$RARE
Ultragenyx Pharmaceutical Inc.

2014 Q1 Form 10-Q Financial Statement

#000156459014002047 Filed on May 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $93.00K $0.00 $26.00K
YoY Change 257.69%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.990M $1.320M $1.080M
YoY Change 84.26% 46.67%
% of Gross Profit
Research & Development $8.350M $8.200M $5.664M
YoY Change 47.42% 116.93%
% of Gross Profit
Depreciation & Amortization $117.0K $110.0K $124.0K
YoY Change -5.65% 22.22%
% of Gross Profit
Operating Expenses $10.34M $9.525M $6.747M
YoY Change 53.24% 103.53%
Operating Profit -$10.34M -$6.747M
YoY Change 53.24%
Interest Expense $90.00K $60.00K $30.00K
YoY Change 200.0%
% of Operating Profit
Other Income/Expense, Net -$3.291M -$1.850M $12.00K
YoY Change -27525.0% 640.0%
Pretax Income -$13.63M -$11.32M -$6.740M
YoY Change 102.23% 129.61%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$13.63M -$11.32M -$6.735M
YoY Change 102.38% 129.55%
Net Earnings / Revenue -14655.91% -25903.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$631.6K -$389.5K -$231.9K
COMMON SHARES
Basic Shares Outstanding 21.58M 3.461M
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.4M $53.40M
YoY Change -38.05%
Cash & Equivalents $55.40M $7.427M $64.80M
Short-Term Investments $110.0M $46.00M
Other Short-Term Assets $4.200M $1.800M
YoY Change 500.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $169.6M $55.20M
YoY Change -36.11%
LONG-TERM ASSETS
Property, Plant & Equipment $1.777M $1.300M
YoY Change -7.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $550.0K $2.648M
YoY Change 429.6%
Total Long-Term Assets $3.071M $4.449M
YoY Change 134.16%
TOTAL ASSETS
Total Short-Term Assets $169.6M $55.20M
Total Long-Term Assets $3.071M $4.449M
Total Assets $172.7M $59.65M
YoY Change -32.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.495M $1.437M
YoY Change 19.75%
Accrued Expenses $3.238M $4.406M
YoY Change 131.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.811M $5.921M
YoY Change 85.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $3.600M
YoY Change 350.0%
Total Long-Term Liabilities $200.0K $3.600M
YoY Change 350.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.811M $5.921M
Total Long-Term Liabilities $200.0K $3.600M
Total Liabilities $7.000M $9.500M
YoY Change 137.5%
SHAREHOLDERS EQUITY
Retained Earnings -$74.84M
YoY Change
Common Stock $30.00K $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $165.7M -$74.82M
YoY Change
Total Liabilities & Shareholders Equity $172.7M $59.65M
YoY Change -32.45%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income -$13.63M -$11.32M -$6.735M
YoY Change 102.38% 129.55%
Depreciation, Depletion And Amortization $117.0K $110.0K $124.0K
YoY Change -5.65% 22.22%
Cash From Operating Activities -$8.336M -$9.770M -$6.293M
YoY Change 32.46% 163.34%
INVESTING ACTIVITIES
Capital Expenditures $569.0K -$130.0K $177.0K
YoY Change 221.47% 8.33%
Acquisitions
YoY Change
Other Investing Activities -$64.83M $11.24M -$14.92M
YoY Change 334.52%
Cash From Investing Activities -$65.40M $11.12M -$15.10M
YoY Change 333.1% -9366.67%
FINANCING ACTIVITIES
Cash Dividend Paid $4.346M
YoY Change
Common Stock Issuance & Retirement, Net $128.4M $1.000K
YoY Change 12838400.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 121.8M 40.00K 1.000K
YoY Change 12175300.0% -99.95%
NET CHANGE
Cash From Operating Activities -8.336M -9.770M -6.293M
Cash From Investing Activities -65.40M 11.12M -15.10M
Cash From Financing Activities 121.8M 40.00K 1.000K
Net Change In Cash 48.02M 1.390M -21.39M
YoY Change -324.48% -98.02%
FREE CASH FLOW
Cash From Operating Activities -$8.336M -$9.770M -$6.293M
Capital Expenditures $569.0K -$130.0K $177.0K
Free Cash Flow -$8.905M -$9.640M -$6.470M
YoY Change 37.64% 168.52%

Facts In Submission

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<div> <div align="left"><table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"><tr><td valign="top" style="width:4.54%;white-space:nowrap"><p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td><td valign="top" style="width:95.46%;"><p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></font><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Organization </font></p></td></tr></table></div><p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Ultragenyx Pharmaceutical Inc. (the Company) is a development stage biotechnology company and was incorporated in California on April&#160;22, 2010. The Company subsequently reincorporated in the state of Delaware in June 2011. </font></p><p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The Company is focused on the identification, acquisition, development, and commercialization of novel products for the treatment of rare and ultra-rare diseases, with an initial focus on serious and</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> debilitating metabolic genetic diseases. The Company is currently conducting a Phase 2 extension study of sialic acid, extended release (SA-ER) in patients with hereditary inclusion body myopathy (HIBM), a progressive muscle-wasting disorder; a Phase 1/2 study of recombinant human beta-glucuronidase (rhGUS) in patients with mucopolysaccharidosis 7, or MPS 7, a rare lysosomal storage disease; a Phase 2 clinical study for triheptanoin for the treatment of patients with glucose transporter type-1 deficiency syndrome (Glut1 DS), a brain energy deficiency; and a Phase 2 clinical study of triheptanoin, in patients severely affected by long-chain fatty acid oxidation disorders (LC-FAOD), a genetic disorder in which the body is unable to convert long chain fatty acids into energy. The Company has also entered into a collaboration and license agreement with Kyowa Hakko Kirin Co. LTD. (KHK) for KRN23, an antibody targeting fibroblast growth factor 23, or FGF23, intended for the treatment of X-linked hypophosphatemia, or XLH, a rare genetic disease that impairs bone growth.</font></p><p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">On January&#160;30, 2014</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, the Company&#8217;s registration statements on Form S-1 (File Nos. 333-192244 and 333-193675) relating to its initial public offering (IPO) of its common stock were declared effective by the Securities and Exchange Commission (SEC). The shares began trading on The NASDAQ Global Select Market on January&#160;31, 2014. The public offering price of the shares sold in the offering was $21.00 per share. The IPO closed on February&#160;5, 2014 and included 6,624,423 shares of common stock, which included 864,054 shares of common stock issued pursuant to the over-allotment option granted to the underwriters. The Company received total proceeds from the offering of $129.4 million, net of underwriting discounts and commissions of $9.7 million. After deducting offering expenses of approximately $3.3 million and a cash dividend of $4.3 million, which was paid to the preferred stockholders on the closing date, net proceeds were approximately $121.7 million. Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into 19,598,486 shares of common stock and the Series A convertible preferred stock warrants were converted into warrants to purchase common stock. </font></p><p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Upon the effectiveness of the Amended and Restated Certificate of Incorporation of the Company on February&#160;5, 2014, the number of shares of capital stock the Company is authorized to issue was increased to 275,000,000</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> shares, of which 250,000,000 shares are common stock and 25,000,000 shares are preferred stock. Both the common stock and preferred stock have a par value of $0.001 per share. There are no shares of preferred stock outstanding at March&#160;31, 2014. </font></p></div>
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<div> <p style="margin-bottom:0pt;margin-top:13pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </font></p><p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of expenses in the financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accruals, fair value of assets and liabilities, convertible preferred stock and related warrants, common stock, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. </font></p></div>
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CY2014Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-bottom:0pt;margin-top:13pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Other Risks and Uncertainties </font></p><p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company&#8217;s cash, cash equivalents, and short-term investments are held by financial institutions that management believes are of high credit quality. The Company&#8217;s investment policy limits investments to fixed income securities denominated and payable in U.S. dollars such as U.S. government obligations, money market instruments and funds, corporate bonds, and asset-backed securities and places restrictions on maturities and concentrations by type and issuer. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and its accounts are monitored by management to mitigate risk. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and corporate bond issuers to the extent recorded in the balance sheets. </font></p></div>
CY2014Q1 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
161056000
CY2013Q4 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
52797000
CY2013Q4 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
3419000
CY2013Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
3419000
CY2012Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
518000
CY2014Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
3324000
CY2013Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-2000
CY2013Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
516000
CY2014Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
161102000
CY2014Q1 rare Available For Sale Securities Gross Unrealized Gain Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments
23000
CY2014Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
19598486
CY2014Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
4300000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
795000
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
191000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2597000
CY2014Q1 us-gaap Purchase Obligation
PurchaseObligation
850000
CY2014Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
4808000
CY2013Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
1470000
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21582435
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3461161
CY2013Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
567164
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2668804
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21959263

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