2044 Patent Headline Helps; UGN-103 Is the Real Duration Play

研报英文原文证据摘录

2044 Patent Headline Helps; UGN-103 Is the Real Duration Play

USA | Biotechnology

UroGen EquityJulyResearch15, 2026

FLASH NOTE2044 Patent Headline Helps; UGN-103 Is the

RATING BUYReal Duration Play

PRICE $39.19^

We view the ’354 allowance as an incremental derisking event that modestly

alleviates the patent overhang and strengthens URGN’s long-term exclusivity PRICE TARGET | % TO PT $40.00 | +5%

framework. Alongside the Teva/Jelmyto settlement, the decision improves 52W HIGH-LOW $40.40 - $13.79

confidence in the durability of the franchise, though the investment story FLOAT (%) | ADV MM (USD) 76.7% | 25.78

remains predominantly execution-driven, with ZUSDURI and UGN-103 the key MARKET CAP $1.9B

determinants of long-term value. TICKER URGN ^Prior trading day's closing price unless otherwise

noted.

URGN received a Notice of Allowance for patent application 18/784,354, w/ allowed claims

covering methods of treating recurrent LG-IR-NMIBC w/o TURBT using a thermally gelling

mitomycin composition. Once issued, the patent is expected to expire in July 2044 and support

both ZUSDURI and UGN-103, if approved. The allowance adds a valuable later-dated MoU layer

around URGN’s nonsurgical treatment paradigm.

We wouldn't interpret the allowance to lead to clean ZUSDURI exclusivity through 2044. The

legacy RTGel patent estate extends to Jan. 2031, while ’354 protects specified treatment methods

rather than the molecule or product across all uses. Its practical value will depend on the final issued

claims, Orange Book listing, generic labeling strategy, and URGN’s ability to establish infringement.

The June 2026 Teva settlement is also constructive, although it applies to JELMYTO rather than

ZUSDURI. Teva received a non-exclusive license to launch an FDA-approved generic JELMYTO