$QURE
uniQure N.V.

2020 Q1 Form 10-Q Financial Statement

#000155837020004542 Filed on April 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $104.0K $1.136M
YoY Change -90.85% -67.36%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.072M $8.067M
YoY Change 12.46% 28.05%
% of Gross Profit
Research & Development $26.01M $20.54M
YoY Change 26.66% 21.09%
% of Gross Profit
Depreciation & Amortization $1.730M $1.570M
YoY Change 10.19% 1.29%
% of Gross Profit
Operating Expenses $35.09M $28.60M
YoY Change 22.66% 23.93%
Operating Profit -$34.46M -$27.50M
YoY Change 25.3%
Interest Expense $975.0K $957.0K
YoY Change 1.88% 4685.0%
% of Operating Profit
Other Income/Expense, Net $339.0K $349.0K
YoY Change -2.87% -50.14%
Pretax Income -$28.00M -$27.77M
YoY Change 0.82% 47.09%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$28.00M -$27.77M
YoY Change 0.82% 47.8%
Net Earnings / Revenue -26922.12% -2444.72%
Basic Earnings Per Share
Diluted Earnings Per Share -$632.3K -$737.0K
COMMON SHARES
Basic Shares Outstanding 44.25M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $342.0M $208.8M
YoY Change 63.79% 48.3%
Cash & Equivalents $342.0M $208.8M
Short-Term Investments
Other Short-Term Assets $1.576M $4.000M
YoY Change -60.6% 11.11%
Inventory
Prepaid Expenses $5.738M
Receivables $300.0K $500.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $349.6M $213.2M
YoY Change 63.98% 46.53%
LONG-TERM ASSETS
Property, Plant & Equipment $27.74M $46.50M
YoY Change -40.35% 37.57%
Goodwill $486.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.900M $2.900M
YoY Change 0.0% 16.0%
Total Long-Term Assets $64.64M $55.80M
YoY Change 15.85% 19.49%
TOTAL ASSETS
Total Short-Term Assets $349.6M $213.2M
Total Long-Term Assets $64.64M $55.80M
Total Assets $414.2M $269.0M
YoY Change 53.99% 39.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.989M $3.500M
YoY Change 42.54% -5.41%
Accrued Expenses $9.507M $11.10M
YoY Change -14.35% 81.97%
Deferred Revenue $6.732M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $27.13M $22.40M
YoY Change 21.11% -15.79%
LONG-TERM LIABILITIES
Long-Term Debt $36.21M $35.60M
YoY Change 1.71% 117.07%
Other Long-Term Liabilities $524.0K $53.80M
YoY Change -99.03% 9.8%
Total Long-Term Liabilities $91.97M $89.40M
YoY Change 2.87% 36.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.13M $22.40M
Total Long-Term Liabilities $91.97M $89.40M
Total Liabilities $119.1M $111.9M
YoY Change 6.43% 21.63%
SHAREHOLDERS EQUITY
Retained Earnings -$687.7M
YoY Change
Common Stock $2.683M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $295.1M $157.1M
YoY Change
Total Liabilities & Shareholders Equity $414.2M $269.0M
YoY Change 53.99% 39.96%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$28.00M -$27.77M
YoY Change 0.82% 47.8%
Depreciation, Depletion And Amortization $1.730M $1.570M
YoY Change 10.19% 1.29%
Cash From Operating Activities -$32.95M -$26.44M
YoY Change 24.64% 23.31%
INVESTING ACTIVITIES
Capital Expenditures $677.0K $234.0K
YoY Change 189.32% -136.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.890M -$1.230M
YoY Change 134.96% 89.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.010M $2.178M
YoY Change -53.63%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.010M 2.678M
YoY Change -62.29% 71.67%
NET CHANGE
Cash From Operating Activities -32.95M -26.44M
Cash From Investing Activities -2.890M -1.230M
Cash From Financing Activities 1.010M 2.678M
Net Change In Cash -35.78M -25.63M
YoY Change 39.61% 24.82%
FREE CASH FLOW
Cash From Operating Activities -$32.95M -$26.44M
Capital Expenditures $677.0K $234.0K
Free Cash Flow -$33.63M -$26.67M
YoY Change 26.09% 28.29%

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CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:18pt;"><b style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:bold;text-align:left;">1</b></span>General business information</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">uniQure (the “Company”) was incorporated on January 9, 2012 as a private company with limited liability (<i style="font-style:italic;">besloten vennootschap met beperkte aansprakelijkheid</i>) under the laws of the Netherlands. The Company is a leader in the field of gene therapy and seeks to deliver to patients suffering from rare and other devastating diseases single treatments with potentially curative results. The Company’s business was founded in 1998 and was initially operated through its predecessor company, Amsterdam Molecular Therapeutics (AMT) Holding N.V (“AMT”). In 2012, AMT undertook a corporate reorganization, pursuant to which uniQure B.V. acquired the entire business and assets of AMT and completed a share-for-share exchange with the shareholders of AMT. Effective February 10, 2014, in connection with its initial public offering, the Company converted into a public company with limited liability (<i style="font-style:italic;">naamloze vennootschap</i>) and changed its legal name from uniQure B.V. to uniQure N.V.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 1pt 0pt 1pt;"><span style="margin-left:0pt;margin-right:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The Company is registered in the trade register of the Chamber of Commerce (<i style="font-style:italic;">Kamer van Koophandel</i>) in Amsterdam, the Netherlands under number 54385229. The Company’s headquarters are in Amsterdam, the Netherlands, and its registered office is located at Paasheuvelweg 25, Amsterdam 1105 BP, the Netherlands and its telephone number is +31 20 240 6000. </p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The Company’s ordinary shares are listed on the Nasdaq Global Select Market and trade under the symbol “QURE”.</p>
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:18pt;"><b style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:bold;text-align:justify;">2.3</b></span><b style="font-weight:bold;">Use of estimates </b></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</p>
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1000000.0
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
3100000
CY2020Q1 qure Number Of Warrant Types
NumberOfWarrantTypes
2
CY2019Q2 us-gaap Area Of Land
AreaOfLand
30655
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1290000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
897000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
145000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
4000
CY2020Q1 us-gaap Sublease Income
SubleaseIncome
248000
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
268000
CY2020Q1 us-gaap Lease Cost
LeaseCost
1187000
CY2019Q1 us-gaap Lease Cost
LeaseCost
633000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
26288000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
26797000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5900000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5865000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
30518000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
31133000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
36418000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
36998000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y1M6D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y3M18D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1133
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1133
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1424000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1413000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
19000000.0
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4529000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5449000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5407000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5505000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
6001000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
33578000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
60469000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
24051000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
36418000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5900000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
30518000
CY2020Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.10
CY2020Q1 qure Accruals For Services Provided By Vendors Not Yet Billed Current
AccrualsForServicesProvidedByVendorsNotYetBilledCurrent
5973000
CY2019Q4 qure Accruals For Services Provided By Vendors Not Yet Billed Current
AccrualsForServicesProvidedByVendorsNotYetBilledCurrent
5425000
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3534000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7032000
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9507000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
12457000
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
11500000
CY2020Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
900000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0144
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0287
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13916001
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12678857

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