Ultragenyx reported Q4 2025 numbers. Revenue came in at $207 million which beat estimates and is up 25% from last year. However, they missed on the bottom line with a loss of $1.29 per share compared to the $1.20 loss expected. They announced a restructuring plan to cut costs and focus on high-value programs. This includes laying off about 130 employees, or 10% of their staff. The goal is to hit profitability by 2027. The pipeline has some issues right now. They got an Incomplete Response Letter from the FDA for their UX111 application asking for more documents. Their UX143 bone disease study also failed primary endpoints late last year. 2026 revenue guidance is projected between $730 million and $760 million.