Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock has been traded on The Nasdaq Global Select Market since January 31, 2014 under the symbol “RARE”. As of February 8, 2021, we had 5 holders of record of our common stock. Certain shares are held in “street” name and, accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number.
STOCK PRICE PERFORMANCE GRAPH
The following stock performance graph compares our total stock return with the total return for (i) the Nasdaq Composite Index and the (ii) the Nasdaq Biotechnology Index for the period from December 31, 2015 through December 31, 2020. The figures represented below assume an investment of $100 in our common stock at the closing price of $112.18 on December 31, 2015 and in the Nasdaq Composite Index and the Nasdaq Biotechnology Index on December 31, 2015 and the reinvestment of dividends into shares of common stock. The comparisons in the table are required by the SEC and are not intended to forecast or be indicative of possible future performance of our common stock. This graph shall not be deemed “soliciting material” or be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities under that section, and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act of 1933, as amended, or the Securities Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.
$100 investment in stock or index
Ticker
December 31, 2015
December 31, 2016
December 31, 2017
December 31, 2018
December 31, 2019
December 31, 2020
Ultragenyx Pharmaceutical Inc.
RARE
$
100.00
$
62.68
$
41.34
$
38.76
$
38.07
$
123.40
NASDAQ Composite Index
^IXIC
$
100.00
$
107.50
$
137.86
$
132.51
$
179.19
$
257.38
NASDAQ Biotechnology Index
^NBI
$
100.00
$
78.32
$
94.81
$
85.97
$
106.95
$
134.42
Dividend Policy
We have never declared or paid cash dividends on our common stock. We currently intend to retain all available funds and any future earnings, if any, to fund the development, operation, and expansion of our business, and we do not anticipate paying any cash dividends on our common stock in the foreseeable future. Any future determination to pay dividends will be made at the discretion of our board of directors or any authorized committee thereof.
Unregistered Sales of Equity Securities
None
Issuer’s Purchases of Equity Securities
None
63
Item 6. Selected Financial Data
The information set forth below for the five years ended December 31, 2020 is not necessarily indicative of the results that may be expected in the future and interim results are not necessarily indicative of results to be expected for the full year. You should read the selected historical financial data below in conjunction with the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes included elsewhere in this Annual Report.
Year Ended December 31,
2020
2019
2018
2017
2016
(in thousands, except share and per share amounts)
Consolidated Statement of Operations Data:
Revenues:
Collaboration and license
$
219,315
$
83,493
$
41,693
$
2,136
$
—
Product sales
38,720
20,221
9,802
476
133
Non-cash collaboration royalty revenue
12,995
—
—
—
—
Total revenues
271,030
103,714
51,495
2,612
133
Operating expenses:
Cost of sales
6,129
9,008
1,146
1
—
Research and development
412,084
357,355
293,998
231,644
183,204
Selling, general and administrative
182,933
161,524
127,724
99,909
64,936
Total operating expenses
601,146
527,887
422,868
331,554
248,140
Loss from operations
(330,116
)
(424,173
)
(371,373
)
(328,942
)
(248,007
)
Interest income
7,038
13,238
9,542
4,074
3,789
Gain from sale of priority review vouchers
—
—
170,322
—
—
Change in fair value of equity investments
170,403
13,413
—
—
—
Non-cash interest expense on liability related to the
sale of future royalties
(33,291
)
(1,135
)
—
—
—
Other income (expense)
607
(787
)
(5,588
)
6,530
(1,621
)
Loss before income taxes
(185,359
)
(399,444
)
(197,097
)
(318,338
)
(245,839
)
Provision for income taxes
(1,207
)
(3,283
)
(514
)
16,199
(35
)
Net loss
$
(186,566
)
$
(402,727
)
$
(197,611
)
$
(302,139
)
$
(245,874
)
Net loss per share, basic and diluted (1)
$
(3.07
)
$
(7.12
)
$
(3.97
)
$
(7.12
)
$
(6.21
)
Shares used to compute net loss per share,
basic and diluted (1)
60,845,550
56,576,885
49,775,223
42,453,135
39,586,908
(1)
See Notes 2 and 16 to our audited consolidated financial statements of this Annual Report for an explanation of the calculations of basic and diluted net loss per share attributable to common stockholders.
As of December 31,
2020
2019
2018
2017
2016
(in thousands)
Consolidated Balance Sheet Data:
Cash, cash equivalents and marketable debt securities
$
1,212,039
$
760,404
$
459,706
$
244,468
$
498,111
Working capital
1,105,695
747,717
447,644
198,569
341,436
Total assets
1,759,555
1,135,496
719,558
490,753
540,626
Liability related to the sale of future royalties
335,665
315,369
—
—
—
Total stockholders' equity
1,154,375
653,764
608,908
383,454
473,974
64