"2018 was a year marked by tremendous progress across all of our programs and gene therapy platform,” stated Matt Kapusta, chief executive officer of uniQure.
As of December 31, 2018, the Company held cash and cash equivalents of $234.9 million, compared to $159.4 million as of December 31, 2017. The Company currently expects cash and cash equivalents will be sufficient to fund operations into 2021.
Revenue for 2018 was $11.3 million, compared to $13.1 million for 2017 and $ 25.1 million in 2016. The decrease in collaboration revenue was primarily due to the termination of the Chiesi co-development agreement in July 2017, as well as nonrecurring revenue recognized in the prior year period associated with the production of research supplies in support of the Company’s collaboration agreement with Bristol Myers-Squibb.
Research and development expenses were $74.8 million for the year ended 2018, compared to $72.2 million 2017 and $ 72.5 million in 2016. The increase was primarily related to costs incurred preparing for the initiation of the AMT-061 pivotal study as well as costs related to the GLP toxicology study completed in 2018 for AMT-130. Research and development expenses for the year ended December 31, 2018 include a $5.4 million noncash impairment loss on an in-process research asset acquired in the 2014 acquisition of the InoCard business, as well as $3.8 million of noncash income from the full release of contingent consideration previously recorded in relation to that acquisition.
Selling, general and administrative expenses were $25.3 million for 2018, compared to $24.6 million for 2017 and $26.0 million for 2016. In 2016, the Company incurred nonrecurring costs related to its conversion from a foreign private issuer to a U.S. domestic filer.
Other income was $0.6 million for 2018, compared to $12.4 million for 2017 and $ 1.5 million for 2016. In 2017, the Company recorded other income of $13.8 million related to the July 2017 termination of the collaboration with Chiesi.
The net loss for the full years 2018, 2017 and 2016 was $83.3 million, or $2.34 per share, $79.3 million, or $2.94 per share, and $73.4 million, or $2.93 per share, respectively.
uniQure is delivering on the promise of gene therapy – single treatments with potentially curative results. We are leveraging our modular and validated technology platform to rapidly advance a pipeline of proprietary and partnered gene therapies to treat patients with hemophilia, Huntington’s disease and other severe genetic diseases. Find out about uniQure
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