Full Press Release Details
Announces Third Quarter 2022 Financial Results
Highlights Recent Company Progress
Patient enrollment at the higher dose of AMT-130 to resume in European Phase Ib/II study following
Data Safety Monitoring Board recommendation
and European pre-approval inspections of Company's Lexington, MA manufacturing site completed with
EMA issuing Good Manufacturing
Virtual investor event focused on next pipeline program, AMT-260 investigational gene therapy for
refractory temporal lobe epilepsy,
to be held on Tuesday, November 29, 2022 ~
MA and Amsterdam, the Netherlands, November 2, 2022 - 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 third quarter of 2022 and
highlighted recent progress across its business.
are pleased that following a comprehensive review of all available safety, biomarker and imaging data, the Data Safety Monitoring Board
(DSMB) has recommended that we resume patient enrollment at the higher dose in the ongoing Phase Ib/II study evaluating AMT-130 in Huntington's
disease, " stated Matt Kapusta, chief executive officer of uniQure. "Patient safety will always be our utmost priority,
and we are grateful for the close collaboration between our clinical team, study investigators and most importantly, the patients, all
of whom were instrumental in completing our comprehensive investigations. We believe that AMT-130 has the potential to provide a positive
impact for patients with this devastating disease for which there is no currently approved treatment. We look forward to finishing patient
enrollment in the higher-dose cohort of the European study in the first half of 2023 and remain on track to announce data from the U.S.
Phase I/II study in the second quarter of 2023."
the third quarter, the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) completed site inspections of
our Lexington, Massachusetts gene therapy manufacturing facility, and we have since received good manufacturing practice (GMP) certification
from the European authorities. This is an important milestone as we seek to establish industry-leading commercial gene therapy manufacturing
capabilities. Our partner, CSL Behring, continues to interact with U.S. and European health authorities as they complete their review
of the marketing applications for etranacogene dezaparvovec and, assuming approval, we look forward to partnering with our colleagues
at CSL Behring to bring this potentially transformational treatment option to people living with hemophilia B."
position: As of September 30, 2022, the Company held cash and cash equivalents of $440.3 million, compared to $556.3 million as of
Collaboration revenue for the three months ended September 30, 2022, was $1.4 million, compared to collaboration revenue of $2.0
million for the same period in 2021.
of contract manufacturing: Cost of contract manufacturing for the three months ended September 30, 2022, was $0.9 million compared
to nil for the same period in 2021. Costs incurred in 2022 related to the manufacture of etranacogene dezaparvovec for CSL Behring.
expenses: Research and development expenses were $48.1 million for the three months ended September 30, 2022, compared to $36.4 million
during the same period in 2021. The increase was primarily related to an increase in the fair value of contingent consideration associated
with the acquisition of Corlieve Therapeutics SAS, the preclinical development of temporal lobe epilepsy (AMT-260), an increase in facility-related
expenses and an increase in disposable costs.
expenses: Selling, general and administrative expenses were $13.3 million for the three months ended September 30, 2022, compared
to $12.0 million during the same period in 2021. The increase was primarily related to the recruitment of personnel and contractor-related
non-operating items, net:
non-operating income, net was income of $11.3 million for the three months ended September 30, 2022, compared to other non-operating
income, net of $8.6 million for the same period in 2021. The increase in other non-operating income, net was primarily related to an
increase in net foreign currency gains of $3.9 million partially offset by an increase in interest expense related to the long-term debt
with Hercules Capital, Inc.
net loss for the three months ended September 30, 2022, was $47.9 million, or $1.02 basic and diluted loss per ordinary share, compared
to $36.5 million net loss for the same period in 2021, or $0.79 basic and diluted loss per ordinary share.
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, refractory temporal lobe epilepsy, Fabry disease, and other diseases. www.uniQure.com
Forward-Looking Statements
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, whether we will announce data from the
U.S. Phase I/II study in the second quarter of 2023, whether we are able to bring AMT-061 to people living with hemophilia B and whether
the treatment will be transformational, whether we will resume patient dosing in the open-label European study [in the fourth quarter
of 2022] or complete enrollment in the first half of 2023, whether we will announce one to two-years of follow up data from the U.S.
Phase I/II study in the second quarter of 2023, whether we will file an IND in 2023 for our rTLE program or for our Fabry program. 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 impact of the postponement in 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, 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 25, 2022. 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 in the future.
| 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 |
CONSOLIDATED BALANCE SHEETS
| September 30, | December 31, | |||||||
| 2022 | 2021 | |||||||
| (in thousands, except share and per share amounts) | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 440,313 | $ | 556,256 | ||||
| Accounts receivable and contract asset | 3,603 | 58,768 | ||||||
| Inventories | 4,075 | - | ||||||
| Prepaid expenses | 13,692 | 10,540 | ||||||
| Other current assets and receivables | 2,894 | 2,675 | ||||||
| Total current assets | 464,577 | 628,239 | ||||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | 47,886 | 43,505 | ||||||
| Operating lease right-of-use assets | 27,804 | 25,573 | ||||||
| Intangible assets, net | 53,837 | 62,686 | ||||||
| Goodwill | 23,418 | 27,633 | ||||||
| Deferred tax assets, net | 14,627 | 15,647 | ||||||
| Other non-current assets | 6,085 | 5,897 | ||||||
| Total non-current assets | 173,657 | 180,941 | ||||||
| Total assets | $ | 638,234 | $ | 809,180 | ||||
| Current liabilities | ||||||||
| Accounts payable | $ | 7,566 | $ | 2,502 | ||||
| Accrued expenses and other current liabilities | 26,437 | 28,487 | ||||||
| Current portion of contingent consideration | 23,537 | - | ||||||
| Current portion of operating lease liabilities | 6,434 | 5,774 | ||||||
| Total current liabilities | 63,974 | 36,763 | ||||||
| Non-current liabilities | ||||||||
| Long-term debt | 102,394 | 100,963 | ||||||
| Operating lease liabilities, net of current portion | 29,893 | 28,987 | ||||||
| Contingent consideration, net of current portion | 9,158 | 29,542 | ||||||
| Deferred tax liability, net | 8,592 | 12,913 | ||||||
| Other non-current liabilities | 3,053 | 4,236 | ||||||
| Total non-current liabilities | 153,090 | 176,641 | ||||||
| Total liabilities | 217,064 | 213,404 | ||||||
| Shareholders' equity | ||||||||
| Total shareholders' equity | 421,170 | 595,776 | ||||||
| Total liabilities and shareholders' equity | $ | 638,234 | $ | 809,180 |
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three months ended September 30, | ||||||||
| 2022 | 2021 | |||||||
| (in thousands, except share and per share amounts) | ||||||||
| Total revenues | $ | 1,449 | $ | 1,989 | ||||
| Operating expenses: | ||||||||
| Cost of contract revenues | - | - | ||||||
| Cost of contract manufacturing | (861 | ) | ||||||
| Research and development expenses | (48,068 | ) | (36,432 | ) | ||||
| Selling, general and administrative expenses | (13,324 | ) | (12,023 | ) | ||||
| Total operating expenses | (62,253 | ) | (48,455 | ) | ||||
| Other income | 1,485 | 1,680 | ||||||
| Other expense | (199 | ) | (214 | ) | ||||
| Loss from operations | (59,518 | ) | (45,000 | ) | ||||
| Non-operating items, net | 11,332 | 8,558 | ||||||
| Loss before income tax benefit / (expense) | $ | (48,186 | ) | $ | (36,442 | ) | ||
| Income tax benefit / (expense) | 329 | (89 | ) | |||||
| Net loss | $ | (47,857 | ) | $ | (36,531 | ) | ||
| Earnings per ordinary share - basic | ||||||||
| Basic net (loss) per ordinary share | $ | (1.02 | ) | $ | (0.79 | ) | ||
| Earnings per ordinary share - diluted | ||||||||
| Diluted net (loss) per ordinary share | $ | (1.02 | ) | $ | (0.79 | ) | ||
| Weighted average shares - basic | 46,772,430 | 46,152,404 | ||||||
| Weighted average shares - diluted | 46,772,430 | 46,152,404 |