Revenue increased to $109.8 million in 2025 from $90.4 million in 2024, primarily due to the commercial launch of Zusduri and increased Jelmyto sales. Net loss widened to $153.5 million in 2025 from $126.9 million in 2024, and the accumulated deficit reached $959.7 million as of December 31, 2025. Operating expenses rose significantly, with selling and marketing expenses increasing by $23.9 million to $99.1 million, and research and development expenses increasing by $10.0 million to $67.1 million. Zusduri (mitomycin) for intravesical solution received FDA approval on June 12, 2025, for recurrent low-grade intermediate risk NMIBC, with an estimated annual treatable population of 82,000 in the U.S. and a potential market opportunity over $5.0 billion. Jelmyto (mitomycin) for pyelocalyceal solution, approved in April 2020 for low-grade UTUC, continues commercialization, with long-term follow-up data showing a median duration of response of 47.8 months. The company acquired UGN-501, a next-generation investigational oncolytic virus, in February 2025, with plans to initiate a Phase 1 clinical study by the end of 2026. UGN-103 and UGN-104, next-generation formulations of Zusduri and Jelmyto, are advancing, with UGN-103's Phase 3 UTOPIA trial completing enrollment in July 2025 and UGN-104's Phase 3 trial initiated in June 2025. Development of UGN-301 was discontinued in November 2025 due to its clinical profile not meeting internal benchmarks for advancement to Phase 2. The company refinanced its loan agreement with Pharmakon on February 26, 2026, securing a senior secured term loan facility of up to $250.0 million, with $200.0 million immediately available for refinancing and general corporate purposes. A patent infringement lawsuit against Teva Pharmaceuticals related to Jelmyto is ongoing, with a bench trial scheduled for October 2026.