0001437749-22-006778 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 44,360	$ 52,864
Marketable securities	44,779	49,154
Restricted cash	1,226	1,226
Accounts receivable	11,717	7,047
Inventories	4,832	1,964
Prepaid expense and other current assets	7,476	3,364
Total current assets	114,390	115,619
Non-current assets:
Property and equipment, net	1,967	2,046
Restricted deposit	223	223
Right of use asset	1,180	2,158
Marketable securities	675	1,893
Other non-current assets	1,311	66
Total Assets	119,746	122,005
Current liabilities:
Accounts payable and accrued expenses	12,102	10,023
Employee related accrued expenses	6,948	9,554
Other current liabilities	3,330	1,859
Total current liabilities:	22,380	21,436
Non-current liabilities:
Prepaid forward obligation	85,713	0
Long-term lease liabilities	398	1,497
Uncertain tax positions liability	2,842	2,717
Total Liabilities	111,333	25,650
Commitments and contingencies (Note 18)
Shareholders' equity:
Ordinary shares, NIS 0.01 par value; 100,000,000 shares authorized at December 31, 2021 and 2020; 22,462,995 and 22,167,791 shares issued and outstanding as of December 31, 2021 and 2020, respectively	61	60
Additional paid-in capital	475,698	452,525
Accumulated deficit	(467,321)	(356,501)
Accumulated other comprehensive income	(25)	271
Total Shareholders' Equity	8,413	96,355
Total Liabilities and Shareholders' Equity	$ 119,746	$ 122,005

Consolidated Balance Sheets (Parentheticals) - ₪ / shares	Dec. 31, 2021	Dec. 31, 2020
Ordinary shares, par value (in ILS per share)	₪ 0.01	₪ 0.01
Ordinary shares, authorized (in shares)	100,000,000	100,000,000
Ordinary shares, issued (in shares)	22,462,995	22,167,791
Ordinary shares, outstanding (in shares)	22,462,995	22,167,791

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue	$ 48,042	$ 11,799
Cost of revenue	5,157	1,009
Gross profit	42,885	10,790
Operating expense:
Research and development expense	47,642	47,310
Selling, general and administrative expenses	87,535	90,219
Operating loss	(92,292)	(126,739)
Financing on prepaid forward obligation	(17,291)	0
Interest and other income, net	212	1,629
Loss before income taxes	(109,371)	(125,110)
Income tax expense	1,449	3,374
Net Loss	(110,820)	(128,484)
Statements of Comprehensive Loss
Net loss	(110,820)	(128,484)
Other comprehensive income
Unrealized (loss) on marketable securities, net of tax	(296)	(5)
Comprehensive Loss	$ (111,116)	$ (128,489)
Loss per ordinary share basic and diluted (in dollars per share)	$ (4.96)	$ (5.90)
Weighted average number of shares outstanding used in computation of basic and diluted loss per ordinary share (in shares)	22,347,481	21,780,826

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2019	21,026,184
Balance at Dec. 31, 2019	$ 57	$ 407,986	$ (228,017)	$ 276	$ 180,302
Exercise of options into ordinary shares (in shares)	441,607
Exercise of options into ordinary shares	$ 1	739			740
Share-based compensation		28,025			28,025
Issuance of ordinary shares in public offering, net of issuance expenses (in shares)	700,000
Issuance of ordinary shares in public offering, net of issuance expenses	$ 2	15,775			15,777
Other comprehensive loss				(5)	(5)
Net loss			(128,484)		(128,484)
Balance (in shares) at Dec. 31, 2020	22,167,791
Balance at Dec. 31, 2020	$ 60	452,525	(356,501)	271	96,355
Exercise of options into ordinary shares (in shares)	295,204
Exercise of options into ordinary shares	$ 1	60			61
Share-based compensation		23,113			23,113
Other comprehensive loss				(296)	(296)
Net loss			(110,820)		(110,820)
Balance (in shares) at Dec. 31, 2021	22,462,995
Balance at Dec. 31, 2021	$ 61	$ 475,698	$ (467,321)	$ (25)	$ 8,413

- Definition

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

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- 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.

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities
Net loss	$ (110,820)	$ (128,484)
Adjustment to reconcile net loss to net cash from operating activities:
Depreciation and amortization	831	416
Accrued financing on prepaid forward obligation	14,848	0
Amortization on marketable securities	476	439
Share-based compensation	23,113	28,025
Amortization of right of use asset	942	1,628
Lease liabilities	(1,176)	(1,541)
Changes in operating assets and liabilities:
Inventory	(2,868)	(1,964)
Accounts receivable	(4,671)	(7,047)
Prepaid expense and other current assets	(4,111)	(2,330)
Other non-current assets	(1,020)	0
Accounts payable and accrued expense	1,998	(1,245)
Employee related accrued expense	(2,606)	2,843
Other current liabilities	47	657
Uncertain tax positions	125	2,717
Net cash used in operating activities	(84,892)	(105,886)
Cash Flows From Investing Activities
Purchase of marketable securities	(51,898)	(29,688)
Sales of marketable securities	2,463	0
Maturities of marketable securities	54,256	124,141
Purchases of property and equipment	(752)	(1,215)
Net cash provided by investing activities	4,069	93,238
Cash Flows From Financing Activities
Proceeds from prepaid forward arrangement	72,402	0
Proceeds from exercise of options into ordinary shares	61	740
Issuances of ordinary shares, net of issuance expenses	0	15,853
Issuance cost related to at-the-market issuances	(144)	(66)
Net cash provided by financing activities	72,319	16,527
Increase (Decrease) in Cash and Cash Equivalents	(8,504)	3,879
Cash, Cash Equivalents and Restricted Cash at Beginning of Year	54,090	50,211
Cash, Cash Equivalents and Restricted Cash at End of Year	45,586	54,090
Supplemental Disclosures of Non-Cash Activities
Purchase of property and equipment	0	270
Accrued issuance cost	81	0
New lease liabilities	$ (36)	$ 51

Note 2 - Basis of Presentation

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Basis of Accounting [Text Block]

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 $467.3 million and $356.5 million as of December 31, 2021 and 2020, 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 nonclinical 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, in addition to our recently announced debt financing agreement (see Note 19 for additional details) are sufficient to fund the Company’s planned operations for at least the next 12 months. The Company anticipates that it will need to raise additional capital in the future. 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.

Note 3 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note 3 – Significant Accounting Policies

Principles of Consolidation

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

Use of Estimates

The preparation of financial statements in conformity with U.S. 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, estimate of uncertain tax positions, and measurement of liabilities accounted for under the interest method.

Functional Currency

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

Accordingly, transactions in currencies other than the Dollar are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the Dollar are measured using the official exchange rate at the balance sheet date. The effects of foreign currency re-measurements are recorded in the consolidated statements of operations in “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 16 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.

Prepaid Forward Obligation

The Company is party to a transaction with RTW Investments (the “RTW Transaction”) in which the Company received funds to support the continued launch of Jelmyto and the development of UGN-102 in return for tiered, future cash payments based on net sales of Jelmyto and UGN-102, if approved by the FDA. The net proceeds received under the RTW Transaction were recognized as a long-term liability. The subsequent measurement for the liability follows the accounting principles defined in ASC Topic 835-30, “Imputation of Interest”. See Note 9 for further discussion related to the prepaid forward obligation.

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.

ROU assets for operating leases are periodically reviewed for impairment losses under ASC 360-10, “Property, Plant, and Equipment”, to determine whether a 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.

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,*
	*2021*		*2020*
Basic and diluted:
Loss attributable to equity holders of the Company	$	110,820	$	128,484
Weighted-average number of ordinary shares		22,347,481		21,780,826
Loss per ordinary share	$	4.96	$	5.90

Recently Adopted Accounting Pronouncements

The Company has reviewed the Accounting Standards Updates recently issued by the Financial Accounting Standards Board, and determined that they are not applicable to the Company.

Note 4 - Other Financial Information

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Other Financial Information [Text Block]

NOTE 4 - oTHER fINANCIAL INFORMATION

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following as of December 31, 2021 and 2020 (in thousands):

	*December 31, 2021*		*December 31, 2020*
Accounts payable	$	5,786	$	3,271
Accrued sales reserves		497		382
Accrued clinical expenses		1,377		1,359
Accrued research and development costs		1,748		1,356
Accrued general and administrative expenses		1,965		2,440
Accrued other expense		729		1,215
Accounts payable and accrued expenses	$	12,102	$	10,023

Interest and Other Income, Net

Interest and other income consisted of the following as of December 31, 2021 and 2020 (in thousands):

	*Year Ended December 31,*
	*2021*			*2020*
Interest income		365			1,986
Other finance expense		(153	)		(357	)
Total interest and other income, net	$	212		$	1,629

Note 5 - Inventories

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 5 - INVENTORIES

Inventories consist of the following as of December 31, 2021 and December 31, 2020 (in thousands):

	*December 31, 2021*		*December 31, 2020*
Raw materials (1)	$	3,894		1,051
Finished goods		1,958		913
Total inventories	$	5,852	$	1,964

⁽¹⁾ $1.0 million of raw materials at December 31, 2021 are included within other non-current assets on the condensed consolidated balance sheets.

Note 6 - Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE 6 - FAIR VALUE MEASUREMENTS

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

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

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

The carrying amounts of the Company’s 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, 2021 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*
	*2021*		*(Level 1)*		*(Level 2)*
Marketable securities:
US government	$	19,307	$	19,307	$	—
Corporate bonds		8,652		—		8,652
Commercial paper		14,492		—		14,492
Money market funds⁽¹⁾		21,402		21,402		—
Certificates of deposit		3,003		—		3,003
Total marketable securities	$	66,856	$	40,709	$	26,147

⁽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, 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.

The Company’s investments in US government bonds and money market funds are measured based on publicly available quoted market prices for identical securities as of December 31, 2021 and 2020. The Company's investments in corporate bonds, commercial paper and certificates of deposits are measured based on quotes from market makers for similar items in active markets.

- Definition

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

+ References + Details

Note 7 - Marketable Securities

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

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

NOTE 7 - MARKETABLE SECURITIES

The following table summarizes the Company’s marketable securities as of December 31, 2021 (in thousands):

	*Amortized Cost Basis*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
Marketable securities:
US government	$	19,325	$	—	$	(18	)	$	19,307
Corporate bonds		8,657		—		(5	)		8,652
Commercial paper		14,494		—		(2	)		14,492
Money market funds⁽¹⁾		21,402		—		—			21,402
Certificates of deposit		3,004		—		(1	)		3,003
Total marketable securities	$	66,882	$	—	$	(26	)	$	66,856

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

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

	Amortized Cost Basis	Unrealized Gains	Unrealized Losses	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

The Company classifies its marketable securities as available-for-sale, and they consist of all debt securities. As of December 31, 2021, they were in a net unrealized loss position of approximately $26,000. Unrealized gains and losses on available-for-sale debt securities are included as a component of comprehensive loss.

As of December 31, 2021, the aggregate fair value of marketable securities held by the Company in an unrealized loss position was $37.0 million which consisted of 23 securities. The unrealized loss was primarily driven by minor fluctuations in the fair value of corporate bonds. The Company does not expect to settle the debentures at a price less than the amortized cost basis of the investment; the Company expects to recover the entire amortized cost basis of the security. In accordance with the Company’s general investment strategy, the Company does not intend to sell the investments before maturity. As of December 31, 2021, the Company believes the cost basis for its marketable securities were recoverable in all material aspects and no allowance for credit loss has been recognized in the period.

The Company’s marketable securities as of December 31, 2021 mature at various dates through July 2023. The fair values of marketable securities by contractual maturity consist of the following (in thousands):

	*December 31, 2021*		*December 31, 2020*
Maturities within one year	$	66,181	$	88,898
Maturities after one year through three years		675		1,893
Total marketable securities	$	66,856	$	90,791

Note 8 - Property and Equipment

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 8 - PROPERTY AND EQUIPMENT

Property and equipment, consists of the following as of December 31, 2021 and 2020 (in thousands):

	*December 31,*
	*2021*			*2020*
Laboratory equipment	$	360		$	333
Computer equipment and software		2,064			1,676
Furniture		597			597
Leasehold improvements		617			609
Manufacturing equipment		555			226
		4,193			3,441
Less: accumulated depreciation and amortization		(2,226	)		(1,395	)
Property and equipment, net	$	1,967		$	2,046

Depreciation and amortization expense was $0.8 million and $0.4 million for the years ended December 31, 2021 and 2020, respectively.

Note 9 - Prepaid Forward Obligation

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Prepaid Forward Obligation Disclosure [Text Block]

Note 9 – Prepaid Forward Obligation

In March 2021, the Company entered into a prepaid forward agreement with RTW Investments (“RTW”). Under the terms of the RTW Transaction, the Company received funds to support the continued launch of Jelmyto and the development of UGN-102. In return for the transferred funds, RTW is entitled to receive tiered, future cash payments based on aggregate worldwide annual net product sales of Jelmyto in an amount equal to: (i) 9.5% of annual net sales up to $200 million, (ii) 3.0% of annual net sales for annual net sales between $200 million and $300 million, and (iii) 1.0% of annual net sales for annual net sales above $300 million. If certain revenue thresholds for Jelmyto aggregate worldwide annual net sales are not met, the future cash payments to RTW with respect to Jelmyto annual net sales up to $200 million will increase by 3.5%, and may decrease back to 9.5% dependent on the Company meeting certain subsequent Jelmyto aggregate worldwide annual net sales thresholds. Based on this provision, RTW will receive 13.0% of annual net sales up to $200 million in 2022.

In addition, subject to FDA approval of UGN-102, RTW is entitled to receive tiered, future cash payments based on aggregate worldwide annual net product sales of UGN-102 in an amount equal to: (i) 2.5% of annual net sales up to $200 million, (ii) 1.0% of annual net sales for annual net sales between $200 million and $300 million, and (iii) 0.5% of annual net sales for annual net sales above $300 million. If the Company does not receive FDA approval for UGN-102 by a specified date, the future cash payments to RTW with respect to aggregate worldwide annual net sales of Jelmyto across all Jelmyto annual net sales tiers will increase by 1.5%.

In accordance with the prepaid forward agreement, the Company will be required to make payments of amounts owed to RTW each calendar quarter, through and until the quarter in which the aggregate cash payments received by RTW are equal to or greater than $300 million. As security for the payment and fulfilment of these amounts throughout the arrangement, the Company has granted RTW a first priority security interest in Jelmyto and UGN-102, including the regulatory approvals, intellectual property, material agreements, proceeds and accounts receivable related to these products.

In May 2021, following the receipt of necessary regulatory approvals, the Company received the $75.0 million prepaid forward payment ($72.4 million net of transaction costs) from RTW and recognized an associated prepaid forward obligation liability. Each period the Company makes a payment to RTW, an expense is recognized related to financing on the prepaid forward obligation based on an imputed rate derived from the expected future payments. Management reassesses the effective rate each period based on the current carrying value of the obligation and the revised estimated future payments. Changes in future payments from previous estimates are included in current and future financing expense. The carrying value of the prepaid forward obligation liability was $85.7 million as of December 31, 2021. The Company does not expect to make any principal payments in the next 12 months.

The following table shows the activity with respect to the carrying value of the prepaid forward liability (in thousands):

Prepaid forward obligation at closing of RTW Transaction	$	75,000
Capitalized closing costs		(2,599	)
Financing on prepaid forward obligation		17,291
Amounts paid and payable (1)		(3,979	)
Carrying value of prepaid forward obligation as of December 31, 2021	$	85,713

⁽¹⁾$1.5M of the Amounts paid and payable are included as current portion of the prepaid forward obligation within other current liabilities on the balance sheet

Note 10 - Leases

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 10 - 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 terminated in February 2021. 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.

•

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 $0.6 million as of December 31, 2021. 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 at the end of November 2019. The remaining rental payments to be received over the lease term is approximately $0.5 million as of December 31, 2021. 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 ROU asset associated with the head lease was assessed for impairment; the Company concluded that there was no material impairment.

•

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 $0.6 million as of December 31, 2021.

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, 2021 and 2020 were as follows (in thousands):

	Year Ended December 31, 2021			Year Ended December 31, 2020
Operating lease cost	$	1,045		$	1,812
Sublease income		(224	)		(224	)
Variable lease cost		66			129
	$	887		$	1,717

The amounts recognized as of December 31, 2021 and 2020 were as follows (in thousands):

	*Year Ended December 31, 2021*		*Year Ended December 31, 2020*
Right of use asset	$	1,180	$	2,158
Long-term lease liabilities		398		1,497
Other current liabilities		1,089		1,202

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

	Year Ended December 31, 2021			Year Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		3,026			1,726
Right-of-use assets obtained in exchange for new operating lease liabilities		135			135
Weighted-average remaining lease term of operating leases (in years)		1.46 years		2.26 years
Weighted-average discount rate of operating leases		5.62	%		5.38	%

As of December 31, 2021, maturities of lease liabilities were as follows (in thousands):

	*Operating Leases*
Years ending December 31,
2022		1,141
2023		357
2024		58
2025 and thereafter		—
Total future minimum lease payments	$	1,556
Less: Interest		(69	)
Present value of lease liabilities	$	1,487

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

Subleases

As of December 31, 2021, 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,
2022		243
2023		251
2024		49
2025 and thereafter		—
Total future minimum sublease payments	$	543

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, 2021 and 2020 was as follows (in thousands):

		Year Ended December 31, 2021				Year Ended December 31, 2020
Sublease income from fixed lease payments		$	224			$	224

Note 11 - Revenue From Product Sales

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 11 - REVENUE FROM PRODUCT SALES

Net product sales consist of the following for the year ended December 31, 2021 and 2020 (in thousands):

	*Year Ended*
	*December 31, 2021*		*December 31, 2020*
Jelmyto	$	48,042	$	11,799

Net revenue recognized includes 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 copay assistance program, which are estimated based on industry benchmarking studies as well as the Company’s historical experience. Reserves related to items that are contractually able to be net settled are recognized as contra accounts receivables. The Company had sales reserves within accounts receivable of $1.2 million and $0.5 million as of December 31, 2021 and 2020, respectively. The remaining reserves are recognized as accrued expenses. The Company had sales reserves within accrued expenses of $0.5 million and $0.4 million as of December 31, 2021 and 2020, respectively. The following table shows the activity with respect to sales reserves for the year ended December 31, 2021 and 2020, in thousands:

	Reserves related to government sponsored programs			Other reserves			Total accrued sales reserves
Balance as of January 1, 2020								-
Changes during 2020
Accruals		1,444			1,250			2,694
Utilizations		(1,121	)		(731	)		(1,852	)
Balance as of December 31, 2020		323			519			842
Changes during 2021
Accruals		3,824			4,415			8,239
Utilizations		(3,774	)		(3,599	)		(7,373	)
Balance as of December 31, 2021		373			1,335			1,708

- 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=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Note 12 - License and Collaboration Agreements

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Collaborative Arrangement Disclosure [Text Block]

NOTE 12 - LICENSE AND COLLABORATION AGREEMENTS

Allergan/AbbVie Agreement

In October 2016, the Company entered into a license agreement with Allergan (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.

In October 2017, Allergan commenced a Phase 2 clinical trial of BOTOX/RTGel for the treatment of OAB, with the potential to evolve from multiple injections of BOTOX into the bladder to a single instillation of the novel formulation. In August 2020, the Company announced that the Phase 2 APOLLO trial did not meet the primary endpoint. The data suggested that this result may have been due to BOTOX not effectively permeating the urothelium. Over the past year, the Company has been in discussions with AbbVie to determine whether other products in their portfolio would be complementary with RTGel. Based on this review, the Company determined that there was limited interest to pursue combinatorial products, and therefore, in November 2021 the Allergan/AbbVie Agreement was terminated.

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.

MD Anderson Agreement

In January 2021, the Company announced that it entered into a three-year strategic research collaboration agreement with MD Anderson focusing on the sequential use of UGN-201 and UGN-301 as an investigational treatment for high-grade NMIBC. Under the agreement, MD Anderson and the Company will collaborate on the design and conduct of nonclinical 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 makes bi-annual payments to MD Anderson to fund the collaboration. As of December 31, 2021, the Company has made payments to MD Anderson of $1,000,000 recognized evenly over the associated period through research and development expense.

Note 13 - Employee Rights Upon Retirement

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Employee Rights Upon Retirement [Text Block]

NOTE 13 - EMPLOYEE RIGHTS UPON RETIREMENT

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

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

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

Note 14 - Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 14 - SHAREHOLDERS’ EQUITY

Ordinary Shares

The Company had 100.0 million ordinary shares authorized for issuance as of December 31, 2021 and 2020. The Company had 22.5 million and 22.2 million ordinary shares issued and outstanding as of December 31, 2021 and 2020, 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Note 15 - Share-based Compensation

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE 15 - 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 ("RSUs"), upon commencement of employment. Also, eligible employees may receive an annual grant of options or RSUs. Non-employee members of the Board typically receive a grant of stock options and/or RSUs 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 on the date of grant.

The Company’s RSU and option grants provide for accelerated or continued vesting in certain circumstances as defined in the plans and related grant agreements, including a termination in connection with a change in control. RSUs generally vest in a 33% increment upon the first anniversary of grant, and in either equal quarterly or annual amounts for the two years following the one-year anniversary of the grant date. Options generally vest in a 33% increment upon the first anniversary of the grant date, and in either equal quarterly or annual amounts for the two years following the one-year anniversary of the grant date.

The 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.

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 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 was initially authorized for issuance under the 2017 Plan was 1,400,000. 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’s shareholders approved an increase to the amount of registered ordinary shares of the Company’s 2017 Plan by 400,000 to 3,950,167. On June 7, 2021, the Company’s shareholders approved an increase of the amount of registered ordinary shares of the Company’s 2017 Plan by 400,000 to 4,350,167.

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, RSU or other right to receive ordinary shares pursuant to the Inducement Plan. In December 2021, the Board approved a 300,000 increase in the share reserve of the Inducement plan.

As of December 31, 2021, 3,722,831 ordinary shares are subject to outstanding awards under the Company's share-based compensation plans, and 1,168,949 ordinary shares remain available for future awards.

Options granted:

Set forth below are grants made by the Company as of December 31, 2021. The majority of options vest over three years and expire on the tenth anniversary of the date of grant.

During 2021, the Company granted 593,000 options with exercise prices ranging from $11.92 to $22.07 per share.

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

The fair value of options granted during 2021 and 2020 was $7.0 and $6.7 million, respectively.

The total unrecognized compensation cost of options as of December 31, 2021 was $7.3 million, which is expected to be recognized over a weighted average period of 1.92 years.

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

	*2021*		*2020*
Value of ordinary shares		11.92222.077		16.50029.411
Dividend yield		0%		0%
Expected volatility		73.76%-79.16%		71.43%-79.80%
Risk-free interest rate		0.60%-1.62%		0.37%-1.35%
Expected term (in years)	6.0-10 years		5.9-10 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, 2021 and 2020, and related information:

	*Number of options*			*Weighted Average price per share*
Outstanding as of January 1, 2020		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
Granted		593,000			17.29
Canceled/Forfeited		(337,717	)		39.18
Exercised		(12,057	)		5.00
Outstanding as of December 31, 2021		2,969,557			27.70
Vested and expected to vest, December 31, 2021		2,969,557			27.70
Exercisable, December 31, 2021		2,149,699		$	29.69

The intrinsic value of stock options exercised was $0.2 million and $2.3 million for the years ended December 31, 2021 and 2020, respectively.

The following table summarizes the outstanding and exercisable options as of December 31, 2021:

		*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		576,267		1.01		576,267		1.01
$	10.01 - 20.00		590,500		8.86		178,165		7.44
$	20.01 - 30.00		503,300		8.16		215,798		7.15
$	30.01 - 40.00		351,000		5.41		338,667		5.34
$	40.01 - 50.00		852,490		6.37		744,802		6.27
$	50.01 - 59.23		96,000		6.43		96,000		6.43
			2,969,557				2,149,699

The aggregate intrinsic value of the total vested and exercisable options as of December 31, 2021 is $2.4 million.

The following table summarizes information about RSU activity as of December 31, 2021:

	*Outstanding Restricted Stock Units*
Outstanding as of January 1, 2020		519,427
Granted		591,480
Vested and released		(85,954	)
Forfeited		(304,537	)
Outstanding as of December 31, 2020		720,416
Granted		501,125
Vested and released		(185,120	)
Forfeited		(283,147	)
Outstanding as of December 31, 2021		753,274

The fair value of RSUs granted during 2021 and 2020 was $9.9 million and $15.6 million, respectively. The total unrecognized compensation cost of RSUs as of December 31, 2021 is $11.1 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,*
	*2021*		*2020*
Research and development expenses	$	4,009	$	6,432
Selling, general and administrative expenses		19,104		21,593
Total share-based compensation expense	$	23,113	$	28,025

Note 16 - Income Taxes

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 16 - INCOME TAXES

The Company is taxed under Israeli tax laws:

Corporate tax rate

The applicable Israeli tax rate relevant to the Company for 2020 and thereafter is 23%.

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

	*2021*			*2020*
Current taxes:
U.S. Federal	$	1,454		$	3,218
U.S. State		(5	)		156
Total current taxes	$	1,449		$	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 (in thousands):

	*December 31,*
	*2021*			*2020*
In respect of:
Net operating loss carryforward	$	77,277		$	57,607
Research and development expenses		8,988			5,362
Stock-based compensation		10,958			9,278
Issuance costs		65			978
In-process research and development		1,909			2,329
Right of use asset		(228	)		(372	)
Lease Liabilities		282			473
Accrued expenses		1,207			1,589
Depreciation of fixed assets		(158	)		(299	)
Other		319			18
Less—valuation allowance		(100,619	)		(76,963	)
Net deferred tax assets	$	—		$	—

The change in valuation allowance for the years ended December 31, 2021 and 2020 were as follows (in thousands):

	*2021*			*2020*
Balance at the beginning of the year	$	(76,963	)	$	(50,593	)
Changes during the year		(23,656	)		(26,370	)
Balance at the end of the year	$	(100,619	)	$	(76,963	)

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 (in thousands, except statutory rate):

	*December 31,*
	*2021*			*2020*
Pretax loss	$	(109,371	)	$	(125,110	)
Statutory rate		23	%		23	%
Income tax expense/(benefit) at statutory rate		(25,155	)		(28,775	)
Additional tax (tax saving) in respect of:
Non-deductible compensation expense ⁽¹⁾		2,264			2,940
Different tax rate of foreign subsidiaries		(58	)		17
Uncertain tax positions		125			2,717
Change in valuation allowance		23,656			26,370
Other ⁽¹⁾		617			105
Income tax expense	$	1,449		$	3,374

⁽¹⁾ Certain prior period amounts have been reclassified to conform with the current period presentation

Pretax loss for December 31, 2021 and 2020 includes pretax loss from foreign (U.S.) jurisdictions of $10.1 million and $17.0 million, respectively

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, 2021, and December 31, 2020, the Company had approximately $335.8 million and $250.2 million of carryforward tax losses, prior to tax effecting, 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 (in thousands):

	*2021*		*2020*
Uncertain tax positions at the beginning of the year	$	2,717	$	—
Gross increases — tax positions in current period		—		2,717
Gross increases — tax positions in prior period		125		—
Uncertain tax positions at the end of the year	$	2,842	$	2,717

The balances of uncertain tax positions as of December 31, 2021 would affect the Company’s effective tax rate if recognized.

The Company has recorded liabilities for uncertain tax positions of $2.8 million as of December 31, 2021 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, 2021, the Company has accrued $0.9 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Note 17 - Related Parties

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

NOTE 17 - RELATED PARTIES

There were no related party transactions for the year ended December 31, 2021 or 2020.

Note 18 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 18 - 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, 2021 and 2020. 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.

Note 19 - Subsequent Events

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 19 - SUBSEQUENT EVENTS

On March 2, 2022, the Company signed an amendment to its supply agreement with Cenexi-Laboratoires Thissen S.A. ("Cenexi"). Under the amendment, Cenexi will reserve sufficient capacity in order to fulfill certain minimum annual order quantities based on forecasts provided by the Company. To the extent the Company does not order the minimum annual quantity for any given year, the Company will make shortfall payments for any manufacturing capacity that Cenexi is not able to refill with replacement manufacturing services to other customers.

On March 7, 2022, the Company entered into a loan agreement with funds managed by Pharmakon Advisors, L.P. (“Pharmakon”) for a senior secured term loan of up to $100 million in two tranches. The first tranche of $75 million ($72.6 million net of transaction costs) was funded in March 2022. At its option, the Company may draw up to an additional $25 million before December 31, 2022, subject to customary bring down conditions and deliverables. The facility will mature five years from initial funding and can be prepaid in whole at UroGen’s discretion, at any time, subject to prepayment premiums and makewhole amounts. The loan will require interest-only payments for the first 48 months followed by principal and interest payments with interest accruing using 3-month London Inter-Bank Offered Rate (“LIBOR”) (with a 1.25% floor) plus 8.25%. In the event of the cessation of LIBOR, the benchmark governing the interest rate will be replaced with a rate based on the secured overnight financing rate published by the Federal Reserve Bank of New York.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

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

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Functional Currency

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

Cash and Cash Equivalents; Marketable Securities

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

Concentration of Credit Risk

Income Tax, Policy [Policy Text Block]

Income Taxes

Inventory, Policy [Policy Text Block]

Inventory

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

Property and Equipment

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

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

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

Prepaid Forward Obligation Policy [Policy Text Block]

Prepaid Forward Obligation

Lessee, Leases [Policy Text Block]

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.

Revenue [Policy Text Block]

Revenues

Research and Development Expense, Policy [Policy Text Block]

Research and Development Expenses

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

Selling, General and Administrative Expenses

Share-based Payment Arrangement, Director [Policy Text Block]

Share-Based Compensation

Earnings Per Share, Policy [Policy Text Block]

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,*
	*2021*		*2020*
Basic and diluted:
Loss attributable to equity holders of the Company	$	110,820	$	128,484
Weighted-average number of ordinary shares		22,347,481		21,780,826
Loss per ordinary share	$	4.96	$	5.90

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

The Company has reviewed the Accounting Standards Updates recently issued by the Financial Accounting Standards Board, and determined that they are not applicable to the Company.

Note 3 - Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

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

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

	*Year Ended December 31,*
	*2021*		*2020*
Basic and diluted:
Loss attributable to equity holders of the Company	$	110,820	$	128,484
Weighted-average number of ordinary shares		22,347,481		21,780,826
Loss per ordinary share	$	4.96	$	5.90

Note 4 - Other Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	*December 31, 2021*		*December 31, 2020*
Accounts payable	$	5,786	$	3,271
Accrued sales reserves		497		382
Accrued clinical expenses		1,377		1,359
Accrued research and development costs		1,748		1,356
Accrued general and administrative expenses		1,965		2,440
Accrued other expense		729		1,215
Accounts payable and accrued expenses	$	12,102	$	10,023

Interest Income and Interest Expense Disclosure [Table Text Block]

	*Year Ended December 31,*
	*2021*			*2020*
Interest income		365			1,986
Other finance expense		(153	)		(357	)
Total interest and other income, net	$	212		$	1,629

Note 5 - Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*December 31, 2021*		*December 31, 2020*
Raw materials (1)	$	3,894		1,051
Finished goods		1,958		913
Total inventories	$	5,852	$	1,964

Note 6 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

			*Fair Value Measurements Using*
			*Quoted Prices*		*Significant*
			*in Active*		*Other*
	*Balance as of*		*Markets for*		*Observable*
	*December 31,*		*Identical Assets*		*Inputs*
	*2021*		*(Level 1)*		*(Level 2)*
Marketable securities:
US government	$	19,307	$	19,307	$	—
Corporate bonds		8,652		—		8,652
Commercial paper		14,492		—		14,492
Money market funds⁽¹⁾		21,402		21,402		—
Certificates of deposit		3,003		—		3,003
Total marketable securities	$	66,856	$	40,709	$	26,147

			*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

Note 7 - Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Marketable Securities [Table Text Block]

	*Amortized Cost Basis*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
Marketable securities:
US government	$	19,325	$	—	$	(18	)	$	19,307
Corporate bonds		8,657		—		(5	)		8,652
Commercial paper		14,494		—		(2	)		14,492
Money market funds⁽¹⁾		21,402		—		—			21,402
Certificates of deposit		3,004		—		(1	)		3,003
Total marketable securities	$	66,882	$	—	$	(26	)	$	66,856

	Amortized Cost Basis	Unrealized Gains	Unrealized Losses	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

Investments Classified by Contractual Maturity Date [Table Text Block]

	*December 31, 2021*		*December 31, 2020*
Maturities within one year	$	66,181	$	88,898
Maturities after one year through three years		675		1,893
Total marketable securities	$	66,856	$	90,791

Note 8 - Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Property, Plant and Equipment [Table Text Block]

	*December 31,*
	*2021*			*2020*
Laboratory equipment	$	360		$	333
Computer equipment and software		2,064			1,676
Furniture		597			597
Leasehold improvements		617			609
Manufacturing equipment		555			226
		4,193			3,441
Less: accumulated depreciation and amortization		(2,226	)		(1,395	)
Property and equipment, net	$	1,967		$	2,046

Note 9 - Prepaid Forward Obligation (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

Prepaid forward obligation at closing of RTW Transaction	$	75,000
Capitalized closing costs		(2,599	)
Financing on prepaid forward obligation		17,291
Amounts paid and payable (1)		(3,979	)
Carrying value of prepaid forward obligation as of December 31, 2021	$	85,713

Note 10 - Leases (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Lease, Cost [Table Text Block]

	Year Ended December 31, 2021			Year Ended December 31, 2020
Operating lease cost	$	1,045		$	1,812
Sublease income		(224	)		(224	)
Variable lease cost		66			129
	$	887		$	1,717

Assets and Liabilities, Lessee [Table Text Block]

	*Year Ended December 31, 2021*		*Year Ended December 31, 2020*
Right of use asset	$	1,180	$	2,158
Long-term lease liabilities		398		1,497
Other current liabilities		1,089		1,202

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

	Year Ended December 31, 2021			Year Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		3,026			1,726
Right-of-use assets obtained in exchange for new operating lease liabilities		135			135
Weighted-average remaining lease term of operating leases (in years)		1.46 years		2.26 years
Weighted-average discount rate of operating leases		5.62	%		5.38	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

	*Operating Leases*
Years ending December 31,
2022		1,141
2023		357
2024		58
2025 and thereafter		—
Total future minimum lease payments	$	1,556
Less: Interest		(69	)
Present value of lease liabilities	$	1,487

	*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

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]

	*Operating Leases*
Years ending December 31,
2022		243
2023		251
2024		49
2025 and thereafter		—
Total future minimum sublease payments	$	543

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

Lessee, Operating Lease, Sublease Income Recognized Net in Operating Expenses [Table Text Block]

		Year Ended December 31, 2021				Year Ended December 31, 2020
Sublease income from fixed lease payments		$	224			$	224

Note 11 - Revenue From Product Sales (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Year Ended*
	*December 31, 2021*		*December 31, 2020*
Jelmyto	$	48,042	$	11,799

Schedule of Sales Reserves [Table Text Block]

	Reserves related to government sponsored programs			Other reserves			Total accrued sales reserves
Balance as of January 1, 2020								-
Changes during 2020
Accruals		1,444			1,250			2,694
Utilizations		(1,121	)		(731	)		(1,852	)
Balance as of December 31, 2020		323			519			842
Changes during 2021
Accruals		3,824			4,415			8,239
Utilizations		(3,774	)		(3,599	)		(7,373	)
Balance as of December 31, 2021		373			1,335			1,708

Note 15 - Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	*2021*		*2020*
Value of ordinary shares		11.92222.077		16.50029.411
Dividend yield		0%		0%
Expected volatility		73.76%-79.16%		71.43%-79.80%
Risk-free interest rate		0.60%-1.62%		0.37%-1.35%
Expected term (in years)	6.0-10 years		5.9-10 years

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

	*Number of options*			*Weighted Average price per share*
Outstanding as of January 1, 2020		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
Granted		593,000			17.29
Canceled/Forfeited		(337,717	)		39.18
Exercised		(12,057	)		5.00
Outstanding as of December 31, 2021		2,969,557			27.70
Vested and expected to vest, December 31, 2021		2,969,557			27.70
Exercisable, December 31, 2021		2,149,699		$	29.69

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]

		*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		576,267		1.01		576,267		1.01
$	10.01 - 20.00		590,500		8.86		178,165		7.44
$	20.01 - 30.00		503,300		8.16		215,798		7.15
$	30.01 - 40.00		351,000		5.41		338,667		5.34
$	40.01 - 50.00		852,490		6.37		744,802		6.27
$	50.01 - 59.23		96,000		6.43		96,000		6.43
			2,969,557				2,149,699

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

	*Outstanding Restricted Stock Units*
Outstanding as of January 1, 2020		519,427
Granted		591,480
Vested and released		(85,954	)
Forfeited		(304,537	)
Outstanding as of December 31, 2020		720,416
Granted		501,125
Vested and released		(185,120	)
Forfeited		(283,147	)
Outstanding as of December 31, 2021		753,274

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

	*Year ended December 31,*
	*2021*		*2020*
Research and development expenses	$	4,009	$	6,432
Selling, general and administrative expenses		19,104		21,593
Total share-based compensation expense	$	23,113	$	28,025

Note 16 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	*2021*			*2020*
Current taxes:
U.S. Federal	$	1,454		$	3,218
U.S. State		(5	)		156
Total current taxes	$	1,449		$	3,374

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

	*December 31,*
	*2021*			*2020*
In respect of:
Net operating loss carryforward	$	77,277		$	57,607
Research and development expenses		8,988			5,362
Stock-based compensation		10,958			9,278
Issuance costs		65			978
In-process research and development		1,909			2,329
Right of use asset		(228	)		(372	)
Lease Liabilities		282			473
Accrued expenses		1,207			1,589
Depreciation of fixed assets		(158	)		(299	)
Other		319			18
Less—valuation allowance		(100,619	)		(76,963	)
Net deferred tax assets	$	—		$	—

Summary of Valuation Allowance [Table Text Block]

	*2021*			*2020*
Balance at the beginning of the year	$	(76,963	)	$	(50,593	)
Changes during the year		(23,656	)		(26,370	)
Balance at the end of the year	$	(100,619	)	$	(76,963	)

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

	*December 31,*
	*2021*			*2020*
Pretax loss	$	(109,371	)	$	(125,110	)
Statutory rate		23	%		23	%
Income tax expense/(benefit) at statutory rate		(25,155	)		(28,775	)
Additional tax (tax saving) in respect of:
Non-deductible compensation expense ⁽¹⁾		2,264			2,940
Different tax rate of foreign subsidiaries		(58	)		17
Uncertain tax positions		125			2,717
Change in valuation allowance		23,656			26,370
Other ⁽¹⁾		617			105
Income tax expense	$	1,449		$	3,374

⁽¹⁾ Certain prior period amounts have been reclassified to conform with the current period presentation

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

	*2021*		*2020*
Uncertain tax positions at the beginning of the year	$	2,717	$	—
Gross increases — tax positions in current period		—		2,717
Gross increases — tax positions in prior period		125		—
Uncertain tax positions at the end of the year	$	2,842	$	2,717

Note 2 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Retained Earnings (Accumulated Deficit), Ending Balance	$ (467,321)	$ (356,501)

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Note 3 - Significant Accounting Policies - Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Computers and Software [Member]
Useful life (Year)	3 years
Laboratory Equipment [Member] \| Minimum [Member]
Useful life (Year)	3 years
Laboratory Equipment [Member] \| Maximum [Member]
Useful life (Year)	6 years 6 months
Furniture [Member[ \| Minimum [Member]
Useful life (Year)	5 years
Furniture [Member[ \| Maximum [Member]
Useful life (Year)	16 years 6 months
Manufacturing Equipment [Member]
Useful life (Year)	2 years

Note 3 - Significant Accounting Policies - Schedule of Calculation of Basic and Diluted Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loss attributable to equity holders of the Company	$ 110,820	$ 128,484
Weighted-average number of ordinary shares (in shares)	22,347,481	21,780,826
Loss per ordinary share (in dollars per share)	$ 4.96	$ 5.90

- Definition

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

+ References

+ Details

Note 4 - Other Financial Information - Accounts Payable and Accrued Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts payable	$ 5,786	$ 3,271
Accrued sales reserves	497	382
Accrued clinical expenses	1,377	1,359
Accrued research and development costs	1,748	1,356
Accrued general and administrative expenses	1,965	2,440
Accrued other expense	729	1,215
Accounts payable and accrued expenses	$ 12,102	$ 10,023

Note 4 - Other Financial Information - Interest and Other Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest income	$ 365	$ 1,986
Other finance expense	(153)	(357)
Total interest and other income, net	$ 212	$ 1,629

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

Dec. 31, 2021

Dec. 31, 2020

Inventory, Raw Materials, Net of Reserves

^[1]

$ 3,894

$ 1,051

Other Noncurrent Assets [Member]

Inventory, Raw Materials, Net of Reserves

$ 1,000

[1]	$1.0 million of raw materials at December 31, 2021 are included within other non-current assets on the condensed consolidated balance sheets.

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

Dec. 31, 2021

Dec. 31, 2020

Raw materials

^[1]

$ 3,894

$ 1,051

Finished goods

1,958

913

Total inventories

$ 5,852

$ 1,964

[1]	$1.0 million of raw materials at December 31, 2021 are included within other non-current assets on the condensed consolidated balance sheets.

Note 6 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Fair value

$ 66,856

$ 90,791

US Treasury and Government [Member]

Fair value

19,307

29,186

Corporate Debt Securities [Member]

Fair value

8,652

21,861

Commercial Paper [Member]

Fair value

14,492

Money Market Funds [Member]

Fair value

^[1]

21,402

39,744

Certificates of Deposit [Member]

Fair value

3,003

Fair Value, Recurring [Member]

Fair value

66,856

90,791

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]

Fair value

40,709

68,930

Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]

Fair value

26,147

21,861

Fair Value, Recurring [Member] | US Treasury and Government [Member]

Fair value

19,307

29,186

Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member]

Fair value

19,307

29,186

Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member]

Fair value

Fair Value, Recurring [Member] | Corporate Debt Securities [Member]

Fair value

8,652

21,861

Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]

Fair value

Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]

Fair value

8,652

21,861

Fair Value, Recurring [Member] | Commercial Paper [Member]

Fair value

14,492

Fair Value, Recurring [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member]

Fair value

Fair Value, Recurring [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member]

Fair value

14,492

Fair Value, Recurring [Member] | Money Market Funds [Member]

Fair value

^[1]

21,402

39,744

Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]

Fair value

^[1]

21,402

39,744

Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]

Fair value

^[1]

$ 0

Fair Value, Recurring [Member] | Certificates of Deposit [Member]

Fair value

3,003

Fair Value, Recurring [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]

Fair value

Fair Value, Recurring [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]

Fair value

$ 3,003

[1]	Included within cash and cash equivalents on the Company’s consolidated balance sheets.

Note 7 - Marketable Securities (Details Textual)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	$ 26,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	$ 37,000,000.0
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions	23

Note 7 - Marketable Securities - Summary of Marketable Securities (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Amortized cost basis

$ 66,882

$ 90,520

Unrealized gains

271

Unrealized losses

(26)

Fair value

66,856

90,791

US Treasury and Government [Member]

Amortized cost basis

19,325

28,970

Unrealized gains

216

Unrealized losses

(18)

Fair value

19,307

29,186

Corporate Debt Securities [Member]

Amortized cost basis

8,657

21,806

Unrealized gains

Unrealized losses

(5)

Fair value

8,652

21,861

Money Market Funds [Member]

Amortized cost basis

^[1]

21,402

39,744

Unrealized gains

^[1]

Unrealized losses

^[1]

Fair value

^[1]

21,402

$ 39,744

Commercial Paper [Member]

14,494

(2)

14,492

Certificates of Deposit [Member]

3,004

(1)

$ 3,003

[1]	Included within cash and cash equivalents on the Company’s consolidated balance sheets.

Note 7 - Marketable Securities - Fair Values of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Maturities within one year	$ 66,181	$ 88,898
Maturities after one year through three years	675	1,893
Total marketable securities	$ 66,856	$ 90,791

Note 8 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Depreciation, Depletion and Amortization, Total	$ 831	$ 416

Note 8 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property and equipment, gross	$ 4,193	$ 3,441
Less: accumulated depreciation and amortization	(2,226)	(1,395)
Property and equipment, net	1,967	2,046
Laboratory Equipment [Member]
Property and equipment, gross	360	333
Computers and Software [Member]
Property and equipment, gross	2,064	1,676
Furniture [Member[
Property and equipment, gross	597	597
Leasehold Improvements [Member]
Property and equipment, gross	617	609
Manufacturing Equipment [Member]
Property and equipment, gross	$ 555	$ 226

Note 9 - Prepaid Forward Obligation (Details Textual) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Apr. 30, 2021
Proceeds from Prepaid Forward Arrangement, Net			$ 72,402	$ 0
Prepaid Forward Obligation			85,713	$ 0	$ 75,000
Other Current Liabilities [Member]
Prepaid Forward Obligation			1,500
RTW Investments [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		13.00%
Prepaid Forward Agreement, Minimum Future Cash Flows		$ 200,000	85,700
Proceeds from Prepaid Forward Obligation	$ 75,000
Proceeds from Prepaid Forward Arrangement, Net	$ 72,400
Prepaid Forward Obligation, Expected Cash Flows in Next Twelve Months			$ 0
RTW Investments [Member] \| Sales of Up to $200 Million [Member] \| Jelmyto [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		9.50%
Prepaid Forward Agreement, Future Cash Flows, Increase in Percentage of Net Sales		3.50%
RTW Investments [Member] \| Sales Between $200 Million and $300 Million [Member] \| Jelmyto [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		3.00%
RTW Investments [Member] \| Sales Over $300 Million [Member] \| Jelmyto [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		1.00%
RTW Investments [Member] \| Sales Up to $200 Million with FDA Approval [Member] \| UGN-102 [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		2.50%
RTW Investments [Member] \| Sales Between $200 Million and $300 Million with FDA Approval [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		1.00%
RTW Investments [Member] \| Sales Over $300 Million with FDA Approval [Member]
Prepaid Forward Agreement, Future Cash Payments, Percentage of Net Sales		0.50%
Prepaid Forward Agreement, Future Cash Flows, Increase in Percentage of Net Sales		1.50%

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

8 Months Ended

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Prepaid forward obligation at closing of RTW Transaction

$ 75,000

$ 0

Capitalized closing costs

(2,599)

Financing on prepaid forward obligation

17,291

$ (0)

Amounts paid and payable (1)

^[1]

(3,979)

Carrying value of prepaid forward obligation as of December 31, 2021

$ 85,713

$ 0

[1]	$1.5M of the Amounts paid and payable are included as current portion of the prepaid forward obligation within other current liabilities on the balance sheet

Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Nov. 29, 2019	Jul. 10, 2018
Operating Lease, Impairment Loss	$ 200
Operating Lease, Liability, Total		$ 1,487
Sublease Income		224	$ 224
Lease Agreement for Office in Los Angeles, California [Member]
Incentive from Lessor					$ 200
Operating Lease, Liability, Total		600
Sublease Income		500
Lease Agreement for Office in Princeton, New Jersey [Member]
Operating Lease, Liability, Total		$ 600
Lessee, Operating Lease, Term of Contract (Month)				38 months

Note 10 - Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost	$ 1,045	$ 1,812
Sublease income	(224)	(224)
Variable lease cost	66	129
Lease, Cost, Total	$ 887	$ 1,717

Note 10 - Leases - Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Right of use asset	$ 1,180	$ 2,158
Long-term lease liabilities	398	1,497
Other Current Liabilities [Member]
Other current liabilities	$ 1,089	$ 1,202

Note 10 - Leases - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating cash flows from operating leases	$ 3,026	$ 1,726
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 135	$ 135
Weighted-average remaining lease term of operating leases (Year)	1 year 5 months 15 days	2 years 3 months 3 days
Weighted-average discount rate of operating leases	5.62%	5.38%

Note 10 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
2022	$ 1,141	$ 1,307
2023	357	1,150
2024	58	357
2025 and thereafter	0
Total future minimum lease payments	1,556	2,872
Less: Interest	(69)
Present value of lease liabilities	$ 1,487
2024		58
2025 and thereafter		$ 0

Note 10 - Leases - Undiscounted Cash Flows to be Received Under Sublease (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
2022	$ 243	$ 235
2023	251	243
2024	49	251
2025 and thereafter	0
Total future minimum sublease payments	$ 543	778
2024		49
2025 and thereafter

Note 10 - Leases - Sublease Income Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Sublease income from fixed lease payments	$ 224	$ 224

Note 11 - Revenue From Product Sales (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accrued Sales Reserve	$ 1,708	$ 842	$ 0
Accounts Receivable [Member]
Accrued Sales Reserve	1,200	500
Accounts Payable and Accrued Liabilities [Member]
Accrued Sales Reserve	$ 500	$ 400

Note 11 - Revenue From Product Sales - Net Product Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue	$ 48,042	$ 11,799
Jelmyto [Member]
Revenue	$ 48,042	$ 11,799

- 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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123351226&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=123359005&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=123359005&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=123359005&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=123351226&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

Note 11 - Revenue From Product Sales - Sales Reserves Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Balance	$ 842	$ 0
Accruals	8,239	2,694
Utilizations	(7,373)	(1,852)
Balance	1,708	842
Government Sponsored Programs Reserves [Member]
Balance	323
Accruals	3,824	1,444
Utilizations	(3,774)	(1,121)
Balance	373	323
Other Reserves [Member]
Balance	519
Accruals	4,415	1,250
Utilizations	(3,599)	(731)
Balance	$ 1,335	$ 519

Note 12 - License and Collaboration Agreements (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 31, 2021	Nov. 30, 2019	Dec. 31, 2021
Agenus Inc. [Member]
Payments for License Agreement		$ 10,000,000.0
License Agreement, Maximum Payable for Certain Clinical Development and Regulatory Milestones		115,000,000.0
License Agreement, Maximum Payable for Certain Commercial Milestones		$ 85,000,000.0
License Agreement, Expiration Term (Year)		15 years
Agenus Inc. [Member] \| Minimum [Member]
License Agreement, Royalty, Percentage of Net Sales of Licensed Products		14.00%
Agenus Inc. [Member] \| Maximum [Member]
License Agreement, Royalty, Percentage of Net Sales of Licensed Products		20.00%
MD Anderson [Member]
Collaboration Agreement, Term (Year)	3 years
Research and Development Arrangement, Contract to Perform for Others, Costs Incurred, Gross			$ 1,000,000

Note 14 - Shareholders' Equity (Details Textual) - shares	Dec. 31, 2021	Dec. 31, 2020
Common Stock, Shares Authorized (in shares)	100,000,000	100,000,000
Common Stock, Shares, Issued, Total (in shares)	22,462,995	22,167,791
Common Stock, Shares, Outstanding, Ending Balance (in shares)	22,462,995	22,167,791

Note 15 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions						1 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 07, 2021	Jun. 08, 2020	Oct. 12, 2018	Jan. 01, 2018	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	May 31, 2019	Mar. 31, 2017
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	3,722,831					3,722,831	3,722,831
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	1,168,949					1,168,949	1,168,949
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)							593,000	400,600
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share)							$ 11.92	$ 16.50
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share)							$ 22.07	$ 29.41
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted, Fair Value							$ 7.0	$ 6.7
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 7.3					$ 7.3	$ 7.3
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)							1 year 11 months 1 day
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value							$ 0.2	2.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 2.4					2.4	$ 2.4
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years						2 years
Share-based Payment Arrangement, Option [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							33.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							2 years
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)							1 year 10 months 2 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Granted, Fair Value							$ 9.9	$ 15.6
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 11.1					$ 11.1	$ 11.1
Restricted Stock Units (RSUs) [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							33.00%
Share Option Plan [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)							3 years
Share-based Compensation Arrangement By Share-based Payment Award, Individual Voting Powers, Percentage							10.00%
Two Thousand Seventeen Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)		4,350,167	3,950,167	3,550,167	1,650,167					1,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)		400,000	400,000	1,900,000	250,167
The 2019 Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)									900,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)						300,000
Maximum [Member] \| Share Option Plan [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)							10 years
Minimum [Member] \| Share Option Plan [Member] \| Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent							100.00%
Share-based Compensation Arrangement By Share-based Payment Award, Percentage of Purchase Price for Individuals Having More than Ten Percent of Combined Voting Power							110.00%

Note 15 - Share-based Compensation - Fair Value of Options Granted Valuation Assumption (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Dividend yield	0.00%	0.00%
Expected volatility, minimum	73.76%	71.43%
Expected volatility, maximum	79.16%	79.80%
Risk-free interest rate, minimum	0.60%	0.37%
Risk-free interest rate, maximum	1.62%	1.35%
Minimum [Member]
Value of ordinary shares (in dollars per share)	$ 11.92	$ 16.50
Maximum [Member]
Value of ordinary shares (in dollars per share)	$ 22.07	$ 29.41

Note 15 - Share-based Compensation - Number of Employee and Non-employee Options Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Granted, number of options (in shares)	593,000	400,600
Employees and Non-employees [Member]
Outstanding, number of options (in shares)	2,726,331	2,871,335
Outstanding, weighted average price per share (in dollars per share)	$ 31.29	$ 32.93
Granted, number of options (in shares)	593,000	400,600
Granted, weighted average price per share (in dollars per share)	$ 17.29	$ 24.33
Canceled/Forfeited, number of options (in shares)	(337,717)	(408,534)
Canceled/Forfeited, weighted average price per share (in dollars per share)	$ 39.18	$ 44.68
Exercised, number of options (in shares)	(12,057)	(137,070)
Exercised, weighted average price per share (in dollars per share)	$ 5.00	$ 5.40
Outstanding, number of options (in shares)	2,969,557	2,726,331
Outstanding, weighted average price per share (in dollars per share)	$ 27.70	$ 31.29
Vested and expected to vest (in shares)	2,969,557
Vested and expected to vest, weighted average price per share (in dollars per share)	$ 27.70
Exercisable (in shares)	2,149,699
Exercisable, weighted average price per share (in dollars per share)	$ 29.69

Note 15 - Share-based Compensation - Outstanding and Exercisable Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Exercise price per share, lower limit (in dollars per share)	$ 11.92	$ 16.50
Exercise price per share, upper limit (in dollars per share)	$ 22.07	$ 29.41
Number of options outstanding (in shares)	2,969,557
Number of options exercisable (in shares)	2,149,699
Exercise Price Per Share Range One [Member]
Exercise price per share, lower limit (in dollars per share)	$ 0.00
Exercise price per share, upper limit (in dollars per share)	$ 10.00
Number of options outstanding (in shares)	576,267
Options outstanding, Weighted average remaining contractual life (Year)	1 year 3 days
Number of options exercisable (in shares)	576,267
Options exercisable, Weighted average remaining contractual life (Year)	1 year 3 days
Exercise Price Per Share Range Two [Member]
Exercise price per share, lower limit (in dollars per share)	$ 10.01
Exercise price per share, upper limit (in dollars per share)	$ 20.00
Number of options outstanding (in shares)	590,500
Options outstanding, Weighted average remaining contractual life (Year)	8 years 10 months 9 days
Number of options exercisable (in shares)	178,165
Options exercisable, Weighted average remaining contractual life (Year)	7 years 5 months 8 days
Exercise Price Per Share Range Three [Member]
Exercise price per share, lower limit (in dollars per share)	$ 20.01
Exercise price per share, upper limit (in dollars per share)	$ 30.00
Number of options outstanding (in shares)	503,300
Options outstanding, Weighted average remaining contractual life (Year)	8 years 1 month 28 days
Number of options exercisable (in shares)	215,798
Options exercisable, Weighted average remaining contractual life (Year)	7 years 1 month 24 days
Exercise Price Per Share Range Four [Member]
Exercise price per share, lower limit (in dollars per share)	$ 30.01
Exercise price per share, upper limit (in dollars per share)	$ 40.00
Number of options outstanding (in shares)	351,000
Options outstanding, Weighted average remaining contractual life (Year)	5 years 4 months 28 days
Number of options exercisable (in shares)	338,667
Options exercisable, Weighted average remaining contractual life (Year)	5 years 4 months 2 days
Exercise Price Per Share Range Five [Member]
Exercise price per share, lower limit (in dollars per share)	$ 40.01
Exercise price per share, upper limit (in dollars per share)	$ 50.00
Number of options outstanding (in shares)	852,490
Options outstanding, Weighted average remaining contractual life (Year)	6 years 4 months 13 days
Number of options exercisable (in shares)	744,802
Options exercisable, Weighted average remaining contractual life (Year)	6 years 3 months 7 days
Exercise Price Per Share Range Six [Member]
Exercise price per share, lower limit (in dollars per share)	$ 50.01
Exercise price per share, upper limit (in dollars per share)	$ 59.23
Number of options outstanding (in shares)	96,000
Options outstanding, Weighted average remaining contractual life (Year)	6 years 5 months 4 days
Number of options exercisable (in shares)	96,000
Options exercisable, Weighted average remaining contractual life (Year)	6 years 5 months 4 days

Note 15 - Share-based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Outstanding, RSU (in shares)	720,416	519,427
Granted, RSU (in shares)	501,125	591,480
Vested and released, RSU (in shares)	(185,120)	(85,954)
Forfeited, RSU (in shares)	(283,147)	(304,537)
Outstanding, RSU (in shares)	753,274	720,416

Note 15 - Share-based Compensation - Effect of Share-based Compensation On the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation	$ 23,113	$ 28,025
Research and Development Expense [Member]
Share-based compensation	4,009	6,432
Selling, General and Administrative Expenses [Member]
Share-based compensation	$ 19,104	$ 21,593

Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	23.00%	23.00%
Income (Loss) from Continuing Operations before Income Taxes, Foreign	$ (10,100)	$ (17,000)
Operating Loss Carryforwards, Total	335,800	250,200
Unrecognized Tax Benefits, Ending Balance	2,842	$ 2,717	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 900

Note 16 - Income Taxes - Summary of Current Income Taxes Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
U.S. Federal	$ 1,454	$ 3,218
U.S. State	(5)	156
Total current taxes	$ 1,449	$ 3,374

Note 16 - Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net operating loss carryforward	$ 77,277	$ 57,607
Research and development expenses	8,988	5,362
Stock-based compensation	10,958	9,278
Issuance costs	65	978
In-process research and development	1,909	2,329
Right of use asset, deferred tax assets	(228)	(372)
Lease Liabilities	282	473
Accrued expenses	1,207	1,589
Depreciation of fixed assets	(158)	(299)
Other	319	18
Less—valuation allowance	(100,619)	(76,963)	$ (50,593)
Net deferred tax assets	$ 0	$ 0

Note 16 - Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Balance	$ (76,963)	$ (50,593)
Changes during the year	(23,656)	(26,370)
Balance	$ (100,619)	$ (76,963)

Note 16 - Income Taxes - Reconciliation of Statutory Tax Rate to Effective Tax (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Pretax loss

$ (109,371)

$ (125,110)

Statutory rate

23.00%

Income tax expense/(benefit) at statutory rate

$ (25,155)

$ (28,775)

Non-deductible compensation expense (1)

^[1]

2,264

2,940

Different tax rate of foreign subsidiaries

(58)

Uncertain tax positions

125

2,717

Change in valuation allowance

23,656

26,370

Other (1)

^[1]

617

105

Income tax expense

$ 1,449

$ 3,374

[1]	Certain prior period amounts have been reclassified to conform with the current period presentation

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section S99
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-Subparagraph (SX 210.5-03(10))
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-Topic 944
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-Topic 942
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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 16 - Income Taxes - Reconciliation of Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Uncertain tax positions at the beginning of the year	$ 2,717	$ 0
Gross increases — tax positions in current period	0	2,717
Gross increases — tax positions in prior period	125	0
Uncertain tax positions at the end of the year	$ 2,842	$ 2,717

Note 18 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2020
Accrued Royalties		$ 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 (Year)	3 years

Note 19 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Debt Financing With Pharmakon Advisors [Member] - USD ($) $ in Millions		1 Months Ended
	Mar. 07, 2022	Mar. 31, 2022
Debt Instrument, Face Amount	$ 100.0
Debt Instrument, Term (Year)	5 years
Debt Instrument, Period for Interest Only Payments (Month)	48 months
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.25%
London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.25%
Debt Instrument, Redemption, Period One [Member]
Debt Instrument, Face Amount		$ 75.0
Proceeds from Issuance of Debt		$ 72.6
Debt Instrument, Redemption, Period Two [Member]
Debt Instrument, Face Amount	$ 25.0

Note 1 - Business and Nature of Operations	12 Months Ended
Note 1 - Business and Nature of Operations	Dec. 31, 2021
Notes to Financial Statements
Nature of Operations [Text Block]	Note 1-Business and Nature of Operations *Nature of Operations* UroGen Pharma Ltd. is an Israeli company incorporated in April 2004 (“UPL”). UroGen Pharma Inc., a wholly owned subsidiary of UPL, was incorporated in Delaware in October 2015 and began operating in February 2016 (“UPI”). UPL and UPI (together the “Company”) is a biotechnology company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers. Since commencing operations, the Company has devoted substantially all of its efforts to securing intellectual property rights, performing research and development activities, including conducting clinical trials and manufacturing activities, hiring personnel, launching the Company’s first commercial product, Jelmyto (mitomycin) for pyelocalyceal solution, formerly known as UGN-101, 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.