Ultragenyx Pharmaceutical Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ultragenyx Pharmaceutical Inc. has filed its Q1 2024 10-Q report, detailing financial positions and activities.</b>

AI Summary

Ultragenyx Pharmaceutical Inc. (RARE) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Ultragenyx Pharmaceutical Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data related to various assets, liabilities, and equity accounts. Key dates mentioned include March 31, 2024, December 31, 2023, and March 31, 2023. The company's fiscal year ends on December 31. The filing references collaborations and license agreements, including with Kyowa Kirin.

Why It Matters

For investors and stakeholders tracking Ultragenyx Pharmaceutical Inc., this filing contains several important signals. This 10-Q filing provides a quarterly update on Ultragenyx's financial health and operational status, crucial for investors to assess performance and make informed decisions. The details within the report, such as asset and liability figures, revenue segments, and collaboration terms, offer insights into the company's ongoing business strategy and its progress in developing and commercializing rare disease therapies.

Risk Assessment

Risk Level: medium — Ultragenyx Pharmaceutical Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which, while providing essential financial data, does not inherently signal significant positive or negative developments beyond the regular course of business. Specific financial performance metrics and forward-looking statements would be needed for a stronger sentiment.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand Ultragenyx's revenue streams, cost structures, and asset management for the first quarter of 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-03 — Filing Date (Filed As Of Date)
• 2023-12-31 — Fiscal Year End (Fiscal Year End)
• 2023-03-31 — Prior Period End Date (Comparison period for financial data)

Key Players & Entities

• Ultragenyx Pharmaceutical Inc. (company) — Filer name
• Kyowa Kirin (company) — Collaboration partner
• Regeneron Pharmaceuticals Inc. (company) — Mentioned in context of agreements
• Shehnaaz Suliman (person) — Mentioned in context of compensation or stock

FAQ

Industry Context

Ultragenyx Pharmaceutical operates in the biotechnology and pharmaceutical sector, focusing on the development and commercialization of novel therapies for rare and ultra-rare genetic diseases.

Regulatory Implications

As a publicly traded company, Ultragenyx is subject to SEC regulations, including the requirement to file periodic reports like the 10-Q, ensuring transparency for investors.

What Investors Should Do

1. Analyze the balance sheet details for March 31, 2024, comparing key asset and liability accounts to prior periods.
2. Examine any disclosed revenue or cost of sales information, if available in the filing's detailed sections.
3. Review the company's business description and any updates on its product pipeline or collaborations.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance and condition during the preceding fiscal quarter.)

Fiscal Year End

The last day of a company's fiscal year. (Establishes the annual reporting cycle for financial statements.)

Year-Over-Year Comparison

This filing represents the quarterly report for the period ending March 31, 2024, providing an update compared to the previous fiscal year-end report (10-K) or prior quarterly filings.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value RARE The Nasdaq Global Se

Filing Documents

• rare-20240331.htm (10-Q) — 2126KB
• rare-ex31_1.htm (EX-31.1) — 15KB
• rare-ex31_2.htm (EX-31.2) — 14KB
• rare-ex32_1.htm (EX-32.1) — 11KB
• img216848748_0.jpg (GRAPHIC) — 92KB
• 0000950170-24-052346.txt (&nbsp;) — 8120KB
• rare-20240331.xsd (EX-101.SCH) — 1082KB
• rare-20240331_htm.xml (XML) — 1363KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31 Part II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 69

Signatures

Signatures 70 C AUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, or the Quarterly Report, contains forward-looking statements that involve risks and uncertainties. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical fact contained in this Quarterly Report are forward-looking statements. In some cases, you can identify forward-looking statements by words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or the negative of these words, or other comparable terminology. These forward-looking statements include, but are not limited to, statements about: our commercialization, marketing, and manufacturing capabilities and strategy; our expectations regarding the timing of clinical study commencements and reporting results from same; the timing and likelihood of regulatory approvals for our product candidates; the anticipated indications for our product candidates, if approved; the potential market opportunities for commercializing our products and product candidates; our expectations regarding the potential market size and the size of the patient populations for our products and product candidates, if approved for commercial use; estimates of our expenses, revenue, capital requirements, and our needs for additional financing; our ability to develop, acquire, and advance product candidates into, and successfully complete, clinical studies; the implementation of our business model and strategic plans for our business, products and product candidates and the integration and performance of any businesses we have acquired or may acquire; the initiation, timing, progress, and results of ongoin

FINANCIA L INFORMATION

PART I. FINANCIA L INFORMATION

Financi al Statements

Item 1. Financi al Statements ULTRAGENYX PHARMACEUTICAL INC. C ONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share amounts) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 112,250 $ 213,584 Marketable debt securities 299,830 363,625 Accounts receivable, net 100,253 73,390 Inventory 35,907 33,969 Other assets 47,727 47,616 Total current assets 595,967 732,184 Property, plant, and equipment, net 285,111 290,566 Marketable debt securities 156,581 199,901 Intangible assets, net 165,045 166,271 Goodwill 44,406 44,406 Other assets 59,970 57,685 Total assets $ 1,307,080 $ 1,491,013 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 40,972 $ 42,114 Accrued liabilities 149,133 196,486 Lease liabilities 12,781 12,595 Liabilities for sales of future royalties 42,689 29,242 Total current liabilities 245,575 280,437 Lease liabilities 27,979 30,574 Deferred tax liabilities 30,058 30,058 Liabilities for sales of future royalties 848,725 862,325 Other liabilities 14,479 12,205 Total liabilities 1,166,816 1,215,599 Stockholders' equity: Preferred stock, par value of $ 0.001 per share— 25,000,000 shares authorized; nil outstanding in 2024 and in 2023 — — Common stock, par value of $ 0.001 per share— 250,000,000 shares authorized; outstanding— 83,094,037 in 2024 and 82,315,590 in 2023 83 82 Treasury stock, at cost, 63,575 in 2024 and 9,559 in 2023 ( 3,332 ) ( 432 ) Deferred compensation obligation 3,332 432 Additional paid-in capital 3,698,957 3,662,346 Accumulated other comprehensive income (loss) ( 431 ) 647 Accumulated deficit ( 3,558,345 ) ( 3,387,661 ) Total stockholders' equity 140,264 275,414 Total liabilities and stockholders' equity $ 1,307,080 $ 1,491,013

View Full Filing

View this 10-Q filing on SEC EDGAR