17 unchanged sentences
On December 31, 2023, 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 $20.4 million lower (December 31, 2021:
−Removed: pre-tax income $42.2 million higher), and other comprehensive income or loss would have been $24.4 million higher (December 31, 2021:
+Added: dollar with all other variables held constant, pre-tax loss for the year would have been $6.0 million higher (December 31, 2022:
+Added: pre-tax loss $20.4 million lower), and other comprehensive loss would have been $0.3 million higher (December 31, 2022:
$24.4 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 $20.4 million higher (December 31, 2021:
−Removed: pre-tax income $42.2 million lower), and other comprehensive income or loss would have been $32.1 million lower (December 31, 2021:
+Added: dollar with all other variables held constant, pre-tax loss for the year would have been $6.0 million lower (December 31, 2022:
+Added: pre-tax loss $20.4 million higher), and other comprehensive loss would have been $2.6 million lower (December 31, 2022:
$32.1 million lower).
8 unchanged sentences
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 and restated in December 2021, under which our borrowings bear interest at a variable rate with a fixed floor.
+Added: In June 2013, we entered into the Hercules Agreement, which was last amended in May 2023, 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.
8 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 average duration of all of our investment securities held as of December 31, 2022, was less than 14 months.
+Added: The duration of all of our investment securities held as of December 31, 2023, was between one to seven 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.
1 unchanged sentence
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 wholesale debtors other than BMS and CSL Behring.
+Added: We currently have no wholesale debtors other than CSL Behring.
We deposited funds as security to our landlord related to our facility in Amsterdam.
4 unchanged sentences
Restricted cash includes deposits made in relation to facility leases.
−Removed: We also have short- and long-term investment securities in U.S.
−Removed: and European government bonds maturing within three to 14 months.
−Removed: Our investment policy requires us to invest with counterparties with the highest investment credit rating.
+Added: We also have short-term investment securities in U.S.
+Added: and European government bonds maturing within one to seven months.
+Added: Our investment policy requires us to invest in U.S.
+Added: and European government bonds with the highest 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: We believe that our cash and cash equivalents and investment securities will fund our operations into 2025 assuming the achievement of $100.0 million of first commercial sale milestone in the U.S.
−Removed: and into the first half of 2025 if the $75.0 million first commercial sale milestone in any of the five contractually defined European countries would be achieved prior to July 2, 2023 under the CSL Behring Agreement.
+Added: Based on our current operating plan, research and development plans and our timing expectations related to the progress of our programs and following the Reorganization, we believe that our cash and cash equivalents and investment securities will fund our operations into the second quarter of 2027.
+Added: 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.
+Added: We expect that we will require additional funding if we decide to advance AMT-130 for our Huntington’s disease gene therapy program or any of our other product candidates into late-stage clinical development.
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.
5 unchanged sentences
Accounts payable, accrued expenses and other current liabilities
−Removed: Commitments related to Corlieve acquisition (maximum nominal amounts)
+Added: Commitments related to acquisition of uniQure France SAS (maximum nominal amounts) (1)
At December 31, 2022
1 unchanged sentence
Accounts payable, accrued expenses and other current liabilities
−Removed: Derivative financial instruments
−Removed: Commitments related to Corlieve acquisition (maximum nominal amounts)
−Removed: During the year ended December 31, 2021, we recorded an amount for the derivative financial liability related to the CoC-payment under the amended BMS CLA.
−Removed: Generally, the CoC-payment would have been due to BMS upon the consummation of a change in control transaction prior to November 30, 2026 or BMS’s delivery of cessation notices for all four active Collaboration Targets.
−Removed: The derivative financial liability therefore had no contractual maturity date for the year ended December 31, 2021.
−Removed: We released the derivative financial liability during the year ended December 31, 2022 as a result of the termination of the amended BMS CLA as of February 22, 2023.
−Removed: In relation to the Corlieve Transaction, we entered into commitments to make payments to the former shareholders upon the achievement of certain contractual milestones.
−Removed: The commitments include payments related to post-acquisition services that we agreed to as part of the SPA.
−Removed: The timing of achieving these milestones, as well as whether the milestone will be achieved at all, and consequently the timing of payments is generally uncertain with the exception of payments we owed upon acquiring the remaining outstanding shares as well as certain payments for post-acquisition services made in 2022.
−Removed: We expect these obligations will become payable between 2023 and 2031.
+Added: Commitments related to acquisition of uniQure France SAS (maximum nominal amounts) (1)
+Added: (1) Payments are due in EUR and have been translated at the foreign exchange rate as of December 31, 2023, of $1.10 / €1.00
+Added: 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 commitments include payments related to post-acquisition services that we agreed to as part of the transaction.
+Added: The timing of achieving these milestones, as well as whether the milestone will be achieved at all, and consequently the timing of payments is generally uncertain.
+Added: We expect these obligations will become payable between 2024 and 2031, with the next milestone expected to be settled within the next year.
If and when due, up to 25% of the milestone payments can be settled with our ordinary shares .
Financial Statements and Supplementary Data .
−Removed: Our consolidated financial statements and the notes thereto, included in Part IV, Item 15, are incorporated by reference into this Item 8.
+Added: The information required by this Item 8 is included in Part IV, Item 15, and is incorporated by reference.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure .
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.