Ultragenyx Pharmaceutical Inc. Earnings Per Share Disclosure
The following table sets forth the computation of the basic and diluted net loss per share during the years ended December 31, 2025, 2024, and 2023 (in millions, except per share data):
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Numerator: |
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Net loss |
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$ |
(575 |
) |
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$ |
(569 |
) |
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$ |
(607 |
) |
Denominator: |
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Weighted-average shares used to compute net loss per |
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98.6 |
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90.5 |
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73.5 |
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Net loss per share, basic and diluted |
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$ |
(5.83 |
) |
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$ |
(6.29 |
) |
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$ |
(8.25 |
) |
The following weighted-average outstanding common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive (in millions):
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Options to purchase common stock, |
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16.8 |
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16.3 |
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14.2 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 17, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.