Drug maker’s net loss, operating expenses, increase
Novato-based Ultragenyx Pharmaceutical Inc. (RARE) reported a more severe third quarter net loss in Q3 than during the same period last year.
“For the third quarter of 2019, Ultragenyx reported a net loss of $113.0 million, or $1.96 per share, basic and diluted, compared with a net loss for the third quarter of 2018 of $87.3 million, or $1.74 per share, basic and diluted,” the company said in a press release Tuesday.
The biopharmaceutical company focuses on the development of novel products for serious rare and ultra-rare genetic diseases, a costly process that can require large investments and losses over time.
The company reported a loss of $99.2 million in its second quarter earlier this year.
For the first nine months of 2019, the company’s net loss increased compared to the same period last year. Ultragenyx reported a loss as of September 2019 of $308.9 million, or $5.50 per share, basic and diluted, compared with a net loss for the same period in 2018 of $109.8 million, or $2.22 per share, basic and diluted.
The company noted its operating expenses for the nine months ended September 30, 2019 were $397.8 million compared with $316.3 million for the same period in 2018.
Total operating expenses for Q3 of 2019 were $143.8 million compared with $101.4 million for the same period in 2018, including a $20 million research and development expense in the third quarter of 2019.
The company announced in September it is collaborating with Japanese firm Kyowa Kirin to apply for expanded use of one of its drugs, Crysvita. Also called burosumab, the drug is used to treat X-linked hypophosphataemia, a hereditary disorder characterized by low levels of phosphate in the blood. Phosphate is needed to build and maintain strong bones and teeth and to maintain their strength.
“The U.S. launch of Crysvita continues to be strong with the number of patients on reimbursed therapy continuing to increase, which will be further supported by the recently expanded label for both pediatric and adult patients,” said Emil D. Kakkis, M.D., Ph.D., CEO and president of Ultragenyx.
“The New Drug Application for UX007 is now being reviewed by FDA, and our second indication for Crysvita for tumor-induced osteomalacia will be submitted in the coming months, potentially giving us approved treatments for four different diseases in 2020.”