uniQure(US:QURE)2022-08-08 12:00Financial Performance - Total revenues for Q2 2022 were $497,000, a significant decrease from $463,868,000 in Q2 2021, representing a decline of approximately 99.9%[17] - The net loss for Q2 2022 was $39,061,000 compared to a net income of $399,468,000 in Q2 2021, indicating a substantial shift in financial performance[17] - The company reported a basic net loss per ordinary share of $0.84 for Q2 2022, compared to earnings of $8.68 per share in Q2 2021[17] - For the six months ended June 30, 2022, the company reported a net loss of $85,739 thousand compared to a net income of $357,912 thousand for the same period in 2021[24] - The company reported a net loss of $39.1 million for the three months ended June 30, 2022, compared to a net income of $399.5 million in the same period in 2021[179] Revenue and Expenses - Research and development expenses increased to $46,192,000 in Q2 2022 from $32,747,000 in Q2 2021, reflecting a rise of about 41%[17] - Operating expenses for Q2 2022 totaled $59,515,000, a decrease from $73,224,000 in Q2 2021, reflecting a reduction of about 18.7%[17] - Total operating expenses for the six months ended June 30, 2022, were $115.5 million, a decrease of $2.8 million from $118.3 million in the same period in 2021[144] - Selling, general and administrative expenses for the six months ended June 30, 2022, were $23.5 million, down from $30.3 million in the same period in 2021[161] - The company incurred $15.1 million in personnel and contractor-related expenses for the three months ended June 30, 2022, compared to $13.1 million for the same period in 2021[135] Cash and Assets - Cash and cash equivalents decreased to $500,524,000 as of June 30, 2022, down from $556,256,000 at the end of 2021, a reduction of approximately 10%[14] - Total assets decreased to $701,211,000 as of June 30, 2022, from $809,180,000 at the end of 2021, a decline of about 13.4%[14] - The company’s total shareholders' equity fell to $486,488,000 as of June 30, 2022, down from $595,776,000 at the end of 2021, representing a decrease of approximately 18.3%[14] - The company’s cash and cash equivalents at the end of the period were $500,524 thousand, down from $677,330 thousand at the end of June 30, 2021, reflecting a decrease of approximately 26.1%[24] Liabilities and Debt - The company had total current liabilities of $48,261,000 as of June 30, 2022, an increase from $36,763,000 at the end of 2021, representing a rise of approximately 31%[14] - The company’s long-term debt stood at $101,890,000 as of June 30, 2022, slightly up from $100,963,000 at the end of 2021, indicating a marginal increase of about 0.9%[14] - The Company has a total principal outstanding of $100.0 million under the 2021 Restated Facility, with an interest-only period extended until December 1, 2024, or December 1, 2025, depending on certain conditions[59] Research and Development - The company is advancing a pipeline of innovative gene therapies, including candidates for Huntington's disease and hemophilia B, with the latter licensed to CSL Behring[81] - AMT-130, the gene therapy candidate for Huntington's disease, is currently in Phase I/II clinical trials in the U.S. and Phase Ib/II studies in the EU, with 26 patients enrolled in the U.S. trial[82][90] - Direct research and development expenses for Huntington's disease (AMT-130) were $6.2 million for the three months ended June 30, 2022, compared to $2.5 million in the same period of 2021, an increase of $3.7 million[124] - The company capitalized inventory to be sold to CSL Behring, reflecting its ongoing collaboration to supply etranacogene dezaparvovec[34] Collaboration and Licensing - The Company recognized $462.4 million of license revenue for the three and six months ended June 30, 2021, related to the License Sale, but did not recognize any license revenue for the same periods in 2022[40] - Collaboration revenue for the three and six months ended June 30, 2022 was $1.4 million, compared to $0.4 million in the same periods of 2021[41] - The company did not recognize any license revenue related to the CSL Behring Agreement in the three months ended June 30, 2022, compared to $462.4 million in the same period of 2021[117] Financial Risks and Future Outlook - The company is exposed to various financial risks, including market risk, credit risk, and liquidity risk, which could adversely affect financial performance[194] - The ongoing Covid pandemic has materially affected operations, including disruptions in raw material supply and clinical trial progress, which may continue to impact future performance[207] - The company may need to raise additional funding, which may not be available on acceptable terms, potentially delaying or limiting product development efforts[209] - Future capital requirements will depend on various factors, including the scope and timing of clinical trials and the need for additional resources to support product development[193] Compliance and Regulatory - The company faces risks related to compliance with laws governing data protection, which could result in penalties affecting business operations[209] - None of the product candidates have received regulatory approval and may never be commercially viable[212] - All product candidates, including AMT-130, are in research or development stages and require extensive testing and regulatory approval[212]