Ultragenyx Pharmaceutical Inc. (RARE) Earnings Call Transcript & Summary

Ladies and gentlemen, welcome to the Ultragenyx Pharmaceutical 2020 Annual Shareholder Meeting. I will now turn things over to Chairman, Dan Welch.

Good morning, ladies and gentlemen, and welcome to the 2020 Annual Meeting of Stockholders of Ultragenyx Pharmaceutical Inc. My name is Dan Welch, and I serve as the Chairman of the Board. I'll be presiding over this meeting. At this time, I call the meeting to order. Emil Kakkis, the President and CEO, is present and will walk us through the rest of the meeting. Emil?

Thank you, Dan. Joining us today are Bill Aliski, Chair of the Compensation Committee; Lars Ekman, Chair of the Research and Development Committee; Matt Fust, Chair of the Audit and Nominating and Corporate Governance Committee; Michael Narachi, Director; Shehnaaz Suliman, Director; Karah Parschauer, Executive Vice President and General Counsel. Karah will act as secretary of the meeting. Wenchi Liu, the company's corporate counsel is present, and will act as inspector of elections. We are joined today also by Dan Coleman, a representative from our independent auditor, Ernst & Young LLP. During the question-and-answer period at the end of the meeting, he will be available to answer questions concerning Ernst & Young's services to the company, including the audit of the company's financial statements. As noted in the proxy notice and proxy statement previously provided to stockholders, the record date for voting at this meeting was the close of business on April 27, 2020. A list of the registered stockholders on record date is available for inspection during this meeting can be found at the URL used to access this meeting, www.virtualshareholdermeeting.com/rare20. Notice of this stockholder meeting was mailed on or about April 29, 2020, to all stockholders entitled to vote as of the record date, and Broadridge has delivered an affidavit of distribution to show that notice of this meeting was given. The notice and affidavit will be incorporated into the minutes of this meeting. The secretary will now report on the shares present at the meeting.

Thank you, Emil. As of the record date, there were 59,652,532 shares of common stock outstanding. According to the inspector of election, there are at least 56,241,006 shares of common stock represented at this meeting or approximately 94% of all shares entitled to vote. Dan?

Thank you, Karah. Based on the percentage of total shares of the company held by holders of record now present at the meeting, a quorum is present. The meeting is now duly convened for the purposes of transacting business properly before it.

If you've already turned in your proxy card, you should not vote again unless you wish to revoke your proxy or change your vote. If you'd like to vote at today's annual meeting, you will have the opportunity to do so shortly. At this meeting, stockholders will vote on 3 proposals described in the proxy statement. Proposal #1 is the reelection of 3 directors of Class I directors. Proposal #2 is the ratification of the selection of Ernst & Young LLP as Ultragenyx's independent registered public accounting firm for the fiscal year ending December 31, 2020. Proposal #3 is an advisory nonbinding vote to approve the compensation of the company's executive officers. The Board recommends that you vote for each of the 3 director nominees in Proposal #1 and for Proposals #2 and 3. If you have not already voted by proxy, please mark the appropriate box on the screen, which will then be electronically submitted to the inspector of elections. The polls are open for each matter to be voted on. [Voting]

Polls are now officially closed. The final vote totals will be published in the current report on Form 8-K that will -- we will file within 4 business days. The inspector of elections will now report the preliminary vote results.

Based on a preliminary tally of votes cast in person and by proxy, I declare that the director nominees named in the proxy statement have been elected to hold office until the 2023 Annual Meeting of Stockholders. The selection of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020 has been ratified. And the compensation of the company's named executive officers has been approved. Dan?

Dan?

Thank you, Wenchi. This -- there being no further business, this concludes the formal portion of this meeting, and the meeting is now adjourned.

Thank you, Dan. We'll now entertain appropriate questions from stockholders. Are there questions?

There are no questions at this time.

Great. If there are no questions -- since there are no questions, we want to thank you for attending the 2020 Annual Meeting of Stockholders. Goodbye.

This concludes your call. You may now disconnect.