Ultragenyx Shares Fall on Plans to Cut Staff, End Drug Projects

By Katherine Hamilton

Ultragenyx Pharmaceutical shares fell after the company said it was cutting its workforce and discontinuing certain drug developments.

The stock slid 6% to $15.67 in after-hours trading Tuesday. Through the prior close, shares were down 30% this year.

The biopharmaceutical company said it is cutting about 20% of its workforce, which will bring its employee count down to roughly 1,000 workers.

It is also winding down all ongoing studies of GTX-102 as a treatment for Angelman syndrome and terminating UX701 for Wilson disease. The latter is being discontinued because it didn't achieve study goals, Ultragenyx said.

Ultragenyx also plans to substantially reduce costs across the company, including its real estate footprint.

It expects that, in 2027, research and development expenses will be reduced to less than $350 million and selling, general and administrative expenses will be down to $375 million.

Revenue in the third quarter rose 8% to $173 million. The quarterly loss narrowed to $118 million, or $1.16 a share, from a loss o$180 million, or $1.81, a in the year-ago quarter.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

November 03, 2026 17:00 ET (22:00 GMT)