Urogen Pharma Ltd. (URGN) shares plummeted 5.94% during Monday's intraday trading session. The biotech company experienced significant selling pressure shortly after the market opened.

The sharp decline appears to be driven by the company's fourth-quarter earnings report, which missed analyst expectations on both earnings per share and revenue. Urogen reported a loss of 54 cents per share for the quarter ended December 31, exceeding the mean analyst estimate of a 50-cent loss. Revenue of $37.84 million also fell short of the $39.92 million consensus estimate, despite representing a 54% increase from the same period last year.

While the company separately announced a refinanced term loan agreement with Pharmakon Advisors that provides additional non-dilutive capital and extends the maturity profile, investors focused on the disappointing quarterly results. The earnings miss overshadowed the positive financing news, leading to the significant intraday price decline.