Ultragenyx Reports Third Quarter 2016 Financial Results And Corporate Update

NOVATO, Calif., Nov. 07, 2016 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE), a biopharmaceutical company focused on the development of novel products for rare and ultra-rare diseases, today reported its financial results and corporate update for the quarter ended September 30, 2016.

"Based on recent discussions with the FDA, we now plan to file for US approval of KRN23 in the second half of 2017," said Emil D. Kakkis, M.D., Ph.D., Chief Executive Officer and President of Ultragenyx. "We expect continued clinical and regulatory progress across all of our programs, including filings for rhGUS and the European filing for KRN23."

Third Quarter 2016 Financial Results

For the third quarter of 2016, Ultragenyx reported a net loss of $64.9 million, or $1.64 per share, basic and diluted, compared with a net loss for the third quarter of 2015 of $39.2 million, or $1.03 per share, basic and diluted. For the nine months ended September 30, 2016, net loss was $174.6 million, or $4.46 per share, basic and diluted, compared with a net loss for the same period in 2015 of $90.4 million, or $2.51 per share, basic and diluted. This reflected cash used in operations of $113.3 million for the nine months ended September 30, 2016 compared to $65.5 million for the same period in 2015.

Total operating expenses for the third quarter of 2016 were $65.9 million compared with $39.9 million for the same period in 2015, including non-cash stock-based compensation of $13.7 million and $7.9 million in the third quarter of 2016 and 2015, respectively.  Total operating expenses for the nine months ended September 30, 2016 were $177.6 million compared with $91.6 million for the same period in 2015, including non-cash stock-based compensation of $34.8 million and $15.4 million in the first nine months of 2016 and 2015, respectively. The increase in total operating expenses is due to the increase in development, commercial, and general and administrative costs as the company grows and advances its pipeline.

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