UroGen Pharma Reports Highest Revenue Quarter and Significant Full Year 2022 Growth and Recent Corporate Developments
UroGen Pharma Ltd. reported full-year 2022 net product revenues of $64.4 million, a 34% increase from 2021. The company completed patient enrollment in the ENVISION Phase 3 trial for UGN-102 targeting low-grade intermediate-risk non-muscle invasive bladder cancer (LG-IR-NMIBC). Topline data from pivotal studies is expected mid-2023, with an NDA submission anticipated in 2024. UroGen aims for 2023 JELMYTO revenues between $76 million and $86 million. However, the company reported a net loss of $109.2 million for 2022. As of year-end, cash and equivalents totaled approximately $100 million.
- Full-year 2022 net product revenues reached $64.4 million, a 34% increase from 2021.
- Completed enrollment of ~220 patients in the ENVISION Phase 3 study of UGN-102.
- JELMYTO revenues for Q4 2022 were $18.1 million, signaling strong sales growth.
- Net loss for 2022 was $109.2 million, an increase from $110.8 million in 2021.
- Operating expenses were steady at approximately $135 million, indicating high ongoing costs.
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Reported JELMYTO® full year 2022 net product revenues of
$64.4 million 34% from full year 2021 - Completed enrollment of the ENVISION Phase 3 pivotal clinical trial for UGN-102 for LG-IR-NMIBC
- Topline data readout from ATLAS clinical study and Complete Response from ENVISION pivotal study expected to be reported mid-year 2023
“I’m proud of our progress in 2022 and encouraged by our pipeline advancement and expanded access to JELMYTO as we work to fundamentally change the treatment paradigm of urologic cancers,” said
Business Highlights:
UGN-102 (mitomycin) for intravesical solution:
- Announced full enrollment in Phase 3 ENVISION pivotal study of UGN-102 for the treatment of LG-IR-NMIBC, which targeted enrollment of ~220 patients across 90 sites. Assuming positive findings, UroGen anticipates submitting an NDA for UGN-102 in 2024. Topline results from the primary endpoint evaluating the complete response rate at 3-months after first instillation are expected mid-year 2023.
- Topline data from the ATLAS trial, the predecessor to ENVISION, is expected mid-year 2023 and will evaluate complete response, duration of response and safety from ~280 patients that completed the trial.
-
Shared new long-term follow up data from the Phase 2b OPTIMA II study at the Annual
Society of Urologic Oncology (SUO) Meeting demonstrating a median DOR of 24.4 months (10.1 to 30.7 months) with UGN-102 in 15 of 25 evaluable patients. -
Announced preliminary results of a study to assess the feasibility of home instillation of UGN-102. In this study, UGN-102 was suitable to administer at home by a visiting nurse under the supervision of a treating physician and resulted in
75% (n=8) of patients achieving a complete response, defined as no detectable disease 3 months after starting treatment.
JELMYTO® (mitomycin) for pyelocalyceal solution in low-grade Upper Tract Urothelial Cancer (LG-UTUC):
-
JELMYTO® generated net product revenues of
$18.1 million $64.4 million $16.2 million $48.0 million -
Activated sites on
March 1, 2023 were 983, compared to 930 onNovember 1, 2022 , while repeat accounts onMarch 1, 2023 were 214, compared to 177 onNovember 1, 2022 . -
Highlighted results from the first and largest post-commercial utilization review of JELMYTO published in Urologic Oncology: Seminars and Original Investigations. The study evaluated 132 patients from 15 high-volume academic and community centers and describes several uses of JELMYTO that differ from the pivotal OLYMPUS trial, including for the treatment of large tumors (>3cm in
15% of cases), high grade tumors (9% of cases), ureteral tumors (35% of cases), and as a valuable multimodal adjunct following complete endoscopic ablation. JELMYTO is not approved for the treatment of high-grade upper tract urothelial cancer. -
Shared new long-term follow up data from the OLYMPUS registration trial at the Annual
Society of Urologic Oncology (SUO) Meeting demonstrating a median durability of response (DOR) of 28.9 months (14.6 to 47.6 months) with JELMYTO in 16 of 23 evaluable patients. -
Retrospective, multi-center study of 32 patients evaluating the safety of antegrade administration of JELMYTO was published in
The British Journal of Urology International showing a favorable safety and tolerability profile for JELMYTO when administered via nephrostomy tube. At a median follow-up of 15 months following initiation of induction therapy, ureteral stenosis occurred in only three (9% ) patients, with none having recurrent stenosis at a median 16-month follow-up.
Fourth Quarter and Full Year 2022 Financial Results:
JELMYTO Revenue: UroGen reported JELMYTO net product revenues for the fourth quarter 2022 of
R&D Expense: Research and development expenses for the fourth quarter 2022 were
SG&A Expense: Selling, general and administrative expenses for the fourth quarter 2022 were
Financing on Prepaid Forward Obligation: UroGen reported financing expense related to the prepaid forward obligation to RTW Investments of
Net Loss: UroGen reported a net loss of
Cash & Cash Equivalents: As of
2023 Revenue, Operating Expense and Financing Expense Guidance: UroGen anticipates full year 2023 net product revenues from JELMYTO to be in the range of
Conference Call & Webcast Information:
Members of UroGen’s management team will host a live conference call and webcast today at
The live webcast can be accessed by visiting the Investors section of the Company’s website at http://investors.urogen.com. Please connect at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast.
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SELECTED CONSOLIDATED BALANCE SHEETS |
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( |
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(Unaudited) |
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Cash and cash equivalents and marketable securities |
|
$ |
99,963 |
|
|
$ |
89,814 |
Total assets |
|
$ |
136,239 |
|
|
$ |
119,746 |
Total liabilities |
|
$ |
224,980 |
|
|
$ |
111,333 |
Total shareholders' equity (deficit) |
|
$ |
(88,741 |
) |
|
$ |
8,413 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
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( |
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(Unaudited) |
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Three months ended
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Year ended
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue |
$ |
18,092 |
|
|
$ |
16,174 |
|
|
$ |
64,357 |
|
|
$ |
48,042 |
|
|
Cost of revenue |
|
2,263 |
|
|
|
1,589 |
|
|
|
7,654 |
|
|
|
5,157 |
|
|
Gross profit |
|
15,829 |
|
|
|
14,585 |
|
|
|
56,703 |
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|
|
42,885 |
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Operating expenses: |
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Research and development expenses |
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14,477 |
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|
|
13,082 |
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|
|
52,906 |
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|
|
47,642 |
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Selling, general and administrative expenses |
|
21,634 |
|
|
|
21,418 |
|
|
|
82,838 |
|
|
|
87,535 |
|
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Total operating expenses |
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36,111 |
|
|
|
34,500 |
|
|
|
135,744 |
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|
|
135,177 |
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Operating loss |
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(20,282 |
) |
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|
(19,915 |
) |
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(79,041 |
) |
|
|
(92,292 |
) |
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Financing on prepaid forward obligation |
|
(5,081 |
) |
|
|
(7,343 |
) |
|
|
(21,559 |
) |
|
|
(17,291 |
) |
|
Interest expense on long-term debt |
|
(3,223 |
) |
|
|
- |
|
|
|
(8,438 |
) |
|
|
- |
|
|
Interest and other income |
|
406 |
|
|
|
(57 |
) |
|
|
1,010 |
|
|
|
212 |
|
|
Loss before income taxes |
$ |
(28,180 |
) |
|
$ |
(27,315 |
) |
|
$ |
(108,028 |
) |
|
$ |
(109,371 |
) |
|
Income tax expense(1) |
|
(69 |
) |
|
|
(1,137 |
) |
|
|
(1,135 |
) |
|
|
(1,449 |
) |
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Net loss(1) |
$ |
(28,249 |
) |
|
$ |
(28,452 |
) |
|
$ |
(109,163 |
) |
|
$ |
(110,820 |
) |
|
Statements of Comprehensive Loss |
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|
|
|
|
|
|
|
||||||||
Net loss(1) |
$ |
(28,249 |
) |
|
$ |
(28,452 |
) |
|
$ |
(109,163 |
) |
|
$ |
(110,820 |
) |
|
Other comprehensive (loss) |
|
|
|
|
|
|
|
|
||||||||
Unrealized (loss) on investments |
|
48 |
|
|
|
(29 |
) |
|
|
(82 |
) |
|
|
(296 |
) |
|
Comprehensive Loss(1) |
$ |
(28,201 |
) |
|
$ |
(28,481 |
) |
|
$ |
(109,245 |
) |
|
$ |
(111,116 |
) |
|
Net loss per ordinary share basic and diluted |
$ |
(1.22 |
) |
|
$ |
(1.27 |
) |
|
$ |
(4.79 |
) |
|
$ |
(4.96 |
) |
|
Weighted average shares outstanding, basic and diluted |
|
23,088,891 |
|
|
|
22,433,206 |
|
|
|
22,806,812 |
|
|
|
22,347,481 |
|
|
(1)Financial results included in UroGen’s Annual Report on Form 10-K for the year ended
About Jelmyto®
Jelmyto (mitomycin) for pyelocalyceal solution, is a drug formulation of mitomycin indicated for the treatment of adult patients with low-grade upper tract urothelial cancer (LG-UTUC). Utilizing the RTGel™ technology platform, UroGen’s proprietary sustained release, hydrogel-based formulation, Jelmyto is designed to enable longer exposure of urinary tract tissue to mitomycin, thereby enabling the treatment of tumors by non-surgical means. Jelmyto is delivered to patients using standard ureteral catheters or nephrostomy tube. The
APPROVED USE FOR JELMYTO
JELMYTO® is a prescription medicine used to treat adults with a type of cancer of the lining of the upper urinary tract including the kidney called low- grade Upper Tract Urothelial Cancer (LG-UTUC).
IMPORTANT SAFETY INFORMATION
You should not receive JELMYTO if you have a hole or tear (perforation) of your bladder or upper urinary tract.
Before receiving JELMYTO, tell your healthcare provider about all your medical conditions, including if you:
- are pregnant or plan to become pregnant. JELMYTO can harm your unborn baby. You should not become pregnant during treatment with JELMYTO. Tell your healthcare provider right away if you become pregnant or think you may be pregnant during treatment with JELMYTO. Females who are able to become pregnant: You should use effective birth control (contraception) during treatment with JELMYTO and for 6 months after the last dose. Males being treated with JELMYTO: If you have a female partner who is able to become pregnant, you should use effective birth control (contraception) during treatment with JELMYTO and for 3 months after the last dose.
- are breastfeeding or plan to breastfeed. It is not known if JELMYTO passes into your breast milk. Do not breastfeed during treatment with JELMYTO and for 1 week after the last dose.
- Tell your healthcare provider if you take water pills (diuretic).
How will I receive JELMYTO?
- Your healthcare provider will tell you to take a medicine called sodium bicarbonate before each JELMYTO treatment.
- You will receive your JELMYTO dose from your healthcare provider 1 time a week for 6 weeks. It is important that you receive all 6 doses of JELMYTO according to your healthcare provider’s instructions. If you miss any appointments, call your healthcare provider as soon as possible to reschedule your appointment. Your healthcare provider may recommend up to an additional 11 monthly doses.
- JELMYTO is given to your kidney through a tube called a catheter.
- During treatment with JELMYTO, your healthcare provider may tell you to take additional medicines or change how you take your current medicines.
After receiving JELMYTO:
- JELMYTO may cause your urine color to change to a violet to blue color. Avoid contact between your skin and urine for at least 6 hours.
- To urinate, males and females should sit on a toilet and flush the toilet several times after you use it. After going to the bathroom, wash your hands, your inner thighs, and genital area well with soap and water.
- Clothing that comes in contact with urine should be washed right away and washed separately from other clothing.
JELMYTO may cause serious side effects, including:
- Swelling and narrowing of the tube that carries urine from the kidney to the bladder (ureteric obstruction). If you develop swelling and narrowing, and to protect your kidney from damage, your healthcare provider may recommend the placement of a small plastic tube (stent) in the ureter to help the kidney drain. Tell your healthcare provider right away if you develop side pain or fever during treatment with JELMYTO.
- Bone marrow problems. JELMYTO can affect your bone marrow and can cause a decrease in your white blood cell, red blood cell, and platelet counts. Your healthcare provider will do blood tests prior to each treatment to check your blood cell counts during treatment with JELMYTO. Your healthcare provider may need to temporarily or permanently stop JELMYTO if you develop bone marrow problems during treatment with JELMYTO.
- The most common side effects of JELMYTO include: urinary tract infection, blood in your urine, side pain, nausea, trouble with urination, kidney problems, vomiting, tiredness, stomach (abdomen) pain.
You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1‑800‑FDA‑1088. You may also report side effects to
Please see JELMYTO Full Prescribing Information, including the Patient Information, for additional information.
About Upper Tract Urothelial Cancer (UTUC)
Urothelial cancer is the ninth most common cancer globally and the eighth most lethal neoplasm in men in the
About UGN-102
UGN-102 (mitomycin) for intravesical solution is an investigational drug formulation of mitomycin in Phase 3 development for the treatment of low-grade intermediate risk NMIBC. Utilizing the RTGelTM Technology Platform, UroGen’s proprietary sustained release, hydrogel-based formulation, UGN-102 is designed to enable longer exposure of bladder tissue to mitomycin, thereby enabling the treatment of tumors by non-surgical means. UGN-102 is delivered to patients using a standard urinary catheter. The Company presented results from the Phase 2b OPTIMA II trial in
About the Phase 3 ENVISION Trial
The Phase 3 ENVISION trial is a single-arm, multinational, multicenter study evaluating the efficacy and safety of UGN-102 (mitomycin) as primary chemoablative therapy in patients with low-grade, intermediate-risk NMIBC. The Phase 3 ENVISION trial completed target enrollment of 220 patients across 90 sites. Study participants will receive six once-weekly intravesical instillations of UGN-102. The planned primary endpoint will evaluate the complete response rate at three months after the first installation, and the key secondary endpoint will evaluate durability over time in patients who achieve complete response at the three-month assessment. Based on discussions with the FDA, and assuming positive findings, UroGen anticipates submitting an NDA for UGN-102 in 2024. Learn more about the Phase 3 ENVISION trial at www.clinicaltrials.gov (NCT05243550)
About
UroGen is a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers because patients deserve better options. UroGen has developed RTGelTM reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based platform technology that has the potential to improve therapeutic profiles of existing drugs. UroGen’s sustained release technology is designed to enable longer exposure of the urinary tract tissue to medications, making local therapy a potentially more effective treatment option. Jelmyto® (mitomycin) for pyelocalyceal solution and investigational treatment UGN-102 (mitomycin) for intravesical solution are designed to ablate tumors by non-surgical means. UroGen is headquartered in
Forward Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding: expected reporting of topline data readout from ATLAS clinical study and complete response from ENVISION pivotal study in mid-year 2023; UroGen’s goal to fundamentally change the treatment paradigm of urologic cancers; UGN-102’s potential to transform the treatment of bladder cancer as the only non-surgical therapeutic for LG-IR-NMIBC; the estimated patient population for UGN-102; the potential benefits and commercial potential for UGN-102; plans to submit an NDA to the FDA for UGN-102 and the expected timing thereof; confidence in the long-term success of JELMYTO in LG-UTUC and the significant market opportunity of UGN-102 to drive growth in the years ahead; the design, objectives and timing of the Phase 3 ENVISION trial; the expected benefits that may be demonstrated by the Phase 3 ENVISION trial; plans with respect to the treatment and follow up of patients previously enrolled in the Phase 3 ATLAS trial; plans with respect to a regulatory submission for UGN-102; further adoption of JELMYTO; financial guidance for 2023. RTGel’s potential to improve the therapeutic profile of existing drugs; and UroGen’s sustained release technology making local delivery potentially more effective as compared to other treatment options. These statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to: preliminary results may not be indicative of results that may be observed in the future; the timing and success of clinical trials and potential safety and other complications thereof; unforeseen delays that may impact the timing of progressing clinical trials and reporting data; the ability to obtain regulatory approval within the timeframe expected, or at all; the ability to maintain regulatory approval; complications associated with commercialization activities; the labeling for any approved product; competition in UroGen’s industry; the scope, progress and expansion of developing and commercializing UroGen’s product candidates; the size and growth of the market(s) therefor and the rate and degree of market acceptance thereof vis-à-vis alternative therapies; UroGen’s ability to attract or retain key management, members of the board of directors and personnel; and UroGen’s RTGel technology may not perform as expected and UroGen may not successfully develop and receive regulatory approval of any other product that incorporates RTGel technology . In light of these risks and uncertainties, and other risks and uncertainties that are described in the Risk Factors section of UroGen’s Form 10-Q for the period ended
JELMYTO® and UroGen® are registered trademarks of
View source version on businesswire.com: https://www.businesswire.com/news/home/20230316005328/en/
INVESTOR CONTACT:
Senior Director, Investor Relations
vincent.perrone@urogen.com
609-460-3588 ext. 1093
MEDIA CONTACT:
Director, Corporate Communications
cindy.romano@urogen.com
609-460-3583 ext. 1083
Source:
FAQ
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