uniQure anounces restructuring, expects to reduce headcount by 65%

uniQure conducted and recently concluded a detailed review of its operating expenses with the goals of conserving capital, streamlining operations, and ensuring sufficient cash resources to achieve multiple potentially meaningful value creating milestones. As a result of this review, uniQure has or will be taking the following steps: The sale of the Lexington, Massachusetts manufacturing facility to Genezen announced on July 1, 2024. Global workforce reductions aimed at organizational rightsizing, delayering and outsourcing sub- and non-critical activities. Inclusive of the sale of the manufacturing facility, the elimination of approximately 65% or 300 roles across the organization. Certain intended organizational changes are subject to review and advice from the Company’s Amsterdam-based works council, which is ongoing and expected to be completed in the third quarter of 2024. The Company expects to substantially complete the restructuring in the fourth quarter of 2024. A reduction in annual recurring cash burn of approximately 40% or $75 million, which includes savings in interest expense from the retirement of $50 million in outstanding debt. Current balance of cash, cash equivalents and investment securities of $524 million as of June 30, 2024 are expected to fund operations through the end 2027.