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UroGen Pharma cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$15.3M in Q3 2026 · −$132M over twelve months

Operating cash flow−$15.2M
Capital spending−$72K
Free cash flow−$15.3M
Cash conversion cycle211 days

Analysis

In Q3 2026, UroGen Pharma generated −$15.2M of operating cash flow and spent $72K on capital projects, leaving free cash flow of −$15.3M. That is $27.1M more than in Q3 2025 (−$42.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$132M; the largest uses were operating cash flow ($132M), other financing ($2.0M), capital spending ($203K); besides operations, cash came from net borrowing (+) / repaid (−) ($64.2M), shares issued ($36.6M); the cash balance fell by $4.5M.

Operating cash flow was −$15.2M against net income of −$1.5M. The largest differences: receivables −$28.5M, payables +$6.9M, stock-based pay +$6.2M.

Its cash conversion cycle was 211 days (receivables 106 + inventory 305 − payables 201).

Free cash flow

UroGen Pharma: free cash flow by quarterUroGen Pharma: free cash flow by quarter−$13.7MQ4 2024−$42.1MQ1 2025−$40.0MQ2 2025−$42.4MQ3 2025−$38.3MQ4 2025−$45.4MQ1 2026−$33.1MQ2 2026−$15.3MQ3 2026
Operating cash flow less capital spending.
UroGen Pharma: operating cash flow against capital spendingUroGen Pharma: operating cash flow against capital spendingOperating cash flowCapital spending−$13.6M$115KQ4 2024−$42.0M$44KQ1 2025−$39.8M$141KQ2 2025−$42.3M$87KQ3 2025−$38.3M$17KQ4 2025−$45.3M$54KQ1 2026−$33.0M$60KQ2 2026−$15.2M$72KQ3 2026
Latest (Q3 2026): Operating cash flow −$15.2M, Capital spending $72K.

Capital allocation, year by year

UroGen Pharma: where the cash came from (up) and went (down), by fiscal yearUroGen Pharma: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$84.9MFY2021: Shares issued $61KFY2021: Capital spending −$752K$61KFY2021FY2022: Operating cash flow −$87.6MFY2022: Net borrowing $95.8MFY2022: Shares issued $1.5MFY2022: Capital spending −$254K$97.3MFY2022FY2023: Operating cash flow −$76.4MFY2023: Shares issued $68.2MFY2023: Capital spending −$194K$68.2MFY2023FY2024: Operating cash flow −$96.8MFY2024: Net borrowing $24.5MFY2024: Shares issued $151MFY2024: Capital spending −$295K$176MFY2024FY2025: Operating cash flow −$162MFY2025: Net borrowing −$1.9MFY2025: Shares issued $41.8MFY2025: Capital spending −$289K$41.8MFY2025
Over these 5 years operating cash flow totalled −$508M; the largest uses were operating cash flow ($508M) and net borrowing ($1.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$91.9M
Debt$200M
Net debt$108M
Cash runway8 months

UroGen Pharma is burning cash: its operations consume cash, a free cash flow of −$132M a year at the current rate against $91.9M of cash and investments: a runway of about 8 months before any new financing.

UroGen Pharma: debt maturities by year (FY2025)UroGen Pharma: debt maturities by year (FY2025)$93.8MYear 2$31.2MYear 3
Principal due in each year as disclosed in the annual report, against $91.9M of cash and investments now.

Where the cash came from and went

UroGen Pharma: sources (+) and uses (−) of cash, Q3 2026UroGen Pharma: sources (+) and uses (−) of cash, Q3 2026Other investing$19.9MOperating cash flow−$15.2MCash drawn (+) / kept (−)−$6.4MShares issued$2.4MNet borrowing (+) / repaid (−)−$616KCapital spending−$72K
UroGen Pharma: sources (+) and uses (−) of cash, TTM to Q3 2026UroGen Pharma: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$132MNet borrowing (+) / repaid (−)$64.2MShares issued$36.6MOther investing$28.8MCash drawn (+) / kept (−)$4.5MOther financing−$2.0MCapital spending−$203K

From profit to cash

UroGen Pharma: net income to operating cash flow, Q3 2026UroGen Pharma: net income to operating cash flow, Q3 2026Net income−$1.5MDepreciation & amortization$100KStock-based pay$6.2MReceivables−$28.5MInventory−$561KPayables$6.9MEmployee-related liabilities$4.6MPrepaid and other assets−$4.8MOperating cash flow−$15.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026106305201211
Q2 202691315226179
Q1 202678406319166
Q4 20256434731498
Q3 202566217335-52
Q2 202574189361-98
Q1 202589325492-79
Q4 20248131330787

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$15.2M−$72K−$616K$2.4M−$6.4M−$15.3M
Q2 2026−$33.0M−$60K−$387K$887K$30.8M−$33.1M
Q1 2026−$45.3M−$54K$65.0M$179K$800K−$45.4M
Q4 2025−$38.3M−$17K$175K$33.2M−$20.7M−$38.3M
Q3 2025−$42.3M−$87K—$8.3M$2.6M−$42.4M
Q2 2025−$39.8M−$141K—$293K$11.1M−$40.0M
Q1 2025−$42.0M−$44K−$688K$34K$68.0M−$42.1M
Q4 2024−$13.6M−$115K—$71K−$47.1M−$13.7M

UroGen Pharma: income statement and cash flow

UroGen Pharma, Q3 2026: revenue $89.0M (+224% year over year), operating margin 9.4%. The chart follows the revenue to costs, profit and cash.

UroGen Pharma: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.