uniQure (QURE) 10-Q 6 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 01, 2018
Document and Entity Information
Entity Registrant Name	uniQure N.V.
Entity Central Index Key	1,590,560
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		37,278,686
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 239,546	$ 159,371
Accounts receivable and accrued income from related party	552	1,586
Prepaid expenses	1,670	1,139
Other current assets	312	687
Total current assets	242,080	162,783
Non-current assets
Property, plant and equipment, net	30,802	34,281
Intangible assets, net	5,211	9,570
Goodwill	513	530
Restricted cash	2,454	2,480
Total non-current assets	38,980	46,861
Total assets	281,060	209,644
Current liabilities
Accounts payable	4,115	2,908
Accrued expenses and other current liabilities	7,098	8,838
Current portion of long-term debt	11,111	1,050
Current portion of deferred rent	1,093	737
Current portion of deferred revenue	8,594	4,613
Current portion of contingent consideration		1,084
Total current liabilities	32,011	19,230
Non-current liabilities
Long-term debt, net of current portion	9,597	19,741
Deferred rent, net of current portion	8,156	9,114
Deferred revenue, net of current portion	29,849	67,408
Contingent consideration, net of current portion		2,880
Derivative financial instruments related party	1,085	1,298
Other non-current liabilities	510	614
Total non-current liabilities	49,197	101,055
Total liabilities	81,208	120,285
Commitments and contingencies (see note 13)
Shareholders' equity
Ordinary shares, €0.05 par value: 60,000,000 shares authorized at September 30, 2018 and December 31, 2017 and 37,275,199 and 31,339,040 ordinary shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively.	2,294	1,947
Additional paid-in-capital	716,663	566,530
Accumulated other comprehensive loss	(5,487)	(3,800)
Accumulated deficit	(513,618)	(475,318)
Total shareholders' equity	199,852	89,359
Total liabilities and shareholders' equity	$ 281,060	$ 209,644

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - € / shares	Sep. 30, 2018	Dec. 31, 2017
CONSOLIDATED BALANCE SHEETS
Ordinary shares, par value (in euros per share)	€ 0.05	€ 0.05
Ordinary shares, authorized	60,000,000	60,000,000
Ordinary shares, issued	37,275,199	31,339,040
Ordinary shares, outstanding	37,275,199	31,339,040

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Total revenues	$ 3,148	$ 2,260	$ 9,676	$ 10,523
Operating expenses:
Research and development expenses	(20,541)	(20,103)	(56,092)	(53,963)
Selling, general and administrative expenses	(5,898)	(5,584)	(18,095)	(17,352)
Total operating expenses	(26,439)	(25,687)	(74,187)	(71,315)
Other income	557	14,413	1,737	14,995
Other expense	(490)	(261)	(1,252)	(2,901)
Loss from operations	(23,224)	(9,275)	(64,026)	(48,698)
Interest income	949	10	1,785	33
Interest expense	(515)	(577)	(1,496)	(1,583)
Foreign currency gains / (losses), net	455	(681)	2,888	(1,845)
Other non-operating (loss) / income, net	268		(330)	29
Loss before income tax expense	(22,067)	(10,523)	(61,179)	(52,064)
Income tax benefit / (expense)	32	278	(237)	278
Net loss	(22,035)	(10,245)	(61,416)	(51,786)
Other comprehensive (loss) / income, net of income tax:
Foreign currency translation adjustments net of tax impact of $0.0 million and $0.3 million for the three months ended September 30, 2018 and 2017, respectively, and $(0.2) million and $0.3 million for the nine months ended September 30, 2018 and 2017, respectively.	(799)	22	(3,491)	748
Total comprehensive loss	$ (22,834)	$ (10,223)	$ (64,907)	$ (51,038)
Basic and diluted net loss per ordinary share	$ (0.59)	$ (0.40)	$ (1.75)	$ (2.03)
Weighted average shares used in computing basic and diluted net loss per ordinary share	37,247,193	25,632,642	35,074,531	25,546,225
License revenues
Total revenues				$ 8
License revenues from related party
Total revenues	$ 2,518	$ 1,124	$ 7,092	3,060
Collaborative revenues
Total revenues				4,638
Collaborative revenues from related party
Total revenues	$ 630	$ 1,136	$ 2,584	$ 2,817

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Foreign currency translation adjustments, tax	$ 0	$ 0.3	$ (0.2)	$ 0.3

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Ordinary shares	Additional paid-in capital	Accumulated other comprehensive income/(loss)	Accumulated deficit	Total
Beginning balance at Dec. 31, 2017	$ 1,947	$ 566,530	$ (3,800)	$ (475,318)	$ 89,359
Beginning balance (in shares) at Dec. 31, 2017	31,339,040				31,339,040
Increase (decrease) in shareholders' equity
Cumulative effect of retroactive implementation of ASC 606 Revenue recognition			1,802	23,116	$ 24,918
Loss for the period				(61,416)	(61,416)
Other comprehensive loss			(3,489)		(3,489)
Follow-on public offering	$ 309	138,182			138,491
Follow-on public offering (in shares)	5,175,000
Exercise of share options	$ 18	4,619			4,637
Exercise of share options (in shares)	416,211
Restricted share units distributed during the period	$ 20	(20)
Restricted share units distributed during the period (in shares)	344,948
Share-based compensation expense		7,352			7,352
Ending balance at Sep. 30, 2018	$ 2,294	$ 716,663	$ (5,487)	$ (513,618)	$ 199,852
Ending balance (in shares) at Sep. 30, 2018	37,275,199				37,275,199

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net loss	$ (61,416)	$ (51,786)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and impairment losses	10,447	6,036
Share-based compensation expense	7,352	5,978
Change in fair value of derivative financial instruments and contingent consideration	(3,516)	2,704
Unrealized foreign exchange (gains) / losses	(4,210)	1,821
Change in deferred taxes	237
Change in lease incentives	(284)	1,938
Changes in operating assets and liabilities:
Accounts receivable and accrued income, prepaid expenses and other current assets	768	9,477
Accounts payable	1,289	(1,440)
Accrued expenses and other liabilities	(1,559)	(1,331)
Deferred revenue	(7,142)	(19,620)
Net cash used in operating activities	(58,034)	(46,223)
Cash flows from investing activities
Purchase of intangible assets	(1,698)	(1,124)
Purchase of property, plant and equipment	(1,805)	(3,244)
Net cash used in investing activities	(3,503)	(4,368)
Cash flows from financing activities
Proceeds from issuance of shares related to employee stock option plans	4,637	1,036
Proceeds from pubic offering of shares, net of issuance costs	138,480
Net cash generated from financing activities	143,117	1,036
Currency effect cash, cash equivalents and restricted cash	(1,431)	6,634
Net increase (decrease) in cash, cash equivalents and restricted cash	80,149	(42,921)
Cash, cash equivalents and restricted cash at beginning of period	161,851	134,324
Cash, cash equivalents and restricted cash at the end of period	242,000	91,403
Supplemental cash flow disclosures:
Total cash, cash equivalents and restricted cash	161,851	134,324
Cash paid for interest	(1,498)	(1,130)
Non-cash increases / (decreases) in accounts payables related to purchases of intangible assets and property, plant and equipment	$ 12	$ (1,635)

General business information

General business information	9 Months Ended
	Sep. 30, 2018
General business information
General business information	1 uniQure (the “Company”) was incorporated on January 9, 2012 as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under the laws of the Netherlands. The Company is a leader in the field of gene therapy and seeks to deliver to patients suffering from rare and other devastating diseases single treatments with potentially curative results. The Company’s business was founded in 1998 and was initially operated through its predecessor company, Amsterdam Molecular Therapeutics (AMT) Holding N.V (“AMT”). In 2012, AMT undertook a corporate reorganization, pursuant to which uniQure B.V. acquired the entire business and assets of AMT and completed a share-for-share exchange with the shareholders of AMT. Effective February 10, 2014, in connection with its initial public offering, the Company converted into a public company with limited liability (naamloze vennootschap) and changed its legal name from uniQure B.V. to uniQure N.V. The Company is registered in the trade register of the Chamber of Commerce (Kamer van Koophandel) in Amsterdam, the Netherlands under number 54385229. The Company’s headquarters are in Amsterdam, the Netherlands, and its registered office is located at Paasheuvelweg 25a, Amsterdam 1105 BP, the Netherlands and its telephone number is +31 20 240 6000. The Company’s website address is www.uniqure.com. The Company’s ordinary shares are listed on the NASDAQ Global Select Market and trades under the symbol “QURE”.

Summary of significant accounti

Summary of significant accounting policies	9 Months Ended
	Sep. 30, 2018
Summary of significant accounting policies
Summary of significant accounting policies	2 2.1 The Company prepared these unaudited consolidated financial statements in compliance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Any reference in these notes to applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited consolidated financial statements are presented in U.S. dollars, except where otherwise indicated. Transactions denominated in currencies other than U.S. dollars are presented in the transaction currency with the U.S. dollar amount included in parenthesis, converted at the foreign exchange rate as of the transaction date. 2.2 The interim financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the financial position, results of operations and changes in financial position for the period presented. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. The results of operations for the nine months ended September 30, 2018, are not necessarily indicative of the results to be expected for the full year ending December 31, 2018, or for any other future year or interim period. The accompanying financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 14, 2018. 2.3 The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. 2.4 The principal accounting policies applied in the preparation of these unaudited consolidated financial statements are described in the Company’s audited financial statements as of and for the year ended December 31, 2017, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 14, 2018. There have been no material changes in the Company’s significant accounting policies during the nine months ended September 30, 2018, other than the recent adoption of accounting pronouncements discussed below and changing the description of the line item “other non-current assets” to “restricted cash” in the unaudited consolidated balance sheets. 2.5 Recently Adopted Accounting Pronouncements Effective January 1, 2018 the Company adopted new revenue recognition policies in accordance with ASC 606. The new revenue recognition policies replace the existing policies in accordance with ASC 605. The Company elected to implement ASC 606 by applying it to active collaboration arrangements as of January 1, 2018 and to record a cumulative adjustment of revenue previously recognized to the accumulated loss as of December 31, 2017. The impact of implementing ASC 606 is summarized below: - Recognized $2.5 million and $7.1 million of license revenue during the three and nine months ended September 30, 2018, respectively related to the collaboration with BMS compared to $1.0 million and $3.2 million, respectively, that would have been recognized in accordance with the previous revenue recognition policies; - Continued to present revenue recognized during the three and nine months ended September 30, 2017, in accordance with the previous revenue recognition policies; - Decreased the accumulated loss by $24.9 million as of January 1, 2018 and decreased deferred revenue as of the same date by $24.9 million. In accordance with the previous revenue recognition policies the Company had concluded that the BMS collaboration agreement consisted of three performance obligations, (i) technology (license and target selections), know‑how and manufacturing in the field of gene therapy and development and active contribution to the development through the joint steering committee participations, (ii) provision of employees, goods and services for research, and (iii) clinical and commercial manufacturing. The Company determined that these three performance obligations are substantially identical with the performance obligations in accordance with its new revenue recognition policies: (i) Providing access to its technology and know-how in the field of gene therapy as well as actively contributing to the target selection, the collaboration as a whole, the development during the target selection, the pre-clinical and the clinical phase through participating in joint steering committee and other governing bodies (“License Revenue”); (ii) Providing pre-clinical research activities (“Collaboration Revenue”); and (iii) Providing clinical and commercial manufacturing services for products (“Manufacturing Revenue”). License Revenue The Company previously recognized License Revenue over the expected performance period on a straight-line basis commencing on May 21, 2015. The Company now recognizes License Revenue over the expected performance period based on its progress toward the completion of its services (see note 4 for a detailed discussion). Collaboration and Manufacturing Revenue The adoption of the new revenue recognition policies did not materially impact the recognition of Collaboration or Manufacturing Revenue. ASU 2017-09: Compensation (topic 718)- scope of modification accounting In May 2017, the FASB issued ASU 2017-09, Compensation-stock compensation (topic 718) -- scope of modification accounting (“ASU 2017-09”), which provides clarity regarding the applicability of modification accounting in relation to share-based payment awards. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The standard became effective on January 1, 2018 and needs to be applied prospectively. Application of ASU 2017-09 did not have a material impact on the Company’s consolidated financial statements in the three or nine month period ended September 30, 2018 . ASU 2016-05: Derivatives and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) and ASU 2016-06, Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments. Both ASUs address issues regarding hedge accounting. Application of the standard was effective on January 1, 2018 and did not have a material impact on the Company’s consolidated financial statements in the three or nine month period ended September 30, 2018. Recent Accounting Pronouncements Not Yet Effective There have been no new accounting pronouncements or changes to accounting pronouncements during the nine months ended September 30, 2018, as compared to the recent accounting pronouncements described in Note 2.3.23 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, which could be expected to materially impact the Company’s unaudited condensed consolidated financial statements except the one discussed below: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02 will be effective for the Company beginning in the first quarter of 2019 and early application is permitted. The Company does expect ASU 2016-02 to have a material impact on its consolidated financial statements, primarily from recognition of a right-of-use asset and lease liability in the balance sheet and a shift of cash outflows from operating activities to financing activities. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) which modifies the disclosure requirements on fair value measurements. The effective date for the standard is fiscal years beginning after December 15, 2019, which for the Company is January 1, 2020. Early adoption is permitted. The new disclosure requirements for changes in unrealized gains and losses in other comprehensive income for recurring Level 3 measurements, the range and weighted average of significant unobservable inputs and the amended requirements for the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively. The Company does not expect ASU 2018-13 to have a material impact on its consolidated financial statements.

Fair value measurement

Fair value measurement	9 Months Ended
	Sep. 30, 2018
Fair value measurement
Fair value measurement	3 Fair value measurement The Company measures certain assets and liabilities at fair value, either upon initial recognition or for subsequent accounting or reporting. U.S. GAAP, requires disclosure of methodologies used in determining the reported fair values, and establishes a hierarchy of inputs used when available. The three levels of the fair value hierarchy are described below: · Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date. · Level 2 - Valuations based on quoted prices for similar assets or liabilities in markets that are not active or models for which the inputs are observable, either directly or indirectly. · Level 3 - Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and are unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Items measured at fair value on a recurring basis include financial instruments and contingent consideration. The carrying amount of cash and cash equivalents, accrued income from related parties, prepaid expenses, other assets, accounts payable, accrued expenses and other current liabilities reflected in the consolidated balance sheets approximate their fair values due to their short-term maturities. The following table sets forth the Company’s assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2018, and December 31, 2017: Quoted prices Significant Significant Total Classification in consolidated in thousands At December 31, 2017 Assets: Cash, cash equivalents and restricted cash $ 161,851 $ — $ — $ 161,851 Total assets 161,851 — — 161,851 Liabilities: Derivative financial instruments - debt — — 337 337 Accrued expenses and other current liabilities Derivative financial instruments - related party — — 1,298 1,298 Contingent consideration — — 3,964 3,964 Total liabilities $ — $ — $ 5,599 $ 5,599 At September 30, 2018 Assets: Cash, cash equivalents and restricted cash $ 242,000 $ — $ — $ 242,000 Total assets 242,000 — — 242,000 Liabilities: Derivative financial instruments - debt — — 857 857 Accrued expenses and other current liabilities Derivative financial instruments - related party — — 1,085 1,085 Contingent consideration — — — — Total liabilities $ — $ — $ 1,942 $ 1,942 Changes in Level 3 items during the nine months ended September 30, 2018, are as follows Derivative Contingent financial consideration instruments Total in thousands Balance at December 31, 2017 $ 3,964 $ 1,635 $ 5,599 (Gains) / losses recognized in profit or loss (3,846) 330 (3,516) Currency translation effects (118) (23) (141) Balance at September 30, 2018 $ — $ 1,942 $ 1,942 Contingent consideration In connection with the Company’s acquisition of the InoCard business (“InoCard”) in 2014, the Company recorded contingent consideration related to amounts potentially payable to InoCard’s former shareholders. The amounts payable in accordance with the sale and purchase agreement (as amended in August 2017) are contingent upon realization of milestones associated with our S100A1 protein research program and, as of October 2018, we do not expect to realize those milestones. Derivative financial instruments The Company issued derivative financial instruments related to its collaboration with Bristol-Meyers Squibb Company (“BMS”) and in relation to the issuance of the Hercules Technology Growth Corp. (“Hercules”) loan facility. The fair value of these derivative financial instruments as of September 30, 2018, was $1.9 million (December 31, 2017: $1.6 million), and these derivative financial instruments are described in more detail below. BMS collaboration On April 6, 2015, the Company entered into several agreements with BMS (the “BMS Agreements”). Pursuant to the terms of the BMS Agreements the Company granted BMS two warrants: · A warrant allowing BMS to purchase a specific number of uniQure ordinary shares such that its ownership will equal 14.9% immediately after such purchase. The warrant can be exercised on the later of (i) the date on which the Company receives from BMS the Target Designation Fees (as defined in the collaboration agreements) associated with the first six New Targets (as defined in the BMS Agreements); and (ii) the date on which BMS designates the sixth New Target. · A warrant allowing BMS to purchase a specific number of uniQure ordinary shares such that its ownership will equal 19.9% immediately after such purchase. The warrant can be exercised on the later of (i) the date on which uniQure receives from BMS the Target Designation Fees associated with the first nine New Targets; and (ii) the date on which BMS designates the ninth New Target. Pursuant to the terms of the BMS Agreements the exercise price, in respect of each warrant, is equal to the greater of (i) the product of (A) $33.84, multiplied by (B) a compounded annual growth rate of 10% and (ii) the product of (A) 1.10 multiplied by (B) the VWAP for the 20 trading days ending on the date that is five trading days prior to the date of a notice of exercise delivered by BMS. In March 2018, the Company reduced the probability of the warrants being exercised resulting in a reduction of the warrants fair value by $1.1 million. The Company conducted a sensitivity analysis to assess the impact on changes in assumptions on the fair value. Specifically, the Company examined the impact on the fair market of the warrants by increasing the volatility by 10% to 82.5%. A further sensitivity analysis was performed assuming the exercise date of the warrants would occur one year later than what was assumed in the initial valuation. The table below illustrates the impact on the fair market valuation associated with these changes in assumptions as of September 30, 2018. Total warrants in thousands Base case $ 1,085 Increase volatility by 10% to 82.5% 291 Extend exercise dates by one year 36 Hercules loan facility On June 14, 2013, the Company entered into a venture debt loan facility with (the “Original Facility”) with Hercules Technology Growth Capital, Inc. (“Hercules”) pursuant to a Loan and Security Agreement (the “Loan Agreement”) which included a warrant. The warrant was not closely related to the host contract and was accounted for separately as a derivative financial liability measured at fair value though profit or loss. The warrant included in the Original Facility remained in place following the 2014 and 2016 amendments of the loan. There were no significant changes in the sensitivity of the fair value from (un)observable inputs as of September 30, 2018, compared to December 31, 2017.

Collaboration arrangements and

Collaboration arrangements and concentration of credit risk	9 Months Ended
	Sep. 30, 2018
Collaboration arrangements and concentration of credit risk
Collaboration arrangements and concentration of credit risk	4 Collaboration arrangements and concentration of credit risk In the three and nine months ended September 30, 2018, the Company generated all collaboration and license revenues from its Collaboration and License Agreement with BMS. The Company and Chiesi Farmaceutici S.p.A. (“Chiesi”) terminated their collaboration in 2017. Services to BMS are rendered through the Dutch operating entity. Total collaboration and license revenue generated from these partners are as follows: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 in thousands Bristol Myers Squibb $ 3,148 $ 2,260 $ 9,676 $ 5,877 Chiesi Farmaceutici S.p.A (terminated in 2017) — — — 4,646 Total $ 3,148 $ 2,260 $ 9,676 $ 10,523 Amounts owed by BMS in relation to the collaboration services are as follows: September 30, December 31, 2018 2017 in thousands Bristol Myers Squibb $ 552 $ 1,586 BMS collaboration In May 2015, the Company closed a Collaboration and License Agreement with BMS (the “BMS Collaboration Agreement”) that provides exclusive access to the Company’s gene therapy technology platform for multiple targets in cardiovascular (and other target-specific) diseases. In total, the companies may collaborate on ten targets. The Company is conducting the discovery, non-clinical, analytical and process development activities and is responsible for manufacturing of clinical and commercial supplies using the Company’s vector technologies and industrial, proprietary insect-cell based manufacturing platform. BMS reimburses the Company for all its research and development efforts in support of the Collaboration, and will lead the clinical development and regulatory activities across all programs. BMS will also be solely responsible for commercialization of all products from the collaboration. The Company evaluated the BMS Collaboration Agreement and determined that its performance obligations according with its new revenue recognition adopted on January 1, 2018, are as follows: (i) Providing access to its technology and know-how in the field of gene therapy as well as actively contributing to the target selection, the collaboration as a whole, the development during the target selection, the pre-clinical and the clinical phase through participating in joint steering committee and other governing bodies (“License Revenue”); (ii) Providing pre-clinical research activities (“Collaboration Revenue”); and (iii) Providing clinical and commercial manufacturing services for products (“Manufacturing Revenue”). License revenue – BMS The Company recognized $2.5 million and $7.1 million of license revenue for the three and nine months ended September 30, 2018, respectively, compared to $1.1 million and $3.1 million during the same periods in 2017 in relation to a $60.1 million upfront payment recorded on May 21, 2015, as well as $15.0 million received in relation to the designation of the second, third and fourth collaboration target in August 2015 (together “Consideration”). The Company also is entitled to an aggregate $16.5 million in target designation payments upon the selection of the fifth to tenth collaboration target. The Company will also be eligible to receive research, development and regulatory milestone payments of up to $254.0 million for a lead target (which has been AMT-126) and up to $217.0 million for each of the other selected targets, if milestones are achieved. The Company will include the variable consideration related to the selection of the fifth to tenth collaboration target, or any of the milestones, in the transaction price once it is considered probable that including these payments in the transaction price would not result in the reversal of cumulative revenue recognized. The Company will recognize significant amounts of License Revenue for services performed in prior periods if and when the Company considers this probable. Due to the significant uncertainty surrounding the development of gene-therapy product candidates and the dependence on BMS’s performance and decisions the Company does not currently consider this probable. Additionally, the Company is eligible to receive net sales-based milestone payments and tiered mid-single to low double-digit royalties on product sales. The royalty term is determined on a licensed-product-by-licensed-product and country-by-country basis and begins on the first commercial sale of a licensed product in a country and ends on the expiration of the last to expire of specified patents or regulatory exclusivity covering such licensed product in such country or, with a customary royalty reduction, ten years after the first commercial sale if there is no such exclusivity. These revenues will be recognized when earned. Under the previous revenue standard, the Company recognized License Revenue over the expected performance period on a straight-line basis commencing on May 21, 2015. In accordance with the new revenue recognition standards, the Company recognizes License Revenue over the expected performance period based on its measure of progress towards the completion of certain activities related to its services. The Company determines such progress by comparing activities performed at the end of each reporting period with total activities expected to be performed. The Company estimates total expected activities using a number of unobservable inputs, such as the probability of BMS designating additional targets, the probability of successfully completing each phase and estimated time required to provide services during the various development stages. If available, the Company uses product candidate-specific research and development plans. Alternatively, the Company assumes that completion of the pre-clinical phase requires an average of four years and that clinical development and commercial launch on average require 8.5 years. The estimation of total services at the end of each reporting period involves considerable judgement. The estimated number of product candidates that BMS will pursue significantly impacts the amount of License Revenue the Company recognizes. For example, if the Company would increase the probability of all additional targets being designated by 10% then the revenue for the nine months ended September 30, 2018 would have decreased by approximately $1.8 million to $5.3 million, as the Company would be required to render more services in relation to the Consideration received. Collaboration Revenue – BMS The Company provides research and development services to BMS. Collaboration revenue related to these contracted services is recognized when earned. The Company generated $0.6 million and $2.6 million of collaboration revenue during the three and nine months ended September 30, 2018, respectively, compared to $1.1 million and $2.8 million during the same periods in 2017. Manufacturing Revenue – BMS BMS and the Company also entered into Master Clinical Supply Agreement in April 2017 for the Company to supply gene therapy products during the clinical as well as into a binding term sheet to supply gene therapy products during the commercial phase to BMS. Revenues from product sales will be recognized when earned. To date the Company has not supplied any clinical and commercial gene therapy product to BMS.

Property, plant and equipment

Property, plant and equipment	9 Months Ended
	Sep. 30, 2018
Property, plant and equipment
Property, plant and equipment	5 Property, plant and equipment The following table presents the Company’s property, plant and equipment as of September 30, 2018, and December 31, 2017: September 30, December 31, 2018 2017 in thousands Leasehold improvements $ 32,328 $ 32,297 Laboratory equipment 16,598 15,976 Office equipment 2,273 2,304 Construction-in-progress 901 745 Total property, plant, and equipment 52,100 51,322 Less accumulated depreciation (21,298) (17,041) Property, plant and equipment, net $ 30,802 $ 34,281 Total depreciation expense was $1.7 million and $4.7 million during the three and nine months ended September 30, 2018, respectively, compared to $1.7 million and $5.1 million during the same periods in 2017.

Intangible assets

Intangible assets	9 Months Ended
	Sep. 30, 2018
Intangible assets
Intangible assets	6 Intangible assets The following table presents the Company’s acquired licenses: September 30, December 31, 2018 2017 in thousands Licenses $ 7,454 $ 9,551 Less accumulated amortization and impairment (2,243) (5,575) Licenses, net $ 5,211 $ 3,976 Acquired research and development — 5,594 Intangible assets, net $ 5,211 $ 9,570 Amortization expense was $0.1 million and $0.3 million for the three and nine months ended September 30, 2018, respectively, compared to $0.1 million and $0.9 million during the same periods in 2017. During the nine months ended September 30, 2018, the Company capitalized $1.7 million of expenditures related to contractual milestone payments under existing license agreements as well as costs incurred in relation to entering into new license agreements. During the same period the Company disposed a number of fully amortized, expired licenses. The Company acquired research and development assets as part of its acquisition of InoCard in July 2014. Based on the review of pre-clinical data associated with those assets in October 2018, the Company does not expect that it will pursue further research related to those assets. Accordingly, the Company recorded a $5.4 million impairment loss within research and development expenses to reduce the asset’s carrying amount to its fair value of nil. The carrying amount as at December 31, 2017 was $5.6 million.

Accrued expenses and other curr

Accrued expenses and other current liabilities, other non-current expenses	9 Months Ended
	Sep. 30, 2018
Accrued expenses and other current liabilities, other non-current expenses
Accrued expenses and other current liabilities, other non-current expenses	7 Accrued expenses and other current liabilities, other non-current expenses Accrued expenses and other current liabilities include the following items: September 30, December 31, 2018 2017 in thousands Accruals for services provided by vendors-not yet billed $ 2,404 $ 2,348 Personnel related accruals and liabilities 3,858 5,646 Other current liabilities 836 844 Total $ 7,098 $ 8,838 Restructuring plan In November 2016, the Company announced a plan to restructure its activities resulting from a company-wide strategic review with the aim of refocusing its pipeline, consolidating its manufacturing capabilities into its Lexington, Massachusetts site, reducing operating costs and enhancing overall execution. At various dates between December 2016 and February 2018, the Company entered into termination agreements with certain employees. Depending on the circumstances surrounding an employee’s departure, the Company accrued the related termination costs over the service period or at the date of communication to the employee. Changes in accrued termination benefits (included in research and development expenses) for the nine months ended September 30, 2018, are detailed in the table below. Accrued termination benefits in thousands Balance at December 31, 2017 $ 625 Accrued through operations 96 Payments (704) Currency translation effects 3 Balance at September 30, 2018 $ 20

Long-term debt

Long-term debt	9 Months Ended
	Sep. 30, 2018
Long-term debt
Long-term debt	8 Long-term debt On June 14, 2013, the Company entered into a venture debt loan facility with Hercules, which was amended and restated on June 26, 2014, and again on May 6, 2016 (“2016 Amended Facility”). The 2016 Amended Facility extended the maturity date from June 30, 2018, to May 1, 2020. As at September 30, 2018, and December 31, 2017, $20.0 million was outstanding. The interest rate is adjustable and is the greater of (i) 8.25% or (ii) 8.25% plus the prime rate less 5.25%. Under the 2016 Amended Facility, the interest rate was initially 8.25% per annum with a back-end fee of 4.85% and a facility fee of 0.75% of the outstanding loan amounts. The interest-only payment period was extended by 12 months to November 30, 2018 as a result of raising more than $50.0 million in equity financing in October 2017. The amortized cost of the 2016 Amended Facility was $20.7 million as September 30, 2018, compared to $20.8 million as of December 31, 2017, and is recorded net of discount and debt issuance costs. The foreign currency loss on the loan in the three and nine months ended September 30, 2018, was $0.2 million and $0.7 million, respectively, compared to a foreign currency gain of $0.7 million and $2.3 million during the same periods in 2017. The fair value of the loan approximates its carrying amount. Interest expense associated with the 2016 Amended Facility during the three and nine months ended September 30, 2018 was $0.5 million and $1.4 million, respectively, compared to $0.6 million and $1.6 million during the same periods in 2017. Pursuant to a covenant in the 2016 Amended Facility, the Company has periodic reporting requirements and is required to keep a minimum cash balance deposited in bank accounts in the United States, equivalent to the lesser of the outstanding balance of principal due and 50% of worldwide cash reserves. This restriction on the cash reserves only relates to the deposit location of the cash reserves, and such cash reserves can be used at the discretion of the Company. In combination with other covenants, the 2016 Amended Facility restricts the Company’s ability to, among other things, incur future indebtedness and obtain additional debt financing, to make investments in securities or in other companies, to transfer assets, to perform certain corporate changes, to make loans to employees, officers and directors, and to make dividend payments and other distributions. The Company secured the facilities by pledging the shares in its subsidiaries, substantially all its receivables, moveable assets as well as the equipment, fixtures, inventory and cash of uniQure Inc.

Shareholders equity

Shareholders equity	9 Months Ended
	Sep. 30, 2018
Shareholders’ equity
Shareholders' equity	9 Shareholders’ Equity On May 7, 2018, the Company completed a follow-on public offering of 5,175,000 ordinary shares at $28.50 per ordinary share, resulting in gross proceeds to the Company of approximately $147.5 million. The net proceeds to the Company from this offering were approximately $138.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The Company capitalized $0.2 million of expenses related to this offering (which were deducted from additional paid-in capital in the accompanying consolidated balance sheet). On May 2, 2018, the Company and Leerink mutually terminated with immediate effect the September 2017 Sales Agreement with Leerink for an at-the-market offering program (“ATM program”). The ATM program allowed for the offer and sale of up to 5 million ordinary shares at prevailing market prices from time to time. The Company did not offer or sell any ordinary shares under the ATM program.

Share-based compensation

Share-based compensation	9 Months Ended
	Sep. 30, 2018
Share-based compensation
Share-based compensation	10 Share-based compensation Share-based compensation expense recognized by classification included in the consolidated statements of operations and comprehensive loss was as follows: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 in thousands Research and development $ 895 $ 1,131 $ 2,694 $ 2,612 Selling, general and administrative 1,724 1,316 4,657 3,366 Total $ 2,619 $ 2,447 $ 7,351 $ 5,978 Share-based compensation expense recognized by award type was as follows: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 in thousands Award type Share options $ 1,160 $ 638 $ 3,315 $ 2,347 Restricted share units (“RSUs”) 667 728 1,953 1,960 Performance share units (“PSUs”) 792 1,081 2,083 1,671 Total $ 2,619 $ 2,447 $ 7,351 $ 5,978 As of September 30, 2018, the unrecognized compensation costs related to unvested awards under the various share-based compensation plans were: Weighted-average Unrecognized remaining compensation period for costs recognition Award type in thousands in years Share options $ 15,651 3.29 Restricted share units 4,994 1.15 Performance share units 5,472 1.84 Total $ 26,117 2.58 The Company satisfies the exercise of share options and vesting of RSUs and PSUs through newly issued shares. The Company’s share-based compensation plans include the 2014 Amended and Restated Share Option Plan (the “2014 Plan”) and inducement grants under Rule 5653(c)(4) of the NASDAQ Global Select Market with terms similar to the 2014 Plan. At the annual general meeting of shareholders in June 2018, the Company’s shareholders approved amendments of the 2014 Plan, increasing the shares authorized for issuance by 3,000,0000 to a total of 8,601,471. The Company previously had a 2012 Equity Incentive Plan (“2012 Plan”). As of September 30, 2018, 32,567 fully vested share options are outstanding (December 31, 2017: 72,818) under the 2012 Plan. Share options The following table summarizes option activity for the nine months ended September 30, 2018: Weighted average Options exercise price Outstanding at December 31, 2017 2,456,433 $ 10.06 Granted 906,582 $ 26.05 Forfeited (266,222) $ 13.18 Expired (9,915) $ 13.49 Exercised (379,340) $ 11.42 Outstanding at September 30, 2018 2,707,538 $ 14.91 Fully vested and exercisable at September 30, 2018 977,409 $ 11.03 Outstanding and expected to vest at September 30, 2018 1,730,129 $ 17.10 Total weighted average grant date fair value of options issued during the period (in $ millions) $ 15.8 Granted to directors and officers during the period (options, $ in millions) 315,156 $ 4.7 Proceeds from option sales (in $ millions) $ 4.6 Share options are granted on the date of grant and, except for certain grants made to non-executive directors, vest over a period of four years, the first 25% vests after one year from the initial grant date and the remainder vests in equal quarterly installments, straight-line over years two, three and four. Any options that vest must be exercised by the tenth anniversary of the initial grant date. The fair value of each option issued was estimated at the date of grant using the Hull & White option pricing model with the following weighted-average assumptions: Three months ended September 30, Nine months ended September 30, Assumptions 2018 2017 2018 2017 Expected volatility 80% 80% 80% 75%-80% Expected terms (in years) 10 years 10 years 10 years 10 years Risk-free interest rate 3.10% 2.40% - 2.48% 2.67% - 3.10% 2.40% - 2.81% Expected dividends 0% 0% 0% 0% Restricted Share Units The following table summarizes the RSUs activity for the nine months ended September 30, 2018: RSU Weighted average grant-date fair Number of shares value Non-vested at December 31, 2017 683,663 $ 6.38 Granted 262,599 $ 23.61 Vested (276,833) $ 5.99 Forfeited (189,708) $ 8.00 Non-vested at September 30, 2018 479,721 $ 15.40 Total weighted average grant date fair value of RSUs granted during the period (in millions) $ 6.2 Granted to directors and officers during the period (shares, $ in millions) 133,808 $ 3.3 RSUs vest over one to three years. RSUs granted in March 2017 to the Company’s Chief Executive Officer will vest equally over two years from the date of grant and RSUs granted to non-executive directors will vest one year from the date of grant. Performance Share Units The following table summarizes the PSUs activity for the nine months ended September 30, 2018: PSU Weighted average grant-date fair Number of shares value Non-vested at December 31, 2017 511,074 $ 16.73 Granted — $ — Vested (68,115) $ 15.79 Forfeited (73,068) $ 18.85 Non-vested at September 30, 2018 369,891 $ 16.74 PSUs awarded but not yet earned 117,197 $ 36.39 Total non-vested and discretionary PSUs 487,088 $ 21.47 Total weighted average grant date fair value of PSUs awarded during the period (in millions) $ 4.3 In January 2018, the Company awarded PSUs to its executives and other members of senior management. These PSUs are earned based on the Board’s assessment of the level of achievement of agreed upon performance targets through December 31, 2018. Employee Share Purchase Plan (“ESPP”) In June 2018 the Company’s shareholders adopted and approved an ESPP allowing the Company to issue up to 150,000 ordinary shares. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code of 1986. Under the ESPP, employees are eligible to purchase ordinary shares through payroll deductions, subject to any plan limitations. The purchase price of the shares on each purchase date is equal to 85% of the lower of the closing market price on the offering date or the closing market price on the purchase date of each three-month offering period. As of September 30, 2018, no shares have been issued.

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2018
Income taxes
Income taxes	11 Income taxes Deferred tax assets and deferred tax liabilities are recognized based on the expected future tax consequences of temporary differences between the financial statement carrying amounts and the income tax basis of assets and liabilities, using current statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all the deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, the Company has recorded a full valuation allowance against the Company’s otherwise recognizable net deferred tax assets.

Basic and diluted earnings per

Basic and diluted earnings per share	9 Months Ended
	Sep. 30, 2018
Basic and diluted earnings per share
Basic and diluted earnings per share	12 Basic and diluted earnings per share Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding, assuming conversion of all potentially dilutive ordinary shares. As the Company has incurred a loss, all potentially dilutive ordinary shares would have an antidilutive effect, if converted, and thus have been excluded from the computation of loss per share. The potentially dilutive ordinary shares are summarized below: September 30, 2018 2017 ordinary shares BMS warrants 7,570,000 5,286,254 Stock options under 2014 Plan and Nasdaq inducement rules 2,707,538 2,666,188 Non-vested RSUs and earned PSUs 849,612 900,927 Stock options under 2012 Plan 32,567 182,202 Warrants 37,175 37,175 Total potential dilutive ordinary shares 11,196,892 9,072,746

Leases

Leases	9 Months Ended
	Sep. 30, 2018
Leases
Leases	13 Leases The Company leases various office space and laboratory space under the following operating lease agreements: Lexington, Massachusetts / United States In July 2013, uniQure entered into a lease for a facility in Lexington, Massachusetts, United States. The term of the lease commenced in November 2013 and was set for 10 years and is non-cancellable. The lease for this facility terminates in 2024, and subject to the provisions of the lease, may be renewed for two subsequent five-year terms. The lease provides for annual minimum increases in rent, based on a consumer price index. Amsterdam / The Netherlands In March 2016, the Company entered into a 16-year lease for a facility in Amsterdam, the Netherlands, and amended this agreement in June 2016. The Company consolidated its three Amsterdam sites into the new site at the end of May 2017. The lease for this facility terminates in 2032, with an option to extend in increments of five-year periods. The lease contract provides for annual minimum increases in rent based on a consumer price index. On December 1, 2017, the Company entered into an agreement to sub-lease three of the seven floors of its Amsterdam facility for a ten-year term ending on December 31, 2027, with an option for the sub-lessee to extend until December 31, 2031. The minimum rentals to be received through December 31, 2027 amount to $9.9 million as of September 30, 2018. As of September 30, 2018, aggregate minimum lease payments for the calendar years and lease incentives received were as follows: Lexington Amsterdam Total in thousands 2018 (three months remaining) $ 467 $ 490 $ 957 2019 1,903 1,958 3,861 2020 1,956 1,958 3,914 2021 2,009 1,958 3,967 2022 and beyond 4,890 19,899 24,789 Total minimum lease payments $ 11,225 $ 26,263 $ 37,488 Deferred rent related to lease incentives-non current $ 4,237 $ 3,919 $ 8,156 Deferred rent related to lease incentives-current 777 316 1,093 Rent expense is calculated on a straight-line basis over the term of the leases and considers the lease incentives received. Aggregate rent expense was as follows: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 in thousands Rent expense-Lexington $ 278 $ 276 $ 834 $ 828 Rent expense-Amsterdam 412 555 1,263 2,080 Total rent expense $ 690 $ 831 $ 2,097 $ 2,908

Subsequent event

Subsequent event	9 Months Ended
	Sep. 30, 2018
Subsequent event
Subsequent event	14 Subsequent event In June 2018, following the Company’s annual general meeting of shareholders, Robert Gut M.D., Ph.D. was appointed as a non-executive director of the Company’s Board of Directors. He resigned as a non-executive director on August 20, 2018, when he was appointed as Chief Medical Officer. On October 24, 2018, he was appointed as an executive director of the Board following an extraordinary general meeting of shareholders. Dr. Gut’s annual base salary will be $425,000 and he will be eligible for an annual bonus of 40% of his base salary. He was granted 35,000 restricted stock units vesting in equal installments over three years and options to purchase 70,000 ordinary shares of the Company. In addition, Dr. Gut retains the options to purchase 10,000 ordinary shares of the Company, vesting over three years, which he was granted upon his appointment as a non-executive director in June 2018.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2018
Summary of significant accounting policies
Basis of preparation	2.1 The Company prepared these unaudited consolidated financial statements in compliance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Any reference in these notes to applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited consolidated financial statements are presented in U.S. dollars, except where otherwise indicated. Transactions denominated in currencies other than U.S. dollars are presented in the transaction currency with the U.S. dollar amount included in parenthesis, converted at the foreign exchange rate as of the transaction date.
Use of estimates	2.3 The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recent accounting pronouncements	2.5 Recently Adopted Accounting Pronouncements Effective January 1, 2018 the Company adopted new revenue recognition policies in accordance with ASC 606. The new revenue recognition policies replace the existing policies in accordance with ASC 605. The Company elected to implement ASC 606 by applying it to active collaboration arrangements as of January 1, 2018 and to record a cumulative adjustment of revenue previously recognized to the accumulated loss as of December 31, 2017. The impact of implementing ASC 606 is summarized below: - Recognized $2.5 million and $7.1 million of license revenue during the three and nine months ended September 30, 2018, respectively related to the collaboration with BMS compared to $1.0 million and $3.2 million, respectively, that would have been recognized in accordance with the previous revenue recognition policies; - Continued to present revenue recognized during the three and nine months ended September 30, 2017, in accordance with the previous revenue recognition policies; - Decreased the accumulated loss by $24.9 million as of January 1, 2018 and decreased deferred revenue as of the same date by $24.9 million. In accordance with the previous revenue recognition policies the Company had concluded that the BMS collaboration agreement consisted of three performance obligations, (i) technology (license and target selections), know‑how and manufacturing in the field of gene therapy and development and active contribution to the development through the joint steering committee participations, (ii) provision of employees, goods and services for research, and (iii) clinical and commercial manufacturing. The Company determined that these three performance obligations are substantially identical with the performance obligations in accordance with its new revenue recognition policies: (i) Providing access to its technology and know-how in the field of gene therapy as well as actively contributing to the target selection, the collaboration as a whole, the development during the target selection, the pre-clinical and the clinical phase through participating in joint steering committee and other governing bodies (“License Revenue”); (ii) Providing pre-clinical research activities (“Collaboration Revenue”); and (iii) Providing clinical and commercial manufacturing services for products (“Manufacturing Revenue”). License Revenue The Company previously recognized License Revenue over the expected performance period on a straight-line basis commencing on May 21, 2015. The Company now recognizes License Revenue over the expected performance period based on its progress toward the completion of its services (see note 4 for a detailed discussion). Collaboration and Manufacturing Revenue The adoption of the new revenue recognition policies did not materially impact the recognition of Collaboration or Manufacturing Revenue. ASU 2017-09: Compensation (topic 718)- scope of modification accounting In May 2017, the FASB issued ASU 2017-09, Compensation-stock compensation (topic 718) -- scope of modification accounting (“ASU 2017-09”), which provides clarity regarding the applicability of modification accounting in relation to share-based payment awards. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The standard became effective on January 1, 2018 and needs to be applied prospectively. Application of ASU 2017-09 did not have a material impact on the Company’s consolidated financial statements in the three or nine month period ended September 30, 2018 . ASU 2016-05: Derivatives and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) and ASU 2016-06, Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments. Both ASUs address issues regarding hedge accounting. Application of the standard was effective on January 1, 2018 and did not have a material impact on the Company’s consolidated financial statements in the three or nine month period ended September 30, 2018. Recent Accounting Pronouncements Not Yet Effective There have been no new accounting pronouncements or changes to accounting pronouncements during the nine months ended September 30, 2018, as compared to the recent accounting pronouncements described in Note 2.3.23 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, which could be expected to materially impact the Company’s unaudited condensed consolidated financial statements except the one discussed below: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required to recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02 will be effective for the Company beginning in the first quarter of 2019 and early application is permitted. The Company does expect ASU 2016-02 to have a material impact on its consolidated financial statements, primarily from recognition of a right-of-use asset and lease liability in the balance sheet and a shift of cash outflows from operating activities to financing activities. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) which modifies the disclosure requirements on fair value measurements. The effective date for the standard is fiscal years beginning after December 15, 2019, which for the Company is January 1, 2020. Early adoption is permitted. The new disclosure requirements for changes in unrealized gains and losses in other comprehensive income for recurring Level 3 measurements, the range and weighted average of significant unobservable inputs and the amended requirements for the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively. The Company does not expect ASU 2018-13 to have a material impact on its consolidated financial statements

Fair value measurement (Tables)

Fair value measurement (Tables)	9 Months Ended
	Sep. 30, 2018
Fair value measurement
Schedule of assets and liabilities measured at fair value on recurring basis	Quoted prices Significant Significant Total Classification in consolidated in thousands At December 31, 2017 Assets: Cash, cash equivalents and restricted cash $ 161,851 $ — $ — $ 161,851 Total assets 161,851 — — 161,851 Liabilities: Derivative financial instruments - debt — — 337 337 Accrued expenses and other current liabilities Derivative financial instruments - related party — — 1,298 1,298 Contingent consideration — — 3,964 3,964 Total liabilities $ — $ — $ 5,599 $ 5,599 At September 30, 2018 Assets: Cash, cash equivalents and restricted cash $ 242,000 $ — $ — $ 242,000 Total assets 242,000 — — 242,000 Liabilities: Derivative financial instruments - debt — — 857 857 Accrued expenses and other current liabilities Derivative financial instruments - related party — — 1,085 1,085 Contingent consideration — — — — Total liabilities $ — $ — $ 1,942 $ 1,942
Schedule of changes in Level 3 items	Derivative Contingent financial consideration instruments Total in thousands Balance at December 31, 2017 $ 3,964 $ 1,635 $ 5,599 (Gains) / losses recognized in profit or loss (3,846) 330 (3,516) Currency translation effects (118) (23) (141) Balance at September 30, 2018 $ — $ 1,942 $ 1,942
Schedule of changes in assumptions for fair value of warrants	Total warrants in thousands Base case $ 1,085 Increase volatility by 10% to 82.5% 291 Extend exercise dates by one year 36

Collaboration arrangements an_2

Collaboration arrangements and concentration of credit risk (Tables)	9 Months Ended
	Sep. 30, 2018
Collaboration arrangements and concentration of credit risk
Schedule of collaboration and license revenue	Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 in thousands Bristol Myers Squibb $ 3,148 $ 2,260 $ 9,676 $ 5,877 Chiesi Farmaceutici S.p.A (terminated in 2017) — — — 4,646 Total $ 3,148 $ 2,260 $ 9,676 $ 10,523
Schedule of amounts owed in relation to collaboration	September 30, December 31, 2018 2017 in thousands Bristol Myers Squibb $ 552 $ 1,586

Property, plant and equipment (

Property, plant and equipment (Tables)	9 Months Ended
	Sep. 30, 2018
Property, plant and equipment
Schedule of property, plant and equipment	September 30, December 31, 2018 2017 in thousands Leasehold improvements $ 32,328 $ 32,297 Laboratory equipment 16,598 15,976 Office equipment 2,273 2,304 Construction-in-progress 901 745 Total property, plant, and equipment 52,100 51,322 Less accumulated depreciation (21,298) (17,041) Property, plant and equipment, net $ 30,802 $ 34,281

Intangible assets (Tables)

Intangible assets (Tables)	9 Months Ended
	Sep. 30, 2018
Intangible assets
Schedule of finite-lived intangible assets	September 30, December 31, 2018 2017 in thousands Licenses $ 7,454 $ 9,551 Less accumulated amortization and impairment (2,243) (5,575) Licenses, net $ 5,211 $ 3,976 Acquired research and development — 5,594 Intangible assets, net $ 5,211 $ 9,570

Accrued expenses and other cu_2

Accrued expenses and other current liabilities, other non-current expenses (Tables)	9 Months Ended
	Sep. 30, 2018
Accrued expenses and other current liabilities, other non-current expenses
Schedule of accrued expenses and other current liabilities	September 30, December 31, 2018 2017 in thousands Accruals for services provided by vendors-not yet billed $ 2,404 $ 2,348 Personnel related accruals and liabilities 3,858 5,646 Other current liabilities 836 844 Total $ 7,098 $ 8,838
Schedule of change in accrual of termination benefits	Accrued termination benefits in thousands Balance at December 31, 2017 $ 625 Accrued through operations 96 Payments (704) Currency translation effects 3 Balance at September 30, 2018 $ 20

Share-based compensation (Table

Share-based compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Share-based compensation
Schedule of share-based compensation expense by classification included in consolidated statements of operations and comprehensive loss	Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 in thousands Research and development $ 895 $ 1,131 $ 2,694 $ 2,612 Selling, general and administrative 1,724 1,316 4,657 3,366 Total $ 2,619 $ 2,447 $ 7,351 $ 5,978
Schedule of share-based compensation expense	Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 in thousands Award type Share options $ 1,160 $ 638 $ 3,315 $ 2,347 Restricted share units (“RSUs”) 667 728 1,953 1,960 Performance share units (“PSUs”) 792 1,081 2,083 1,671 Total $ 2,619 $ 2,447 $ 7,351 $ 5,978
Schedule of unrecognized compensation cost related to unvested awards	Weighted-average Unrecognized remaining compensation period for costs recognition Award type in thousands in years Share options $ 15,651 3.29 Restricted share units 4,994 1.15 Performance share units 5,472 1.84 Total $ 26,117 2.58
Schedule of weighted-average assumptions for fair value of option issued	Three months ended September 30, Nine months ended September 30, Assumptions 2018 2017 2018 2017 Expected volatility 80% 80% 80% 75%-80% Expected terms (in years) 10 years 10 years 10 years 10 years Risk-free interest rate 3.10% 2.40% - 2.48% 2.67% - 3.10% 2.40% - 2.81% Expected dividends 0% 0% 0% 0%
Summary of RSUs activity	RSU Weighted average grant-date fair Number of shares value Non-vested at December 31, 2017 683,663 $ 6.38 Granted 262,599 $ 23.61 Vested (276,833) $ 5.99 Forfeited (189,708) $ 8.00 Non-vested at September 30, 2018 479,721 $ 15.40 Total weighted average grant date fair value of RSUs granted during the period (in millions) $ 6.2 Granted to directors and officers during the period (shares, $ in millions) 133,808 $ 3.3
Summary of PSUs activity	PSU Weighted average grant-date fair Number of shares value Non-vested at December 31, 2017 511,074 $ 16.73 Granted — $ — Vested (68,115) $ 15.79 Forfeited (73,068) $ 18.85 Non-vested at September 30, 2018 369,891 $ 16.74 PSUs awarded but not yet earned 117,197 $ 36.39 Total non-vested and discretionary PSUs 487,088 $ 21.47 Total weighted average grant date fair value of PSUs awarded during the period (in millions) $ 4.3
2014 Plan
Share-based compensation
Summary of option activity	Weighted average Options exercise price Outstanding at December 31, 2017 2,456,433 $ 10.06 Granted 906,582 $ 26.05 Forfeited (266,222) $ 13.18 Expired (9,915) $ 13.49 Exercised (379,340) $ 11.42 Outstanding at September 30, 2018 2,707,538 $ 14.91 Fully vested and exercisable at September 30, 2018 977,409 $ 11.03 Outstanding and expected to vest at September 30, 2018 1,730,129 $ 17.10 Total weighted average grant date fair value of options issued during the period (in $ millions) $ 15.8 Granted to directors and officers during the period (options, $ in millions) 315,156 $ 4.7 Proceeds from option sales (in $ millions) $ 4.6

Basic and diluted earnings pe_2

Basic and diluted earnings per share (Tables)	9 Months Ended
	Sep. 30, 2018
Basic and diluted earnings per share
Schedule of potential dilutive common shares	September 30, 2018 2017 ordinary shares BMS warrants 7,570,000 5,286,254 Stock options under 2014 Plan and Nasdaq inducement rules 2,707,538 2,666,188 Non-vested RSUs and earned PSUs 849,612 900,927 Stock options under 2012 Plan 32,567 182,202 Warrants 37,175 37,175 Total potential dilutive ordinary shares 11,196,892 9,072,746

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2018
Leases
Schedule of minimum lease payments	Lexington Amsterdam Total in thousands 2018 (three months remaining) $ 467 $ 490 $ 957 2019 1,903 1,958 3,861 2020 1,956 1,958 3,914 2021 2,009 1,958 3,967 2022 and beyond 4,890 19,899 24,789 Total minimum lease payments $ 11,225 $ 26,263 $ 37,488 Deferred rent related to lease incentives-non current $ 4,237 $ 3,919 $ 8,156 Deferred rent related to lease incentives-current 777 316 1,093
Summary of aggregate rent expense	Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 in thousands Rent expense-Lexington $ 278 $ 276 $ 834 $ 828 Rent expense-Amsterdam 412 555 1,263 2,080 Total rent expense $ 690 $ 831 $ 2,097 $ 2,908

Summary of significant accoun_3

Summary of significant accounting policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	$ 3,148	$ 2,260	$ 9,676	$ 10,523
Accumulated loss	(513,618)		(513,618)		$ (475,318)
ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accumulated loss	24,900		24,900
Deferred Revenue	(24,900)		(24,900)
Before Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	$ 1,000		$ 3,200

Fair value measurement - Assets

Fair value measurement - Assets and Liabilities (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents	$ 242,000	$ 161,851
Total assets	242,000	161,851
Liabilities, Fair Value Disclosure [Abstract]
Contingent consideration		3,964
Total liabilities	1,942	5,599
Related party
Liabilities, Fair Value Disclosure [Abstract]
Derivative financial instruments	1,085	1,298
Debt
Liabilities, Fair Value Disclosure [Abstract]
Derivative financial instruments	857	337
Fair value hierarchy Level 1
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents	242,000	161,851
Total assets	242,000	161,851
Level 3
Liabilities, Fair Value Disclosure [Abstract]
Contingent consideration		3,964
Total liabilities	1,942	5,599
Level 3 | Related party
Liabilities, Fair Value Disclosure [Abstract]
Derivative financial instruments	1,085	1,298
Level 3 | Debt
Liabilities, Fair Value Disclosure [Abstract]
Derivative financial instruments	$ 857	$ 337

Fair value measurement - Change

Fair value measurement - Changes in Level 3 Liabilities and Contingent Consideration (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Changes in Level 3 liabilities
Beginning Balance	$ 1,600
Ending Balance	1,900
Contingent consideration
Fair value of derivative financial instruments	1,600
Level 3
Changes in Level 3 liabilities
Beginning Balance	5,599
(Gains) / losses recognized in profit or loss	(3,516)
Currency translation effects	(141)
Ending Balance	1,942
Contingent consideration
Fair value of derivative financial instruments	5,599
Level 3 | Contingent consideration
Changes in Level 3 liabilities
Beginning Balance	3,964
(Gains) / losses recognized in profit or loss	(3,846)
Currency translation effects	(118)
Contingent consideration
Fair value of derivative financial instruments	3,964
Level 3 | Derivative financial instruments
Changes in Level 3 liabilities
Beginning Balance	1,635
(Gains) / losses recognized in profit or loss	330
Currency translation effects	(23)
Ending Balance	1,942
Contingent consideration
Fair value of derivative financial instruments	$ 1,635

Fair value measurement - BMS co

Fair value measurement - BMS collaboration (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)$ / shares
BMS Warrants
Collaboration arrangements
Exercise price in respect of each warrant | $ / shares	$ 33.84
Number of trading days used to calculate Volume Weighted Average Price ("VWAP")	20 days
Number of days prior to purchase or exercise used to calculate Volume Weighted Average Price ("VWAP")	5 days
Decrease in fair value due to reduced probability of warrants being exercised | $	$ 1.1
Compounded annual growth rate used to determine fair value of exercise price	10.00%
Increase in volatility rate	10.00%
Volatility rate	82.50%
uniQure N.V. | BMS | First Six New Targets Or Designation Of Sixth Target
Collaboration arrangements
Ownership percentage required per agreement	14.90%
uniQure N.V. | BMS | First Nine New Targets Or Designation Of Ninth Target
Collaboration arrangements
Ownership percentage required per agreement	19.90%

Fair value measurement - Sensit

Fair value measurement - Sensitivity analysis on warrants (Details) - BMS Warrants $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Fair value measurements
Base case	$ 1,085
Increase volatility by 10% to 82.5%	291
Extend exercise dates by one year	$ 36

Collaboration arrangements an_3

Collaboration arrangements and concentration of credit risk - Revenues from and amounts owed with collaboration partners (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total	$ 3,148	$ 2,260	$ 9,676	$ 10,523
Amounts owed by BMS in relation to the collaboration services	552		552		$ 1,586
BMS
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total	3,148	$ 2,260	9,676	5,877
Chiesi Pharmaceutical
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total				$ 4,646
Before Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total	$ 1,000		$ 3,200

Collaboration arrangements an_4

Collaboration arrangements and concentration of credit risk - BMS collaboration (Details) $ in Thousands	May 21, 2015USD ($)	Aug. 31, 2015USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)item	Sep. 30, 2017USD ($)
Collaboration arrangements
Revenue			$ 3,148	$ 2,260	$ 9,676	$ 10,523
Minimum
Collaboration arrangements
Decrease in revenue					1,800
Maximum
Collaboration arrangements
Decrease in revenue					5,300
BMS
Collaboration arrangements
Revenue			3,148	$ 2,260	$ 9,676	$ 5,877
License revenue | BMS
Collaboration arrangements
Number of potential targets included in collaborative agreement | item					10
Upfront payment recorded	$ 60,100
Royalty term after the first commercial sale					10 years
Average period for completion of pre-clinical phase					4 years
Average period for completion of clinical development and commercial launch					8 years 6 months
Percentage of increase in probability of all additional targets					10
License revenue | BMS | First Target Selection
Collaboration arrangements
Milestone payments to be received upon achievement					$ 254,000
License revenue | BMS | Second, Third, and Fourth Targets Selection
Collaboration arrangements
Target designation payment received		$ 15,000
License revenue | BMS | Fifth through Tenth Targets Selection
Collaboration arrangements
Maximum target designation payments to which entitled per agreement					16,500
License revenue | BMS | Other Selected Targets
Collaboration arrangements
Milestone payments to be received upon achievement					217,000
Before Topic 606
Collaboration arrangements
Revenue			$ 1,000		$ 3,200

Property, plant and equipment_2

Property, plant and equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Property, plant and equipment, net
Total property, plant, and equipment	$ 52,100		$ 52,100		$ 51,322
Less accumulated depreciation	(21,298)		(21,298)		(17,041)
Property, plant and equipment, net	30,802		30,802		34,281
Depreciation	1,700	$ 1,700	4,700	$ 5,100
Leasehold improvements
Property, plant and equipment, net
Total property, plant, and equipment	32,328		32,328		32,297
Laboratory equipment
Property, plant and equipment, net
Total property, plant, and equipment	16,598		16,598		15,976
Office equipment
Property, plant and equipment, net
Total property, plant, and equipment	2,273		2,273		2,304
Construction-in-progress
Property, plant and equipment, net
Total property, plant, and equipment	$ 901		$ 901		$ 745

Intangible assets (Details)

Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Intangible assets
Intangible assets, net	$ 5,211		$ 5,211		$ 9,570
Amortization expense	100	$ 100	300	$ 900
Capitalized expenditures related to milestone payments			1,700
Licenses
Intangible assets
Total intangible assets	7,454		7,454		9,551
Less accumulated amortization	(2,243)		(2,243)		(5,575)
Intangible assets, net	$ 5,211		5,211		3,976
Acquired research & development
Intangible assets
Intangible assets, net					$ 5,594
Impairment loss recorded within R&D expense			$ 5,400

Accrued expenses and other cu_3

Accrued expenses and other current liabilities, other non-current expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accrued expenses and other current liabilities, other non-current expenses
Accruals for services provided by vendors-not yet billed	$ 2,404	$ 2,348
Personnel related accruals and liabilities	3,858	5,646
Other current liabilities	836	844
Total	$ 7,098	$ 8,838

Accrued expenses and other cu_4

Accrued expenses and other current liabilities, other non-current expenses - Restructuring plan (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Restructuring Reserve
Beginning Balance	$ 625
Accrued through profit and loss	96
Payments	(704)
Currency translation effects	3
Ending Balance	$ 20

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Millions	May 06, 2016	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Long-term Debt
Interest rate (as a percent)	8.25%
Maximum borrowing capacity		$ 50		$ 50
Foreign currency loss		0.2		0.7
Foreign currency gain			$ 0.7		$ 2.3
Interest expense recorded		0.5	$ 0.6	1.4	$ 1.6
Venture debt loan facility with Hercules
Long-term Debt
Outstanding debt		20		$ 20		$ 20
Discount rate (as a percent)	5.25%
Back-end fee (as a percent)	4.85%
Facility fee (as a percent)	0.75%
Percentage of worldwide cash reserves				50.00%
Aggregate maturities of loan
Amortized cost net of discount and debt issuance costs		$ 20.7		$ 20.7		$ 20.8

Shareholders_ equity (Details)

Shareholders’ equity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	May 07, 2018	May 02, 2018	Sep. 30, 2018
Shareholders’ equity
Offering price per share of shares issued	$ 28.50
Gross Proceeds From Issuance Initial Public Offering	$ 147,500
Proceeds from issuance initial public offering			$ 138,480
Expenses capitalized related to offering	$ 200
Shares authorized under offering program		5

Share-based compensation - Summ

Share-based compensation - Summary of share-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based compensation
Share-based compensation expense	$ 2,619	$ 2,447	$ 7,351	$ 5,978
Unrecognized compensation costs	26,117		$ 26,117
Weighted-average remaining period for recognition (in years)			2 years 6 months 29 days
Research and development expenses | Employees
Share-based compensation
Share-based compensation expense	895	1,131	$ 2,694	2,612
Selling, general and administrative expense | Employees
Share-based compensation
Share-based compensation expense	1,724	1,316	4,657	3,366
Share options
Share-based compensation
Share-based compensation expense	1,160	638	3,315	2,347
Unrecognized compensation costs	15,651		$ 15,651
Weighted-average remaining period for recognition (in years)			3 years 3 months 15 days
Restricted share units ("RSUs")
Share-based compensation
Share-based compensation expense	667	728	$ 1,953	1,960
Unrecognized compensation costs	4,994		$ 4,994
Weighted-average remaining period for recognition (in years)			1 year 1 month 24 days
Performance share units ("PSUs")
Share-based compensation
Share-based compensation expense	792	$ 1,081	$ 2,083	$ 1,671
Unrecognized compensation costs	$ 5,472		$ 5,472
Weighted-average remaining period for recognition (in years)			1 year 10 months 2 days

Share-based compensation - 2014

Share-based compensation - 2014 Plan Share Options (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Options
Granted (in shares)	10,000
Weighted average exercise price
Vesting period	3 years
Weighted-average assumptions used to estimate fair value of share options granted during year
Expected volatility (as a percent)		80.00%	80.00%	80.00%
Expected terms (in years)		10 years	10 years	10 years	10 years
Risk free interest rate, minimum (as a percent)		3.10%		2.67%	2.40%
Risk free interest rate, maximum (as a percent)				3.10%	2.81%
Expected dividend (as a percent)		0.00%	0.00%	0.00%	0.00%
2014 Plan
Options
Outstanding at beginning of year (in shares)				72,818
Outstanding at end of year (in shares)		32,567		32,567
Weighted-average assumptions used to estimate fair value of share options granted during year
Increase in authorized shares	30,000,000
Authorized shares		8,601,471		8,601,471
2014 Plan | Share options
Options
Outstanding at beginning of year (in shares)				2,456,433
Granted (in shares)				906,582
Forfeited (in shares)				(266,222)
Expired (in shares)				(9,915)
Exercised (in shares)				(379,340)
Outstanding at end of year (in shares)		2,707,538		2,707,538
Fully vested and exercisable at end of year (in shares)		977,409		977,409
Outstanding and expected to vest at end of year (in shares)		1,730,129		1,730,129
Weighted average exercise price
Outstanding at beginning of year (in dollars per share)				$ 10.06
Granted (in dollars per share)				26.05
Forfeited (in dollars per share)				13.18
Expired (in dollars per share)				13.49
Exercised (in dollars per share)				11.42
Outstanding at end of year (in dollars per share)		$ 14.91		14.91
Fully vested and exercisable at end of year (in dollars per share)		$ 11.03		11.03
Outstanding and expected to vest at end of year (in dollars per share)				$ 17.10
Total weighted average grant date fair value of options issued during the period (in $ millions)				$ 15.8
Proceeds from option sales				$ 4.6
2014 Plan | Non-executive directors
Weighted average exercise price
Vesting percentage per year				25.00%
Vesting period				4 years
2014 Plan | Directors and Officers | Share options
Options
Granted (in shares)				315,156
Weighted average exercise price
Total weighted average grant date fair value of options issued during the period (in $ millions)				$ 4.7
2014 Plan | One year from grant date
Weighted average exercise price
Vesting period				1 year

Share-based compensation - 20_2

Share-based compensation - 2014 Plan RSUs (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		9 Months Ended
	Jun. 30, 2018	Mar. 31, 2017	Sep. 30, 2018
Other disclosure
Vesting period	3 years
2014 Plan | Non-executive directors
Other disclosure
Vesting period			4 years
Restricted share units ("RSUs") | 2014 Plan
Number of shares
Non-vested at beginning of year (in shares)			683,663
Granted (in shares)			262,599
Vested (in shares)			(276,833)
Forfeited (in shares)			(189,708)
Non-vested at end of year (in shares)			479,721
Weighted average grant-date fair value
Non-vested at beginning of year (in dollars per share)			$ 6.38
Granted (in dollars per share)			23.61
Vested (in dollars per share)			5.99
Forfeited (in dollars per share)			8
Non-vested at end of year (in dollars per share)			$ 15.40
Other disclosure
Total weighted average grant date fair value of RSUs granted during the period (in millions)			$ 6.2
Restricted share units ("RSUs") | 2014 Plan | Chief Executive Officer
Other disclosure
Vesting period		2 years
Restricted share units ("RSUs") | 2014 Plan | Non-executive directors
Other disclosure
Vesting period		1 year
Restricted share units ("RSUs") | 2014 Plan | Directors and Officers
Number of shares
Granted (in shares)			133,808
Weighted average grant-date fair value
Granted (in dollars per share)			$ 3.3
Minimum | Restricted share units ("RSUs") | 2014 Plan
Other disclosure
Vesting period			1 year
Maximum | Restricted share units ("RSUs") | 2014 Plan
Other disclosure
Vesting period			3 years

Share-based compensation - 20_3

Share-based compensation - 2014 Plan PSUs (Details) - Performance share units ("PSUs") - 2014 Plan $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares
Number of shares
Non-vested at beginning of year (in shares) | shares	511,074
Vested (in shares) | shares	(68,115)
Forfeited (in shares) | shares	(73,068)
Non-vested at end of year (in shares) | shares	369,891
PSUs awarded but not yet earned | shares	117,197
Total non-vested and discretionary PSUs | shares	487,088
Weighted average grant-date fair value
Non-vested at beginning of year (in dollars per share) | $ / shares	$ 16.73
Vested (in dollars per share) | $ / shares	15.79
Forfeited (in dollars per share) | $ / shares	18.85
Non-vested at end of year (in dollars per share) | $ / shares	16.74
PSUs awarded but not yet earned (in dollars per share) | $ / shares	36.39
Total non-vested and discretionary PSUs (in dollars per share) | $ / shares	$ 21.47
Other disclosure
Total weighted average grant date fair value of RSUs granted during the period (in millions) | $	$ 4.3

Share-based compensation - Empl

Share-based compensation - Employee Share Purchase Plan (Details) - Employee Stock [Member] - shares	1 Months Ended	9 Months Ended
	Jun. 30, 2018	Sep. 30, 2018
Share-based compensation
Ordinary shares available for issue	150,000
Discounted rate for purchase of shares	85.00%
Number of shares issued		0

Basic and diluted earnings pe_3

Basic and diluted earnings per share (Details) - shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Basic and diluted earnings per share
Total potential dilutive common shares	11,196,892	9,072,746
Warrants
Basic and diluted earnings per share
Total potential dilutive common shares	37,175	37,175
Warrants | BMS
Basic and diluted earnings per share
Total potential dilutive common shares	7,570,000	5,286,254
Stock options | 2014 Plan
Basic and diluted earnings per share
Total potential dilutive common shares	2,707,538	2,666,188
Stock options | 2012 Plan
Basic and diluted earnings per share
Total potential dilutive common shares	32,567	182,202
Non-vested and earned RSUs and PSUs
Basic and diluted earnings per share
Total potential dilutive common shares	849,612	900,927

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Dec. 01, 2017	May 31, 2017facility	Jun. 30, 2016	Mar. 31, 2016	Nov. 30, 2013item	Sep. 30, 2018USD ($)
Lexington
Leases
Lease term (in years)					10 years
Number of subsequent renewals | item					2
Renewal term (in years)					5 years
Amsterdam
Leases
Lease term (in years)	10 years			16 years
Renewal term (in years)			5 years
Number of facility sites consolidated into new site | facility		3
Minimum rentals to be received | $						$ 9.9

Leases - Minimum Lease Payments

Leases - Minimum Lease Payments and Rent Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Minimum lease payments
2018 (three months remaining)	$ 957		$ 957
2,019	3,861		3,861
2,020	3,914		3,914
2,021	3,967		3,967
2022 and beyond	24,789		24,789
Total minimum lease payments	37,488		37,488
Deferred rent related to lease incentives-current	1,093		1,093
Deferred rent related to lease incentives	8,156		8,156
Aggregate rent expense
Rent expense	690	$ 831	2,097	$ 2,908
Lexington
Minimum lease payments
2018 (three months remaining)	467		467
2,019	1,903		1,903
2,020	1,956		1,956
2,021	2,009		2,009
2022 and beyond	4,890		4,890
Total minimum lease payments	11,225		11,225
Deferred rent related to lease incentives-current	777		777
Deferred rent related to lease incentives	4,237		4,237
Aggregate rent expense
Rent expense	278	276	834	828
Amsterdam
Minimum lease payments
2018 (three months remaining)	490		490
2,019	1,958		1,958
2,020	1,958		1,958
2,021	1,958		1,958
2022 and beyond	19,899		19,899
Total minimum lease payments	26,263		26,263
Deferred rent related to lease incentives-current	316		316
Deferred rent related to lease incentives	3,919		3,919
Aggregate rent expense
Rent expense	$ 412	$ 555	$ 1,263	$ 2,080

Subsequent event (Details)

Subsequent event (Details) - USD ($)	Oct. 24, 2018	Jun. 30, 2018
Subsequent event
Vesting period		3 years
Option to purchase ordinary shares		10,000
Subsequent events
Subsequent event
Annual salary	$ 425,000
Annual bonus percentage based on annual salary	40.00%
Option to purchase ordinary shares	70,000
Subsequent events | Restricted Stock Units
Subsequent event
Granted (in shares)	35,000
Vesting period	3 years