0001437749-26-006234 | 10-K | XBRL Viewer

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Note 12 - Revenue From Product Sales - Sales Reserves Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Balance	$ 10,562	$ 5,971
Accruals	34,144	29,063
Utilizations	(34,891)	(24,607)
Changes to prior period estimates	(414)	135
Balance	9,401	10,562
Government Sponsored Programs Reserves [Member]
Balance	887	1,062
Accruals	17,237	13,870
Utilizations	(16,594)	(13,822)
Changes to prior period estimates	0	(223)
Balance	1,530	887
Medicare Refunds for Discarded Drug Reserve [Member]
Balance	7,729	3,451
Accruals	3,969	3,920
Utilizations	(7,262)	0
Changes to prior period estimates	(414)	358
Balance	4,022	7,729
Other Reserves [Member]
Balance	1,946	1,458
Accruals	12,938	11,273
Utilizations	(11,035)	(10,785)
Changes to prior period estimates	0	0
Balance	$ 3,849	$ 1,946

Note 2 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Retained Earnings (Accumulated Deficit)	$ (959,716)	$ (806,222)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted [Flag]	true

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2025	Dec. 31, 2025
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]		*Item 9B.* Other Information** During the three months ended December 31, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K. Notice of 2026* Annual Meeting Date and Related Deadlines* As of the date of this Annual Report, we intend to hold our 2026 Annual Meeting of Shareholders (the "2026 Annual Meeting of Shareholders") on or about June 22, 2026. This date is more than 30 days before the one-year anniversary of our 2025 annual meeting of shareholders, which was held on August 26, 2025. Under the Israeli Companies Law, 5759-1999 and the regulations promulgated thereunder (collectively, the “Companies Law”), one or more shareholders holding at least 1% of the voting rights in the Company may request that our Board include a matter in the agenda of a general meeting of shareholders to be convened in the future (or 5% if the matter is the appointment or removal of a director), provided that it is appropriate to discuss such a matter at the general meeting. Our articles of association currently provide that any shareholder holding at least 1% of the outstanding voting rights may make such a request. In addition to the eligibility requirements under the Companies Law, our articles of association specify additional procedural requirements for shareholder proposals. Under our articles of association, in the event that the date of the annual general meeting is advanced more than 30 days prior to the anniversary of the preceding year’s annual general meeting, notice by the proposing shareholder, in order to be timely, must be received no earlier than the close of business 120 days prior to such annual general meeting, February 22, 2026, and no later than the close of business 90 days prior to such annual general meeting, March 24, 2026. In addition, shareholder proposals may be submitted for inclusion in a proxy statement under Rule 14a-8 under the Exchange Act. Under Rule 14a-8 of the Exchange Act, to be eligible for inclusion in our proxy materials for the 2026 Annual Meeting of Shareholders, shareholder proposals must be received by us a reasonable time before we begin to print and send our proxy materials. We have determined that March 27, 2026, which is the date disclosed in our definitive proxy statement on Schedule 14A for our 2025 annual meeting of shareholders, remains a reasonable time before we expect to begin to print and distribute our proxy materials for our 2026 Annual Meeting, and that any shareholder proposals must be received on or before the close of business on that day. In addition, Rule 14a-8 proposals must otherwise comply with the requirements of the rule. Additional requirements regarding shareholder proposals submitted for inclusion in our proxy materials for an annual general meeting of shareholders can be found in the articles of association, which is available as an exhibit to this Annual Report. Proposals should be addressed to: UroGen Pharma Ltd., 400 Alexander Park Drive, 4th Floor, Princeton, New Jersey 08540, Attention: Corporate Secretary. In addition to satisfying the foregoing requirements under our articles of association, to comply with the universal proxy rules, shareholders who intend to solicit proxies in support of director nominees other than our board of directors’ nominees must provide notice that sets forth any additional information required by Rule 14a-19 promulgated under the Exchange Act.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 18 - Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net operating loss carryforward	$ 153,354	$ 122,944
Research and development expenses	20,028	26,231
Stock-based compensation	13,254	12,441
Accrued expenses	2,973	2,371
Interest expense	6,054	2,630
In-process research and development	527	815
Lease Liabilities	1,741	683
Issuance costs	107	221
Other	2,364	988
Total deferred tax assets	200,402	169,324
Less—valuation allowance	(198,448)	(168,555)	$ (143,566)
Deferred tax assets, net of valuation allowance	1,954	769
Right-of-use asset	(1,898)	(725)
Depreciation of fixed assets	(56)	(44)
Total deferred tax liabilities	(1,954)	(769)
Net deferred tax assets	$ 0	$ 0

Note 10 - Long-Term Debt - Schedule of Debt Principal Maturities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
2026	$ 0
2027	93,750
2028	31,250
2029	0
2030	0
Thereafter	0
Total	$ 125,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Note 11 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
2026	$ 818
2027	960
2028	878
2029	603
2030 and there after	819
Total future minimum lease payments	4,078
Less: Interest	(951)
Present value of lease liabilities	$ 3,127

Note 19 - Related Parties (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction, Amounts of Transaction	$ 0	$ 0

Note 17 - Share-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions									1 Months Ended			12 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	Dec. 31, 2025	Dec. 31, 2024	May 31, 2019
Common Stock, Capital Shares Reserved for Future Issuance (in shares)												4,348,248
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)												3,425,913
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)												122,500
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share)												$ 11.52
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share)												$ 19.5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted, Fair Value												$ 1.6	$ 2.5
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value												$ 2.1	0.2
Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)												10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)												3 years
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount												$ 2.2
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)												1 year 2 months 12 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
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)												1 year 9 months 29 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Granted, Fair Value												$ 13.1	$ 14.5
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount												$ 14.0
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 3 - Significant Accounting Policies (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Cash, Cash Equivalents, and Short-Term Investments	$ 120.5
Concentration Risk, Number of Customers	2

Note 4 - Other Financial Information

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

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 December 31, 2025 and 2024 (in thousands):

	*December 31, 2025*		*December 31, 2024*
Accounts payable	$	12,137	$	10,931
Accrued sales reserves		6,493		5,151
Accrued clinical expenses		2,364		2,027
Accrued research and development expenses		886		2,173
Accrued selling, general and administrative expenses		3,903		6,000
Accrued other expenses		1,934		1,149
Total accounts payable and accrued expenses	$	27,717	$	27,431

Interest and Other Income, Net

Interest and other income, net consisted of the following for the year ended December 31, 2025 and 2024 (in thousands):

	Year Ended December 31,
	2025			2024
Interest income	$	5,965		$	8,901
Other loss, net		(670	)		(229	)
Total interest and other income, net	$	5,295		$	8,672

Note 15 - Acquisitions

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Business Combination [Text Block]

NOTE 15 – 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”).

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 twelve months ended December 31, 2025.

- Definition

The entire disclosure for business combination.

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+ Details

Note 20 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 20– 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 December 31, 2025 and 2024. The Company does not anticipate recognizing any significant losses relating to these arrangements.

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. By written stipulation dated June 11, 2024, Teva Pharmaceutical Industries, Ltd. was dismissed from the action. On May 19, 2025, the Company filed an Amended Complaint, adding U.S. Patent 12,268,745 to the litigation (the “745 Patent”). The U.S. Patent and Trademark Office issued the ‘745 Patent on April 8, 2025, and the Company subsequently added this patent to the Orange Book for JELMYTO. By orders dated February 27, 2025, and June 26, 2025, the court approved the parties’ joint stipulations to remove the Markman hearing and any related claim-construction proceedings from the court’s calendar. This matter is scheduled for a bench trial in October 2026. Following certain stipulations, the case is now styled as UroGen Pharma Ltd. et al. v. Teva Pharmaceuticals, Inc. et al. By order dated January 12, 2026, the court approved the parties’ joint stipulation to dismiss counts I, II, III, and IV of the Company’s Amended Complaint alleging infringement by Teva of U.S. Patent Numbers 9,040,074 and 9,950,069, with prejudice, and to dismiss counts I and II of Teva’s counterclaims seeking declaratory judgment that U.S. Patent Numbers 9,040,074 and 9,950,069 are invalid, as moot. No ANDA may be finally approved by the FDA until the expiration of Orphan Drug Exclusivity covering JELMYTO in April 2027. 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.

Separation Agreements

On June 26, 2024, the Company entered into a separation agreement with Jeff Bova, the Company’s former Chief Commercial Officer, which sets forth the terms of Mr. Bova's termination of employment with the Company, effective as of September 30, 2024. The arrangement includes cash severance, a pro rata portion of the target annual bonus for calendar year 2024, and partial acceleration of share-based compensation. The Company recognized $1.1 million within selling, general and administrative expenses during the year ended December 31, 2024 in relation to this arrangement. There were no expenses recognized in relation to this arrangement during the year ended December 31, 2025.

On October 7, 2024, the Company entered into a separation and consulting agreement with Don Kim, pursuant to which Mr. Kim resigned from his positions as the Company’s Chief Financial Officer, principal financial officer and principal accounting officer, effective October 8, 2024. The arrangement includes cash severance, target annual bonus for calendar year 2024, a post-separation consulting arrangement, and partial acceleration of share-based compensation. The Company recognized $0.8 million within selling, general and administrative expenses during the year ended December 31, 2024 in relation to this arrangement. There were no expenses recognized in relation to this arrangement during the year ended December 31, 2025.

Leases

See Note 11 for further discussion regarding lease commitments.

Note 12 - Revenue From Product Sales (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Year Ended December 31, 2025		Year Ended December 31, 2024
Jelmyto	$	93,989	$	90,398
Zusduri		15,799		—
Total Revenue	$	109,788	$	90,398

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, 2023	$	1,062		$	3,451		$	1,458		$	5,971
Changes during 2024
Accruals		13,870			3,920			11,273			29,063
Utilizations		(13,822	)		—			(10,785	)		(24,607	)
Changes to prior period estimates		(223	)	$	358			—			135
Balance as of December 31, 2024	$	887		$	7,729		$	1,946		$	10,562
Changes during 2025
Accruals		17,237			3,969			12,938			34,144
Utilizations		(16,594	)	$	(7,262	)		(11,035	)		(34,891	)
Changes to prior period estimates		—			(414	)		—			(414	)
Balance as of December 31, 2025	$	1,530		$	4,022		$	3,849		$	9,401

Note 4 - Other Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

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

	*December 31, 2025*		*December 31, 2024*
Accounts payable	$	12,137	$	10,931
Accrued sales reserves		6,493		5,151
Accrued clinical expenses		2,364		2,027
Accrued research and development expenses		886		2,173
Accrued selling, general and administrative expenses		3,903		6,000
Accrued other expenses		1,934		1,149
Total accounts payable and accrued expenses	$	27,717	$	27,431

Interest Income and Interest Expense Disclosure [Table Text Block]

	Year Ended December 31,
	2025			2024
Interest income	$	5,965		$	8,901
Other loss, net		(670	)		(229	)
Total interest and other income, net	$	5,295		$	8,672

Note 9 - Prepaid Forward Obligation (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

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		18,503
Amounts paid and payable ⁽¹⁾		(12,614	)
Carrying value of prepaid forward obligation as of December 31, 2025	$	127,276

Note 6 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

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*
	*December 31,*		*Identical Assets*		*Inputs*
	*2025*		*(Level 1)*		*(Level 2)*
Assets:
Cash equivalents
Money market funds	$	39,618	$	39,618	$	—
Marketable securities
Corporate bonds		6,058		—		6,058
Commercial paper		1,695		—		1,695
Certificates of deposit		1,958		—		1,958
Total marketable securities	$	9,711	$	—	$	9,711
Total assets at fair value	$	49,329	$	39,618	$	9,711

			*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 5 - Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*December 31, 2025*		*December 31, 2024*
Raw materials ⁽¹⁾	$	11,042	$	4,924
Finished goods		5,422		4,522
Total inventories	$	16,464	$	9,446

Note 17 - Share-Based Compensation - Number of Employee and Non-employee Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Granted, number of options (in shares)	122,500
Employees and Non-employees [Member]
Outstanding, number of options (in shares)	2,611,843
Outstanding, weighted average price per share (in dollars per share)	$ 24.65
Outstanding, weighted average remaining contractual life (Year)	5 years 1 month 20 days	5 years 9 months 18 days
Outstanding, aggregate intrinsic value	$ 13,723	$ 1,092
Granted, number of options (in shares)	122,500
Granted, weighted average price per share (in dollars per share)	$ 16.08
Forfeited, number of options (in shares)	(120,667)
Forfeited, weighted average price per share (in dollars per share)	$ 24.26
Exercised, number of options (in shares)	(192,822)
Exercised, weighted average price per share (in dollars per share)	$ 10.23
Outstanding, number of options (in shares)	2,420,854	2,611,843
Outstanding, weighted average price per share (in dollars per share)	$ 25.38	$ 24.65
Vested and expected to vest (in shares)	2,420,854
Vested and expected to vest, weighted average price per share (in dollars per share)	$ 25.38
Vested and expected to vest, weighted average remaining contractual life (Year)	5 years 1 month 20 days
Vested and expected to vest, aggregate intrinsic value	$ 13,723
Exercisable (in shares)	2,100,275
Exercisable, weighted average price per share (in dollars per share)	$ 27.24
Exercisable, weighted average remaining contractual life (Year)	4 years 7 months 20 days
Exercisable, aggregate intrinsic value	$ 10,453

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	*Item 1C.* Cybersecurity Risk management and strategy** We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, clinical trial data, customer data, manufacturing data, and confidential information that is proprietary, strategic or competitive in nature (“Information Systems and Data”). Our Vice President of Information Technology ("IT") supervises our Information Technology Department which coordinates with third-party service providers that perform security management roles, including those of a Chief Information Security Officer and help desk, to identify, assess and manage our cybersecurity threats and risks. Our IT Department and security management team, including third-party service providers, identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment using various methods including, for example: manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and threat actors, conducting scans of the threat environment, internal audits relating to cybersecurity, conducting threat assessments for internal and external threats, third-party threat assessments, conducting vulnerability assessments to identify vulnerabilities, use of external intelligence feeds, evaluating our and our industry’s risk profile, and evaluating threats reported to us. Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: a cybersecurity incident response policy; asset management, tracking and disposal; incident detection and response; systems monitoring; a vulnerability management policy; risk assessments; data encryption; third-party cybersecurity staff; network security controls; data segregation; access controls; physical security; employee training; penetration testing; and cybersecurity insurance. Our assessment and management of material risks from cybersecurity threats are integrated into our overall risk management processes. For example, our IT Department works with management to prioritize our risk management processes and mitigate cybersecurity threats that are expected to be more likely to lead to a material impact to our business. In addition, our management evaluates material risks from cybersecurity threats against our overall business objectives and reports to the audit committee of our board of directors, which, together with the rest of our board of directors, evaluates our overall enterprise risk. We use third-party service providers to assist us to identify, assess, and manage material risks from cybersecurity threats, including, for example: a third-party IT and cybersecurity consultant; professional services firms, including legal counsel; threat intelligence service providers; cybersecurity software providers; managed cybersecurity service providers; penetration testing firms; dark web monitoring services; and forensic investigators. We use third-party service providers to perform a variety of functions throughout our business, such as: conducting nonclinical and clinical trials; supplying certain raw materials, compounds and components; delivering materials to our facilities; and shipping products to our customers. Additionally, we rely on third-party service providers and technologies to operate critical business systems to process sensitive information in a variety of contexts, including, without limitation, cloud-based infrastructure, data center facilities, encryption and authentication technology, employee email, and content delivery. Other types of third-party service providers we rely on include: application providers, distributors, hosting companies, supply chain resources, contract research organizations, and contract manufacturing organizations. Our vendor assessment process is generally limited to reputational due diligence of the vendor and, in some cases, examination of the vendor’s security reports and certifications. For a description of the risks from cybersecurity threats that may materially affect us and how they may do so, see our risk factors under Part I, Item 1A. Risk Factors in this Annual Report on Form 10-K, including “If our information technology systems or data, or those of third parties upon whom we rely, are or were compromised, we could experience adverse consequences resulting from such compromise including but not limited to regulatory investigations or actions; litigation; fines and penalties; a material disruption of our drug development program; compromise sensitive information related to our business; harm our reputation; triggering of breach notification obligations; inability to access critical information; disruptions of our business operations; loss of revenue or profits; loss of customers or sales and legal liability or other adverse effects to our business.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, clinical trial data, customer data, manufacturing data, and confidential information that is proprietary, strategic or competitive in nature (“Information Systems and Data”).
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	For a description of the risks from cybersecurity threats that may materially affect us and how they may do so, see our risk factors under Part I, Item 1A. Risk Factors in this Annual Report on Form 10-K, including “If our information technology systems or data, or those of third parties upon whom we rely, are or were compromised, we could experience adverse consequences resulting from such compromise including but not limited to regulatory investigations or actions; litigation; fines and penalties; a material disruption of our drug development program; compromise sensitive information related to our business; harm our reputation; triggering of breach notification obligations; inability to access critical information; disruptions of our business operations; loss of revenue or profits; loss of customers or sales and legal liability or other adverse effects to our business.”
Cybersecurity Risk Board of Directors Oversight [Text Block]	*Governance* Our board of directors addresses our cybersecurity risk management as part of its general oversight function. The audit committee of our board of directors is responsible for overseeing our cybersecurity risk management processes, including oversight of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of our management, including, among others, our Executive Vice President of Talent, Advocacy & Communications, Vice President of IT, and Director of IT Infrastructure & Operations. Our Vice President of IT is an IT security professional with over 15 years heading IT and cybersecurity functions, and our Director of IT Infrastructure & Operations holds CCNA Security and CyberOps certifications, as well as ITIL Foundation v4 certification. Our Executive Vice President of Talent, Advocacy & Communications and Vice President of IT, are responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into our overall risk management strategy, and communicating key priorities to relevant personnel. Additionally, they are responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our cybersecurity incident response policy is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our Chief Financial Officer and General Counsel and Chief Compliance Officer. Our management works with our incident response team to help us mitigate and remediate cybersecurity incidents of which they are notified. In addition, our cybersecurity incident response policy includes reporting to the audit committee of our board of directors for certain cybersecurity incidents. The audit committee periodically reviews and discusses with the appropriate members of our management material risks relating to cybersecurity threats and our processes for assessing, identifying, and managing material risks from cybersecurity threats, as well as our internal controls and disclosure controls and procedures relating to cybersecurity incidents. Our board of directors and audit committee are also provided with reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors addresses our cybersecurity risk management as part of its general oversight function. The audit committee of our board of directors is responsible for overseeing our cybersecurity risk management processes, including oversight of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee periodically reviews and discusses with the appropriate members of our management material risks relating to cybersecurity threats and our processes for assessing, identifying, and managing material risks from cybersecurity threats, as well as our internal controls and disclosure controls and procedures relating to cybersecurity incidents. Our board of directors and audit committee are also provided with reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of our management, including, among others, our Executive Vice President of Talent, Advocacy & Communications, Vice President of IT, and Director of IT Infrastructure & Operations. Our Vice President of IT is an IT security professional with over 15 years heading IT and cybersecurity functions, and our Director of IT Infrastructure & Operations holds CCNA Security and CyberOps certifications, as well as ITIL Foundation v4 certification.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Note 22 - Subsequent Events

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 22 – Subsequent events

On February 26, 2026, the Company entered into the 2026 Loan Agreement. The first tranche of $200.0 million refinanced the Company's existing loan facility with Pharmakon which had $125.0 million of outstanding principal, with the remaining proceeds available for general corporate purposes and working capital. The second tranche of $50.0 million may be drawn at the Company's option no later than June 30, 2027, subject to customary conditions.

All outstanding loans with Pharmakon pursuant to the 2026 Loan Agreement accrue interest at a fixed rate of 8.25%. The principal amount of the loans outstanding under the 2026 Loan Agreement shall be repayable in four equal quarterly payments commencing in the first quarter of 2030. The Company may prepay the full outstanding principal amount of the loans in whole at the Company's discretion at any time, together with accrued but unpaid interest thereon and subject to prepayment premiums, make-whole amounts, as applicable, and fees.

Note 10 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

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		15,345
Amounts paid		(14,869	)
Carrying value of Pharmakon loan as of December 31, 2025	$	122,210

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

	Principal Payments
2026	$	—
2027		93,750
2028		31,250
2029		—
2030		—
Thereafter		—
Total	$	125,000

- Definition

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.

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Note 21 - Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

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

	*Year Ended December 31,*
	*2025*		*2024*
Research and development expenses
R&D project materials & services	$	46,150	$	38,556
Employee compensation		17,286		14,882
Rent, office, utilities & technology		3,047		2,972
Other expenses		624		735
Total research and development expenses	$	67,107	$	57,145

Selling, general and administrative expenses
Employee compensation	$	77,868	$	59,709
Commercial & medical affairs services		34,747		27,205
Professional services		14,221		14,031
Travel, meetings & conferences		16,383		12,962
Rent, office, utilities & technology		4,979		3,283
Other expenses ⁽¹⁾		6,899		3,964
Total selling, general and administrative expenses	$	155,097	$	121,154

Note 19 - Related Parties

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

NOTE 19 – RELATED PARTIES

See Note 15 for discussion related to an asset purchase in February 2025, which involved a related party. There were no further related party transactions during the twelve months ended December 31, 2025 or 2024.

- Definition

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.

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+ Details

Note 20 - Commitments and Contingencies (Details Textual) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Severance Costs	$ 0	$ 1,100
Chief Financial Officer [Member]
Severance Costs	$ 0	$ 800

Note 10 - Long-term Debt - Long Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Interest expense	$ 15,345	$ 12,521
Interest expense	15,345	12,521
Pharmakon Loan [Member]
Carrying value of Pharmakon loan	121,734	98,551
Third tranche of Pharmakon loan		25,000
Capitalized costs and discounts		(512)
Interest expense	15,345	12,521
Amounts paid	(14,869)	(13,826)
Interest expense	15,345	12,521
Carrying value of Pharmakon loan	$ 122,210	$ 121,734

Note 11 - Leases - Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finance lease right-of-use assets	$ 5,376	$ 2,285
Operating lease right-of-use assets	3,080	849
Finance long-term lease liabilities	3,475	1,595
Operating long-term lease liabilities	2,646	58
Other current liabilities related to finance leases	1,274	745
Other current liabilities related to operating leases	$ 481	$ 785

Note 14 - Employee Rights Upon Retirement

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Employee Rights Upon Retirement [Text Block]

NOTE 14 – EMPLOYEE RIGHTS UPON RETIREMENT

In Israel, the Company is required by law to make severance payments upon dismissal of an employee or upon termination of employment in certain other circumstances.

The Company operates a number of post-employment defined contribution plans. A defined contribution plan is a program that benefits an employee after termination of employment, under which the Company regularly makes fixed payments to a separate and independent entity so that the Company has no legal or constructive obligation to pay additional contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The fund assets are not included in the Company’s financial position.

The Company operates pension and severance compensation plans subject to Section 14 of the Israeli Severance Pay Law, 5723-1963. The plans are funded through payments to insurance companies or pension funds administered by trustees. In accordance with its terms, the plans meet the definition of a defined contribution plan, as defined above.

Note 8 - Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

Property, Plant and Equipment [Table Text Block]

	December 31,
	2025			2024
Laboratory equipment	$	504		$	473
Computer equipment and software		2,799			2,542
Furniture		612			612
Leasehold improvements		626			626
Manufacturing equipment		683			683
		5,224			4,936
Less: accumulated depreciation and amortization		(4,587	)		(4,281	)
Property and equipment, net	$	637		$	655

Note 11 - Leases (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Note 11 - Leases (Details Textual) - USD ($) $ in Thousands	Oct. 31, 2020	Dec. 31, 2025	Nov. 29, 2019
Lessee, Operating Lease, Liability, to be Paid		$ 4,078
Operating Lease, Impairment Loss		0
Operating Lease, Liability		$ 3,127
Lessee, Finance Lease, Term of Contract (Year)		48 years
Finance Lease, Liability, to be Paid		$ 5,908
Company Offices in Israel [Member]
Lessee, Operating Lease, Liability, to be Paid		1,000
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		$ 3,000

Note 3 - Significant Accounting Policies - Schedule of Calculation of Basic and Diluted Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loss attributable to equity holders of the Company	$ (153,494)	$ (126,874)
Weighted-average number of ordinary shares (in shares)	48,116,098	42,876,737
Loss per ordinary share (in dollars per share)	$ (3.19)	$ (2.96)

- Definition

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

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+ Details

Note 7 - Investments

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

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 December 31, 2025 (in thousands):

	*Amortized Cost Basis*		*Unrealized Gains*		*Unrealized Losses*		*Fair Value*
Assets:
Cash equivalents
Money market funds	$	39,618	$	—	$	—	$	39,618
Marketable securities
Corporate bonds		6,043		15		—		6,058
Commercial paper		1,693		2		—		1,695
Certificates of deposit		1,956		2		—		1,958
Total marketable securities	$	9,692	$	19	$	—	$	9,711
Total assets at fair value	$	49,310	$	19	$	—	$	49,329

The following table summarizes the Company’s investments as of December 31, 2024 (in thousands):

	*Amortized Cost Basis*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
Assets:
Cash equivalents
Money market funds	$	41,008	$	—	$	—		$	41,008
Marketable securities
U.S. government		26,019		34		—			26,053
Corporate bonds		14,966		15		(1	)		14,980
Commercial paper		26,608		15		(1	)		26,622
Certificates of deposit		2,071		—		(6	)		2,065
Total marketable securities	$	69,664	$	64	$	(8	)	$	69,720
Total assets at fair value	$	110,672	$	64	$	(8	)	$	110,728

The Company classifies its investments as available-for-sale, and they consist entirely of debt securities. As of December 31, 2025, the amortized cost of investments included an immaterial amount of accrued interest. As of December 31, 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 December 31, 2025, the Company did not hold any investments in an unrealized loss position. Accordingly, no allowance for credit losses was recorded during the period. In accordance with the Company’s general investment strategy, the Company does not intend to sell the investments before maturity. The Company believes the cost basis of its marketable securities was recoverable in all material respects as of December 31, 2025.

The Company’s investments as of December 31, 2025 mature at various dates through September 2026. The fair values of investments by contractual maturity consist of the following (in thousands):

	December 31, 2025		December 31, 2024
Maturities within one year	$	49,329	$	105,706
Maturities after one year through three years		—		5,022
Total investments	$	49,329	$	110,728

Note 17 - Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	*2025*		*2024*
Value of ordinary shares		$11.52-19.50		$13.11-15.16
Dividend yield		0%		0%
Expected volatility		73.01%-87.22%		81.00%-89.12%
Risk-free interest rate		4.15%-4.26%		3.61%-4.42%
Expected term (in years)		6.0-10 years		6.0-10 years

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	*Number of options*			*Weighted average exercise price per share*		*Weighted average remaining contractual life*		*Aggregate intrinsic value (in thousands)*
Outstanding as of December 31, 2024		2,611,843		$	24.65		5.80	$	1,092
Granted		122,500			16.08
Forfeited		(120,667	)		24.26
Exercised		(192,822	)		10.23
Outstanding as of December 31, 2025		2,420,854		$	25.38		5.14	$	13,723
Vested and expected to vest, December 31, 2025		2,420,854		$	25.38		5.14	$	13,723
Exercisable, December 31, 2025		2,100,275		$	27.24		4.64	$	10,453

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

	*Outstanding Restricted Stock Units*			*Weighted Average Grant Date Fair Value*
Outstanding as of December 31, 2024		1,507,828		$	13.84
Granted		1,123,946			11.68
Vested and released		(557,380	)		12.84
Forfeited		(147,000	)		12.76
Outstanding as of December 31, 2025		1,927,394		$	12.95

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

	Year ended December 31,
	2025		2024
Research and development expenses	$	2,324	$	2,235
Selling, general and administrative expenses		9,635		10,873
Total share-based compensation expense	$	11,959	$	13,108

Note 9 - Prepaid Forward Obligation (Details Textual) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2021	Mar. 31, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Prepaid Forward Obligation			$ 127,276	$ 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			$ 47,400

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

Dec. 31, 2025

Dec. 31, 2024

Raw materials

^[1]

$ 11,042

$ 4,924

Finished goods

5,422

4,522

Total inventories

$ 16,464

$ 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 8 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Depreciation, Depletion and Amortization	$ 307	$ 329

- Definition

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.

+ References + Details

Note 4 - Other Financial Information - Interest and Other Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Interest income	$ 5,965	$ 8,901
Other loss, net	(670)	(229)
Total interest and other income, net	$ 5,295	$ 8,672

Note 6 - Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

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 December 31, 2025 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*
	*2025*		*(Level 1)*		*(Level 2)*
Assets:
Cash equivalents
Money market funds	$	39,618	$	39,618	$	—
Marketable securities
Corporate bonds		6,058		—		6,058
Commercial paper		1,695		—		1,695
Certificates of deposit		1,958		—		1,958
Total marketable securities	$	9,711	$	—	$	9,711
Total assets at fair value	$	49,329	$	39,618	$	9,711

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 December 31, 2025 and 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.

- Definition

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.

+ References

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+ Details

Note 21 - Segment Reporting (Details Textual)	12 Months Ended
Note 21 - Segment Reporting (Details Textual)	Dec. 31, 2025
Number of Operating Segments	1
Number of Reportable Segments	1

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2025	Feb. 24, 2026	Jun. 30, 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	FY
Document Fiscal Year Focus	2025
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 620,400,000
Entity Common Stock, Shares Outstanding		48,682,280
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Florham Park, New Jersey

Note 3 - Significant Accounting Policies - Useful Lives of Property and Equipment (Details)	Dec. 31, 2025
Computers and Software [Member]
Useful life (Year)	3 years
Laboratory Equipment [Member] \| Minimum [Member]
Useful life (Year)	3 years
Laboratory Equipment [Member] \| Maximum [Member]
Useful life (Year)	6 years 6 months
Furniture [Member[ \| Minimum [Member]
Useful life (Year)	5 years
Furniture [Member[ \| Maximum [Member]
Useful life (Year)	16 years 6 months
Manufacturing Equipment [Member] \| Minimum [Member]
Useful life (Year)	2 years
Manufacturing Equipment [Member] \| Maximum [Member]
Useful life (Year)	10 years

Note 9 - Prepaid Forward Obligation

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Prepaid Forward Obligation Disclosure [Text Block]

NOTE 9 – Prepaid Forward Obligation

In March 2021, the Company entered into a prepaid forward agreement with 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 twelve months ended December 31, 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 December 31, 2025, the cumulative amounts paid and payable by the Company were $47.4 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, 2025 and 2024 (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		18,503
Amounts paid and payable ⁽¹⁾		(12,614	)
Carrying value of prepaid forward obligation as of December 31, 2025	$	127,276

⁽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 consolidated balance sheets as of December 31, 2025 and December 31, 2024, respectively.

Note 18 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	23.00%	23.00%
Income Taxes Paid, Net	$ 3,000	$ 1,800
Income (Loss) from Continuing Operations before Income Taxes, Foreign	35,000	11,000
Operating Loss Carryforwards	626,700	533,900
Operating Loss Carryforwards, Prior to Tax Effecting Carryforward Tax Losses	51,400
Liability for Uncertainty in Income Taxes, Noncurrent	3,903	3,791
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 2,100	$ 1,800
New Hampshire Tax Authority [Member]
Percentage of Total Cash Taxes Paid		6.30%

Note 4 - Other Financial Information - Accounts Payable and Accrued Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts payable	$ 12,137	$ 10,931
Accrued sales reserves	6,493	5,151
Accrued clinical expenses	2,364	2,027
Accrued research and development expenses	886	2,173
Accrued selling, general and administrative expenses	3,903	6,000
Accrued other expenses	1,934	1,149
Total accounts payable and accrued expenses	$ 27,717	$ 27,431

Note 13 - License and Collaboration Agreements

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

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 was in Phase 1 clinical development for high-grade NMIBC.

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 significant additional costs related to this program going forward.

Note 11 - Leases (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

Lease, Cost [Table Text Block]

	Year Ended December 31, 2025		Year Ended December 31, 2024
Finance lease cost:
Amortization of right-of-use assets	$	1,356	$	36
Interest on lease liabilities		576		20
Operating lease cost		932		900
Sublease income		-		(42	)
Variable lease cost		65		70
	$	2,929	$	984

Assets and Liabilities, Lessee [Table Text Block]

	Year Ended December 31, 2025		Year Ended December 31, 2024
Finance lease right-of-use assets	$	5,376	$	2,285
Operating lease right-of-use assets		3,080		849
Finance long-term lease liabilities		3,475		1,595
Operating long-term lease liabilities		2,646		58
Other current liabilities related to finance leases		1,274		745
Other current liabilities related to operating leases		481		785

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

	*Year Ended December 31, 2025*			*Year Ended December 31, 2024*
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	1,855		$	—
Operating cash flows from operating leases	$	914		$	933
Right-of-use assets obtained in exchange for new finance lease liabilities	$	4,445		$	2,321
Right-of-use assets obtained in exchange for new operating lease liabilities	$	2,982		$	—
Weighted-average remaining lease term of finance leases (in years)		2.32			3.94
Weighted-average remaining lease term of operating leases (in years)		4.52			1.02
Weighted-average discount rate of finance leases		13.97	%		13.82	%
Weighted-average discount rate of operating leases		11.81	%		10.24	%

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

	*Finance Leases*
Years ending December 31,
2026	$	1,852
2027		1,852
2028		1,808
2029		396
Total future minimum lease payments		5,908
Less: Interest		(1,158	)
Present value of lease liabilities	$	4,750

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

	*Operating Leases*
Years ending December 31,
2026	$	818
2027		960
2028		878
2029		603
2030 and there after		819
Total future minimum lease payments		4,078
Less: Interest		(951	)
Present value of lease liabilities	$	3,127

Note 18 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*2025*			*2024*
Current taxes:
U.S. Federal	$	196		$	2,206
U.S. State		(118	)		626
Total current taxes	$	78		$	2,832

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	*December 31,*
	*2025*			*2024*
In respect of:
Net operating loss carryforward	$	153,354		$	122,944
Research and development expenses		20,028			26,231
Stock-based compensation		13,254			12,441
Accrued expenses		2,973			2,371
Interest expense		6,054			2,630
In-process research and development		527			815
Lease Liabilities		1,741			683
Issuance costs		107			221
Other		2,364			988
Total deferred tax assets		200,402			169,324
Less—valuation allowance		(198,448	)		(168,555	)
Deferred tax assets, net of valuation allowance		1,954			769
Right-of-use asset		(1,898	)		(725	)
Depreciation of fixed assets		(56	)		(44	)
Total deferred tax liabilities		(1,954	)		(769	)
Net deferred tax assets	$	—		$	—

Summary of Valuation Allowance [Table Text Block]

	*2025*			*2024*
Balance at the beginning of the year	$	(168,555	)	$	(143,566	)
Changes during the year		(29,893	)		(24,989	)
Balance at the end of the year	$	(198,448	)	$	(168,555	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	*December 31, 2025*						*December 31, 2024*
	*USD thousands*			*Percentage of Pretax Loss*			*USD thousands*			*Percentage of Pretax Loss*
Loss before income taxes	$	(153,416	)				$	(124,042	)
Statutory rate		23	%					23	%
Income tax expense/(benefit) at statutory rate		(35,286	)					(28,530	)
Additional tax (tax saving) in respect of:
Foreign tax effects
United States
Differing tax rate of foreign subsidiaries		605			-0.39	%		219			-0.18	%
Current and deferred US state taxes		175			-0.11	%		(887	)		0.72	%
Tax credits in foreign jurisdictions		(789	)		0.51	%		(510	)		0.41	%
Changes in valuation allowances in foreign jurisdictions		6,792			-4.43	%		4,893			-3.94	%
Nontaxable or nondeductible items in foreign jurisdictions		1,002			-0.65	%		1,040			-0.84	%
Changes in unrecognized tax benefits in foreign jurisdictions		112			-0.07	%		598			-0.48	%
Changes in valuation allowances		23,102			-15.06	%		20,095			-16.20	%
Nondeductible financing cost on prepaid forward obligation		4,256			-2.77	%		5,385			-4.34	%
Other nontaxable or nondeductible items		20			-0.01	%		502			-0.40	%
Other		89			-0.06	%		27			-0.02	%
Income tax expense	$	78					$	2,832

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	*2025*			*2024*
Unrecognized tax benefits at the beginning of the year	$	1,974		$	1,974
Gross increases — tax positions in prior period		550			—
Gross decreases— tax positions in prior period		(717	)		—
Unrecognized tax benefits at the end of the year	$	1,807		$	1,974

Note 21 - Segment Reporting - Segment Expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Research and development expenses

$ 67,107

$ 57,145

Total selling, general and administrative expenses

155,097

121,154

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

R&D project materials & services

46,150

38,556

Employee compensation

17,286

14,882

Rent, office, utilities & technology

3,047

2,972

Other expenses

624

735

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

Employee compensation

77,868

59,709

Rent, office, utilities & technology

4,979

3,283

Commercial & medical affairs services

34,747

27,205

Professional services

14,221

14,031

Travel, meetings & conferences

16,383

12,962

Other expenses (1)

^[1]

$ 6,899

$ 3,964

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

Note 10 - Long-term Debt

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

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 "2022 Loan Agreement"). 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, which replaced the 2022 Loan Agreement, with Pharmakon for an additional third and fourth tranche of senior secured loan (the “2024 Loan Agreement”). 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 2024 Loan Agreement, prior to the refinancing described in the immediately following paragraph, all outstanding loans accrued interest using a benchmark rate of three-month SOFR plus 7.25% plus an additional adjustment of 0.26161%.

On February 26, 2026, the Company entered into a second amended and restated loan agreement, which replaced the 2024 Loan Agreement, with Pharmakon providing for a senior secured term loan facility of up to $250.0 million, consisting of two tranches (the “2026 Loan Agreement”). The first tranche of $200.0 million refinanced the Company's term loan facility under the 2024 Loan Agreement which had $125.0 million of outstanding principal, with the remaining proceeds available for general corporate purposes and working capital. The second tranche of $50.0 million may, at the Company's option, be requested no later than June 30, 2027 for a funding to occur no later than August 29, 2027, subject to customary conditions.

All outstanding loans with Pharmakon pursuant to the 2026 Loan Agreement accrue interest at a fixed rate of 8.25%. The principal amount of the loans outstanding under the 2026 Loan Agreement shall be repayable in four equal quarterly payments commencing in the first quarter of 2030. The Company may prepay the full outstanding principal amount of the loans whole at the Company's discretion at any time, together with accrued but unpaid interest thereon and subject to prepayment premiums, make-whole amounts, as applicable, and fees.

The obligations of UroGen Pharma, Inc., as the borrower under the 2026 Loan Agreement, are guaranteed by UroGen Pharma Ltd., subject to customary limitations on parent guarantees under Israeli law, and are secured by substantially all of the tangible and intangible assets and property, including intellectual property, of UroGen Pharma, Inc. and UroGen Pharma Ltd., subject to certain exceptions.

The Company incurred financing expenses of $4.2 million related to the first and second tranches under the 2022 Loan Agreement funded in 2022, and $0.5 million related to the third tranche funded in 2024 under the 2024 Loan Agreement, which are recognized as a direct offset to the long-term debt on the Company's 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 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		15,345
Amounts paid		(14,869	)
Carrying value of Pharmakon loan as of December 31, 2025	$	122,210

The aggregate principal maturities of long-term debt as of December 31, 2025 are as follows, in thousands:

	Principal Payments
2026	$	—
2027		93,750
2028		31,250
2029		—
2030		—
Thereafter		—
Total	$	125,000

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 21 - Segment Reporting

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 21 – 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 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 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):

	*Year Ended December 31,*
	*2025*		*2024*
Research and development expenses
R&D project materials & services	$	46,150	$	38,556
Employee compensation		17,286		14,882
Rent, office, utilities & technology		3,047		2,972
Other expenses		624		735
Total research and development expenses	$	67,107	$	57,145

Selling, general and administrative expenses
Employee compensation	$	77,868	$	59,709
Commercial & medical affairs services		34,747		27,205
Professional services		14,221		14,031
Travel, meetings & conferences		16,383		12,962
Rent, office, utilities & technology		4,979		3,283
Other expenses ⁽¹⁾		6,899		3,964
Total selling, general and administrative expenses	$	155,097	$	121,154

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

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Note 2 - Basis of Presentation

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Basis of Accounting [Text Block]

Note 2 – Basis of Presentation

The Company has experienced net losses since its inception and had an accumulated deficit of $959.7 million and $806.2 million as of December 31, 2025 and 2024, respectively. The Company expects to incur losses and have negative net cash flows from operating activities as it executes its strategy, including the ongoing 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.

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The consolidated financial statements include the accounts of UPL and its wholly owned subsidiary UPI. All material intercompany balances and transactions have been eliminated during consolidation.

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 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 December 31, 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.

Note 11 - Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amortization of right-of-use assets	$ 1,356	$ 36
Interest on lease liabilities	576	20
Operating lease cost	932	900
Sublease income	0	(42)
Variable lease cost	65	70
Lease, Cost	$ 2,929	$ 984

Note 18 - Income Taxes - Summary of Current Income Taxes Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
U.S. Federal	$ 196	$ 2,206
U.S. State	(118)	626
Total current taxes	$ 78	$ 2,832

Note 18 - Income Taxes - Reconciliation of Statutory Tax Rate to Effective Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loss before income taxes, amount	$ (153,416)	$ (124,042)
Statutory rate, rate	23.00%	23.00%
Income tax expense/(benefit) at statutory rate, amount	$ (35,286)	$ (28,530)
Differing tax rate of foreign subsidiaries, amount	$ 605	$ 219
Differing tax rate of foreign subsidiaries, percent	(0.39%)	(0.18%)
Current and deferred US state taxes, amount	$ 175	$ (887)
Current and deferred US state taxes, percent	(0.11%)	0.72%
Tax credits in foreign jurisdictions, amount	$ (789)	$ (510)
Tax credits in foreign jurisdictions, percent	0.51%	0.41%
Changes in valuation allowances, amount	$ 23,102	$ 20,095
Changes in valuation allowances in foreign jurisdictions, percent	(15.06%)	(16.20%)
Nontaxable or nondeductible items in foreign jurisdictions, amount	$ 1,002	$ 1,040
Nontaxable or nondeductible items in foreign jurisdictions, percent	(0.65%)	(0.84%)
Changes in unrecognized tax benefits in foreign jurisdictions, amount	$ 112	$ 598
Changes in unrecognized tax benefits in foreign jurisdictions, percent	(0.07%)	(0.48%)
Nondeductible financing cost on prepaid forward obligation, amount	$ 4,256	$ 5,385
Nondeductible financing cost on prepaid forward obligation, percent	(2.77%)	(4.34%)
Other nontaxable or nondeductible items, amount	$ 20	$ 502
Other nontaxable or nondeductible items, percent	(0.01%)	(0.40%)
Other, amount	$ 89	$ 27
Other, percent	(0.06%)	(0.02%)
Income tax expense, amount	$ 78	$ 2,832
Income tax expense, percent
Foreign Tax Jurisdiction [Member]
Changes in valuation allowances, amount	$ 6,792	$ 4,893
Changes in valuation allowances in foreign jurisdictions, percent	(4.43%)	(3.94%)

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

Dec. 31, 2025

Dec. 31, 2024

Inventory, Raw Materials, Net of Reserves

^[1]

$ 11,042

$ 4,924

Other Noncurrent Assets [Member]

Inventory, Raw Materials, Net of Reserves

$ 0

$ 200

[1]

Note 11 - Leases - Amounts of Assets and Liabilities (Details) (Parentheticals)	Dec. 31, 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 6 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair value	$ 9,711	$ 69,720
Corporate Debt Securities [Member]
Fair value	6,058	14,980
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Fair value		26,622
Certificates of Deposit [Member]
Fair value	1,958	2,065
US Treasury Securities [Member]
Fair value		26,053
Money Market Funds [Member]
Cash equivalents, fair value	39,618	41,008
Cash equivalents, fair value	39,618	41,008
Fair Value, Recurring [Member]
Fair value	9,711	69,720
Total assets at fair value	49,329	110,728
Fair Value, Recurring [Member] \| Corporate Debt Securities [Member]
Fair value	6,058	14,980
Fair Value, Recurring [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Cash equivalents, fair value	1,695
Fair value		26,622
Cash equivalents, fair value	1,695
Fair Value, Recurring [Member] \| Certificates of Deposit [Member]
Fair value	1,958	2,065
Fair Value, Recurring [Member] \| US Treasury Securities [Member]
Fair value		26,053
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value	0	26,053
Total assets at fair value	39,618	67,061
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Fair value	0	0
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
Fair value		0
Cash equivalents, fair value	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Certificates of Deposit [Member]
Fair value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Fair value		26,053
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value	9,711	43,667
Total assets at fair value	9,711	43,667
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Fair value	6,058	14,980
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Cash equivalents, fair value	1,695
Fair value		26,622
Cash equivalents, fair value	1,695
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Certificates of Deposit [Member]
Fair value	1,958	2,065
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Fair value		0
Fair Value, Recurring [Member] \| Money Market Funds [Member]
Cash equivalents, fair value	39,618	41,008
Cash equivalents, fair value	39,618	41,008
Fair Value, Recurring [Member] \| Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash equivalents, fair value	39,618	41,008
Cash equivalents, fair value	39,618	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

Note 7 - Investments - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash equivalents	$ 110,745	$ 171,987
Amortized cost basis	9,692	69,664
Unrealized gains	19	64
Unrealized losses	0	(8)
Fair value	9,711	69,720
Total assets at fair value	49,310	110,672
Total assets at fair value, unrealized gains	19	64
Total assets at fair value, unrealized losses	0	(8)
Total assets at fair value, fair value	49,329	110,728
Amortized cost basis	9,692	69,664
Unrealized gains	19	64
Unrealized losses	0	(8)
Fair value	9,711	69,720
Total assets at fair value, unrealized gains	19	64
Total assets at fair value, unrealized losses	0	(8)
Total assets at fair value, fair value	49,329	110,728
Corporate Debt Securities [Member]
Amortized cost basis	6,043	14,966
Unrealized gains	15	15
Unrealized losses	0	(1)
Fair value	6,058	14,980
Amortized cost basis	6,043	14,966
Unrealized gains	15	15
Unrealized losses	0	(1)
Fair value	6,058	14,980
US Treasury Securities [Member]
Amortized cost basis		26,019
Unrealized gains		34
Unrealized losses		0
Fair value		26,053
Amortized cost basis		26,019
Unrealized gains		34
Unrealized losses		0
Fair value		26,053
Certificates of Deposit [Member]
Amortized cost basis	1,956	2,071
Unrealized gains	2	0
Unrealized losses	0	(6)
Fair value	1,958	2,065
Amortized cost basis	1,956	2,071
Unrealized gains	2	0
Unrealized losses	0	(6)
Fair value	1,958	2,065
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized cost basis		26,608
Unrealized gains		15
Unrealized losses		(1)
Fair value		26,622
Amortized cost basis		26,608
Unrealized gains		15
Unrealized losses		(1)
Fair value		26,622
Money Market Funds [Member]
Cash equivalents	39,618	41,008
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized loss	0	0
Cash equivalents, fair value	39,618	41,008
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized loss	0	0
Cash equivalents, fair value	39,618	$ 41,008
Commercial Paper [Member]
Cash equivalents	1,693
Cash equivalents, unrealized gains	2
Cash equivalents, unrealized loss	0
Cash equivalents, fair value	1,695
Cash equivalents, unrealized gains	2
Cash equivalents, unrealized loss	0
Cash equivalents, fair value	$ 1,695

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 110,745	$ 171,987
Marketable securities	9,711	64,698
Restricted cash	1,350	1,076
Accounts receivable, net	33,082	20,302
Inventories	16,464	9,227
Prepaid expenses and other current assets	14,672	8,845
Total current assets	186,024	276,135
Non-current assets:
Property and equipment, net	637	655
Restricted deposit	177	176
Right-of-Use Assets, Operating and Finance Leases	8,456	3,134
Marketable securities	0	5,022
Other non-current assets	5,161	589
Total Assets	200,455	285,711
Liabilities, Current [Abstract]
Accounts payable and accrued expenses	27,717	27,431
Employee related accrued expenses	13,516	10,570
Other Liabilities, Current	5,185	7,948
Total current liabilities:	46,418	45,949
Liabilities, Noncurrent [Abstract]
Prepaid forward obligation	127,276	121,387
Long-term debt	122,210	121,734
Lease, Liabilities, Noncurrent	6,122	1,653
Uncertain tax positions liability	3,903	3,791
Total Liabilities	305,929	294,514
Commitments and Contingencies (Note 20)
Shareholders' Deficit:
Ordinary shares, NIS 0.01 par value; 100,000,000 shares authorized at December 31, 2025 and 2024; 48,350,272 and 42,231,746 shares issued and outstanding as of December 31, 2025 and 2024, respectively	133	115
Additional paid-in capital	854,090	797,248
Accumulated deficit	(959,716)	(806,222)
Accumulated other comprehensive income	19	56
Total Shareholders' Deficit	(105,474)	(8,803)
Total Liabilities and Shareholders' Deficit	$ 200,455	$ 285,711

Note 8 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and equipment, gross	$ 5,224	$ 4,936
Less: accumulated depreciation and amortization	(4,587)	(4,281)
Property and equipment, net	637	655
Laboratory Equipment [Member]
Property and equipment, gross	504	473
Computers and Software [Member]
Property and equipment, gross	2,799	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 11 - Leases - Maturities of Finance Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
2026	$ 1,852
2027	1,852
2028	1,808
2029	396
Total future minimum finance lease payments	5,908
Less: Interest	(1,158)
Present value of lease liabilities	$ 4,750

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue	$ 109,788	$ 90,398
Cost of revenue	12,447	8,881
Gross profit	97,341	81,517
Operating expenses:
Research and development expenses	67,107	57,145
Selling, general and administrative expenses	155,097	121,154
Operating loss	(124,863)	(96,782)
Financing on prepaid forward obligation	(18,503)	(23,411)
Interest expense on long-term debt	(15,345)	(12,521)
Interest and other income, net	5,295	8,672
Loss before income taxes	(153,416)	(124,042)
Income tax expense	(78)	(2,832)
Net Loss	(153,494)	(126,874)
Statements of Comprehensive Loss
Net loss	(153,494)	(126,874)
Other comprehensive loss
Unrealized income (loss) on investments	(37)	44
Comprehensive Loss	$ (153,531)	$ (126,830)
Net loss per ordinary share - basic and diluted (in dollars per share)	$ (3.19)	$ (2.96)
Weighted average number of shares outstanding used in computation of basic and diluted loss per ordinary share (in shares)	48,116,098	42,876,737

Note 5 - Inventories

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 5 – INVENTORIES

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

	*December 31, 2025*		*December 31, 2024*
Raw materials ⁽¹⁾	$	11,042	$	4,924
Finished goods		5,422		4,522
Total inventories	$	16,464	$	9,446

⁽¹⁾ No raw materials were included as other non-current assets on the consolidated balance sheets at December 31, 2025. $0.2 million of raw materials are included within other non-current assets on the 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 consolidated statements of cash flows within the caption of other non-current assets.

Note 15 - Acquisitions (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Feb. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Stock Issued During Period, Value, New Issues		$ 42,926	$ 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

- Definition

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.

+ References + Details

Note 17 - Share-Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Outstanding, RSU, units (in shares) \| shares	1,507,828
Outstanding, RSU, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 13.84
Granted, RSU, units (in shares) \| shares	1,123,946
Granted, RSU, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 11.68
Vested and released, RSU, units (in shares) \| shares	(557,380)
Vested and released, RSU, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 12.84
Forfeited, RSU, units (in shares) \| shares	(147,000)
Forfeited, RSU, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 12.76
Outstanding, RSU, units (in shares) \| shares	1,927,394
Outstanding, RSU, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 12.95

Note 3 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note 3 – Significant Accounting Policies

Principles of Consolidation

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

Use of Estimates

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles 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 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.

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 consolidated statements of operations as “Interest and other income, net.”

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 $120.5 million as of December 31, 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 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 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 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 18 for further discussion related to income taxes.

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 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 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

The Company is party to a transaction (the "RTW Transaction") with RTW Investments (“RTW") 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 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.

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 consolidated balance sheets. The Company recognizes capitalized financing expenses as a direct offset to the long-term debt on the Company's 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.

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 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 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 assets. 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 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 assets 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 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

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, typically upon delivery of the product to the treating physician or mixing pharmacy. 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 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 probable of being 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

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 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.

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.

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. Such potentially dilutive securities consist solely of outstanding restricted share units and stock options issued under the Company’s share-based compensation plans. See Note 17 Share-based Compensation for more information.

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.”

The following table summarizes the calculation of basic and diluted loss per ordinary share for the periods presented (in thousands, except share and per share amounts):

	*Year Ended December 31,*
	*2025*			*2024*
Basic and diluted:
Loss attributable to equity holders of the Company	$	(153,494	)	$	(126,874	)
Weighted-average number of ordinary shares		48,116,098			42,876,737
Loss per ordinary share	$	(3.19	)	$	(2.96	)

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 requires enhanced disclosures related to income tax rate reconciliations, including specified additional information and further disaggregation of reconciling items that meet a quantitative threshold. ASU 2023-09 also requires disaggregation of income taxes paid by federal, state, and foreign jurisdictions, with additional disaggregation for significant individual jurisdictions. The Company adopted ASU 2023-09 effective for the year ended December 31, 2025 using a retrospective approach. Prior-period income tax disclosures have been recast to conform to the current-year presentation. The adoption of ASU 2023-09 impacted the Company’s income tax disclosures but did not have an impact on the Company’s consolidated financial position, results of operations, or cash flows.

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 consolidated financial statements and related disclosures.

Note 12 - Revenue From Product Sales

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 12 – REVENUE FROM PRODUCT SALES

Net product sales consist of the following for the year ended December 31, 2025 and 2024 (in thousands):

	Year Ended December 31, 2025		Year Ended December 31, 2024
Jelmyto	$	93,989	$	90,398
Zusduri		15,799		—
Total Revenue	$	109,788	$	90,398

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 76% and over 90% of product sales for the twelve months ended December 31, 2025 and 2024, respectively. The Company's largest customer comprises approximately 59% and 80% of accounts receivables at December 31, 2025 and 2024, respectively. Net revenue recognized includes gross revenue and management’s estimate of returns, consideration paid to the customers including rebates that may be offered from time to time, 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 consolidated balance sheets.

The following table shows the activity with respect to sales reserves for the year ended December 31, 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, 2023	$	1,062		$	3,451		$	1,458		$	5,971
Changes during 2024
Accruals		13,870			3,920			11,273			29,063
Utilizations		(13,822	)		—			(10,785	)		(24,607	)
Changes to prior period estimates		(223	)	$	358			—			135
Balance as of December 31, 2024	$	887		$	7,729		$	1,946		$	10,562
Changes during 2025
Accruals		17,237			3,969			12,938			34,144
Utilizations		(16,594	)	$	(7,262	)		(11,035	)		(34,891	)
Changes to prior period estimates		—			(414	)		—			(414	)
Balance as of December 31, 2025	$	1,530		$	4,022		$	3,849		$	9,401

- Definition

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.

+ References

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

+ Details

Note 10 - Long-term Debt (Details Textual) - Secured Debt [Member] - USD ($) $ in Millions		1 Months Ended
	Mar. 13, 2024	Jul. 31, 2023	Feb. 26, 2026	Dec. 31, 2025	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 Issuance Costs, Gross				$ 0.5	$ 4.2
Subsequent Event [Member]
Secured Long-Term Debt, Noncurrent			$ 250.0
Secured Long Term Debt, First Tranche			200.0
Long-Term Debt, Gross			125.0
Secured Long Term Debt, Second Tranche			$ 50.0
Debt Instrument, Interest Rate, Stated Percentage			8.25%
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 7 - Investments (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

Marketable Securities [Table Text Block]

	*Amortized Cost Basis*		*Unrealized Gains*		*Unrealized Losses*		*Fair Value*
Assets:
Cash equivalents
Money market funds	$	39,618	$	—	$	—	$	39,618
Marketable securities
Corporate bonds		6,043		15		—		6,058
Commercial paper		1,693		2		—		1,695
Certificates of deposit		1,956		2		—		1,958
Total marketable securities	$	9,692	$	19	$	—	$	9,711
Total assets at fair value	$	49,310	$	19	$	—	$	49,329

	*Amortized Cost Basis*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
Assets:
Cash equivalents
Money market funds	$	41,008	$	—	$	—		$	41,008
Marketable securities
U.S. government		26,019		34		—			26,053
Corporate bonds		14,966		15		(1	)		14,980
Commercial paper		26,608		15		(1	)		26,622
Certificates of deposit		2,071		—		(6	)		2,065
Total marketable securities	$	69,664	$	64	$	(8	)	$	69,720
Total assets at fair value	$	110,672	$	64	$	(8	)	$	110,728

Investments Classified by Contractual Maturity Date [Table Text Block]

	December 31, 2025		December 31, 2024
Maturities within one year	$	49,329	$	105,706
Maturities after one year through three years		—		5,022
Total investments	$	49,329	$	110,728

Note 3 - Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

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

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Year Ended December 31,*
	*2025*			*2024*
Basic and diluted:
Loss attributable to equity holders of the Company	$	(153,494	)	$	(126,874	)
Weighted-average number of ordinary shares		48,116,098			42,876,737
Loss per ordinary share	$	(3.19	)	$	(2.96	)

Note 16 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions							3 Months Ended
	Jan. 24, 2025	Jul. 18, 2024	Jun. 20, 2024	Jun. 17, 2024	Dec. 20, 2023	Jul. 26, 2023	Dec. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2024	Nov. 30, 2025	Dec. 31, 2024	Dec. 31, 2019
Common Stock, Shares Authorized (in shares)							100,000,000					100,000,000
Common Stock, Shares, Outstanding (in shares)							48,350,272					42,231,746
Proceeds from Issuance of Private Placement						$ 120.0
Common Stock, Shares, Issued (in shares)							48,350,272					42,231,746
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
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
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													$ 100.0
Stock Issued During Period, Shares, New Issues (in shares)								416,248		3,400,468
Net Proceeds From Issuance of Common Stock, After Deducting Sales Commissions								$ 8.0		$ 54.7
ATM Sales Agreement [Member] \| Maximum [Member]
Stock Issued During Period, New Issues, Sales Commission Percentage								3.00%	3.00%
ATM Prospectus [Member]
Sale of Stock, Maximum Authorize Amount											$ 75.0
Stock Issued During Period, Shares, New Issues (in shares)							1,370,962
Net Proceeds From Issuance of Common Stock, After Deducting Sales Commissions							$ 31.8
Sale of Stock, Remaining Amount Authorized							$ 42.4
ATM Prospectus [Member] \| Maximum [Member]
Stock Issued During Period, New Issues, Sales Commission Percentage							3.00%
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						$ 3.6
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						$ 15.0
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			$ 107.5
Payments of Stock Issuance Costs			$ 7.3
Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues (in shares)		921,428
Proceeds from Issuance or Sale of Equity		$ 16.1
Payments of Stock Issuance Costs		$ 1.0
Equity Sale, Shares Issuable (in shares)			921,428

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Carrying value of prepaid forward obligation

$ 121,387

$ 109,722

Financing on prepaid forward obligation

18,503

23,411

Amounts paid and payable

^[1]

(12,614)

(11,746)

Carrying value of prepaid forward obligation

$ 127,276

$ 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 17 - Share-Based Compensation - Effect of Share-based Compensation on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based compensation	$ 11,959	$ 13,108
Research and Development Expense [Member]
Share-based compensation	2,324	2,235
Selling, General and Administrative Expenses [Member]
Share-based compensation	$ 9,635	$ 10,873

Note 1 - Business and Nature of Operations

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

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, securing regulatory approval of and commercializing 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 prolong 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, uses 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.

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Dec. 31, 2025
Award Tmg Disc Line Items
Award Timing MNPI Considered [Flag]	true

Note 22 - Subsequent Events (Details Textual) - Secured Debt [Member] - USD ($) $ in Millions	Feb. 26, 2026	Mar. 07, 2022
Secured Long Term Debt, First Tranche		$ 75
Subsequent Event [Member]
Secured Long Term Debt, First Tranche	$ 200
Long-Term Debt, Gross	125
Secured Long Term Debt, Second Tranche	$ 50
Debt Instrument, Interest Rate, Stated Percentage	8.25%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash Flows From Operating Activities
Net loss	$ (153,494)	$ (126,874)
Adjustment to reconcile net loss to net cash from operating activities:
Depreciation and amortization	307	329
Accrued financing on prepaid forward obligation	2,865	15,077
Accretion on marketable securities	(1,875)	(2,891)
Share-based compensation	11,959	13,108
Amortization (accretion) of discount on long-term debt	476	(1,305)
Amortization of right-of-use assets	2,104	857
Acquisitions of IPR&D	3,128	0
Changes in operating assets and liabilities:
Inventory	(7,237)	(3,554)
Accounts receivable, net	(12,780)	(4,859)
Prepaid expenses and other current assets	(5,827)	1,436
Other non-current assets	(4,572)	1,449
Accounts payable and accrued expenses	286	10,893
Employee related accrued expenses	2,946	(244)
Other current liabilities	(202)	200
Lease liabilities	(639)	(1,034)
Restricted deposit	(1)	49
Uncertain tax positions	112	597
Net cash used in operating activities	(162,444)	(96,766)
Cash Flows From Investing Activities
Purchases of marketable securities	(77,400)	(128,023)
Maturities of marketable securities	139,247	107,705
Purchases of property and equipment	(289)	(295)
Net cash provided by (used in) investing activities	61,558	(20,613)
Cash Flows From Financing Activities
Principal payments on finance leases	(1,855)	0
Proceeds from exercise of options into ordinary shares	1,972	321
Proceeds from issuance of long-term debt, net of issuance costs	0	24,488
Proceeds from pre-funded warrant issuance, net of issuance costs	0	18,641
Proceeds from ordinary shares issuances, net of issuance costs	39,801	151,169
Net cash provided by financing activities	39,918	194,619
Increase (Decrease) in Cash and Cash Equivalents	(60,968)	77,240
Cash, Cash Equivalents and Restricted Cash at Beginning of Year	173,063	95,823
Cash, Cash Equivalents and Restricted Cash at End of Year	112,095	173,063
Supplemental Disclosures of Non-Cash Activities
Right-of-use assets obtained in exchange for new operating and finance lease liabilities	7,427	2,321
Acquisitions of IPR&D	$ 3,128	$ 0

Note 12 - Revenue From Product Sales - Net Product Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue	$ 109,788	$ 90,398
Jelmyto [Member]
Revenue	93,989	90,398
Zusduri [Member]
Revenue	$ 15,799	$ 0

- Definition

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.

+ References

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+ Details

Consolidated Balance Sheets (Parentheticals) - ₪ / shares	Dec. 31, 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)	48,350,272	42,231,746
Ordinary shares, outstanding (in shares)	48,350,272	42,231,746

Note 18 - Income Taxes

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 18 – INCOME TAXES

The Company is taxed under Israeli tax laws:

Corporate tax rate

The applicable Israeli tax rate relevant to the Company for 2024 and thereafter is 23%.

For financial reporting purposes, the (benefit) expense for current income taxes consists of the following (in thousands):

	*2025*			*2024*
Current taxes:
U.S. Federal	$	196		$	2,206
U.S. State		(118	)		626
Total current taxes	$	78		$	2,832

Cash taxes paid

Total cash taxes paid during 2025 and 2024 totaled approximately $3.0 million and $1.8 million, respectively, which related entirely to foreign jurisdictions (U.S. Federal and U.S. states). No individual U.S. states comprised more than 5% of total cash taxes paid in 2025. In 2024, cash taxes paid to the state of New Hampshire comprised approximately 6.3% of total cash taxes paid.

Deferred income taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company and its subsidiary deferred tax assets are as follows (in thousands):

	*December 31,*
	*2025*			*2024*
In respect of:
Net operating loss carryforward	$	153,354		$	122,944
Research and development expenses		20,028			26,231
Stock-based compensation		13,254			12,441
Accrued expenses		2,973			2,371
Interest expense		6,054			2,630
In-process research and development		527			815
Lease Liabilities		1,741			683
Issuance costs		107			221
Other		2,364			988
Total deferred tax assets		200,402			169,324
Less—valuation allowance		(198,448	)		(168,555	)
Deferred tax assets, net of valuation allowance		1,954			769
Right-of-use asset		(1,898	)		(725	)
Depreciation of fixed assets		(56	)		(44	)
Total deferred tax liabilities		(1,954	)		(769	)
Net deferred tax assets	$	—		$	—

The change in valuation allowance for the years ended December 31, 2025 and 2024 were as follows (in thousands):

	*2025*			*2024*
Balance at the beginning of the year	$	(168,555	)	$	(143,566	)
Changes during the year		(29,893	)		(24,989	)
Balance at the end of the year	$	(198,448	)	$	(168,555	)

The main reconciling items between the statutory tax rates of the Company and the effective rate are nondeductible expenses related to financing on the prepaid forward obligation and share-based compensation, the provision for a full valuation allowance in respect of tax benefits from carryforward tax losses due to the uncertainty of the realization of such tax benefits, utilization of tax credits and expense related to uncertain tax positions. A reconciliation of the Company’s statutory tax rate to effective tax is as follows (in thousands, except statutory rate):

	*December 31, 2025*						*December 31, 2024*
	*USD thousands*			*Percentage of Pretax Loss*			*USD thousands*			*Percentage of Pretax Loss*
Loss before income taxes	$	(153,416	)				$	(124,042	)
Statutory rate		23	%					23	%
Income tax expense/(benefit) at statutory rate		(35,286	)					(28,530	)
Additional tax (tax saving) in respect of:
Foreign tax effects
United States
Differing tax rate of foreign subsidiaries		605			-0.39	%		219			-0.18	%
Current and deferred US state taxes		175			-0.11	%		(887	)		0.72	%
Tax credits in foreign jurisdictions		(789	)		0.51	%		(510	)		0.41	%
Changes in valuation allowances in foreign jurisdictions		6,792			-4.43	%		4,893			-3.94	%
Nontaxable or nondeductible items in foreign jurisdictions		1,002			-0.65	%		1,040			-0.84	%
Changes in unrecognized tax benefits in foreign jurisdictions		112			-0.07	%		598			-0.48	%
Changes in valuation allowances		23,102			-15.06	%		20,095			-16.20	%
Nondeductible financing cost on prepaid forward obligation		4,256			-2.77	%		5,385			-4.34	%
Other nontaxable or nondeductible items		20			-0.01	%		502			-0.40	%
Other		89			-0.06	%		27			-0.02	%
Income tax expense	$	78					$	2,832

Pretax loss for December 31, 2025 and 2024 includes pretax loss from foreign (United States) jurisdictions of $35.0 million and $11.0 million, respectively.

Losses for tax purposes carried forward to future years

As of December 31, 2025 and 2024, the Company had approximately $626.7 million and $533.9 million of carryforward tax losses, prior to tax effecting, respectively, available to reduce future taxable income without limitation of use in relation to its parent tax jurisdiction, Israel. These carryforward tax losses in Israel can be carried forward indefinitely. As of December 31, 2025, the Company had approximately $51.4 million of carryforward tax losses, prior to tax effecting, of United States federal and state carryforward tax losses, which can be carried forward indefinitely. The Internal Revenue Code of 1986, as amended (the “Code”), contains provisions that may limit our use of federal net operating loss carryforwards if significant changes occur in the constructive stock ownership of UroGen Pharma, Inc. In the event it has had an “ownership change” within the meaning of Section 382 of the Code, utilization of its net operating loss carryforwards could be restricted under Section 382 of the Code and similar state provisions.

Uncertain tax positions

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	*2025*			*2024*
Unrecognized tax benefits at the beginning of the year	$	1,974		$	1,974
Gross increases — tax positions in prior period		550			—
Gross decreases— tax positions in prior period		(717	)		—
Unrecognized tax benefits at the end of the year	$	1,807		$	1,974

The liability for uncertain tax positions of $3.9 million as of December 31, 2025 is related to transfer pricing between affiliated entities. The uncertain tax positions liability on the consolidated balance sheets includes $2.1 million and $1.8 million of accrued interest and penalties related to unrecognized tax benefits at December 31, 2025 and December 31, 2024, respectively. The Company recognizes interest accrued and penalties related to uncertain tax positions as a component of income tax expense. If recognized, balances of uncertain tax positions as of December 31, 2025 would affect the Company's effective tax rate.

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 recognizes its gross uncertain tax positions as a long-term liabilities. 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. The current balance of the uncertain tax position relates to tax years for which the statute of limitations will expire within the next 12 months.

The Company has received final tax assessments up to and including its 2017 tax year in Israel and 2020 in the US.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Note 16 - Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Equity [Text Block]

NOTE 16 – SHAREHOLDERS’ EQUITY

The Company had 100.0 million ordinary shares authorized for issuance as of December 31, 2025 and 2024. The Company had 48.4 million and 42.2 million ordinary shares issued and outstanding as of December 31, 2025 and 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 TD Securities (USA) LLC (f/k/a Cowen and Company, LLC) (“TD Cowen”), pursuant to which the Company may from time to time offer and sell its ordinary shares having an aggregate offering price of up to $100.0 million, to or through TD Cowen, acting as sales agent or principal, in any manner deemed to be an “at-the-market offering.”

During the first quarter of 2024, the Company sold 3,400,468 ordinary shares under the ATM Sales Agreement for net proceeds to the Company of approximately $54.7 million after deducting sales commissions to TD Cowen of up to 3%. During the third quarter of 2025, the Company sold 416,248 ordinary shares under the ATM Sales Agreement for net proceeds to the Company of approximately $8.0 million after deducting sales commissions to TD Cowen of up to 3%.

In November 2025, the Company amended the ATM Sales Agreement to remove the aggregate offering price limit of $100.0 million and filed a registration statement on Form S-3 providing for the offer and sale of ordinary shares pursuant to the ATM Sales Agreement having an aggregate offering price of up to $75.0 million, which became effective automatically (the “ATM Prospectus”). Following the amendment, during the fourth quarter of 2025, the Company sold 1,370,962 ordinary shares pursuant to the ATM Prospectus for net proceeds of approximately $31.8 million after deducting sales commissions to TD Cowen of up to 3%. As of December 31, 2025, the remaining capacity under the ATM Prospectus was approximately $42.4 million.

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 December 31, 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 December 31, 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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 8 - Property and Equipment

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 8 – PROPERTY AND EQUIPMENT

Property and equipment, consisted of the following as of December 31, 2025 and 2024 (in thousands):

	December 31,
	2025			2024
Laboratory equipment	$	504		$	473
Computer equipment and software		2,799			2,542
Furniture		612			612
Leasehold improvements		626			626
Manufacturing equipment		683			683
		5,224			4,936
Less: accumulated depreciation and amortization		(4,587	)		(4,281	)
Property and equipment, net	$	637		$	655

Depreciation and amortization expense was $0.3 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively.

Note 17 - Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 17 – 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 cumulative 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. In December 2025, the Company further amended certain RSU and PSU awards granted to its chief executive offer to defer vesting until the end of 2026. The Company accounted for the modifications as Type I probable-to-probable modifications under ASC 718. As the modifications did not result in any incremental fair value at the modification dates, 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 December 31, 2025, 4,348,248 ordinary shares are subject to outstanding awards under the Company's share-based compensation plans and 3,425,913 ordinary shares remain available for future awards.

Options granted:

Set forth below are grants made by the Company as of December 31, 2025. The majority of options vest over three years and expire on the tenth anniversary of the date of grant. During 2025, the Company granted 122,500 options with exercise prices ranging from $11.52 to $19.50 per share.

The weighted average fair value of options granted during 2025 and 2024 was $1.6 million and $2.5 million, respectively.

The total unrecognized compensation cost of options as of December 31, 2025 was $2.2 million, which is expected to be recognized over a weighted average period of 1.2 years.

The fair value of options granted was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are as follows:

	*2025*		*2024*
Value of ordinary shares		$11.52-19.50		$13.11-15.16
Dividend yield		0%		0%
Expected volatility		73.01%-87.22%		81.00%-89.12%
Risk-free interest rate		4.15%-4.26%		3.61%-4.42%
Expected term (in years)		6.0-10 years		6.0-10 years

The expected volatility is based on a mix of the Company's historical volatility and the historical volatility of comparable companies with similar attributes to the Company, including industry, stage of life cycle, size and financial leverage. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected term of the options granted. The expected term is the length of time until the expected dates of exercising the options and is estimated for employees using the simplified method due to insufficient specific historical information of employees’ exercise behavior, and for non-employees, and directors using the contractual term.

The following table summarizes the number of employee and non-employee options outstanding under the Plans for the years ended December 31, 2025 and 2024, and related information:

	*Number of options*			*Weighted average exercise price per share*		*Weighted average remaining contractual life*		*Aggregate intrinsic value (in thousands)*
Outstanding as of December 31, 2024		2,611,843		$	24.65		5.80	$	1,092
Granted		122,500			16.08
Forfeited		(120,667	)		24.26
Exercised		(192,822	)		10.23
Outstanding as of December 31, 2025		2,420,854		$	25.38		5.14	$	13,723
Vested and expected to vest, December 31, 2025		2,420,854		$	25.38		5.14	$	13,723
Exercisable, December 31, 2025		2,100,275		$	27.24		4.64	$	10,453

The intrinsic value of stock options exercised was $2.1 million and $0.2 million for the years ended December 31, 2025 and 2024, respectively.

The following table summarizes information about RSU activity as of December 31, 2025:

	*Outstanding Restricted Stock Units*			*Weighted Average Grant Date Fair Value*
Outstanding as of December 31, 2024		1,507,828		$	13.84
Granted		1,123,946			11.68
Vested and released		(557,380	)		12.84
Forfeited		(147,000	)		12.76
Outstanding as of December 31, 2025		1,927,394		$	12.95

The fair value of RSUs granted during 2025 and 2024 was $13.1 million and $14.5 million, respectively. The total unrecognized compensation cost of RSUs as of December 31, 2025 is $14.0 million with a weighted average recognition period of 1.83 years.

The following table illustrates the effect of share-based compensation on the Statements of Operations (in thousands):

	Year ended December 31,
	2025		2024
Research and development expenses	$	2,324	$	2,235
Selling, general and administrative expenses		9,635		10,873
Total share-based compensation expense	$	11,959	$	13,108

Consolidated Statements of Shareholders' Deficit - 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)	419,731
Exercise of options into ordinary shares	$ 1	320			321
Share-based compensation		13,108			13,108
Issuance of pre-funded warrants, net of issuance costs		18,641			18,641
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				44	44
Net loss			(126,874)		(126,874)
Other comprehensive loss				44	44
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)	750,202
Exercise of options into ordinary shares	$ 2	1,970			1,972
Share-based compensation		11,959			11,959
Issuance of ordinary shares, net of issuance costs (in shares)	2,162,053
Issuance of ordinary shares, net of issuance costs	$ 7	42,919			42,926
Other comprehensive income				(37)	(37)
Net loss			(153,494)		(153,494)
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				(37)	(37)
Balance (in shares) at Dec. 31, 2025	48,350,272
Balance at Dec. 31, 2025	$ 133	$ 854,090	$ (959,716)	$ 19	$ (105,474)

Note 17 - Share-Based Compensation - Fair Value of Options Granted Valuation Assumption (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Dividend yield	0.00%	0.00%
Minimum [Member]
Value of ordinary shares (in dollars per share)	$ 11.52	$ 13.11
Expected volatility, minimum	73.01%	81.00%
Risk-free interest rate, minimum	4.15%	3.61%
Expected term (in years) (Year)	6 years
Maximum [Member]
Value of ordinary shares (in dollars per share)	$ 19.5	$ 15.16
Expected volatility, maximum	87.22%	89.12%
Risk-free interest rate, maximum	4.26%	4.42%
Expected term (in years) (Year)		10 years

Note 18 - Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Balance	$ (168,555)	$ (143,566)
Changes during the year	(29,893)	(24,989)
Balance	$ (198,448)	$ (168,555)

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

The Company’s 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

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Functional Currency

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

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 Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk

Income Tax, Policy [Policy Text Block]

Income Taxes

Inventory, Policy [Policy Text Block]

Inventory

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

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 Policy [Policy Text Block]

Prepaid Forward Obligation

Debt, Policy [Policy Text Block]

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.

Revenue [Policy Text Block]

Revenue

Research and Development Expense, Policy [Policy Text Block]

Research and Development Expenses

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

Selling, General and Administrative Expenses

Share-Based Payment Arrangement [Policy Text Block]

Share-Based Compensation

Stockholders' Equity, Policy [Policy Text Block]

Pre-funded Warrants

Earnings Per Share, Policy [Policy Text Block]

Net Loss per Ordinary Share

The following table summarizes the calculation of basic and diluted loss per ordinary share for the periods presented (in thousands, except share and per share amounts):

	*Year Ended December 31,*
	*2025*			*2024*
Basic and diluted:
Loss attributable to equity holders of the Company	$	(153,494	)	$	(126,874	)
Weighted-average number of ordinary shares		48,116,098			42,876,737
Loss per ordinary share	$	(3.19	)	$	(2.96	)

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted or Issued Accounting Pronouncements

Note 12 - Revenue From Product Sales (Details Textual)	12 Months Ended
Note 12 - Revenue From Product Sales (Details Textual)	Dec. 31, 2025	Dec. 31, 2024
Concentration Risk, Number of Customers	2
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk, Number of Customers	2
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Largest Customer [Member]
Concentration Risk, Percentage	76.00%	90.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Largest Customer [Member]
Concentration Risk, Percentage	59.00%	80.00%

- Definition

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.

+ References + Details

Note 7 - Investments - Fair Values of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Maturities within one year	$ 49,329	$ 105,706
Maturities after one year through three years	0	5,022
Total investments	$ 49,329	$ 110,728

Note 11 - Leases - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Financing cash flows from finance leases	$ 1,855	$ (0)
Operating cash flows from operating leases	914	933
Right-of-use assets obtained in exchange for new finance lease liabilities	4,445	2,321
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 2,982	$ 0
Weighted-average remaining lease term of finance leases (in years) (Year)	2 years 3 months 25 days
Weighted-average remaining lease term of operating leases (Year)	4 years 6 months 7 days	1 year 7 days
Weighted-average discount rate of finance leases	13.97%	13.82%
Weighted-average discount rate of operating leases	11.81%	10.24%

Note 18 - Income Taxes - Reconciliation of Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized tax benefits at the beginning of the year	$ 1,974	$ 1,974
Gross increases — tax positions in prior period	550	0
Gross decreases— tax positions in prior period	(717)	0
Unrecognized tax benefits at the end of the year	$ 1,807	$ 1,974

Note 11 - Leases

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

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 $1.0 million as of December 31, 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 $3.0 million as of December 31, 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 $5.9 million as of December 31, 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 year ended December 31, 2025 and 2024 were as follows (in thousands):

	Year Ended December 31, 2025		Year Ended December 31, 2024
Finance lease cost:
Amortization of right-of-use assets	$	1,356	$	36
Interest on lease liabilities		576		20
Operating lease cost		932		900
Sublease income		-		(42	)
Variable lease cost		65		70
	$	2,929	$	984

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

	Year Ended December 31, 2025		Year Ended December 31, 2024
Finance lease right-of-use assets	$	5,376	$	2,285
Operating lease right-of-use assets		3,080		849
Finance long-term lease liabilities		3,475		1,595
Operating long-term lease liabilities		2,646		58
Other current liabilities related to finance leases		1,274		745
Other current liabilities related to operating leases		481		785

As of December 31, 2025, no impairment losses have been recognized.

Supplemental information related to leases for the periods reported is as follows (in thousands, except for lease terms and discount rate amounts):

	*Year Ended December 31, 2025*			*Year Ended December 31, 2024*
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	1,855		$	—
Operating cash flows from operating leases	$	914		$	933
Right-of-use assets obtained in exchange for new finance lease liabilities	$	4,445		$	2,321
Right-of-use assets obtained in exchange for new operating lease liabilities	$	2,982		$	—
Weighted-average remaining lease term of finance leases (in years)		2.32			3.94
Weighted-average remaining lease term of operating leases (in years)		4.52			1.02
Weighted-average discount rate of finance leases		13.97	%		13.82	%
Weighted-average discount rate of operating leases		11.81	%		10.24	%

As of December 31, 2025, maturities of lease liabilities were as follows (in thousands):

	*Finance Leases*
Years ending December 31,
2026	$	1,852
2027		1,852
2028		1,808
2029		396
Total future minimum lease payments		5,908
Less: Interest		(1,158	)
Present value of lease liabilities	$	4,750

	*Operating Leases*
Years ending December 31,
2026	$	818
2027		960
2028		878
2029		603
2030 and there after		819
Total future minimum lease payments		4,078
Less: Interest		(951	)
Present value of lease liabilities	$	3,127