A 2-months old male infant presented in the pediatric outpatient clinic with complaints of a cystic bulge on the glans penis observed a few days earlier. There were no other symptoms, such as perception of discomfort, stream distortion, urinary flow disturbance or urinary tract infections. Trauma was denied. The patient was previously healthy and family history was unremarkable. Physical examination showed a well-defined, nontender oval cyst adjacent to the meatal opening, as shown in the image (Figure 1). The patient was seen by a Pediatric Nephrology specialist that recommended a wait-and-see approach. The patient is currently 9-month old and remains asymptomatic. Variations in size have been documented but without dimensional increase.
Figure 1. Parameatal uretheral cyst.

What is the diagnosis?