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uniQure Announces Second Quarter 2023 Financial Results and Highlights Recent Company Progress ~ Announced encouraging interim analysis data from ongoing Phase I/II clinical trial of AMT-130 in Huntington's disease showi

Key Takeaway: uniQure N.V. has announced its financial results for the second quarter of 2023, reporting a net loss of $68.5 million, which is higher than the previous year. The company highlighted promising interim results from its ongoing Phase I/II trial of AMT-130 for Huntington's disease, demonstrating preserved clinical function in patients. With a strong cash position, uniQure is also preparing to initiate new clinical trials in refractory temporal lobe epilepsy and SOD1-ALS later this year. The recent appointment of key officers aims to enhance its strategic direction for future therapies.

Market Sentiment Analysis

POSITIVE FACTORS

  • Encouraging interim analysis data from the Phase I/II clinical trial of AMT-130 indicates preserved clinical function.
  • Strong cash position of $628.6 million, allowing for continued development of therapies.
  • Initiation of clinical trials for refractory temporal lobe epilepsy and SOD1-ALS expected this year.

CONCERNS & RISKS

  • Net loss of $68.5 million in the second quarter of 2023, up from $39.1 million in the same period in 2022.
  • R&D expenses remain high at $46 million, indicating ongoing significant investment without immediate returns.

Full Press Release Details

Second Quarter 2023 Financial Results
Recent Company Progress
~ Announced encouraging interim analysis data
from ongoing Phase I/II clinical trial of AMT-130 in Huntington's disease showing preservation of function compared to baseline
and clinical benefits relative to natural history; both dose cohorts of AMT-130 continue to be generally well-tolerated ~
underway to initiate two Phase I/II clinical trials in refractory temporal lobe epilepsy and SOD1-ALS later this year; IND for Fabry
disease expected to be submitted in the second half of 2023 ~
~ Strong cash position of $628.6 million as
of June 30, 2023, which excludes a $100 million milestone related to first commercial sale of HEMGENIX in the U.S.
received in July 2023 ~
~ Announced sale of royalty interest in HEMGENIX
for up to $400 million ~
~ Appointed Walid Abi-Saab, M.D., as Chief Medical
Officer; Jeannette Potts as Chief Legal Officer ~
Lexington, MA and Amsterdam, the Netherlands,
August 1, 2023 - 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 the second quarter
of 2023 and highlighted recent progress across its business.
"In the second quarter of the year, we
continued to make strong progress advancing our programs, including announcing encouraging data from the interim analysis of our Phase
I/II study of AMT-130 in Huntington's disease," stated Matt Kapusta, chief executive officer of uniQure. "These
data show that patients treated with AMT-130 appear to have generally preserved clinical and motor function and neurofilament light chain
(NfL) levels suggesting a stable to improving neurodegenerative profile. We believe that, collectively, the data suggest early and promising
evidence of clinical benefit in patients treated with AMT-130 compared to a patient-matched natural history data set. We look forward
to providing another update in the fourth quarter of 2023 that will include data from our European study, as well as preparing for regulatory
interactions in the first quarter of 2024 to discuss the data and potential late-stage development of AMT-130."
"We are also working towards the initiation
of clinical trials for our gene therapy candidates in refractory temporal lobe epilepsy and SOD1-ALS later this year, as well as the submission
of an IND for our Fabry disease gene therapy," he added. "With a strong cash position following achievement of the $100 million
milestone for first U.S. commercial sale of HEMGENIX and completion of a royalty financing transaction, we are
focused on rapidly moving programs into clinical development and creating near-term value to shareholders."
Upcoming Investor Events
Goldman Sachs Boston Bus Tour, August 9, 2023 - Boston, MA
Wells Fargo 2023 Healthcare Conference, September 6, 2023 - Boston, MA
Citi's 2023 18 th Annual BioPharma Conference, September 7, 2023 - Boston, MA
2023 Cantor Global Healthcare Conference, September 28, 2023 - New York, NY
Financial Highlights
Cash position: As of June 30, 2023,
the Company held cash and cash equivalents and investment securities of $628.6 million, compared to $392.8 million as of December 31,
2022. The Company entered into a royalty agreement in May 2023 and received an upfront payment of $375.0 million.
Revenues: Revenue for the three months
ended June 30, 2023 was $2.4 million, compared to $0.5 million in the same period in 2022. The increase is primarily a result of
contract manufacturing revenues of $1.3 million recognized in the current period related to contract manufacturing HEMGENIX
for CSL Behring and an increase in license revenues of $0.8 million.
R&D expenses: Research and development
expenses were $46.0 million for the three months ended June 30, 2023, compared to $46.2 million in the same period in 2022. The decrease
in external program expense was offset by an increase in various other expenses, including employee and contractor-related expenses, facility
expenses and research and development disposable costs.
SG&A expenses: Selling, general and
administrative expenses were $21.2 million for the three months ended June 30, 2023, compared to $12.5 million in the same period
in 2022. The increase was primarily related to an increase in financial advisory fees, an increase in various other professional fees
and an increase in personnel and contractor-related expenses.
Other non-operating items, net:
Other non-operating items net was an expense of
$3.2 million for the three months ended June 30, 2023, compared to net income of $16.7 million for the same period in 2022. The decrease
in other non-operating items, net was primarily related to a decrease in foreign currency gains of $19.0 million and an increase in interest
The net loss for the three months ended June 30,
2023, was $68.5 million, or $1.44 basic and diluted loss per ordinary share, compared to $39.1 million net loss for the same period in
2022, or $0.84 basic and diluted loss per ordinary share.
HEMGENIX is a gene therapy that
reduces the rate of abnormal bleeding in eligible people with hemophilia B by enabling the body to continuously produce factor IX, the
deficient protein in hemophilia B. It uses AAV5, a non-infectious viral vector, called an adeno-associated virus (AAV). The AAV5 vector
carries the Padua gene variant of Factor IX (FIX-Padua) to the target cells in the liver, generating factor IX proteins that are 5x-8x
more active than normal. These genetic instructions remain in the target cells, but generally do not become a part of a person's
own DNA. Once delivered, the new genetic instructions allow the cellular machinery to produce stable levels of factor IX.
HEMGENIX is a registered trademark
uniQure is delivering on the promise of gene
therapy - single treatments with potentially curative results. The recent approvals of our gene therapy for hemophilia B -
an historic achievement based on more than a decade of research and clinical development - represent a major milestone in the field
of genomic medicine and ushers in a new treatment approach for patients living with hemophilia. We are now leveraging our modular and
validated technology platform to advance a pipeline of proprietary gene therapies for the treatment of patients with Huntington's
disease, refractory temporal lobe epilepsy, ALS, Fabry disease, and other severe 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," "establish," "estimate," "expect,"
"goal," "intend," "look forward to", "may," "plan," "potential," "predict,"
"project," "seek," "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, the Company's ability to fund operations into 2026, whether
there will be continued progress on the commercialization of HEMGENIX and the Company's ability to meet certain
milestones, statements about the clinical benefits for patients treated with AMT-130, the timing of patient enrollment in our AMT-130
clinical trial for Huntington's Disease, whether the Company will announce follow up data from the U.S. Phase I/II clinical study
of AMT-130 and whether such announcement will include data from the Company's European study, whether that data will help to further
guide our ongoing clinical development of AMT-130, whether the Company will submit an investigational new drug application for Fabry disease
in 2023, whether the company will initiate a Phase I/II clinical study of AMT-162 for the treatment of ALS in the second half of 2023,
whether the Company will submit an investigational new drug application or initiate a Phase I/II clinical study of AMT-260 for rTLE in
the second half of 2023, and whether the Company will begin interactions with regulatory agencies in the first quarter of 2024. The Company's
actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without
limitation, risks associated with the regulatory approval and commercial launch of HEMGENIX , material changes to our interim
or preliminary data, our clinical trial for Huntington's disease, the impact of financial and geopolitical events on our Company
and the wider economy and health care system, our Commercialization and License Agreement with CSL Behring, our clinical development activities,
clinical results, collaboration arrangements, regulatory oversight, product commercialization and intellectual property claims and ongoing
litigation, the as well as the risks, uncertainties and other factors described under the heading "Risk Factors" in the Company's
periodic securities filings, including its Annual Report on Form 10-K filed February 27, 2023 and the Quarterly Report on Form 10-Q
filed August 1, 2023. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking
statements, and the Company assumes no obligation to update these forward-looking statements, even if new information becomes available
FOR INVESTORS: FOR MEDIA:
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
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

Frequently Asked Questions

What recent trial data did uniQure announce in 2023?

uniQure reported encouraging interim data from the Phase I/II trial of AMT-130 in Huntington's disease showing preserved function and clinical benefits.

What is the latest cash position of uniQure?

As of June 30, 2023, uniQure reported a cash position of $628.6 million.

What new clinical trials are planned for 2023?

uniQure aims to initiate trials in refractory temporal lobe epilepsy and SOD1-ALS later this year.

What are the recent financial highlights for uniQure?

uniQure's revenue for Q2 2023 was $2.4 million, a significant increase from 2022.

Who were the recent executive appointments at uniQure?

Walid Abi-Saab was appointed Chief Medical Officer, and Jeannette Potts was appointed Chief Legal Officer.

Last updated: Aug 1, 2023