18 unchanged sentences
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 $20.4 million lower), and other comprehensive loss would have been $0.3 million higher (December 31, 2022:
−Removed: $24.4 million higher).
+Added: pre-tax loss $6.0 million higher), and other comprehensive income would have been $11.0 million higher (December 31, 2023:
+Added: other comprehensive loss $0.3 million higher).
Conversely, if the euro had strengthened 10% against the U.S.
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 $20.4 million higher), and other comprehensive loss would have been $2.6 million lower (December 31, 2022:
−Removed: $32.1 million lower).
+Added: pre-tax loss $6.0 million lower), and other comprehensive income would have been $12.1 million lower (December 31, 2023:
+Added: other comprehensive loss $2.6 million lower).
We strive to mitigate foreign exchange risk through holding sufficient funds in euro and dollars to finance budgeted cash flows for generally 18 months.
7 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 in May 2023, 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 July 2024, 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 duration of all of our investment securities held as of December 31, 2023, was between one to seven months.
+Added: The duration of all of our investment securities held as of December 31, 2024, was between two to five 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 CSL Behring.
+Added: We currently have no debtors other than CSL Behring.
We deposited funds as security to our landlord related to our facility in Amsterdam.
5 unchanged sentences
We also have short-term investment securities in U.S.
−Removed: and European government bonds maturing within one to seven months.
+Added: and European government bonds maturing within two to five months.
Our investment policy requires us to invest in U.S.
2 unchanged sentences
Liquidity Risk
−Removed: 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: 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.
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: 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.
+Added: 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.
+Added: 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.
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.
11 unchanged sentences
(1) Payments are due in EUR and have been translated at the foreign exchange rate as of December 31, 2024, of $1.04 / €1.00
+Added: (2) Payments are due in EUR and have been translated at the foreign exchange rate as of December 31, 2023, of $1.10 / €1.00
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.
1 unchanged sentence
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.
−Removed: We expect these obligations will become payable between 2024 and 2031, with the next milestone expected to be settled within the next year.
+Added: We expect these obligations will become payable between 2029 and 2033.
If and when due, up to 25% of the milestone payments can be settled with our ordinary shares .
3 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.