uniQure launches $150,000,000 offering, then prices an upsized $225 million sale

The offering

uniQure N.V. filed a preliminary prospectus supplement on June 22, 2026 for a $150,000,000 offering of ordinary shares and pre-funded warrants. The last reported sale price on Nasdaq that day was $44.39 per ordinary share. The offering is made under an automatically effective shelf registration statement that was filed on January 7, 2025.

On June 23, 2026 the company priced 4,945,055 ordinary shares at $45.50 each. The final prospectus shows a total public offering price of $225,000,003, underwriting discounts and commissions of $2.73 per share, or $13,500,000 in total, and proceeds before expenses of $42.77 per share, or $211,500,003. The underwriters have a 30-day option to buy up to 741,758 more shares.

Leerink Partners, Stifel, Guggenheim Securities and RBC Capital Markets are joint bookrunning managers. H.C. Wainwright & Co. is the lead manager. Morgan, Lewis & Bockius LLP advises uniQure on U.S. federal and New York law, and NautaDutilh N.V. of Amsterdam on Dutch law. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. is counsel for the underwriters.

Use of proceeds and dilution

The prospectus estimates net proceeds of about $211.0 million, or $242.7 million if the underwriters exercise their option in full. The company intends to use the money for commercialization readiness, "the potential commercial launches of AMT-130," a confirmatory study for AMT-130, other clinical programs, business development and general corporate purposes.

The prospectus gives net tangible book value of $3.04 per ordinary share for existing shareholders and an adjusted net tangible book value of $41.72 per share for new investors. Buyers at $45.50 take on immediate dilution from that lower book value.

The Huntington's data and the FDA

The company's lead program is AMT-130 for Huntington's disease. Its September 2025 topline data came from 29 patients in a Phase I/II study, 17 on high dose and 12 on low dose. Results were compared with a propensity score-matched external control drawn from the Enroll-HD natural history data set, not with a randomized control group. Only 12 patients per dose group had reached 36 months of follow-up.

The company reports a 75% slowing of disease progression on the composite Unified Huntington's Disease Rating Scale for the high-dose group, with a p value of 0.003. On Total Function Capacity it reports a 60% slowing, with p=0.033. The filing calls the other measures favorable trends. The Symbol Digit Modalities Test shows an 88% slowing with p=0.057, which does not meet conventional significance, and the Total Motor Score shows a 59% slowing with a nominal p value of 0.174.

The FDA's view is less favorable. In December 2025 the agency said data from the Phase I/II studies were unlikely to provide the primary evidence needed for a BLA. In March 2026 the FDA said it could not agree that the Phase I/II data, compared with an external control, were sufficient evidence of effectiveness for a marketing application. The agency strongly recommended a prospective, randomized, double-blind, sham surgery-controlled study. The company says it will keep talking with the FDA and plans to request a Type B meeting in the second quarter of 2026.

The money behind the program

The 10-K reports a net loss of $199.0 million for 2025, against $239.6 million for 2024. Cash used in operations was $178.0 million for 2025, against $182.7 million a year earlier. Research and development expense was $140.7 million. Cash and cash equivalents were $140.0 million at March 31, 2026, according to the quarterly report filed May 5, 2026.

The offering's $211.0 million in estimated net proceeds compare with that $140.0 million cash balance and the $178.0 million used in operations last year. The company also lists a confirmatory study and commercial preparation as uses, even though the FDA has not accepted the existing data as primary evidence. The 10-K gives no cost or timeline for a randomized study.

What comes next

The prospectus warns that future equity offerings would bring further dilution, but it gives no timetable for any such offering.

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