[424B5] uniQure N.V. Prospectus Supplement (Debt Securities)
uniQure N.V. (QURE) filed a prospectus supplement for an “at-the-market” equity program of up to $200 million in ordinary shares, par €0.05, to be sold from time to time through Leerink Partners LLC.
Leerink will act as sales agent and is entitled to a commission of up to 3 % of gross proceeds and will be treated as an underwriter. Shares will be issued on The Nasdaq Global Select Market at prevailing prices. Using the 25-Jul-2025 close of $15.11, a full draw would add roughly 13.24 m shares, lifting total shares outstanding to 68.10 m.
- Post-offering pro-forma net tangible book value rises from −$2.08 to $1.17 per share, creating immediate dilution of $13.94 for new investors.
- Proceeds will fund the potential U.S. launch of lead gene-therapy AMT-130, advance multiple clinical programs (AMT-260, AMT-191, AMT-162), support business development and general corporate needs.
- Risk highlights: discretionary use of funds, potential share-price pressure from sales, extensive outstanding equity awards, PFIC classification for 2024, no dividend policy and share-price volatility.
There is no minimum sale requirement and proceeds are not escrowed, giving the company flexibility but leaving investors uncertain about timing and pricing of dilution.
- Access to up to $200 million in incremental capital without a fixed issuance timetable.
- Proceeds targeted to commercialize AMT-130 and advance four other clinical gene-therapy programs.
- ATM structure offers financing flexibility and avoids immediate large discount placements.
- Immediate dilution of $13.94 per share for new investors at the assumed price.
- Potential share count increase of ~24 % plus over 12 m outstanding equity awards may pressure EPS.
- Up to 3 % underwriting fee reduces net proceeds.
- Company qualified as a PFIC for 2024, creating adverse U.S. tax consequences.
- Management retains broad discretion over use of funds; no escrow or minimum price protections.
Insights
TL;DR: Flexible $200 m ATM boosts liquidity for pivotal AMT-130 launch but is materially dilutive at current prices.
The shelf takedown equips uniQure with non-committed capital that can be tapped opportunistically, reducing balance-sheet stress ahead of potential commercial spend. At $15.11, management could extend cash runway by ~2 years. However, the program represents ~24 % potential share expansion and carries 3 % fees, so value creation hinges on AMT-130 approval and revenue uptake. Investors must weigh near-term dilution against reduced financing risk.
TL;DR: Financing is strategically necessary; upside tied to Huntington’s data, downside is dilution and PFIC complexity.
The ATM aligns with an emerging-commercial biotech’s need for agility, especially given uniQure’s multi-asset pipeline. Still, the $13.94 per-share dilution math is stark, and PFIC status plus Dutch withholding add tax frictions for U.S. holders. I view impact as balanced: supportive for long-term execution yet neutral for valuation until clinical catalysts crystallize.
(To Prospectus dated January 7, 2025)
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ABOUT THIS PROSPECTUS SUPPLEMENT
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PROSPECTUS SUPPLEMENT SUMMARY
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THE OFFERING
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| | | | S-4 | | |
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RISK FACTORS
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SPECIAL CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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USE OF PROCEEDS
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DIVIDEND POLICY
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| | | | S-11 | | |
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DILUTION
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MATERIAL DUTCH AND U.S. FEDERAL INCOME TAX CONSIDERATIONS
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| | | | S-13 | | |
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PLAN OF DISTRIBUTION
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LEGAL MATTERS
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EXPERTS
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WHERE YOU CAN FIND MORE INFORMATION
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| | | | S-26 | | |
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INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
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| | | | S-27 | | |
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ABOUT THIS PROSPECTUS
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THE COMPANY
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RISK FACTORS
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
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USE OF PROCEEDS
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DESCRIPTION OF ORDINARY SHARES AND ARTICLES OF ASSOCIATION
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DESCRIPTION OF DEBT SECURITIES
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DESCRIPTION OF WARRANTS
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DESCRIPTION OF RIGHTS
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DESCRIPTION OF UNITS
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CONVERTIBLE OR EXCHANGEABLE SECURITIES
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FORM, EXCHANGE AND TRANSFER
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BOOK-ENTRY PROCEDURES AND SETTLEMENT
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PLAN OF DISTRIBUTION
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LEGAL MATTERS
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| EXPERTS | | | | | 30 | | |
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WHERE YOU CAN FIND MORE INFORMATION
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INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
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| | Ordinary shares offered by us | | | Ordinary shares having an aggregate offering price of up to $200,000,000. | |
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Ordinary shares to be outstanding
after this offering |
| | 68,101,940 ordinary shares, assuming sales of 13,236,267 of our ordinary shares in this offering at an assumed offering price of $15.11 per ordinary share, which was the last reported sale price of our ordinary shares on The Nasdaq Global Select Market on July 25, 2025. The actual number of our ordinary shares issued will vary depending on how many ordinary shares we choose to sell and the prices at which such sales occur. | |
| | Plan of Distribution | | | “At the market offering” that may be made from time to time for our ordinary shares in the United States through Leerink Partners. See the section entitled “Plan of Distribution” on page S-22 of this prospectus supplement. | |
| | Use of proceeds | | | We currently intend to use the net proceeds from the sale of our ordinary shares offered hereby to fund the potential commercial launch of AMT-130 in the United States, the further development of our other clinical product candidates, business development initiatives and research projects and for general corporate purposes. See “Use of Proceeds” on page S-10 of this prospectus supplement. | |
| | Risk factors | | | An investment in our ordinary shares involves a high degree of risk. See the information contained in or incorporated by reference under “Risk Factors” on page S-5 of this prospectus supplement, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and under similar headings in the other documents that are incorporated by reference herein and therein, as well as the other information included in or incorporated by reference in this prospectus supplement and the accompanying prospectus. | |
| | Market for the ordinary shares | | | Our ordinary shares are quoted and traded on The Nasdaq Global Select Market under the symbol “QURE.” | |
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Assumed public offering price per ordinary share
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| | | | | | | | | $ | 15.11 | | |
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Net tangible book value (deficit) per ordinary share as of June 30, 2025
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| | | $ | (2.08) | | | | | | | | |
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Increase per ordinary share attributable to new investors
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| | | $ | 3.25 | | | | | | | | |
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As adjusted net tangible book value per ordinary share as of June 30, 2025 after giving effect to this offering
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| | | | | | | | | $ | 1.17 | | |
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Dilution per ordinary share to new investors purchasing ordinary shares in this offering
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| | | | | | | | | $ | 13.94 | | |
1 Hartwell Place
Lexington, MA 02421
Attn: Investor Relations
+1 339 970 7000
Warrants
Rights
Debt Securities
Units
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ABOUT THIS PROSPECTUS
|
| | | | 1 | | |
|
THE COMPANY
|
| | | | 2 | | |
|
RISK FACTORS
|
| | | | 3 | | |
|
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
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| | | | 4 | | |
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USE OF PROCEEDS
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| | | | 6 | | |
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DESCRIPTION OF ORDINARY SHARES AND ARTICLES OF ASSOCIATION
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| | | | 7 | | |
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DESCRIPTION OF DEBT SECURITIES
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| | | | 13 | | |
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DESCRIPTION OF WARRANTS
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| | | | 19 | | |
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DESCRIPTION OF RIGHTS
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| | | | 20 | | |
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DESCRIPTION OF UNITS
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| | | | 21 | | |
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CONVERTIBLE OR EXCHANGEABLE SECURITIES
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| | | | 22 | | |
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FORM, EXCHANGE AND TRANSFER
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| | | | 23 | | |
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BOOK-ENTRY PROCEDURES AND SETTLEMENT
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| | | | 24 | | |
|
PLAN OF DISTRIBUTION
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| | | | 26 | | |
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LEGAL MATTERS
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| | | | 29 | | |
| EXPERTS | | | | | 30 | | |
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WHERE YOU CAN FIND MORE INFORMATION
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| | | | 31 | | |
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INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
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| | | | 32 | | |
1 Hartwell Place
Lexington, MA 02421
Attn: Investor Relations
+1 339 970 7000