uniQure N.V.

About this filing

Item 1. Financial Statements

For the period ended Mar 31, 2026. Filed May 5, 2026.

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 5, 2026

QURE$22.79+5.0%Stored close · as of Nov 9, 2026

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Contents

· · Three months ended March 31,

· · 2026 · · 2025

· · (in thousands)

Research and development expenses

Selling, general and administrative expenses

UNAUDITED CONSOLIDATED BALANCE SHEETS


· · March 31, · · December 31,
· · 2026 · · 2025
		(in thousands, except share and per share amounts)
Current assets
Cash and cash equivalents	$139,994		$80,240
Current investment securities	446,556		542,301
Accounts receivable	3,562		5,863
Prepaid expenses	16,589		20,506
Other current assets and receivables	9,043		7,076
Total current assets	615,744		655,986
Non-current assets
Property, plant and equipment, net	12,014		13,800
Other investments	30,150		30,237
Operating lease right-of-use assets	12,261		12,525
Intangible assets, net	69,990		72,790
Goodwill	24,811		25,355
Deferred tax assets, net	8,194		8,654
Other non-current assets	5,542		5,561
Total non-current assets	162,962		168,922
Total assets	$778,706		$824,908
Current liabilities
Accounts payable	$4,399		$5,170
Accrued expenses and other current liabilities	43,201		41,292
Liability related to pre-funded warrants	8,605		12,595
Current portion of operating lease liabilities	2,992		3,862
Total current liabilities	59,197		62,919
Non-current liabilities
Long-term debt	49,942		49,699
Liability from royalty financing agreement	482,334		473,199
Operating lease liabilities, net of current portion	10,388		9,832
Contingent consideration	17,029		18,736
Deferred tax liability, net	7,796		7,967
Other non-current liabilities, net of current portion	2,677		3,655
Total non-current liabilities	570,166		563,088
Total liabilities	629,363		626,007
Commitments and contingencies
Shareholders' equity
Ordinary shares, €0.05 par value: 80,000,000 shares authorized at March 31, 2026, and December 31, 2025, and 63,033,249 and 62,336,717 shares issued and outstanding at March 31, 2026, and December 31, 2025, respectively.	3,728		3,688
Additional paid-in-capital	1,587,971		1,582,371
Accumulated other comprehensive loss	(59,885)		(58,222)
Accumulated deficit	(1,382,471)		(1,328,936)
Total shareholders' equity	149,343		198,901
Total liabilities and shareholders' equity	$778,706		$824,908

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE LOSS


· · Three months ended March 31,
· · 2026 · · 2025
· · (in thousands, except share and per share amounts)
License revenues	$3,562	$1,567
Total revenues	3,562	1,567
Operating expenses:
Cost of license revenues	(219)	(197)
Research and development expenses	(29,176)	(36,140)
Selling, general and administrative expenses	(20,068)	(10,908)
Total operating expenses	(49,463)	(47,245)
Other income	1,632	8,306
Other expense	(1,451)	(1,959)
Loss from operations	(45,720)	(39,331)
Interest income	5,229	4,127
Interest expense	(14,031)	(15,109)
Foreign currency (losses) / gains, net	(2,294)	7,172
Other non-operating gains, net	3,769	—
Loss before income tax expense	$(53,047)	$(43,141)
Income tax expense	(488)	(496)
Net loss	$(53,535)	$(43,637)
Other comprehensive loss:
Foreign currency translation losses, net	(1,663)	(1,005)
Total comprehensive loss	$(55,198)	$(44,642)
Loss per ordinary share - basic and diluted
Basic and diluted net loss per ordinary share	$(0.85)	$(0.82)
Weighted average shares - basic and diluted	62,742,847	53,110,580

UNAUDITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


· · · · · · · · · Accumulated · · · · ·
· · · · · · · Additional · · other · · · · · Total
· · Ordinary shares · · paid-in · · comprehensive · · Accumulated · · shareholders’
· · No. of shares · · Amount · · capital · · loss · · deficit · · equity
· · (in thousands, except share and per share amounts)
Balance at December 31, 2024	48,988,087	$2,945	$1,173,068	$(52,800)	$(1,129,965)	$(6,752)
Loss for the period	—	—	—	—	(43,637)	(43,637)
Other comprehensive loss, net	—	—	—	(1,005)	—	(1,005)
Follow-on public offering	5,073,529	261	80,250	—	—	80,511
Exercises of share options	15,928	1	158	—	—	159
Restricted and performance share units distributed during the period	620,935	33	(33)	—	—	—
Share-based compensation expense	—	—	4,410	—	—	4,410
Balance at March 31, 2025	54,698,479	$3,240	$1,257,853	$(53,805)	$(1,173,602)	$33,686

Balance at December 31, 2025	62,336,717	$3,688	$1,582,371	$(58,222)	$(1,328,936)	$198,901
Loss for the period	—	—	—	—	(53,535)	(53,535)
Other comprehensive loss, net	—	—	—	(1,663)	—	(1,663)
Exercises of share options	25,308	1	384	—	—	385
Restricted share units distributed during the period	657,285	38	(38)	—	—	—
Issuance of ordinary shares relating to employee stock purchase plan	13,939	1	164	—	—	165
Share-based compensation expense	—	—	5,090	—	—	5,090
Balance at March 31, 2026	63,033,249	$3,728	$1,587,971	$(59,885)	$(1,382,471)	$149,343

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS


· · Three months ended March 31,
· · 2026 · · 2025
		(in thousands)
Cash flows from operating activities
Net loss	$(53,535)		$(43,637)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,956		4,527
Amortization of discount on investment securities	(4,335)		(2,117)
Share-based compensation expense	5,090		4,410
Royalty financing agreement interest expense, net of interest paid	7,173		8,358
Deferred tax expense	458		496
Changes in fair value of contingent consideration	(1,338)		1,216
Changes in fair value of liability related to pre-funded warrants	(3,769)		—
Unrealized foreign exchange losses / (gains), net	2,178		(7,105)
Other items, net	(242)		(3,971)
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses, and other current assets and receivables	3,780		(2,979)
Accounts payable	(557)		(2,093)
Accrued expenses, other liabilities, and operating leases	3,898		(1,205)
Net cash used in operating activities	(38,243)		(44,100)
Cash flows from investing activities
Proceeds on maturity of debt securities	98,700		85,000
Investment in debt securities	—		(64,775)
Purchases of property, plant, and equipment	(140)		(126)
Net cash generated from investing activities	98,560		20,099
Cash flows from financing activities
Proceeds from follow-on public offering of ordinary shares, net of issuance costs	—		80,511
Proceeds from issuance of ordinary shares related to employee stock options and purchase plans	550		159
Net cash generated from financing activities	550		80,670
Currency effect on cash, cash equivalents and restricted cash	(1,132)		1,660
Net increase in cash, cash equivalents and restricted cash	59,735		58,329
Cash, cash equivalents and restricted cash at the beginning of period	81,801		160,329
Cash, cash equivalents and restricted cash at the end of period	$141,536		$218,658
Cash and cash equivalents	$139,994		$217,229
Restricted cash related to leasehold and other deposits	1,542		1,429
Total cash, cash equivalents and restricted cash	$141,536		$218,658
Supplemental cash flow disclosures:
Cash paid for interest	$(6,720)		$(6,491)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1General business information

uniQure N.V. (the “Company”) was incorporated on January 9, 2012, as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) 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 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 (naamloze vennootschap) and changed its legal name from uniQure B.V. to uniQure N.V.

The Company is registered in the trade register of the Dutch Chamber of Commerce (Kamer van Koophandel) in Amsterdam, the Netherlands under number 54385229. The Company’s headquarters are in Amsterdam, the Netherlands, its registered office is located at Paasheuvelweg 25a, Amsterdam 1105 BP, the Netherlands and its telephone number is +31 20 240 6000.

The Company’s ordinary shares are listed on the Nasdaq Global Select Market and trade under the symbol “QURE”.

2****Summary of significant accounting policies

2.1****Basis of preparation

The Company prepared these unaudited consolidated financial statements in compliance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Any reference in these notes to applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates of the Financial Accounting Standards Board.

The unaudited consolidated financial statements are presented in United States (“U.S.”) dollars, except where otherwise indicated. Transactions denominated in currencies other than U.S. dollars are presented in the transaction currency with the U.S. dollar amount included in parenthesis, converted at the foreign exchange rate as of the transaction date.

2.2****Unaudited interim financial information

The interim financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the financial position, results of operations and changes in financial position for the period presented.

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026, or for any other future year or interim period. The accompanying financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed by the Company with the SEC on March 2, 2026 (the “Annual Report”).

2.3****Use of estimates

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 liabilities at the date of the financial statements and reported amounts of revenues, expenses and tax related items during the reporting period. Actual results could differ from those estimates.

2.4****Accounting policies

The principal accounting policies applied in the preparation of these unaudited consolidated financial statements are described in the Company’s audited financial statements as of and for the year ended December 31, 2025, and the notes thereto, which are included in the Annual Report. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2026.

2.5****Recent accounting pronouncements

There have been no new accounting pronouncements or changes to accounting pronouncements during the three months ended March 31, 2026, as compared to the recent accounting pronouncements described in Note 2.3.29 of the Annual Report, which could be expected to materially impact the Company’s unaudited consolidated financial statements.

3	Current investment securities

The following tables summarize the Company’s investments in government debt securities as of March 31, 2026 and December 31, 2025:


· · At March 31, 2026
· · Amortized cost · · Gross unrealized holding gains · · Gross unrealized holding losses · · Estimated fair value
					(in thousands)
Current investments securities:
Government debt securities (held-to-maturity)		$446,556		$295			$—	$446,851
Total		$446,556		$295			$—	$446,851

	At December 31, 2025
	Amortized cost		Gross unrealized holding gains	Gross unrealized holding losses		Estimated fair value
	(in thousands)
Current investments securities:
Government debt securities (held-to-maturity)		$542,301		$308			$—	$542,609
Total		$542,301		$308			$—	$542,609

The Company invests in short-term U.S. and European government debt securities with high investment credit ratings. The U.S. and European government bonds are U.S. dollar and euro (€, or EUR) denominated, respectively. Investment securities with original maturities of 90 days or less when purchased are presented within cash and cash equivalents and measured at amortized cost. Inputs to the fair value of the investments are considered Level 2 inputs.

As of March 31, 2026 and December 31, 2025, no expected credit loss was identified with respect to the investment securities.

4	Fair value measurement

The Company measures certain financial assets and liabilities at fair value, either upon initial recognition or for subsequent accounting or reporting. ASC 820*, Fair Value Measurement*requires disclosure of the methodologies used in determining the reported fair values and establishes a hierarchy of inputs used when available. The three levels of the fair value hierarchy are described below:

Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date.

Level 2 – Valuations based on quoted prices for similar assets or liabilities in markets that are not active or models for which the inputs are observable, either directly or indirectly.

Level 3 – Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and are unobservable.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The carrying amount of cash and cash equivalents, accounts receivable from licensing and collaboration partners, other assets, accounts payable, accrued expenses and other current liabilities reflected in the Unaudited Consolidated Balance Sheets** **approximate their fair values due to their short-term maturities.

The Company’s material financial assets include cash and cash equivalents, restricted cash and investment securities. Cash and cash equivalents and restricted cash are measured at fair value using Level 1 inputs. Restricted cash is included in Other non-current assets within the unaudited Consolidated Balance Sheets. Investment securities are measured at amortized cost.

The following table sets forth the Company’s assets and liabilities that are required to be measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:


· · Quoted pricesin activemarkets(Level 1) · · Significant otherobservableinputs(Level 2) · · Significantunobservableinputs(Level 3) · · Total · · Classification in Unaudited ConsolidatedBalance Sheets
· · · (in thousands) · ·
Balance at December 31, 2025
Assets:
Cash and cash equivalents	$80,240	$—	$—	$80,240	Cash and cash equivalents
Restricted cash	1,561	—	—	1,561	Other non-current assets
Total assets	$81,801	$—	$—	$81,801
Liabilities:
Liability related to pre-funded warrants	—	12,595	—	12,595	Liability related to pre-funded warrants
Contingent consideration	—	—	18,736	18,736	Contingent consideration
Consideration for post-acquisition services	—	—	638	638	Other non-current liabilities
Total liabilities	$—	$12,595	$19,374	$31,969
Balance at March 31, 2026
Assets:
Cash and cash equivalents	$139,994	$—	$—	$139,994	Cash and cash equivalents
Restricted cash	1,542	—	—	1,542	Other non-current assets
Total assets	$141,536	$—	$—	$141,536
Liabilities:
Liability related to pre-funded warrants	—	8,605	—	8,605	Liability related to pre-funded warrants
Contingent consideration	—	—	17,029	17,029	Contingent consideration
Consideration for post-acquisition services	—	—	580	580	Other non-current liabilities
Total liabilities	$—	$8,605	$17,609	$26,214

a)	Contingent consideration

The Company is required to pay up to EUR 143.1 million (or $164.5 million based on the foreign exchange rate on March 31, 2026) to the former shareholders of uniQure France SAS (formerly Corlieve Therapeutics SAS) upon the achievement of the remaining contractually defined milestones related to the development of AMT-260 in connection with the Company’s acquisition of uniQure France SAS.

The fair value of the contingent consideration as of March 31, 2026 was EUR 14.8 million ($17.0 million) (December 31, 2025: EUR 15.9 million ($18.7 million)) using discount rates of approximately 11.5% to 11.8% (December 31, 2025:11.8%).

If, as of March 31, 2026, the Company had assumed a 100% likelihood of AMT-260 advancing into a Phase III clinical study, then the fair value of the contingent consideration would have increased to EUR 47.8 million ($55.0 million). If, as of March 31, 2026, the Company had assumed that it would discontinue development of the AMT-260 program, then the contingent consideration would have been released to income.

The following table presents the changes in fair value of the contingent consideration (presented within non-current liabilities) between December 31, 2025 and March 31, 2026:


· · Amount of
· · contingent
· · consideration
· · (in thousands)
Balance at December 31, 2025			$18,736
Unrealized change in fair value (presented within Research and development expenses)			(1,338)
Currency translation effects			(369)
Balance at March 31, 2026			$17,029

The Company classified the total contingent consideration liability as non-current as of March 31, 2026 and December 31, 2025. The classification of the contingent consideration within the Company’s Unaudited Consolidated Balance Sheets between current and non-current liabilities is based upon the Company’s best estimate of the timing of settlement of the remaining relevant milestones.

b)	Liability related to pre-funded warrants

In September 2025, the Company completed a follow-on public offering which included the issuance of pre-funded warrants to purchase 526,316 of the Company’s ordinary shares at the public offering price of $47.50 per ordinary share, less a $0.0001 per ordinary share exercise price for each pre-funded warrant (“Pre-Funded Warrant(s)”). The obligation to issue ordinary shares upon the exercise of the Pre-Funded Warrants is classified as a liability related to pre-funded warrants.

The Pre-Funded Warrants are not exchange-quoted and are measured using a valuation technique whose significant inputs are observable; therefore the fair value measurement is classified within Level 2 of the fair value hierarchy.


· · Liability related
· · to pre-funded
· · warrants
· · (in thousands)
Balance at December 31, 2025			$12,595
Unrealized change in fair value (presented within Other non-operating gains, net)			(3,769)
Currency translation effects			(221)
Balance at March 31, 2026			$8,605

5	Accrued expenses and other current liabilities

Accrued expenses and other current liabilities include the following items:


· · March 31, · · December 31,
· · 2026 · · 2025
· · (in thousands)
Accruals for goods received from and services provided by vendors-not yet billed	$23,493	20,490
Personnel-related accruals and liabilities	10,126	$9,941
Current portion of firm purchase commitment liability (refer to Note 13, "Commitments and contingencies")	5,796	5,102
Liability owed to the Purchaser pursuant to the Royalty Financing Agreement (refer to Note 7, "Royalty Financing Agreement")	3,562	5,523
Other current liabilities	224	236
Total	$43,201	$41,292

6****Long-term debt

The total principal outstanding as of March 31, 2026 under the Company's amended venture debt loan facility with Hercules Capital, Inc. (the “2025 Amended Facility”) was $50.0 million. The amortized cost, including interest due presented as part of Accrued expenses and other current liabilities, was $50.3 million as of March 31, 2026, compared to $50.1 million as of December 31, 2025, and is recorded net of discount and debt issuance costs.

The foreign currency loss on the loan facility in the three months ended March 31, 2026 was $1.1 million, compared to a foreign currency gain of $2.1 million during the same period in 2025. Interest expense during the three months ended March 31, 2026 was $1.4 million, compared to $1.8 million during the same period in 2025.

During the three months ended March 31, 2026, there were no material changes to the terms, available borrowing tranches, covenants, or collateral arrangements of the 2025 Amended Facility as described in Note 11,* “Long-term debt”* to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. As of March 31, 2026, the Company was in compliance with all applicable covenants under the facility.

7Royalty Financing Agreement

During the three months ended March 31, 2026, there were no material changes to the terms of the royalty purchase agreement entered into in May 2023 (the “Royalty Financing Agreement”) with HemB SPV, L.P. (the “Purchaser”), as described in Note 12, “Royalty Financing Agreement” within the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2025.

The following table presents the changes in the liability from royalty financing agreement for the period from December 31, 2025 to March 31, 2026:


· · Amount of liability
· · (in thousands)
Balance as of December 31, 2025 (includes $5.5 million presented as "Accrued expenses and other current liabilities")			478,722
Royalty payments to the Purchaser			(5,523)
Interest expense for the period			12,621
Balance as of March 31, 2026 (includes $3.6 million presented as "Accrued expenses and other current liabilities")			$485,820

The Company records the debt at amortized cost using the effective interest rate method based on projected cash flows. As of March 31, 2026, the effective interest rate is expected to be within a range of 10.5% to 12.0% per annum (March 31, 2025:12.0% to 13.5%). Interest expense recorded in connection with the agreement was $12.6 million and $13.3 million for the three months ended March 31, 2026 and 2025, respectively.

8Share-based compensation

The Company’s share-based compensation plans include the amended and restated 2014 Share Incentive Plan (as amended, the “2014 Plan”) and inducement grants under Rule 5653(c)(4) of the Nasdaq Global Select Market with terms similar to the 2014 Plan (together the “2014 Plans”). As of March 31, 2026, a total of 2,571,395 ordinary shares remain available for issuance under the 2014 Plan.

In June 2018, the Company’s shareholders adopted and approved the uniQure N.V. Employee Stock Purchase Plan (as amended, the “ESPP”) allowing the Company to issue up to 150,000 ordinary shares. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code of 1986, as amended. Under the ESPP, employees are eligible to purchase ordinary shares through payroll deductions, subject to any plan limitations. The purchase price of the ordinary shares on each purchase date is equal to the lower of: (i)85% of the closing market price on the offering date or (ii)85% of the closing market price on the purchase date.

2014 Plans and ESPP

Share-based compensation expense recognized by classification included in the Unaudited Consolidated Statements of Operations and Comprehensive Loss in relation to the 2014 Plans and the ESPP for the periods indicated below was as follows:

Share-based compensation expense recognized by award type for the 2014 Plans as well as the ESPP was as follows:


· · Three months ended March 31,
· · 2026 · · 2025
		(in thousands)
Award type/ESPP
Share options	$1,807		$1,637
Restricted share units	3,206		2,213
Performance share units	62		560
ESPP	15		—
Total	$5,090		$4,410

As of March 31, 2026, the unrecognized share-based compensation expense related to unvested awards under the 2014 Plans were:


· · Unrecognized · · Weighted average
· · share-based · · remaining
· · compensation · · period for
· · expense · · recognition
· · (in thousands) · · (in years)
Award type
Share options	$14,881	2.88
Restricted share units	27,279	2.40
Performance share units	21	0.08
Total	$42,181	2.57

The Company satisfies the exercise of share options and vesting of Restricted Share Units (“RSUs”) and Performance Share Units (“PSUs”) through newly issued ordinary shares.

Share options

Share options are priced on the date of grant and, except for certain grants made to non-executive directors, vest over a period offour years. The first 25% of each grant vestsone year after the initial grant date and the remainder vests in equal quarterly installments over years two, three and four. Certain grants to non-executive directors vest in full afterone year. Any options that vest must be exercised by the tenth anniversary of the initial grant date.

The following table summarizes option activity under the 2014 Plans for the three months ended March 31, 2026:


· · Options
	Number of ordinary shares	Weighted average exercise price

Outstanding at December 31, 2025	4,531,991	17.04
Granted	771,900	$9.53
Forfeited	—	$—
Expired	(11,466)	$37.00
Exercised	(25,308)	$15.24
Outstanding at March 31, 2026	5,267,117	$15.90
Thereof, fully vested, and exercisable on March 31, 2026	2,825,796	$20.06
Thereof, outstanding and expected to vest after March 31, 2026	2,441,321	$11.09
Outstanding and expected to vest after December 31, 2025	1,999,315	$11.81

· · · · ·
Total weighted average grant date fair value of options issued during the period (in $ millions)				$4.9

The fair value of each option issued is estimated at the respective grant date using the Hull & White option pricing model with the following weighted-average assumptions:


· · Three months ended March 31,
	2026	2025
Assumptions
Expected volatility	95.0%	80.0%
Expected terms	10 years	10 years
Risk-free interest rate	4.2% - 4.3%	4.4%
Expected dividend yield	0.0%	0.0%

RSUs

The following table summarizes the RSU activity for the three months ended March 31, 2026:


· · RSUs
· · · · Weighted average
· · Number of · · grant-date fair
· · ordinary shares · · value
Non-vested at December 31, 2025	2,395,420	$12.15
Granted	997,100	$10.77
Vested	(657,285)	$11.33
Forfeited	(43,468)	$15.72
Non-vested at March 31, 2026	2,691,767	$11.78

Total weighted average grant date fair value of RSUs granted during the period (in $ millions)		$10.7

RSUs are measured at grant date based on the market price of the Company’s ordinary shares and, except for certain grants made to non-executive directors, vest over athree-year period. RSUs granted to non-executive directors vestone year after the date of grant.

PSUs

The Company granted PSUs to certain employees in 2024 and 2026, that, with respect to the 2024 PSUs, will be earned upon the Board of Directors’ assessment of the level of achievement of agreed upon performance targets, and, with respect to the 2026 PSUs, will be earned upon management’s assessment of the level of achievement of agreed upon performance targets, subject, in each case, to the grantee’s continued employment. The fair value of PSUs granted in 2024 and 2026 was determined on the grant date by reference to the market price of the Company’s ordinary shares.

The Company recognizes the compensation cost related to these grants to the extent it considers achievement of the milestones to be probable. As of March 31, 2026, the PSUs granted in 2026 were assessed as not probable of achieving the requisite performance conditions in accordance with ASC 718,Compensation-Stock Compensation; therefore, no stock-based compensation expense has been recognized.

The following table summarizes the PSU activity for the three months ended March 31, 2026:

· · · · ·
· · PSUs
		Weighted average
	Number of	grant-date fair
	ordinary shares	value
Non-vested at December 31, 2025	22,500	$15.40
Granted	—	$—
Vested	—	$—
Forfeited	—	$—
Non-vested at March 31, 2026	22,500	$15.40

ESPP

During the three months ended March 31, 2026,13,939 ordinary shares were issued under the ESPP compared tonil ordinary shares issued during the same period in 2025. As of March 31, 2026,72,773 ordinary shares remain available for issuance under the ESPP compared to a total of 86,712 ordinary shares as of March 31, 2025.

9	Segment reporting

The Company is advancing a pipeline of innovative gene therapies seeking to deliver to patients suffering from rare and other devastating diseases single treatments with potentially curative results. The Company manages the operations related to these research and development activities withinone operating segment because they rely on a common set of infrastructure, resources and technology of the products and production processes, types of customers, distribution methods and regulatory environment.

The leadership team is identified as the Chief Operating Decision Maker (“CODM”).

The CODM allocates resources to research projects and clinical candidates based on scientific data as well as quantitative and qualitative expected risk-adjusted returns on investment. The CODM uses segment operating loss to monitor that cash operating losses remain within the approved budget.

The accounting policies of the operating segment are the same as those described in the summary of significant accounting policies.


· · Three months ended March 31,
· · 2026 · · 2025
· · (in thousands)
Revenue	$3,562	$1,567
Less:
Employee related expenses	(16,786)	(14,216)
Laboratory and development expenses	(14,761)	(15,967)
Professional fees	(4,507)	(2,057)
Information technology system costs	(1,659)	(1,001)
Facility expenses	(1,547)	(1,667)
Other segment items(1)	(3,513)	(969)
Segment operating loss	(39,211)	(34,310)
Reconciliation
Depreciation and amortization expense	(2,956)	(4,527)
Share-based compensation expense	(5,090)	(4,410)
Fair value gain / (loss) - contingent consideration	1,338	(1,216)
Fair value gain - liability related to pre-funded warrants	3,769	—
Foreign currency (losses) / gains, net	(2,294)	7,172
Interest income	5,229	4,127
Interest expense - Royalty Financing Agreement	(12,621)	(13,309)
Interest expense - Hercules loan facility	(1,410)	(1,800)
Other reconciling items	199	5,132
Consolidated loss before income tax expense	$(53,047)	$(43,141)

(1)	Other segment items included in segment operating loss include costs related to intellectual property and insurance offset by income related to payments received from European authorities to subsidize the Company’s research and development in the Netherlands.

10	Other investments and concentration of credit risk

The following table summarizes the Company’s other investments as of March 31, 2026 and December 31, 2025:

The Company did not recognize any upward adjustments, downward adjustments, or impairments relating to investments carried under the measurement alternative during the three months ended March 31, 2026, and 2025.

Genezen

In 2024, as part of the Company’s divestment of its commercial manufacturing operations to Genezen Holdings Inc. and its subsidiary Genezen MA, Inc. (together “Genezen”), the Company entered into a commercial supply agreement (the “Genezen CSA”), as well as a development and other manufacturing agreement, with Genezen. The Company recorded a balance of prepaid expenses of $12.3 million and $13.9 million as of March 31, 2026 and December 31, 2025, respectively, for services that the Company expects to receive from Genezen. In addition, as of March 31, 2026, the Company holds a convertible note receivable of $14.9 million which is due in September 2029 and for which Genezen is the counterparty (December 31, 2025: $14.6 million). These balances represent a concentration of credit risk, and the Company’s maximum exposure to loss is the carrying value of these assets. No expected credit losses were recognized during the three months ended March 31, 2026 or 2025.

CSL Behring

As of March 31, 2026 and December 31, 2025, accounts receivable from CSL Behring LLC (“CSL Behring”) totaled $3.6 million and $5.9 million, respectively, in each case related to royalty revenue.

11	Income taxes

The Company recorded a deferred tax expense of $0.5 million related to its U.S. operations during the three months ended March 31, 2026 ($0.5 million for the three months ended March 31, 2025).

The effective income tax rate of 0.9% during the three months ended March 31, 2026 (three months ended March 31, 2025:1.1%) is substantially lower than the enacted rate of 25.8% in the Netherlands as the Company recorded a valuation allowance against its net deferred tax assets in the Netherlands and a partial valuation allowance against its net deferred tax assets in France.

12****Basic and diluted loss per share

Diluted loss per ordinary share is calculated by adjusting the weighted average number of ordinary shares outstanding, assuming conversion of all potentially dilutive ordinary shares. As the Company incurred a loss in the three months ended March 31, 2026 and March 31, 2025, all potentially dilutive ordinary shares would have an antidilutive effect, if converted, and thus have been excluded from the computation of diluted loss per share for the three months ended March 31, 2026 and March 31, 2025. The ordinary shares are presented without giving effect to the application of the treasury method or exercise prices that would be above the share price as of March 31, 2026 and March 31, 2025, respectively.

The potentially dilutive ordinary shares are summarized below:


· · March 31,
· · 2026 · · 2025
Anti-dilutive ordinary share equivalents
Stock options under 2014 Plans	$5,267,117	$5,283,396
Non-vested RSUs and PSUs	2,714,267	2,242,926
Pre-Funded Warrants	526,316	—
ESPP	13,936	—
Total anti-dilutive ordinary share equivalents	8,521,636	7,526,322

13Commitments and contingencies

In the course of its business, the Company enters as a licensee into contracts with other parties regarding the development and marketing of its pipeline products. Among other payment obligations, the Company is obligated to pay royalties to the licensors based on future sales levels and milestone payments whenever specified development, regulatory and commercial milestones are met. As both future sales levels and the timing and achievement of milestones are uncertain, the financial effect of these agreements cannot be reliably estimated. The Company also has obligations to make future payments that become due and payable upon the collection of milestone payments from CSL Behring. The achievement and timing of these milestones is not fixed or determinable.

As of March 31, 2026, the remaining minimum purchase commitments in connection with the Genezen CSA amount to $16.2 million, with $13.3 million to be paid within the next 12 months. As of March 31, 2026, CSL Behring’s minimum purchase commitments to the Company over the next 12 months, in connection with the development and commercial supply agreement between the Company and CSL Behring (the “CSL Behring CSA”), amount to $16.4 million, of which $16.2 million relates to such minimum purchase commitments to Genezen. In April 2026, the Company entered into agreements with Genezen and CSL Behring to terminate the Genezen CSA and the CSL Behring CSA. Refer to Note 14, “Subsequent events”.

Legal Proceedings

On February 10, 2026, a class action complaint captionedChristopher Scocco v. uniQure N.V., et al., Case No. 1:26-cv-01124, was filed against the Company, certain of its executive officers and another party in the United States District Court for the Southern District of New York. The complaint purports to assert claims pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, on behalf of a putative class of investors who purchased or otherwise acquired the Company’s ordinary shares between September 24, 2025 and October 31, 2025. Plaintiff seeks to recover damages allegedly caused by purported false and misleading statements and omissions with respect to the Company’s Phase I/II study of AMT-130 and the timing of the potential BLA filing for AMT-130. The Company intends to vigorously defend against the claims in this action.

At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. At this time, the Company is unable to predict the outcome of the class action litigation or reasonably estimate a range of possible losses.

14Subsequent events

Termination agreements with CSL Behring and Genezen

Since the Company’s July 2024 divestiture of its commercial manufacturing activities to Genezen, the Company had been sourcing etranacogene dezaparvovec-drlb (“HEMGENIX®”) under the Genezen CSA. The Company entered into the Genezen CSA to enable it to meet its obligations to supply HEMGENIX® in accordance with the June 2020 commercialization and license agreement with CSL Behring (the “CSL Behring Agreement”) (refer to Note 10, “Other Investments and concentration of credit risk,” and Note 13, “Commitments and contingencies”) until such time that the HEMGENIX® manufacturing technology had been transferred to CSL Behring or a contract manufacturing organization designated by CSL Behring. The Company, since July 2024, had served as an agent in the sale of HEMGENIX® to CSL Behring as title to HEMGENIX® drug product supply had been directly passing from Genezen to CSL Behring. In April 2026, the Company entered into agreements with CSL Behring and Genezen that provide for i) the termination of its obligation to supply HEMGENIX® and any minimum purchase commitments under the Genezen CSA, once the contractually specified batches have been supplied to CSL Behring, which the Company expects to occur in mid-2026, and ii) the designation of Genezen as CSL Behring’s contract manufacturing organization. In addition, the CSL Behring Agreement was amended to terminate certain manufacturing-related terms associated with both the CSL Behring CSA and the Genezen CSA, as well as the Company’s development support that CSL Behring could request from time to time with respect to HEMGENIX®. All other terms of the CSL Behring Agreement remain in full force and effect.

The Company expects that by the time the contractually specified batches have been supplied to CSL Behring, it will i) have fully amortized the carrying amount of the intangible asset recorded with respect to the favorable supply terms under the Genezen CSA of $7.3 million as of March 31, 2026, and ii) have fully released the firm purchase commitment liability with a March 31, 2026 carrying amount of $5.8 million.

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