0001564590-21-014016 | 10-K | XBRL Viewer

Document Description		10-K Part
Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after the registrant’s fiscal year ended December 31, 2020 are incorporated by reference into Part III of this report.		III

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 52,864	$ 49,688
Marketable securities	49,154	97,389
Restricted cash	1,226	523
Accounts receivable	7,047
Inventory	1,964
Prepaid expenses and other current assets	3,364	1,034
Total current assets	115,619	148,634
Non-current assets:
Property and equipment, net	2,046	977
Restricted deposit	223	223
Right of use asset	2,158	3,735
Marketable securities	1,893	48,555
Other non-current assets	66	264
Total Assets	122,005	202,388
Current liabilities:
Accounts payable and accrued expenses	10,023	11,186
Employee related accrued expenses	9,554	6,711
Other current liabilities	1,859	1,585
Total current liabilities:	21,436	19,482
Non-current liabilities:
Long-term lease liability	1,497	2,604
Uncertain tax positions liability	2,717
Total Liabilities	25,650	22,086
Commitments and contingencies (Note 17)
Shareholders' equity:
Ordinary shares, NIS 0.01 par value; 100,000,000 shares authorized at December 31, 2020 and 2019; 22,167,791 and 21,026,184 shares issued and outstanding as of December 31, 2020 and 2019, respectively	60	57
Additional paid-in capital	452,525	407,986
Accumulated deficit	(356,501)	(228,017)
Accumulated other comprehensive income	271	276
Total Shareholders' Equity	96,355	180,302
Total Liabilities and Shareholders' Equity	$ 122,005	$ 202,388

CONSOLIDATED BALANCE SHEETS (Parenthetical) - ₪ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Ordinary shares, par value	₪ 0.01	₪ 0.01
Ordinary shares, shares authorized	100,000,000	100,000,000
Ordinary shares, issued	22,167,791	21,026,184
Ordinary shares, outstanding	22,167,791	21,026,184

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenues, net	$ 11,799,000	$ 18,000
Cost of revenues	1,009,000
Gross profit	10,790,000	18,000
Operating expenses:
Research and development expenses	47,310,000	49,297,000
Selling, general and administrative expenses	90,219,000	60,199,000
Operating loss	(126,739,000)	(109,478,000)
Interest and other income, net	1,629,000	4,332,000
Loss before income taxes	(125,110,000)	(105,146,000)
Income tax expense	3,374,000
Net Loss	(128,484,000)	(105,146,000)
Statements of Comprehensive Loss
Net loss	(128,484,000)	(105,146,000)
Other comprehensive income
Unrealized (loss) gain on marketable securities	(5,000)	276,000.0
Comprehensive Loss	$ (128,489,000)	$ (104,870,000)
Loss per ordinary share basic and diluted	$ (5.90)	$ (5.12)
Weighted average number of shares outstanding used in computation of basic and diluted loss per ordinary share	21,780,826	20,528,727

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Ordinary Shares	Additional Paid-In Capital	Accumulated Deficit	Other Comprehensive Income
Balance at Dec. 31, 2018	$ 90,094	$ 44	$ 212,921	$ (122,871)
Balance,Share at Dec. 31, 2018		16,214,883
Exercise of options into ordinary shares	3,664	$ 2	3,662
Exercise of options into ordinary shares, shares		603,984
Share-based compensation	29,967		29,967
Issuance of ordinary shares in public offering, net of issuance expenses	161,447	$ 11	161,436
Issuance of ordinary shares in public offering, net of issuance expenses, shares		4,207,317
Other comprehensive income (loss)	276				$ 276
Net loss	(105,146)			(105,146)
Balance at Dec. 31, 2019	180,302	$ 57	407,986	(228,017)	276
Balance,Share at Dec. 31, 2019		21,026,184
Exercise of options into ordinary shares	740	$ 1	739
Exercise of options into ordinary shares, shares		441,607
Share-based compensation	28,025		28,025
Issuance of ordinary shares in public offering, net of issuance expenses	15,777	$ 2	15,775
Issuance of ordinary shares in public offering, net of issuance expenses, shares		700,000
Other comprehensive income (loss)	(5)				(5)
Net loss	(128,484)			(128,484)
Balance at Dec. 31, 2020	$ 96,355	$ 60	$ 452,525	$ (356,501)	$ 271
Balance,Share at Dec. 31, 2020		22,167,791

- Definition

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

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities
Net loss	$ (128,484)	$ (105,146)
Adjustment to reconcile net loss to net cash from operating activities:
Depreciation and amortization	416	296
Amortization (accretion) on marketable securities	439	(572)
Stock-based compensation	28,025	29,967
Amortization of right of use asset	1,628	1,028
Lease liability	(1,541)	(910)
Changes in operating assets and liabilities:
Inventory	(1,964)
Accounts receivable	(7,047)
Prepaid expenses and other current assets	(2,330)	(394)
Accounts payable and accrued expenses	(1,245)	2,928
Employee related accrued expenses	2,843	1,786
Current tax payable	657
Uncertain tax positions	2,717
Net cash used in operating activities	(105,886)	(71,017)
Cash Flows From Investing Activities
Change in restricted deposit		(172)
Purchase of marketable securities	(29,688)	(197,686)
Maturities of marketable securities	124,141	52,590
Purchase of property and equipment	(1,215)	(325)
Net cash provided by (used in) investing activities	93,238	(145,593)
Cash Flows From Financing Activities
Proceeds from exercise of options into ordinary shares	740	3,664
Issuance of ordinary shares, net of issuance expenses	15,853	161,662
Issuance cost related to at-the-market issuances	(66)	(76)
Net cash provided by financing activities	16,527	165,250
Decrease in Cash and Cash Equivalents	3,879	(51,360)
Cash, Cash Equivalents and Restricted Cash at Beginning of Year	50,211	101,571
Cash, Cash Equivalents and Restricted Cash at End of Year	54,090	50,211
Supplemental Disclosures of Non-Cash Activities
Purchase of property and equipment	270
Issuance cost		188
New lease liabilities	$ 51	$ 1,741

Business and Nature of Operations

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Business and Nature of Operations

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 biopharmaceutical company focused on developing and commercializing novel therapies designed to change the standard of care for urological pathologies. 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, clinical development of UGN-102, and raising capital to support and expand these activities.

On April 15, 2020, the U.S. Food and Drug Administration (“FDA”) granted expedited 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 our proprietary sustained release RTGel technology. It has been designed to enable longer exposure of urinary tract tissue to mitomycin, thereby enabling the treatment of tumors by non-surgical means.

Basis of Presentation

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

NOTE 2-BASIS OF PRESENTATION

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.

The Company has experienced net losses since its inception and has an accumulated deficit of $356.5 million and $228.0 million as of December 31, 2020 and 2019, respectively. The Company expects to incur losses and have negative net cash flows from operating activities as it expands its portfolio and engages in further research and development activities, particularly conducting non-clinical studies and clinical trials.

The success of the Company depends on the ability to successfully commercialize its technologies to support its operations and strategic plan. Based on management’s cash flow projections the Company believes that its cash and cash equivalents and marketable securities are sufficient to fund the Company’s planned operations for at least the next 12 months. The Company will need to raise additional capital to finance the continued launch of Jelmyto and support its Phase 3 ATLAS trial. There can be no assurances that the Company will be able to secure such additional financing if at all, or at terms that are satisfactory to the Company, and that it will be sufficient to meet its needs. In the event the Company is not successful in obtaining sufficient funding, this could force us to delay, limit, or reduce our product development, commercialization efforts or other operations.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

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. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. As applicable to these consolidated financial statements, the critical accounting estimates relate to the fair value of share-based compensation, measurement of revenue and estimate of uncertain tax positions.

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 considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist primarily of money market funds and bank money market accounts and are stated at cost, which approximates fair value.

The Company classifies its 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 other comprehensive income/loss within shareholders’ equity. Realized gains and losses are recorded as a component of interest and other income (expense), net. The cost of securities sold is based on the specific-identification method.

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.

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 product sales are recognized through the Company's arrangement with a single customer, a third-party national specialty distributor. 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 this customer 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 U.S. 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 12 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 Jelmyto, the Company commenced capitalization of inventory at the receipt of FDA approval.

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

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.

Leases

The Company is a lessee in several noncancelable operating leases, primarily for office space, office equipment and vehicles. The Company currently has no finance leases.

The Company accounts for leases in accordance with ASC Topic 842, “Leases”. The Company determines if an arrangement is a lease at inception. Right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term as of the commencement date. Operating lease ROU assets are presented as operating lease right of use assets on the consolidated balance sheets. The current portion of operating lease liabilities is included in other current liabilities and the long-term portion is presented separately as operating lease liabilities on the consolidated balance sheets.

Lease expense is recognized on a straight-line basis for operating leases. 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 operating expense on the consolidated statements of operations in the same line item as expense arising from fixed lease payments.

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

Because most of the Company’s leases do not provide an implicit rate of return, an incremental borrowing rate is used based on the information available at the commencement date in determining 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.

The Company has lease agreements with lease and non-lease components.

The Company applied the modified retrospective transition method and elected the transition option to use the effective date of January 1, 2019 as the date of initial application (“Transition Date”).

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

Revenues

Product sales from Jelmyto are recognized as revenue under ASC 606 at the point in time that control of the product has been transferred to the customer, generally at the point the product has been delivered to the treating physician. All product sales of Jelmyto are recognized through the Company's arrangement with a single customer, a third-party national specialty distributor. Net revenues recognized include management’s estimate of returns, consideration paid to the customer, 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, Medicaid drug rebate programs, and the Company’s co-pay assistance program, which are estimated based on industry benchmarking studies as well as the Company’s historical experience.

The Company also derived revenues from its license and supply agreement with Allergan Pharmaceuticals International Limited (“Allergan”), a wholly owned subsidiary of Allergan plc which is now a part of AbbVie Inc. (the “Allergan/AbbVie Agreement”). Under the Allergan/AbbVie Agreement, the Company granted Allergan an exclusive license to develop, commercialize, and otherwise exploit products that contain reverse thermal hydrogel (“RTGel”) and agreed to supply Allergan with pre-clinical and clinical quantities of the RTGel product, also referred to as the RTGelvials. See Note 11 for additional discussion related to the Company’s license and collaboration agreements.

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 the milestone results are achieved.

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. 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. The fair value of options is determined using the Black-Scholes option-pricing model. The fair value of a restricted stock unit (“RSU”) equaled 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.

Net Loss per Ordinary Share

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

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

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

	Year Ended December 31,
	2020		2019
Basic and diluted:
Loss attributable to equity holders of the Company	$	128,484	$	105,146
Loss attributable to equity holders of the Company, after deducting dividend accumulated for preferred shares	$	128,484	$	105,146
Weighted-average number of ordinary shares		21,780,826		20,528,727
Loss per ordinary share	$	5.90	$	5.12

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. ASU 2016-13 requires the Company to measure and recognize expected credit losses for certain financial instruments, including trade receivables, as an allowance that reflects the Company’s current estimate of credit losses expected to be incurred. For available-for-sale debt securities with unrealized losses, the standard requires allowances to be recorded through net income instead of directly reducing the amortized cost of the investment under the prior other-than-temporary impairment model.

The Company applied the modified retrospective transition method as of the date of initial application, January 1, 2020. As of December 31, 2020, the Company believes the cost basis for its marketable securities were recoverable in all material aspects and no credit impairments were recognized in the period. Similarly, the Company estimates minimal current expected credit losses on trade receivables and has not recognized any allowance for doubtful accounts in the period.

Other Financial Information

12 Months Ended

Dec. 31, 2020

Other Financial Information [Abstract]

Other Financial Information

NOTE 4-OTHER FINANCIAL INFORMATION

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following as of December 31, 2020 and 2019 (in thousands):

	December 31, 2020		December 31, 2019
Accounts payable	$	3,271	$	4,694
Accrued sales reserves		382		—
Accrued clinical expenses		1,359		399
Accrued research and development costs		1,356		2,644
Accrued general and administrative expenses		2,440		2,767
Accrued other expense		1,215		682
Total accrued expenses and other current liabilities	$	10,023	$	11,186

Interest and Other Income (Expenses), Net

Interest and other income (expenses) consisted of the following as of December 31, 2020 and 2019 (in thousands):

	Year Ended December 31,
	2020			2019
Interest income		1,986			4,616
Other finance expenses		(357	)		(284	)
Total interest and other income	$	1,629		$	4,332

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

NOTE 5-INVENTORIES

Inventories consist of the following as of December 31, 2020 and December 31, 2019 (in thousands):

	December 31, 2020		December 31, 2019
Raw materials	$	1,051		—
Finished goods		913		—
Total inventories	$	1,964	$	—

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

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 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 instruments. No transfers between levels have occurred during the periods presented.

Assets and liabilities measured at fair value on a recurring basis based on Level 1 and Level 2 fair value measurement criteria as of December 31, 2020 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
	2020		(Level 1)		(Level 2)
Marketable securities:
US government	$	29,186	$	29,186	$	—
Corporate bonds		21,861		—		21,861
Money market funds⁽¹⁾		39,744		39,744		—
Total marketable securities	$	90,791	$	68,930	$	21,861

⁽¹⁾	Included within cash and cash equivalents on the Company’s consolidated balance sheets.

Assets and liabilities measured at fair value on a recurring basis based on Level 1 and Level 2 fair value measurement criteria as of December 31, 2019 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
	2019		(Level 1)		(Level 2)
Marketable securities:
US government	$	66,094	$	66,094	$	—
Corporate bonds		68,084		—		68,084
Commercial paper		7,658		—		7,658
Money market funds⁽¹⁾		16,998		16,998		—
Certificates of deposit		4,108		—		4,108
Total marketable securities	$	162,942	$	83,092	$	79,850

⁽¹⁾	Included within cash and cash equivalents on the Company’s consolidated balance sheets.

The Company’s investments in money market funds are valued based on publicly available quoted market prices for identical securities as of December 31, 2020 and 2019.

- 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 + Details

Marketable Securities

12 Months Ended

Dec. 31, 2020

Investments Debt And Equity Securities [Abstract]

Marketable Securities

NOTE 7-MARKETABLE SECURITIES

The following table summarizes the Company’s marketable securities as of December 31, 2020 (in thousands):

	Amortized Cost Basis		Unrealized Gains		Fair Value
Marketable securities:
US government	$	28,970	$	216	$	29,186
Corporate bonds		21,806		55		21,861
Money market funds⁽¹⁾		39,744		—		39,744
Total marketable securities	$	90,520	$	271	$	90,791

⁽¹⁾	Included within cash and cash equivalents on the Company’s consolidated balance sheets.

The Company classifies its marketable securities as available-for-sale, and they consist of all debt securities. As of December 31, 2020, they were in a net unrealized gain position of $0.3 million. Unrealized gains and losses on available-for-sale debt securities are included as a component of comprehensive loss.

As of December 31, 2020, the Company did not hold any marketable securities in an unrealized loss position. In accordance with the Company’s general investment strategy, the Company does not intend to sell the investments before maturity. As of December 31, 2020, the Company believes the cost basis for its marketable securities were recoverable in all material aspects and no credit impairments were recognized in the period.

The Company’s marketable securities as of December 31, 2020 mature at various dates through February 2022. The fair values of marketable securities by contractual maturity consist of the following (in thousands):

	December 31, 2020		December 31, 2019
Maturities within one year	$	88,898	$	114,386
Maturities after one year through three years		1,893		48,556
Total marketable securities	$	90,791	$	162,942

Property and Equipment

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Property and Equipment

NOTE 8-PROPERTY AND EQUIPMENT

Property and equipment, consists of the following as of December 31, 2020 and 2019 (in thousands):

	December 31,
	2020			2019
Laboratory equipment	$	333		$	259
Computer equipment and software		1,676			416
Furniture		597			544
Leasehold improvements		609			530
Manufacturing equipment		226			226
		3,441			1,975
Less: accumulated depreciation and amortization		(1,395	)		(998	)
Property and equipment, net	$	2,046		$	977

Depreciation and amortization expense was $0.4 million and $0.3 million for the years ended December 31, 2020 and 2019, respectively.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

NOTE 9-LEASES

Operating Leases

The Company has the following office and laboratory facility leases:

•

In April 2016, UPL signed an addendum to its November 2014 lease agreement for the Company’s executive offices located in Israel, in order to increase the office space rented and to extend the rent period until 2019. In March 2019, UPL exercised the agreement extension option and extended the rental period for an additional three years until August 2022.

•

In September 2017, UPI entered into a new lease agreement for its office space in New York, which the Company previously used as its headquarters. The lease agreement commenced in October 2017 and terminates in February 2021. In October 2020, the Company committed to and announced a plan to close the New York office and fully impaired the associated right of use asset.

•

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 terminates in March 2024. The landlord provided a tenant allowance for leasehold improvements of $0.2 million that was accounted for as a lease incentive. The Company’s remaining contractual obligation under this lease is approximately $0.9 million as of December 31, 2020. In November 2019, UPI entered into a sublease for this office space, with a lease commencement date of January 1, 2020 and continuing until the end of the lease term in March 2024. The subtenants exercised their early access clause and moved into the premises the end of November 2019. The remaining rental payments to be received over the lease term is approximately $0.7 million as of December 31, 2020. The Company accounts for the sublease as on operating lease in accordance with ASC 842-10-25-2 and ASC 842-10-25-3. The main lease was considered for impairment and the amount was determined to be immaterial.

•

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 and the lease term is 38 months. The Company’s remaining contractual obligation under this lease is approximately $1.2 million as of December 31, 2020.

In addition, the Company leases operating office equipment and vehicles. 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 2021 through 2023, with varying renewal and termination options.

The components of lease cost for the year ended December 31, 2020 were as follows (in thousands):

	Year Ended December 31, 2020
Operating lease cost	$	1,812
Sublease income		(224	)
Variable lease cost		129
	$	1,717

The amounts recognized as of December 31, 2020 were as follows (in thousands):

	December 31, 2020
Right of use asset	$	2,158
Long-term lease liability		1,497
Other current liabilities		1,202

In October 2020, the Company committed to and announced a plan to close the New York office and recognized impairment losses of approximately $0.2 million in relation to the associated right of use asset.

Supplemental information related to leases for the periods reported is as follows (in thousands):

	Year Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		1,726
Right-of-use assets obtained in exchange for new operating lease liabilities		135
Weighted-average remaining lease term of operating leases	2.26 years
Weighted-average discount rate of operating leases	5.38%

As of December 31, 2020, maturities of lease liabilities were as follows (in thousands):

	Operating Leases
Years ending December 31,
2021	$	1,307
2022		1,150
2023		357
2024		58
2025 and thereafter		—
Total future minimum lease payments	$	2,872
Less: Interest		(173	)
Present value of lease liabilities	$	2,699

As of December 31, 2019, maturities of lease liabilities were as follows (in thousands):

	Operating Leases
Years ending December 31,
2020	$	1,758
2021		1,269
2022		1,101
2023		348
2024 and thereafter		58
Total future minimum lease payments	$	4,534

Subleases

As of December 31, 2020, undiscounted cash flows to be received under the Company’s operating sublease on an annual basis was as follows (in thousands):

	Operating Leases
Years ending December 31,
2021	$	235
2022		243
2023		251
2024		49
2025 and thereafter	—
Total future minimum sublease payments	$	778

Sublease income is recognized net within operating expenses. Sublease income for the year ended December 31, 2020 was as follows (in thousands):

Year Ended

December 31, 2020

Sublease income from fixed lease payments

224

Revenue from Product Sales

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue from Product Sales

NOTE 10-REVENUE FROM PRODUCT SALES

Net product sales consist of the following for the year ended December 31, 2020 and 2019 (in thousands):

	Year Ended
	December 31, 2020		December 31, 2019
Jelmyto	$	11,799	$	—

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

License and Collaboration Agreements

12 Months Ended

Dec. 31, 2020

Liscense Agreement [Abstract]

License and Collaboration Agreements

NOTE 11- LICENSE AND COLLABORATION AGREEMENTS

Allergan/AbbVie Agreement

In October 2016, the Company entered into the Allergan/AbbVie Agreement and granted Allergan (now part of AbbVie) an exclusive worldwide license to research, develop, manufacture and commercialize pharmaceutical products that contain RTGel and clostridial toxins (including BOTOX^®), alone or in combination with certain other active ingredients, referred to as the Licensed Products, which are approved for the treatment of adults with overactive bladder who cannot use or do not adequately respond to anticholinergics. Additionally, the Company granted Allergan a non-exclusive, worldwide license to use certain of the Company’s trademarks as required for Allergan to practice its exclusive license with respect to the Licensed Products.

Under the Allergan/AbbVie Agreement, Allergan is solely responsible for costs and development of the Licensed Products and obtaining all regulatory approvals for Licensed Products worldwide, as well as worldwide commercialization of the Licensed Products after receiving the regulatory approval to do so. Allergan is required to use commercially reasonable efforts to develop and commercialize the Licensed Products for overactive bladder in certain major market countries.

Further, the Company is eligible to receive additional material milestone payments of up to an aggregate of $200.0 million upon the successful completion of certain development, regulatory and commercial milestones. As of December 31, 2020, since inception of the Allergan/AbbVie Agreement the Company has received a total of $25.0 million in milestone payments from Allergan. Allergan will pay the Company a tiered royalty in the low single digits based on worldwide annual net sales of Licensed Products, subject to certain reductions for the market entry of competing products and/or loss of the Company’s patent coverage of Licensed Products. The Company is responsible for payments to any third party for certain RTGel-related third party intellectual properties.

Under the Allergan/AbbVie Agreement, Allergan granted the Company a non-exclusive, sublicensable, fully paid-up, perpetual, worldwide license under any improvements Allergan makes to the composition, formulation, or manufacture of RTGel for the research, development, manufacture and commercialization of any product containing RTGel and any active ingredient (other than a clostridial toxin) for all indications other than indications covered by the agreement and an exclusive, sublicensable, royalty-bearing (in low single digits), perpetual worldwide license under such improvements for use in the prevention or treatment of oncology indications.

In August 2020, the Company announced that the Phase 2 APOLLO trial did not meet the primary endpoint, it is believed to be the result of BOTOX not effectively permeating the urothelium. The Company and AbbVie are continuing to explore the potential use of RTGel in combination with other products in AbbVie’s portfolio.

Agenus Agreement

In November 2019, the Company entered into a license agreement with Agenus Inc, 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 antibody of Agenus known as AGEN1884 for the treatment of cancers of the urinary tract via intravesical delivery. AGEN1884 is an anti-CTLA-4 antagonist that is currently being evaluated by Agenus as a monotherapy in PD-1 refractory patients and in combination with Agenus’ anti-PD-1 antibody in solid tumors. Initially, the Company plans to develop AGEN1884 in combination with UGN-201 for the treatment of high-grade NMIBC cancer.

Pursuant to the license Agreement, the Company paid Agenus an upfront fee of $10.0 million and has agreed to pay Agenus up to $115.0 million upon achieving certain clinical development and regulatory milestones, up to $85.0 million upon achieving certain commercial milestones, and royalties on net sales of licensed products in the 14%-20% range. The Company will be responsible for all development and commercialization activities. Under the terms of the license agreement, Agenus has agreed to use commercially reasonable efforts to supply AGEN1884 to the Company for use in preclinical studies or clinical trials.

Unless earlier terminated in accordance with the terms of the license agreement, the license agreement will expire on a product-by-product and country-by-country basis at the later of (a) the expiration of the last to expire valid claim of a licensed patent right that covers the licensed product in such country or (b) 15 years after the first commercial sale of the licensed product in such country. The Company may terminate the license agreement for convenience upon 180 days’ written notice to Agenus. Either party may terminate the license agreement upon 60 days’ notice to the other party if, prior to the first commercial sale of a licensed product, the Company substantially ceases to conduct development activities of the licensed products for nine consecutive months (and during such period, Agenus has complied with its obligations under the license agreement) other than in response to a requirement of an applicable regulatory authority or an event outside of the Company’s control. In addition, either party may terminate the license agreement in the event of an uncured material breach of the other party.

The Company recorded the $10.0 million milestone in acquired in-process research and development expenses for the year ended December 31, 2019.

Employee Rights Upon Retirement

12 Months Ended

Dec. 31, 2020

Employee Rights Upon Retirement [Abstract]

Employee Rights Upon Retirement

NOTE 12-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.

Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Shareholders' Equity

NOTE 13-SHAREHOLDERS’ EQUITY

Ordinary Shares

The Company had 100.0 million ordinary shares authorized for issuance as of December 31, 2020 and 2019. The Company had 22.2 million and 21.0 million ordinary shares issued and outstanding as of December 31, 2020 and 2019, 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. Since its inception, the Company has not declared any dividends.

In January 2019, the Company completed an underwritten public offering of 4,207,317 of its ordinary shares, including 548,780 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $41.00 per share. The net proceeds to the Company from the offering were approximately $161.4 million, after deducting the underwriting discounts and commissions and payment of other offering expenses.

In December 2019, the Company entered into a sales agreement (the “ATM Sales Agreement”) with Cowen and Company, LLC (“Cowen”), pursuant to which the Company may from time to time offer and sell the Company’s ordinary shares having an aggregate offering price of up to $100.0 million to or through Cowen, acting as sales agent or principal. During the second quarter of 2020, the Company sold 700,000 ordinary shares under the ATM Sales Agreement, for gross proceeds of approximately $16.6 million. The net proceeds to the Company after deducting sales commissions to Cowen and other issuance expenses were approximately $15.8 million. The remaining capacity under the ATM Sales Agreement is approximately $83.4 million.

Share-Based Compensation

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

NOTE 14-SHARE-BASED COMPENSATION

In October 2010, the Board approved a share option plan (the “Plan”) for grants to Company employees, consultants, directors, and other service providers.

The grant of options to Israeli employees under the Plan 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 Plan 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 Plan, 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 Plan is subject to Section 3(i) of the Israeli Income Tax Ordinance.

Employees are typically granted stock options and/or restricted stock units, or RSUs, upon commencement of employment. Also, eligible employees may receive an annual grant of options or RSU’s. Non-employee members of the Board typically receive a grant of RSUs and/or stock options annually. The term of any option granted under the Plan 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 of stock 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.

In March 2017, the Board adopted the 2017 Equity Incentive Plan (the "2017 Plan"), which was approved by the shareholders in April 2017. The 2017 Plan provides for the grant of incentive stock options to the Company's employees and for the grant of nonstatutory 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 maximum number of ordinary shares that may initially be issued under the 2017 Plan is 1,400,000. In addition, the number of ordinary shares reserved for issuance under the 2017 Plan will automatically increase on January 1st of each calendar year, from January 1, 2018 through January 1, 2026, so that the number of such shares reserved for issuance will equal 12% of the total number of ordinary shares outstanding on the last day of the calendar month prior to the date of each automatic increase, or a lesser number of shares determined by the Board. The maximum number of ordinary shares that may be issued upon the exercise of stock options under the 2017 Plan is 5,600,000. On January 1, 2018, the share reserve increased by 250,167 to 1,650,167. On October 12, 2018, the Company increased the amount of registered ordinary shares of the Company’s 2017 Plan by 1,900,000 to 3,550,167. On June 8, 2020 the Company increased the amount of registered ordinary of the Company’s 2017 plan by 400,000 to 3,950,167.

On January 3, 2019, the Company appointed Elizabeth Barrett as its President and Chief Executive Officer. In connection with Ms. Barrett’s employment, she was granted 277,432 options to purchase the Company’s ordinary shares, at an exercise price of $47.57, as well as 317,065 RSUs, with a combined grant-date fair value of $24.1 million.

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 awards issued under the Inducement Plan. The only persons eligible to receive grants of Awards (as defined below) under the Inducement Plan are individuals who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) or 5635(c)(3) 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. Under the Inducement Plan, an “Award” is a nonstatutory stock option, restricted stock unit or other right to receive ordinary shares pursuant to the Inducement Plan.

In June 2019, the Board approved grants of 70,000 options to its non-employee directors. Each then current non-employee director, including the Chairman of the Board, received a grant of 10,000 options. Each option is exercisable into one ordinary share of the Company’s stock at an exercise price of $34.83 per share. The options vest quarterly over one year and expire 10 years from grant date. The grant date fair value of these options was approximately $1.9 million.

In December 2019, the Board approved a modification of options and RSU's for a consultant. The Company recorded an expense of $0.9 million under general and administrative expenses with respect to options' modification. No compensation expense was taken in relation to the RSUs modification because the award vests upon a future performance condition that is not currently probable of occurring.

In June 2020, the Board approved grants of an aggregate of 70,000 options to its non-employee directors. Each non-employee director, including the Chairman of the Board, received a grant of 10,000 options. Each option is exercisable into one ordinary share of the Company’s stock at an exercise price of $28.24 per share. The options vest quarterly over one year and expire 10 years from the grant date. The grant date fair value of these options was approximately $1.5 million.

Options granted:

Set forth below are grants made by the Company as of December 31, 2020. The majority of options vest over three years and expire on the tenth anniversary of the date of grant.

During 2020, the Company granted 400,600 options with exercise prices ranging from $16.50 to $29.41 per share.

b) During 2019, the Company granted 955,732 options with exercise prices ranging from $33.21 to $47.57 per share.

The fair value of options granted during 2020 and 2019 was $6.7 and $27.6 million, respectively.

The total unrecognized compensation cost of options as of December 31, 2020 was $13.5 million, which is expected to be recognized over a weighted average period of 1.37years.

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:

	2020	2019
Value of ordinary shares	$16.50-29.41	$33.21-47.57
Dividend yield	0%	0%
Expected volatility	71.43%-79.80%	74.09%-80.52%
Risk-free interest rate	0.37%-1.35%	1.36%-2.62%
Expected term	5.9-10 years	5.8-10 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 Plan for the years ended December 31, 2020 and 2019, and related information:

	Number of options			Weighted Average price per share
Outstanding as of January 1, 2019		2,522,981		$	26.16
Granted		955,732			41.96
Canceled/Forfeited		(183,725	)		41.85
Exercised		(423,653	)		9.10
Outstanding as of December 31, 2019		2,871,335		$	32.93
Granted		400,600			24.33
Canceled/Forfeited		(408,534	)		44.68
Exercised		(137,070	)		5.40
Outstanding as of December 31, 2020		2,726,331		$	31.29

The intrinsic value of stock options exercised was $2.3 million and $14.2 million for the years ended December 31, 2020 and 2019, respectively.

The following table summarizes the outstanding and exercisable options as of December 31, 2020:

	Options outstanding				Options exercisable
Exercise price per share	Number of options outstanding at end of year		Weighted average remaining contractual life		Number of options exercisable at end of year		Weighted average remaining contractual life
$0.00 - 10.00		588,324		1.99		588,324		1.99
$10.01 - 20.00		268,000		8.77		75,000		6.39
$20.01 - 30.00		272,800		8.19		139,999		7.24
$30.01 - 40.00		413,500		6.72		340,833		6.36
$40.01 - 50.00		1,063,041		7.17		771,250		6.93
$50.01 - 59.23		120,666		7.00		115,332		6.98
		2,726,331				2,030,738

The aggregate intrinsic value of the total vested and exercisable options as of December 31, 2020 is $7.7 million.

The following table summarizes information about RSU activity as of December 31, 2020:

	Outstanding Restricted Stock Units
Outstanding as of January 1, 2019		263,699
Granted		455,465
Vested and released		(183,975	)
Forfeited		(15,762	)
Outstanding as of December 31, 2019		519,427
Granted		591,480
Vested and released		(304,537	)
Forfeited		(85,954	)
Outstanding as of December 31, 2020		720,416

The fair value of RSUs granted during 2020 and 2019 was $15.6 and $19.9 million, respectively. The total unrecognized compensation cost of RSUs as of December 31, 2020 is $17.6 million with a weighted average recognition period of 1.84 years.

The following table illustrates the effect of share-based compensation on the Statements of Operations:

	Year ended December 31,
	2020		2019
Research and development expenses	$	6,432	$	8,291
Selling, general and administrative expenses		21,593		21,676
Total share-based compensation expense	$	28,025	$	29,967

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 15-INCOME TAXES

The Company is taxed under Israeli tax laws:

Corporate tax rate

The applicable Israeli tax rate relevant to the Company for 2018 and thereafter is 23%.

For financial reporting purposes, the expense for current income taxes consists of the following:

	2020		2019
Current taxes:
U.S. Federal	$	3,218	-
U.S. State		156	-
Total current taxes	$	3,374	-

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:

	December 31,
	2020			2019
In respect of:
Net operating loss carryforward	$	57,607		$	33,817
Research and development expenses		5,362			4,591
Stock-based compensation		9,278			6,543
Issuance costs		978			2,063
In-process research and development		2,329			2,749
Right of use asset		(372	)		(800	)
Lease Liability		473			896
Accrued expenses		1,589			762
Depreciation of fixed assets		(299	)		(90	)
Other		18			62
Less—valuation allowance		(76,963	)		(50,593	)
Net deferred tax assets	$	—		$	—

The change in valuation allowance for the years ended December 31, 2020 and 2019 were as follows:

	2020			2019
Balance at the beginning of the year	$	(50,593	)	$	(28,249	)
Changes during the year		(26,370	)		(22,344	)
Balance at the end of the year	$	(76,963	)	$	(50,593	)

The main reconciling item between the statutory tax rates of the Company and the effective rate is the 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, and expense related to uncertain tax positions. A reconciliation of the Company’s statutory tax rate to effective tax is as follows:

	December 31,
	2020			2019
Pretax income	$	(125,110	)	$	(105,146	)
Statutory rate	23%			23%
Income tax expense/(benefit) at statutory rate		(28,775	)		(24,184	)
Additional tax (tax saving) in respect of:
Non-deductible expenses		1,439			2,076
Different tax rate of foreign subsidiaries		17			20
Uncertain tax positions		2,717			-
Change in valuation allowance		26,370			22,344
Other		1,607			(257	)
Income tax expense	$	3,374		$	-

The Internal Revenue 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. Such limitations could result in the expiration of the net operating carryforwards incurred before 2018 before their utilization.

Losses for tax purposes carried forward to future years

As of December 31, 2020, and December 31, 2019, the Company had approximately $250.2 and $151.9 million of net carryforward tax losses, respectively, available to reduce future taxable income without limitation of use.

Uncertain tax positions

A reconciliation of the beginning and ending amount of uncertain tax positions is as follows:

	2020	2019
Uncertain tax positions at the beginning of the year	-	-
Gross increases — tax positions in current period	2,717	-
Gross increases — tax positions in prior period	-	-
Uncertain tax positions at the end of the year	2,717	-

The balances of uncertain tax positions as of December 31, 2020 would affect the Company’s effective tax rate if recognized.

The Company has recorded liabilities for uncertain tax positions of $2.7 million as of December 31, 2020 for tax positions relating to transfer pricing between affiliated entities. The Company recognizes interest accrued and penalties related to uncertain tax positions as a component of income tax expense. As of December 31, 2020, the Company has accrued $0.7 million of interest and penalties related to uncertain tax positions.

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

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

The Company has received final tax assessments up to and including its 2014 tax year.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Related Parties

12 Months Ended

Dec. 31, 2020

Related Parties

NOTE 16-RELATED PARTIES

There were no related party transactions for the year ended December 31, 2020 or 2019.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 17-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, 2020 and 2019. The Company does not anticipate recognizing any significant losses relating to these arrangements.

Grants from the Israeli Innovation Authority in Israel (“IIA”)

The Company has received grants from the IIA for research and development funding. Up until 2007, the IIA participation in the funding of the Company’s operations was by grants provided to Granot Ventures, a government supported technology incubator, as part of the Israeli Ministry of Industry and Commerce Director General Directive 8.2. Since 2008, the funding was provided directly to Company.

On January 12, 2020, the IIA Office of Chief Scientist approved the Company's request to unwind its obligation to the IIA regarding grants that were loaned to the Company between January 2004 and September 2016. The total payment under the IIA approval, net of the royalties already paid, $6.6 million, was fully paid during the first quarter of 2020 and recognized as research and development expense. Based on this payment, the Company will have full freedom to transfer IIA-funded technology or manufacture products developed with IIA-funded technology outside of the State of Israel. Other than the commitment to continue at least 75% of its based R&D jobs in Israel (at the time of settlement) for a period of at least three years, all other obligations with the IIA ceased to exist as per the agreement.

Separation Agreement

On September 7, 2020, the Company entered into a Separation Agreement with Peter Pfreundschuh, the Company’s Chief Financial Officer, which sets forth the terms of Mr. Pfreundschuh’s termination of employment with the Company, effective as of October 15, 2020. The arrangement includes cash severance, a pro rata portion of the target annual bonus for calendar year 2020 contingent on certain performance conditions, and partial acceleration of share-based compensation. The Company recognized $0.7 million during the year ended December 31, 2020 in relation to this arrangement.

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

NOTE 18-SUBSEQUENT EVENTS

In January 2021, the Company announced that it entered into a three-year strategic research collaboration agreement with MD Anderson focusing on UGN-302 as an investigational treatment for high-grade NMIBC. Under the agreement, MD Anderson and the Company will collaborate on the design and conduct of non-clinical and clinical studies with oversight from a joint steering committee. The Company will provide funding, developmental candidates, and other support. Pursuant to the agreement, the Company made an upfront payment to MD Anderson of $500,000.

In March 2021, the Company announced a transaction with RTW Investments (“RTW”) totaling $75.0 million in funding for the Company to support the launch of Jelmyto and the development of UGN-102. RTW will provide the Company with an upfront cash payment of $75.0 million and will receive tiered future payments based on global annual net product sales of Jelmyto and UGN-102, if approved.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

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

Functional Currency

Cash and Cash Equivalents; Marketable Securities

Concentration of Credit Risk

Income Taxes

Inventory

Property and Equipment

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

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

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.

Leases

The Company is a lessee in several noncancelable operating leases, primarily for office space, office equipment and vehicles. The Company currently has no finance leases.

The Company has lease agreements with lease and non-lease components.

Revenues

Research and Development Expenses

Selling General and Administrative Expenses

Selling, General and Administrative Expenses

Share-Based Compensation

Net Loss per Ordinary Share

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

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

	Year Ended December 31,
	2020		2019
Basic and diluted:
Loss attributable to equity holders of the Company	$	128,484	$	105,146
Loss attributable to equity holders of the Company, after deducting dividend accumulated for preferred shares	$	128,484	$	105,146
Weighted-average number of ordinary shares		21,780,826		20,528,727
Loss per ordinary share	$	5.90	$	5.12

Recently Adopted Accounting Pronouncements

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Property and Equipment Useful Lives

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

Schedule of Calculation of Basic and Diluted Loss Per Share

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

	Year Ended December 31,
	2020		2019
Basic and diluted:
Loss attributable to equity holders of the Company	$	128,484	$	105,146
Loss attributable to equity holders of the Company, after deducting dividend accumulated for preferred shares	$	128,484	$	105,146
Weighted-average number of ordinary shares		21,780,826		20,528,727
Loss per ordinary share	$	5.90	$	5.12

Other Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Other Financial Information [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following as of December 31, 2020 and 2019 (in thousands):

	December 31, 2020		December 31, 2019
Accounts payable	$	3,271	$	4,694
Accrued sales reserves		382		—
Accrued clinical expenses		1,359		399
Accrued research and development costs		1,356		2,644
Accrued general and administrative expenses		2,440		2,767
Accrued other expense		1,215		682
Total accrued expenses and other current liabilities	$	10,023	$	11,186

Schedule of Interest and Other Income (Expenses)

Interest and other income (expenses) consisted of the following as of December 31, 2020 and 2019 (in thousands):

	Year Ended December 31,
	2020			2019
Interest income		1,986			4,616
Other finance expenses		(357	)		(284	)
Total interest and other income	$	1,629		$	4,332

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consist of the following as of December 31, 2020 and December 31, 2019 (in thousands):

	December 31, 2020		December 31, 2019
Raw materials	$	1,051		—
Finished goods		913		—
Total inventories	$	1,964	$	—

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis based on Level 1 and Level 2 fair value measurement criteria as of December 31, 2020 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
	2020		(Level 1)		(Level 2)
Marketable securities:
US government	$	29,186	$	29,186	$	—
Corporate bonds		21,861		—		21,861
Money market funds⁽¹⁾		39,744		39,744		—
Total marketable securities	$	90,791	$	68,930	$	21,861

⁽¹⁾	Included within cash and cash equivalents on the Company’s consolidated balance sheets.

Assets and liabilities measured at fair value on a recurring basis based on Level 1 and Level 2 fair value measurement criteria as of December 31, 2019 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
	2019		(Level 1)		(Level 2)
Marketable securities:
US government	$	66,094	$	66,094	$	—
Corporate bonds		68,084		—		68,084
Commercial paper		7,658		—		7,658
Money market funds⁽¹⁾		16,998		16,998		—
Certificates of deposit		4,108		—		4,108
Total marketable securities	$	162,942	$	83,092	$	79,850

⁽¹⁾	Included within cash and cash equivalents on the Company’s consolidated balance sheets.

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2020

Investments Debt And Equity Securities [Abstract]

Summary of Marketable Securities

The following table summarizes the Company’s marketable securities as of December 31, 2020 (in thousands):

	Amortized Cost Basis		Unrealized Gains		Fair Value
Marketable securities:
US government	$	28,970	$	216	$	29,186
Corporate bonds		21,806		55		21,861
Money market funds⁽¹⁾		39,744		—		39,744
Total marketable securities	$	90,520	$	271	$	90,791

⁽¹⁾	Included within cash and cash equivalents on the Company’s consolidated balance sheets.

Summary of Fair Values of Marketable Securities by Contractual Maturity

The fair values of marketable securities by contractual maturity consist of the following (in thousands):

	December 31, 2020		December 31, 2019
Maturities within one year	$	88,898	$	114,386
Maturities after one year through three years		1,893		48,556
Total marketable securities	$	90,791	$	162,942

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, consists of the following as of December 31, 2020 and 2019 (in thousands):

	December 31,
	2020			2019
Laboratory equipment	$	333		$	259
Computer equipment and software		1,676			416
Furniture		597			544
Leasehold improvements		609			530
Manufacturing equipment		226			226
		3,441			1,975
Less: accumulated depreciation and amortization		(1,395	)		(998	)
Property and equipment, net	$	2,046		$	977

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of Lease Cost

The components of lease cost for the year ended December 31, 2020 were as follows (in thousands):

	Year Ended December 31, 2020
Operating lease cost	$	1,812
Sublease income		(224	)
Variable lease cost		129
	$	1,717

Schedule of Amounts Recognized

The amounts recognized as of December 31, 2020 were as follows (in thousands):

	December 31, 2020
Right of use asset	$	2,158
Long-term lease liability		1,497
Other current liabilities		1,202

Schedule of Supplemental Information Related to Leases

Supplemental information related to leases for the periods reported is as follows (in thousands):

	Year Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		1,726
Right-of-use assets obtained in exchange for new operating lease liabilities		135
Weighted-average remaining lease term of operating leases	2.26 years
Weighted-average discount rate of operating leases	5.38%

Schedule of Maturities of Lease Liabilities

As of December 31, 2020, maturities of lease liabilities were as follows (in thousands):

	Operating Leases
Years ending December 31,
2021	$	1,307
2022		1,150
2023		357
2024		58
2025 and thereafter		—
Total future minimum lease payments	$	2,872
Less: Interest		(173	)
Present value of lease liabilities	$	2,699

Schedule of Maturities of Lease Liabilities

As of December 31, 2019, maturities of lease liabilities were as follows (in thousands):

	Operating Leases
Years ending December 31,
2020	$	1,758
2021		1,269
2022		1,101
2023		348
2024 and thereafter		58
Total future minimum lease payments	$	4,534

Schedule of Undiscounted Cash Flows to be Received Under Operating Sublease on an Annual Basis

As of December 31, 2020, undiscounted cash flows to be received under the Company’s operating sublease on an annual basis was as follows (in thousands):

	Operating Leases
Years ending December 31,
2021	$	235
2022		243
2023		251
2024		49
2025 and thereafter	—
Total future minimum sublease payments	$	778

Schedule of Sublease Income Recognized Net within Operating Expenses

Sublease income is recognized net within operating expenses. Sublease income for the year ended December 31, 2020 was as follows (in thousands):

Year Ended

December 31, 2020

Sublease income from fixed lease payments

224

Revenue from Product Sales (Tables)

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Schedule of Net Product Sales

Net product sales consist of the following for the year ended December 31, 2020 and 2019 (in thousands):

	Year Ended
	December 31, 2020		December 31, 2019
Jelmyto	$	11,799	$	—

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Fair Value of Options Granted

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:

	2020	2019
Value of ordinary shares	$16.50-29.41	$33.21-47.57
Dividend yield	0%	0%
Expected volatility	71.43%-79.80%	74.09%-80.52%
Risk-free interest rate	0.37%-1.35%	1.36%-2.62%
Expected term	5.9-10 years	5.8-10 years

Summary of Number of Employee and Non-employee Options Outstanding Under the Plan

The following table summarizes the number of employee and non-employee options outstanding under the Plan for the years ended December 31, 2020 and 2019, and related information:

	Number of options			Weighted Average price per share
Outstanding as of January 1, 2019		2,522,981		$	26.16
Granted		955,732			41.96
Canceled/Forfeited		(183,725	)		41.85
Exercised		(423,653	)		9.10
Outstanding as of December 31, 2019		2,871,335		$	32.93
Granted		400,600			24.33
Canceled/Forfeited		(408,534	)		44.68
Exercised		(137,070	)		5.40
Outstanding as of December 31, 2020		2,726,331		$	31.29

Summary of Number of Options Outstanding and Exercisable

The following table summarizes the outstanding and exercisable options as of December 31, 2020:

	Options outstanding				Options exercisable
Exercise price per share	Number of options outstanding at end of year		Weighted average remaining contractual life		Number of options exercisable at end of year		Weighted average remaining contractual life
$0.00 - 10.00		588,324		1.99		588,324		1.99
$10.01 - 20.00		268,000		8.77		75,000		6.39
$20.01 - 30.00		272,800		8.19		139,999		7.24
$30.01 - 40.00		413,500		6.72		340,833		6.36
$40.01 - 50.00		1,063,041		7.17		771,250		6.93
$50.01 - 59.23		120,666		7.00		115,332		6.98
		2,726,331				2,030,738

Summary of Information about RSU Activity

The following table summarizes information about RSU activity as of December 31, 2020:

	Outstanding Restricted Stock Units
Outstanding as of January 1, 2019		263,699
Granted		455,465
Vested and released		(183,975	)
Forfeited		(15,762	)
Outstanding as of December 31, 2019		519,427
Granted		591,480
Vested and released		(304,537	)
Forfeited		(85,954	)
Outstanding as of December 31, 2020		720,416

Schedule of Effect of Share-Based Compensation on Statements of Operations

The following table illustrates the effect of share-based compensation on the Statements of Operations:

	Year ended December 31,
	2020		2019
Research and development expenses	$	6,432	$	8,291
Selling, general and administrative expenses		21,593		21,676
Total share-based compensation expense	$	28,025	$	29,967

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Expense for Current Income Taxes

For financial reporting purposes, the expense for current income taxes consists of the following:

	2020		2019
Current taxes:
U.S. Federal	$	3,218	-
U.S. State		156	-
Total current taxes	$	3,374	-

Schedule of Deferred Income Taxes

	December 31,
	2020			2019
In respect of:
Net operating loss carryforward	$	57,607		$	33,817
Research and development expenses		5,362			4,591
Stock-based compensation		9,278			6,543
Issuance costs		978			2,063
In-process research and development		2,329			2,749
Right of use asset		(372	)		(800	)
Lease Liability		473			896
Accrued expenses		1,589			762
Depreciation of fixed assets		(299	)		(90	)
Other		18			62
Less—valuation allowance		(76,963	)		(50,593	)
Net deferred tax assets	$	—		$	—

Schedule of Change in Valuation Allowance

The change in valuation allowance for the years ended December 31, 2020 and 2019 were as follows:

	2020			2019
Balance at the beginning of the year	$	(50,593	)	$	(28,249	)
Changes during the year		(26,370	)		(22,344	)
Balance at the end of the year	$	(76,963	)	$	(50,593	)

Reconciliation of Statutory Tax Rate to Effective Tax

A reconciliation of the Company’s statutory tax rate to effective tax is as follows:

	December 31,
	2020			2019
Pretax income	$	(125,110	)	$	(105,146	)
Statutory rate	23%			23%
Income tax expense/(benefit) at statutory rate		(28,775	)		(24,184	)
Additional tax (tax saving) in respect of:
Non-deductible expenses		1,439			2,076
Different tax rate of foreign subsidiaries		17			20
Uncertain tax positions		2,717			-
Change in valuation allowance		26,370			22,344
Other		1,607			(257	)
Income tax expense	$	3,374		$	-

Reconciliation of Uncertain Tax Positions

A reconciliation of the beginning and ending amount of uncertain tax positions is as follows:

	2020	2019
Uncertain tax positions at the beginning of the year	-	-
Gross increases — tax positions in current period	2,717	-
Gross increases — tax positions in prior period	-	-
Uncertain tax positions at the end of the year	2,717	-

Business and Nature of Operations - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Date of incorporation	2004-04
Date of operating commencement	2016-02

Basis of Presentation - Addititonal Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ 356,501	$ 228,017

Significant Accounting Policies - Property and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
Computers and Software
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Lives	3 years
Laboratory Equipment \| Minimum
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Lives	3 years
Laboratory Equipment \| Maximum
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Lives	6 years 6 months
Furniture \| Minimum
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Lives	5 years
Furniture \| Maximum
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Lives	16 years 6 months
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and Equipment, Useful Lives	2 years

Significant Accounting Policies - Schedule of Calculation of Basic and Diluted Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Basic and diluted:
Loss attributable to equity holders of the Company	$ 128,484	$ 105,146
Loss attributable to equity holders of the Company, after deducting dividend accumulated for preferred shares	$ 128,484	$ 105,146
Weighted-average number of ordinary shares	21,780,826	20,528,727
Loss per ordinary share	$ 5.90	$ 5.12

- Definition

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

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	false

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Other Financial Information - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Financial Information [Abstract]
Accounts payable	$ 3,271	$ 4,694
Accrued sales reserves	382
Accrued clinical expenses	1,359	399
Accrued research and development costs	1,356	2,644
Accrued general and administrative expenses	2,440	2,767
Accrued other expense	1,215	682
Total accrued expenses and other current liabilities	$ 10,023	$ 11,186

Other Financial Information - Schedule of Interest and Other Income (Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Other Financial Information [Abstract]
Interest income	$ 1,986	$ 4,616
Other finance expenses	(357)	(284)
Total interest and other income	$ 1,629	$ 4,332

Inventories - Schedule of Inventories (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Inventory Disclosure [Abstract]
Raw materials	$ 1,051
Finished goods	913
Total inventories	$ 1,964

Fair Value Measurements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Fair Value Disclosures [Abstract]
Fair value assets, transfers between level 1 to level 2	$ 0
Fair value assets, transfers between level 2 to level 1	0
Fair value liabilities, transfers between level 1 to level 2	0
Fair value liabilities, transfers between level 2 to level 1	0
Fair value assets, transfers into level 3	0
Fair value assets, transfers out of level 3	0
Fair value liabilities, transfers into level 3	0
Fair value liabilities, transfers out of level 3	$ 0

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:	$ 90,791	$ 162,942
Fair Value, Measurements, Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:	90,791	162,942
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:	68,930	83,092
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:	21,861	79,850
Fair Value, Measurements, Recurring \| US Government
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:	29,186	66,094
Fair Value, Measurements, Recurring \| US Government \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:	29,186	66,094
Fair Value, Measurements, Recurring \| Corporate Bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:	21,861	68,084
Fair Value, Measurements, Recurring \| Corporate Bonds \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:	21,861	68,084
Fair Value, Measurements, Recurring \| Commercial Paper
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:		7,658
Fair Value, Measurements, Recurring \| Commercial Paper \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:		7,658
Fair Value, Measurements, Recurring \| Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:	39,744	16,998
Fair Value, Measurements, Recurring \| Money Market Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:	$ 39,744	16,998
Fair Value, Measurements, Recurring \| Certificates of Deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:		4,108
Fair Value, Measurements, Recurring \| Certificates of Deposit \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities:		$ 4,108

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Marketable securities:
Amortized Cost Basis	$ 90,520
Unrealized Gains	271
Fair Value	90,791	$ 162,942
US Government
Marketable securities:
Amortized Cost Basis	28,970
Unrealized Gains	216
Fair Value	29,186
Corporate Bonds
Marketable securities:
Amortized Cost Basis	21,806
Unrealized Gains	55
Fair Value	21,861
Money Market Funds
Marketable securities:
Amortized Cost Basis	39,744
Fair Value	$ 39,744

Marketable Securities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Investments Debt And Equity Securities [Abstract]
Available-for-sale debt securities, unrealized gain position	$ 300,000
Available-for-sale debt securities, unrealized loss position	0
Other-than-temporary impairment Loss, debt securities, portion recognized in earnings	$ 0

Marketable Securities - Summary of Fair Values of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Available For Sale Securities Debt Maturities Fair Value [Abstract]
Maturities within one year	$ 88,898	$ 114,386
Maturities after one year through three years	1,893	48,556
Total marketable securities	$ 90,791	$ 162,942

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment	$ 3,441	$ 1,975
Less: accumulated depreciation and amortization	(1,395)	(998)
Property and equipment, net	2,046	977
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment	333	259
Computers and Software
Property Plant And Equipment [Line Items]
Property and equipment	1,676	416
Furniture
Property Plant And Equipment [Line Items]
Property and equipment	597	544
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	609	530
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment	$ 226	$ 226

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Depreciation and amortization expense	$ 0.4	$ 0.3

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2019	Apr. 30, 2018	Dec. 31, 2020
Lessee Lease Description [Line Items]
Operating leases, existence of option to extend			true
Operating leases, options to extend lease term, description			UPL signed an addendum to its November 2014 lease agreement for the Company’s executive offices located in Israel, in order to increase the office space rented and to extend the rent period until 2019. In March 2019, UPL exercised the agreement extension option and extended the rental period for an additional three years until August 2022.
Operating leases, options to extend lease term			3 years
Operating lease extended lease expiration, month and year			2022-08
Remaining rental payments to be received over the lease term			$ 224
Minimum
Lessee Lease Description [Line Items]
Lease expiration year			2021
Maximum
Lessee Lease Description [Line Items]
Lease expiration year			2023
New York
Lessee Lease Description [Line Items]
Impairment losses on operating leases			$ 200
New York \| UroGen Pharma Inc.
Lessee Lease Description [Line Items]
Lease commencement period, month and year			2017-10
Lease termination period, month and year			2021-02
Los Angeles, California \| UroGen Pharma Inc.
Lessee Lease Description [Line Items]
Lease termination period, month and year		2024-03
Lease commencement date		Jul. 10, 2018
Proceeds from tenant allowance		$ 200
Remaining contractual obligation			$ 900
Lessee operating sublease commencement date	Jan. 01, 2020
Lessee operating sublease termination period, month and year	2024-03
Remaining rental payments to be received over the lease term			700
Princeton, NJ \| UroGen Pharma Inc. \| Lease Agreement
Lessee Lease Description [Line Items]
Lease commencement date	Nov. 29, 2019
Remaining contractual obligation			$ 1,200
Lease term	38 months

Leases - Components of Lease Cost (Details) $ in Thousands	12 Months Ended
Leases - Components of Lease Cost (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
Operating lease cost	$ 1,812
Sublease income	(224)
Variable lease cost	129
Lease, Cost	$ 1,717

Leases - Schedule of Amounts Recognized (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Right of use asset	$ 2,158	$ 3,735
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Long-term lease liability	$ 1,497	$ 2,604
Other current liabilities	$ 1,202
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent

Leases - Schedule of Supplemental Information Related to Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,726
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 135
Weighted-average remaining lease term of operating leases	2 years 3 months 3 days
Weighted-average discount rate of operating leases	5.38%

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 1,307
2022	1,150
2023	357
2024	58
Total future minimum lease payments	2,872
Less: Interest	(173)
Present value of lease liabilities	$ 2,699
2020		$ 1,758
2021		1,269
2022		1,101
2023		348
2024 and thereafter		58
Total future minimum lease payments		$ 4,534

Leases - Schedule of Undiscounted Cash Flows to be Received Under Operating Sublease on an Annual Basis (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 235
2022	243
2023	251
2024	49
Total future minimum sublease payments	$ 778

Leases - Schedule of Sublease Income Recognized Net within Operating Expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Leases [Abstract]
Sublease income from fixed lease payments	$ 224

Revenue from Product Sales - Schedule of Net Product Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Revenue From Contract With Customer Product And Service [Extensible List]	urgn:Jelmyto1Member	urgn:Jelmyto1Member
Revenues, net	$ 11,799	$ 18

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

License and Collaboration Agreements - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Agenus Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront fee	$ 10,000,000.0
Maximum amount payable upon achieving certain clinical development and regulatory milestones	115,000,000.0
Maximum amount payable upon achieving certain commercial milestones	$ 85,000,000.0
License agreement milestone in acquired in-process research and development expenses			$ 10,000,000.0
Agenus Agreement \| After First Commercial Sale of Licensed Product
Research And Development Arrangement Contract To Perform For Others [Line Items]
License agreement expiration term	15 years
Maximum \| Agenus Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Royalty ranging on net sales of licensed products	20.00%
Minimum \| Agenus Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Royalty ranging on net sales of licensed products	14.00%
Allergan/AbbVie \| License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments received for licensing agreement		$ 25,000,000.0
Allergan/AbbVie \| License Agreement \| Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
License agreement additional milestone payments eligible to receive		$ 200,000,000.0

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Ordinary shares, shares authorized	100,000,000			100,000,000	100,000,000
Ordinary shares, issued	21,026,184			22,167,791	21,026,184
Ordinary shares, outstanding	21,026,184			22,167,791	21,026,184
Issuance of ordinary shares, consideration received net of underwriting discounts and commissions and issuance costs				$ 15,777	$ 161,447
Issuance of ordinary shares, net of issuance expenses				$ 15,853	$ 161,662
Cowen and Company Limited Liability Company \| ATM Sales Agreement
Class Of Stock [Line Items]
Issuance of ordinary shares, shares			700,000
Issuance of ordinary shares, net of issuance expenses			$ 16,600
Net proceeds from issuance ordinary shares after deducting sales commissions			15,800
Issuance of ordinary shares, value, remaining capacity			$ 83,400
Cowen and Company Limited Liability Company \| ATM Sales Agreement \| Maximum
Class Of Stock [Line Items]
Issuance of ordinary shares, consideration received net of underwriting discounts and commissions and issuance costs	$ 100,000
Underwritten Public Offering
Class Of Stock [Line Items]
Issuance of ordinary shares, shares		4,207,317
Additional ordinary shares exercised under underwriters option to purchase at the public offering price		548,780
Issuance of ordinary shares, price per share		$ 41.00
Issuance of ordinary shares, consideration received net of underwriting discounts and commissions and issuance costs		$ 161,400

Share-Based Compensation - Additional Information (Details)					1 Months Ended				12 Months Ended
	Jun. 08, 2020 shares	Jan. 03, 2019 USD ($) $ / shares shares	Oct. 12, 2018 shares	Jan. 01, 2018 shares	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($) $ / shares shares	Mar. 31, 2017 shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	May 31, 2019 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted \| shares									400,600	955,732
Share-based compensation									$ 28,025,000	$ 29,967,000
Stock option exercise prices ranging lower limit \| $ / shares									$ 16.50	$ 33.21
Stock option exercise prices ranging upper limit \| $ / shares									$ 29.41	$ 47.57
Fair value of option granted									$ 6,700,000	$ 27,600,000
Unrecognized compensation cost of employee options									$ 13,500,000
Expected to be recognized over a weighted average period									1 year 4 months 13 days
Intrinsic value of stock options exercised									$ 2,300,000	14,200,000
Aggregate intrinsic value of the total vested and exercisable options									$ 7,700,000
Options \| General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation						$ 900,000
Options \| Elizabeth Barrett
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option to purchase of ordinary shares \| shares		277,432
Exercise price of option to purchase of ordinary shares \| $ / shares		$ 47.57
Options \| Non-employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted, expected term					10 years		10 years
Awards vesting period					1 year		1 year
Number of stock options approved for grants \| shares					70,000		70,000
Stock options granted \| shares					10,000		10,000
Exercise of option to ordinary shares conversion ratio					1		1
Stock option exercise \| $ / shares					$ 28.24		$ 34.83
Estimated fair value of options granted					$ 1,500,000		$ 1,900,000
Options \| Chairman of Board of Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted \| shares					10,000		10,000
Options \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage									33.00%
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period									2 years
Share-based compensation						$ 0
Expected to be recognized over a weighted average period									1 year 10 months 2 days
Fair value of RSUs granted									$ 15,600,000	$ 19,900,000
Unrecognized compensation cost of RSUs									$ 17,600,000
Restricted Stock Units (RSUs) \| Elizabeth Barrett
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option to purchase of ordinary shares \| shares		317,065
Restricted Stock Units (RSUs) \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage									33.00%
2017 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of ordinary share issuable under the 2017 incentive plan \| shares								1,400,000	5,600,000
Number of ordinary shares reserved for issuance, percentage									12.00%
Increase in number of ordinary share issuable under the 2017 incentive plan \| shares	400,000		1,900,000	250,167
Stock Options and Restricted Stock Units (RSUs) \| Elizabeth Barrett
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value		$ 24,100,000
Plan \| Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting period									3 years
Combined voting power percentage									10.00%
Ordinary Shares \| 2019 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options approved for grants \| shares											900,000
Ordinary Shares \| 2017 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of ordinary share issuable under the 2017 incentive plan \| shares	3,950,167		3,550,167	1,650,167
Maximum \| Plan \| Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted, expected term									10 years
Minimum \| Plan \| Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of stock options as percentage of fair market value of shares on grant date									100.00%
Stock options exercise price percentage for individuals possesses more than 10% of the combined voter power									110.00%

Share Based Compensation - Schedule of Fair Value of Options Granted (Details) - Options - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility, Minimum	71.43%	74.09%
Expected volatility, Maximum	79.80%	80.52%
Risk-free interest rate, Minimum	0.37%	1.36%
Risk-free interest rate, Maximum	1.35%	2.62%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Value of ordinary shares	$ 16.5	$ 33.21
Expected term	5 years 10 months 24 days	5 years 9 months 18 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Value of ordinary shares	$ 29.41	$ 47.57
Expected term	10 years	10 years

Share Based Compensation - Summary of Number of Employee and Non-employee Options Outstanding Under the Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Granted	400,600	955,732
Employees and Non-employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding beginning balance	2,871,335	2,522,981
Number of Options, Granted	400,600	955,732
Number of Options, Canceled/Forfeited	(408,534)	(183,725)
Number of Options, Exercised	(137,070)	(423,653)
Number of Options, Outstanding ending balance	2,726,331	2,871,335
Weighted Average Price Per Share, Outstanding beginning balance	$ 32.93	$ 26.16
Weighted Average Price Per Share, Granted	24.33	41.96
Weighted Average Price Per Share, Canceled/Forfeited	44.68	41.85
Weighted Average Price Per Share, Exercised	5.40	9.10
Weighted Average Price Per Share, Outstanding ending balance	$ 31.29	$ 32.93

Share Based Compensation - Summary of Number of Options Outstanding and Exercisable (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, exercise price per share	$ 16.50	$ 33.21
Options outstanding, exercise price per share	$ 29.41	$ 47.57
Options outstanding, number of options outstanding at end of year	2,726,331
Options exercisable, number of options outstanding at end of year	2,030,738
0.00 - 10.00
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, exercise price per share	$ 0.00
Options outstanding, exercise price per share	$ 10.00
Options outstanding, number of options outstanding at end of year	588,324
Options outstanding, weighted average remaining contractual life	1 year 11 months 26 days
Options exercisable, number of options outstanding at end of year	588,324
Options exercisable, weighted average remaining contractual life	1 year 11 months 26 days
10.01 - 20.00
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, exercise price per share	$ 10.01
Options outstanding, exercise price per share	$ 20.00
Options outstanding, number of options outstanding at end of year	268,000
Options outstanding, weighted average remaining contractual life	8 years 9 months 7 days
Options exercisable, number of options outstanding at end of year	75,000
Options exercisable, weighted average remaining contractual life	6 years 4 months 20 days
20.01 - 30.00
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, exercise price per share	$ 20.01
Options outstanding, exercise price per share	$ 30.00
Options outstanding, number of options outstanding at end of year	272,800
Options outstanding, weighted average remaining contractual life	8 years 2 months 8 days
Options exercisable, number of options outstanding at end of year	139,999
Options exercisable, weighted average remaining contractual life	7 years 2 months 26 days
30.01 - 40.00
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, exercise price per share	$ 30.01
Options outstanding, exercise price per share	$ 40.00
Options outstanding, number of options outstanding at end of year	413,500
Options outstanding, weighted average remaining contractual life	6 years 8 months 19 days
Options exercisable, number of options outstanding at end of year	340,833
Options exercisable, weighted average remaining contractual life	6 years 4 months 9 days
40.01 - 50.00
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, exercise price per share	$ 40.01
Options outstanding, exercise price per share	$ 50.00
Options outstanding, number of options outstanding at end of year	1,063,041
Options outstanding, weighted average remaining contractual life	7 years 2 months 1 day
Options exercisable, number of options outstanding at end of year	771,250
Options exercisable, weighted average remaining contractual life	6 years 11 months 4 days
50.01 - 59.23
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding, exercise price per share	$ 50.01
Options outstanding, exercise price per share	$ 59.23
Options outstanding, number of options outstanding at end of year	120,666
Options outstanding, weighted average remaining contractual life	7 years
Options exercisable, number of options outstanding at end of year	115,332
Options exercisable, weighted average remaining contractual life	6 years 11 months 23 days

Share Based Compensation - Summary of Information about RSU Activity (Details) - Restricted Stock Units (RSUs) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding beginning balance	519,427	263,699
Granted	591,480	455,465
Vested and released	(304,537)	(183,975)
Forfeited	(85,954)	(15,762)
Number of Options, Outstanding ending balance	720,416	519,427

Share Based Compensation - Schedule of Effect of Share-Based Compensation on Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation	$ 28,025	$ 29,967
Research and Development Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation	6,432	8,291
Selling, General and Administrative Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation	$ 21,593	$ 21,676

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Corporate tax rate	23.00%	23.00%	23.00%
Net carryforward tax losses	$ 250,200	$ 151,900
Liabilities for uncertain tax positions	2,717
Accrued interest and penalties related to uncertain tax positions	$ 700

Income Taxes - Schedule of Expense for Current Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Current taxes:
U.S. Federal	$ 3,218
U.S. State	156
Total current taxes	$ 3,374

Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
In respect of:
Net operating loss carryforward	$ 57,607	$ 33,817
Research and development expenses	5,362	4,591
Stock-based compensation	9,278	6,543
Issuance costs	978	2,063
In-process research and development	2,329	2,749
Right of use asset	(372)	(800)
Lease Liability	473	896
Accrued expenses	1,589	762
Depreciation of fixed assets	(299)	(90)
Other	18	62
Less—valuation allowance	$ (76,963)	$ (50,593)	$ (28,249)

Income Taxes - Schedule of Change in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Valuation Allowance [Abstract]
Balance at the beginning of the year	$ (50,593)	$ (28,249)
Changes during the year	(26,370)	(22,344)
Balance at the end of the year	$ (76,963)	$ (50,593)

Income Taxes - Reconciliation of Statutory Tax Rate to Effective Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
Pretax income	$ (125,110)	$ (105,146)
Statutory rate	23.00%	23.00%	23.00%
Income tax expense/(benefit) at statutory rate	$ (28,775)	$ (24,184)
Non-deductible expenses	1,439	2,076
Different tax rate of foreign subsidiaries	17	20
Uncertain tax positions	2,717
Change in valuation allowance	26,370	22,344
Other	1,607	$ (257)
Income tax expense	$ 3,374

Income Taxes - Reconciliation of Uncertain Tax Positions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Income Tax Disclosure [Abstract]
Gross increases — tax positions in current period	$ 2,717
Uncertain tax positions at the end of the year	$ 2,717

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Pfreundschuh
Commitments And Contingent Liabilities [Line Items]
Employee termination cost	$ 0.7
IIA
Commitments And Contingent Liabilities [Line Items]
Royalty amount payable		$ 6.6
Maximum percentage of commitment to continue employment of research and development jobs	75.00%
Maximum term for commitment to continue employment of research and development jobs	3 years

Subsequent Events - Additional Information (Details) - USD ($)	1 Months Ended
	Mar. 31, 2021	Jan. 31, 2021
MD Anderson \| Subsequent Events
Subsequent Event [Line Items]
Upfront cash payments made		$ 500,000
RTW Investments \| Scenario Forecast
Subsequent Event [Line Items]
Upfront fee	$ 75,000,000.0