uniQure NV (QURE) Reports Q3 2023 Earnings: Net Loss Widens, Cash Position Strengthens
uniQure NV (NASDAQ:QURE) reported a net loss of $89.6 million for Q3 2023, compared to a net loss of $47.9 million in the same period in 2022.
The company's cash position as of September 30, 2023, was approximately $660 million, expected to fund operations into the second quarter of 2027.
uniQure NV (NASDAQ:QURE) announced a strategic reorganization expected to deliver $180 million of cost savings over the next three years.
The company received FDA clearance of IND application for AMT-260 in refractory mesial temporal lobe epilepsy.
On November 7, 2023, uniQure NV (NASDAQ:QURE), a leading gene therapy company, announced its financial results for the third quarter of 2023. The company reported a net loss of $89.6 million, or $1.88 basic and diluted loss per ordinary share, compared to a net loss of $47.9 million, or $1.02 basic and diluted loss per ordinary share, for the same period in 2022.
Financial Highlights
As of September 30, 2023, uniQure NV (NASDAQ:QURE) held cash and cash equivalents and investment securities of $658.9 million, compared to $392.8 million as of December 31, 2022. The company's revenues for the three months ended September 30, 2023, were $1.4 million, consistent with the same period in 2022.
Research and development expenses were $65.4 million for Q3 2023, compared to $48.1 million in the same period in 2022. Selling, general and administrative expenses were $18.1 million for Q3 2023, compared to $13.3 million in the same period in 2022.
Company Progress and Achievements
During the third quarter, uniQure NV (NASDAQ:QURE) made significant progress towards advancing multiple clinical-stage programs. The company achieved FDA clearance of the IND for AMT-260 in refractory mesial temporal lobe epilepsy and is making good progress toward initiating patient screening for a Phase I/II trial of AMT-162 in SOD1-ALS and the submission of an IND for AMT-191 in Fabry disease.
CEO Matt Kapusta stated,
We are very pleased to have achieved FDA clearance of the IND for AMT-260 in refractory mesial temporal lobe epilepsy and look forward to initiating patient enrollment in the Phase I/IIa study as soon as possible."
uniQure NV (NASDAQ:QURE) also announced a strategic reorganization to focus on advancing multiple clinical-stage programs, which is expected to deliver $180 million of cost savings over the next three years.
Looking Ahead
With a strong cash position of approximately $660 million as of September 30, 2023, uniQure NV (NASDAQ:QURE) expects to fund operations into the second quarter of 2027. The company remains committed to carefully managing costs, prudently allocating capital, and evaluating strategies that can enhance value for shareholders in an increasingly challenging market environment.
Explore the complete 8-K earnings release (here) from uniQure NV for further details.
This article first appeared on GuruFocus.
