Ultragenyx Pharmaceutical Inc.
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
RARE$16.14-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net loss | $(575) | $(569) | $(607) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Stock-based compensation | 153 | 158 | 135 |
| Amortization of discount on marketable securities, net | (4) | (13) | (13) |
| Depreciation and amortization | 35 | 36 | 26 |
| Non-cash royalty revenue | (112) | (101) | (69) |
| Non-cash interest expense on liabilities for sales of future royalties | 62 | 63 | 66 |
| Other | (2) | (2) | 3 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (31) | (34) | (23) |
| Inventory | (6) | (11) | (7) |
| Prepaid expenses and other assets | (10) | 12 | 15 |
| Accounts payable, accrued, and other liabilities | 24 | 47 | (1) |
| Net cash used in operating activities | (466) | (414) | (475) |
| Investing activities: | |||
| Purchase of property, plant, and equipment | (6) | (7) | (44) |
| Purchase of marketable securities | (186) | (409) | (526) |
| Proceeds from sale of marketable securities | — | 3 | 51 |
| Proceeds from maturities of marketable securities | 444 | 410 | 696 |
| Payments for intangible asset | (15) | (13) | (3) |
| Other | (1) | (2) | (6) |
| Net cash provided by (used in) investing activities | 236 | (18) | 168 |
| Financing activities: | |||
| Proceeds from the sale of future royalties, net | 392 | — | — |
| Proceeds from the issuance of common stock and pre-funded warrants in connection with underwritten public offerings, net | — | 381 | 326 |
| Proceeds from the issuance of common stock in connection with at-the-market offering, net | 80 | — | 53 |
| Proceeds from the issuance of common stock under equity plans, net | 6 | 11 | 8 |
| Proceeds from issuance of equity from noncontrolling interest | — | 7 | — |
| Other | — | — | 1 |
| Net cash provided by financing activities | 478 | 399 | 388 |
| Effect of exchange rate changes on cash | 4 | (2) | — |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 252 | (35) | 81 |
| Cash, cash equivalents, and restricted cash at beginning of year | 184 | 219 | 138 |
| Cash, cash equivalents, and restricted cash at end of year | $436 | $184 | $219 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosures of non-cash information: | |||
| Acquired lease liabilities arising from obtaining right-of-use assets and property, plant, and equipment | $6 | $10 | $22 |
| Non-cash interest expense on liabilities for sales of future royalties capitalized during the year into ending property, plant and equipment | $— | $— | $9 |
| Costs of intangible assets included in accounts payable, accrued and other liabilities | $5 | $15 | $10 |
Notes to Consolidated Financial Statements
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