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Jun 30, 2024
uniQure Q2 2024 Earnings Report
uniQure reported increased revenue driven by collaboration, license, and contract manufacturing revenues, while also reporting a net loss. The company is focusing on streamlining operations and advancing clinical programs.
Key Takeaways
uniQure announced its second quarter 2024 financial results, highlighting an increase in revenue to $11.1 million compared to $2.4 million in the same period last year. This growth was driven by collaboration, license, and contract manufacturing revenues. The company reported a net loss of $56.3 million, or $1.16 per share, compared to a net loss of $68.5 million, or $1.44 per share, for the same period in 2023. uniQure is focusing on advancing its clinical pipeline and reducing capital requirements to extend its cash runway through the end of 2027.
Revenue increased to $11.1 million, up from $2.4 million year-over-year, driven by growth in collaboration, license, and contract manufacturing revenues.
Net loss decreased to $56.3 million, or $1.16 per share, compared to $68.5 million, or $1.44 per share, in the same period last year.
RMAT designation was granted for AMT-130 in Huntington’s disease, with positive interim Phase I/II data showing slowing of disease progression.
Patient screening initiated for Phase I/II studies in mesial temporal lobe epilepsy, SOD1 ALS, and Fabry disease.
Revenue by Segment
Forward Guidance
uniQure expects its current cash balance to fund operations through the end of 2027 and anticipates several value-generating inflection points. The company plans to continue advancing its clinical programs, including AMT-130 for Huntington's disease, and expects to provide additional updates from its clinical trials. uniQure also aims to streamline operations and reduce cash burn through organizational restructuring and the sale of its Lexington manufacturing facility.
Positive Outlook
- Cash balance expected to fund operations through the end of 2027.
- Advancing AMT-130 for Huntington’s disease with potential for expedited clinical development.
- Patient screening initiated for new Phase I/II clinical studies in multiple indications.
- Organizational restructuring expected to reduce annual recurring cash burn by $75 million.
- Planned meeting with FDA to discuss clinical and regulatory pathway for AMT-130.
Challenges Ahead
- Planned workforce reductions impacting approximately 65% of the organization.
- Restructuring plans subject to review and advice from the Company’s Amsterdam-based works council.
Revenue & Expenses
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