QURE · uniQure N.V.

uniQure's first quarter 2026 results reflect a company in transition, with increased spending on commercial preparation for AMT-130 and pipeline advancement, while maintaining a strong cash position. Revenue rose to $3.6 million from $1.6 million in the prior year, driven by higher license revenue. R&D expenses decreased 19% to $29.2 million, primarily due to lower contingent consideration and external program costs, partially offset by continued investment in AMT-130 and other programs. SG&A expenses nearly doubled to $20.1 million, largely from hiring to support commercial planning for AMT-130. Other income fell sharply due to a prior-year one-time gain, and other non-operating items swung to a $7.3 million expense from $3.8 million, driven by foreign currency losses. The net loss widened to $53.5 million from $43.6 million. Management highlighted key regulatory milestones: a Type B meeting with the FDA in Q2 2026 to discuss a potential new trial design for AMT-130, and an MAA submission to the UK MHRA in Q3 2026 based on three-year data. The company also noted progress in its AMT-260 epilepsy program, with first cohort data expected in June 2026, and provided updates on AMT-191 (Fabry) and the discontinuation of AMT-162 (ALS). The balance sheet remains robust with $586.6 million in cash, sufficient to fund operations into the second half of 2029, providing a long runway to execute on key catalysts.