Chris Degnan
About Chris Degnan
Chris Degnan, age 46, has served as UroGen Pharma’s Chief Financial Officer since October 2024 after prior CFO roles at Galera Therapeutics (2019–2024) and Verrica Pharmaceuticals (2018–2019), senior finance leadership at Endo International (2014–2018), and AstraZeneca (2004–2014). He holds a B.B.A. in Accountancy from the University of Notre Dame and is a CPA (PA, voluntary inactive) . During FY2024 (the year he joined), URGN recorded strong strategic progress including FDA approval of Zusduri in June 2025 and financing/loan actions; URGN’s FY2024 TSR was 11.99% on the SEC “pay vs performance” basis, while Jelmyto net product revenue grew to $90.4M in 2024 vs $82.7M in 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Galera Therapeutics | Chief Financial Officer | 2019–2024 | Led finance at late‑stage oncology biotech |
| Verrica Pharmaceuticals | Chief Financial Officer | 2018–2019 | Public biotech CFO, dermatology focus |
| Endo International | VP Finance; Segment CFO (U.S. Branded); VP Finance FP&A/Intl | 2014–2018 | Segment CFO and FP&A leadership across branded/intl |
| AstraZeneca | Senior Finance Director, U.S. Commercial Finance (and prior roles) | 2004–2014 | Commercial finance leadership in large-cap biopharma |
External Roles
None disclosed in URGN proxy filings for Mr. Degnan .
Fixed Compensation
| Component | Detail | 2024 Amount |
|---|---|---|
| Base Salary | Annual rate at hire | $500,000 |
| Target Bonus % | Percent of base salary | 50% |
| Actual Bonus Paid | Prorated for service (Oct 8–Dec 31), funded at 92% | $53,125 |
Performance Compensation
Annual Cash Bonus Structure (2024 corporate scorecard)
| Metric (Core/Stretch) | Weighting | Target/Definition | Actual Outcome | Notes |
|---|---|---|---|---|
| FDA acceptance of UGN‑102 NDA by Oct 31, 2024 (Core) | 65% | Acceptance by deadline | Achieved | Accepted Oct 2024 |
| Revenue $100M (Core) | 35% | FY2024 revenue target | Not Achieved | Missed threshold |
| Stretch: Revenue exceed target by 10/20/30% | 5%/10%/15% | Over‑achievement bands | Not Achieved | |
| Stretch: Accelerated FDA acceptance by 30/60/90 days | 10%/15%/25% | Early acceptance | Not Achieved | |
| Stretch: Strategic BD deal | 20% | Execute partnership | Achieved | Multiple RTGel collaborations |
CFO payout: 92% of target for 2024 (prorated for partial year) .
Equity Awards Granted (at URGN)
| Award Type | Grant Date | Shares/Units | Fair Value (Grant-Date) | Vesting Terms |
|---|---|---|---|---|
| Stock Options | Oct 8, 2024 | 74,142 | $695,294 | Equal annual installments over 3 years |
| RSUs | Oct 8, 2024 | 13,450 | $176,330 | Equal annual installments over 3 years |
Option details: exercise price $13.11; expiration Oct 8, 2034 .
No performance stock units granted to Mr. Degnan in 2024 (PSUs used for other NEOs tied to Zusduri milestones) .
Equity Ownership & Alignment
- Beneficial ownership: Not reported as owning ordinary shares as of June 30, 2025; less than 1% indicated (“—, *”) .
- Outstanding awards (12/31/2024):
- Options: 74,142 unexercisable; none exercisable; $13.11 strike; expire 10/8/2034 .
- RSUs: 13,450 unvested .
- Hedging/pledging: Insider Trading Policy prohibits short sales, derivatives (puts/calls), hedging, and margin accounts; no pledging disclosed for Degnan .
- Ownership guidelines: No officer stock ownership guidelines or compliance disclosures identified in the proxy; clawback policy adopted per SEC/Nasdaq rules .
Employment Terms
| Provision | Standard Term | CFO-Specific Terms |
|---|---|---|
| Employment start | At-will; CFO since Oct 2024 | Base $500,000; target bonus 50%; initial option/RSU inducement grants |
| Severance (non‑CoC) | Termination w/o cause, good reason, death/disability | 6 months base salary; prorated current‑year target bonus (company performance basis); prior‑year unpaid bonus; equity acceleration of 1/12th (8.33%) of unvested options/RSUs; up to 6 months COBRA reimbursement |
| Change‑in‑Control (double‑trigger) | Termination w/o cause or for good reason within 3 months before or 24 months after CoC | 100% acceleration of all unvested equity; lump sum equal to 12 months base + 100% of target bonus; up to 12 months COBRA reimbursement |
| Non‑compete / Non‑solicit / Confidentiality | Prohibitions in employment and IP assignment agreements; scope not quantified | Prohibits direct/indirect competition, employee solicitation, and disclosure of confidential information (no durations disclosed) |
| Option repricing | Prohibited without shareholder approval | Equity plan disallows repricing; no liberal single‑trigger CoC acceleration |
Note: Mr. Degnan’s appointment and grant timing disclosed in 8‑K filed Oct 9, 2024 (Item 402(x) timing table) .
Operating Performance Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $64,357,000 | $82,713,000 | $90,398,000 |
| EBITDA ($) | -$78,117,000* | -$64,734,000* | -$95,353,000* |
Values retrieved from S&P Global.
*No citation provided by GetFinancials.
Additional context: Jelmyto net product revenue was $90.4M in 2024 vs $82.7M in 2023, driven by 12% underlying demand growth .
Compensation Committee, Peer Group, Say‑on‑Pay
- Compensation Committee: 2025 members—Arie Belldegrun and Daniel Wildman; Chair: Wildman . 2024 members—Belldegrun, Fred Cohen, Wildman; Chair: Cohen .
- Benchmarking peer group (2024 analysis used for 2025 decisions) included: 2seventy bio, Arcus, Day One, Deciphera, Eagle, Erasca, IDEAYA, Inhibrx, iTeos, Karyopharm, Kura, RAPT, Rigel, Syndax, Tango, Verastem, Xencor, Y‑mAbs .
- Pay positioning: CEO ~20th percentile; non‑CEO executives ~15th percentile in 2024 .
| Say‑on‑Pay Approval | 2023 | 2024 |
|---|---|---|
| % For | ~81% | >87% |
Investment Implications
- Alignment: Cash bonus tied to core regulatory goal achievement and BD execution; equity grants vest over 3 years; double‑trigger 100% acceleration aligns protection with transaction outcomes while avoiding single‑trigger windfalls .
- Retention and selling pressure: As of mid‑2025, Degnan had no reported beneficial share ownership and holds unvested inducement awards—reducing near‑term selling pressure but increasing retention reliance on multi‑year vesting .
- Governance safeguards: Explicit prohibition of hedging/margin accounts and adoption of clawback policy; option repricing prohibited—limiting shareholder‑unfriendly actions .
- Performance lens: 2024 corporate scorecard mixed (regulatory/BD achieved; revenue target missed), with CFO bonus funded at 92% on a prorated basis; continued negative EBITDA highlights execution focus on commercialization scale, cost discipline, and Zusduri launch economics .