Business Context and Reporting Period
Company: Ultragenyx Pharmaceutical Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 9, 2014
Event Date: June 4, 2014
Ultragenyx entered into a California Competes Tax Credit Allocation Agreement with the California Governor's Office of Business and Economic Development (GO-Biz). The agreement is subject to approval by the California Competes Tax Credit Committee.
Key Financial Metrics
This filing does not report standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The filing focuses exclusively on a potential tax credit award.
| Metric | Value |
|---|---|
| Potential Tax Credit Amount | $2,100,000 |
| Required Cumulative Investment | Approximately $16.3 million |
| Required Employee Count | At least 219 qualifying statewide employees (FTE) |
| Performance Period | Through 2018 |
Material Changes
The filing discloses a new contractual agreement regarding a state tax credit. There are no reported changes to historical financial results or operational status other than the commitment to meet specific growth milestones to secure the credit.
Outlook, Risks, and Contingencies
- Approval Contingency: The agreement will only become effective if approved by the California Competes Tax Credit Committee, with a public hearing scheduled for June 19, 2014.
- Performance Milestones: The full tax credit is contingent upon Ultragenyx achieving specific milestones by the end of 2018, including maintaining a minimum workforce of 219 full-time equivalent employees and making cumulative capital investments of approximately $16.3 million.
- Reporting Requirements: The company must satisfy related annual reporting requirements to maintain eligibility.
Investor Verification Checklist
- Confirm the outcome of the California Competes Tax Credit Committee public hearing scheduled for June 19, 2014.
- Verify the company's current employee count and capital expenditure plans against the 2018 milestones (219 FTEs and $16.3M investment).
- Review the full text of the Agreement on the GO-Biz website for specific terms and conditions not detailed in this summary.