$RARE
Ultragenyx Pharmaceutical Inc.

2015 Q3 Form 10-Q Financial Statement

#000156459015007307 Filed on August 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $0.00 $0.00 $149.0K
YoY Change -100.0% 136.51%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.23M $7.040M $2.420M
YoY Change 243.29% 190.91% 130.48%
% of Gross Profit
Research & Development $29.70M $23.10M $11.24M
YoY Change 131.13% 105.57% 56.1%
% of Gross Profit
Depreciation & Amortization $440.0K $260.0K $160.0K
YoY Change 131.58% 62.5% 45.45%
% of Gross Profit
Operating Expenses $39.94M $30.14M $13.66M
YoY Change 152.2% 120.64% 65.65%
Operating Profit -$30.14M -$13.66M
YoY Change 120.64%
Interest Expense $670.0K $460.0K $150.0K
YoY Change 294.12% 206.67% 150.0%
% of Operating Profit
Other Income/Expense, Net $30.00K -$100.0K $76.00K
YoY Change -314.29% -231.58% -122.16%
Pretax Income -$39.23M -$29.79M -$13.59M
YoY Change 147.51% 119.21% 58.21%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$39.23M -$29.79M -$13.59M
YoY Change 147.54% 119.26% 58.15%
Net Earnings / Revenue -9117.45%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.025M -$828.9K -$452.1K
COMMON SHARES
Basic Shares Outstanding 38.68M 35.94M 30.06M
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $448.4M $326.0M $153.3M
YoY Change 122.86% 112.65% 1035.56%
Cash & Equivalents $166.7M $52.35M $17.45M
Short-Term Investments $281.7M $273.7M $135.8M
Other Short-Term Assets $12.30M $10.50M $4.900M
YoY Change 123.64% 114.29% 226.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $460.7M $336.5M $158.2M
YoY Change 122.88% 112.72% 118.21%
LONG-TERM ASSETS
Property, Plant & Equipment $6.300M $4.772M $2.500M
YoY Change 142.31% 90.88% 92.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $133.5M
YoY Change
Other Assets $1.600M $790.0K $1.900M
YoY Change 0.0% -58.42% 171.43%
Total Long-Term Assets $141.4M $6.474M $4.400M
YoY Change 3266.67% 47.14% 109.52%
TOTAL ASSETS
Total Short-Term Assets $460.7M $336.5M $158.2M
Total Long-Term Assets $141.4M $6.474M $4.400M
Total Assets $602.1M $343.0M $162.6M
YoY Change 185.49% 110.95% 117.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.400M $10.17M $3.600M
YoY Change 4.76% 182.53% 71.43%
Accrued Expenses $20.10M $12.72M $5.300M
YoY Change 195.59% 139.92% 178.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.70M $23.04M $8.900M
YoY Change 122.52% 158.9% 117.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $684.0K $600.0K
YoY Change 20.0% 14.0% -45.45%
Total Long-Term Liabilities $600.0K $684.0K $600.0K
YoY Change 20.0% 14.0% -45.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.70M $23.04M $8.900M
Total Long-Term Liabilities $600.0K $684.0K $600.0K
Total Liabilities $25.40M $23.73M $9.500M
YoY Change 118.97% 149.75% 82.69%
SHAREHOLDERS EQUITY
Retained Earnings -$190.2M
YoY Change
Common Stock $36.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $576.8M $319.3M $153.1M
YoY Change
Total Liabilities & Shareholders Equity $602.1M $343.0M $162.6M
YoY Change 185.49% 110.95% 117.96%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$39.23M -$29.79M -$13.59M
YoY Change 147.54% 119.26% 58.15%
Depreciation, Depletion And Amortization $440.0K $260.0K $160.0K
YoY Change 131.58% 62.5% 45.45%
Cash From Operating Activities -$30.60M -$17.27M -$10.53M
YoY Change 177.43% 64.01% 25.51%
INVESTING ACTIVITIES
Capital Expenditures -$1.980M -$590.0K -$690.0K
YoY Change 350.0% -14.49% -790.0%
Acquisitions
YoY Change
Other Investing Activities -$141.7M -$110.4M -$26.79M
YoY Change 981.98% 312.13% -37.8%
Cash From Investing Activities -$143.7M -$111.0M -$27.47M
YoY Change 960.59% 304.11% -36.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 288.7M 2.600M 10.00K
YoY Change 377.03% 25900.0% -83.33%
NET CHANGE
Cash From Operating Activities -30.60M -17.27M -10.53M
Cash From Investing Activities -143.7M -111.0M -27.47M
Cash From Financing Activities 288.7M 2.600M 10.00K
Net Change In Cash 114.3M -125.7M -37.99M
YoY Change 218.23% 230.82% -25.93%
FREE CASH FLOW
Cash From Operating Activities -$30.60M -$17.27M -$10.53M
Capital Expenditures -$1.980M -$590.0K -$690.0K
Free Cash Flow -$28.62M -$16.68M -$9.840M
YoY Change 170.25% 69.51% 15.9%

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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-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</p></td> <td valign="top" style="width:95.46%;"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Organization </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-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ultragenyx Pharmaceutical Inc. (the Company) is a biopharmaceutical company incorporated in California on April&#160;22, 2010. The Company subsequently reincorporated in the state of Delaware in June 2011. </p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;color:#;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is focused on the identification, acquisition, development, and commercialization of novel products for the treatment of rare and ultra-rare diseases, with a focus on serious, debilitating metabolic genetic diseases.&#160;The Company is currently conducting a Phase 3 study of aceneuramic acid extended-release (Ace-ER) in patients with GNE myopathy (GNEM), which is also known as hereditary inclusion body myopathy (HIBM), a progressive muscle-wasting disorder; a Phase 3 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 in patients with glucose transporter type-1 deficiency syndrome (Glut1 DS), a brain energy deficiency; 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; and Phase 2 studies of KRN23, an antibody targeting fibroblast growth factor 23, or FGF23, in patients with X-linked hypophosphatemia (XLH) and tumor-induced osteomalacia (TIO), both rare diseases that impair bone mineralization. The Company operates in the United States of America and has one reportable segment.</p> <p style="margin-top:3pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In July 2015, the Company completed an underwritten public offering in which the Company sold 2,530,000 shares of common stock, which included 330,000 shares of common stock purchased by the underwriters pursuant to an option granted to them in connection with the offering, at a public offering price of $120.00 per share. The total proceeds that the Company received from the offering were approximately $286.9 million, net of underwriting discounts and commissions of approximately $16.7 million. After deducting estimated offering expenses payable of approximately $0.3 million, net proceeds were $286.6 million.</p></div>
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<div> <p style="margin-bottom:0pt;margin-top:13pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:4pt;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 consolidated 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 study and manufacturing 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. </p></div>
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3419000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
3324000
CY2015Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
308020000
CY2015Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
19000
CY2015Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
228000
CY2014Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
175979000
CY2014Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2014Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
180000
CY2014Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
175805000
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2015Q2 rare Research And Clinical Trial Expenses
ResearchAndClinicalTrialExpenses
5714000
CY2014Q4 rare Research And Clinical Trial Expenses
ResearchAndClinicalTrialExpenses
2703000
CY2015Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4972000
CY2014Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4205000
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2030000
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
667000
CY2015Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
149700
CY2014Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
324351
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5091000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
946000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7499000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1741000
CY2015Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
149000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
272000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
4808000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35937442
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30055943
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34977498
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25697407
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2914816
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3141806

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