$RARE
Ultragenyx Pharmaceutical Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018026944 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $16.26M $11.76M $198.0K
YoY Change 573.61% 5840.91% 78.38%
Cost Of Revenue $510.0K $273.0K
YoY Change
Gross Profit $15.75M $11.49M
YoY Change 553.53%
Gross Profit Margin 96.86% 97.68%
Selling, General & Admin $34.48M $31.10M $23.50M
YoY Change -8.59% 32.32% 36.78%
% of Gross Profit 218.92% 270.63%
Research & Development $71.62M $70.04M $60.41M
YoY Change 16.4% 15.94% 24.02%
% of Gross Profit 454.73% 609.58%
Depreciation & Amortization $2.940M $4.360M $1.090M
YoY Change 16.67% 300.0% 5.83%
% of Gross Profit 18.67% 37.95%
Operating Expenses $106.6M $101.4M $83.91M
YoY Change 7.41% 20.85% 27.34%
Operating Profit -$90.85M -$89.65M
YoY Change -6.18%
Interest Expense $2.630M $2.730M $1.120M
YoY Change 265.28% 143.75% 21.74%
% of Operating Profit
Other Income/Expense, Net $10.00K -$150.0K $3.370M
YoY Change -100.54% -104.45% -6840.0%
Pretax Income -$87.70M -$87.06M -$79.22M
YoY Change -10.46% 9.9% 22.05%
Income Tax $130.0K $247.0K $4.000K
% Of Pretax Income
Net Earnings -$87.83M -$87.31M -$79.23M
YoY Change 7.46% 10.2% 22.06%
Net Earnings / Revenue -540.1% -742.24% -40013.64%
Basic Earnings Per Share -$1.73 -$1.74
Diluted Earnings Per Share -$1.73 -$1.74 -$1.866M
COMMON SHARES
Basic Shares Outstanding 50.58M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $459.7M $503.1M $371.1M
YoY Change 96.03% 35.57% -6.38%
Cash & Equivalents $113.4M $82.96M $60.41M
Short-Term Investments $346.3M $420.1M $310.7M
Other Short-Term Assets $42.90M $49.70M $19.90M
YoY Change 46.92% 149.75% -1.97%
Inventory $7.065M $5.556M
Prepaid Expenses
Receivables $12.74M $9.155M
Other Receivables $0.00 $0.00
Total Short-Term Assets $522.4M $567.5M $390.9M
YoY Change 93.77% 45.18% -6.21%
LONG-TERM ASSETS
Property, Plant & Equipment $20.05M $19.80M $16.00M
YoY Change -8.2% 23.75% -12.09%
Goodwill $44.41M $44.41M
YoY Change 0.0%
Intangibles $129.2M $130.2M
YoY Change -8.71%
Long-Term Investments $0.00 $0.00 $25.00M
YoY Change -100.0% -100.0% -67.19%
Other Assets $3.514M $3.200M $3.200M
YoY Change 3.14% 0.0% -17.95%
Total Long-Term Assets $197.2M $197.6M $44.10M
YoY Change -10.84% 348.07% -55.18%
TOTAL ASSETS
Total Short-Term Assets $522.4M $567.5M $390.9M
Total Long-Term Assets $197.2M $197.6M $44.10M
Total Assets $719.6M $765.1M $435.0M
YoY Change 46.62% 75.89% -15.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.28M $8.200M $9.300M
YoY Change 38.14% -11.83% 40.91%
Accrued Expenses $62.45M $58.50M $54.30M
YoY Change 0.52% 7.73% 24.83%
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 $74.73M $66.70M $64.30M
YoY Change 5.23% 3.73% 27.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.759M $4.700M $5.200M
YoY Change -7.03% -9.62% -40.91%
Total Long-Term Liabilities $4.759M $4.700M $5.200M
YoY Change -7.03% -9.62% -40.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.73M $66.70M $64.30M
Total Long-Term Liabilities $4.759M $4.700M $5.200M
Total Liabilities $110.7M $102.5M $69.50M
YoY Change 3.12% 47.48% 17.2%
SHAREHOLDERS EQUITY
Retained Earnings -$1.030B
YoY Change 23.73%
Common Stock $51.00K
YoY Change 15.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $608.9M $662.6M $365.6M
YoY Change
Total Liabilities & Shareholders Equity $719.6M $765.1M $435.0M
YoY Change 46.62% 75.89% -15.57%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$87.83M -$87.31M -$79.23M
YoY Change 7.46% 10.2% 22.06%
Depreciation, Depletion And Amortization $2.940M $4.360M $1.090M
YoY Change 16.67% 300.0% 5.83%
Cash From Operating Activities -$55.86M -$69.15M -$61.99M
YoY Change -31.73% 11.55% 115.62%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M -$1.030M -$1.030M
YoY Change 33.33% 0.0% -65.67%
Acquisitions
YoY Change
Other Investing Activities $74.75M $17.24M $30.83M
YoY Change 30.98% -44.08% -44.46%
Cash From Investing Activities $73.56M $16.21M $29.79M
YoY Change 30.96% -45.59% -43.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.24M 25.02M 1.330M
YoY Change -81.01% 1781.2% -97.9%
NET CHANGE
Cash From Operating Activities -55.86M -69.15M -61.99M
Cash From Investing Activities 73.56M 16.21M 29.79M
Cash From Financing Activities 12.24M 25.02M 1.330M
Net Change In Cash 29.94M -27.92M -30.87M
YoY Change -22.82% -9.56% -135.4%
FREE CASH FLOW
Cash From Operating Activities -$55.86M -$69.15M -$61.99M
Capital Expenditures -$1.200M -$1.030M -$1.030M
Free Cash Flow -$54.66M -$68.12M -$60.96M
YoY Change -32.45% 11.75% 136.74%

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-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <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:#000000;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 serious rare and ultra-rare genetic diseases. The Company has two approved therapies. Crysvita<font style="font-weight:bold;font-family:Calibri;font-size:12pt;color:#000000;">&#174;</font> (burosumab) is approved by the U.S. Food and Drug Administration (FDA) for the treatment of X-linked hypophosphatemia (XLH) in adult and pediatric patients one year of age and older, and has received European conditional marketing authorization for the treatment of XLH with radiographic evidence of bone disease in children 1 year of age and older and adolescents with growing skeletons. The Company has also received FDA approval and European marketing authorization under exceptional circumstances for <font style="color:#000000;">Mepsevii&#8482; (vestronidase alfa), the first medicine approved for the treatment of children and adults with MPS VII, also known as Sly syndrome. </font></p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition to the approved treatments for XLH and MPS VII, the Company has four ongoing clinical development programs. Crysvita is being studied for the treatment of tumor induced osteomalacia (TIO), a rare disease that impairs bone mineralization. UX007 is being studied 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 two gene therapy pipeline candidates: DTX301 is a<font style="color:#000000;">n adeno-associated virus 8 (AAV8) gene therapy product candidate in development for the treatment of patients with </font>ornithine transcarbamylase (OTC)<font style="color:#000000;"> deficiency, the most common urea cycle disorder; and DTX401 is an AAV8 gene therapy product candidate for the treatment of patients with glycogen storage disease type Ia (GSDIa). </font>The Company operates as one reportable segment.</p> <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;">The Company has sustained operating losses and expects such annual losses to continue over the next several years. The Company&#8217;s ultimate success depends on the outcome of its research and development and commercialization activities, for which it expects to incur additional losses in the future. Management recognizes the need to raise additional capital to fully implement its business plan. Through September 30, 2018, the Company has relied primarily on the proceeds from equity offerings to finance its operations. </p> <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;">The Company intends to raise additional capital through the issuance of equity, borrowings, or strategic alliances with partner companies. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plans.</p></div>
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us-gaap Use Of Estimates
UseOfEstimates
<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:13pt;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 accompanying consolidated financial statements have been prepared in accordance with GAAP. The preparation of the consolidated financial statements in conformity with 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 consolidated financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to sales return reserves, clinical trial accruals, fair value of assets and liabilities, 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>
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
224029000
CY2017Q4 rare Liability Under Collaboration Arrangement
LiabilityUnderCollaborationArrangement
3681000
CY2017Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5986000
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
380000
CY2018Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
4600000
CY2017Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
737000
CY2018Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
956000
CY2018Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
482870000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
26527000
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
60407000
CY2018Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
652000
CY2017Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
461000
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents Current Asset Statement Of Financial Position Extensible List
RestrictedCashAndCashEquivalentsCurrentAssetStatementOfFinancialPositionExtensibleList
us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents Current Asset Statement Of Financial Position Extensible List
RestrictedCashAndCashEquivalentsCurrentAssetStatementOfFinancialPositionExtensibleList
us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
CY2018Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1822000
CY2017Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1805000
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent Asset Statement Of Financial Position Extensible List
RestrictedCashAndCashEquivalentsNoncurrentAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherNoncurrentAssetsMember
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent Asset Statement Of Financial Position Extensible List
RestrictedCashAndCashEquivalentsNoncurrentAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherNoncurrentAssetsMember
CY2018Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
483251000
CY2018Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2018Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
383000
CY2017Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
20000
CY2018Q3 rare Research And Clinical Trial Expenses
ResearchAndClinicalTrialExpenses
20363000
CY2017Q4 rare Research And Clinical Trial Expenses
ResearchAndClinicalTrialExpenses
17141000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8450000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8793000
rare Contract With Customer Liability Additions During Period
ContractWithCustomerLiabilityAdditionsDuringPeriod
22491000
rare Contract With Customer Liability Deductions During Period
ContractWithCustomerLiabilityDeductionsDuringPeriod
14767000
CY2018Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1738000
CY2018Q3 rare Percentage Of Gross Accounts Receivable Balance
PercentageOfGrossAccountsReceivableBalance
0.65
CY2017Q4 rare Percentage Of Gross Accounts Receivable Balance
PercentageOfGrossAccountsReceivableBalance
0.97
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20667000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17180000
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6016985
CY2018Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-29000
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-5298000
CY2018Q3 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-381000
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-382000

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