Ultragenyx Pharmaceutical Inc. (RARE) Balance Sheet

NASDAQ: RAREAssets, liabilities, debt and equity over 10 years.

RARE balance sheet, 2025

December 31, 2025 · U.S. dollars

$1.53B assets = $1.60B liabilities + −$73.0M equity

Liabilities exceed assets: shareholders’ equity is negative (−$73.0M).

Both columns are drawn to the same scale: what RARE owns equals what it owes plus shareholders’ equity. Hover a block for its value.

RARE financial health

Current ratio2.48

Comfortable · current assets cover current liabilities 2.48×

Equity / assets−5.2%

Thin equity · of assets funded by shareholders

Cash / debt54.3%

Partial cover · cash & short-term investments vs total debt

Goodwill & intangibles14.4%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

RARE balance sheet trends, 2016–2025

Ultragenyx Pharmaceutical Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$540.6M2016	$1.53B2025	+12.3%/yr
Total liabilities	$66.7M2016	$1.60B2025	+42.4%/yr
Shareholders’ equity	$474.0M2016	−$80.0M2025	—
Cash & short-term investments	$498.1M2016	$693.0M2025	+3.7%/yr
Total debt	$37.0M2019	$1.28B2025	+80.4%/yr
Net cash (debt)	$718.2M2019	−$583.0M2025	−$1.3B
Working capital	$437.9M2016	$567.0M2025	+$129.1M
Book value per share	$11.972016	−$0.812025	—
Current ratio	8.272016	2.482025	−5.79
Debt / equity	0.062019	0.162024	+0.10
Shares outstanding	39.6M2016	98.6M2025	+10.7%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

RARE assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

RARE liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

RARE debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

RARE balance sheet

Ultragenyx Pharmaceutical Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$693.0M	$610.0M	$577.2M	$747.8M	$740.2M	$1.20B	$755.2M	$459.7M	$244.5M	$498.1M
Cash & equivalents	$434.0M	$173.7M	$213.6M	$132.9M	$307.6M	$713.5M	$433.6M	$113.4M	$100.5M	$161.1M
Short-term investments	$259.0M	$436.3M	$363.6M	$614.8M	$432.6M	$488.0M	$321.6M	$346.3M	$134.0M	$219.0M
Receivables	$159.0M	$121.8M	$73.4M	$40.4M	$44.4M	$23.1M	$32.8M	$12.7M	$5.2M	$0
Inventory	$52.0M	$45.0M	$34.0M	$26.8M	$16.2M	$13.0M	$11.5M	$7.1M	$757,000	$0
Other current assets	$47.0M	$40.3M	$47.6M	$68.9M	$55.7M	$57.6M	$51.4M	$42.9M	$0	$0
Total current assets	$951.0M	$817.1M	$732.2M	$883.9M	$856.6M	$1.30B	$851.0M	$522.4M	$244.5M	$498.1M
Property, plant & equipment (net)	$267.0M	$265.9M	$290.6M	$259.7M	$176.2M	$114.0M	$74.7M	$20.0M	$21.8M	$17.1M
Goodwill & intangible assets	$220.0M	$222.7M	$210.7M	$204.5M	$175.2M	$175.5M	$173.4M	$173.6M	$186.0M	$0
Long-term investments	$57.0M	$135.0M	$199.9M	$154.5M	$258.9M	$10.5M	$32.9M	$0	$10.0M	$118.0M
Other non-current assets	$37.0M	$62.7M	$57.7M	$42.8M	$55.5M	$164.2M	$3.5M	$3.5M	$28.5M	$0
Total assets	$1.53B	$1.50B	$1.49B	$1.55B	$1.52B	$1.76B	$1.14B	$719.6M	$490.8M	$540.6M
Liabilities
Accounts payable	$31.0M	$38.8M	$42.1M	$43.3M	$17.1M	$12.9M	$12.9M	$12.3M	$8.9M	$5.4M
Short-term debt	$81.0M	$10.3M	$12.6M	$11.8M	$11.1M	$9.0M	$7.2M	—	—	—
Deferred revenue	—	—	$196.5M	$1.5M	$7.6M	$59.2M	—	—	$6.0M	—
Total current liabilities	$384.0M	$344.2M	$280.4M	$261.2M	$181.4M	$189.6M	$103.3M	$74.7M	$71.0M	$60.3M
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	$36.0M	$40.3M	$43.2M	$31.6M	$42.0M	$48.2M	$37.0M	—	—	—
Other long-term liabilities	$1.22B	$897.0M	$935.2M	$931.7M	$418.5M	$415.6M	$378.4M	$35.9M	$36.3M	$6.4M
Total liabilities	$1.60B	$1.24B	$1.22B	$1.19B	$599.8M	$605.2M	$481.7M	$110.7M	$107.3M	$66.7M
Shareholders' equity
Common stock & paid-in capital	—	$92,000	$82,000	$70,000	$69,000	$67,000	$58,000	$51,000	$44,000	$41,000
Retained earnings (deficit)	−$4.53B	−$3.96B	−$3.39B	−$2.78B	−$2.07B	−$1.62B	−$1.43B	−$1.03B	−$832.7M	−$530.5M
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	$1.0M	−$643,000	$647,000	−$6.6M	−$1.4M	$689,000	−$147,000	−$633,000	−$5.7M	$905,000
Minority interest	$7.0M	$7.0M	$0	—	—	—	—	—	$0	$0
Total shareholders' equity	−$80.0M	$255.3M	$275.4M	$352.5M	$922.6M	$1.15B	$653.8M	$608.9M	$383.5M	$474.0M
Key figures
Total debt	$1.28B	$40.3M	$43.2M	$31.6M	$42.0M	$48.2M	$37.0M	—	—	—
Net cash (debt)	−$583.0M	$569.7M	$534.0M	$716.2M	$698.2M	$1.15B	$718.2M	—	—	—
Working capital	$567.0M	$473.0M	$451.7M	$622.7M	$675.2M	$1.11B	$747.7M	$447.6M	$173.5M	$437.9M
Tangible book value	−$300.0M	$32.6M	$64.7M	$148.0M	$747.4M	$978.9M	$480.4M	$435.3M	$197.5M	$474.0M
Book value per share	−$0.81	$2.82	$3.74	$5.04	$13.61	$18.97	$11.56	$12.23	$9.03	$11.97
Shares outstanding	98.6M	90.5M	73.5M	69.9M	67.8M	60.8M	56.6M	49.8M	42.5M	39.6M
Current ratio	2.48	2.37	2.61	3.38	4.72	6.83	8.24	6.99	3.44	8.27
Quick ratio	2.22	2.13	2.32	3.02	4.33	6.46	7.63	6.32	3.52	8.27
Debt / equity	—	0.16	0.16	0.09	0.05	0.04	0.06	—	—	—
Equity / assets	−5.2%	17.0%	18.5%	22.8%	60.6%	65.6%	57.6%	84.6%	78.1%	87.7%

Ultragenyx Pharmaceutical Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$292.0M	$413.0M	$693.0M	$435.1M	$477.4M	$494.4M	$610.0M	$621.6M	$763.8M	$412.1M	$577.2M	$442.1M
Cash & equivalents	$125.0M	$175.0M	$434.0M	$212.3M	$166.1M	$127.1M	$173.7M	$150.6M	$480.7M	$112.2M	$213.6M	$72.6M
Short-term investments	$167.0M	$238.0M	$259.0M	$222.7M	$311.3M	$367.4M	$436.3M	$471.0M	$283.1M	$299.8M	$363.6M	$369.5M
Receivables	$200.0M	$121.0M	$159.0M	$114.6M	$124.5M	$98.8M	$121.8M	$93.3M	$106.0M	$100.3M	$73.4M	$79.3M
Inventory	$59.0M	$55.0M	$52.0M	$52.2M	$46.5M	$46.0M	$45.0M	$43.3M	$40.1M	$35.9M	$34.0M	$31.8M
Other current assets	$55.0M	$68.0M	$47.0M	$41.3M	$71.4M	$59.8M	$40.3M	$41.4M	$54.7M	$47.7M	$47.6M	$46.0M
Total current assets	$606.0M	$657.0M	$951.0M	$643.2M	$719.8M	$699.2M	$817.1M	$799.6M	$964.6M	$596.0M	$732.2M	$599.2M
Property, plant & equipment (net)	$235.0M	$239.0M	$267.0M	$250.0M	$255.8M	$260.9M	$265.9M	$272.4M	$278.7M	$285.1M	$290.6M	$323.2M
Goodwill & intangible assets	$216.0M	$218.0M	$220.0M	$217.3M	$219.1M	$220.9M	$222.7M	$209.3M	$210.6M	$209.5M	$210.7M	$201.7M
Long-term investments	$144.0M	$121.0M	$57.0M	$22.1M	$51.5M	$68.6M	$135.0M	$203.1M	$110.7M	$156.6M	$199.9M	$86.1M
Other non-current assets	$63.0M	$61.0M	$37.0M	$57.9M	$60.1M	$62.4M	$62.7M	$53.9M	$53.8M	$60.0M	$57.7M	$27.9M
Total assets	$1.26B	$1.30B	$1.53B	$1.19B	$1.31B	$1.31B	$1.50B	$1.54B	$1.62B	$1.31B	$1.49B	$1.24B
Liabilities
Accounts payable	$39.0M	$42.0M	$31.0M	$40.6M	$34.2M	$47.5M	$38.8M	$36.0M	$59.8M	$41.0M	$42.1M	$33.4M
Short-term debt	$76.0M	$72.0M	$81.0M	$77.7M	$11.8M	$10.5M	$10.3M	$10.4M	$11.7M	$12.8M	$12.6M	$12.1M
Deferred revenue	$76.0M	—	—	—	—	—	—	—	—	—	$196.5M	—
Total current liabilities	$351.0M	$325.0M	$384.0M	$340.0M	$293.2M	$291.7M	$344.2M	$285.0M	$272.9M	$245.6M	$280.4M	$254.0M
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	—	—	$36.0M	$33.8M	$36.3M	$38.3M	$40.3M	$34.1M	$37.5M	$40.8M	$43.2M	$46.6M
Other long-term liabilities	$1.20B	$1.20B	$1.22B	$834.3M	$854.7M	$869.0M	$897.0M	$899.5M	$913.2M	$921.2M	$935.2M	$952.4M
Total liabilities	$1.55B	$1.52B	$1.60B	$1.17B	$1.15B	$1.16B	$1.24B	$1.18B	$1.19B	$1.17B	$1.22B	$1.21B
Shareholders' equity
Common stock & paid-in capital	—	—	—	$96,000	$96,000	$94,000	$92,000	$92,000	$92,000	$83,000	$82,000	$72,000
Retained earnings (deficit)	−$4.81B	−$4.72B	−$4.53B	−$4.40B	−$4.22B	−$4.11B	−$3.96B	−$3.82B	−$3.69B	−$3.56B	−$3.39B	−$3.26B
Accumulated other comprehensive income	$10.0M	$10.0M	$1.0M	$8.8M	−$268,000	−$341,000	−$643,000	$896,000	−$1.1M	−$431,000	$647,000	−$2.2M
Minority interest	$7.0M	$7.0M	$7.0M	$7.0M	$7.0M	—	—	—	—	—	—	—
Total shareholders' equity	−$291.0M	−$236.0M	−$80.0M	$9.2M	$151.3M	$144.2M	$255.3M	$346.8M	$432.4M	$140.3M	$275.4M	$31.7M
Key figures
Total debt	$1.20B	$1.20B	$1.28B	$884.8M	$36.3M	$38.3M	$40.3M	$34.1M	$37.5M	$40.8M	$43.2M	$46.6M
Net cash (debt)	−$910.0M	−$787.0M	−$583.0M	−$449.7M	$441.1M	$456.2M	$569.7M	$587.5M	$726.4M	$371.3M	$534.0M	$395.5M
Working capital	$255.0M	$332.0M	$567.0M	$303.2M	$426.5M	$407.5M	$473.0M	$514.6M	$691.8M	$350.4M	$451.7M	$345.2M
Tangible book value	−$507.0M	−$454.0M	−$300.0M	−$208.2M	−$67.9M	−$76.7M	$32.6M	$137.5M	$221.8M	−$69.2M	$64.7M	−$170.0M
Book value per share	−$2.86	−$2.35	−$0.80	$0.09	$1.54	$1.50	$2.67	$3.63	$4.99	$1.66	$3.40	$0.44
Shares outstanding	101.9M	100.6M	99.9M	99.8M	98.5M	96.3M	95.7M	95.5M	86.6M	84.3M	81.1M	71.7M
Current ratio	1.73	2.02	2.48	1.89	2.45	2.40	2.37	2.81	3.54	2.43	2.61	2.36
Quick ratio	1.40	1.64	2.22	1.62	2.05	2.03	2.13	2.51	3.19	2.09	2.32	2.05
Debt / equity	—	—	—	96.60	0.24	0.27	0.16	0.10	0.09	0.29	0.16	1.47
Equity / assets	−23.0%	−18.2%	−5.2%	0.8%	11.6%	11.0%	17.0%	22.5%	26.7%	10.7%	18.5%	2.6%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.

RARE financial position

At the end of fiscal 2025 (December 31, 2025), Ultragenyx Pharmaceutical had total assets of $1.5 billion (up 1.9% from a year earlier), total liabilities of $1.6 billion and shareholders' equity of -$80.0 million. It held $693.0 million in cash and short-term investments against $1.3 billion of debt, net debt of $583.0 million. Its current ratio was 2.48. In the latest quarter (ended June 30, 2026) total assets were $1.3 billion and equity -$291.0 million.

Related: RARE income statement, RARE cash flow statement, RARE key metrics. See the RARE stock overview for the latest quote and news.

RARE balance sheet FAQ

What are Ultragenyx Pharmaceutical's total assets?

Ultragenyx Pharmaceutical reported total assets of $1.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.5 billion a year earlier.

How much debt does Ultragenyx Pharmaceutical have?

Ultragenyx Pharmaceutical had $1.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.

How much cash does Ultragenyx Pharmaceutical have?

Ultragenyx Pharmaceutical held $693.0 million in cash and short-term investments at the end of fiscal 2025; with $1.3 billion of debt that is net debt of $583.0 million.

What is Ultragenyx Pharmaceutical's book value?

Ultragenyx Pharmaceutical's shareholders' equity (book value) was -$80.0 million at the end of fiscal 2025, or −$0.81 per share.

What is Ultragenyx Pharmaceutical's current ratio?

Ultragenyx Pharmaceutical had current assets of $951.0 million and current liabilities of $384.0 million, a current ratio of 2.48 (it can cover its short-term obligations).

How much goodwill does Ultragenyx Pharmaceutical have?

Ultragenyx Pharmaceutical carried $220.0 million of goodwill and intangible assets, 14.4% of total assets, at the end of fiscal 2025.