Form 4: Ultragenyx Legal Officer Sells Shares Under 10b5-1 Plan

Ultragenyx Pharmaceutical's EVP and Chief Legal Officer, Karah Parschauer, reported the sale of 2,450 shares of common stock at $31.17 per share, executed under a Rule 10b5-1 plan.

Summary

• Karah Parschauer, EVP and Chief Legal Officer of Ultragenyx Pharmaceutical Inc., reported a sale of common stock.
• The transaction involved the disposition of 2,450 shares of Ultragenyx common stock.
• The shares were sold at a price of $31.17 per share.
• The transaction is scheduled for September 12, 2025.
• Following this transaction, Parschauer will beneficially own 73,271 shares directly.
• The sale was conducted under a Rule 10b5-1(c) plan, indicating a pre-scheduled transaction.
• The reported beneficial ownership includes 434 shares acquired via the Company's A&R 2014 Employee Stock Purchase Plan on April 30, 2025.
• Beneficial ownership also includes previously reported shares underlying Restricted Stock Units (RSUs) subject to vesting conditions.

Sentiment

Score: 5

Explanation: Neutral. The transaction is a routine insider sale under a pre-planned 10b5-1 program, which is common for executive financial management and does not inherently signal a positive or negative outlook for the company. The executive retains a substantial holding.

Positives

• The transaction was executed under a Rule 10b5-1(c) plan, which suggests a pre-planned sale rather than a reaction to new, non-public information.
• The reporting person still retains a significant number of shares (73,271), indicating continued alignment with shareholder interests.

Negatives

• An insider sale, even if pre-planned, can sometimes be perceived negatively by the market as it reduces the insider's direct equity stake.

Future Outlook

NA

Industry Context

Insider sales are common across all industries, including biotechnology. The pre-planned nature via a 10b5-1 plan is a standard practice for executives to manage personal finances while avoiding accusations of trading on inside information.

Comparison to Industry Standards

• Insider sales under Rule 10b5-1 plans are a common practice among executives in publicly traded companies, including those in the biotechnology sector, to diversify personal holdings or manage liquidity.
• The volume of shares sold (2,450) represents a relatively small portion of the executive's total beneficial ownership (73,271 shares), which is typical for routine financial planning rather than a significant divestment.

Stakeholder Impact

• Shareholders: May interpret the insider sale as a slight negative, though the 10b5-1 plan mitigates concerns about trading on non-public information. The executive still holds a significant stake.

Key Dates

Recommendation

The filing details a routine, pre-planned insider stock sale by an executive under a Rule 10b5-1 plan. This type of transaction is common for personal financial management and does not typically indicate a change in the company's fundamental outlook or performance. The executive retains a substantial equity stake. Therefore, based solely on this filing, a 'hold' recommendation is appropriate as there is no new information to warrant a change in investment thesis.

Keywords

Ultragenyx Pharmaceutical, RARE, Insider Trading, Form 4, Stock Sale, Karah Parschauer, Executive Compensation, Rule 10b5-1, Biotechnology, Pharmaceuticals