(QURE) announced Q2 EPS of ($0.84), which was $0.16 more than the average expectation of ($1.00). The company’s revenue for the third quarter was $500 thousand, compared to the $9.55 million average expectation. Click here for uniQure (QURE) earnings history and earnings-related statistics.
(QURE) announced Q2 EPS of ($0.83), which was $0.08 below the average expectation of ($0.75) on July 29, 2019. As expected, revenue for the third quarter came in at $2.47 million instead of the $1.46 million expected by analysts in the market. Money-Making Strategies Cash Position: The company had $184.1 million in cash and cash equivalents at the end of June, down from $208.8 million at the end of March. Currently, the company estimates that its cash and cash equivalents will be enough to cover operating costs through 2021. During the three months ending June 30, 2019, revenue was $2.5 million, down from $3.1 million in 2018.
The drop is due to the cessation of S100A1 development by Bristol-Myers Squibb in October of last year. As a result, in the three months that ended on June 30, 2019, research and development costs came to $24.2 million, up from $18.5 million in the same period of 2018. In addition, additional clinical and operational workers have been hired at our Lexington facility in connection with our current clinical trials of AMT-061, our upcoming phase 1 and phase 2 studies of AMT-130, and an increase in share-based remuneration.
At $7.9 million for the three months ended June 30, 2019, selling, general, and administrative expenditures were higher than they had been at the same time last year ($5.9 million). Increases in personnel and consulting costs, professional fees, and share-based compensation expenditures were the primary drivers of this shift. As a result, in the three months that ended on June 30, 2019, the company’s net loss was $31.4 million, or $0.83 per share, as opposed to $20.6 million, or $0.57 per share, in the same period last year. “We made significant progress throughout our pipeline in the second quarter of 2019.”
According to Matt Kapusta, chief executive of uniQure, we are scheduled to complete patient recruitment in our current Phase III HOPE B pivotal research of AMT-061 by the end of this year. We have been heartened by the Phase IIb results for both AMT-061 and AMT-060, which show that both drugs can restore FIX activity in patients with hemophilia B to normal levels over the long term. Our Phase I/II trial of AMT-130 in Huntington’s disease, has also made tremendous progress. Patients and researchers alike are excited about the prospect of a one-time therapy for this debilitating condition.
We eagerly anticipate the start of patient dosing in this historic trial later this year.” Progress Made by the Business Recently This month, the company presented updated clinical data at the 2019 ISTH conference showing that the single administration of AMT-061 resulted in sustained increases in Factor IX (FIX) levels up to 54% of normal, with a mean for the three patients in the Phase IIb study of 46% of normal at 36 weeks post-administration.
EPS for uniQure (NASDAQ: QURE) came in at (EUR0.54), which was below the average expectation of (EUR0.59) by EUR0.49 (EUR0.05). Nevertheless, the company’s revenue reached EUR6.5 million during the third quarter, much above the EUR3.98 million average projection. Interim CEO of uniQure, remarked, “We have focused our pipeline, simplified operations, and improved our financial situation as a result of our company-wide strategic review.” he added.
The completion of IND-enabling studies for our initiatives in Huntington’s disease and congestive heart failure is our top priority shortly. AMT-060’s revised Phase I/II results will be presented at ASH in a few weeks, and we look forward to sharing our late-stage development plans.” The company has €140.3 million in cash and cash equivalents as of September 30, 2016, and 25,143,760 ordinary shares. In addition, investments at a new R&D center in Amsterdam, the Netherlands, accounted for roughly €6.6 million in cash utilized in operating and investment activities during the third quarter of 2016.
UniQure is a Dutch biopharmaceutical company focused on treating severe genetic diseases. The company’s lead product candidate is idelalisib, developed for treating chronic lymphocytic leukemia, non-Hodgkin’s lymphoma, and other hematological and oncological diseases. In addition, UniQure’s product candidates include sarilumab, a monoclonal antibody that the company is developing to treat autoimmune diseases, such as systemic lupus erythematosus, rheumatoid arthritis, and Crohn’s disease. In March 2019, UniQure announced that the U.S. Food and Drug Administration (FDA) had accepted the New Drug Application (NDA) for idelalisib. The NDA submission was supported by data from the most significant chronic lymphocytic leukemia (CLL) study ever conducted, with data demonstrating a statistically significant improvement in overall survival (O.S.) compared to standard care.