10-Q · May 5, 2026
uniQure reported Q1 2026 revenues of $3.56 million, missing the consensus estimate of $4.98 million, while EPS was -$0.85, also below the estimated -$0.78. Management highlighted ongoing high R&D expenses primarily due…
Earnings analysis · 10-Q
QURE earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
uniQure grew Q2 license revenue 11.0% year over year to $5.841 million and raised gross margin to 94.0%, but its net loss more than doubled to $81.059 million, or $1.22 per share. Liquidity improved substantially after…
Read full summary
uniQure grew Q2 license revenue 11.0% year over year to $5.841 million and raised gross margin to 94.0%, but its net loss more than doubled to $81.059 million, or $1.22 per share. Liquidity improved substantially after a $242.7 million equity raise, with $811.9 million of liquidity projected to support operations into 2030. The central catalyst remains a planned Q3 2026 AMT-130 BLA, though FDA agreement on a confirmatory-study design and the AMT-191 dosing pause remain material execution risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.22
- Segment
- License revenue (HEMGENIX royalties): $5.841 million in Q2 2026 versus $5.262 million in Q2 2025; the filing does not disclose reportable operating-segment revenue.
What stood out
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Revenue and gross margin improved
Q2 license revenue was $5.841 million, up $0.579 million (11.0%) from $5.262 million a year earlier and up from implied Q1 revenue of $3.562 million. Cost of license revenue fell to $0.350 million from $0.656 million, lifting gross margin to 94.0% from 87.5%.
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Equity raise materially strengthened liquidity
Cash, cash equivalents, restricted cash and investment securities totaled $811.9 million at June 30, 2026, versus $622.5 million of cash, cash equivalents and investment securities at December 31, 2025. The June offering generated $242.7 million in net proceeds from 5.7 million shares at $45.50 per share.
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Runway extended into 2030
Management believes its $811.9 million liquidity position will fund projected operating expenses into 2030, including AMT-130 commercialization and confirmatory-study costs. Hercules also extended availability of its $100.0 million tranche to September 30, 2027.
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AMT-130 accelerated-approval path restored
The FDA’s July 2026 meeting minutes confirmed alignment that an accelerated-approval BLA for AMT-130 based on existing clinical data is reasonable; management expects a Q3 2026 filing. At 36 months, high-dose AMT-130 showed 75% slowing on cUHDRS versus external control (p=0.003).
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Operating cash burn improved
Six-month operating cash use improved to $66.819 million from $83.995 million a year earlier. Capital expenditures were only $0.612 million, producing calculated six-month free cash flow of negative $67.431 million.
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R&D spending shifted beyond AMT-130
R&D expense declined $1.419 million year over year to $33.964 million, led by a $4.237 million reduction in AMT-130 spending to $6.280 million. Investment shifted toward AMT-260, whose spending rose $2.213 million to $4.168 million.
What to watch
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Loss widened sharply despite revenue growth
Net loss widened to $81.059 million from $37.719 million and diluted loss per share was $1.22, versus the $0.75 consensus loss estimate. Operating loss expanded to $52.203 million from $43.865 million, with operating margin deteriorating to negative 893.7% from negative 833.6%.
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AMT-130 approval hinges on confirmatory trial
The updated AMT-130 risk factor says FDA alignment on the confirmatory-study design is still required before the BLA; FDA indicated the study should be well underway and potentially fully enrolled at accelerated approval. The company expects a Q3 2026 BLA but provides no assurance it will be accepted or approved.
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AMT-191 dosing pause follows liver toxicities
AMT-191 mid- and high-dose enrollment remains paused after asymptomatic Grade 3 liver-enzyme elevations in 2 mid-dose patients, confirmed as dose-limiting toxicities. The study had dosed 11 patients across 3 dose levels.
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Non-operating volatility amplified loss
Non-operating expense was $27.015 million versus $6.571 million of income a year ago, including a $15.970 million fair-value loss on pre-funded warrants and a $1.730 million foreign-exchange loss versus a $18.638 million prior-year gain.
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Additional debt capacity is conditional
Hercules debt principal outstanding was $50.0 million at June 30, 2026, with $19.5 million of future contractual interest payments, including $5.4 million due within 12 months. The additional $100.0 million tranche is conditional on AMT-130 BLA approval before September 30, 2027.
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AMT-130 securities litigation remains active
A securities class action amended complaint was filed on July 15, 2026 seeking unspecified damages over AMT-130 data and regulatory-pathway statements. The asserted class period spans September 24, 2025 through October 31, 2025.
Management's outlook
No numeric revenue or EPS guidance was provided in the 10-Q. Management expects an AMT-130 U.S. BLA and U.K. regulatory submission in Q3 2026 and believes $811.9 million of cash, restricted cash and investment securities can fund projected operations into 2030.
Earlier filings 4
10-K · March 2, 2026
uniQure positions itself as a leader in CNS gene therapies with a concentrated pipeline led by AMT-130 for Huntington’s disease; the company reported $16.1M of revenue in 2025 and holds $622.5M in cash and short-term…
10-Q · July 29, 2025
uniQure reported Q2 revenue of $5.262M, down 52.7% year-over-year from $11.126M but up sequentially from $1.567M in Q1. Gross margin strengthened to 87.5% while operating loss remained large at $43.865M; GAAP loss per…
10-Q · November 5, 2024
uniQure reported Q3 revenues of $2.287M (up from $1.407M in Q3 2023) and GAAP net loss of $44.378M (EPS -$0.91). License revenue drove the increase (licensing $2.111M vs $0.497M prior year) while contract manufacturing…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.