~ Strategic Review Completed to Refocus Pipeline,
Reduce Operating Costs and Deliver Long-Term Shareholder Value
uniQure N.V. (NASDAQ:QURE), a leader in human gene therapy, today
announced its financial results for the third quarter ended
September 30, 2016 and provided an update on corporate
developments.
"With the completion of our company-wide
strategic review, we have focused our pipeline, streamlined
operations and improved our financial position," stated
Matthew Kapusta, interim chief executive officer of uniQure. "Our
near-term priorities are to aggressively prepare for a pivotal
study in hemophilia B and to complete IND-enabling studies for our
programs in Huntington's disease and congestive heart
failure. We look forward to the presentation of updated Phase
I/II data on AMT-060 in a couple of weeks at ASH, and discussing
our late-stage development plans."
Recent Highlights
- Completed strategic review to refocus pipeline,
simplify organization and reduce operating expenses - On
November 15, uniQure announced the completion of a company-wide
strategic review aimed at focusing its pipeline, consolidating its
manufacturing and enhancing overall execution to drive shareholder
value. As a result of this initiative, the Company will
prioritize programs in hemophilia B, Huntington's disease and those
associated with its landmark collaboration with Bristol-Myers Squib
(BMS) in cardiovascular disease. Regarding the Company's clinical
product candidates in Sanfilippo B and Parkinsons' disease, the
Company has initiated discussions with its collaborators to explore
options for these programs, including their potential transfer or
partnership. Additionally, the Company will restructure its
research and development organization in the Netherlands and
consolidate manufacturing in the United States.
- Updated Phase I/II data on AMT-060 at ASH; Preparations
for pivotal study underway - Professor Frank W.G. Leebeek,
a clinical investigator at the Erasmus Medical Center in Rotterdam,
the Netherlands, will be presenting new and updated data from
uniQure's ongoing Phase I/II clinical trial of AMT-060 at the 58th
American Society of Hematology (ASH) Annual Meeting, on Saturday,
December 3, 2016. The data will include up to 52 weeks of follow-up
on the first patient cohort receiving 5x1012 gc/kg and up to 26
weeks of follow-up on the second patient cohort receiving a higher
dose of 2x1013 gc/kg. In early 2017, uniQure expects to
initiate interactions with regulatory authorities regarding a
potential pivotal study of AMT-060 and will commence scaled-up
production of clinical material in its Lexington, MA manufacturing
facility.
- Progressing IND-enabling studies of AMT-130 -
uniQure is conducting ongoing preclinical studies of AMT-130, its
wholly owned AAV5 gene therapy product candidate for Huntington's
disease. AMT-130 has demonstrated in preclinical studies up
to 80 percent knockdown of the Huntingtin gene in the cortex and
putamen in rat and humanized mouse models. Additional
preclinical data, presentations and publications are expected in
2017 that will feature ongoing progress in moving toward filing an
investigational new drug (IND) application to begin clinical
studies.
- Advancing S100A1 through multiple preclinical
studies - Significant progress has been made over the past
year in transferring S100A1 from a mammalian system to an insect
cell preparation, as well as conducting preclinical dose-ranging
analyses and comparability studies. Various administration
techniques have been analyzed and further animal studies are
expected in 2017 to support an IND filing in 2018. uniQure
also has begun early work on two additional cardiovascular targets,
including vector development and other preclinical activities.
- Maintaining strong cash position sufficient to fund
operations into 2019 - As of September 30, 2016, the
Company held cash and cash equivalents of €140.3 million.
uniQure expects to realize significant cost savings as a
result of the activities associated with its strategic
restructuring. Specifically, uniQure expects to realize €5 million
to €6 million of annualized cost savings in personnel and other
related operating expenses as a result of the elimination of
approximately 50 to 60 positions, or 20% to 25% of global
headcount, by the end of 2017. Additionally, the Company expects to
further reduce planned operating expenses by €11 million to €15
million over the next two years through the focusing of its
pipeline. Based on its strong cash position and these cost savings,
uniQure believes its existing cash resources will be sufficient to
fund operations into 2019.
Financial Highlights for Q3
2016
Revenues for the three months ended September
30, 2016 were €6.5 million, compared with €3.1 million for the
comparable period in 2015. The increase relates to increased
research activity associated with S100A1 for heart failure, the
expenses of which are fully reimbursed by BMS in accordance with
the Company's collaboration agreement.
Research and development expenses were €15.3
million for the three months ended September 30, 2016, compared
with €11.9 million for the comparable period in 2015. The increase
is mainly due to increased activity in support of our collaboration
agreement with BMS, validation and scale-up activities related to
AMT-060 in the Company's Lexington facility, increased facility
costs in Amsterdam and the continued progression of our clinical
program for AMT-060 in hemophilia B and preclinical candidate
AMT-130 in Huntington's disease.
Selling, general and administrative expenses
were €4.1 million for the three months ended September 30, 2016,
compared with €4.8 million for the comparable period in 2015. The
decrease results from a reduction in professional fees and a
reversal of share based payment expenses for unvested equity grants
to our former CEO upon his resignation in September 2016, offset in
part by expenses associated with the Glybera Phase IV study and
global registry, which in prior years were capitalized.
Losses related to foreign currency effects on
U.S. dollar-denominated deposits were €0.6 million for the three
months ended September 30, 2016, compared to €1.6 million for the
comparable period in 2015. Net finance costs were €0.2 million for
the three months ended September 30, 2016, compared to a gain of
€1.2 million for the comparable period in 2015.
The net loss for the third quarter 2016 was
€13.5 million, or €0.54 per share, compared with €25.8 million, or
€1.08 per share, for the third quarter of 2015.
As of September 30, 2016, the Company held cash
and cash equivalents of €140.3 million and had 25,143,760 ordinary
shares outstanding. Cash used in operating and investing
activities in the third quarter of 2016 includes approximately €6.6
million of one-time capital expenditures related to the
refurbishment of a new R&D facility in Amsterdam, the
Netherlands. Excluding these one-time expenditures related to the
new facility, cash used in operating and investing activities in
the third quarter of 2016 would have been €18.0 million.
About uniQure 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 and partnered gene therapies to treat patients with
liver/metabolic, central nervous system and cardiovascular
diseases. www.uniQure.com
uniQure Forward-Looking
StatementsThis 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, statements regarding
the implementation and effects of the Company's new strategic and
organizational changes, the development of our gene therapy product
candidates, the success of our collaborations and the risk of
cessation, delay or lack of success of any of our ongoing or
planned clinical studies and/or development of our product
candidates. Our actual results could differ materially from those
anticipated in these forward-looking statements for many reasons,
including, without limitation, risks associated with corporate
reorganizations and strategic shifts, collaboration arrangements,
our and our collaborators' clinical development activities,
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
2015 Annual Report on Form 20-F filed with the Securities and
Exchange Commission on April 4, 2016. Given these risks,
uncertainties and other factors, you should not place undue
reliance on these forward-looking statements, and we assume no
obligation to update these forward-looking statements, even if new
information becomes available in the future.
uniQure Contacts:
Maria E. Cantor |
Tom Malone |
Direct:
339-970-7536 |
Direct:
339-970-7558 |
Mobile: 617-680-9452 |
Mobile:
339-223-8541 |
m.cantor@uniQure.com |
t.malone@uniQure.com |
|
|
Eva M. Mulder |
|
Direct:
+31 20 240 6103 |
|
Mobile:
+31 6 52 33 15 79 |
|
e.mulder@uniQure.com |
|
UNIQURE N.V.Unaudited Condensed
Consolidated Statements of Financial Position(€ in
thousands)
|
|
December 31, |
|
September 30, |
|
|
2015 |
|
|
|
2016 |
|
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Goodwill |
|
|
442 |
|
|
|
442 |
|
Intangible assets other than Goodwill |
|
|
7,209 |
|
|
|
8,771 |
|
Property, plant and equipment |
|
|
23,820 |
|
|
|
29,730 |
|
Other non-current assets |
|
|
1,142 |
|
|
|
1,663 |
|
Total non-current assets |
|
|
32,613 |
|
|
|
40,606 |
|
Current assets |
|
|
|
|
Receivables from related parties |
|
|
3,792 |
|
|
|
3,591 |
|
Trade and other receivables |
|
|
1,730 |
|
|
|
6,142 |
|
Inventories |
|
|
435 |
|
|
|
70 |
|
Cash and cash equivalents |
|
|
203,532 |
|
|
|
140,331 |
|
Total current assets |
|
|
209,489 |
|
|
|
150,134 |
|
Total assets |
|
|
242,102 |
|
|
|
190,740 |
|
Equity |
|
|
|
|
Share capital |
|
|
1,216 |
|
|
|
1,257 |
|
Share premium |
|
|
344,803 |
|
|
|
346,753 |
|
Other reserves |
|
|
26,026 |
|
|
|
30,361 |
|
Accumulated deficit |
|
|
(252,561 |
) |
|
|
(305,989 |
) |
Total equity |
|
|
119,484 |
|
|
|
72,382 |
|
Liabilities |
|
|
|
|
Non-current liabilities |
|
|
|
|
Borrowings |
|
|
13,434 |
|
|
|
18,246 |
|
Derivative financial instruments - related party |
|
|
530 |
|
|
|
98 |
|
Deferred rent |
|
|
5,737 |
|
|
|
5,922 |
|
Deferred revenue |
|
|
75,852 |
|
|
|
72,335 |
|
Contingent consideration |
|
|
2,687 |
|
|
|
1,286 |
|
Total non-current liabilities |
|
|
98,240 |
|
|
|
97,887 |
|
Current liabilities |
|
|
|
|
Trade and other payables |
|
|
11,220 |
|
|
|
11,678 |
|
Derivative financial instruments - related parties |
|
|
992 |
|
|
|
182 |
|
Borrowings |
|
|
5,124 |
|
|
|
- |
|
Borrowings - derivative |
|
|
238 |
|
|
|
41 |
|
Deferred rent |
|
|
579 |
|
|
|
597 |
|
Deferred revenue |
|
|
6,225 |
|
|
|
5,573 |
|
Provisions |
|
|
- |
|
|
|
2,400 |
|
Total current liabilities |
|
|
24,378 |
|
|
|
20,471 |
|
Total liabilities |
|
|
122,618 |
|
|
|
118,358 |
|
Total equity and liabilities |
|
|
242,102 |
|
|
|
190,740 |
|
UNIQURE N.V.Unaudited
Condensed Consolidated Statements of Operations and Comprehensive
Loss(€ in thousands except share and per share data)
|
Three months ended |
|
Nine months ended |
|
September 30, |
|
September 30, |
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
License revenues |
|
1,041 |
|
|
|
1,100 |
|
|
|
1,754 |
|
|
|
3,302 |
|
Collaboration revenues |
|
1,809 |
|
|
|
5,366 |
|
|
|
3,818 |
|
|
|
11,007 |
|
Product sales |
|
300 |
|
|
|
- |
|
|
|
300 |
|
|
|
- |
|
Total revenues |
|
3,150 |
|
|
|
6,466 |
|
|
|
5,872 |
|
|
|
14,309 |
|
Cost of goods sold |
|
(428 |
) |
|
|
(75 |
) |
|
|
(428 |
) |
|
|
(227 |
) |
Other income |
|
186 |
|
|
|
302 |
|
|
|
532 |
|
|
|
1,126 |
|
Research and development expenses |
|
(11,933 |
) |
|
|
(15,281 |
) |
|
|
(32,652 |
) |
|
|
(47,744 |
) |
Selling, general and administrative expenses |
|
(4,835 |
) |
|
|
(4,140 |
) |
|
|
(13,503 |
) |
|
|
(16,248 |
) |
Impairment of intangible assets |
|
(11,640 |
) |
|
|
- |
|
|
|
(11,640 |
) |
|
|
- |
|
Other gains/(losses), net |
|
(1,552 |
) |
|
|
(623 |
) |
|
|
(2,548 |
) |
|
|
(5,002 |
) |
Total operating costs |
|
(30,202 |
) |
|
|
(19,817 |
) |
|
|
(60,239 |
) |
|
|
(68,095 |
) |
Operating loss |
|
(27,052 |
) |
|
|
(13,351 |
) |
|
|
(54,367 |
) |
|
|
(53,786 |
) |
Finance income |
|
5 |
|
|
|
280 |
|
|
|
70 |
|
|
|
1,864 |
|
Finance expense |
|
1,173 |
|
|
|
(450 |
) |
|
|
(3,102 |
) |
|
|
(1,506 |
) |
Finance income/(expense), net |
|
1,178 |
|
|
|
(170 |
) |
|
|
(3,032 |
) |
|
|
358 |
|
Result before corporate income tax |
|
(25,874 |
) |
|
|
(13,521 |
) |
|
|
(57,399 |
) |
|
|
(53,428 |
) |
Corporate income taxes |
|
30 |
|
|
|
- |
|
|
|
30 |
|
|
|
- |
|
Net loss |
|
(25,844 |
) |
|
|
(13,521 |
) |
|
|
(57,369 |
) |
|
|
(53,428 |
) |
Items that may be subsequently reclassified to profit or loss: |
|
|
|
|
|
|
|
Currency translation differences on foreign operations |
|
(159 |
) |
|
|
(132 |
) |
|
|
927 |
|
|
|
(433 |
) |
Other comprehensive income/(loss) |
|
(159 |
) |
|
|
(132 |
) |
|
|
927 |
|
|
|
(433 |
) |
Total comprehensive loss |
|
(26,003 |
) |
|
|
(13,653 |
) |
|
|
(56,442 |
) |
|
|
(53,861 |
) |
Loss per share attributable to the equity holders of the |
|
|
|
|
|
|
|
Company during the period: |
|
|
|
|
|
|
|
Basic and diluted loss per share |
|
(1.08 |
) |
|
|
(0.54 |
) |
|
|
(2.69 |
) |
|
|
(2.14 |
) |
UNIQURE N.V.Unaudited
Condensed Consolidated Statements of Changes in
Equity/Deficit(€ in thousands)
|
|
Share |
|
Share |
|
Other |
|
Accumulated |
|
Total |
|
|
capital |
|
premium |
|
reserves |
|
deficit |
|
equity |
Balance at January 1, 2015 |
|
905 |
|
|
206,111 |
|
|
|
17,149 |
|
|
|
(181,081 |
) |
|
|
43,084 |
|
Loss for the period |
|
- |
|
|
- |
|
|
|
- |
|
|
|
(57,369 |
) |
|
|
(57,369 |
) |
Other comprehensive income/(loss) |
|
- |
|
|
- |
|
|
|
927 |
|
|
|
- |
|
|
|
927 |
|
Total comprehensive income/(loss) |
|
- |
|
|
- |
|
|
|
927 |
|
|
|
(57,369 |
) |
|
|
(56,442 |
) |
Capital contributions |
|
306 |
|
|
138,877 |
|
|
|
- |
|
|
|
- |
|
|
|
139,183 |
|
Share issuance costs |
|
- |
|
|
(612 |
) |
|
|
- |
|
|
|
- |
|
|
|
(612 |
) |
Share based payment expense |
|
- |
|
|
- |
|
|
|
5,242 |
|
|
|
- |
|
|
|
5,242 |
|
Balance at September 30, 2015 |
|
1,211 |
|
|
344,376 |
|
|
|
23,318 |
|
|
|
(238,450 |
) |
|
|
130,455 |
|
Loss for the period |
|
- |
|
|
- |
|
|
|
- |
|
|
|
(14,111 |
) |
|
|
(14,111 |
) |
Other comprehensive income/(loss) |
|
- |
|
|
- |
|
|
|
323 |
|
|
|
- |
|
|
|
323 |
|
Total comprehensive income/(loss) |
|
- |
|
|
- |
|
|
|
323 |
|
|
|
(14,111 |
) |
|
|
(13,788 |
) |
Capital contributions |
|
5 |
|
|
427 |
|
|
|
- |
|
|
|
- |
|
|
|
432 |
|
Share based payment expense |
|
- |
|
|
- |
|
|
|
2,385 |
|
|
|
- |
|
|
|
2,385 |
|
Balance at December 31, 2015 |
|
1,216 |
|
|
344,803 |
|
|
|
26,026 |
|
|
|
(252,561 |
) |
|
|
119,484 |
|
Loss for the period |
|
- |
|
|
- |
|
|
|
- |
|
|
|
(53,428 |
) |
|
|
(53,428 |
) |
Other comprehensive income/(loss) |
|
- |
|
|
- |
|
|
|
(433 |
) |
|
|
- |
|
|
|
(433 |
) |
Total comprehensive income/(loss) |
|
- |
|
|
- |
|
|
|
(433 |
) |
|
|
(53,428 |
) |
|
|
(53,861 |
) |
Capital contributions |
|
41 |
|
|
1,950 |
|
|
|
- |
|
|
|
- |
|
|
|
1,991 |
|
Share based payment expense |
|
- |
|
|
- |
|
|
|
4,768 |
|
|
|
- |
|
|
|
4,768 |
|
Balance at September 30, 2016 |
|
1,257 |
|
|
346,753 |
|
|
|
30,361 |
|
|
|
(305,989 |
) |
|
|
72,382 |
|
UNIQURE N.V.Unaudited
Condensed Consolidated Statements of Cash Flows(€ in
thousands)
|
Nine months ended |
|
September 30, |
|
|
|
|
|
|
2015 |
|
|
|
2016 |
|
Cash flow from operating activities |
|
|
|
Net
loss |
|
(57,369 |
) |
|
|
(53,428 |
) |
Adjustments for: |
|
|
|
Amortization on intangible assets |
|
274 |
|
|
|
600 |
|
Impairment of intangible assets |
|
11,640 |
|
|
|
- |
|
Depreciation |
|
2,872 |
|
|
|
3,718 |
|
Lease incentive |
|
129 |
|
|
|
(607 |
) |
Loss/(gain) on derivatives |
|
164 |
|
|
|
(1,439 |
) |
Loss/(gain) on foreign exchanges |
|
3,160 |
|
|
|
1,829 |
|
Share-based payment expenses |
|
5,242 |
|
|
|
4,768 |
|
Changes in provisions |
|
- |
|
|
|
2,400 |
|
Changes in trade and other receivables |
|
(3,339 |
) |
|
|
(4,211 |
) |
Changes in inventories |
|
(210 |
) |
|
|
365 |
|
Changes in other current liabilities |
|
1,933 |
|
|
|
429 |
|
Changes in deferred revenue |
|
65,407 |
|
|
|
(4,169 |
) |
Cash generated from/(used in) operations |
|
29,903 |
|
|
|
(49,745 |
) |
Interest paid |
|
(1,404 |
) |
|
|
(1,434 |
) |
Net cash generated from/(used in) operating
activities |
|
28,499 |
|
|
|
(51,179 |
) |
Cash used in investing activities |
|
|
|
Purchases of property, plant and equipment |
|
(3,289 |
) |
|
|
(9,502 |
) |
Purchases of intangible assets |
|
(2,908 |
) |
|
|
(1,716 |
) |
Changes in restricted cash |
|
- |
|
|
|
(555 |
) |
Interest received |
|
70 |
|
|
|
61 |
|
Net cash used in investing activities |
|
(6,127 |
) |
|
|
(11,712 |
) |
Cash flow from financing activities |
|
|
|
Proceeds from shares issued |
|
137,297 |
|
|
|
1,982 |
|
Payments of finance lease |
|
(125 |
) |
|
|
(134 |
) |
Net cash generated from financing activities |
|
137,172 |
|
|
|
1,848 |
|
Net increase/(decrease) in cash and cash
equivalents |
|
159,544 |
|
|
|
(61,043 |
) |
Currency effect cash and cash equivalents |
|
1,731 |
|
|
|
(2,158 |
) |
Cash and cash equivalents at January 1 |
|
53,219 |
|
|
|
203,532 |
|
Cash and cash equivalents at September 30 |
|
214,494 |
|
|
|
140,331 |
|
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/3df3f4cc-f25b-4687-9b5f-4d5bf1d9559d
uniQure NV (NASDAQ:QURE)
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