UniQure N.V. reported fourth‑quarter 2025 results that included a loss per share of $0.56, beating the consensus estimate of a $0.85 loss by $0.29. Revenue for the quarter was $5.57 million, surpassing the $5.308 million estimate by $262,000. The company’s cash balance stood at $622.5 million as of December 31, 2025, giving it a strong runway into the second half of 2029.
The narrower loss reflects a combination of higher revenue and tighter cost control. Revenue rose 6% year‑over‑year to $5.57 million from $5.22 million in Q4 2024, and jumped 50% quarter‑over‑quarter from $3.70 million in Q3 2025. The increase was driven by higher collaboration and license revenue, which offset a decline in contract‑manufacturing revenue following the divestiture of a facility. While selling‑general‑and‑administrative expenses grew due to professional fees and employee costs, research‑and‑development spending remained steady, allowing the company to keep its loss margin tighter.
Cash and liquidity remain robust. The $622.5 million balance, reported as of the end of 2025, is expected to fund operations through the second half of 2029. No quarterly burn rate was disclosed, but the cash position provides a cushion for continued investment in the gene‑therapy pipeline.
Management emphasized the progress of its lead product, AMT‑130, noting that 36‑month clinical data “meaningfully demonstrate its potential to become a first disease‑modifying therapy for people living with Huntington’s disease.” CEO Matt Kapusta said the company remains confident in the strength of its data and is working with the FDA to define a clear approval pathway, while also highlighting advances in other pipeline programs and a strong balance sheet heading into 2026.
Investors reacted negatively to the earnings release, largely because the FDA’s feedback on AMT‑130 requires a new randomized, sham‑controlled Phase 3 study. Analyst coverage was adjusted accordingly: Mizuho downgraded the stock from “Outperform” to “Neutral” and cut its price target from $33 to $12, while Goldman Sachs reduced its target to $9 from $37. The regulatory setback and ongoing securities litigation have heightened uncertainty around the company’s near‑term prospects.
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