17 unchanged sentences
On December 31, 2025, if the euro had weakened 10% against the U.S.
−Removed: dollar with all other variables held constant, pre-tax loss for the year would have been $25.0 million higher (December 31, 2023:
−Removed: pre-tax loss $6.0 million higher), and other comprehensive income would have been $11.0 million higher (December 31, 2023:
+Added: dollar with all other variables held constant, the pre-tax loss for the year would have been $12.4 million higher (December 31, 2024:
+Added: pre-tax loss $25.0 million higher), and other comprehensive loss would have been $2.5 million lower (December 31, 2024:
other comprehensive loss $11.0 million higher).
Conversely, if the euro had strengthened 10% against the U.S.
−Removed: dollar with all other variables held constant, pre-tax loss for the year would have been $25.0 million lower (December 31, 2023:
−Removed: pre-tax loss $6.0 million lower), and other comprehensive income would have been $12.1 million lower (December 31, 2023:
+Added: dollar with all other variables held constant, the pre-tax loss for the year would have been $12.4 million lower (December 31, 2024:
+Added: pre-tax loss $25.0 million lower), and other comprehensive loss would have been $1.9 million higher (December 31, 2024:
other comprehensive loss $12.1 million lower).
−Removed: We strive to mitigate foreign exchange risk through holding sufficient funds in euro and dollars to finance budgeted cash flows for generally 18 months.
−Removed: The sensitivity in other comprehensive income to fluctuations in exchange rates primarily relates to the translation of the net assets of our Dutch entities from their functional currency euro into our reporting currency U.S.
+Added: We strive to mitigate foreign exchange risk through holding sufficient funds in euro and U.S.
+Added: dollars, to finance budgeted cash flows for generally 18 months.
+Added: The sensitivity in other comprehensive income to fluctuations in exchange rates primarily relates to the translation of the net assets of our Dutch entities from their functional currency, the euro, into our reporting currency, the U.S.
The market prices for the provision of preclinical and clinical materials and services, as well as external contracted research, may vary over time.
1 unchanged sentence
We are not exposed to commodity price risk.
−Removed: We do not hold investments classified as available-for-sale or at fair value through profit or loss;
−Removed: therefore, we are not exposed to equity securities price risk.
+Added: We do not have a material exposure to equity securities price risk, as we do not hold marketable equity securities.
Interest rate risk
Our interest rate risk arises from short- and long-term debt and investment securities.
−Removed: In June 2013, we entered into the Hercules Agreement, which was last amended in July 2024, under which our borrowings bear interest at a variable rate with a fixed floor.
+Added: In June 2013, we entered into a venture debt loan facility with Hercules, which was last amended in September 2025, under which our borrowings bear interest at a variable rate with a fixed floor.
Long-term debt issued at fixed rates expose us to fair value interest rate risk.
−Removed: As of December 31, 2024, the loan bore an interest rate of 12.2%.
+Added: As of December 31, 2025, the loan bore a nominal interest rate of 9.45%.
As of December 31, 2025, if interest rates on borrowings had been 1.0% higher with all other variables held constant, pre-tax earnings for the year would have been $0.5 million lower (2024:
6 unchanged sentences
For example, if we hold a security that was issued at a fixed interest rate at the then-prevailing rate and the prevailing interest rate later rises, the fair value of our investment will probably decline.
−Removed: The duration of all of our investment securities held as of December 31, 2024, was between two to five months.
+Added: All of our investment securities held as of December 31, 2025, had maturities ranging between one to nine months.
Due to the relatively short-term nature of these financial instruments and our ability and intention to hold these investments to maturity, we believe there is no material exposure to interest rate risk.
Credit risk is managed on a consolidated basis.
−Removed: Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, outstanding receivables and committed transactions with collaboration partners and security deposits paid to landlords.
−Removed: We currently have no debtors other than CSL Behring.
−Removed: We deposited funds as security to our landlord related to our facility in Amsterdam.
−Removed: We also deposited funds to the provider of our U.S.
−Removed: corporate credit cards.
−Removed: The deposits are neither impaired nor past due.
+Added: Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, outstanding receivables and committed transactions with collaboration partners and a third-party manufacturer, along with security deposits paid to landlords.
+Added: As of December 31, 2025, our primary counterparties include CSL Behring and Genezen.
Our cash and cash equivalents include bank balances, demand deposits and other short-term highly liquid investments (with maturities of less than three months at the time of purchase) that are readily convertible into a known amount of cash and are subject to an insignificant risk of fluctuation in value.
−Removed: Restricted cash includes deposits made in relation to facility leases.
+Added: Restricted cash includes deposits made in relation to facility leases in Amsterdam, the Netherlands and Lexington, Massachusetts, and Basel, Switzerland.
+Added: The deposits are neither impaired nor past due.
We also have short-term investment securities in U.S.
−Removed: and European government bonds maturing within two to five months.
+Added: and European government bonds maturing within one to nine months.
Our investment policy requires us to invest in U.S.
−Removed: and European government bonds with the highest investment credit rating.
+Added: and European government bonds with a high investment credit rating.
Due to the high credit quality of our counterparties, we believe there is no material exposure to credit risk in our portfolio of investment securities.
Liquidity Risk
−Removed: Based on our current operating plan, research and development plans and our timing expectations related to the progress of our programs, we believe that our cash and cash equivalents and investment securities will fund our operations through the second half of 2027.
−Removed: We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect.
−Removed: The amount and timing of our actual expenditures may vary significantly depending on numerous factors, including the timing of a potential BLA submission, approval and commercialization of AMT-130.
−Removed: We expect that we will require additional funding if we decide to advance any of our other clinical product candidates into late-stage clinical development.
−Removed: The table below analyzes our financial liabilities in relevant maturity groupings based on the length of time until the contractual maturity date, as of the balance sheet date.
+Added: Based on our current operating plan, research and development plans and our timing expectations related to the progress of our programs, we believe our cash and cash equivalents, restricted cash, and investment securities will be sufficient to fund our projected operating expenses into the second half of 2029.
+Added: Such operating expenses include expenses to fund the ongoing clinical trials of AMT-130, AMT-162, AMT-191 and AMT-260, as well as the potential investment of a material portion of the proceeds from our September 2025 public follow-on offering primarily into advancing certain of our clinical candidates into late stage development.
+Added: The amount and timing of our actual expenditures may vary significantly depending on when we commence, as well as the design of, any Phase III trials for AMT-130, AMT-191, and AMT-260 that we may conduct.
+Added: We have based our estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect, and as such, we may require additional funding.
+Added: The table below analyzes our financial liabilities in relevant maturity groupings based on the length of time until the contractual maturity date, as of the balance sheet dates.
Disclosed in the table below are the contractual undiscounted cash flows.
2 unchanged sentences
At December 31, 2025
−Removed: Long-term debt
+Added: Long-term debt (including payments of nominal interest and back end fees)
Accounts payable, accrued expenses and other current liabilities
−Removed: Commitments related to acquisition of uniQure France SAS (maximum nominal amounts) (1)
+Added: Commitments related to uniQure France Acquisition (maximum nominal amounts) (1)
At December 31, 2024
−Removed: Long-term debt
+Added: Long-term debt (including payments of nominal interest and back end fees)
Accounts payable, accrued expenses and other current liabilities
−Removed: Commitments related to acquisition of uniQure France SAS (maximum nominal amounts) (2)
+Added: Commitments related to uniQure France Acquisition (maximum nominal amounts) (2)
(1) Payments are due in EUR and have been translated at the foreign exchange rate as of December 31, 2025, of $1.18 / €1.00
(2) Payments are due in EUR and have been translated at the foreign exchange rate as of December 31, 2024, of $1.04 / €1.00
−Removed: In relation to our acquisition of uniQure France SAS , we entered into commitments to make payments to the former shareholders upon the achievement of certain contractual milestones.
+Added: The table of contractual undiscounted cash flows excludes the liability in relation to pre-funded warrants as these are expected to be settled in ordinary shares and do not require cash settlement.
+Added: In relation to the uniQure France Acquisition, we entered into commitments to make payments to the former shareholders upon the achievement of certain contractual milestones.
The commitments include payments related to post-acquisition services that we agreed to as part of the transaction.
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.