an additional third and fourth tranche of senior secured loan. The third tranche of $25.0 million was funded in September 2024. The fourth tranche of $75.0 million became available at the Company's option no later than August 29, 2025, based upon having received FDA approval of a new drug application (“NDA”) for Zusduri by June 30, 2025. The Company did not draw down the fourth tranche.

Under the amended and restated loan agreement, all outstanding loans with Pharmakon accrue interest using a benchmark rate of three-month SOFR plus 7.25% plus an additional adjustment of 0.26161%. Per the terms of the agreement, the Company received a one-year extension on the repayment period for all outstanding loans following the FDA's approval of the NDA for Zusduri. All outstanding principal will be required to be repaid in four equal quarterly installments commencing in the second quarter of 2027. All outstanding loans with Pharmakon can be prepaid in whole at the Company's discretion, at any time, subject to prepayment premiums and make-whole amounts. The Company is not required to maintain any financial covenants.

The Company incurred financing expenses of $4.2 million related to the first and second tranches funded in 2022, and $0.5 million related to the third tranche funded in 2024, which are recognized as a direct offset to the long-term debt on the Company's condensed consolidated balance sheets. These debt issuance costs are amortized over the term of the debt using the effective interest method, and are recorded in the condensed consolidated statements of operations as "Interest expense".

The following table shows the activity with respect to the carrying value of the long-term debt, in thousands:

Carrying value of Pharmakon loan as of December 31, 2023	$	98,551
Third tranche of Pharmakon loan		25,000
Capitalized costs and discounts		(512	)
Interest expense		12,521
Amounts paid		(13,826	)
Carrying value of Pharmakon loan as of December 31, 2024		121,734
Interest expense		11,573
Amounts paid		(11,196	)
Carrying value of Pharmakon loan as of September 30, 2025	$	122,111

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Research and development expenses

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 90,039	$ 171,987
Marketable securities	36,994	64,698
Restricted cash	1,347	1,076
Accounts receivable, net	19,703	20,302
Inventories	8,341	9,227
Prepaid expenses and other current assets	12,122	8,845
Total current assets	168,546	276,135
Non-current assets:
Property and equipment, net	695	655
Restricted deposit	177	176
Right-of-Use Assets, Operating and Finance Leases	8,489	3,134
Marketable securities	380	5,022
Other non-current assets	6,759	589
Total Assets	185,046	285,711
Liabilities, Current [Abstract]
Accounts payable and accrued expenses	26,173	27,431
Employee related accrued expenses	11,114	10,570
Other Liabilities, Current	4,957	7,948
Total current liabilities:	42,244	45,949
Liabilities, Noncurrent [Abstract]
Prepaid forward obligation	126,067	121,387
Long-term debt	122,111	121,734
Lease, Liabilities, Noncurrent	6,241	1,653
Uncertain tax positions liability	3,791	3,791
Total Liabilities	300,454	294,514
Commitments and Contingencies (Note 19)
Shareholders' Deficit:
Ordinary shares, NIS 0.01 par value, 100,000,000 shares authorized at September 30, 2025 and December 31, 2024; 46,781,211 and 42,231,746 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	128	115
Additional paid-in capital	817,793	797,248
Accumulated deficit	(933,352)	(806,222)
Accumulated other comprehensive income	23	56
Total Shareholders' Deficit	(115,408)	(8,803)
Total Liabilities and Shareholders' Deficit	$ 185,046	$ 285,711

Note 20 - Segment Reporting - Segment Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Acquisitions of IPR&D

$ 3,128

$ 0

$ 14,008

$ 11,355

52,793

42,251

Total selling, general and administrative expenses

37,582

28,941

115,748

86,296

Operating Segments [Member] | Research and Development Expense [Member]

R&D project materials & services

8,914

6,772

33,623

28,112

Acquisitions of IPR&D

3,128

Employee compensation

4,185

3,758

13,310

11,458

Rent, office, utilities & technology

691

646

2,280

2,260

Other expenses

218

179

452

421

Operating Segments [Member] | Selling, General and Administrative Expenses [Member]

Employee compensation

19,717

15,873

57,408

43,791

Rent, office, utilities & technology

1,331

874

3,659

2,399

Commercial & medical affairs services

6,681

5,304

25,752

17,975

Professional services

3,989

3,131

10,337

9,505

Travel, meetings & conferences

3,970

2,917

13,244

9,988

Other expenses (1)

^[1]

$ 1,894

$ 842

$ 5,348

$ 2,638

[1]	Other expenses primarily consist of insurance, sponsorship, grants, other fees and taxes.

Note 20 - Segment Reporting (Details Textual)	9 Months Ended
Note 20 - Segment Reporting (Details Textual)	Sep. 30, 2025
Number of Operating Segments	1
Number of Reportable Segments	1

Note 6 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Marketable securities	$ 37,374
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Marketable securities	2,881
Corporate Debt Securities [Member]
Marketable securities	6,378
US Government Agencies Debt Securities [Member]
Marketable securities	24,024
Certificates of Deposit [Member]
Marketable securities	4,091
Money Market Funds [Member]
Cash equivalents, fair value	2,569
Cash equivalents, fair value	2,569
Commercial Paper [Member]
Cash equivalents, fair value	12,566
Cash equivalents, fair value	12,566
Fair Value, Recurring [Member]
Marketable securities	37,374	$ 69,720
Total assets at fair value	63,813	110,728
Fair Value, Recurring [Member] \| US Treasury Securities [Member]
Cash equivalents, fair value	11,304
Marketable securities		26,053
Cash equivalents, fair value	11,304
Fair Value, Recurring [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Cash equivalents, fair value	12,566
Marketable securities	2,881
Cash equivalents, fair value	12,566
Fair Value, Recurring [Member] \| Corporate Debt Securities [Member]
Marketable securities	6,378	14,980
Fair Value, Recurring [Member] \| Cash and Cash Equivalents 1 [Member]
Cash equivalents, fair value	26,439
Cash equivalents, fair value	26,439
Fair Value, Recurring [Member] \| US Government Agencies Debt Securities [Member]
Marketable securities	24,024
Fair Value, Recurring [Member] \| Certificates of Deposit [Member]
Marketable securities	4,091	2,065
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Marketable securities	24,024	26,053
Total assets at fair value	37,897	67,061
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Cash equivalents, fair value	11,304
Marketable securities		26,053
Cash equivalents, fair value	11,304
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Cash equivalents, fair value	0
Marketable securities	0	0
Cash equivalents, fair value	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Marketable securities	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Cash and Cash Equivalents 1 [Member]
Cash equivalents, fair value	13,873
Cash equivalents, fair value	13,873
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Marketable securities	24,024
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Certificates of Deposit [Member]
Marketable securities	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Marketable securities	13,350	43,667
Total assets at fair value	25,916	43,667
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Cash equivalents, fair value	0
Marketable securities		0
Cash equivalents, fair value	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Cash equivalents, fair value	12,566
Marketable securities	2,881	26,622
Cash equivalents, fair value	12,566
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Marketable securities	6,378	14,980
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Cash and Cash Equivalents 1 [Member]
Cash equivalents, fair value	12,566
Cash equivalents, fair value	12,566
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US Government Agencies Debt Securities [Member]
Marketable securities	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Certificates of Deposit [Member]
Marketable securities	4,091	2,065
Fair Value, Recurring [Member] \| Money Market Funds [Member]
Cash equivalents, fair value	2,569	41,008
Cash equivalents, fair value	2,569	41,008
Fair Value, Recurring [Member] \| Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash equivalents, fair value	2,569	41,008
Cash equivalents, fair value	2,569	41,008
Fair Value, Recurring [Member] \| Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash equivalents, fair value	0	0
Cash equivalents, fair value	$ 0	0
Fair Value, Recurring [Member] \| Commercial Paper [Member]
Marketable securities		$ 26,622

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - ₪ / shares	Sep. 30, 2025	Dec. 31, 2024
Ordinary shares, par value (in ILS per share)	₪ 0.01	₪ 0.01
Ordinary shares, authorized (in shares)	100,000,000	100,000,000
Ordinary shares, issued (in shares)	46,781,211	42,231,746
Ordinary shares, outstanding (in shares)	46,781,211	42,231,746

Note 10 - Long-term Debt - Long Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Interest expense	$ 3,373	$ 2,721	$ 11,573	$ 8,629
Interest expense	3,373	$ 2,721	11,573	$ 8,629
Pharmakon Loan [Member]
Carrying value of Pharmakon loan	122,111		122,111		$ 121,734	$ 98,551
Third tranche of Pharmakon loan					25,000
Capitalized costs and discounts					(512)
Interest expense			11,573		12,521
Amounts paid	$ (11,196)		(11,196)		(13,826)
Interest expense			$ 11,573		$ 12,521

Note 22 - Selected Unaudited Quarterly Financial Data

9 Months Ended

Sep. 30, 2025

Quarterly Financial Information [Text Block]

Note 22 – Selected Unaudited Quarterly Financial Data

Certain unaudited selected quarterly financial results for the three and nine months ended September 30, 2025 are presented as follows:

	*For the Three Months Ended September 30, 2024*			*For the Nine Months Ended September 30, 2024*
Revenue	$	25,204		$	65,833
Gross profit	$	22,751		$	59,423
Net loss	$	(23,673	)	$	(89,362	)
Weighted-average number of ordinary shares ⁽¹⁾		46,779,637			41,476,892
Basic and diluted loss per ordinary share ⁽¹⁾	$	(0.51	)	$	(2.15	)

⁽¹⁾ The loss per share, both basic and diluted, for the third quarter of 2024 was revised to record an immaterial correction to the amounts originally reported in the September 30, 2024 Form 10-Q filed on November 6, 2024 by incorporating the 3,679,400 shares of pre-funded warrants outstanding as of the reporting period, which were not included in the previous calculations and are now reflected in the weighted average shares outstanding.

Note 11 - Leases (Details Textual) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
Note 11 - Leases (Details Textual) - USD ($) $ in Thousands	Oct. 31, 2020	Sep. 30, 2025	Sep. 30, 2024	Nov. 29, 2019
Lessee, Operating Lease, Liability, to be Paid		$ 4,111	$ 1,097
Operating Lease, Impairment Loss		0
Operating Lease, Liability		3,103	$ 1,037
Finance Lease, Liability, to be Paid		5,966
Company Offices in Israel [Member]
Lessee, Operating Lease, Liability, to be Paid		900
Lease Agreement for Office in Los Angeles, California [Member] \| UroGen Pharma Inc. [Member]
Operating Lease, Impairment Loss	$ 200
Lease Agreement for Office in Princeton, New Jersey [Member] \| UroGen Pharma Inc. [Member]
Lessee, Operating Lease, Term of Contract (Month)				38 months
Operating Lease, Liability		$ 3,200

Note 11 - Leases - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Financing cash flows from finance leases	$ 2,030	$ 0
Operating cash flows from operating leases	670	714
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 4,007	$ 0
Weighted-average remaining lease term of finance leases (in years) (Year)	3 years 4 months 24 days
Weighted-average remaining lease term of operating leases (Year)	4 years 10 months 2 days	1 year 3 months 3 days
Weighted-average discount rate of finance leases	13.82%	0.00%
Weighted-average discount rate of operating leases	11.77%	10.26%

Note 8 - Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Table Text Block]

	*September 30,*			*December 31,*
	*2025*			*2024*
Laboratory equipment	$	504		$	473
Computer equipment and software		2,783			2,542
Furniture		612			612
Leasehold improvements		626			626
Manufacturing equipment		683			683
		5,208			4,936
Less: accumulated depreciation and amortization		(4,513	)		(4,281	)
Property and equipment, net	$	695		$	655

Note 8 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property and equipment, gross	$ 5,208	$ 4,936
Less: accumulated depreciation and amortization	(4,513)	(4,281)
Property and equipment, net	695	655
Laboratory Equipment [Member]
Property and equipment, gross	504	473
Computers and Software [Member]
Property and equipment, gross	2,783	2,542
Furniture [Member[
Property and equipment, gross	612	612
Leasehold Improvements [Member]
Property and equipment, gross	626	626
Manufacturing Equipment [Member]
Property and equipment, gross	$ 683	$ 683

Note 22 - Selected Unaudited Quarterly Financial Data (Tables)

9 Months Ended

Sep. 30, 2025

Quarterly Financial Information [Table Text Block]

	*For the Three Months Ended September 30, 2024*			*For the Nine Months Ended September 30, 2024*
Revenue	$	25,204		$	65,833
Gross profit	$	22,751		$	59,423
Net loss	$	(23,673	)	$	(89,362	)
Weighted-average number of ordinary shares ⁽¹⁾		46,779,637			41,476,892
Basic and diluted loss per ordinary share ⁽¹⁾	$	(0.51	)	$	(2.15	)

Note 4 - Other Financial Information

9 Months Ended

Sep. 30, 2025

Other Financial Information [Text Block]

Note 4 – Other Financial Information

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):

	*September 30,*		*December 31,*
	*2025*		*2024*
Accounts payable	$	10,279	$	10,931
Accrued sales reserves		7,700		5,151
Accrued clinical expenses		1,892		2,027
Accrued research and development expenses		737		2,173
Accrued selling, general and administrative expenses		4,414		6,000
Accrued other expenses		1,151		1,149
Total accounts payable and accrued expenses	$	26,173	$	27,431

Interest and Other Income, Net

Interest and other income, net consisted of the following for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2025*			*2024*			*2025*			*2024*
Interest income	$	1,176		$	2,757		$	5,057		$	6,089
Other loss, net		(197	)		(158	)		(665	)		(167	)
Total interest and other income, net	$	979		$	2,599		$	4,392		$	5,922

Note 5 - Inventories (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Inventory, Current [Table Text Block]

	*September 30,*		*December 31,*
	*2025*		*2024*
Raw materials ⁽¹⁾	$	4,759	$	4,924
Finished goods		3,582		4,522
Total inventories	$	8,341	$	9,446

Note 13 - License and Collaboration Agreements

9 Months Ended

Sep. 30, 2025

Collaborative Arrangement Disclosure [Text Block]

Note 13 – License and Collaboration Agreements

Agenus Agreement

In November 2019, the Company entered into a license agreement with Agenus Inc. ("Agenus"), pursuant to which Agenus granted to the Company an exclusive, worldwide (not including Argentina, Brazil, Chile, Colombia, Peru, Venezuela and their respective territories and possessions), royalty-bearing, sublicensable license under Agenus’s intellectual property rights to develop, make, use, sell, import, and otherwise commercialize products incorporating a proprietary monoclonal antibody of Agenus known as AGEN1884 (zalifrelimab), an anti-CTLA-4 antagonist, for the treatment of cancers of the urinary tract via intravesical delivery. UGN-301 is a formulation of zalifrelimab administered using RTGel technology that is in Phase 1 clinical development for high-grade non-muscle invasive bladder cancer ("high-grade NMIBC"). See Note 21 for further discussion related to the Agenus agreement.

Note 11 - Leases

9 Months Ended

Sep. 30, 2025

Lessee, Operating Leases [Text Block]

Note 11 – Leases

Operating Leases

The Company had the following office and laboratory facility leases during the periods covered by this report:

•

In April 2016, UPL signed an addendum to its November 2014 lease agreement for the Company’s offices located in Israel, in order to increase the office space rented and to extend the rent period for an additional three years until August 2022. In July 2022, the Company signed a lease extension agreement for the Company’s offices located in Israel, extending the term of the lease through September 2025, and, effective as of June 2025, was renewed through September 2028. The Company's remaining contractual obligation under this lease is approximately $0.9 million as of September 30, 2025.

•

In April 2018, UPI entered into a new lease agreement for an office in Los Angeles, California. The lease commencement date was July 10, 2018 and terminated in March 2024. The landlord provided a tenant allowance for leasehold improvements of $0.2 million that was accounted for as a lease incentive. In November 2019, UPI entered into a sublease for this office space, with a lease commencement date of January 1, 2020 which continued until the end of the lease term in March 2024. The subtenants exercised their early access clause and moved into the premises at the end of November 2019. The Company accounted for the sublease as an operating lease in accordance with ASC 842.

•

In November 2019, UPI entered into a new lease agreement for an office in Princeton, New Jersey, which the Company now uses as its headquarters. The lease commencement date was November 29, 2019 with an original lease term of 38 months, expiring January 31, 2023. In June 2022, the Company signed a lease extension for the Princeton office, extending the term of the lease through January 31, 2026. In August 2025, the Company signed an additional lease extension for the Princeton office, extending the term of the lease through April 30, 2031. The Company concluded that the lease renewal option in the agreement is not reasonably certain to be exercised. The modification did not result in a separate lease under ASC 842. As a result, the Company remeasured its lease liability and corresponding right-of-use asset using its incremental borrowing rate at the modification date. The Company’s remaining contractual obligation under this lease is approximately $3.2 million as of September 30, 2025.

Finance Leases

•

In July 2024, UPI entered into a new master lease agreement for vehicles, primarily for use by employees in sales, field services, and roles that require regular travel. Under the terms of the master lease agreement, the Company will lease various vehicles from time to time with an initial lease term of 48 months commencing on the delivery date of the vehicle with an option to continue month-to-month for an unlimited period of time. Lease payments are fixed, with payments due monthly in advance, and include charges for depreciation, maintenance, and other related services. At the end of each lease term, the Company is required to make a terminal rental adjustment based on the difference between the vehicle’s contractual book value and its estimated wholesale value, which may result in additional payments or refunds. The Company may also be required to pay additional rent if the vehicle exceeds certain mileage limits or shows abnormal wear and tear during the lease term. The Company’s remaining contractual obligation relating to the leases entered into under this master agreement is approximately $6.0 million as of September 30, 2025.

In addition, the Company has other operating office equipment and vehicle leases. The Company’s operating leases may require minimum rent payments, contingent rent payments adjusted periodically for inflation, or rent payments equal to the greater of a minimum rent or contingent rent. The Company’s leases do not contain any residual value guarantees or material restrictive covenants. The Company’s leases expire at various dates from 2026 through 2031, with varying renewal and termination options.

The components of lease cost for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Finance lease cost:
Amortization of right-of-use assets	$	382	$	—	$	901	$	—
Interest on lease liabilities		163		—		396		—
Operating lease cost		321		225		773		675
Sublease income		—		—		—		(42	)
Variable lease cost		18		14		47		57
	$	884	$	239	$	2,117	$	690

The amounts recognized as of September 30, 2025 and December 31, 2024 were as follows (in thousands):

	*September 30,*		*December 31,*
	*2025*		*2024*
Finance lease right-of-use assets	$	5,391	$	2,285
Operating lease right-of-use assets		3,098		849
Finance long-term lease liabilities		3,567		1,595
Operating long-term lease liabilities		2,674		58
Other current liabilities related to finance leases		1,159		745
Other current liabilities related to operating leases		429		785

As of September 30, 2025, no impairment losses have been recognized.

Supplemental information related to leases for the nine months ended September 30, 2025 and 2024 is as follows (in thousands, except for lease terms and discount rate amounts):

	*Nine Months Ended*
	*September 30,*
	*2025*			*2024*
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	2,030		$	—
Operating cash flows from operating leases	$	670		$	714
Right-of-use assets obtained in exchange for new finance lease liabilities	$	4,007		$	—
Weighted-average remaining lease term of finance leases (in years)		3.40			—
Weighted-average remaining lease term of operating leases (in years)		4.84			1.26
Weighted-average discount rate of finance leases		13.82	%		—
Weighted-average discount rate of operating leases		11.77	%		10.26	%

As of September 30, 2025, maturities of lease liabilities were as follows (in thousands):

	*Finance Leases*
Years ending December 31,
Remainder of 2025	$	435
2026		1,741
2027		1,741
2028		1,716
2029 and there after		333
Total future minimum lease payments		5,966
Less: Interest		(1,240	)
Present value of lease liabilities	$	4,726

	*Operating*
	*Leases*
Years ending December 31,
Remainder of 2025	$	234
2026		747
2027		887
2028		821
2029		603
2030 and there after		819
Total future minimum lease payments		4,111
Less: Interest		(1,008	)
Present value of lease liabilities	$	3,103

As of September 30, 2024, maturities of lease liabilities were as follows (in thousands):

	*Operating*
	*Leases*
Years ending December 31,
Remainder of 2024	$	219
2025		820
2026		58
Total future minimum lease payments		1,097
Less: Interest		(60	)
Present value of lease liabilities	$	1,037

Note 7 - Investments - Fair Values of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Maturities within one year	$ 63,433	$ 105,706
Maturities after one year through three years	380	5,022
Total investments	$ 63,813	$ 110,728

Note 5 - Inventories - Inventories (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Raw materials

^[1]

$ 4,759

$ 4,924

Finished goods

3,582

4,522

Total inventories

$ 8,341

$ 9,446

[1]

$0.2 million of raw materials are included within other non-current assets on the condensed consolidated balance sheets at December 31, 2024. These raw materials are not expected to be manufactured and sold within the next 12 months. Changes in non-current inventories are reflected on the condensed consolidated statements of cash flows within the caption of other non-current assets. No raw materials were included as other non-current assets on the condensed consolidated balance sheets at September 30, 2025.

Note 12 - Revenue From Product Sales - Net Product Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue	$ 27,482	$ 25,204	$ 71,951	$ 65,833
Jelmyto [Member]
Revenue	25,703	25,204	70,172	65,833
Zusduri [Member]
Revenue	$ 1,779	$ 0	$ 1,779	$ 0

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

Note 16 - Share-based Compensation - Effect of Share-based Compensation on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based compensation	$ 3,027	$ 3,489	$ 8,829	$ 9,805
Research and Development Expense [Member]
Share-based compensation	726	579	1,776	1,691
Selling, General and Administrative Expenses [Member]
Share-based compensation	$ 2,301	$ 2,910	$ 7,053	$ 8,114

Note 10 - Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Long-Term Debt Instruments [Table Text Block]

Carrying value of Pharmakon loan as of December 31, 2023	$	98,551
Third tranche of Pharmakon loan		25,000
Capitalized costs and discounts		(512	)
Interest expense		12,521
Amounts paid		(13,826	)
Carrying value of Pharmakon loan as of December 31, 2024		121,734
Interest expense		11,573
Amounts paid		(11,196	)
Carrying value of Pharmakon loan as of September 30, 2025	$	122,111

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Note 2 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Retained Earnings (Accumulated Deficit)	$ (933,352)	$ (806,222)

Amount of accumulated undistributed earnings (deficit).

Note 9 - Prepaid Forward Obligation (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Activity in the Carrying Value of the Prepaid Forward Liability [Table Text Block]

Carrying value of prepaid forward obligation as of December 31, 2023	$	109,722
Financing on prepaid forward obligation		23,411
Amounts paid and payable ⁽¹⁾		(11,746	)
Carrying value of prepaid forward obligation as of December 31, 2024		121,387
Financing on prepaid forward obligation		13,848
Amountspaid and payable ⁽¹⁾		(9,168	)
Carrying value of prepaid forward obligation as of September 30, 2025	$	126,067

Note 3 - Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment, Useful Life [Table Text Block]

		*Useful Lives*
Computers and software		3
Laboratory equipment		3 - 6.5
Furniture		5 - 16.5
Manufacturing equipment		2 - 10

Note 7 - Investments (Details Textual) $ in Millions	Sep. 30, 2025 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 45.1
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	16

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows From Operating Activities
Net loss	$ (127,130)	$ (89,362)
Adjustment to reconcile net loss to net cash from operating activities:
Depreciation and amortization	232	261
Accrued financing on prepaid forward obligation	1,595	9,013
Accretion on marketable securities	(1,800)	(1,555)
Share-based compensation	8,829	9,805
Amortization (accretion) of discount on long-term debt	377	(1,330)
Amortization of right of use assets	1,500	619
Acquisitions of IPR&D	3,128	0
Changes in operating assets and liabilities:
Inventory	886	(1,921)
Accounts receivable, net	599	(7,359)
Prepaid expenses and other current assets	(3,277)	(3,772)
Other non-current assets	(6,170)	1,668
Accounts payable and accrued expenses	(1,258)	3,147
Employee related accrued expenses	544	(1,785)
Other current liabilities	(201)	0
Lease liabilities	(1,972)	(626)
Restricted deposit	(1)	50
Net cash used in operating activities	(124,119)	(83,147)
Cash Flows From Investing Activities
Purchases of marketable securities	(76,861)	(118,794)
Maturities of marketable securities	110,974	37,740
Purchases of property and equipment	(272)	(180)
Net cash provided by investing activities	33,841	(81,234)
Cash Flows From Financing Activities
Proceeds from exercise of options into ordinary shares	629	250
Proceeds from pre-funded warrant issuance, net of issuance costs	3	18,641
Proceeds from ordinary shares issuances, net of issuance costs	7,970	151,169
Net cash provided by financing activities	8,602	194,548
Increase (Decrease) in Cash and Cash Equivalents	(81,676)	30,167
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	173,062	95,822
Cash, Cash Equivalents and Restricted Cash at End of Period	91,386	125,989
Proceeds from issuance of long-term debt	0	24,488
Supplemental Disclosures of Non-Cash Activities
Right of use assets obtained in exchange for new operating lease liabilities	6,856	0
Acquisitions of IPR&D	$ 3,128	$ 0

Note 17 - Income Taxes (Details Textual) $ in Millions	3 Months Ended
Note 17 - Income Taxes (Details Textual) $ in Millions	Sep. 30, 2025 USD ($)
Unrecognized Tax Benefits	$ 3.8
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	1.8
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	1.4
Income Tax Rate Reconciliation, OBBA, Amount	$ (1.1)

Note 2 - Basis of Presentation

9 Months Ended

Sep. 30, 2025

Basis of Accounting [Text Block]

Note 2 – Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals and adjustments) necessary for fair statement of its financial position, results of operations and cash flows of the Company at the dates and for the periods indicated. Interim results are not necessarily indicative of results for the full fiscal year. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (“SEC”) on March 10, 2025.

The Company has experienced net losses since its inception and had an accumulated deficit of $933.4 million and $806.2 million as of September 30, 2025 and December 31, 2024, respectively. The Company expects to incur losses and have negative net cash flows from operating activities as it executes its strategy, including the commercial launch of Zusduri, the continued commercialization of Jelmyto, and engaging in further research and development activities. The success of the Company depends on its ability to successfully commercialize its technologies to support its operations and strategic plan.

In accordance with the accounting guidance related to the presentation of financial statements, management evaluates whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for the next 12 months from the date the financial statements are issued. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, and do not include any adjustments relating to the carrying amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. The Company’s ability to continue as a going concern is expected to be impacted by its ability to produce cash inflows from Jelmyto and Zusduri product sales, the rate of physician and patient adoption of Zusduri and the Company's ability to raise additional capital to fund its operations in the future.

Based on the Company's cash and cash equivalents and marketable securities as of September 30, 2025, together with management’s cash flow projections, the Company believes that it has sufficient cash and cash equivalents to fund its operations beyond one year from the issuance of these financial statements. If the Company is unable to generate sufficient cash inflows from Jelmyto and Zusduri product sales, the Company may need to raise additional capital in the future or reduce operating expenditures. There can be no assurances that the Company will be able to secure such additional financing on terms that are satisfactory to the Company, in an amount sufficient to meet the Company's needs, or at all. In the event the Company is not successful in obtaining sufficient funding, this could force the Company to delay, limit, reduce or terminate the Company's product development, commercialization efforts or other operations.

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2025 shares
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information. Trading Plans On August 15, 2025, our Chief Medical Officer, Mark Schoenberg, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, to sell up to 40,000 ordinary shares. The trading plan expires on November 18, 2026. Agenus License Agreement Termination In November 2025, we provided notice to terminate the license agreement with Agenus in connection with our decision to discontinue development of UGN- 301. Under the terms of the license agreement, following notice of termination, the agreement will terminate upon the later of (a) the expiration of a 180-day notice period; or (b) completion of all wind-down activities and delivery of all Agenus Improvements (as defined in the license agreement) to Agenus. We do not expect to incur any costs in connection with the termination of the agreement. Lease Extension On August 8, 2025, we entered into an amendment to our lease agreement, dated November 4, 2019, between us and Witman Properties, L.L.C. and Alexander Road at Davanne, L.L.C. (collectively, the “Landlord”). Pursuant to the amendment, we extended the expiration date of the lease from January 31, 2026 to April 30, 2031. Commencing with the extension term on February 1, 2026, our base rent will be approximately $0.6 million per year, or approximately $3.0 million in total during the extension term. The foregoing summary of the lease amendment is qualified in its entirety by reference to the lease amendment, a copy of which is filed as Exhibit 10.1 to this Quarterly Report.
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Mark Schoenberg [Member]
Trading Arrangements, by Individual [Table]
Trading Arrangement, Securities Aggregate Available Amount	40,000
Trading Arrangement Adoption Date	August 15, 2025
Trading Arrangement, Individual Title	Chief Medical Officer
Trading Arrangement, Individual Name	Mark Schoenberg
Rule 10b5-1 Arrangement Adopted [Flag]	true

Note 6 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

			*Fair Value Measurements Using*
			*Quoted Prices*		*Significant*
			*in Active*		*Other*
	*Balance as of*		*Markets for*		*Observable*
	*September 30,*		*Identical Assets*		*Inputs*
	*2025*		*(Level 1)*		*(Level 2)*
Assets:
Cash equivalents
Money market funds	$	2,569	$	2,569	$	—
U.S. government		11,304		11,304		—
Commercial paper		12,566		—		12,566
Total cash equivalents		26,439		13,873		12,566
Marketable securities
U.S. government		24,024		24,024		—
Corporate bonds		6,378		—		6,378
Commercial paper		2,881		—		2,881
Certificates of deposit		4,091		—		4,091
Total marketable securities		37,374		24,024		13,350
Total assets at fair value	$	63,813	$	37,897	$	25,916

			*Fair Value Measurements Using*
			*Quoted Prices*		*Significant*
			*in Active*		*Other*
	*Balance as of*		*Markets for*		*Observable*
	*December 31,*		*Identical Assets*		*Inputs*
	*2024*		*(Level 1)*		*(Level 2)*
Assets:
Cash equivalents
Money market funds	$	41,008	$	41,008	$	—
Marketable securities
U.S. government		26,053		26,053		—
Corporate bonds		14,980		—		14,980
Commercial paper		26,622		—		26,622
Certificates of deposit		2,065		—		2,065
Total marketable securities		69,720		26,053		43,667
Total assets at fair value	$	110,728	$	67,061	$	43,667

Note 15 - Shareholders' Equity

9 Months Ended

Sep. 30, 2025

Equity [Text Block]

Note 15 – Shareholders’ Equity

The Company had 100.0 million ordinary shares authorized for issuance as of September 30, 2025 and December 31, 2024. The Company had 46.8 million and 42.2 million ordinary shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. Each ordinary share is entitled to one vote. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available, when and if declared by the Board of Directors (the “Board”). Since the Company's inception, the Board has not declared any dividends.

ATM Sales Agreement

In December 2019, the Company entered into a sales agreement (the “ATM Sales Agreement”) with Cowen and Company, LLC (“Cowen”) pursuant to which the Company may from time to time offer and sell the Company's ordinary shares having an aggregate offering price of up to $100.0 million.

During the first quarter of 2024, the Company sold 3,400,468 ordinary shares under the ATM Sales Agreement, for gross proceeds of approximately $56.1 million. The net proceeds to the Company after deducting sales commissions to Cowen were approximately $54.7 million. During the third quarter of 2025, the Company sold 416,248 ordinary shares under the ATM Sales Agreement, for gross proceeds of approximately $8.2 million. The net proceeds to the Company after deducting sales commissions to Cowen were approximately $8.0 million. The remaining capacity under the ATM Sales Agreement was approximately $19.1 million as of September 30, 2025. The shares will be offered and sold pursuant to the Company's shelf registration statement on Form S-3 filed with the SEC on November 15, 2022, which was declared effective on November 29, 2022, or a subsequent shelf registration statement.

Securities Purchase Agreement

On July 26, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional and other accredited investors (the “Purchasers”), pursuant to which the Company agreed to sell and issue to the Purchasers 7,300,380 ordinary shares of the Company (“Shares”) and 5,278,776 of pre-funded warrants to purchase ordinary shares of the Company at a purchase price of $9.54 per Share or $9.539 for each ordinary share underlying a pre-funded warrant, in a private placement transaction that closed on July 28, 2023 and August 9, 2023 (the “Private Placement”) for aggregate gross proceeds of $120.0 million, before deducting fees to placement agents and financial advisors and before other expenses paid by the Company. Each pre-funded warrant has an exercise price of $0.001 per ordinary share, subject to customary adjustments, became exercisable upon original issuance and will not expire until exercised in full. The pre-funded warrants may not be exercised if the aggregate number of ordinary shares beneficially owned by the holder thereof immediately following such exercise would exceed a specified beneficial ownership limitation. The aggregate fee paid by the Company to placement agents and financial advisors was $3.6 million, plus the reimbursement of certain expenses.

Resales of the Shares and the ordinary shares issuable upon exercise of the pre-funded warrants were registered pursuant to the Company’s registration statement on Form S-3 (File No. 333-274423) filed with the SEC on September 8, 2023, which was declared effective on September 15, 2023.

On December 20, 2023, the Company issued 1,599,733 ordinary shares through a cashless exercise of 1,599,840 pre-funded warrants for the purchase of ordinary shares of the Company. On January 24, 2025, the Company issued 3,206,271 ordinary shares upon exercise of 3,206,271 pre-funded warrants for the purchase of ordinary shares of the Company. As of September 30, 2025, 472,665 pre-funded warrants from the Purchase Agreement remain outstanding.

Monograph Capital Partners I, L.P. (“Monograph”), a life sciences venture firm that is affiliated with Fred Cohen, M.D., purchased 1,572,327 of the Shares in the Private Placement, for an aggregate purchase price of $15.0 million. Dr. Cohen was a director of the Company and the Chair and Chief Investment Officer of Monograph at the time of purchase.

Underwritten Public Offering

On June 17, 2024, the Company entered into an underwriting agreement with TD Securities (USA) LLC and Guggenheim Securities, LLC, as representatives of the several underwriters named therein (collectively, the “Underwriters”), relating to the issuance and sale in a public offering of 5,000,000 ordinary shares of the Company for $17.50 per share and pre-funded warrants to purchase 1,142,857 ordinary shares of the Company for $17.499 per pre-funded warrant. The offering closed on June 20, 2024. The gross proceeds to the Company from this closing of the offering were $107.5 million, before deducting underwriting discounts and commissions and offering expenses paid by the Company of $7.3 million. Each pre-funded warrant has an exercise price of $0.001 per ordinary share, subject to customary adjustments, is exercisable at any time and will not expire until exercised in full. The pre-funded warrants may not be exercised if the aggregate number of ordinary shares beneficially owned by the holder thereof immediately following such exercise would exceed a specified beneficial ownership limitation. As of September 30, 2025, all 1,142,857 pre-funded warrants remain outstanding. In addition, the Underwriters were granted an option exercisable for 30 days, to purchase up to 921,428 additional shares at the public offering price, less the underwriting discounts and commissions. On July 18, 2024, the Company completed the closing of the sale of 921,428 additional shares in the offering following the exercise in full of the Underwriters’ option to purchase additional shares, which resulted in additional gross proceeds to the Company of $16.1 million before deducting underwriting discounts and commissions and offering expenses paid by the Company of $1.0 million.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Carrying value of prepaid forward obligation

Note 9 - Prepaid Forward Obligation - Activity in the Carrying Value of the Prepaid Forward Liability (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

$ 121,387

$ 109,722

Financing on prepaid forward obligation

$ 4,621

$ 5,915

13,848

$ 17,348

23,411

Amounts paid and payable

^[1]

(9,168)

(11,746)

Carrying value of prepaid forward obligation

$ 126,067

$ 121,387

[1]	$3.1 million and $6.5 million of the Amounts paid and payable are included as the current portion of the prepaid forward obligation within other current liabilities on the condensed consolidated balance sheets as of June 30, 2025, and December 31, 2024, respectively.

Note 11 - Leases - Amounts of Assets and Liabilities (Details) (Parentheticals)	Sep. 30, 2025	Dec. 31, 2024
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right-of-Use Assets, Operating and Finance Leases	Right-of-Use Assets, Operating and Finance Leases
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right-of-Use Assets, Operating and Finance Leases	Right-of-Use Assets, Operating and Finance Leases
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease, Liabilities, Noncurrent	Lease, Liabilities, Noncurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease, Liabilities, Noncurrent	Lease, Liabilities, Noncurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current

Note 9 - Prepaid Forward Obligation

9 Months Ended

Sep. 30, 2025

Prepaid Forward Obligation Disclosure [Text Block]

Note 9 – Prepaid Forward Obligation

In March 2021, the Company entered into a prepaid forward agreement with RTW Investments (“RTW”). Under the terms of the RTW Transaction, the Company received $75.0 million ($72.4 million net of transaction costs) to support the launch of Jelmyto and the development of Zusduri. In return for the transferred funds, RTW is entitled to receive tiered, future cash payments based on aggregate worldwide annual net product sales of Jelmyto and, subject to FDA approval, UGN-104, in an amount equal to: (i) 9.5% of annual net sales up to $200 million, (ii) 3.0% of annual net sales for annual net sales between $200 million and $300 million, and (iii) 1.0% of annual net sales for annual net sales above $300 million. If certain revenue thresholds for Jelmyto aggregate worldwide annual net sales are not met, the future cash payments to RTW with respect to Jelmyto annual net sales up to $200 million will increase by 3.5%, and may decrease back to 9.5% dependent on the Company meeting certain subsequent Jelmyto aggregate worldwide annual net sales thresholds. The rate in effect for the nine months ended September 30, 2025 for annual net sales up to $200 million was 13.0%. RTW is entitled to receive tiered, future cash payments based on aggregate worldwide annual net product sales of Zusduri and, subject to FDA approval, UGN-103, in an amount equal to: (i) 2.5% of annual net sales up to $200 million, (ii) 1.0% of annual net sales for annual net sales between $200 million and $300 million, and (iii) 0.5% of annual net sales for annual net sales above $300 million.

In accordance with the prepaid forward agreement, the Company will be required to make payments of amounts owed to RTW each calendar quarter, through and until the quarter in which the aggregate cash payments received by RTW are equal to or greater than $300 million. As of September 30, 2025, the cumulative amounts paid and payable by the Company were $44.0 million. As security for the payment and fulfilment of these amounts throughout the arrangement, the Company has granted RTW a first priority security interest in Jelmyto, Zusduri, UGN-103 and UGN-104, including the regulatory approvals, intellectual property, material agreements, proceeds and accounts receivable related to these products.

In May 2021, following the receipt of necessary regulatory approvals, the Company received the $75.0 million prepaid forward payment ($72.4 million net of transaction costs) from RTW and recognized an associated prepaid forward obligation liability. Each period the Company makes a payment to RTW, an expense is recognized related to financing on the prepaid forward obligation based on an imputed rate derived from the expected future payments. Management reassesses the effective rate each period based on the current carrying value of the obligation and the revised estimated future payments. Changes in future payments from previous estimates are included in future financing expenses. The Company is not contractually obligated, nor does it anticipate making any repayments of the original $75.0 million received to RTW in the next 12 months.

The following table shows the activity with respect to the carrying value of the prepaid forward liability for the year ended December 31, 2024 and for the nine months ended September 30, 2025, in thousands:

Carrying value of prepaid forward obligation as of December 31, 2023	$	109,722
Financing on prepaid forward obligation		23,411
Amounts paid and payable ⁽¹⁾		(11,746	)
Carrying value of prepaid forward obligation as of December 31, 2024		121,387
Financing on prepaid forward obligation		13,848
Amountspaid and payable ⁽¹⁾		(9,168	)
Carrying value of prepaid forward obligation as of September 30, 2025	$	126,067

⁽¹⁾ $3.4 million and $6.5 million of the Amounts paid and payable are included as the current portion of the prepaid forward obligation within other current liabilities on the condensed consolidated balance sheets as of September 30, 2025, and December 31, 2024, respectively.

Note 19 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Text Block]

Note 19 – Commitments and Contingencies

In the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers. Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities. The Company’s maximum exposure under these arrangements is unknown as of September 30, 2025 and December 31, 2024. The Company does not anticipate recognizing any significant losses relating to these arrangements.

On February 25, 2024, the Company received from Teva Pharmaceuticals, Inc. (“Teva”), a Paragraph IV Certification Notice Letter dated February 20, 2024, providing notification that Teva submitted an abbreviated new drug application ("ANDA") to the FDA seeking approval to manufacture, use or sell a generic version of Jelmyto. In the Notice Letter, Teva alleges that two of the patents listed in the FDA Orange Book for Jelmyto, U.S. Patent Numbers 9,040,074 and 9,950,069, each of which expires in January 2031, are invalid, unenforceable, or will not be infringed by Teva’s manufacture, use, or sale of the generic product described in its ANDA submission. On April 2, 2024, the Company filed a lawsuit in the U.S. District Court for the District of Delaware against Teva Pharmaceuticals, Inc., Teva Pharmaceuticals USA, Inc., and Teva Pharmaceutical Industries, Ltd., alleging infringement of U.S. Patent Numbers 9,040,074 and 9,950,069 and seeking a permanent injunction preventing U.S. market entry of Teva’s generic product prior to the expiry of such patents. The Company stipulated to the dismissal of Teva Pharmaceutical Industries, Ltd. without prejudice and the action continues against the other two Teva entities. On May 19, 2025, the Company filed an amended complaint in this action, adding U.S. Patent Number 12,268,745 to this patent-infringement litigation. By orders dated February 27, 2025 and June 26, 2025, the court approved the parties’ joint stipulation to remove the Markman hearing and any related claim-construction proceedings from the court’s calendar. Additionally, by the court’s order dated August 28, 2025, the parties stipulated that upon final approval of Teva’s ANDA, the commercial manufacture, use, sale, or offer for sale within the United States, or importation into the United States, of that product would infringe certain claims of the patents asserted in the action, thus narrowing the scope of the action to the validity of those certain patent claims.

This matter is scheduled for a bench trial in October 2026. If the Company is unsuccessful in securing the requested court relief, Jelmyto may be subject to immediate competition from an FDA approved generic product after regulatory exclusivity for Jelmyto expires in April 2027.

Leases

See Note 11 for further discussion regarding lease commitments.

Note 20 - Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*For the Three Months Ended September 30,*				*For the Nine Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
Research and development expenses
R&D project materials & services	$	8,914	$	6,772	$	33,623	$	28,112
Acquisitions of IPR&D		—		—		3,128		—
Employee compensation		4,185		3,758		13,310		11,458
Rent, office, utilities & technology		691		646		2,280		2,260
Other expenses		218		179		452		421
Total research and development expenses	$	14,008	$	11,355	$	52,793	$	42,251

Selling, general and administrative expenses
Employee compensation	$	19,717	$	15,873	$	57,408	$	43,791
Commercial & medical affairs services		6,681		5,304		25,752		17,975
Professional services		3,989		3,131		10,337		9,505
Travel, meetings & conferences		3,970		2,917		13,244		9,988
Rent, office, utilities & technology		1,331		874		3,659		2,399
Other expenses ⁽¹⁾		1,894		842		5,348		2,638
Total selling, general and administrative expenses	$	37,582	$	28,941	$	115,748	$	86,296

Note 20 - Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting Disclosure [Text Block]

Note 20 – Segment Reporting

The Company is engaged in the development and commercialization of innovative solutions for the treatment of urothelial and specialty cancers. The Company has a single operating segment and reportable segment focused on these business activities, and its operations are managed on a consolidated basis. The primary revenue source for the segment comes from sales of the Company’s approved products, Jelmyto and Zusduri, primarily conducted in the United States.

The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer (“CEO”). The CODM assesses performance and allocates resources based on net income or loss, which is the primary measure of performance, as reported in the condensed consolidated statements of operations and comprehensive loss. Additionally, net income or loss is used to monitor performance relative to budgeted targets and to evaluate financial performance in relation to the Company’s strategic goals. For additional information, refer to the condensed consolidated statements of operations and comprehensive loss for detailed measures of segment revenues, expenses, and profit or loss.

Information about significant segment expenses regularly provided to the CODM is as follows (in thousands):

	*For the Three Months Ended September 30,*				*For the Nine Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
Research and development expenses
R&D project materials & services	$	8,914	$	6,772	$	33,623	$	28,112
Acquisitions of IPR&D		—		—		3,128		—
Employee compensation		4,185		3,758		13,310		11,458
Rent, office, utilities & technology		691		646		2,280		2,260
Other expenses		218		179		452		421
Total research and development expenses	$	14,008	$	11,355	$	52,793	$	42,251

Selling, general and administrative expenses
Employee compensation	$	19,717	$	15,873	$	57,408	$	43,791
Commercial & medical affairs services		6,681		5,304		25,752		17,975
Professional services		3,989		3,131		10,337		9,505
Travel, meetings & conferences		3,970		2,917		13,244		9,988
Rent, office, utilities & technology		1,331		874		3,659		2,399
Other expenses ⁽¹⁾		1,894		842		5,348		2,638
Total selling, general and administrative expenses	$	37,582	$	28,941	$	115,748	$	86,296

(1) Other expenses primarily consist of insurance, sponsorship, grants, other fees and taxes.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Consolidation, Policy [Policy Text Block]

Note 11 - Leases - Maturities of Finance Lease Liabilities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Remainder of 2025	$ 435
2026	1,741
2027	1,741
2028	1,716
2029 and there after	333
Total future minimum finance lease payments	5,966
Less: Interest	(1,240)
Present value of lease liabilities	$ 4,726

Note 4 - Other Financial Information - Accounts Payable and Accrued Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts payable	$ 10,279	$ 10,931
Accrued sales reserves	7,700	5,151
Accrued clinical expenses	1,892	2,027
Accrued research and development expenses	737	2,173
Accrued selling, general and administrative expenses	4,414	6,000
Accrued other expenses	1,151	1,149
Total accounts payable and accrued expenses	$ 26,173	$ 27,431

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Principles of Consolidation

The Company's condensed consolidated financial statements include the accounts of UPL and its subsidiary, UPI. Intercompany balances and transactions have been eliminated during consolidation.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those estimates. As applicable to the unaudited condensed consolidated financial statements, the critical accounting estimates relate to the fair value of share-based compensation, measurement of revenue, estimate of uncertain tax positions, and measurement of liabilities accounted for under the interest method.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Functional Currency

The U.S. dollar (“Dollar”) is the currency of the primary economic environment in which the operations of the Company are conducted. Therefore, the functional currency of the Company is the Dollar.

Accordingly, transactions in currencies other than the Dollar are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the Dollar are measured using the official exchange rate at the balance sheet date. The effects of foreign currency re-measurements are recorded in the condensed consolidated statements of operations as “Interest and other income, net.”

Cash, Cash Equivalents and Marketable Securities Policy [Policy Text Block]

Cash and Cash Equivalents; Marketable Securities

The Company presents all highly liquid investments with an original maturity of three months or less when purchased as cash equivalents. Cash and cash equivalents generally consist of money market funds and bank money market accounts and are stated at cost, which approximates fair value.

Cash and cash equivalents and marketable securities totaled $127.4 million as of September 30, 2025. The Company accounts for its investments, which include cash equivalents and marketable securities, as available-for-sale in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 320, “Investments — Debt and Equity Securities”. Available-for-sale debt securities are carried at fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss) within the condensed consolidated statements of shareholders’ deficit. Realized gains and losses are recorded as a component of interest and other income, net. The cost of securities sold is based on the specific-identification method.

Certain short-term investments are valued using models or other valuation methodologies that use Level 2 inputs. These models are primarily industry-standard models that consider various assumptions, including time value, yield curve, volatility factors, default rates, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. The majority of these assumptions are observable in the marketplace, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.

For individual debt securities classified as available-for-sale securities where there has been a decline in fair value below amortized cost, the Company determines whether the decline resulted from a credit loss or other factors. The Company records impairment relating to credit losses through an allowance for credit losses, limited by the amount that the fair value is less than the amortized cost basis. Impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive income, net of applicable taxes.

Restricted cash is related primarily to cash held to secure corporate credit cards; restricted deposits are related to cash held to secure leases.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents and marketable securities. The primary objectives for the Company’s investment portfolio are the preservation of capital and the maintenance of liquidity. The Company does not enter into any investment transaction for trading or speculative purposes.

The Company’s investment policy limits investments to certain types of instruments such as certificates of deposit, money market instruments, obligations issued by the U.S. government and U.S. government agencies as well as corporate debt securities, and places restrictions on maturities and concentration by type and issuer. The Company maintains cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation and concentrated within a limited number of financial institutions. The accounts are monitored by management to mitigate the risk.

The Company’s accounts receivables are composed of net sales of Jelmyto and Zusduri arising from the Company's arrangements with two customers, both of which are third-party national specialty distributors. The Company assesses the need for an allowance for doubtful accounts primarily based on creditworthiness, historical payment experience and general economic conditions. The Company has not experienced any credit losses related to arrangements with customers and has not currently recognized any allowance for doubtful accounts.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company provides for income taxes based on pretax income, if any, and applicable tax rates available in the various jurisdictions in which it operates, including Israel and the United States. Deferred taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is recognized to the extent that it is more likely than not that the deferred taxes will not be realized in the foreseeable future.

The Company follows a two-step approach in recognizing and measuring uncertain tax positions. After concluding that a particular filing position can be recognized (i.e., has a more-likely-than-not chance of being sustained), ASC 740-10-30-7 requires that the amount of benefit recognized be measured using a methodology based on the concept of cumulative probability. Under this methodology, the amount of benefit recorded represents the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with a taxing authority that has full knowledge of all relevant information. See Note 17 for further discussion related to income taxes.

Inventory, Policy [Policy Text Block]

Inventory

The Company capitalizes inventory costs related to products to be sold in the ordinary course of business. The Company makes a determination of capitalizing inventory costs for a product based on, among other factors, status of regulatory approval, information regarding safety, efficacy and expectations relating to commercial sales and recoverability of costs. For both Jelmyto and Zusduri, the Company commenced capitalization of inventory at the receipt of FDA approval. Costs related to inventories that are not expected to be manufactured and sold within the next 12 months are classified as long-term assets and presented within "Other non-current assets" on the condensed consolidated balance sheets.

The Company values its inventory at the lower of cost or net realizable value. The Company measures inventory approximating actual cost under a first-in, first-out basis. The Company assesses recoverability of inventory each reporting period to determine any write down to net realizable value resulting from excess or obsolete inventories.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment are recorded at historical cost, net of accumulated depreciation, amortization and, if applicable, impairment charges. The Company reviews its property and equipment assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Property and equipment are depreciated over the following useful lives (in years):

		*Useful Lives*
Computers and software		3
Laboratory equipment		3 - 6.5
Furniture		5 - 16.5
Manufacturing equipment		2 - 10

Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or lease terms. See Note 8 for further discussion regarding property and equipment.

Prepaid Forward Obligation Policy [Policy Text Block]

Prepaid Forward Obligation

The Company is party to a transaction with RTW Investments (the “RTW Transaction”) in which the Company received funds to support the launch of Jelmyto and the development of Zusduri in return for tiered, future cash payments based on net sales of Jelmyto and Zusduri, and, subject to FDA approval, UGN-103 and UGN-104. The net proceeds received under the RTW Transaction were recognized as a long-term liability. The Company recognizes the current cash payable amounts under the arrangement within other current liabilities on the condensed consolidated balance sheets. The subsequent measurement for the liability follows the accounting principles defined in ASC Topic 835-30, “Imputation of Interest”. See Note 9 for further discussion related to the prepaid forward obligation.

Debt, Policy [Policy Text Block]

Long-Term Debt

The Company is party to a loan agreement with funds managed by Pharmakon Advisors, L.P. (“Pharmakon”). The Company recognizes interest expense in current earnings, and accrued interest within other current liabilities on the condensed consolidated balance sheets. The Company recognizes capitalized financing expenses as a direct offset to the long-term debt on the Company's condensed consolidated balance sheets, and amortizes them over the term of the debt using the effective interest method. See Note 10 for further discussion related to long-term debt.

Lessee, Leases [Policy Text Block]

Leases

The Company is a lessee in several noncancelable operating and finance leases, primarily for office space, office equipment and vehicles.

The Company accounts for leases in accordance with ASC Topic 842, “Leases.” The Company determines if an arrangement is a lease at inception. The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. Right-of-use (“ROU”) assets and lease liabilities are recognized based on the present value of lease payments over the lease term as of the commencement date. Certain adjustments to the ROU assets may be required for items such as initial direct costs paid or incentives received. Operating and finance lease ROU assets are presented as right-of-use assets on the condensed consolidated balance sheets. The current portion of lease liabilities is included in other current liabilities, and the long-term portion is presented separately as long-term lease liabilities on the condensed consolidated balance sheets.

Lease expense for operating leases is recognized on a straight-line basis over the lease term. For finance leases, the expense consists of interest on the lease liability and amortization of the ROU asset. Variable lease payments associated with the Company’s leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented as selling, general and administrative expenses in the condensed consolidated statements of operations. The Company has elected the practical expedient to not separate between lease and non-lease components.

The Company’s lease terms may include options to extend the lease. The lease extensions are included in the measurement of the ROU asset and lease liability when it is reasonably certain that it will exercise that option.

Because the implicit rates of return on the Company’s leases are not readily determinable, the Company uses an incremental borrowing rate, based on the information available at the commencement date, to determine the present value of lease payments on an individual lease basis. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms.

ROU assets for operating leases are periodically reviewed for impairment losses under ASC 360-10, “Property, Plant, and Equipment”, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize.

Revenue [Policy Text Block]

Revenue

Net revenue from product sales is recognized at the transaction price when the specialty distributors obtain control of the Company’s products, which occurs at a point in time when control is transferred either upon shipment or upon delivery of the product to the treating physician. All product sales of Jelmyto and Zusduri are recognized through the Company's arrangements with two customers as defined by ASC 606, both of which are third-party national specialty distributors. Net revenue recognized includes gross revenue and management’s estimate of returns, consideration paid to the customers, chargebacks relating to differences between the wholesale acquisition cost and the contracted price offered to the end consumer, chargebacks relating to 340B drug pricing programs and other government sponsored programs, Medicaid drug rebate programs, the Company’s copay assistance program, and Medicare refunds for discarded drug, which are estimated based on the contractual or statutory terms governing the arrangements and the Company’s historical experience.

Research and Development Expense, Policy [Policy Text Block]

Research and Development Expenses

Research and development costs are expensed as incurred and consist primarily of the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, subcontractors and materials used for research and development activities, including nonclinical studies, clinical trials, manufacturing costs and professional services. The costs of services performed by others in connection with the research and development activities of the Company, including research and development conducted by others on behalf of the Company, are included in research and development costs and expensed as the contracted work is performed. The Company accrues for costs incurred as the services are being provided by monitoring the status of the trial or project and the invoices received from its external service providers. The Company adjusts its accrual as actual costs become known. Where contingent milestone payments are due to third parties under research and development arrangements or license agreements, the milestone payment obligations are expensed when such development milestone results are achieved.

When a transaction accounted for as an asset acquisition includes in-process research and development (“IPR&D”), the IPR&D asset is only capitalized as an intangible asset if it is determined to have an alternative future use other than in a particular research and development project. Otherwise, acquired IPR&D is recognized as research and development expenses in the period the transaction is closed.

Selling, General and Administrative Expenses, Policy [Policy Text Block]

Selling, General and Administrative Expenses

Selling, general and administrative expenses consist primarily of personnel costs (including share-based compensation related to directors, employees and consultants). Other significant costs include commercial, medical affairs, external professional service costs, facility costs, accounting and audit services, legal services and other consulting fees. Selling, general and administrative costs are expensed as incurred, and the Company accrues for services provided by third parties related to the above expenses by monitoring the status of services provided and receiving estimates from its service providers and adjusting its accruals as actual costs become known.

Share-Based Payment Arrangement [Policy Text Block]

Share-Based Compensation

Share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the required service period, which is equal to the vesting period. For performance stock units (“PSUs”), cost is measured at the grant date based on the fair value of the award and is recognized over any relevant service period as expense when the achievement of the performance condition is probable. PSUs that include both a performance condition and a service condition are subject to graded vesting, and the related compensation cost is recognized on a straight-line basis over the requisite service period for each separately vesting tranche.

The fair value of options is determined using the Black-Scholes option-pricing model. The fair value of a restricted stock unit (“RSU”) or a PSU equals the closing price of the Company’s ordinary shares on the grant date.

The Company accounts for forfeitures as they occur in accordance with ASC Topic 718, “Compensation—Stock Compensation”. The Company elected to recognize compensation costs for awards conditioned only on continued service that have a graded vesting schedule using the straight-line method and to value the awards based on the single-option award approach.

Stockholders' Equity, Policy [Policy Text Block]

Pre-funded Warrants

The Company issued pre-funded warrants in connection with both a private placement transaction and a public offering transaction that are accounted for as a freestanding equity-linked financial instrument that meets the criteria for equity classification under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815, “Derivatives and Hedging.” Accordingly, the Company classifies the pre-funded warrants as a component of permanent shareholders’ equity within additional paid-in capital and records them at the applicable issuance date using a relative fair value allocation method. The Company valued the pre-funded warrants at the applicable issuance date, concluding that their sales price approximated their fair value, and allocated the net sales proceeds from the applicable equity transaction proportionately to the ordinary shares and pre-funded warrants.

Earnings Per Share, Policy [Policy Text Block]

Net Loss per Ordinary Share

Basic net loss per share is computed by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding. Diluted net loss per share is computed similarly to basic net loss per share except that the denominator is increased to include the number of additional ordinary shares that would have been outstanding if the potential ordinary shares had been issued and if the additional ordinary shares were dilutive.

For all periods presented, potentially dilutive securities are excluded from the computation of fully diluted loss per share as their effect is anti-dilutive.

The Company’s pre-funded warrants require the holder to pay nominal consideration to receive the Company’s ordinary shares and are therefore considered outstanding shares in determining basic and diluted earnings per share in accordance with ASC Topic 260, “Earnings per Share.”

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted or Issued Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. The Company will adopt ASU 2023-09 for the 2025 year-end and is currently evaluating the potential impact of the adoption on the Company’s financial disclosures. ASU 2023-09 allows for adoption using either a prospective or retrospective transition method.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"), which provides guidance to improve the disclosures about a public business entity’s expenses. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the potential impact of the adoption of ASU 2024-03 on the Company’s financial disclosures.

In July 2025, the FASB issued Accounting Standards Update No. 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which clarifies the application of the current expected credit losses (CECL) model under ASC 326 to current accounts receivable and contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. The guidance, which is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, and will be adopted prospectively, is intended to provide consistency in estimating expected credit losses for short-term receivables and contract assets. The Company does not expect the adoption of ASU 2025-05 to have a material impact on its consolidated financial position, results of operations, or cash flows as the Company’s trade receivables primarily arise from product sales recognized at a point in time and are due from two large, established customers, both of which are third-party national specialty distributors, with short payment terms.

The Company has reviewed other Accounting Standards Updates recently issued by the FASB, and determined that none of these pronouncements will have a significant impact on the Company's condensed consolidated financial statements and related disclosures.

Note 16 - Share-based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Text Block]

Note 16 – Share-Based Compensation

In October 2010, the Board approved a share option plan (the "2010 Plan") for grants to Company employees, consultants, directors, and other service providers. Subsequently, in March 2017, the Board adopted the 2017 Equity Incentive Plan (the "2017 Plan" and, together with the 2010 Plan, the "Plans"), which was approved by the shareholders in April 2017. The 2017 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, RSU awards, performance share awards, performance cash awards, and other forms of share awards to the Company's employees, directors and consultants.

The grant of options to Israeli employees under the Plans is subject to the terms stipulated by Section 102 of the Israeli Income Tax Ordinance (“Section 102”). The option grants are subject to the track chosen by the Company, either the “regular income” track or the “capital gains” track, as set out in Section 102. The Company registered the Plans under the capital gains track, which offers more favorable tax rates to the employees. As a result, and pursuant to the terms of Section 102, the Company is not allowed to claim as an expense for tax purposes the amounts credited to the employees in respect of options granted to them under the Plans, including amounts recorded as salary benefits in the Company’s accounts, with the exception of the work-income benefit component, if any, determined on grant date. For non-employees and for non-Israeli employees, the Plans are subject to Section 3(i) of the Israeli Income Tax Ordinance.

Employees are typically granted stock options and/or RSUs, upon commencement of employment. Also, eligible employees may receive an annual grant of options, RSUs and/or PSUs. Non-employee members of the Board typically receive a grant of stock options upon initial appointment to the Board, and/or stock options annually. The term of any option granted under the Plans cannot exceed 10 years. Options shall not have an exercise price less than 100% of the fair market value of the Company’s ordinary shares on the grant date, and generally vest over a period of three years. If the individual possesses more than 10% of the combined voting power of all classes of equity of the Company, the exercise price shall not be less than 110% of the fair market value of an ordinary share on the date of grant.

The Company’s RSU and option grants provide for accelerated or continued vesting in certain circumstances as defined in the Plans and related grant agreements, including a termination in connection with a change in control. RSUs generally vest in a 33% increment upon the first anniversary of grant, and in either equal quarterly or annual amounts for the two years following the one-year anniversary of the grant date. Options generally vest in a 33% increment upon the first anniversary of the grant date, and in either equal quarterly or annual amounts for the two years following the one-year anniversary of the grant date. The Company also grants PSUs to certain employees. The PSUs granted during 2023 vested upon U.S. regulatory approval of Zusduri. The PSUs granted in 2024 vested upon the achievement of the first commercial sale of Zusduri in the United States following receipt of U.S. regulatory approval. The PSUs granted in 2025 vest based on both performance and service conditions, with one-third of each award vesting upon the filing of financial statements reflecting the achievement of a net product sales target and with one-third vesting on January 31^st of each of the next two calendar years following such achievement, subject to continued service on each vesting date. In June 2024, the Company amended certain RSU and PSU awards granted to its chief executive officer to defer vesting until the end of 2025. The Company accounted for the modification as a Type I probable-to-probable modification under ASC 718. As the modification did not result in any incremental fair value at the modification date, the Company continues to recognize the original grant-date fair value ratably over the original service period or expected performance period.

The maximum number of ordinary shares that was initially authorized for issuance under the 2017 Plan was 1,400,000. On January 1, 2018, the share reserve increased by 250,167 shares to a total share reserve of 1,650,167 shares. On October 12, 2018, the Company increased the number of ordinary shares authorized for issuance under the 2017 Plan by 1,900,000 shares to a total share reserve of 3,550,167 shares. On June 8, 2020, the Company’s shareholders approved an increase to the number of ordinary shares authorized for issuance under the 2017 Plan by 400,000 shares to a total share reserve of 3,950,167 shares. On June 7, 2021, the Company’s shareholders approved an increase to the number of ordinary shares authorized for issuance under the 2017 Plan by 400,000 shares to a total share reserve of 4,350,167 shares. On June 8, 2022, the Company's shareholders approved an increase to the number of ordinary shares authorized for issuance under the 2017 Plan by 400,000 shares to a total share reserve of 4,750,167 shares. On September 7, 2023, the Company's shareholders approved an increase to the number of ordinary shares authorized for issuance under the 2017 Plan by 450,000 shares to a total share reserve of 5,200,167 shares. On August 6, 2024, the Company's shareholders approved an increase to the number of ordinary shares authorized for issuance under the 2017 Plan by 800,000 shares to a total share reserve of 6,000,167 shares. On August 26, 2025, the Company's shareholders approved an increase to the number of ordinary shares authorized for issuance under the 2017 Plan by 2,750,000 shares to a total share reserve of 8,750,167 shares.

In May 2019, the Company adopted the UroGen Pharma Ltd. 2019 Inducement Plan (the “Inducement Plan”). Under the Inducement Plan, the Company is authorized to issue up to 900,000 ordinary shares pursuant to inducement awards. The only persons eligible to receive grants under the Inducement Plan are individuals who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) and the related guidance under Nasdaq IM 5635-1, including individuals who were not previously an employee or director of the Company or are following a bona fide period of non-employment, in each case as an inducement material to such individual’s agreement to enter into employment with the Company. In December 2021, the Board approved an increase to the number of shares authorized for issuance under the Inducement Plan of 300,000 shares. In June 2024, the Board approved an increase to the number of shares authorized for issuance under the Inducement Plan of 600,000 shares to a total share reserve of 1,800,000 shares.

As of September 30, 2025, 4,483,063 ordinary shares are subject to outstanding awards under the Company's share-based compensation plans and 739,197 ordinary shares remain available for future awards.

The following table illustrates the effect of share-based compensation on the condensed consolidated statements of operations (in thousands):

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Research and development expenses	$	726	$	579	$	1,776	$	1,691
Selling, general and administrative expenses		2,301		2,910		7,053		8,114
Total share-based compensation expense	$	3,027	$	3,489	$	8,829	$	9,805

The total unrecognized compensation cost of options, RSUs and PSUs at September 30, 2025 is $17.6 million with a weighted average recognition period of 1.82 years.

Note 7 - Investments - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Cash equivalents	$ 90,039	$ 171,987
Amortized cost basis	37,349
Unrealized gains	26
Unrealized losses	(1)
Fair value	37,374
Unrealized gains	26
Total assets at fair value	63,790
Total assets at fair value, unrealized gains	26
Total assets at fair value, unrealized losses	(3)
Total assets at fair value, fair value	63,813
US Government Agencies Debt Securities [Member]
Amortized cost basis	24,025
Unrealized gains	0
Unrealized losses	(1)
Fair value	24,024
Unrealized gains	0
Corporate Debt Securities [Member]
Amortized cost basis	6,356
Unrealized gains	22
Unrealized losses	0
Fair value	6,378
Unrealized gains	22
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized cost basis	2,879
Unrealized gains	2
Unrealized losses	0
Fair value	2,881
Unrealized gains	2
Certificates of Deposit [Member]
Amortized cost basis	4,089
Unrealized gains	2
Unrealized losses	0
Fair value	4,091
Unrealized gains	2
Money Market Funds [Member]
Cash equivalents	2,569
Cash equivalents, unrealized gains	0
Cash equivalents, unrealized loss	0
Cash equivalents, fair value	2,569
US Government Corporations and Agencies Securities [Member]
Cash equivalents	11,305
Cash equivalents, unrealized gains	0
Cash equivalents, unrealized loss	(1)
Cash equivalents, fair value	11,304
Commercial Paper [Member]
Cash equivalents	12,567
Cash equivalents, unrealized gains	0
Cash equivalents, unrealized loss	(1)
Cash equivalents, fair value	12,566
Cash Equivalents [Member]
Cash equivalents	26,441
Cash equivalents, unrealized gains	0
Cash equivalents, unrealized loss	(2)
Cash equivalents, fair value	$ 26,439

Note 5 - Inventories

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Text Block]

Note 5 – Inventories

Inventories consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):

	*September 30,*		*December 31,*
	*2025*		*2024*
Raw materials ⁽¹⁾	$	4,759	$	4,924
Finished goods		3,582		4,522
Total inventories	$	8,341	$	9,446

⁽¹⁾ $0.2 million of raw materials are included within other non-current assets on the condensed consolidated balance sheets at December 31, 2024. These raw materials are not expected to be manufactured and sold within the next 12 months. Changes in non-current inventories are reflected on the condensed consolidated statements of cash flows within the caption of other non-current assets. No raw materials were included as other non-current assets on the condensed consolidated balance sheets at September 30, 2025.

Note 9 - Prepaid Forward Obligation (Details Textual) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	May 31, 2021	Mar. 31, 2021	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Prepaid Forward Obligation			$ 126,067	$ 121,387	$ 109,722
Other Current Liabilities [Member]
Prepaid Forward Obligation			3,400	$ 6,500
RTW Investments [Member]
Proceeds from Prepaid Forward Obligation	$ 75,000	$ 75,000
Proceeds from Prepaid Forward Arrangement, Net	$ 72,400	$ 72,400
Prepaid Forward Agreement, Minimum Future Cash Flows			$ 200,000
Prepaid Forward Agreement, Minimum Future Cash Flows, Rate (Rate)			13.00%
RTW Investments [Member] \| Sales of Up to $200 Million [Member] \| Jelmyto [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		9.50%
Prepaid Forward Agreement, Minimum Future Cash Flows		$ 200,000
Prepaid Forward Agreement, Future Cash Flows, Increase in Percentage of Net Sales		3.50%
RTW Investments [Member] \| Sales Between $200 Million and $300 Million [Member] \| Jelmyto [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		3.00%
RTW Investments [Member] \| Sales Over $300 Million [Member] \| Jelmyto [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		1.00%
RTW Investments [Member] \| Sales Up to $200 Million with FDA Approval [Member] \| UGN-102 [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		2.50%
RTW Investments [Member] \| Sales Between $200 Million and $300 Million with FDA Approval [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		1.00%
RTW Investments [Member] \| Sales Over $300 Million with FDA Approval [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		0.50%
Prepaid Forward Agreement, Cumulative Amount Paid and Payable			$ 44,000

Note 16 - Share-based Compensation (Details Textual) - USD ($) $ in Millions									1 Months Ended			9 Months Ended
	Aug. 26, 2025	Aug. 06, 2024	Sep. 07, 2023	Jun. 08, 2022	Jun. 07, 2021	Jun. 08, 2020	Oct. 12, 2018	Jan. 01, 2018	Jun. 30, 2024	Dec. 31, 2021	Mar. 31, 2017	Sep. 30, 2025	May 31, 2019
Common Stock, Capital Shares Reserved for Future Issuance (in shares)												4,483,063
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)												739,197
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount												$ 17.6
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)												1 year 9 months 25 days
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage											33.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)											2 years
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage											33.00%
Share Option Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)											3 years
Share-based Compensation Arrangement By Share-based Payment Award, Individual Voting Powers, Percentage											10.00%
Two Thousand Seventeen Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	8,750,167	6,000,167	5,200,167	4,750,167	4,350,167	3,950,167	3,550,167	1,650,167			1,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	2,750,000	800,000	450,000	400,000	400,000	400,000	1,900,000	250,167
The 2019 Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)									1,800,000				900,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)									600,000	300,000
Maximum [Member] \| Share Option Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)											10 years
Minimum [Member] \| Share Option Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent											100.00%
Share-based Compensation Arrangement By Share-based Payment Award, Percentage of Purchase Price for Individuals Having More than Ten Percent of Combined Voting Power											110.00%

Note 11 - Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Amortization of right-of-use assets	$ 382	$ 0	$ 901	$ 0
Interest on lease liabilities	163	0	396	0
Operating lease cost	321	225	773	675
Sublease income	0	0	0	(42)
Variable lease cost	18	14	47	57
Lease, Cost	$ 884	$ 239	$ 2,117	$ 690

Note 18 - Related Parties

9 Months Ended

Sep. 30, 2025

Note 18 – Related Parties

See Note 14 for discussion related to an asset purchase in February 2025 which involved a related party. There were no further related party transactions during the nine months ended September 30, 2025 or 2024.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Note 16 - Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Research and development expenses	$	726	$	579	$	1,776	$	1,691
Selling, general and administrative expenses		2,301		2,910		7,053		8,114
Total share-based compensation expense	$	3,027	$	3,489	$	8,829	$	9,805

Note 7 - Investments

9 Months Ended

Sep. 30, 2025

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 7 – Investments

The following table summarizes the Company’s investments as of September 30, 2025 (in thousands):

	*Amortized*		*Unrealized*		*Unrealized*
	*Cost Basis*		*Gains*		*Losses*			*Fair Value*
Assets:
Cash equivalents
Money market funds	$	2,569	$	—	$	—		$	2,569
U.S. government		11,305		—		(1	)		11,304
Commercial paper		12,567		—		(1	)		12,566
Total cash equivalents		26,441		—		(2	)		26,439
Marketable securities:
U.S. government		24,025		—		(1	)		24,024
Corporate bonds		6,356		22		—			6,378
Commercial paper		2,879		2		—			2,881
Certificates of deposit		4,089		2		—			4,091
Total marketable securities		37,349		26		(1	)		37,374
Total assets at fair value	$	63,790	$	26	$	(3	)	$	63,813

The Company classifies its investments as available-for-sale, and they consist entirely of debt securities. As of September 30, 2025, the amortized cost of investments included an immaterial amount of accrued interest. As of September 30, 2025, marketable securities were in a net unrealized gain position. Unrealized gains and losses on available-for-sale debt securities are included as a component of comprehensive loss.

As of September 30, 2025, the aggregate fair value of investments held by the Company in an unrealized loss position was $45.1 million which consisted of 16 securities. The unrealized loss was primarily driven by minor fluctuations in the fair value of U.S. government securities. The Company does not expect to settle the debentures at a price less than the amortized cost basis of the investment; the Company expects to recover the entire amortized cost basis of the security. In accordance with the Company’s general investment strategy, the Company does not intend to sell the investments before maturity. As of September 30, 2025, the Company believes the cost basis for its marketable securities was recoverable in all material aspects and no allowance for credit losses was recognized in the period.

The Company’s investments as of September 30, 2025 mature at various dates through November 2026. The fair values of investments by contractual maturity consist of the following (in thousands):

	*September 30,*		*December 31,*
	*2025*		*2024*
Maturities within one year	$	63,433	$	105,706
Maturities after one year through three years		380		5,022
Total investments	$	63,813	$	110,728

Note 12 - Revenue From Product Sales (Tables)

9 Months Ended

Sep. 30, 2025

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Jelmyto	$	25,703	$	25,204	$	70,172	$	65,833
Zusduri		1,779		—		1,779		—
Total Revenue	$	27,482	$	25,204	$	71,951	$	65,833

Schedule of Sales Reserves [Table Text Block]

	*Reserves related to government sponsored programs*			*Medicare refunds for discarded drug reserve*			*Other reserves*			*Total accrued sales reserves*

Balance as of December 31, 2024	$	887		$	7,729		$	1,946		$	10,562
Accruals		12,109			3,005			8,361			23,475
Utilizations		(10,787	)		(3,809	)		(8,042	)		(22,638	)
Changes to prior period estimates		—			(414	)		—			(414	)
Balance as of September 30, 2025	$	2,209		$	6,511		$	2,265		$	10,985

Balance as of December 31, 2023	$	1,062		$	3,451		$	1,458		$	5,971
Accruals		9,833			3,113			7,703			20,649
Utilizations		(10,206	)		—			(7,219	)		(17,425	)
Balance as of September 30, 2024	$	689		$	6,564		$	1,942		$	9,195

Note 5 - Inventories (Details Textual) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Inventory, Raw Materials, Net of Reserves

^[1]

$ 4,759

$ 4,924

Other Noncurrent Assets [Member]

Inventory, Raw Materials, Net of Reserves

$ 0

$ 200

[1]

Note 12 - Revenue From Product Sales (Details Textual)	3 Months Ended		9 Months Ended		12 Months Ended
Note 12 - Revenue From Product Sales (Details Textual)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Concentration Risk, Number of Customers			2
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk, Number of Customers	2	2	2	2
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Largest Customer [Member]
Concentration Risk, Percentage	75.00%	87.00%	80.00%	93.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Largest Customer [Member]
Concentration Risk, Percentage			70.00%		80.00%

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

Note 18 - Related Parties (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Related Party Transaction, Amounts of Transaction	$ 0	$ 0

Note 11 - Leases (Tables)

9 Months Ended

Sep. 30, 2025

Lease, Cost [Table Text Block]

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Finance lease cost:
Amortization of right-of-use assets	$	382	$	—	$	901	$	—
Interest on lease liabilities		163		—		396		—
Operating lease cost		321		225		773		675
Sublease income		—		—		—		(42	)
Variable lease cost		18		14		47		57
	$	884	$	239	$	2,117	$	690

Assets and Liabilities, Lessee [Table Text Block]

	*September 30,*		*December 31,*
	*2025*		*2024*
Finance lease right-of-use assets	$	5,391	$	2,285
Operating lease right-of-use assets		3,098		849
Finance long-term lease liabilities		3,567		1,595
Operating long-term lease liabilities		2,674		58
Other current liabilities related to finance leases		1,159		745
Other current liabilities related to operating leases		429		785

Schedule of Supplemental Information Related to Leases [Table Text Block]

	*Nine Months Ended*
	*September 30,*
	*2025*			*2024*
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	2,030		$	—
Operating cash flows from operating leases	$	670		$	714
Right-of-use assets obtained in exchange for new finance lease liabilities	$	4,007		$	—
Weighted-average remaining lease term of finance leases (in years)		3.40			—
Weighted-average remaining lease term of operating leases (in years)		4.84			1.26
Weighted-average discount rate of finance leases		13.82	%		—
Weighted-average discount rate of operating leases		11.77	%		10.26	%

Finance Lease, Liability, to be Paid, Maturity [Table Text Block]

	*Finance Leases*
Years ending December 31,
Remainder of 2025	$	435
2026		1,741
2027		1,741
2028		1,716
2029 and there after		333
Total future minimum lease payments		5,966
Less: Interest		(1,240	)
Present value of lease liabilities	$	4,726

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

	*Operating*
	*Leases*
Years ending December 31,
Remainder of 2025	$	234
2026		747
2027		887
2028		821
2029		603
2030 and there after		819
Total future minimum lease payments		4,111
Less: Interest		(1,008	)
Present value of lease liabilities	$	3,103

	*Operating*
	*Leases*
Years ending December 31,
Remainder of 2024	$	219
2025		820
2026		58
Total future minimum lease payments		1,097
Less: Interest		(60	)
Present value of lease liabilities	$	1,037

Note 3 - Significant Accounting Policies (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Cash, Cash Equivalents, and Short-Term Investments	$ 127.4
Concentration Risk, Number of Customers	2

Note 8 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Depreciation, Depletion and Amortization	$ 100	$ 100	$ 232	$ 261

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

Note 11 - Leases - Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finance lease right-of-use assets	$ 5,391	$ 2,285
Operating lease right-of-use assets	3,098	849
Finance long-term lease liabilities	3,567	1,595
Operating long-term lease liabilities	2,674	58
Other current liabilities related to finance leases	1,159	745
Other current liabilities related to operating leases	$ 429	$ 785

Note 4 - Other Financial Information - Interest and Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Interest income	$ 1,176	$ 2,757	$ 5,057	$ 6,089
Other loss, net	(197)	(158)	(665)	(167)
Total interest and other income, net	$ 979	$ 2,599	$ 4,392	$ 5,922

Note 14 - Acquisitions

9 Months Ended

Sep. 30, 2025

Business Combination [Text Block]

Note 14 – Acquisitions

On February 14, 2025 (the “Closing Date”), the Company entered into an Asset Purchase Agreement (as amended, the “Agreement”) with IconOVir Bio, Inc. (“IconOVir”), pursuant to which the Company purchased and acquired certain assets of IconOVir (the “Transferred Assets”), including the product candidate ICVB-1042 and certain contracts, intellectual property rights, regulatory applications, submissions and registrations, and data and other rights related thereto, and assumed certain liabilities and obligations of IconOVir arising under certain contracts of IconOVir acquired by the Company.

As consideration for the Transferred Assets and subject to the terms and conditions of the Agreement, on the Closing Date the Company (i) issued 374,843 ordinary shares of the Company (the “Company Shares”) to IconOVir, which represented a purchase price of $4.0 million divided by the volume-weighted average closing price of the Company Shares on The Nasdaq Stock Market over the 30 consecutive trading days ending on (and including) the trading day immediately prior to the Closing Date, (ii) agreed to pay IconOVir a one-time payment of $15.0 million in cash upon the achievement of a cumulative aggregate worldwide net sales milestone for all products, including combination products, that incorporate or comprise ICVB-1042 (“ICVB Products”), (iii) agreed to pay IconOVir a low, single-digit percentage royalty, on an ICVB Product-by-ICVB Product basis, on the annual, worldwide net sales of such ICVB Product during the royalty term, subject to certain reductions as set forth in the Agreement, and (iv) agreed to assume certain immaterial liabilities arising under certain acquired contracts ((i), (ii), (iii), and (iv) collectively, the “Purchase Price”).

The Company also granted IconOVir certain piggyback registration rights with respect to the Company Shares issued to IconOVir, subject to customary exceptions and cutback rights.

Entities affiliated with Arie Belldegrun, M.D., the Chair of the Board of Directors of the Company, held certain promissory notes of IconOVir at the time, that may entitle such entities to receive, in the aggregate, approximately 28.3% of the Purchase Price paid to IconOVir pursuant to the Agreement.

The Company evaluates acquisitions of assets and other similar transactions to assess whether the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. The cost of an asset acquisition is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Any contingent consideration in an asset acquisition is recognized only when amounts are both probable and estimable, at which point the consideration is allocated to the assets acquired on a relative fair value basis. Based on the Company's assessment of the value of the assets acquired as well as consideration of the inputs, processes and outputs, the Company concluded that this represented an asset acquisition. When a transaction accounted for as an asset acquisition includes IPR&D, the IPR&D asset is only capitalized as an intangible asset if it is determined to have an alternative future use other than in a particular research and development project. Otherwise, amounts allocated to the IPR&D are recognized as research and development expenses in the period. The Company accounted for the acquisition of the Transferred Assets from IconOVir as an asset acquisition. The Company determined the fair value of the consideration transferred was $3.1 million, which represented the fair value of the unregistered shares at issuance date. Given the early-stage nature of such assets and level of further development necessary to produce an output, the Company recognized the cost of the acquisition as a research and development expense during the nine months ended September 30, 2025.

The entire disclosure for business combination.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 46
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 43
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 45
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-45

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

Condensed Consolidated Statements of Shareholders' Deficit (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings, Appropriated [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2023	32,490,119
Balance at Dec. 31, 2023	$ 89	$ 614,035	$ (679,348)	$ 12	$ (65,212)
Exercise of options into ordinary shares (in shares)	378,800
Exercise of options into ordinary shares	$ 1	249			250
Share-based compensation		9,805			9,805
Issuance of ordinary shares, net of issuance costs (in shares)	9,321,896
Issuance of ordinary shares, net of issuance costs	$ 25	151,144			151,169
Other comprehensive income				224	224
Net loss			(89,362)		(89,362)
Other comprehensive loss				224	224
Issuance of pre-funded warrants, net of issuance costs		18,641			18,641
Balance (in shares) at Sep. 30, 2024	42,190,815
Balance at Sep. 30, 2024	$ 115	793,874	(768,710)	236	25,515
Balance (in shares) at Jun. 30, 2024	41,169,954
Balance at Jun. 30, 2024	$ 112	775,270	(745,037)	(31)	30,314
Exercise of options into ordinary shares (in shares)	99,433
Exercise of options into ordinary shares	$ 0	115			115
Share-based compensation		3,489			3,489
Issuance of ordinary shares, net of issuance costs (in shares)	921,428
Issuance of ordinary shares, net of issuance costs	$ 3	15,000			15,003
Other comprehensive income				267	267
Net loss			(23,673)		(23,673)
Other comprehensive loss				267	267
Balance (in shares) at Sep. 30, 2024	42,190,815
Balance at Sep. 30, 2024	$ 115	793,874	(768,710)	236	25,515
Balance (in shares) at Dec. 31, 2024	42,231,746
Balance at Dec. 31, 2024	$ 115	797,248	(806,222)	56	(8,803)
Exercise of options into ordinary shares (in shares)	552,103
Exercise of options into ordinary shares	$ 2	627			629
Share-based compensation		8,829			8,829
Issuance of ordinary shares, net of issuance costs (in shares)	791,091
Issuance of ordinary shares, net of issuance costs	$ 2	11,095			11,097
Other comprehensive income				(33)	(33)
Net loss			(127,130)		(127,130)
Conversion of pre-funded warrants into ordinary shares (in shares)	3,206,271
Conversion of pre-funded warrants into ordinary shares	$ 9	(6)			3
Other comprehensive loss				(33)	(33)
Balance (in shares) at Sep. 30, 2025	46,781,211
Balance at Sep. 30, 2025	$ 128	817,793	(933,352)	23	(115,408)
Balance (in shares) at Jun. 30, 2025	46,199,134
Balance at Jun. 30, 2025	$ 126	806,497	(900,005)	6	(93,376)
Exercise of options into ordinary shares (in shares)	165,829
Exercise of options into ordinary shares	$ 1	301			302
Share-based compensation		3,027			3,027
Issuance of ordinary shares, net of issuance costs (in shares)	416,248
Issuance of ordinary shares, net of issuance costs	$ 1	7,968			7,969
Other comprehensive income				17	17
Net loss			(33,347)		(33,347)
Other comprehensive loss				17	17
Balance (in shares) at Sep. 30, 2025	46,781,211
Balance at Sep. 30, 2025	$ 128	$ 817,793	$ (933,352)	$ 23	$ (115,408)

Note 4 - Other Financial Information (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

	*September 30,*		*December 31,*
	*2025*		*2024*
Accounts payable	$	10,279	$	10,931
Accrued sales reserves		7,700		5,151
Accrued clinical expenses		1,892		2,027
Accrued research and development expenses		737		2,173
Accrued selling, general and administrative expenses		4,414		6,000
Accrued other expenses		1,151		1,149
Total accounts payable and accrued expenses	$	26,173	$	27,431

Interest Income and Interest Expense Disclosure [Table Text Block]

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2025*			*2024*			*2025*			*2024*
Interest income	$	1,176		$	2,757		$	5,057		$	6,089
Other loss, net		(197	)		(158	)		(665	)		(167	)
Total interest and other income, net	$	979		$	2,599		$	4,392		$	5,922

Note 1 - Business and Nature of Operations

9 Months Ended

Sep. 30, 2025

Nature of Operations [Text Block]

Note 1 – Business and Nature of Operations

Nature of Operations

UroGen Pharma Ltd. is an Israeli company incorporated in April 2004 (“UPL”).

UroGen Pharma, Inc., a wholly owned subsidiary of UPL, was incorporated in Delaware in October 2015 and began operating in February 2016 (“UPI”).

UPL and UPI (together the “Company”) is a biotechnology company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers. Since commencing operations, the Company has devoted substantially all of its efforts to securing intellectual property rights, performing research and development activities, including conducting clinical trials and manufacturing activities, hiring personnel, launching the Company’s first commercial product, Jelmyto (mitomycin) for pyelocalyceal solution, formerly known as UGN-101, developing and securing regulatory approval of Zusduri (mitomycin) for intravesical solution, formerly known as UGN-102, and raising capital to support and expand these activities.

On April 15, 2020, the U.S. Food and Drug Administration (“FDA”) granted approval for Jelmyto, a first-in-class treatment indicated for adults with low-grade upper tract urothelial cancer (“low-grade UTUC”). Jelmyto consists of mitomycin, an established chemotherapy, and sterile hydrogel, using the Company's proprietary sustained release RTGel technology. It has been designed to enable longer exposure of urinary tract tissue to mitomycin, thereby enabling the treatment of tumors by non-surgical means.

On June 12, 2025, the FDA approved Zusduri, the first and only FDA-approved medication for adults with recurrent low-grade intermediate risk non-muscle invasive bladder cancer (“low-grade intermediate risk NMIBC”). Zusduri consists of mitomycin and sterile hydrogel, using the Company’s proprietary sustained release RTGel technology, and is delivered directly into the bladder in an out-patient procedure by a trained healthcare professional using a urinary catheter to enable the treatment of tumors by non-surgical means.

Note 12 - Revenue From Product Sales

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Text Block]

Note 12 – Revenue From Product Sales

Net product sales consist of the following for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Jelmyto	$	25,703	$	25,204	$	70,172	$	65,833
Zusduri		1,779		—		1,779		—
Total Revenue	$	27,482	$	25,204	$	71,951	$	65,833

All product sales of Jelmyto and Zusduri are recognized through the Company's arrangements with two customers as defined by ASC 606, both of which are third-party national specialty distributors. The Company's largest customer comprises approximately 75% and 80% of product sales for the three and nine months ended September 30, 2025, respectively, and approximately 87% and 93% of product sales for the three and nine months ended September 30, 2024. The Company's largest customer comprises approximately 70% and 80% of accounts receivables at September 30, 2025 and December 31, 2024, respectively. Net revenue recognized includes gross revenue and management’s estimate of returns, consideration paid to the customers, chargebacks relating to differences between the wholesale acquisition cost and the contracted price offered to the end consumer, chargebacks relating to 340B drug pricing programs and other government sponsored programs, Medicaid drug rebate programs, the Company’s copay assistance program, and Medicare refunds for discarded drug. The Company does not anticipate any Medicare refunds for discarded drug for Zusduri. The Company estimates these elements of variable consideration based on the contractual or statutory terms governing the arrangements and the Company’s historical experience, and constrains the net revenue recognized for product sales to the value that is not probable to be reversed when the uncertainty associated with the variable consideration is subsequently resolved. Reserves for chargebacks and returns are net settled and recognized as contra accounts receivable while the remaining reserves are recognized within other current liabilities on the condensed consolidated balance sheets. The following table shows the activity with respect to sales reserves for the period ended September 30, 2025 and 2024 (in thousands):

	*Reserves related to government sponsored programs*			*Medicare refunds for discarded drug reserve*			*Other reserves*			*Total accrued sales reserves*

Balance as of December 31, 2024	$	887		$	7,729		$	1,946		$	10,562
Accruals		12,109			3,005			8,361			23,475
Utilizations		(10,787	)		(3,809	)		(8,042	)		(22,638	)
Changes to prior period estimates		—			(414	)		—			(414	)
Balance as of September 30, 2025	$	2,209		$	6,511		$	2,265		$	10,985

Balance as of December 31, 2023	$	1,062		$	3,451		$	1,458		$	5,971
Accruals		9,833			3,113			7,703			20,649
Utilizations		(10,206	)		—			(7,219	)		(17,425	)
Balance as of September 30, 2024	$	689		$	6,564		$	1,942		$	9,195

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Weighted-average number of ordinary shares (in shares)

Note 15 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands							3 Months Ended		9 Months Ended
	Jan. 24, 2025	Jul. 18, 2024	Jun. 20, 2024	Jun. 17, 2024	Dec. 20, 2023	Jul. 26, 2023	Sep. 30, 2025	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2019
Common Stock, Shares Authorized (in shares)							100,000,000		100,000,000		100,000,000
Common Stock, Shares, Issued (in shares)							46,781,211		46,781,211		42,231,746
Common Stock, Shares, Outstanding (in shares)							46,781,211		46,781,211		42,231,746
Proceeds from Issuance of Common Stock									$ 7,970	$ 151,169
Proceeds from Issuance of Private Placement						$ 120,000
Conversion of Prefunded Warrants Into Ordinary Shares [Member]
Conversion of Stock, Shares Issued (in shares)	3,206,271				1,599,733
Conversion of Stock, Shares Converted (in shares)	3,206,271				1,599,840
Pre-funded Warrant [Member]
Class of Warrant or Right, Outstanding (in shares)						5,278,776	472,665		472,665
Class of Warrants or Rights, Issuance Price Per Share (in dollars per share)						$ 9.539
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)						$ 0.001
Prefunded Warrants Associated With Public Offering [Member]
Class of Warrant or Right, Outstanding (in shares)				1,142,857			1,142,857		1,142,857
Class of Warrants or Rights, Issuance Price Per Share (in dollars per share)				$ 17.499
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 0.001
ATM Sales Agreement [Member]
Sale of Stock, Maximum Authorize Amount												$ 100,000
Stock Issued During Period, Shares, New Issues (in shares)							416,248	3,400,468
Proceeds from Issuance of Common Stock							$ 8,200	$ 56,100
Net Proceeds From Issuance of Common Stock, After Deducting Sales Commissions							8,000	$ 54,700
Sale of Stock, Remaining Amount Authorized							$ 19,100		$ 19,100
Private Placement [Member]
Stock Issued During Period, Shares, New Issues (in shares)						7,300,380
Shares Issued, Price Per Share (in dollars per share)						$ 9.54
Placement Agents and Financial Advisors Fees						$ 3,600
Private Placement [Member] \| Monograph Capital Partners [Member]
Stock Issued During Period, Shares, New Issues (in shares)						1,572,327
Proceeds from Issuance of Private Placement						$ 15,000
Underwritten Public Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)				5,000,000
Shares Issued, Price Per Share (in dollars per share)				$ 17.5
Proceeds from Issuance or Sale of Equity			$ 107,500
Payments of Stock Issuance Costs			$ 7,300
Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues (in shares)		921,428
Proceeds from Issuance or Sale of Equity		$ 16,100
Payments of Stock Issuance Costs		$ 1,000
Equity Sale, Shares Issuable (in shares)			921,428

Note 22 - Selected Unaudited Quarterly Financial Data - Schedule of Quarterly Information (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Revenue

$ 27,482

$ 25,204

$ 71,951

$ 65,833

Gross profit

24,204

22,751

62,793

59,423

Net loss

$ (33,347)

$ (23,673)

$ (127,130)

$ (89,362)

48,057,386

46,779,637

^[1]

47,742,305

41,476,892

^[1]

Basic and diluted loss per ordinary share (in dollars per share)

$ (0.69)

$ (0.51)

^[1]

$ (2.66)

$ (2.15)

^[1]

[1]

The loss per share, both basic and diluted, for the third quarter of 2024 was revised to record an immaterial correction to the amounts originally reported in the September 30, 2024 Form 10-Q filed on November 6, 2024 by incorporating the 3,679,400 shares of pre-funded warrants outstanding as of the reporting period, which were not included in the previous calculations and are now reflected in the weighted average shares outstanding.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Note 14 - Acquisitions (Details Textual) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 14, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock Issued During Period, Value, New Issues		$ 7,969	$ 15,003	$ 11,097	$ 151,169
Asset Purchase Agreement [Member] \| IconOVir Bio, Inc. [Member]
Stock Issued During Period, Shares, New Issues (in shares)	374,843
Stock Issued During Period, Value, New Issues	$ 4,000
Ownership Percentage, Debt instrument	28.30%
Asset Acquisition, Consideration Transferred	$ 3,100
Asset Purchase Agreement [Member] \| IconOVir Bio, Inc. [Member] \| One-time Payment for Net Sales Milestone [Member]
Other Commitment	$ 15,000

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

Note 10 - Long-term Debt (Details Textual) - Secured Debt [Member] - USD ($) $ in Millions			1 Months Ended
	Jun. 12, 2025	Mar. 13, 2024	Jul. 31, 2023	Sep. 30, 2024	Mar. 07, 2022
Secured Long-Term Debt, Noncurrent					$ 100.0
Secured Long Term Debt, First Tranche					75.0
Secured Long Term Debt, Additional Draw					25.0
Secured Long Term Debt, Third Tranche		$ 25.0
Secured Long Term Debt, Fourth Tranche		$ 75.0
Debt Instrument, Extension Period (Year)	1 year
Debt Issuance Costs, Gross				$ 0.5	$ 4.2
Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate		7.25%	8.25%
Additional Adjustment on SOFR Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.26161%	0.26161%

Note 3 - Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Significant Accounting Policies [Text Block]

Note 3 – Significant Accounting Policies

Principles of Consolidation

The Company's condensed consolidated financial statements include the accounts of UPL and its subsidiary, UPI. Intercompany balances and transactions have been eliminated during consolidation.

Use of Estimates

Functional Currency

Cash and Cash Equivalents; Marketable Securities

Restricted cash is related primarily to cash held to secure corporate credit cards; restricted deposits are related to cash held to secure leases.

Concentration of Credit Risk

Income Taxes

Inventory

Property and Equipment

Property and equipment are depreciated over the following useful lives (in years):

		*Useful Lives*
Computers and software		3
Laboratory equipment		3 - 6.5
Furniture		5 - 16.5
Manufacturing equipment		2 - 10

Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or lease terms. See Note 8 for further discussion regarding property and equipment.

Prepaid Forward Obligation

Long-Term Debt

Leases

The Company is a lessee in several noncancelable operating and finance leases, primarily for office space, office equipment and vehicles.

Revenue

Research and Development Expenses

Selling, General and Administrative Expenses

Share-Based Compensation

Pre-funded Warrants

Net Loss per Ordinary Share

For all periods presented, potentially dilutive securities are excluded from the computation of fully diluted loss per share as their effect is anti-dilutive.

Recently Adopted or Issued Accounting Pronouncements

Note 11 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Remainder of 2025	$ 234	$ 219
2026	747	820
2027	887	58
2028	821
2029	603
2030 and there after	819
Total future minimum lease payments	4,111	1,097
Less: Interest	(1,008)	(60)
Present value of lease liabilities	$ 3,103	$ 1,037

Note 7 - Investments (Tables)

9 Months Ended

Sep. 30, 2025

Marketable Securities [Table Text Block]

	*Amortized*		*Unrealized*		*Unrealized*
	*Cost Basis*		*Gains*		*Losses*			*Fair Value*
Assets:
Cash equivalents
Money market funds	$	2,569	$	—	$	—		$	2,569
U.S. government		11,305		—		(1	)		11,304
Commercial paper		12,567		—		(1	)		12,566
Total cash equivalents		26,441		—		(2	)		26,439
Marketable securities:
U.S. government		24,025		—		(1	)		24,024
Corporate bonds		6,356		22		—			6,378
Commercial paper		2,879		2		—			2,881
Certificates of deposit		4,089		2		—			4,091
Total marketable securities		37,349		26		(1	)		37,374
Total assets at fair value	$	63,790	$	26	$	(3	)	$	63,813

Investments Classified by Contractual Maturity Date [Table Text Block]

	*September 30,*		*December 31,*
	*2025*		*2024*
Maturities within one year	$	63,433	$	105,706
Maturities after one year through three years		380		5,022
Total investments	$	63,813	$	110,728

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Revenue

$ 27,482

$ 25,204

$ 71,951

$ 65,833

Cost of revenue

3,278

2,453

9,158

6,410

Gross profit

24,204

22,751

62,793

59,423

Operating expenses:

Research and development expenses

14,008

11,355

52,793

42,251

Selling, general and administrative expenses

37,582

28,941

115,748

86,296

Operating loss

(27,386)

(17,545)

(105,748)

(69,124)

Financing on prepaid forward obligation

(4,621)

(5,915)

(13,848)

(17,348)

Interest expense on long-term debt

(3,373)

(2,721)

(11,573)

(8,629)

Interest and other income, net

979

2,599

4,392

5,922

Loss before income taxes

(34,401)

(23,582)

(126,777)

(89,179)

Income tax benefit (expense)

1,054

(91)

(353)

(183)

Net Loss

(33,347)

(23,673)

(127,130)

(89,362)

Statements of Comprehensive Loss

Net loss

(33,347)

(23,673)

(127,130)

(89,362)

Other comprehensive loss

Unrealized income (loss) on investments

267

(33)

224

Comprehensive Loss

$ (33,330)

$ (23,406)

$ (127,163)

$ (89,138)

Net loss per ordinary share - basic and diluted (in dollars per share)

$ (0.69)

$ (0.51)

^[1]

$ (2.66)

$ (2.15)

^[1]

Weighted average number of shares outstanding used in computation of basic and diluted loss per ordinary share (in shares)

48,057,386

46,779,637

^[1]

47,742,305

41,476,892

^[1]

[1]

Note 17 - Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Text Block]

Note 17 – Income Taxes

UroGen Pharma Ltd. is taxed under Israeli tax laws. As of September 30, 2025, the Company continues to maintain a full valuation allowance against deferred tax assets for all jurisdictions. In evaluating the need for a valuation allowance, the Company considers all sources of taxable income available to realize the deferred tax asset, including the future reversal of existing temporary differences, forecasts of future taxable income, and tax planning strategies. The Company has cumulative global pretax losses for the years ended 2024, 2023 and 2022, and for the nine months ended September 30, 2025. The Company will continue to assess the extent to which its deferred tax assets may be realized in the future and will adjust the valuation allowance as needed.

The Company has a liability for uncertain tax positions of $3.8 million as of September 30, 2025, for tax positions relating to transfer pricing between affiliated entities. The Company recognizes interest accrued and penalties related to uncertain tax positions as a component of income tax expense. As of September 30, 2025, the Company’s liability for uncertain tax positions includes $1.8 million of accrued interest and penalties.

The Company operates on a global basis and is subject to tax laws and regulations in the United States and Israel. The estimate of the Company’s tax liabilities relating to uncertain tax positions requires management to assess uncertainties and to make judgments about the application of complex tax laws and regulations, expectations regarding the outcome of tax authority examinations, as well as the ultimate measurement of potential liabilities.

The uncertain tax positions are reviewed quarterly and adjusted as events occur that could affect potential liabilities for additional taxes, including lapsing of applicable statutes of limitations, correspondence with tax authorities, proposed assessments by tax authorities, identification of new issues, and issuance of new legislation or regulations. The Company believes that adequate amounts of tax have been provided in income tax expense for any adjustments that may result from its uncertain tax positions. Approximately $1.4 million of the liability for uncertain tax positions relate to tax years for which the statute of limitations will expire within the next 12 months. Based upon the information currently available, the Company does not reasonably expect any other changes in its existing uncertain tax positions in the next 12 months and has recorded the gross uncertain tax positions as a long-term liability.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law in the U.S. The OBBBA includes changes to U.S. federal income tax, including the temporary and permanent extension of expiring provisions of the Tax Cuts and Jobs Act of 2017. The Company has recognized the effects of the OBBBA in the quarter ended September 30, 2025, with the provision reinstating the ability for entities to immediately expense domestic research and development expenditures driving a resulting income tax benefit of approximately $1.1 million.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2025	Oct. 31, 2025
Document Information [Line Items]
Entity Central Index Key	0001668243
Entity Registrant Name	UroGen Pharma Ltd.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-38079
Entity Incorporation, State or Country Code	IL
Entity Tax Identification Number	98-1460746
Entity Address, Address Line One	400 Alexander Park Drive
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	646
Local Phone Number	768-9780
Title of 12(b) Security	Ordinary Shares, par value NIS 0.01 per share
Trading Symbol	URGN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,808,892

Note 6 - Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Text Block]

Note 6 – Fair Value Measurements

The Company follows authoritative accounting guidance, which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.

As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:

Level 1:

Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2:

Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3:

Unobservable inputs that reflect the reporting entity’s own assumptions.

The carrying amounts of the Company’s cash, restricted cash, other current assets, accounts payable and accrued liabilities are generally considered to be representative of their fair value because of the short-term nature of these assets and liabilities.

The carrying value of the prepaid forward obligation (See Note 9 - Prepaid Forward Obligation) approximates its fair value. The Company estimated the fair value of the prepaid forward obligation using Level 3 inputs, including internally developed financial forecasts and management's estimate of probability of success related to product candidates, and determined that the effective interest rate in the obligation approximates market rates for loans with similar terms and risk characteristics.

The Company estimated the fair value of long-term debt (see Note 10 - Long-Term Debt) using the income approach with Level 3 inputs. The Company estimated future floating rate interest payments using a forward curve of a three-month benchmark rate, and estimated fair value based on publicly available data reported in the financial statements of publicly traded venture lending companies. Based on a reasonable range of yields for debt instruments of similar tenor in a similar industry, the Company determined that the carrying value of the long-term debt on the Company's balance sheet approximates its fair value.

No transfers between levels have occurred during the periods presented.

Assets measured at fair value on a recurring basis based on Level 1 and Level 2 fair value measurement criteria as of September 30, 2025 are as follows (in thousands):

			*Fair Value Measurements Using*
			*Quoted Prices*		*Significant*
			*in Active*		*Other*
	*Balance as of*		*Markets for*		*Observable*
	*September 30,*		*Identical Assets*		*Inputs*
	*2025*		*(Level 1)*		*(Level 2)*
Assets:
Cash equivalents
Money market funds	$	2,569	$	2,569	$	—
U.S. government		11,304		11,304		—
Commercial paper		12,566		—		12,566
Total cash equivalents		26,439		13,873		12,566
Marketable securities
U.S. government		24,024		24,024		—
Corporate bonds		6,378		—		6,378
Commercial paper		2,881		—		2,881
Certificates of deposit		4,091		—		4,091
Total marketable securities		37,374		24,024		13,350
Total assets at fair value	$	63,813	$	37,897	$	25,916

Assets measured at fair value on a recurring basis based on Level 1 and Level 2 fair value measurement criteria as of December 31, 2024 are as follows (in thousands):

			*Fair Value Measurements Using*
			*Quoted Prices*		*Significant*
			*in Active*		*Other*
	*Balance as of*		*Markets for*		*Observable*
	*December 31,*		*Identical Assets*		*Inputs*
	*2024*		*(Level 1)*		*(Level 2)*
Assets:
Cash equivalents
Money market funds	$	41,008	$	41,008	$	—
Marketable securities
U.S. government		26,053		26,053		—
Corporate bonds		14,980		—		14,980
Commercial paper		26,622		—		26,622
Certificates of deposit		2,065		—		2,065
Total marketable securities		69,720		26,053		43,667
Total assets at fair value	$	110,728	$	67,061	$	43,667

The Company’s investments in U.S. government bonds and money market funds are measured based on publicly available quoted market prices for identical securities as of September 30, 2025 and December 31, 2024. The Company's investments in corporate bonds, commercial paper and certificates of deposits are measured based on quotes from market makers for similar items in active markets.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Note 12 - Revenue From Product Sales - Sales Reserves Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Balance	$ 10,562	$ 5,971
Accruals	23,475	20,649
Utilizations	(22,638)	(17,425)
Changes to prior period estimates	(414)
Balance	10,985	9,195
Government Sponsored Programs Reserves [Member]
Balance	887	1,062
Accruals	12,109	9,833
Utilizations	(10,787)	(10,206)
Changes to prior period estimates	0
Balance	2,209	689
Medicare Refunds for Discarded Drug Reserve [Member]
Balance	7,729	3,451
Accruals	3,005	3,113
Utilizations	(3,809)	0
Changes to prior period estimates	(414)
Balance	6,511	6,564
Other Reserves [Member]
Balance	1,946	1,458
Accruals	8,361	7,703
Utilizations	(8,042)	(7,219)
Changes to prior period estimates	0
Balance	$ 2,265	$ 1,942

Note 21 - Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Text Block]

Note 21 – Subsequent Events

In November 2025, the Company provided notice to terminate the license agreement with Agenus in connection with its decision to discontinue development of UGN-301. Under the terms of the license agreement, following notice of termination, the agreement will terminate upon the later of (a) the expiration of a 180-day notice period; or (b) completion of all wind-down activities and delivery of all Agenus Improvements (as defined in the license agreement) to Agenus. The Company does not expect to incur any costs in connection with the termination of the agreement.

The Company has evaluated and determined there were no further subsequent events.

Note 22 - Selected Unaudited Quarterly Financial Data (Details Textual) - Pre-funded Warrant [Member] - shares	Sep. 30, 2025	Sep. 30, 2024	Jul. 26, 2023
Class of Warrant or Right, Outstanding (in shares)	472,665		5,278,776
Revision of Prior Period, Error Correction, Adjustment [Member]
Class of Warrant or Right, Outstanding (in shares)		3,679,400

Note 8 - Property and Equipment

9 Months Ended

Sep. 30, 2025