FDA pushes pivotal trial as uniQure (NASDAQ: QURE) posts 2025 loss, boosts cash
Rhea-AI Filing Summary
uniQure N.V. reported 2025 results and a key regulatory update on its Huntington’s disease program AMT-130. The company ended December 31, 2025 with $622.5 million in cash, cash equivalents and current investment securities, up from $367.5 million a year earlier, largely after raising about $404.2 million through public offerings of ordinary shares and pre-funded warrants.
Full-year 2025 revenue was $16.1 million, down from $27.1 million in 2024, mainly due to lower collaboration and contract manufacturing revenue, partly offset by higher license revenue. The net loss narrowed to $199.0 million, or $3.46 per share, compared with a $239.6 million loss, or $4.92 per share, in 2024. Shareholders’ equity improved to $198.9 million from a deficit of $6.8 million. Management expects the year-end cash position to fund operations into the second half of 2029.
On AMT-130, the U.S. FDA told uniQure that Phase I/II data using an external control are not sufficient as primary evidence of effectiveness to support a marketing application and strongly recommended a prospective, randomized, double-blind, sham surgery-controlled study. uniQure plans to seek a Type B FDA meeting in the second quarter of 2026 to discuss Phase III design. The company also highlighted progress in other gene therapy programs, including AMT-260 for refractory mesial temporal lobe epilepsy and AMT-191 for Fabry disease, and completed enrollment of the first AMT-260 Phase I/IIa cohort.
Positive
- None.
Negative
- Regulatory setback for AMT-130: the FDA stated that Phase I/II data versus an external control are not sufficient as primary evidence of effectiveness to support a marketing application and strongly recommended a prospective, randomized, double-blind, sham surgery-controlled study, implying a more demanding and extended development pathway.
Insights
FDA setback for AMT-130 raises bar, partially offset by strong cash runway.
The FDA’s feedback on AMT-130 is pivotal. It explicitly said Phase I/II data versus an external control are not enough to support approval and strongly recommended a prospective, randomized, double-blind, sham surgery-controlled study. This likely means a lengthier, more complex development path before any potential marketing application.
Financially, uniQure strengthened its balance sheet, with cash, cash equivalents and current investment securities of
The combination of a clearer but more demanding regulatory expectation for AMT-130 and an extended cash runway into the second half of

