uniQure N.V. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the third quarter of 2024, total revenues reached $2.3 million, a notable increase from $1.4 million in Q3 2023. License revenues surged to $2.1 million, up from $497,000, while collaboration revenues decreased to $200,000 from $600,000. For the nine months ended September 30, 2024, total revenues amounted to $21.9 million, compared to $9.2 million in the same period last year, driven primarily by increased license and collaboration revenues.
Despite the revenue growth, the company reported a net loss of $44.4 million for Q3 2024, an improvement from a net loss of $89.6 million in Q3 2023. For the nine-month period, the net loss was $166.3 million, down from $235.3 million in the prior year. The reduction in losses was attributed to a decrease in total operating expenses, which fell to $43.2 million in Q3 2024 from $84.5 million in Q3 2023, and to $163.9 million for the nine months, down from $234.1 million.
Strategically, uniQure completed the sale of its commercial manufacturing activities in Lexington, MA, to Genezen Holdings Inc. on July 22, 2024. The transaction included the transfer of manufacturing equipment and inventory valued at approximately $26.8 million. As part of the deal, uniQure received Series C preferred stock and a convertible promissory note from Genezen, valued at $12.5 million each. The company also entered into a commercial supply agreement with Genezen for HEMGENIX®, committing to a minimum purchase of $43.3 million over three years.
The company’s financial position showed a decrease in total current assets to $464.1 million as of September 30, 2024, down from $651.9 million at the end of 2023. Total assets also declined to $645.8 million from $831.7 million. However, cash and cash equivalents increased to $251.6 million from $241.4 million during the same period. Long-term debt was reduced to $51.1 million from $101.7 million.
The accumulated deficit worsened to $(1.1 billion) as of September 30, 2024, compared to $(890.4 million) at the end of 2023. Total shareholders' equity significantly decreased to $55.8 million from $207.7 million, reflecting the ongoing financial challenges faced by the company.
Overall, uniQure's financial results for the third quarter and nine months of 2024 indicate a strategic shift following the divestment of its manufacturing operations, alongside efforts to reduce losses and improve revenue streams through licensing and collaboration agreements.
About uniQure N.V.
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