Urogen Pharma Ltd. (NASDAQ: URGN) saw its stock plummet 9.37% in pre-market trading on Thursday following the release of its third-quarter 2025 financial results. The biotech company's performance fell short of analyst expectations, primarily due to a significant revenue miss.

For Q3 2025, Urogen reported total revenue of $27.5 million, falling well below the analyst consensus estimate of $33.093 million. This represents a 16.90% miss on revenue projections. Despite the shortfall, the company still managed to post a 9.11% year-over-year increase in sales compared to the same period last year. On the earnings front, Urogen reported a quarterly loss of $(0.69) per share, which met analyst expectations but marked a 25.45% deeper loss compared to the previous year.

While the revenue miss is likely the primary driver behind the stock's pre-market plunge, Urogen did report some positive developments. The company's JELMYTO product achieved net product revenue of $25.7 million in Q3, reflecting a 13% year-over-year growth in underlying demand revenue. Additionally, Urogen announced an FDA agreement to submit a New Drug Application for UGN-103, following results from the Phase 3 UTOPIA trial. However, investors may be concerned about the company's declining cash position, which dropped from $241.7 million at the end of 2024 to $127.4 million as of September 30, 2025. This significant cash burn, coupled with the revenue miss, appears to have dampened investor sentiment, leading to the sharp pre-market decline.