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iso4217:USD
ULTRAGENYX PHARMACEUTICAL INC.
<h2 style="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0; color: #7CBC3E"><b>Pay versus Performance</b></h2><p style="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0"> </p><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As required by Section 953(a) of the Dodd-Frank
Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about
the relationship between Compensation Actually Paid (CAP) and certain financial performance of the Company. For further information
concerning the Company’s pay for performance philosophy and how the Company’s aligns executive compensation with the
Company’s performance, refer to “Executive Compensation – Compensation Discussion and Analysis.”</p><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt; white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td> <td colspan="2" style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td> <td colspan="2" style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: right; white-space: nowrap;">Average</td><td style="font-weight: bold; white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td> <td colspan="2" style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;">Value of Initial Fixed $100<br/> Investment Based On:</td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td> <td colspan="2" style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td> <td colspan="2" style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td></tr>
<tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: rgb(124,188,62) 2px solid; padding-left: 3pt; white-space: nowrap;">Year</td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td> <td colspan="2" style="text-align: right; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"><b>Summary<br/> Compensation Table<br/> Total for PEO<sup>(1)</sup></b></td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td> <td colspan="2" style="text-align: right; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"><b>Compensation<br/> Actually Paid to<br/> PEO<sup>(2)</sup></b></td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td> <td colspan="2" style="text-align: right; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"><b>Summary<br/> Compensation<br/> Table Total for<br/> Non-PEO NEOs<sup>(3)</sup></b></td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td> <td colspan="2" style="text-align: right; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"><b>Average<br/> Compensation<br/> Actually Paid to<br/> Non-PEO NEOs<sup>(4)</sup></b></td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td> <td colspan="2" style="text-align: right; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"><b>Total<br/> Shareholder<br/> Return<sup>(5)</sup></b></td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td> <td colspan="2" style="text-align: right; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"><b>Peer Group<br/> Total<br/> Shareholder<br/> Return<sup>(6)</sup></b></td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td> <td colspan="2" style="text-align: right; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"><b>Net Income<br/> (Loss)<br/> (in thousands)<sup>(7)</sup></b></td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td> <td colspan="2" style="text-align: right; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"><b>Revenue<br/> (in thousands)<sup>(8)</sup></b></td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; white-space: nowrap;"> </td></tr>
<tr style="vertical-align: bottom"> <td style="width: 28%; font-weight: bold; text-align: left; padding-left: 3pt">2022</td><td style="width: 1%"> </td> <td style="width: 2%; text-align: right"> $</td><td style="width: 5%; text-align: right">12,140,330</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: right"> $</td><td style="width: 5%; text-align: right">3,311,432</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: right"> $</td><td style="width: 5%; text-align: right">3,911,773</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: right"> $</td><td style="width: 5%; text-align: right">(175,590)</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: right"> $</td><td style="width: 5%; text-align: right">108</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: right"> $</td><td style="width: 5%; text-align: right">111</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: right"> $</td><td style="width: 5%; text-align: right">(707,421)</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: right"> $</td><td style="width: 5%; text-align: right">363,329</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="font-weight: bold; text-align: left; padding-left: 3pt">2021</td><td> </td> <td style="text-align: right">$</td><td style="text-align: right">9,522,738</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">$</td><td style="text-align: right">(2,152,804)</td><td style="text-align: left"/><td> </td> <td style="text-align: right">$</td><td style="text-align: right">3,314,256</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">$</td><td style="text-align: right">(1,211,638)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">$</td><td style="text-align: right">197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">$</td><td style="text-align: right">125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">$</td><td style="text-align: right">(454,025)</td><td style="text-align: left"/><td> </td> <td style="text-align: right">$</td><td style="text-align: right">351,406</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: rgb(124,188,62) 2px solid; padding-left: 3pt">2020</td><td style="border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">5,144,220</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: left"> </td><td style="border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">22,726,743</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: left"> </td><td style="border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">2,706,102</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: left"> </td><td style="border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">8,015,000</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: left"> </td><td style="border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">324</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: left"> </td><td style="border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">126</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: left"> </td><td style="border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">(186,566)</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: left"> </td><td style="border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: right">271,030</td><td style="border-bottom: rgb(124,188,62) 2px solid; text-align: left"> </td></tr>
</table><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><span style="font: 3pt Arial, Helvetica, Sans-Serif"> </span></p><table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top"> <td style="width: 18pt; padding-bottom: 3pt">(1)</td> <td style="padding-bottom: 3pt; text-align: justify">The dollar amounts reported are the amounts in the “Total” column of the Summary Compensation Table in each applicable year for Dr. Kakkis, who served as our Chief Executive Officer during 2020, 2021 and 2022.</td></tr>
<tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">The dollar amounts reported represent the amount of CAP, as computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable year. In accordance with SEC rules, the following adjustments were made to total compensation to determine the CAP:</td></tr>
</table><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; font: 8pt Arial, Helvetica, Sans-Serif; margin-left: 18pt">
<tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; padding-left: 3pt">Compensation Actually Paid to PEO</td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid; vertical-align: middle">2022</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid; vertical-align: middle">2021</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid; vertical-align: middle">2020</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt">Summary Compensation Table Total</td><td style="width: 2%"> </td> <td style="width: 3%; text-align: right; vertical-align: middle">$</td><td style="width: 7%; text-align: right; vertical-align: middle">12,140,330</td><td style="width: 1%; text-align: left; vertical-align: middle"> </td><td style="width: 2%"> </td> <td style="width: 3%; text-align: right; vertical-align: middle">$</td><td style="width: 7%; text-align: right; vertical-align: middle">9,522,738</td><td style="width: 1%; text-align: left; vertical-align: middle"> </td><td style="width: 2%"> </td> <td style="width: 3%; text-align: right; vertical-align: middle">$</td><td style="width: 7%; text-align: right; vertical-align: middle">5,144,220</td><td style="width: 1%; text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><i>Less,</i> value of “Stock Awards” and “Option Awards” reported in Summary Compensation Table</td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(10,773,976)</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(8,246,092)</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(3,709,589)</td><td style="text-align: left; vertical-align: middle"/></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt"><i>Plus,</i> year end fair value of outstanding and unvested equity awards granted during the year</td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(6,264,762)</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">4,152,033</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">10,163,438</td><td style="text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><i>Plus</i> (less), year over year change in fair value of outstanding and unvested equity awards granted in prior years</td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(2,934,552)</td><td style="text-align: left; vertical-align: middle"/><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(5,753,632)</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">9,346,926</td><td style="text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt"><i>Plus (less),</i> year over year change in fair value of equity awards granted in prior years that vested in the year</td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(1,385,132)</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(1,827,851)</td><td style="text-align: left; vertical-align: middle"/><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">1,781,748</td><td style="text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><i>Less,</i> prior year-end fair value of any equity awards that failed to meet vesting conditions in the year</td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">—</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">—</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">—</td><td style="text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: rgb(124,188,62) 2px solid; padding-left: 3pt">Compensation Actually Paid to Dr. Kakkis</td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">3,311,432</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">(2,152,804)</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">22,726,743</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td></tr>
</table><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><span style="font: 3pt Arial, Helvetica, Sans-Serif"> </span></p><table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top"> <td style="width: 18pt; padding-bottom: 3pt"> </td> <td style="width: 18pt; padding-bottom: 3pt">(3)</td> <td style="text-align: justify; padding-bottom: 3pt">The dollar amounts reported represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding our CEO) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding our CEO) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022 and 2021, Dr. Bedrosian, Mr. Harris, Mr. Pinion and Ms. Dier; and (ii) for 2020, Dr. Bedrosian, Ms. Dier, Mr. Harris, Mr. Pinion, and Shalini Sharp.</td></tr>
<tr style="vertical-align: top"> <td> </td> <td>(4)</td> <td style="text-align: justify">The dollar amounts reported represent the average amount of CAP to the NEOs as a group (excluding our CEO), as computed in accordance with SEC rules. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding our CEO) during the applicable year. In accordance with the SEC rules, the following adjustments were made to average total compensation for the NEOs as a group (excluding our CEO) for each year to determine the compensation actually paid, using the same methodology described above in Note 2:</td></tr>
</table><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 8pt Arial, Helvetica, Sans-Serif; margin-left: 18pt">
<tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; padding-left: 3pt">Compensation Actually Paid to Non-PEO NEOs</td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid">2022</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid">2021</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid">2020</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt">Summary Compensation Table Total</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,911,773</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,314,256</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">2,706,102</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><i>Less,</i> value of “Stock Awards” and “Option Awards” reported in Summary Compensation Table</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">(3,130,468)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(2,519,639)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(2,027,088)</td><td style="text-align: left"/></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><i>Plus, </i>year end fair value of outstanding and unvested equity awards granted during the year<sup>(a)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">1,264,910</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">1,268,695</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">4,150,071</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><i>Plus (less), </i>year over year change in fair value of outstanding and unvested equity awards granted in prior years<sup>(b)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">(784,234)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(2,359,539)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">2,748,610</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><i>Plus (less), </i>year over year change in fair value of equity awards granted in prior years that vested in the year<sup>(c)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">(573,020)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(915,411)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">437,305</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><i>Less, </i>prior year-end fair value of any equity awards that failed to meet vesting conditions in the year<sup>(d)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">(864,551)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">—</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">—</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: rgb(124,188,62) 2px solid; padding-left: 3pt">Compensation Actually Paid to Non-PEO NEOs</td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right">(175,590)</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right">(1,211,638)</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right">8,015,000</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left"> </td></tr>
</table><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><span style="font: 3pt Arial, Helvetica, Sans-Serif"> </span></p><table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top"> <td style="width: 18pt; padding-bottom: 3pt"> </td> <td style="width: 18pt; padding-bottom: 3pt">(5)</td> <td style="padding-bottom: 3pt; text-align: justify">Cumulative TSR is calculated by dividing (a) the sum of (i) the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and (ii) the difference between the Company’s share price at the end and the beginning of the measurement period by (b) the Company’s share price at the beginning of the measurement period. The beginning of the measurement period for each year in the table is December 31, 2019.</td></tr>
<tr style="vertical-align: top"> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt">(6)</td> <td style="padding-bottom: 3pt; text-align: justify">Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: Nasdaq Biotechnology Index.</td></tr>
<tr style="vertical-align: top"> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt">(7)</td> <td style="padding-bottom: 3pt; text-align: justify">The dollar amounts reported represent the amount of net income calculated in accordance with GAAP reflected in the Company’s
audited financial statements for the applicable year.</td></tr>
<tr style="vertical-align: top"> <td> </td> <td>(8)</td> <td style="text-align: justify">The dollar amounts reported represent the amount of revenue calculated in accordance with GAAP reflected in the Company’s audited financial statements for the applicable year.</td></tr>
</table>
Revenue
12140330
3311432
3911773
-175590
108
111
-707421000
363329000
9522738
-2152804
3314256
-1211638
197
125
-454025000
351406000
5144220
22726743
2706102
8015000
324
126
-186566000
271030000
Dr. Kakkis
(2)The dollar amounts reported represent the amount of CAP, as computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable year. In accordance with SEC rules, the following adjustments were made to total compensation to determine the CAP:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; font: 8pt Arial, Helvetica, Sans-Serif; margin-left: 18pt">
<tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; padding-left: 3pt">Compensation Actually Paid to PEO</td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid; vertical-align: middle">2022</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid; vertical-align: middle">2021</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid; vertical-align: middle">2020</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt">Summary Compensation Table Total</td><td style="width: 2%"> </td> <td style="width: 3%; text-align: right; vertical-align: middle">$</td><td style="width: 7%; text-align: right; vertical-align: middle">12,140,330</td><td style="width: 1%; text-align: left; vertical-align: middle"> </td><td style="width: 2%"> </td> <td style="width: 3%; text-align: right; vertical-align: middle">$</td><td style="width: 7%; text-align: right; vertical-align: middle">9,522,738</td><td style="width: 1%; text-align: left; vertical-align: middle"> </td><td style="width: 2%"> </td> <td style="width: 3%; text-align: right; vertical-align: middle">$</td><td style="width: 7%; text-align: right; vertical-align: middle">5,144,220</td><td style="width: 1%; text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><i>Less,</i> value of “Stock Awards” and “Option Awards” reported in Summary Compensation Table</td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(10,773,976)</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(8,246,092)</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(3,709,589)</td><td style="text-align: left; vertical-align: middle"/></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt"><i>Plus,</i> year end fair value of outstanding and unvested equity awards granted during the year</td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(6,264,762)</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">4,152,033</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">10,163,438</td><td style="text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><i>Plus</i> (less), year over year change in fair value of outstanding and unvested equity awards granted in prior years</td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(2,934,552)</td><td style="text-align: left; vertical-align: middle"/><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(5,753,632)</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">9,346,926</td><td style="text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt"><i>Plus (less),</i> year over year change in fair value of equity awards granted in prior years that vested in the year</td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(1,385,132)</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(1,827,851)</td><td style="text-align: left; vertical-align: middle"/><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">1,781,748</td><td style="text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><i>Less,</i> prior year-end fair value of any equity awards that failed to meet vesting conditions in the year</td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">—</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">—</td><td style="text-align: left; vertical-align: middle"> </td><td> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">—</td><td style="text-align: left; vertical-align: middle"> </td></tr>
<tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: rgb(124,188,62) 2px solid; padding-left: 3pt">Compensation Actually Paid to Dr. Kakkis</td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">3,311,432</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">(2,152,804)</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right; vertical-align: middle">22,726,743</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left; vertical-align: middle"> </td></tr>
</table><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><span style="font: 3pt Arial, Helvetica, Sans-Serif"> </span></p>
-10773976
-8246092
-3709589
-6264762
4152033
10163438
-2934552
-5753632
9346926
-1385132
-1827851
1781748
(3)The dollar amounts reported represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding our CEO) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding our CEO) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022 and 2021, Dr. Bedrosian, Mr. Harris, Mr. Pinion and Ms. Dier; and (ii) for 2020, Dr. Bedrosian, Ms. Dier, Mr. Harris, Mr. Pinion, and Shalini Sharp.
(4)The dollar amounts reported represent the average amount of CAP to the NEOs as a group (excluding our CEO), as computed in accordance with SEC rules. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding our CEO) during the applicable year. In accordance with the SEC rules, the following adjustments were made to average total compensation for the NEOs as a group (excluding our CEO) for each year to determine the compensation actually paid, using the same methodology described above in Note 2:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 8pt Arial, Helvetica, Sans-Serif; margin-left: 18pt">
<tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid; padding-left: 3pt">Compensation Actually Paid to Non-PEO NEOs</td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid">2022</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid">2021</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: rgb(124,188,62) 2px solid">2020</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt">Summary Compensation Table Total</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,911,773</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,314,256</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">2,706,102</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><i>Less,</i> value of “Stock Awards” and “Option Awards” reported in Summary Compensation Table</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">(3,130,468)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(2,519,639)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(2,027,088)</td><td style="text-align: left"/></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><i>Plus, </i>year end fair value of outstanding and unvested equity awards granted during the year<sup>(a)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">1,264,910</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">1,268,695</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">4,150,071</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><i>Plus (less), </i>year over year change in fair value of outstanding and unvested equity awards granted in prior years<sup>(b)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">(784,234)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(2,359,539)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">2,748,610</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 3pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><i>Plus (less), </i>year over year change in fair value of equity awards granted in prior years that vested in the year<sup>(c)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">(573,020)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">(915,411)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">437,305</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: #EFF6EA"> <td style="text-align: left; padding-left: 3pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif"><i>Less, </i>prior year-end fair value of any equity awards that failed to meet vesting conditions in the year<sup>(d)</sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right; vertical-align: middle">(864,551)</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">—</td><td style="text-align: right; vertical-align: middle"> </td><td style="vertical-align: middle; text-align: right"> </td> <td style="text-align: right; vertical-align: middle"> </td><td style="text-align: right; vertical-align: middle">—</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: rgb(124,188,62) 2px solid; padding-left: 3pt">Compensation Actually Paid to Non-PEO NEOs</td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right">(175,590)</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right">(1,211,638)</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: rgb(124,188,62) 2px solid"> </td> <td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: right">8,015,000</td><td style="border-bottom: rgb(124,188,62) 2px solid; font-weight: bold; text-align: left"> </td></tr>
</table><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><span style="font: 3pt Arial, Helvetica, Sans-Serif"> </span></p>
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(6)Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: Nasdaq Biotechnology Index.
<h5 style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance Measures</b></h5><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"> </p><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As described in greater detail in “Executive
Compensation – Compensation Discussion and Analysis,” the Company’s executive compensation program reflects
a variable pay-for-performance philosophy. The metrics that the Company uses for both our long-term and short-term incentive awards
are selected based on an objective of incentivizing our NEOs to increase the value of our enterprise for our shareholders. The
most important performance measures used by the Company to link executive compensation actually paid to the Company’s NEOs,
for the most recently completed fiscal year, to the Company’s performance are as follows:</p><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"> </p><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom"> <td style="width: 10pt; padding-bottom: 5pt; text-align: left; vertical-align: top"><span style="font: 9pt Arial, Helvetica, Sans-Serif; color: #7CBC3E">•</span></td> <td style="padding-bottom: 5pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif">Total Revenue </span></td></tr>
<tr style="vertical-align: bottom"> <td style="padding-bottom: 5pt; text-align: left; vertical-align: top"><span style="font: 9pt Arial, Helvetica, Sans-Serif; color: #7CBC3E">•</span></td> <td style="padding-bottom: 5pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif">Relative Total Stockholder Return </span></td></tr>
<tr style="vertical-align: bottom"> <td style="padding-bottom: 5pt; text-align: left; vertical-align: top"><span style="font: 9pt Arial, Helvetica, Sans-Serif; color: #7CBC3E">•</span></td> <td style="padding-bottom: 5pt"><span style="font: 9pt Arial, Helvetica, Sans-Serif">Net Cash Used in Operations </span></td></tr>
<tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"><span style="font: 9pt Arial, Helvetica, Sans-Serif; color: #7CBC3E">•</span></td> <td><span style="font: 9pt Arial, Helvetica, Sans-Serif">Clinical Development of Product Candidates</span></td></tr>
</table>
Total Revenue
Relative Total Stockholder Return
Net Cash Used in Operations
Clinical Development of Product Candidates
<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><img alt="" src="lrare2023_def14ax75x1.jpg"/></p>
<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><img alt="" src="lrare2023_def14ax75x2.jpg"/></p>
<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><img alt="" src="lrare2023_def14ax75x3.jpg"/></p>
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