Meanwhile, our existing commercial product, JELMYTO, continues to enjoy double-digit growth and positive adoption trends. The current clinical development plan for UGN-102 was agreed with the FDA in a pre-NDA meeting that was held in late 2023. The FDA confirmed that the current clinical development plan for UGN-102, which includes evaluation of duration of complete response data at 12 months from the pivotal ENVISION trial, which support submission of an NDA for the treatment of low-grade intermediate risk non-muscle invasive bladder cancer. We announced in January this year that we had submitted the Chemistry Manufacturing and Controls, or CMC modules of this application. The objective of enrolling NDA is to facilitate early engagement with the agency and potentially allow for more efficient and timely review of the application.

We plan to share the data on the duration of response endpoint from ENVISION in June of this year. Assuming the data is as expected, we will complete submission of the NDA late in the third quarter. If granted priority review, we anticipate approval and launch of UGN-102 as early as the first quarter of 2025. The commercial opportunity in low-grade intermediate risk non-muscle invasive bladder cancer is significant. We estimate that approximately 82,000 patients are eligible each year in the U.S. So the overall market is around 10x the size of the urothelial carcinoma market that JELMYTO currently addresses. This translates into a total market in excess of $3 billion and over a $1 billion revenue opportunity for UGN-102 when using conservative assumptions.

We also announced in January that we entered into a strategic license and supply agreement with medac to develop next-generation novel mitomycin based RTGel formulations of JELMYTO and UGN-102. Through this agreement, we are combining our proprietary RTGel with medac's proprietary formulation of mitomycin. Our next-generation products are anticipated to provide advantages in terms of production, manufacturing efficiency, supply and product convenience. Importantly, the program could provide additional patent protection for our urothelial cancer franchise. Medac has issued IP with protection expected to last until 2035, and UroGen has separate pending U.S. patent applications that, if granted, could provide protection until December of 2041.

We will need to conduct clinical endpoint studies to support NDA for UGN-103 and for UGN-104, our next-generation formulation of JELMYTO. Importantly, this will be a smaller development program, and we intend to move directly into Phase III for both products beginning in 2024. Turning to JELMYTO revenue. The product achieved sales of $23.5 million in Q4 and $82.7 million for the full year 2023. Reflected in this number are some non-patient sales. We have also seen an increase in gross to net deductions. But most importantly, patient demand drivers remain strong with patient enrollment forms, new patient starts and doses, all achieving approximately 25% growth for the year. Jeff will provide additional details in a few minutes. As we look toward long-term growth, it is critical that we maintain a strong balance sheet and the ability to expand our patient impact through life cycle management and development of new medicines to treat urothelial and specialty cancers.

We are pleased to announce our expanded partnership with Pharmakon Advisors, providing us with additional funding of up to $100 million. As part of the agreement, we are required to draw down on the first tranche of $25 million by September 30, with the option to draw up to an additional $75 million following UGN-102 approval, if needed. The benefits of this agreement are that we now have an additional source of capital with flexibility on the amount we utilize. We have enjoyed a productive and collaborative partnership with Pharmakon Advisors, and look forward to closely working with them in the future. With our current cash balance and approximately $25 million recently sourced from the ATM and we expect to have the capital to execute a comprehensive launch for UGN-102, if approved, and fund new potential clinical studies.

I will now turn the call over to Mark Schoenberg, our Chief Commercial Officer. Mark?

Mark Schoenberg: Thank you, Liz. We have the opportunity to share the Phase III ATLAS and ENVISION data with the physician community at the Society of Urologic Oncology Annual Meeting, which took place in November. We were especially pleased that the SUO has selected the ENVISION data as one of only two late-breaking trials that were designated for oral presentation at this meeting. Looking at the body of clinical data we have generated, UGN-102 has demonstrated consistency in the 3-month complete response rate across ATLAS, ENVISION as well as our prior Phase IIb OPTIMA II study. The complete response rates observed in these three studies were 65%, 79% and 65%, respectively. Moreover, ATLAS data suggest UGN-102 appears to be superior to surgery once the complete response has been achieved.

In the ATLAS study, 80% of patients who received UGN-102 experienced the duration of response to 12 months compared to only 68% of those patients who had a TURBT alone. We believe that the ability of UGN-102 to achieve high complete response rates, nonsurgically and to potentially extend disease-free living will ultimately minimize the need for multiple surgeries in this patient population. The average age for diagnosis of bladder cancer is in the mid-70s. Many of these patients have comorbidities that highlight the need for nonsurgical treatment alternatives to the contemporary standard of care TURBT. UGN-102 has the unique advantage of being easy to administer. Patients can be treated in their urologist office without the need of an OR and all the disruption to daily life associated with surgery.

As Liz mentioned, the next milestone in this program will be the secondary endpoint of 12-month duration of response data from ENVISION. Different from the ATLAS data, ENVISION consisted solely of recurrent patients that had received at least one TURBT. If we look at the comparable subgroup of recurrent patients in ATLAS, the 12-month duration of response was 66%. The Phase IIb OPTIMA study projected a 12-month duration of response in the high 50s. As we have consistently communicated, we expect the ENVISION data to show a duration of response at 12 months that is 50% or higher, and we believe this is clinically meaningful and will be an improvement over the current standard of care. Importantly, in patient interviews conducted during the ENVISION trial patients overwhelmingly prefer UGN-102 and said they would recommend it to other patients, highlighting the lack of disruption to daily life and that UGN-102 was less invasive, less painful and less time consuming than the standard of care.

If approved, UGN-102 will be the first and only nonsurgical primary therapeutic to treat a subset of bladder cancer characterized by high recurrence rates and multiple surgeries. Beyond our lead programs, we continue to advance our immuno-oncology candidate, UGN-301, into the clinic. UGN-301 is comprised of an anti-CTLA-4 antibody delivered using our proprietary RTGel technology. We are conducting a Phase I clinical study to evaluate the safety, tolerability and establish a recommended Phase II dose for UGN-301 as monotherapy and in combination with other agents. Safety and tolerability data for the monotherapy arm are expected in mid-2024. We have also initiated combination therapy arms evaluating UGN-301, plus gemcitabine and UGN-301, plus UGN-201, our proprietary formulation of imiquimod, a TLR7 agonist in high-grade NMIBC patients.

We believe we have a unique approach in this area and look forward to providing updates on this trial as it moves forward. Finally, as Liz mentioned at the beginning of the call, we are pushing ahead with next-generation formulations of our upper tract and bladder products for low-grade urothelial cancers. We look forward to commencing Phase III efforts for both drugs UGN-103 for the bladder and UGN-104 for the upper tract soon, and we'll keep you posted as those clinical programs advance. And with that, I will turn the call over to Jeff Bova to provide a commercial update. Jeff?

Jeffrey Bova: Thank you, Mark. JELMYTO sales, as Liz mentioned, were $23.5 million and $82.7 million for the fourth quarter and full year 2023, respectively. Demand remained strong in 2023. Despite achieving our targeted unit sales, the value of each unit was lower than anticipated, primarily due to gross to net erosion driven by higher-than-forecasted 340B rebate and estimated Medicare refunds for discarded drug, offset by nonpatient sales. We are providing guidance for 2024 for the first time today and are forecasting full year JELMYTO net revenues to be in the range of $95 million to $102 million. While slightly lower than consensus, this reflects continued gross to net erosion despite anticipated continuing double-digit patient growth.

Don will provide additional detail on our guidance in a few minutes. It is important to note that the CMS discarded drug provision will not impact UGN-102 as the bladder allows for installation without waste. Additionally, UGN-102 will be less sensitive to 340B since it will primarily be administered in the doctor's office. As mentioned in past calls, we've added regional operational managers, which held every facet of the business, particularly operational roles intended to focus on opening new accounts and preparing them for JELMYTO use. Our data show that territories with the most sites of care are the most successful and its role is instrumental in growing sites of care. There is a growing body of evidence from real-world evidence studies that continue to strengthen and reinforce JELMYTO's value proposition.

We have data from over three years in the market that reinforce and support the product's efficacy and safety in the real-world setting. I am pleased to report three aspects reviewing JELMYTO real-world evidence outcomes have been accepted at the upcoming AUA meeting and our registry will provide additional insight into outcomes with JELMYTO use in the real-world setting. For UGN-102, we are now executing our pre-commercialization plan in preparation for a prospective launch in early 2025. This includes engaging with urologists and patient advocacy groups. There is approximately 95% overlap in the prescriber base with JELMYTO, which allows us to leverage our existing commercial organization. Our research tells us physicians are concerned with the high rate of recurrence and many other patients who often experience limited intervals between TURBT.

They're seeking strategies to prolong or extend the interval between recurrences as these patients don't get much of a break between the TURBT. The literature shows the complete response rates for surgery at three months or in the range of 40% to 70%. Our understanding of bladder cancer is that the underlying pathology of this disease is not always visible to the surgeon. Normal appearing cells in the bladder may contain genetic abnormalities that will give rise to these recurrence. UGN-102 treats the disease in a way that permits us to not only treat the visible lesions, but also that background pathology. And we believe that's why we achieved better long-term disease control and longer disease-free intervals than the current standard of care in our ATLAS study.

We are also considering the economics of how bladder cancer is treated as a misconception that surgeons generate a lot of income from TURBT. The reality is that while overall cost of the surgery are quite high, surgeons are only paid a few hundred dollars per operation. Given the potential for better outcomes with UGN-102, we do not expect practice economics to be a barrier to adoption. Based on our market research, we believe the fastest adoption for UGN-102 would initially occur in three groups of patients. They are patients who have had multiple recurrences, those who would be considered surgical failures. Patients with early recurrence and finally, patients who are ineligible or unwilling to undergo surgery. We are confident that as physicians gain experience in these early groups UGN-102 will quickly expand to all recurrent patients, if approved.

We look forward to providing additional insight into our plan as the year progresses. I will now turn the call over to Don Kim to discuss our financials.

Dong Kim: Thank you, Jeff. Revenues for the fourth quarter of 2023 were $23.5 million compared to $18.1 million in the comparable period in 2022. Revenues for the full year ended December 31, 2023, were $82.7 million compared to $64.4 million in 2022. Cost of revenues for the fourth quarter and full year 2023 were $2.3 million and $9.4 million, respectively, compared to $2.3 million and $7.7 million, respectively, for the fourth quarter and full year 2022. The overall increase of $1.7 million year-over-year was primarily due to the increased volume of JELMYTO sales. R&D expenses were $11.3 million and $45.6 million, respectively, for the fourth quarter and full year 2023 compared with $14.5 million and $52.9 million, respectively, for the comparable period in 2022.

The decrease in R&D expenses year-over-year is primarily attributable to lower research and development expenses due to the conclusion of ATLAS trial, lower costs related to Phase III ENVISION trial for UGN-102 and the ending of our collaboration with MD Anderson partially offset by higher R&D expenses related to our Phase I study for UGN-301, cost incurred related to research into ingredient scale-up and production for UGN-102 and clinical compensation expenses. SG&A expenses were $24.6 million and $93.3 million, respectively, for the fourth quarter and full year 2023 compared with $21.6 million and $82.8 million for the fourth quarter and full year 2022. The increase year-over-year was the result of an increase in brand marketing and general commercial expenses as well as increase in compensation expenses, third-party advisory providers, recruiting fees, certain media and meeting expenses and ongoing managed services.

These were partially offset by lower commercial back office services and support expenses. Interest expense was $3.6 million and $14.7 million, respectively, for the fourth quarter and full year 2023, compared with $3.2 million and $8.4 million, respectively, for the fourth quarter and full year 2022. The cost for the full year 2023 relates to interest expense on the Pharmakon loan for the four full quarters versus the prior year given the funding of the first tranche and second tranche of the Pharmakon loan was in March 2022 and in December 2022, respectively. In addition, the increase year-over-year was attributable to increase in interest rates related to the Pharmakon loan. Net loss was $26 million or $0.72 per share and $102.2 million or $3.55 per share for the fourth quarter and full year 2023.

This compares with net losses of $28.9 million or $1.25 per share and $109.8 million or $4.81 per share for the fourth quarter and full year 2022. UroGen had $141.5 million in cash and cash equivalents and marketable securities at December 31, 2023. Based on our latest financial forecast, we believe our current cash position and resources and projected revenue will support our commercial organization through the potential launch of UGN-102 in early 2025. Switching now to 2024 full year guidance. We anticipate full year 2024 JELMYTO net revenues to be in the range of $95 million to $102 million. Full year operating expense is expected to be in the range of $175 million to $185 million, including noncash share-based compensation expense of $6 million to $11 million, subject to market conditions.

We continue to scrutinize all expenses in support of our efforts to prioritize cash preservation. Financing expense related to the prepaid forward obligation to RTW investment is expected to be in the range of $21 million to $26 million, of which approximately $12.4 million to $13.3 million will be in cash. In addition to RTW financing expense, interest only payments on the $100 million term loan facility with funds managed by Pharmakon Advisors. We continue to be made quarterly and accrue at a rate of adjusted term so far plus 7.25% in 2024. For further details on our financials, please refer to our annual report on Form 10-K with the SEC. We are now ready to open the call for questions. Operator?

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