UniQure announced financial results for the third quarter September 30, 2015. Revenue was €3.2 million, compared with €1 million for the comparable period in 2014.
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As of September 30, 2015, the company held cash and cash equivalents of €214.5 million, compared with €53.2 million as of December 31, 2014. The increase was due to the consideration received from BMS during the period, offset in part by cash used in research, development and general corporate activities.
Q3 revenue was €3.2 million, compared with €1 million for the comparable period in 2014. For the nine months ended September 30, 2015, licensing and collaboration revenues were €5.9 million compared with €3.2 million for the same period of 2014.
These revenues are primarily related to the company’s collaboration agreements with Bristol-Myers Squibb and Chiesi, as well as Glybera product sales, which commenced in the third quarter of 2015.
Research and development expenses were €11.9 million for the three months ended September 30, 2015, compared to €9.5 million for the comparable period in 2014. For the nine months ended September 30, 2015, research and development costs were €32.7 million compared with €23.7 million for the same period of 2014.
The increase is related to the continuation of uniQure’s Phase I/II clinical study of AMT-060 in hemophilia B, the continued progression of uniQure’s other product candidates and increased activity in the company’s U.S. facility.
Selling, general and administrative expenses were €4.8 million for the three months ended September 30, 2015, compared with €3.2 million for the comparable period in 2014. Selling, general and administrative costs for the nine months ended September 30, 2015 were €13.5 million, compared with €8 million for the comparable period in 2014.
The increase was primarily due to expenses related to consultants and professional fees associated with business development, expenses related to the company’s follow-on offering conducted in April 2015 and other general and administrative activities.
Other gains/losses were a loss of €1.6 million for the three months ended September 30, 2015, compared to a gain of €3.6 million for the comparable period in 2014. For the nine months ended September 30, 2015, other gains/losses were a loss of €2.5 million compared with a gain of €3.7 million in the same period of 2014.
The loss was primarily attributable to the impact of foreign currency exchange rates on the company’s dollar-denominated deposits and the periodic revaluation of outstanding warrants.
In the third quarter of 2015, the company incurred a one-time, non-recurring impairment charge on certain Glybera-related intangible assets of €11.6 million related to the revision of the company’s forecasted number of patients treated with Glybera and certain reimbursement-related developments in Europe.
The net loss for the third quarter of 2015 was €25.8 million, or €1.08 per share, compared with €9.1 million, or €0.51 per share, for the third quarter of 2014. The net loss for the nine months ended September 30, 2015 and 2014 were €57.4 million, or €2.69 per share and €25.9 million, or €1.54 per share, respectively.
Excluding the one-time impairment charge incurred in the third quarter of 2015, the net loss for the third quarter of 2015 was €14.2 million, or €0.67 per share, and the net loss for the nine months ended September 30, 2015 was €45.7 million, or €2.14 per share. ■