2020 Q1 Form 10-Q Financial Statement
#000156459020022136 Filed on May 07, 2020
Income Statement
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| Revenue | $36.31M | $18.17M |
| YoY Change | 99.81% | 70.2% |
| Cost Of Revenue | -$3.500M | $452.0K |
| YoY Change | -874.34% | 100.89% |
| Gross Profit | $39.81M | $17.72M |
| YoY Change | 124.66% | 69.54% |
| Gross Profit Margin | 109.64% | 97.51% |
| Selling, General & Admin | $47.52M | $38.83M |
| YoY Change | 22.37% | 23.52% |
| % of Gross Profit | 119.36% | 219.13% |
| Research & Development | $113.0M | $78.11M |
| YoY Change | 44.63% | 3.45% |
| % of Gross Profit | 283.75% | 440.77% |
| Depreciation & Amortization | $2.850M | $2.119M |
| YoY Change | 34.5% | -65.6% |
| % of Gross Profit | 7.16% | 11.96% |
| Operating Expenses | $157.0M | $117.4M |
| YoY Change | 33.72% | 9.54% |
| Operating Profit | -$120.7M | -$99.21M |
| YoY Change | 21.62% | 2.59% |
| Interest Expense | $10.59M | $3.090M |
| YoY Change | 242.72% | 77.59% |
| % of Operating Profit | ||
| Other Income/Expense, Net | -$456.0K | -$412.0K |
| YoY Change | 10.68% | -91.69% |
| Pretax Income | -$118.6M | -$96.54M |
| YoY Change | 22.87% | -418.7% |
| Income Tax | $409.0K | $216.0K |
| % Of Pretax Income | ||
| Net Earnings | -$119.0M | -$96.76M |
| YoY Change | 23.02% | -419.82% |
| Net Earnings / Revenue | -327.81% | -532.45% |
| Basic Earnings Per Share | -$2.05 | -$1.82 |
| Diluted Earnings Per Share | -$2.05 | -$1.82 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 57.89M | 53.21M |
| Diluted Shares Outstanding | 53.21M |
Balance Sheet
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $663.3M | $715.3M |
| YoY Change | -7.27% | 32.14% |
| Cash & Equivalents | $298.2M | $269.7M |
| Short-Term Investments | $365.1M | $445.6M |
| Other Short-Term Assets | $64.80M | $45.00M |
| YoY Change | 44.0% | 30.43% |
| Inventory | $11.38M | $10.90M |
| Prepaid Expenses | ||
| Receivables | $29.30M | $15.60M |
| Other Receivables | $125.6M | $0.00 |
| Total Short-Term Assets | $894.3M | $786.9M |
| YoY Change | 13.65% | 35.3% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $83.40M | $44.70M |
| YoY Change | 86.58% | 114.9% |
| Goodwill | $44.41M | |
| YoY Change | 0.0% | |
| Intangibles | $129.0M | $129.1M |
| YoY Change | -0.07% | -5.86% |
| Long-Term Investments | $77.10M | |
| YoY Change | ||
| Other Assets | $4.900M | $2.700M |
| YoY Change | 81.48% | -22.86% |
| Total Long-Term Assets | $338.8M | $220.9M |
| YoY Change | 53.37% | -6.32% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $894.3M | $786.9M |
| Total Long-Term Assets | $338.8M | $220.9M |
| Total Assets | $1.233B | $1.008B |
| YoY Change | 22.36% | 23.29% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $14.40M | $12.70M |
| YoY Change | 13.39% | 67.11% |
| Accrued Expenses | $67.72M | $54.20M |
| YoY Change | 24.94% | 9.94% |
| Deferred Revenue | $145.3M | $69.00K |
| YoY Change | 210455.07% | |
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $196.9M | $66.90M |
| YoY Change | 194.32% | 16.15% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $393.8M | $23.00M |
| YoY Change | 1612.17% | 369.39% |
| Total Long-Term Liabilities | $393.8M | $23.00M |
| YoY Change | 1612.17% | 369.39% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $196.9M | $66.90M |
| Total Long-Term Liabilities | $393.8M | $23.00M |
| Total Liabilities | $624.0M | $121.0M |
| YoY Change | 415.7% | 29.14% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $609.1M | $886.7M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $1.233B | $1.008B |
| YoY Change | 22.36% | 23.3% |
Cashflow Statement
| Concept | 2020 Q1 | 2019 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$119.0M | -$96.76M |
| YoY Change | 23.02% | -419.82% |
| Depreciation, Depletion And Amortization | $2.850M | $2.119M |
| YoY Change | 34.5% | -65.6% |
| Cash From Operating Activities | -$95.15M | -$95.78M |
| YoY Change | -0.65% | 7.04% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $14.10M | $3.059M |
| YoY Change | 360.8% | 544.0% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$81.03M | -$98.13M |
| YoY Change | -17.43% | 39.09% |
| Cash From Investing Activities | -$95.13M | -$101.2M |
| YoY Change | -6.0% | 42.47% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $330.4M | |
| YoY Change | 21.94% | |
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 55.62M | 353.6M |
| YoY Change | -84.27% | 23.46% |
| NET CHANGE | ||
| Cash From Operating Activities | -95.15M | -95.78M |
| Cash From Investing Activities | -95.13M | -101.2M |
| Cash From Financing Activities | 55.62M | 353.6M |
| Net Change In Cash | -135.3M | 156.5M |
| YoY Change | -186.47% | 24.01% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$95.15M | -$95.78M |
| Capital Expenditures | $14.10M | $3.059M |
| Free Cash Flow | -$109.2M | -$98.83M |
| YoY Change | 10.54% | 9.87% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
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Preferred Stock Shares Outstanding
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|
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Preferred Stock Value
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Preferred Stock Value
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Assets Current
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| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
353617000 | |
| CY2020Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-623000 | |
| CY2019Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-198000 | |
| CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-135285000 | |
| CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
156451000 | |
| CY2019Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
436244000 | |
| CY2018Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
115525000 | |
| CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
271976000 | |
| CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
271976000 | |
| CY2020Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
7397000 | |
| CY2019Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
8280000 | |
| CY2020Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <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;"><span style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</span></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%;color:#000000;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 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<span style="font-weight:bold;font-size:12pt;">®</span> (burosumab) is approved in the United States by the U.S. Food and Drug Administration (FDA) and in Canada 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 one year of age and older and adolescents with growing skeletons. In Brazil, Crysvita is approved for treatment of XLH in adult and pediatric patients one year of age and older. The Company has also received FDA approval for Mepsevii™ (vestronidase alfa), the first medicine approved for the treatment of children and adults with mucopolysaccharidosis VII (MPS VII), also known as Sly syndrome. In the European Union and the United Kingdom, Mepsevii is approved under exceptional circumstances for patients of all ages for the treatment of non-neurological manifestations of MPS VII. In Brazil, Mepsevii is approved for the treatment of MPS VII for patients of all ages. </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 an adeno-associated virus 8 (AAV8) gene therapy product candidate in development for the treatment of patients with ornithine transcarbamylase (OTC) 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). The Company operates as one reportable segment.</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 has sustained operating losses and expects such annual losses to continue over the next several years. The Company’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 that we will likely need to raise additional capital to fully implement its business plans. Through March 31, 2020, the Company has relied primarily on the proceeds from equity offerings and its sale of future royalties to finance its operations.</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 will likely 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 would need to reevaluate its operating plans.</p> | |
| CY2020Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<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;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 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 clinical trial accruals, fair value of assets and liabilities, income taxes, stock-based compensation, and the liability related to the sale of future royalties. 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> | |
| CY2020Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
298190000 | |
| CY2019Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
269712000 | |
| CY2020Q1 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
161000 | |
| CY2019Q1 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
351000 | |
| CY2020Q1 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
2608000 | |
| CY2019Q1 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
1913000 | |
| CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
300959000 | |
| CY2020Q1 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
698456000 | |
| CY2019Q4 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
768920000 | |
| CY2020Q1 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
664226000 | |
| CY2020Q1 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
583000 | |
| CY2020Q1 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
1773000 | |
| CY2020Q1 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
663036000 | |
| CY2019Q4 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
741168000 | |
| CY2019Q1 | us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | |
| CY2019Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
8191000 | |
| CY2019Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
3355000 | |
| CY2019Q4 | us-gaap |
Inventory Net
InventoryNet
|
11546000 | |
| CY2019Q4 | rare |
Research Clinical Study And Manufacturing Expenses
ResearchClinicalStudyAndManufacturingExpenses
|
22894000 | |
| CY2020Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
24572000 | |
| CY2019Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
41324000 | |
| CY2019Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
18976000 | |
| CY2019Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
83194000 | |
| CY2019Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
18172000 | |
| CY2019Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
18172000 | |
| CY2018Q4 | us-gaap |
Contract With Customer Asset Net
ContractWithCustomerAssetNet
|
2979000 | |
| CY2019Q1 | rare |
Contract With Customer Liability Additions During Period
ContractWithCustomerLiabilityAdditionsDuringPeriod
|
283000 | |
| CY2019Q1 | rare |
Contract With Customer Liability Deductions During Period
ContractWithCustomerLiabilityDeductionsDuringPeriod
|
3331000 | |
| CY2019Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
69000 | |
| CY2019Q4 | rare |
Percentage Of Gross Accounts Receivable Balance
PercentageOfGrossAccountsReceivableBalance
|
0.87 | |
| CY2019 | us-gaap |
Proceeds From Royalties Received
ProceedsFromRoyaltiesReceived
|
314234000 | |
| CY2019 | rare |
Non Cash Interest Expense On Liability Related To Sale Of Future Royalties
NonCashInterestExpenseOnLiabilityRelatedToSaleOfFutureRoyalties
|
1135000 | |
| CY2019Q4 | rare |
Liability Related To Sale Of Future Royalties
LiabilityRelatedToSaleOfFutureRoyalties
|
315369000 | |
| CY2020Q1 | rare |
Non Cash Collaboration Royalty Revenue
NonCashCollaborationRoyaltyRevenue
|
2615000 | |
| CY2020Q1 | rare |
Non Cash Interest Expense On Liability Related To Sale Of Future Royalties
NonCashInterestExpenseOnLiabilityRelatedToSaleOfFutureRoyalties
|
8082000 | |
| CY2020Q1 | rare |
Liability Related To Sale Of Future Royalties
LiabilityRelatedToSaleOfFutureRoyalties
|
320836000 | |
| CY2020Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
20172000 | |
| CY2019Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
20221000 | |
| CY2020Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
8585289 | |
| CY2019Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
7618311 | |
| CY2020Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
-355000 | |
| CY2019Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
-306000 | |
| CY2020Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
|
-1190000 | |
| CY2019Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
|
159000 | |
| CY2020Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-1545000 | |
| CY2019Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-147000 |
