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uniQure Announces 2020 Financial Results and Highlights Recent Company Progress ~ Six patient procedures now completed in Phase I/II for Huntington's disease, including two procedures conducted in February 2021, with ful

Key Takeaway: uniQure Announces 2020 Financial Results and Highlights Recent Company Progress procedures now completed in Phase I/II for Huntington's disease, including two procedures conducted in February 2021, with full enrollment of first cohort expected mid-2021 ~ in HOPE-B pivotal stu

Full Press Release Details

uniQure Announces 2020 Financial Results
and Highlights Recent Company Progress
procedures now completed in Phase I/II for Huntington's disease, including two procedures conducted in February 2021,
with full enrollment of first cohort expected mid-2021 ~
in HOPE-B pivotal study to complete 52-week follow-up visit before end of the first quarter of 2021, with top-line data to be
presented in the second quarter of 2021 ~
the HOPE-B safety event expected to be completed and submitted to the FDA before end of the first quarter of 2021 ~
Development Day to be held mid-2021 to announce expanded pipeline and platform advancements ~
Lexington, MA and Amsterdam, the Netherlands,
March 1, 2021 - uniQure N.V. (NASDAQ: QURE), a leading gene therapy company advancing transformative therapies
for patients with severe medical needs, today reported its financial results for 2020 and highlighted recent progress across its
"Despite unprecedented challenges
in 2020, the uniQure team demonstrated extraordinary resiliency and dedication to the patients we serve, qualities which have
defined our company for more than two decades," stated Matt Kapusta, chief executive officer at uniQure. "I'm
very proud of uniQure's accomplishments, including completing patient dosing in the HOPE-B pivotal trial, presenting positive
26-week data on 54 patients that met the study's first primary endpoint, and announcing a landmark transaction with CSL
Behring for the global commercialization of etranacogene dezaparvovec, which is expected to close in the second quarter of 2021
following the U.S. antitrust review. We also became the first company to initiate the clinical investigation of an AAV gene therapy
for Huntington's disease and have now enrolled six patients in the study."
"Looking at 2021, we are focused
on important catalysts as we prepare the filings for regulatory approval of etranacogene dezaparvovec and advance our Phase I/II
study of AMT-130 in Huntington's disease, with early biomarker data on the initial patients expected as early as the end
of this year. We are also making investments to expand our pipeline of promising gene therapies and further strengthen our AAV
manufacturing platform. We look forward to hosting a Research and Development Day mid-year during which we will unveil new research
programs and other technology initiatives."
Recent Company Progress
Upcoming Investor Events (each to be
conducted virtually)
Financial Highlights
Cash Position: As of December 31,
2020, the Company held cash and cash equivalents of $244.9 million, compared to $377.8 million as of December 31, 2019.
Revenues: Revenue for the year
ended December 31, 2020 was $37.5 million, compared to $7.3 million during the same period in 2019. The change was
primarily related to an increase in non-cash license revenue that we recognized as of the December 1, 2020 effective date
of the amended Bristol-Myers Squibb collaboration and license agreement, as well as from revenue that we recognized in December 2020
following achievement of a research milestone for one of the four Collaboration Targets.
R&D Expenses: Research and
development expenses were $122.4 million for the year ended December 31, 2020, compared to $94.7 million during the same
period in 2019. The change was primarily related to increased activities associated with our ongoing clinical studies of etranacogene
dezaparvovec and AMT-130, increased share-based compensation, increased license expenses and the recruitment of personnel to support
the development of our product candidates.
SG&A Expenses: Selling, general
and administrative expenses were $42.6 million for the year ended December 31, 2020, compared to $33.5 million during the
same period in 2019. The change was primarily related to increases in personnel and consulting expenses to support our growth,
as well as increases in professional fees.
Other non-operating items, net:
Other expenses were $16.0 million for the year ended December 31, 2020, compared to other expenses of $3.1 million during
the same period in 2019 primarily related to foreign exchange results related to changes in the exchange rates between the Euro
and the U.S. Dollar.
Net Loss: The net loss for the
year ended December 31, 2020 was $125.0 million, or $2.81 loss per share, compared to $124.2 million, or $3.11 loss per share
during the same period in 2019.
uniQure is delivering on the promise of
gene therapy - single treatments with potentially curative results. We are leveraging our modular and validated technology
platform to rapidly advance a pipeline of proprietary gene therapies to treat patients with hemophilia B, Huntington's
disease, Fabry disease, spinocerebellar ataxia Type 3 and other diseases. www.uniQure.com
uniQure Forward-Looking Statements
This press release contains forward-looking
statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated
by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal,"
"intend," "look forward to", "may," "plan," "potential," "predict,"
"project," "should," "will," "would" and similar expressions. Forward-looking statements
are based on management's beliefs and assumptions and on information available to management only as of the date of this press
release. These forward-looking statements include, but are not limited to, uniQure's expectations about its cash runway,
the timing of submitting data to the FDA or providing an update related to the investigation of any safety event related to the
HOPE-B study, the enrollment of patients in, or Data Safety Monitoring Board review of, our Phase I/II gene therapy clinical trial
of AMT-130 in Huntington's disease, the timing of the announcement of data in our Phase I/II gene therapy clinical trial
of AMT-130, the timing of the announcement of data in our HOPE-B pivotal trial of etranacogene dezaparvovec, the timing of filing
for regulatory approval of etranacogene dezaparvovec, the timing of regulatory approval of our agreement with CSL Behring, the
potential financial compensation we may be paid pursuant to our agreement with CSL Behring, our plans to advance or expand our
pipeline, accelerate research, identify business development opportunities, invest in technology, or scale our manufacturing capabilities.
uniQure's actual results could differ materially from those anticipated in these forward-looking statements for many reasons,
including, without limitation, risks associated with the impact of the ongoing COVID-19 pandemic on our Company and the wider
economy and health care system, our Commercialization and License Agreement with CSL Behring, the regulatory approval of that
transaction, our clinical development activities, clinical results, collaboration arrangements, regulatory oversight, product
commercialization and intellectual property claims, as well as the risks, uncertainties and other factors described under the
heading "Risk Factors" in uniQure's periodic securities filings, including its Annual Report on Form 10-K
filed March 1, 2021. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking
statements, and uniQure assumes no obligation to update these forward-looking statements, even if new information becomes available
Maria E. Cantor Chiara Russo Tom Malone
Direct: 339-970-7536 Direct: 617-306-9137 Direct: 339-970-7558
Mobile: 617-680-9452 Mobile: 617-306-9137 Mobile:339-223-8541
m.cantor@uniQure.com c.russo@uniQure.com t.malone@uniQure.com
UNAUDITED CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2020 2019
(in thousands, except share and per share amounts)
Current assets
Cash and cash equivalents $ 244,932 $ 377,793
Accounts receivables 6,618 -
Accounts receivable from related party - 947
Prepaid expenses 4,337 4,718
Other current assets 3,024 748
Total current assets 258,911 384,206
Non-current assets
Property, plant and equipment, net 32,328 28,771
Operating lease right-of-use assets 26,086 26,797
Intangible assets, net 3,361 5,427
Goodwill 542 496
Restricted cash 2,748 2,933
Deferred tax asset 16,419 -
Total non-current assets 81,484 64,424
Total assets $ 340,395 $ 448,630
Current liabilities
Accounts payable $ 3,772 $ 5,681
Accrued expenses and other current liabilities 18,038 12,457
Current portion of operating lease liabilities 5,524 5,865
Current portion of deferred revenue - 7,627
Total current liabilities 27,334 31,630
Non-current liabilities
Long-term debt 35,617 36,062
Operating lease liabilities, net of current portion 30,403 31,133
Deferred revenue, net of current portion - 23,138
Derivative financial instruments related party - 3,075
Other non-current liabilities 3,136 534
Total non-current liabilities 69,156 93,942
Total liabilities $ 96,490 $ 125,572
Shareholders' equity
Total shareholders' equity 243,905 323,058
Total liabilities and shareholders' equity $ 340,395 $ 448,630
UNAUDITED CONSOLIDATED STATEMENTS OF
Years ended December 31,
2020 2019 2018
(in thousands, except share and per share amounts)
Total revenues $ 37,514 $ 7,281 $ 11,284
Operating expenses:
Research and development expenses (122,400 ) (94,737 ) (74,809 )
Selling, general and administrative expenses (42,580 ) (33,544 ) (25,305 )
Total operating expenses (164,980 ) (128,281 ) (100,114 )
Other income 3,342 1,888 2,146
Other expense (1,302 ) (2,028 ) (1,548 )
Loss from operations (125,426 ) (121,140 ) (88,232 )
Non-operating items, net (16,017 ) (3,061 ) 5,159
Loss before income tax income / (expense) (141,443 ) (124,201 ) (83,073 )
Income tax income / (expense) 16,419 - (231 )
Net loss $ (125,024 ) $ (124,201 ) $ (83,304 )
Basic and diluted net loss per ordinary share $ (2.81 ) $ (3.11 ) $ (2.35 )
Weighted average shares used in computing basic and diluted net loss per ordinary share 44,466,365 39,999,450 35,639,745
Last updated: Mar 1, 2021