RARE on Nasdaq

Ultragenyx Pharmaceutical Inc.

In its 2026 annual report the company says: “We are a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultra-rare genetic diseases. We have built a diverse portfolio of approved therapies and product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are typically no approved therapies treating the underlying disease.”4 It is headquartered in Novato, California.1

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Last updated Oct 21, 2026.

Overview

Compare with Kiniksa Pharmaceuticals International, plc, Axsome Therapeutics or Amicus Therapeutics, or pick any stock.

  • TickerRARE on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersNovato, California1
  • Incorporated inDE2
  • Business address60 Leveroni Court, Novato, Ca 949492
  • Filer categoryLarge accelerated filer2

We are a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultra-rare genetic diseases. We have built a diverse portfolio of approved therapies and product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are typically no approved therapies treating the underlying disease.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-79.5%Operating margin5
-85.4%Net margin5
20.2%Revenue growth, 20255
-$472.0MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 55% of the revenue Ultragenyx Pharmaceutical Inc. broke down this way in fiscal 2025.

  1. Product$369.0M555%up 29% from 2024
  2. Royalty$304.0M545%up 11% from 2024
Products and services by year
Products and services202320242025
Product$180.0M$285.0M$369.0M
Royalty$183.0M$275.0M$304.0M

Regions

North America brought in 56% of the revenue Ultragenyx Pharmaceutical Inc. broke down this way in fiscal 2025.

  1. North America$377.0M556%up 11% from 2024
  2. Latin America$170.0M525%up 30% from 2024
  3. EMEA$108.0M516%up 35% from 2024
  4. Asia Pacific$18.0M53%up 100% from 2024
Regions by year
Regions202320242025
North America$307.0M$340.0M$377.0M
Latin America$77.0M$131.0M$170.0M
EMEA$48.0M$80.0M$108.0M
Asia Pacific$2.0M$9.0M$18.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development68¢$750.0M
  • Selling, general and admin32¢$349.0M
  • Income tax0¢$4.0M

Out of $673.0M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$673.0M in 2025+549% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $103.7M$103.7M20192020: $271.0M$271.0M2020+161%2021: $351.4M$351.4M2021+30%2022: $363.3M$363.3M2022+3%2023: $434.0M$434.0M2023+19%2024: $560.0M$560.0M2024+29%2025: $673.0M$673.0M2025+20%
Operating income67895-$535.0M in 2025+26% since 2019
-$800.0M-$600.0M-$400.0M-$200.0M02019: -$424.2M-$424.2M20192020: -$330.1M-$330.1M2020−22%2021: -$381.7M-$381.7M2021+16%2022: -$648.9M-$648.9M2022+70%2023: -$569.0M-$569.0M2023−12%2024: -$536.0M-$536.0M2024−6%2025: -$535.0M-$535.0M2025−0%
Net income67895-$575.0M in 2025+43% since 2019
-$800.0M-$600.0M-$400.0M-$200.0M02019: -$402.7M-$402.7M20192020: -$186.6M-$186.6M2020−54%2021: -$454.0M-$454.0M2021+143%2022: -$707.4M-$707.4M2022+56%2023: -$607.0M-$607.0M2023−14%2024: -$569.0M-$569.0M2024−6%2025: -$575.0M-$575.0M2025+1%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Total revenues$673.0M$560.0M$434.0M
Cost of sales$109.0M$77.0M$45.0M
Research and development$750.0M$698.0M$648.0M
Selling, general and administrative$349.0M$321.0M$310.0M
Total operating expenses$1.2B$1.1B$1.0B
Loss from operations-$535.0M-$536.0M-$569.0M
Interest income$25.0M$37.0M$27.0M
Non-cash interest expense on liabilities for sales of future royalties-$62.0M-$63.0M-$66.0M
Other income (expense)$1.0M-$5.0M-$1.0M
Loss before income taxes-$571.0M-$567.0M-$609.0M
(Provision for) benefit from income taxes-$4.0M-$2.0M$2.0M
Net loss-$575.0M-$569.0M-$607.0M
Net loss per share, basic-$5.83-$6.29-$8.25
Net loss per share, diluted-$5.83-$6.29-$8.25
Shares used in computing net loss per share, Basic98.6M shares90.5M shares73.5M shares
Shares used in computing net loss per share, Diluted98.6M shares90.5M shares73.5M shares

Compare Ultragenyx Pharmaceutical Inc. with another company

Corporate structure

Ultragenyx Pharmaceutical Inc. sits at the top of its group. 17 entities, 13 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Ultragenyx Pharmaceutical Inc.

  • RTW INVESTMENTS, LP Filed SCHEDULE 13G on Ultragenyx Pharmaceutical Inc., latest Aug 14, 2026 (4 filings since Feb 14, 2023)
  • AQR CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Ultragenyx Pharmaceutical Inc., latest Aug 13, 2026
  • State Street Corporation Filed SCHEDULE 13G on Ultragenyx Pharmaceutical Inc., latest Aug 7, 2026 (2 filings since May 12, 2026)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Ultragenyx Pharmaceutical Inc., latest Jul 31, 2026
  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G/A on Ultragenyx Pharmaceutical Inc., latest Jul 31, 2026 (2 filings since Apr 29, 2026)
  • BlackRock Filed SCHEDULE 13G/A on Ultragenyx Pharmaceutical Inc., latest Jul 30, 2026 (6 filings since Feb 3, 2022)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Ultragenyx Pharmaceutical Inc., latest Mar 27, 2026 (5 filings since Feb 10, 2022)
  • FMR LLC Filed SCHEDULE 13G/A on Ultragenyx Pharmaceutical Inc., latest Feb 5, 2026 (2 filings since Nov 5, 2025)
  • SANDS CAPITAL MANAGEMENT, LLC Filed SCHEDULE 13G/A on Ultragenyx Pharmaceutical Inc., latest Feb 12, 2025 (2 filings since Feb 13, 2024)
  • Wellington Management Company Filed SCHEDULE 13G/A on Ultragenyx Pharmaceutical Inc., latest Feb 10, 2025 (3 filings since Feb 6, 2023)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on Ultragenyx Pharmaceutical Inc., latest Feb 14, 2024 (4 filings since Feb 14, 2022)
  • Federated Hermes Filed SC 13G/A on Ultragenyx Pharmaceutical Inc., latest Jan 10, 2023 (2 filings since Feb 14, 2022)
  • Ultragenyx Pharmaceutical Inc. Novato, California
    • Arcturus Therapeutics Stake · San Diego
    • Amlogenyx Inc. Subsidiary · Delaware, United States
    • Rare Delaware Inc. Subsidiary · Delaware, United States
    • Ultragenyx Argentina SRL Subsidiary · Argentina
    • Ultragenyx Brasil Farmacêutica Ltda Subsidiary · Brazil
    • Ultragenyx Canada Inc. Subsidiary · Canada
    • Ultragenyx Chile Limitada Subsidiary · Chile
    • Ultragenyx Colombia SAS Subsidiary · Colombia
    • Ultragenyx Europe GmbH Subsidiary · Switzerland
    • Ultragenyx France SAS Subsidiary · France
    • Ultragenyx Germany GmbH Subsidiary · Germany
    • Ultragenyx Holdco LLC Subsidiary · Delaware, United States
    • Ultragenyx Japan K.K. Subsidiary · Japan
    • Ultragenyx México, S. de R.L. de C.V. Subsidiary · Mexico
    • Ultragenyx Netherlands B.V. Subsidiary · Netherlands
    • Ultragenyx UK Ltd Subsidiary · United Kingdom

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What Ultragenyx Pharmaceutical Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$380.0M5 Dec 31, 2025$378.0M5 Dec 31, 2024+0.5%
Accumulated depreciation$136.0M5 Dec 31, 2025$112.0M5 Dec 31, 2024+21.4%
Property and equipment, net$244.0M5 Dec 31, 2025$266.0M5 Dec 31, 2024−8.3%
Operating-lease assets (leased space)$23.0M5 Dec 31, 2025$26.0M5 Dec 31, 2024−11.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$421.0M5 Dec 31, 2025$174.0M5 Dec 31, 2024+142.0%
Marketable securities, current$259.0M5 Dec 31, 2025$436.0M5 Dec 31, 2024−40.6%
Marketable securities, non-current$57.0M5 Dec 31, 2025$135.0M5 Dec 31, 2024−57.8%
Debt securities available for sale$665.0M5 Dec 31, 2025$696.0M5 Dec 31, 2024−4.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$44.0M5 Dec 31, 2025$44.0M5 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$176.0M5 Dec 31, 2025$178.0M5 Dec 31, 2024−1.1%
Accumulated amortization$21.0M5 Dec 31, 2025$13.0M5 Dec 31, 2024+61.5%
Finite-lived intangibles, net$47.0K5 Dec 31, 2025$49.3M9 Dec 31, 2024−99.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$52.0M5 Dec 31, 2025$45.0M5 Dec 31, 2024+15.6%
Work in process$27.0M5 Dec 31, 2025$22.0M5 Dec 31, 2024+22.7%
Finished goods$25.0M5 Dec 31, 2025$23.0M5 Dec 31, 2024+8.7%

Properties, in its own words

Our primary operations are conducted at the leased facilities summarized in the table below. We believe our facilities are adequate and suitable for our current needs and that we will be able to obtain new or additional leased space in the future when necessary.

Property Location · Use · Lease Expiration Date

The rest of Item 2

Novato, California · Headquarters and office · December 2026

Novato, California · Laboratory and office · October 2028

Brisbane, California · Office · June 2026

Somerville, Massachusetts · Laboratory and office · January 2030

Woburn, Massachusetts · Laboratory and office · April 2028

Woburn, Massachusetts · Laboratory and office · October 2031

Bedford, Massachusetts · Manufacturing facility · Owned property

Item 2 of the 10-K filed Feb 18, 2026.4

Leadership

Who has led Ultragenyx Pharmaceutical Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (24)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Amlogenyx Inc. Delaware3
  • Rare Delaware Inc. Delaware3
  • Ultragenyx Argentina SRL Argentina3
  • Ultragenyx Brasil Farmacêutica Ltda Brazil3
  • Ultragenyx Canada Inc. Canada3
  • Ultragenyx Chile Limitada Chile3
  • Ultragenyx Colombia SAS Colombia3
  • Ultragenyx Europe GmbH Switzerland3
  • Ultragenyx France SAS France3
  • Ultragenyx Germany GmbH Germany3
  • Ultragenyx Holdco LLC Delaware3
  • Ultragenyx Japan K.K. Japan3
  • Ultragenyx México, S. de R.L. de C.V. Mexico3
  • Ultragenyx Netherlands B.V. Netherlands3
  • Ultragenyx UK Ltd United Kingdom3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 14, 20268-K Entered a material agreement41
  2. Oct 7, 20268-K Entered a material agreement42
  3. Sep 17, 20268-K Other events43
  4. Sep 2, 20268-K Other events44
  5. Aug 19, 20268-K Other events45
  6. Aug 11, 20268-K Other events46
  7. Aug 4, 20268-K Results of operations47
  8. May 18, 20268-K Executive or director change; Shareholder vote48
  9. May 5, 20268-K Results of operations49
  10. Apr 2, 20268-K Other events50
  11. Mar 30, 20268-K Other events51
  12. Mar 12, 20268-K Other events52
  13. Feb 7, 2014New chief executive Emil D. Kakkis becomes CEO13

Calendar

Coming up

  1. Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($1.81) a share, on Nov 4, 2025.53

When it reported results

  1. Aug 4, 2026Reported quarterly or annual results47
  2. May 5, 2026Reported quarterly or annual results49
  3. Feb 12, 2026Reported quarterly or annual results54
  4. Jan 12, 2026Reported quarterly or annual results55
  5. Nov 4, 2025Reported quarterly or annual results56
  6. Aug 5, 2025Reported quarterly or annual results57
  7. May 6, 2025Reported quarterly or annual results58
  8. Feb 13, 2025Reported quarterly or annual results59

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

380 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 81 major events, 174 insider forms, 37 large holders, 68 other. The latest 20:

  1. Oct 14, 20268-K EDGAR
  2. Oct 7, 20268-K EDGAR
  3. Sep 17, 20268-K EDGAR
  4. Sep 15, 2026144 EDGAR
  5. Sep 15, 20264 EDGAR
  6. Sep 8, 20264 EDGAR
  7. Sep 2, 20268-K EDGAR
  8. Aug 19, 20268-K EDGAR
  9. Aug 14, 2026SCHEDULE 13G EDGAR
  10. Aug 13, 2026SCHEDULE 13G EDGAR
  11. Aug 11, 20268-K EDGAR
  12. Aug 7, 2026SCHEDULE 13G EDGAR
  13. Aug 5, 202610-Q EDGAR
  14. Aug 4, 20268-K EDGAR
  15. Aug 4, 20264 EDGAR
  16. Aug 4, 20264 EDGAR
  17. Aug 3, 2026144 EDGAR
  18. Jul 31, 2026SCHEDULE 13G/A EDGAR
  19. Jul 31, 2026SCHEDULE 13G EDGAR
  20. Jul 30, 2026SCHEDULE 13G/A EDGAR

The 380 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

109 open-market trades by officers, directors and large owners since October 2021: 0 buys and 109 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 15, 2026Huizenga Theodore AlanSVP, Chief Accounting OfficerSale1,283$13.57$17.4KForm 4
Sep 3, 2026Huizenga Theodore AlanSVP, Chief Accounting OfficerSale161$13.99$2.3KForm 4
Aug 3, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerSale1,900$24.92$47.3KForm 4
Aug 3, 2026Horn HowardChief Financial OfficerSale4,696$24.92$117.0KForm 4
Jul 1, 2026Horn HowardChief Financial OfficerSale4,698$33.13$155.6KForm 4
Jun 15, 2026Sanders Corazon (Corsee) D.DirectorSale2,000$25.05$50.1KForm 4
Jun 15, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerSale1,899$24.62$46.8KForm 4
Jun 1, 2026Horn HowardChief Financial OfficerSale4,653$23.77$110.6KForm 4
May 18, 2026SULIMAN SHEHNAAZDirectorSale5,740$25.12$144.2KForm 4
May 5, 2026Crombez EricEVP and Chief Medical OfficerSale344$24.96$8.6KForm 4
May 1, 2026Horn HowardChief Financial OfficerSale4,683$24.90$116.6KForm 4
Apr 1, 2026Horn HowardChief Financial OfficerSale4,683$20.97$98.2KForm 4
Mar 10, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerSale3,508$22.67$79.5KForm 4
Mar 6, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerSale6,018$21.40$128.8KForm 4
Mar 3, 2026Horn HowardChief Financial OfficerSale1,635$22.40$36.6KForm 4
Mar 2, 2026Pinion John RichardSee RemarksSale10,029$22.80$228.7KForm 4
Mar 2, 2026Harris ErikEVP & Chief Commercial OfficerSale10,539$22.80$240.3KForm 4
Mar 2, 2026KAKKIS EMIL DPresident & CEOSale54,404$22.80$1.2MForm 4
Mar 2, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerSale8,135$22.80$185.5KForm 4
Mar 2, 2026Huizenga Theodore AlanSVP, Chief Accounting OfficerSale1,632$22.80$37.2KForm 4

All 109 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

Ultragenyx Pharmaceutical Inc. has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Emil D. Kakkis, M.D., Ph.D.President and Chief Executive Officer65$861.1K$11.4M75
2025Erik HarrisChief Commercial Officer and Executive Vice President56$619.7K$4.0M75
2025Eric CrombezM.D.53$630.2K$4.0M75
2025Howard HornChief Financial Officer, Corporate Strategy and Executive Vice President48$604.4K$3.8M75
2025Karah ParschauerChief Legal Officer and Corporate Affairs, Executive Vice President48$585.3K$3.5M75
2024Emil D. Kakkis, M.D., Ph.D.President and Chief Executive Officer65$856.0K$13.7M75
2024Chief Medical Officer and Executive Vice President$591.8K$4.3M75
2024Howard HornChief Financial Officer, Corporate Strategy and Executive Vice President48$590.0K$4.3M75
2024Erik HarrisChief Commercial Officer and Executive Vice President56$604.2K$4.3M75
2023Emil D. Kakkis, M.D., Ph.D.President and Chief Executive Officer65$823.7K$13.1M75
2023Howard HornChief Financial Officer, Corporate Strategy and Executive Vice President48$124.8K$5.9M75
2023Erik HarrisChief Commercial Officer and Executive Vice President56$586.0K$4.1M75

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.10,654,276$355.7M0.0%+3,354,678
Rtw Investments, LP7,796,895$260.3M2.2%+4,148,100
Vanguard Portfolio Management LLC6,790,135$226.7M0.0%+1,404,143
Aqr Capital Management LLC6,560,809$214.1M0.1%+1,982,785
State Street Corp6,158,766$205.6M0.0%+1,137,325
Vanguard Capital Management LLC4,296,491$143.5M0.0%+106,660
Two Sigma Investments, LP3,621,200$120.9M0.1%+1,415,380
Sands Capital Management, LLC3,158,368$105.5M0.4%−56,165
Jacobs Levy Equity Management, Inc2,939,719$98.2M0.4%+1,508,648
Frontier Capital Management Co LLC2,847,936$95.1M0.9%+656,754
Geode Capital Management, LLC2,578,828$86.1M0.0%+729,437
Bellevue Group AG1,982,775$66.2M1.4%−397,225
D. E. Shaw & Co., Inc.1,730,193$57.8M0.0%+469,175
Sofinnova Investments, Inc.1,717,505$57.3M3.1%−1,428,383
Adage Capital Partners Gp, L.l.c.1,580,000$52.8M0.1%+1,100,000
Mpm Bioimpact LLC1,418,215$47.4M2.9%New
Morgan Stanley1,324,805$44.2M0.0%−175,723
Wellington Management Group Llp1,250,464$41.8M0.0%−1,390,348
Voloridge Investment Management, LLC1,241,556$41.5M0.2%−185,278
Bank Of America Corp /de/1,148,454$38.3M0.0%+101,908
Candriam S.C.A.1,001,841$33.4M0.2%−94,341
Rock Springs Capital Management LP967,855$32.3M1.6%−250,918
Jefferies Financial Group Inc.929,626$31.0M0.3%+914,138
Northern Trust Corp920,314$30.7M0.0%+384,748
Eagle Health Investments LP884,121$29.5M4.9%No change

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Sep 29, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−2.0%Report
Mar 3, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−44.7%Report
Feb 18, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−38.3%Report
Aug 8, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−66.0%Report
Jul 15, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−68.3%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Ultragenyx Pharmaceutical Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARUltragenyx Pharmaceutical Inc.1
  • CIK0001515673
  • Employer ID (EIN)27-25460834
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address60 Leveroni Court, Novato, CA 949491
  • Phone415-483-88001
  • Shares outstanding98,588,873 as of Jul 31, 202611
  • Public float$3.4B as of Jun 30, 20254
  • AuditorErnst & Young LLP, San Mateo, California PCAOB ID 42; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceMar 16, 20111
  • Filings1,142 in all: 4 (574), 8-K (208), SC 13G/A (62), 144 (39), 10-Q (38), 3 (31), 424B5 (18), SC 13G (18)1
    All 41 form types

    S-8 (15), DEFA14A (14), 10-K (13), DEF 14A (13), 4/A (12), 5 (8), SCHEDULE 13G (7), SCHEDULE 13G/A (7), CT ORDER (6), SC TO-T/A (6), SC TO-C (5), CORRESP (4), D (4), S-1/A (4), S-3ASR (4), SC 13D/A (4), ARS (3), UPLOAD (3), 424B4 (2), 424B7 (2), EFFECT (2), FWP (2), S-1 (2), SC 13D (2), SEC STAFF LETTER (2), 10-Q/A (1), 3/A (1), 8-A12B (1), 8-K/A (1), CERTNAS (1), DRS (1), S-1MEF (1), SC TO-T (1)

  • Latest filingsAnnual report (10-K) Feb 18, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Mar 27, 2026
    Latest 8-K (8-K) Oct 14, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par valueRAREThe Nasdaq Global Select Market

From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Ultragenyx Pharmaceutical Inc. names in Item 1A of its 10-K filed Feb 18, 2026: 63 risks under these headings, as written.4

  • Because of the following factors, as well as other factors affecting our financial condition and operating results, past financial performance should not be considered to be a reliable indicator of future performance, and investors should not use historical trends to anticipate results or trends in future periods.
  • Risks Related to Our Financial Condition and Capital Requirements
  • We have a history of operating losses and expect to continue to incur operating losses in the near term.
  • Our future financial performance depends on the successful commercialization of our products and product candidates.
  • We may need to raise additional capital to fund our activities. Such additional financing may not be available on acceptable terms, if at all. Failure to obtain this necessary capital when needed may force us to delay, limit, or terminate our product development efforts or other activities.
  • Risks Related to the Discovery and Development of Our Product Candidates
  • Clinical drug development involves a lengthy, complex, and expensive process with uncertain outcomes and the potential for substantial delays, and the results of earlier studies may not be predictive of future study results.
  • If we do not achieve our projected development goals in the time frames we announce and expect, the commercialization of our products may be delayed and the credibility of our management may be adversely affected and, as a result, our stock price may decline.
  • We may find it difficult to identify and enroll patients in our clinical studies due to a variety of factors, including the limited number of patients who have the diseases for which our product candidates are being studied and other unforeseen events. Difficulty in enrolling patients could delay or prevent clinical studies of our product candidates.
  • The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming, and inherently unpredictable. Even if we achieve positive results in our pre-clinical and clinical studies, if we are ultimately unable to obtain timely regulatory approval for our product candidates, our business will be substantially harmed.
  • Fast Track, Breakthrough Therapy, Priority Review, or Regenerative Medicine Advanced Therapy, or RMAT, designations by the FDA, or access to the Priority Medicine scheme, or PRIME, by the EMA, for our product candidates, if granted, may not lead to
  • faster development or regulatory review or approval process, and it does not increase the likelihood that our product candidates will receive marketing approval.
The other 53 risks
  • Our product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences following marketing approval, if any.
  • Serious adverse events in clinical trials involving gene therapy product candidates may damage public perception of the safety of our product candidates, increase government regulation, and adversely affect our ability to obtain regulatory approvals for our product candidates or conduct our business.
  • Gene therapy product candidates are novel, complex, expensive and difficult to manufacture. We could experience manufacturing problems that result in delays in developing and commercializing these programs or otherwise harm our business.
  • Our products are subject to regulatory scrutiny, even after approval.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit commercialization of our approved products or product candidates.
  • If we are unable to identify, source, and develop effective biomarkers, or our collaborators are unable to successfully develop and commercialize companion diagnostics for our product candidates, or experience significant delays in doing so, we may not realize the full commercial potential of our product candidates.
  • Risks Related to our Reliance on Third Parties
  • We rely on third parties to conduct our nonclinical and clinical studies and perform other tasks for us. If these third parties do not successfully carry out their contractual duties, meet expected deadlines, or comply with regulatory requirements, we may be exposed to sub-optimal quality and reputational harm, we may not be able to obtain regulatory approval for or commercialize our product candidates, and our business could be substantially harmed.
  • We are dependent on KKC for the commercialization of Crysvita in our markets, including the U.S. and Canada, and for our supply of Crysvita in our markets. Failure by KKC to commercialize Crysvita in those markets, or to supply Crysvita to us, could result in a material adverse effect on our business and operating results.
  • We rely on third parties to manufacture our products and our product candidates and we are subject to a multitude of manufacturing risks, any of which could substantially increase our costs and limit the supply of our products and product candidates.
  • The drug substance and drug product for our products and most of our product candidates are currently acquired from single-source suppliers. The loss of these suppliers, or their failure to supply us with the necessary drug substance or drug product, could materially and adversely affect our business.
  • The actions of distributors and specialty pharmacies could affect our ability to sell or market products profitably. Fluctuations in buying or distribution patterns by such distributors and specialty pharmacies could adversely affect our revenues, financial condition, or results of operations.
  • Risks Related to Commercialization of Our Products and Product Candidates
  • If the market opportunities for our products and product candidates are smaller than we believe they are, our revenue may be adversely affected, and our business may suffer.
  • We face intense competition and rapid technological change, including the use of artificial intelligence, or AI, and the possibility that our competitors may develop therapies that are similar, more advanced, or more effective than ours, which may adversely affect our financial condition and our ability to successfully commercialize our product candidates.
  • If we are unable to expand our existing commercial infrastructure or enter into agreements with third parties to market and sell our products and product candidates, as needed, we may be unable to increase our revenue.
  • The commercial success of any current or future product will depend upon the degree of market acceptance by physicians, patients, third-party payors, and others in the medical community.
  • The insurance coverage and reimbursement status of newly approved products is uncertain. Failure to obtain or maintain adequate coverage and reimbursement for new or current products could limit our ability to market those products and decrease our ability to generate revenue.
  • Risks Related to Our Intellectual Property
  • If we are unable to obtain and maintain effective patent rights for our products, product candidates, or any future product candidates, we may not be able to compete effectively in our markets.
  • We may not have sufficient patent terms to effectively protect our products and business.
  • Patent law and rule changes could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents.
  • If we are unable to maintain effective proprietary rights for our products, product candidates, or any future product candidates, we may not be able to compete effectively in our markets.
  • Claims of intellectual property infringement may prevent or delay our development and commercialization efforts.
  • We may not be successful in obtaining or maintaining necessary rights to our product candidates through acquisitions and in-licenses.
  • We may face competition from biosimilars, which may have a material adverse impact on the future commercial prospects of our biological products and product candidates.
  • Competitors could enter the market with generic versions of Dojolvi or our small-molecule product candidates, which may result in a material decline in sales of affected products.
  • The patent protection and patent prosecution for some of our products and product candidates is dependent on third parties.
  • If we fail to comply with our obligations in the agreements under which we license intellectual property and other rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose license rights that are important to our business.
  • From time to time, we are involved in lawsuits to protect or enforce our patents or the patents of our licensors, or may be subject to claims that challenge the inventorship or ownership of our patents or other intellectual property, which could be expensive, time consuming, and result in unfavorable outcomes.
  • Changes to patent laws in the U.S. and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Risks Related to Our Business Operations
  • We have limited experience as a company operating our own manufacturing facility and may experience unexpected costs or challenges.
  • Our future success depends in part on our ability to retain our Founder, President, and Chief Executive Officer and to attract, retain, and motivate other qualified personnel.
  • If we fail to obtain or maintain orphan drug exclusivity for our products, our competitors may sell products to treat the same conditions and our revenue will be reduced. If another party obtains orphan drug exclusivity for a product that is essentially the same as a product we are developing for a particular indication, we may be precluded or delayed from commercializing the product in that indication.
  • Our operating results would be adversely impacted if our intangible assets become impaired.
  • We may not be successful in our efforts to identify, license, discover, develop, or commercialize additional product candidates.
  • We may expend our limited resources to pursue a particular product, product candidate or indication and fail to capitalize on products, product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • Regulatory standards are subject to change over time, making it difficult to accurately predict the likelihood of marketing approval even when clinical trials meet their endpoints.
  • Failure to comply with laws and regulations could harm our business and our reputation.
  • Increasing use of social media could give rise to liability and result in harm to our business.
  • International expansion of our business exposes us to business, regulatory, political, operational, financial, and economic risks associated with doing business outside of the U.S.
  • The FDA and other regulatory agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses. If we are found to have promoted off-label uses, we may become subject to significant liability.
  • Our business and operations may be materially adversely affected in the event of computer system failures or security breaches.
  • We or the third parties upon whom we depend may be adversely affected by earthquakes or other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • We may experience difficulties, delays or unexpected costs and not achieve anticipated benefits and savings from our recently initiated strategic restructuring plan.
  • We may acquire companies or products or engage in strategic transactions, which could divert our management’s attention and cause us to incur various costs and expenses, or result in fluctuations with respect to the value of such investment, which could impact our operating results.
  • Risks Related to Ownership of Our Common Stock
  • The market price of our common stock may be highly volatile.
  • Future sales and issuances of our common stock or rights to purchase common stock, including pursuant to our equity incentive plans, could result in additional dilution of the percentage ownership of our stockholders and could cause our stock price to fall.
  • Provisions in our amended and restated certificate of incorporation and by-laws, as well as provisions of Delaware law, could make it more difficult for a third party to acquire us or increase the cost of acquiring us, even if doing so would benefit our stockholders, or remove our current management.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware is the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • General Risk Factors
  • We may incur additional tax liabilities related to our operations.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • Litigation may substantially increase our costs and harm our business.
  • Our business and operations could be negatively affected if we become subject to stockholder activism or hostile bids, which could cause us to incur significant expense, hinder execution of our business strategy and impact our stock price.
  • Scrutiny regarding ESG practices and disclosures, as well as existing and proposed laws and regulations related to these topics, could result in additional costs and adversely impact our business and reputation.

Legal proceedings

Ultragenyx Pharmaceutical Inc. and Baylor Research Institute v. Navinta LLC, Aurobindo Pharma Limited, Aurobindo Pharma USA, Inc., Esjay Pharma Private Limited and Esjay Pharma LLC

In September 2024, we filed a patent infringement suit under the Hatch-Waxman Act against Navinta LLC, or Navinta, Aurobindo Pharma Limited, or Aurobindo, and Esjay Pharma LLC, or Esjay, in the United States District Court for the District of New Jersey. The suit is in response to notices from Navinta, Aurobindo, and Esjay concerning the filing of Abbreviated New Drug Applications, or ANDAs, with the FDA, seeking FDA approval to market a generic version of Dojolvi® (triheptanoin). The filing of the suit triggers a stay preventing the FDA from granting the ANDAs final approval, which stay extends to December 30, 2027 (i.e., the date that is seven and one-half years from the June 30, 2020 approval of Dojolvi). We intend to vigorously defend our intellectual property. In addition to the issued patents for Dojolvi listed in the Orange Book, in February 2026, a patent relating to certain pharmaceutical compositions of triheptanoin, including Dojolvi, issued in the United States and is expected to expire in 2034. We expect to list this patent in the Orange Book shortly. Dojolvi is also protected in the U.S. by orphan drug exclusivity for the treatment of pediatric and adult patients with molecularly confirmed long-chain fatty acid oxidation disorders (LC-FAOD) until 2027.

In December 2024, Esjay filed a motion to dismiss the suit and in April 2025, Navinta filed a motion for judgment on the pleadings, which we opposed in May 2025. Discovery is ongoing.

Ultragenyx Pharmaceutical Inc. v. Catalent Maryland, Inc. and Catalent Pharma Solutions LLC

The opening of Item 3, Legal Proceedings.4

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