uniQure reported QQ3 2025 results with modest reported revenue but a substantial operating loss driven by a high research and development (R&D) burden. Revenue for the quarter was $3.70 million, up 61.8% year over year but down 29.7% quarter over quarter, reflecting the company’s early-stage commercialization trajectory and ongoing pipeline investments. Gross margin remained robust at roughly 89% on a $3.30 million gross profit from $3.70 million of revenue, underscoring the limited fixed-cost absorption in a small-revenue framework and the early-stage nature of product commercialization.
However, operating expenses dominated the P&L with R&D at $34.37 million and SG&A at $19.44 million, resulting in an EBITDA of approximately $(51.0) million and a net loss of $(80.5) million for QQ3 2025. The negative net income reflects a substantial non-operating charge mix, including total other income/expenses of $(20.9) million and interest expense of $(16.7) million, partially offset by a tax benefit of $(8.6) million. Diluted earnings per share stood at $(1.38).
Looking ahead, the company’s forward momentum hinges on multiple pipeline catalysts, including HOPE-B (etranacogene dezaparvovec AMT061) in hemophilia B and AMT130 in Huntington’s disease, among others. The QQ3 2025 results highlight a classic biotech growth profile: meaningful early-stage top-line progress and clear clinical milestones, but continued cash burn absent near-term commercialization or licensing/licensing revenues. Management commentary—where available—will be critical to understanding milestones, funding strategies, and potential strategic partnerships that could materially alter the near-term cash burn trajectory and the longer-term value proposition.