uniQure (QURE) 10-Q 29 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 25, 2019
Document and Entity Information
Entity Registrant Name	uniQure N.V.
Entity Central Index Key	0001590560
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		37,799,249
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 208,787	$ 234,898
Accounts receivable and accrued income from related party	461	233
Prepaid expenses	3,597	1,116
Other current assets	350	329
Total current assets	213,195	236,576
Non-current assets
Property, plant and equipment, net	27,778	29,179
Operating lease right-of-use asset	18,678
Intangible assets, net	5,917	5,201
Goodwill	496	506
Restricted cash	2,930	2,444
Total non-current assets	55,799	37,330
Total assets	268,994	273,906
Current
Accounts payable	3,527	3,792
Accrued expenses and other current liabilities	7,311	8,232
Current portion of operating lease liability	3,808
Current portion of deferred rent		311
Current portion of deferred revenue	7,772	7,634
Total current liabilities	22,418	19,969
Non-current
Long-term debt, net of current portion	35,630	35,471
Operating lease liability, net of current portion	23,344
Deferred rent, net of current portion		8,761
Deferred revenue, net of current portion	27,465	28,861
Derivative financial instruments related party	2,603	803
Other non-current liabilities	422	435
Total non-current liabilities	89,464	74,331
Total liabilities	111,882	94,300
Commitments and contingencies (see note 5)
Shareholders' equity
Ordinary shares, €0.05 par value: 60,000,000 shares authorized at March 31, 2019 and December 31, 2018 and 37,763,842 and 37,351,653 ordinary shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively.	2,322	2,299
Additional paid-in-capital	727,795	720,072
Accumulated other comprehensive loss	(9,727)	(7,259)
Accumulated deficit	(563,278)	(535,506)
Total shareholders' equity	157,112	179,606
Total liabilities and shareholders' equity	$ 268,994	$ 273,906

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - € / shares	Mar. 31, 2019	Dec. 31, 2018
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	37,763,842	37,351,653
Ordinary shares, outstanding	37,763,842	37,351,653

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Total	$ 1,136	$ 3,478
Operating expenses:
Research and development expenses	(20,537)	(17,058)
Selling, general and administrative expenses	(8,067)	(6,301)
Total operating expenses	(28,604)	(23,359)
Other income	313	615
Other expense	(349)	(333)
Loss from operations	(27,504)	(19,599)
Interest income	442	253
Interest expense	(957)	(416)
Foreign currency gains / (losses), net	2,274	178
Other non-operating (loss) / income, net	(2,027)	703
Loss before income tax expense	(27,772)	(18,881)
Income tax benefit / (expense)		92
Net loss	(27,772)	(18,789)
Other comprehensive (loss) / income, net of income tax:
Foreign currency translation adjustments net of tax impact of $(0.2) million for the year ended December 31, 2018 (2017: $0.2 million and 2016: $(1.1) million)	2,468	(179)
Total comprehensive loss	$ (25,304)	$ (18,968)
Basic and diluted net loss per ordinary share	$ (740)	$ (590)
Weighted average shares used in computing basic and diluted net loss per ordinary share	37,676,172	31,710,497
License revenues from related party
Total	$ 557	$ 2,451
Collaboration revenues from related party
Total	$ 579	$ 1,027

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Foreign currency translation adjustments, tax	$ 0	$ 0.1

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary shares	Additional paid-in capital	Accumulated other comprehensive (loss)/income	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
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				(18,789)	(18,789)
Other comprehensive loss			686		686
Exercise of share options	$ 7	1,555			1,562
Exercise of share options (in shares)	146,161
Restricted and performance share units distributed during the period	$ 17	(17)
Restricted and performance share units distributed during the period (in shares)	286,615
Share-based compensation expense		2,527			2,527
Ending balance at Mar. 31, 2018	$ 1,971	570,595	(1,312)	(470,991)	100,263
Ending balance (in shares) at Mar. 31, 2018	31,771,816
Beginning balance at Dec. 31, 2018	$ 2,299	720,072	(7,259)	(535,506)	$ 179,606
Beginning balance (in shares) at Dec. 31, 2018	37,351,653				37,351,653
Increase (decrease) in shareholders' equity
Loss for the period				(27,772)	$ (27,772)
Other comprehensive loss			(2,468)		(2,468)
Hercules warrants exercise	$ 2	1,271			1,273
Hercules warrants exercise (in shares)	37,175
Exercise of share options	$ 10	2,088			2,098
Exercise of share options (in shares)	183,807
Restricted and performance share units distributed during the period	$ 11	(11)
Restricted and performance share units distributed during the period (in shares)	188,081
Share-based compensation expense		4,294			4,294
Issuance of ordinary shares relating to employee stock purchase plan		81			81
Issuance of ordinary shares relating to employee stock purchase plan (in shares)	3,126
Ending balance at Mar. 31, 2019	$ 2,322	$ 727,795	$ (9,727)	$ (563,278)	$ 157,112
Ending balance (in shares) at Mar. 31, 2019	37,763,842				37,763,842

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (27,772)	$ (18,789)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,569	1,550
Share-based compensation expense	4,294	2,527
Change in fair value of derivative financial instruments and contingent consideration	2,027	(756)
Unrealized foreign exchange gains	(1,820)	(131)
Change in deferred taxes		(92)
Change in lease incentives		(72)
Changes in operating assets and liabilities:
Accounts receivable and accrued income, prepaid expenses and other current assets	(2,763)	(1,142)
Accounts payable	(246)	681
Accrued expenses and other liabilities	(1,190)	(2,656)
Deferred revenue	(537)	(2,560)
Net cash used in operating activities	(26,438)	(21,440)
Cash flows from investing activities
Purchases of intangible assets	(996)
Purchase of property, plant and equipment	(234)	(648)
Net cash used in investing activities	(1,230)	(648)
Cash flows from financing activities
Proceeds from issuance of shares related to employee stock option and purchase plans	2,178	1,562
Proceeds from exercise of warrants	500
Net cash generated from financing activities	2,678	1,562
Currency effect cash, cash equivalents and restricted cash	(635)	1,997
Net decrease in cash, cash equivalents and restricted cash	(25,625)	(18,529)
Cash, cash equivalents and restricted cash at beginning of period	237,342	161,851
Cash, cash equivalents and restricted cash at the end of period	211,717	143,322
Supplemental cash flow disclosures:
Total cash, cash equivalents and restricted cash	237,342	161,851
Cash paid for interest	$ 751	$ 409

General business information

General business information	3 Months Ended
	Mar. 31, 2019
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	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019, are not necessarily indicative of the results to be expected for the full year ending December 31, 2019, 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, 2018, filed with the SEC on February 28, 2019. 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, 2018, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2019, other than the adoption of accounting pronouncements discussed below. 2.5 Recently Adopted Accounting Pronouncements ASC 842 – Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases” (ASU 2018-10), which provides narrow amendments to clarify how to apply certain aspects of the new lease standard, and ASU No. 2018-11, “Leases (Topic 842) – Target Improvements” (ASU 2018-11), which address implementation issues related to the new lease standard. The standard is effective for interim and annual reporting periods beginning after December 15, 2018. Under the new standard, lessees are required to recognize the right-of-use assets and lease liabilities that arise from operating leases on the consolidated balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of the Company’s fiscal year, January 1, 2019, to operating leases that existed on that date. Prior year comparative financial information was not recast under the new standard and continues to be presented under ASC 840. The Company elected to utilize the package of practical expedients available for expired or existing contracts which allowed the Company to carryforward historical assessments of (1) whether contracts are or contain leases, (2) lease classification, and (3) initial direct costs. The Company performed an assessment and identified the lease facilities as material leases to be accounted for under ASC 842 as of January 1, 2019. The Company elected to implement ASC 842 by applying the modified retrospective approach, which allows the Company to restrict the application of the new guidance to operating leases as of January 1, 2019. The impact of implementing ASC 842 is summarized below: - Recognized a $19.0 million operating right-of-use asset and a $28.1 million operating lease liability in relation to the facilities leased at the Amsterdam and Lexington sites in the consolidated balance sheet as of January 1, 2019; - Presented deferred rent of $9.1 million as of December 31, 2018, as a reduction of the right-of-use asset as from January 1, 2019 onwards in the consolidated balance sheet and as a change within operating cash flows within accrued expense, other liabilities and operating leases; The Company measured the lease liability at the present value of the future lease payments as of January 1, 2019. The Company used an incremental borrowing rate to discount the lease payments. The Company derived the discount rate, adjusted for differences in the term and payment patterns, from the Company’s loan from Hercules Capital, which was refinanced immediately prior to the January 1, 2019 adoption date in December 2018. The right-of-use asset is valued at the amount of the lease liability reduced by the remaining December 31, 2018 balance of lease incentives received. The lease liability is subsequently measured at the present value of the future lease payments as of the reporting date with a corresponding adjustment to the right-to-use asset. Absent a lease modification, the Company will continue to utilize the January 1, 2019, incremental borrowing rate. The Company will continue to recognize lease cost on a straight-line basis and will continue to present these costs as operating expenses within the Consolidated statements of operations and comprehensive loss. The Company will continue to present lease payments within cash flows from operations within the Consolidated statements of cash flows. The financial results for the quarter ended March 31, 2019, are presented under the new standard, while the comparative periods presented are not adjusted and continue to be reported in accordance with the Company’s historical accounting policy. Refer to Note 5, “Right-of-use asset and lease liabilities” for further information. In March 2019, the FASB issued ASU 2019-01, “Codification Improvements” to Leases (Topic 842). This pronouncement did not have material impact on the Company. Recent Accounting Pronouncements Not Yet Effective There have been no new accounting pronouncements or changes to accounting pronouncements during the three months ended March 31, 2019, 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, 2018, which could be expected to materially impact the Company’s unaudited condensed consolidated financial statements.

Collaboration arrangements and

Collaboration arrangements and concentration of credit risk	3 Months Ended
	Mar. 31, 2019
Collaboration arrangements and concentration of credit risk
Collaboration arrangements and concentration of credit risk	3 Collaboration arrangements and concentration of credit risk BMS collaboration In May 2015, the Company entered into a collaboration and license agreement with Bristol-Myers Squibb (“BMS”) that provides BMS with exclusive access to the Company’s gene therapy technology platform for the research, development and commercialization of therapeutics aimed at multiple targets in cardiovascular and other diseases (“Collaboration Targets”). During the initial research term of the agreement, the Company is supporting BMS in discovery, non‑clinical, analytical and process development efforts in respect of the Collaboration Targets. For any Collaboration Targets that may be advanced, the Company will be 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 costs in support of the collaboration during the research term, and will lead development, regulatory and commercial activities for any Collaboration Targets that may be advanced. BMS initially designated four Collaboration Targets, including S100A1 for congestive heart failure (“AMT-126”). In October 2018, the Company and BMS completed a heart function proof-of-concept study of AMT-126 in a pre-clinical animal model of heart failure. The study demonstrated deoxyribonucleic acid (“DNA”) delivery and expression of S100A1 in the myocardium, thereby validating its vector delivery platform in the animal model. The data did not show a benefit on heart function at six months and, consequently, the Joint Steering Committee for the collaboration decided to discontinue work on S100A1. In April 2019, BMS designated a new cardiovascular Collaboration Target to replace S100A1. BMS has not designated or reserved any additional Collaboration Targets as of March 31, 2019. The initial four-year research term under the collaboration terminates on May 21, 2019. In February 2019, BMS requested a one-year extension of the research term. In April 2019, following an assessment of the progress of this collaboration and the Company’s expanding proprietary programs, the Company notified BMS that the Company did not intend to agree to an extension of the research term. Accordingly, the Company is currently in discussions with BMS potentially to amend the collaboration and license agreement and other related agreements following the expiration of the research term. It is currently uncertain whether an amendment to the collaboration and license agreement and related agreements will be agreed and, if agreed, what the specific terms of any such amendment may be. As a consequence, the Company has not taken into account the impact of such amendment, if any, on the timing of recognition of the prepaid license revenue. The Company will account for potential changes in the timing of recognition of the prepaid license revenue if and when the agreements have been amended. The Company evaluated the BMS Collaboration Agreement and determined that its performance obligations 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 selection of Collaboration Targets, the collaboration as a whole, the development during the pre-clinical and the clinical phase through participating in joint steering committee and other governing bodies (“License Revenue”); (ii) Providing pre-clinical Collaboration Target specific , non‑clinical, analytical and process development services (“Collaboration Revenue”); and (iii) Providing clinical and commercial manufacturing services for Collaboration Targets (“Manufacturing Revenue”). To date the Company has not generated any Manufacturing Revenues. Amounts owed by BMS in relation to Collaboration Revenue are as follows: March 31, December 31, 2019 2018 (in thousands) Bristol Myers Squibb $ 461 $ 233 Total $ 461 $ 233 License Revenue The Company recognized $0.6 million of License Revenue for the three months ended March 31, 2019, respectively, compared to $2.5 million during the same period in 2018 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. The Company would also be entitled to an aggregate $16.5 million in target designation payments upon the selection of the fifth to tenth Collaboration Target. The Company would also be eligible to receive research, development and regulatory milestone payments of up to $254.0 million for a lead Collaboration Target and up to $217.0 million for each of the other selected Collaboration Targets, if milestones are achieved. The Company would 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 would 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 performance obligations are satisfied. 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 Collaboration Targets 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 Collaboration Targets being designated by 10% then the revenue for the three months ended March 31, 2019 would have decreased by approximately $1.8 million, as the Company would be required to render more services in relation to the consideration received.

Fair value measurement

Fair value measurement	3 Months Ended
	Mar. 31, 2019
Fair value measurement
Fair value measurement	4 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. 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 March 31, 2019, and December 31, 2018: Quoted prices Significant Significant Total Classification in consolidated (in thousands) At December 31, 2018 Assets: Cash, cash equivalents and restricted cash $ 237,342 $ — $ — $ 237,342 Total assets $ 237,342 $ — $ — $ 237,342 Liabilities: Derivative financial instruments - debt $ — $ — $ 572 $ 572 Accrued expenses and other current liabilities Derivative financial instruments - related party — — 803 803 Total liabilities $ — $ — $ 1,375 $ 1,375 At March 31, 2019 Assets: Cash, cash equivalents and restricted cash $ 211,717 $ — $ — $ 211,717 Total assets $ 211,717 $ — $ — $ 211,717 Liabilities: Derivative financial instruments - debt $ — $ — $ — $ — Derivative financial instruments - related party — — 2,603 2,603 Total liabilities $ — $ — $ 2,603 $ 2,603 Changes in Level 3 items during the three months ended March 31, 2019, are as follows Derivative financial instruments (in thousands) Balance at December 31, 2018 $ 1,375 Losses recognized in profit or loss 2,027 Exercise of warrants (770) Currency translation effects (29) Balance at March 31, 2019 $ 2,603 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 Hercules warrants were exercised as of February 1, 2019. The Company issued 37,175 ordinary shares at $34.25 following the exercise of all Hercules warrants and receipt of $0.5 million from Hercules. The fair value of the BMS derivative financial instruments (“BMS warrants”) as of March 31, 2019, was $2.6 million compared to a fair value of both the BMS and Hercules derivative financial instruments of $1.4 million as of December 31, 2018. These BMS warrants are described in more detail below. BMS warrants 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 (a total of seven Collaboration Targets); and (ii) the date on which BMS designates the sixth new target (the seventh Collaboration 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 (a total of ten Collaboration Targets); and (ii) the date on which BMS designates the ninth new target (the tenth Collaboration Target). As of March 31, 2019, BMS has designated a total of four Collaboration Targets, and as such, the warrants are not exercisable. 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% (or approximately $48.92 as of March 31, 2019) 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. The exercise of warrants is expected to occur within two and four years after the balance sheet date. 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 85%. A further sensitivity analysis was performed assuming the warrants would be exercised a year later than currently estimated. The table below illustrates the impact on the fair market valuation associated with these changes in assumptions as of March 31, 2019. Total warrants (in thousands) Base case $ 2,603 Increase volatility by 10% to 85% 568 Extend exercise dates by one year (9)

Right-of-use asset and lease li

Right-of-use asset and lease liabilities	3 Months Ended
	Mar. 31, 2019
Right-of-use asset and lease liabilities
Right-of-use asset and lease liabilities	5 Right-of-use asset and lease liabilities The Company adopted ASU 2016-02 “Leases as well as ASU 2018-10 and ASU 2018-11 which both relate to improvements of ASU 842. The standard requires balance sheet recognition for leases. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of the Company’s fiscal year, January 1, 2019. Prior year interim periods were not recast under the new standard and therefore, those amounts are not presented below. The Company elected to utilize practical expedients available for expired or existing contracts which allowed the Company to carryforward historical assessments of (1) whether contracts are or contain leases, (2) lease classification, and (3) initial direct costs. The Company leases various office space and laboratory space under the following operating lease agreements: Lexington, Massachusetts / United States In July 2013, the Company entered into a lease for a facility in Lexington, Massachusetts, United States. The term of the lease commenced in November 2013, was set for 10 years and is non-cancellable. Originally, the lease for this facility had a termination date of 2024. In November 2018, the term was expanded by five years to June 2029. The lease continues to be renewable for two subsequent five-year terms. Additionally, the lease was expanded to include an additional 30,655 square feet within the same facility and for the same term. The expansion date of the expansion space is expected to occur in the second quarter of 2019. The original lease provides for annual minimum increases in rent through 2024, which are fixed payments. These increases are already identified throughout the term of the lease and included within minimal rental payments. The lease then resets to the same rate schedule as the expansion space. 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 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 which is calculated on a yearly basis. These increases will be classified as variable lease payments. 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 during the remaining term amount to $9.2 million as of March 31, 2019. Operating lease liabilities As no implicit rate in relation to the two above facility leases was readily available, the Company used an incremental borrowing rate to discount the lease payments. The Company derived the discount rate, adjusted for differences in the term and payment patterns, from the Company’s loan from Hercules Capital, which was refinanced immediately prior to the January 1, 2019 adoption date in December 2018. The components of lease cost were as follows: Three months ended March 31, 2019 (in thousands) Operating lease cost $ 897 Variable lease cost 4 Sublease income (268) Total lease cost $ 633 The lease expense for the three months ended March 31, 2018 was $0.7 million. The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets. March 31, 2019 (in thousands) Assets Operating lease right-of-use assets $ 18,678 Liabilities Current Current operating lease liability 3,808 Non-current Non-current operating lease liability 23,344 Total lease liabilities $ 27,152 Weighted-average remaining lease term Operating leases 11.5 years Weighted-average discount rate Operating leases Other information The table below presents supplemental cash flow information related to leases. March 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 1,413 Undiscounted Cash Flows The table below reconciles the undiscounted cash flows as of March 31, 2019, for each of the first five years and the total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheets. Lexington Amsterdam Total (in thousands) 2019 (nine months remaining) $ 1,436 $ 1,419 $ 2,855 2020 1,956 1,892 3,848 2021 2,009 1,892 3,901 2022 2,063 1,892 3,955 2023 2,116 1,892 4,008 Thereafter 15,754 15,137 30,891 Total minimum lease payments $ 25,334 $ 24,124 $ 49,458 Less: amount of lease payments representing interest (10,941) (11,365) (22,306) Present value of future minimum lease payments 14,393 12,759 27,152 Less: current obligations under operating leases (1,916) (1,892) (3,808) Non-current operating lease obligations 12,477 10,867 23,344 As of March 31, 2019, the Company has minimum lease payments related to an additional operating lease in respect of additional space at the Lexington facility that has not yet commenced of $15.8 million. The lease will commence in the second quarter of 2019 with a lease term of 10 years. As of December 31, 2018, aggregate minimum lease payments under the historical accounting standard ASC 840 for the calendar years and lease incentives received were as follows: Lexington Amsterdam Total (in thousands) 2019 $ 2,707 $ 1,963 $ 4,670 2020 3,360 1,970 5,330 2021 3,455 1,970 5,425 2022 3,552 1,970 5,522 2023 3,650 1,970 5,620 Thereafter 24,892 16,085 40,977 Total minimum lease payments $ 41,616 $ 25,926 $ 67,544

Accrued expenses and other curr

Accrued expenses and other current liabilities, other non-current expenses	3 Months Ended
	Mar. 31, 2019
Accrued expenses and other current liabilities, other non-current expenses
Accrued expenses and other current liabilities, other non-current expenses	6 Accrued expenses and other current liabilities, other non-current expenses Accrued expenses and other current liabilities include the following items: March 31, December 31, 2019 2018 (in thousands) Accruals for services provided by vendors-not yet billed $ 2,965 $ 1,999 Personnel related accruals and liabilities 4,346 5,688 Other current liabilities — 545 Total $ 7,311 $ 8,232

Long-term debt

Long-term debt	3 Months Ended
	Mar. 31, 2019
Long-term debt
Long-term debt	7 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. The interest rate was adjustable and was 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 initially was 8.25% per annum. 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. On December 6, 2018, the Company signed an amendment to the Second Amended and Restated Loan and Security Agreement that both refinanced the existing $20 million 2016 Amended Facility and provided an additional commitment of $30 million (of which $15 million is subject to the discretion of Hercules) (the “2018 Amended Facility”). At signing, the Company drew down an additional $15 million for a total of $35 million outstanding. The Company has the right to draw another $15 million through June 30, 2020 subject to the terms of the 2018 Amended Facility. The 2018 Amended Facility extends the loan’s maturity date from May 1, 2020 until June 1, 2023. The interest-only period is extended from November 2018 to January 1, 2021, or in the event that specified conditions are met, the interest-only period may be extended to January 1, 2022. The Company is required to repay the facility in equal monthly installments of principal and interest between the end of the interest-only period and the maturity date. The interest rate continues to be adjustable and is the greater of (i) 8.85% or (ii) 8.85% plus the prime rate less 5.50% per annum. Under the 2018 Amended Facility, the Company paid a facility fee of 0.50% of the $35,000,000 outstanding as of signing and owes a back-end fee of 4.95% of the outstanding debt. In addition, in May 2020 the Company owes a back-end fee of 4.85% of $20 million, which is the amount of debt raised under the 2016 Amended Facility. The amortized cost of the 2018 Amended Facility was $35.9 million as March 31, 2019, compared to $35.7 million as of December 31, 2018, and is recorded net of discount and debt issuance costs. The foreign currency loss on the loan in the three months ended March 31, 2019, was $0.7 million compared to a foreign currency gain of $0.6 million during the same period in 2018. Interest expense associated with the 2018 Amended Facility during the three months ended March 31, 2019 was $0.9 million compared to $0.4 million associated with the 2016 Amended Facility during the same period in 2018. As a covenant in the 2018 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 65% balance of principal due and worldwide cash reserves. This restriction on the cash reserves only relates to the location of the cash reserves, and such cash reserves can be used at the discretion of the Company. In combination with other covenants, the 2018 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. The 2018 Amended Facility contains provisions that include the occurrence of a material adverse effect, as defined therein, which would entitle Hercules to declare all principal, interest and other amounts owed by the Company immediately due and payable. As of March 31, 2019, the Company was in compliance with all covenants and provisions.

Share-based compensation

Share-based compensation	3 Months Ended
	Mar. 31, 2019
Share-based compensation
Share-based compensation	8 Share-based compensation 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 (together the “2014 Plans”). 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 3,000,000 to a total of 8,601,471. The Company previously had a 2012 Equity Incentive Plan (“2012 Plan”). As of March 31, 2019, 14,000 fully vested share options are outstanding (December 31, 2018: 32,567) under the 2012 Plan. 2014 Plans Share-based compensation expense recognized by classification included in the consolidated statements of operations and comprehensive loss was as follows: Three months ended March 31, 2019 2018 (in thousands) Research and development $ 1,980 $ 806 Selling, general and administrative 2,298 1,721 Total $ 4,279 $ 2,527 Share-based compensation expense recognized by award type was as follows: Three months ended March 31, 2019 2018 (in thousands) Award type Share options $ 2,076 $ 1,059 Restricted share units (“RSUs”) 930 746 Performance share units (“PSUs”) 1,272 722 Total $ 4,279 $ 2,527 As of March 31, 2019, the unrecognized compensation costs related to unvested awards under the 2014 Plans were: Weighted-average Unrecognized remaining compensation period for costs recognition Award type (in thousands) (in years) Share options $ 22,627 3.25 Restricted share units 7,968 2.31 Performance share units 9,661 2.22 Total $ 40,256 2.82 The Company satisfies the exercise of share options and vesting of RSUs and PSUs through newly issued shares. Share options The following table summarizes option activity for the three months ended March 31, 2019: Options Number of Weighted average shares exercise price Outstanding at December 31, 2018 2,673,712 $ 15.09 Granted 502,526 $ 34.35 Forfeited (41,479) $ 11.77 Expired (75) $ 7.49 Exercised (165,240) $ 12.35 Outstanding at March 31, 2019 2,969,444 $ 18.54 Fully vested and exercisable at March 31, 2019 1,176,022 $ 11.73 Outstanding and expected to vest at March 31, 2019 1,793,422 $ 23.01 Total weighted average grant date fair value of options issued during the period (in $ millions) $ 10.1 Proceeds from option sales during the period (in $ millions) $ 2.0 Share options are priced 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 March 31, Assumptions 2019 2018 Expected volatility 75% 75% Expected terms (in years) 10 years 10 years Risk free interest rate 2.80% - 2.87% 2.77% - 2.99% Expected dividends 0% 0% Restricted share units The following table summarizes the RSUs activity for the three months ended March 31, 2019: RSU Weighted average grant-date fair Number of shares value Non-vested at December 31, 2018 412,321 $ 16.49 Granted 145,004 $ 33.62 Vested (165,017) $ 12.41 Forfeited (13,833) $ 12.25 Non-vested at March 31, 2019 378,475 $ 24.99 Total weighted average grant date fair value of RSUs granted during the period (in $ millions) $ 4.9 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 three months ended March 31, 2019: PSU Weighted average grant-date fair Number of shares value Non-vested at December 31, 2018 377,169 $ 16.73 Granted 132,362 $ 31.71 Vested (23,064) $ 5.76 Non-vested at March 31, 2019 486,467 $ 17.80 PSUs awarded but not yet earned 96,389 $ 59.65 Total non-vested and discretionary PSUs 582,856 $ 24.72 Total weighted average grant date fair value of PSUs awarded during the period (in $ millions) $ 9.9 In January 2019, 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, 2019. 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. During the three months ended March 31, 2019 3,126 shares were issued. As of March 31, 2019, a total of 144,283 shares remains available for issuance under the ESPP plan.

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2019
Income taxes
Income taxes	9 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	3 Months Ended
	Mar. 31, 2019
Basic and diluted earnings per share
Basic and diluted earnings per share	10 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: March 31, 2019 2018 (ordinary shares) BMS warrants 8,830,000 6,950,000 Stock options under 2014 Plans 2,969,444 2,876,475 Non-vested RSUs and earned PSUs 864,942 1,104,771 Stock options under 2012 Plan 14,000 63,818 Warrants (exercised February 1, 2019) — 37,175 Employee share purchase plan 471 — Total potential dilutive ordinary shares 12,678,857 11,032,239

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2019
Subsequent events
Subsequent events	11 Subsequent event None .

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2019
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 ASC 842 – Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases” (ASU 2018-10), which provides narrow amendments to clarify how to apply certain aspects of the new lease standard, and ASU No. 2018-11, “Leases (Topic 842) – Target Improvements” (ASU 2018-11), which address implementation issues related to the new lease standard. The standard is effective for interim and annual reporting periods beginning after December 15, 2018. Under the new standard, lessees are required to recognize the right-of-use assets and lease liabilities that arise from operating leases on the consolidated balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of the Company’s fiscal year, January 1, 2019, to operating leases that existed on that date. Prior year comparative financial information was not recast under the new standard and continues to be presented under ASC 840. The Company elected to utilize the package of practical expedients available for expired or existing contracts which allowed the Company to carryforward historical assessments of (1) whether contracts are or contain leases, (2) lease classification, and (3) initial direct costs. The Company performed an assessment and identified the lease facilities as material leases to be accounted for under ASC 842 as of January 1, 2019. The Company elected to implement ASC 842 by applying the modified retrospective approach, which allows the Company to restrict the application of the new guidance to operating leases as of January 1, 2019. The impact of implementing ASC 842 is summarized below: - Recognized a $19.0 million operating right-of-use asset and a $28.1 million operating lease liability in relation to the facilities leased at the Amsterdam and Lexington sites in the consolidated balance sheet as of January 1, 2019; - Presented deferred rent of $9.1 million as of December 31, 2018, as a reduction of the right-of-use asset as from January 1, 2019 onwards in the consolidated balance sheet and as a change within operating cash flows within accrued expense, other liabilities and operating leases; The Company measured the lease liability at the present value of the future lease payments as of January 1, 2019. The Company used an incremental borrowing rate to discount the lease payments. The Company derived the discount rate, adjusted for differences in the term and payment patterns, from the Company’s loan from Hercules Capital, which was refinanced immediately prior to the January 1, 2019 adoption date in December 2018. The right-of-use asset is valued at the amount of the lease liability reduced by the remaining December 31, 2018 balance of lease incentives received. The lease liability is subsequently measured at the present value of the future lease payments as of the reporting date with a corresponding adjustment to the right-to-use asset. Absent a lease modification, the Company will continue to utilize the January 1, 2019, incremental borrowing rate. The Company will continue to recognize lease cost on a straight-line basis and will continue to present these costs as operating expenses within the Consolidated statements of operations and comprehensive loss. The Company will continue to present lease payments within cash flows from operations within the Consolidated statements of cash flows. The financial results for the quarter ended March 31, 2019, are presented under the new standard, while the comparative periods presented are not adjusted and continue to be reported in accordance with the Company’s historical accounting policy. Refer to Note 5, “Right-of-use asset and lease liabilities” for further information. In March 2019, the FASB issued ASU 2019-01, “Codification Improvements” to Leases (Topic 842). This pronouncement did not have material impact on the Company. Recent Accounting Pronouncements Not Yet Effective There have been no new accounting pronouncements or changes to accounting pronouncements during the three months ended March 31, 2019, 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, 2018, which could be expected to materially impact the Company’s unaudited condensed consolidated financial statements

Collaboration arrangements an_2

Collaboration arrangements and concentration of credit risk (Tables)	3 Months Ended
	Mar. 31, 2019
Collaboration arrangements and concentration of credit risk
Schedule of amounts owed in relation to collaboration	March 31, December 31, 2019 2018 (in thousands) Bristol Myers Squibb $ 461 $ 233 Total $ 461 $ 233

Fair value measurement (Tables)

Fair value measurement (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2018 Assets: Cash, cash equivalents and restricted cash $ 237,342 $ — $ — $ 237,342 Total assets $ 237,342 $ — $ — $ 237,342 Liabilities: Derivative financial instruments - debt $ — $ — $ 572 $ 572 Accrued expenses and other current liabilities Derivative financial instruments - related party — — 803 803 Total liabilities $ — $ — $ 1,375 $ 1,375 At March 31, 2019 Assets: Cash, cash equivalents and restricted cash $ 211,717 $ — $ — $ 211,717 Total assets $ 211,717 $ — $ — $ 211,717 Liabilities: Derivative financial instruments - debt $ — $ — $ — $ — Derivative financial instruments - related party — — 2,603 2,603 Total liabilities $ — $ — $ 2,603 $ 2,603
Schedule of changes in Level 3 items	Derivative financial instruments (in thousands) Balance at December 31, 2018 $ 1,375 Losses recognized in profit or loss 2,027 Exercise of warrants (770) Currency translation effects (29) Balance at March 31, 2019 $ 2,603
Schedule of changes in assumptions for fair value of warrants	Total warrants (in thousands) Base case $ 2,603 Increase volatility by 10% to 85% 568 Extend exercise dates by one year (9)

Right-of-use asset and lease _2

Right-of-use asset and lease liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Right-of-use asset and lease liabilities
Schedule of lease cost, balance sheet and cash flow information	The components of lease cost were as follows: Three months ended March 31, 2019 (in thousands) Operating lease cost $ 897 Variable lease cost 4 Sublease income (268) Total lease cost $ 633 The lease expense for the three months ended March 31, 2018 was $0.7 million. The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets. March 31, 2019 (in thousands) Assets Operating lease right-of-use assets $ 18,678 Liabilities Current Current operating lease liability 3,808 Non-current Non-current operating lease liability 23,344 Total lease liabilities $ 27,152 Weighted-average remaining lease term Operating leases 11.5 years Weighted-average discount rate Operating leases Other information The table below presents supplemental cash flow information related to leases. March 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 1,413
Schedule of undiscounted cash flows	Lexington Amsterdam Total (in thousands) 2019 (nine months remaining) $ 1,436 $ 1,419 $ 2,855 2020 1,956 1,892 3,848 2021 2,009 1,892 3,901 2022 2,063 1,892 3,955 2023 2,116 1,892 4,008 Thereafter 15,754 15,137 30,891 Total minimum lease payments $ 25,334 $ 24,124 $ 49,458 Less: amount of lease payments representing interest (10,941) (11,365) (22,306) Present value of future minimum lease payments 14,393 12,759 27,152 Less: current obligations under operating leases (1,916) (1,892) (3,808) Non-current operating lease obligations 12,477 10,867 23,344
Schedule of minimum lease payments	Lexington Amsterdam Total (in thousands) 2019 $ 2,707 $ 1,963 $ 4,670 2020 3,360 1,970 5,330 2021 3,455 1,970 5,425 2022 3,552 1,970 5,522 2023 3,650 1,970 5,620 Thereafter 24,892 16,085 40,977 Total minimum lease payments $ 41,616 $ 25,926 $ 67,544

Accrued expenses and other cu_2

Accrued expenses and other current liabilities, other non-current expenses (Tables)	3 Months Ended
	Mar. 31, 2019
Accrued expenses and other current liabilities, other non-current expenses
Schedule of accrued expenses and other current liabilities	March 31, December 31, 2019 2018 (in thousands) Accruals for services provided by vendors-not yet billed $ 2,965 $ 1,999 Personnel related accruals and liabilities 4,346 5,688 Other current liabilities — 545 Total $ 7,311 $ 8,232

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Share-based compensation
Schedule of share-based compensation expense by classification included in consolidated statements of operations and comprehensive loss	Three months ended March 31, 2019 2018 (in thousands) Research and development $ 1,980 $ 806 Selling, general and administrative 2,298 1,721 Total $ 4,279 $ 2,527
Schedule of share-based compensation expense	Three months ended March 31, 2019 2018 (in thousands) Award type Share options $ 2,076 $ 1,059 Restricted share units (“RSUs”) 930 746 Performance share units (“PSUs”) 1,272 722 Total $ 4,279 $ 2,527
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 $ 22,627 3.25 Restricted share units 7,968 2.31 Performance share units 9,661 2.22 Total $ 40,256 2.82
Schedule of weighted-average assumptions for fair value of option issued	Three months ended March 31, Assumptions 2019 2018 Expected volatility 75% 75% Expected terms (in years) 10 years 10 years Risk free interest rate 2.80% - 2.87% 2.77% - 2.99% Expected dividends 0% 0%
Summary of RSUs activity	RSU Weighted average grant-date fair Number of shares value Non-vested at December 31, 2018 412,321 $ 16.49 Granted 145,004 $ 33.62 Vested (165,017) $ 12.41 Forfeited (13,833) $ 12.25 Non-vested at March 31, 2019 378,475 $ 24.99 Total weighted average grant date fair value of RSUs granted during the period (in $ millions) $ 4.9
Summary of PSUs activity	PSU Weighted average grant-date fair Number of shares value Non-vested at December 31, 2018 377,169 $ 16.73 Granted 132,362 $ 31.71 Vested (23,064) $ 5.76 Non-vested at March 31, 2019 486,467 $ 17.80 PSUs awarded but not yet earned 96,389 $ 59.65 Total non-vested and discretionary PSUs 582,856 $ 24.72 Total weighted average grant date fair value of PSUs awarded during the period (in $ millions) $ 9.9
2014 Plan
Share-based compensation
Summary of option activity	Options Number of Weighted average shares exercise price Outstanding at December 31, 2018 2,673,712 $ 15.09 Granted 502,526 $ 34.35 Forfeited (41,479) $ 11.77 Expired (75) $ 7.49 Exercised (165,240) $ 12.35 Outstanding at March 31, 2019 2,969,444 $ 18.54 Fully vested and exercisable at March 31, 2019 1,176,022 $ 11.73 Outstanding and expected to vest at March 31, 2019 1,793,422 $ 23.01 Total weighted average grant date fair value of options issued during the period (in $ millions) $ 10.1 Proceeds from option sales during the period (in $ millions) $ 2.0

Basic and diluted earnings pe_2

Basic and diluted earnings per share (Tables)	3 Months Ended
	Mar. 31, 2019
Basic and diluted earnings per share
Schedule of potential dilutive common shares	March 31, 2019 2018 (ordinary shares) BMS warrants 8,830,000 6,950,000 Stock options under 2014 Plans 2,969,444 2,876,475 Non-vested RSUs and earned PSUs 864,942 1,104,771 Stock options under 2012 Plan 14,000 63,818 Warrants (exercised February 1, 2019) — 37,175 Employee share purchase plan 471 — Total potential dilutive ordinary shares 12,678,857 11,032,239

Summary of significant accoun_3

Summary of significant accounting policies (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset	$ 18,678
Operating lease liability	$ 27,152
Deferred rent			$ 9,100
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liability		$ 28,100

Collaboration arrangements an_3

Collaboration arrangements and concentration of credit risk - BMS collaboration - Narrative (Details) $ in Thousands	May 21, 2015USD ($)	Aug. 31, 2015USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Collaboration arrangements
Revenue			$ 1,136	$ 3,478
Minimum
Collaboration arrangements
Decrease in revenue			1,800
License revenues from related party
Collaboration arrangements
Revenue			557	2,451
Collaboration revenues from related party
Collaboration arrangements
Revenue			579	$ 1,027
BMS arrangement
Collaboration arrangements
Revenue			$ 461		$ 233
License revenue | Bristol Myers Squibb
Collaboration arrangements
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 | Bristol Myers Squibb | First Target Selection
Collaboration arrangements
Milestone payments to be received upon achievement			$ 254,000
License revenue | Bristol Myers Squibb | Second, Third, and Fourth Targets Selection
Collaboration arrangements
Target designation payment received		$ 15,000
License revenue | Bristol Myers Squibb | Fifth through Tenth Targets Selection
Collaboration arrangements
Maximum target designation payments to which entitled per agreement			16,500
License revenue | Bristol Myers Squibb | Other Selected Targets
Collaboration arrangements
Milestone payments to be received upon achievement			$ 217,000

Collaboration arrangements an_4

Collaboration arrangements and concentration of credit risk - Amounts owed by BMS (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	May 31, 2015item	Mar. 31, 2019USD ($)itemshares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)shares
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Common Stock, Shares, Outstanding | shares		37,763,842		37,351,653
Total		$ 1,136	$ 3,478
Amounts owed in relation to the collaboration services		461		$ 233
BMS arrangement
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total		461		233
BMS arrangement | Bristol Myers Squibb
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number of collaboration targets | item	4
Amounts owed in relation to the collaboration services		$ 461		$ 233
BMS arrangement | Maximum | Bristol Myers Squibb
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number of collaboration targets | item		10

Fair value measurement - Assets

Fair value measurement - Assets and liabilities measured on a recurring basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents	$ 211,717	$ 237,342
Total assets	211,717	237,342
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities	2,603	1,375
Related party
Liabilities, Fair Value Disclosure [Abstract]
Derivative financial instruments	2,603	803
Debt
Liabilities, Fair Value Disclosure [Abstract]
Derivative financial instruments		572
Fair value hierarchy Level 1
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents	211,717	237,342
Total assets	211,717	237,342
Level 3
Liabilities, Fair Value Disclosure [Abstract]
Total liabilities	2,603	1,375
Level 3 | Related party
Liabilities, Fair Value Disclosure [Abstract]
Derivative financial instruments	$ 2,603	803
Level 3 | Debt
Liabilities, Fair Value Disclosure [Abstract]
Derivative financial instruments		$ 572

Fair value measurement - Change

Fair value measurement - Changes in Level 3 items (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Changes in Level 3 liabilities
Beginning Balance	$ 1,400
Ending Balance	2,600
Contingent consideration
Fair value of derivative financial instruments	1,400
Level 3 | Derivative financial instruments
Changes in Level 3 liabilities
Beginning Balance	1,375
(Gains) / losses recognized in profit or loss	2,027
Exercise of warrants	(770)
Currency translation effects	(29)
Ending Balance	2,603
Contingent consideration
Fair value of derivative financial instruments	$ 1,375

Fair value measurement - BMS wa

Fair value measurement - BMS warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 01, 2019	Mar. 31, 2019	Apr. 06, 2015
Collaboration arrangements
Proceeds from exercise of warrants		$ 500
BMS Warrants
Collaboration arrangements
Exercise price in respect of each warrant		$ 48.92	$ 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
Compounded annual growth rate used to determine fair value of exercise price		10.00%
Increase in volatility rate		10.00%
Volatility rate		85.00%
BMS Warrants | Minimum
Collaboration arrangements
Period in which the exercise of warrants is expected to occur after balance sheet date (in years)		2 years
BMS Warrants | Maximum
Collaboration arrangements
Period in which the exercise of warrants is expected to occur after balance sheet date (in years)		4 years
uniQure N.V. | Bristol Myers Squibb | First Six New Targets Or Designation Of Sixth Target
Collaboration arrangements
Ownership percentage required per agreement		14.90%
uniQure N.V. | Bristol Myers Squibb | First Nine New Targets Or Designation Of Ninth Target
Collaboration arrangements
Ownership percentage required per agreement		19.90%
BMS arrangement | Bristol Myers Squibb | Hercules Warrants [Member]
Collaboration arrangements
Number of shares issued for exercise of warrants	37,175
Issue price per share	$ 34.25
Proceeds from exercise of warrants	$ 500

Fair value measurement - Sensit

Fair value measurement - Sensitivity analysis on warrants (Details) - BMS Warrants $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Fair value measurements
Base case	$ 2,603
Increase volatility by 10% to 82.5%	568
Extend exercise dates by one year	$ (9)

Right-of-use asset and lease _3

Right-of-use asset and lease liabilities - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2018ft²item	Mar. 31, 2019USD ($)	Dec. 01, 2017	Jun. 30, 2016	Mar. 31, 2016	Nov. 30, 2013
Leases
Area of facility (in square feet) | ft²	30,655
Lexington
Leases
Lease term (in years)	5 years					10 years
Number of subsequent renewals | item	2
Renewal term (in years)	5 years
Minimum operating lease payments, Lease not yet commenced		$ 15.8
Lease term not yet commenced (in years)		10 years
Amsterdam
Leases
Lease term (in years)			10 years		16 years
Renewal term (in years)				5 years
Minimum rentals to be received		$ 9.2

Right-of-use asset and lease _4

Right-of-use asset and lease liabilities - Operating lease liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Dec. 31, 2018
Components of lease cost
Operating lease cost	$ 897
Variable lease cost	4
Sublease income	(268)
Total lease cost	633	$ 700
Assets
Operating lease right-of-use asset	18,678
Current
Current operating lease liability	3,808
Non-current
Non-current operating lease liability	23,344
Total lease liabilities	$ 27,152
Weighted-average remaining lease term, Operating leases	11 years 6 months
Weighted-average discount rate, Operating leases	11.79%
Supplemental cash flow information related to leases
Cash paid for amounts included in the measurement of lease liabilities, Operating cash flows for operating leases	$ 1,413
Undiscounted Cash Flows
2019 (nine months remaining)	2,855
2020	3,848
2021	3,901
2022	3,955
2023	4,008
Thereafter	30,891
Total minimum lease payments	49,458
Less: amount of lease payments representing interest	(22,306)
Total lease liabilities	27,152
Less: current obligations under operating leases	(3,808)
Non-current operating lease liability	23,344
ASU 2016-02
Non-current
Total lease liabilities			$ 28,100
Undiscounted Cash Flows
2019 (nine months remaining)				$ 4,670
2020				5,330
2021				5,425
2022				5,522
2023				5,620
Thereafter				40,977
Total minimum lease payments				67,544
Total lease liabilities			$ 28,100
Lexington
Current
Current operating lease liability	1,916
Non-current
Non-current operating lease liability	12,477
Total lease liabilities	14,393
Undiscounted Cash Flows
2019 (nine months remaining)	1,436
2020	1,956
2021	2,009
2022	2,063
2023	2,116
Thereafter	15,754
Total minimum lease payments	25,334
Less: amount of lease payments representing interest	(10,941)
Total lease liabilities	14,393
Less: current obligations under operating leases	(1,916)
Non-current operating lease liability	12,477
Lexington | ASU 2016-02
Undiscounted Cash Flows
2019 (nine months remaining)				2,707
2020				3,360
2021				3,455
2022				3,552
2023				3,650
Thereafter				24,892
Total minimum lease payments				41,616
Amsterdam
Current
Current operating lease liability	1,892
Non-current
Non-current operating lease liability	10,867
Total lease liabilities	12,759
Undiscounted Cash Flows
2019 (nine months remaining)	1,419
2020	1,892
2021	1,892
2022	1,892
2023	1,892
Thereafter	15,137
Total minimum lease payments	24,124
Less: amount of lease payments representing interest	(11,365)
Total lease liabilities	12,759
Less: current obligations under operating leases	(1,892)
Non-current operating lease liability	$ 10,867
Amsterdam | ASU 2016-02
Undiscounted Cash Flows
2019 (nine months remaining)				1,963
2020				1,970
2021				1,970
2022				1,970
2023				1,970
Thereafter				16,085
Total minimum lease payments				$ 25,926

Accrued expenses and other cu_3

Accrued expenses and other current liabilities, other non-current expenses - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accrued expenses and other current liabilities, other non-current expenses
Accruals for services provided by vendors-not yet billed	$ 2,965	$ 1,999
Personnel related accruals and liabilities	4,346	5,688
Other current liabilities		545
Total	$ 7,311	$ 8,232

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Millions	Dec. 06, 2018	May 06, 2016	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Long-term Debt
Maximum borrowing capacity			$ 50
2016 Amended Facility | Hercules
Long-term Debt
Interest rate (as a percent)		8.25%
Interest expense recorded				$ 0.4
2016 Amended Facility | Hercules | Second Amended and Restated Loan and Security Agreement [Member]
Long-term Debt
Outstanding debt	$ 20
Back-end fee (as a percent)	4.85%
2016 Amended Facility | Prime Rate | Hercules
Long-term Debt
Variable interest rate basis		8.25%
2018 Amended Facility | Hercules
Long-term Debt
Foreign currency loss			0.7
Foreign currency gain				$ 0.6
2018 Amended Facility | Hercules | Second Amended and Restated Loan and Security Agreement [Member]
Long-term Debt
Outstanding debt	$ 35
Interest rate (as a percent)	8.85%
Back-end fee (as a percent)	4.95%
Net cash inflow associated with increase in debt loan facility	$ 15
Maximum borrowing capacity	30
Borrowing capacity subject to discretion	15
Drew down amount	15
Amount the company has right to draw	$ 15
Facility fee (as a percent)	0.50%
2018 Amended Facility | Prime Rate | Hercules | Second Amended and Restated Loan and Security Agreement [Member]
Long-term Debt
Variable interest rate basis	8.85%
Discount rate (as a percent)	5.50%
Venture debt loan facility | 2016 Amended Facility | Prime Rate | Hercules
Long-term Debt
Discount rate (as a percent)		5.25%
Venture debt loan facility | 2018 Amended Facility
Long-term Debt
Amortized cost net of discount and debt issuance costs			$ 35.9		$ 35.7
Percentage of worldwide cash reserves			65.00%
Venture debt loan facility | 2018 Amended Facility | Hercules
Long-term Debt
Interest expense recorded			$ 0.9

Share-based compensation - Summ

Share-based compensation - Summary of share-based compensation expense and unrecognized costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jun. 30, 2018	May 31, 2018
2014 Plan
Share-based compensation
Authorized shares				8,601,471	3,000,000
Share-based compensation expense	$ 4,279	$ 2,527
Unrecognized compensation costs	$ 40,256
Weighted-average remaining period for recognition (in years)	2 years 9 months 26 days
Research and development expenses | 2014 Plan
Share-based compensation
Share-based compensation expense	$ 1,980	806
Selling, general and administrative expense | 2014 Plan
Share-based compensation
Share-based compensation expense	2,298	1,721
Share options | 2014 Plan
Share-based compensation
Share-based compensation expense	$ 2,076	1,059
Outstanding of fully vested share options	2,969,444		2,673,712
Unrecognized compensation costs	$ 22,627
Weighted-average remaining period for recognition (in years)	3 years 3 months
Share options | 2012 Plan
Share-based compensation
Outstanding of fully vested share options	14,000		32,567
Restricted share units ("RSUs") | 2014 Plan
Share-based compensation
Share-based compensation expense	$ 930	746
Unrecognized compensation costs	$ 7,968
Weighted-average remaining period for recognition (in years)	2 years 3 months 22 days
Performance share units ("PSUs") | 2014 Plan
Share-based compensation
Share-based compensation expense	$ 1,272	$ 722
Unrecognized compensation costs	$ 9,661
Weighted-average remaining period for recognition (in years)	2 years 2 months 19 days

Share-based compensation - Opti

Share-based compensation - Option activity and weighted-average assumptions (Details) - 2014 Plan - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2018	May 31, 2018
Weighted-average assumptions used to estimate fair value of share options granted during year
Expected dividend (as a percent)	0.00%	0.00%
Authorized shares			8,601,471	3,000,000
Share options
Options
Outstanding at beginning of year (in shares)	2,673,712
Granted (in shares)	502,526
Forfeited (in shares)	(41,479)
Expired (in shares)	(75)
Exercised (in shares)	(165,240)
Outstanding at end of year (in shares)	2,969,444
Fully vested and exercisable at end of year (in shares)	1,176,022
Outstanding and expected to vest at end of year (in shares)	1,793,422
Weighted average exercise price
Outstanding at beginning of year (in dollars per share)	$ 15.09
Granted (in dollars per share)	34.35
Forfeited (in dollars per share)	11.77
Expired (in dollars per share)	7.49
Exercised (in dollars per share)	12.35
Outstanding at end of year (in dollars per share)	18.54
Fully vested and exercisable at end of year (in dollars per share)	11.73
Outstanding and expected to vest at end of year (in dollars per share)	$ 23.01
Total weighted average grant date fair value of options issued during the period (in $ millions)	$ 10.1
Proceeds from option sales	$ 2
Weighted-average assumptions used to estimate fair value of share options granted during year
Expected volatility (as a percent)	75.00%	75.00%
Expected terms (in years)	10 years	10 years
Risk free interest rate, minimum (as a percent)	2.80%	2.77%
Risk free interest rate, maximum (as a percent)	2.87%	2.99%
Non-executive directors
Weighted average exercise price
Vesting percentage per year	25.00%
Vesting period (in years)	4 years
One year from grant date
Weighted average exercise price
Vesting period (in years)	1 year

Share-based compensation - RSU

Share-based compensation - RSU activity (Details) - 2014 Plan - $ / shares	1 Months Ended	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2019	Mar. 31, 2017
Non-executive directors
Other disclosure
Vesting period (in years)		4 years
Restricted share units ("RSUs")
Number of shares
Non-vested at beginning of year (in shares)		412,321
Restricted stock granted (in shares)		145,004
Vested (in shares)		(165,017)
Forfeited (in shares)		(13,833)
Non-vested at end of year (in shares)		378,475
Weighted average grant-date fair value
Non-vested at beginning of year (in dollars per share)		$ 16.49
Granted (in dollars per share)		33.62
Vested (in dollars per share)		12.41
Forfeited (in dollars per share)		12.25
Non-vested at end of year (in dollars per share)		24.99
Restricted share units ("RSUs") | Chief Executive Officer
Other disclosure
Vesting period (in years)			2 years
Restricted share units ("RSUs") | Non-executive directors
Other disclosure
Vesting period (in years)	1 year
Restricted share units ("RSUs") | Directors and Officers
Weighted average grant-date fair value
Granted (in dollars per share)		$ 4,900,000
Minimum | Restricted share units ("RSUs")
Other disclosure
Vesting period (in years)		1 year
Maximum | Restricted share units ("RSUs")
Other disclosure
Vesting period (in years)		3 years

Share-based compensation - PSU

Share-based compensation - PSU activity (Details) - Performance share units ("PSUs") - 2014 Plan $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Number of shares
Non-vested at beginning of year (in shares) | shares	377,169
Restricted stock granted (in shares) | shares	132,362
Forfeited (in shares) | shares	(23,064)
Non-vested at end of year (in shares) | shares	486,467
PSUs awarded but not yet earned | shares	96,389
Total non-vested and discretionary PSUs | shares	582,856
Weighted average grant-date fair value
Non-vested at beginning of year (in dollars per share) | $ / shares	$ 16.73
Granted (in dollars per share) | $ / shares	31.71
Forfeited (in dollars per share) | $ / shares	5.76
Non-vested at end of year (in dollars per share) | $ / shares	17.80
PSUs awarded but not yet earned (in dollars per share) | $ / shares	59.65
Total non-vested and discretionary PSUs (in dollars per share) | $ / shares	$ 24.72
Other disclosure
Total weighted average grant date fair value of RSUs granted during the period (in millions) | $	$ 9.9

Share-based compensation - Empl

Share-based compensation - Employee Share Purchase Plan - Narrative (Details) - ESPP - Employee Stock [Member] - shares	1 Months Ended	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2019
Share-based compensation
Ordinary shares available for issue	150,000	144,283
Discounted rate for purchase of shares	85.00%
Number of shares issued		3,126

Basic and diluted earnings pe_3

Basic and diluted earnings per share (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Basic and diluted earnings per share
Total potential dilutive ordinary shares	12,678,857	11,032,239
ESPP
Basic and diluted earnings per share
Total potential dilutive ordinary shares	471
Warrants
Basic and diluted earnings per share
Total potential dilutive ordinary shares		37,175
Warrants | Bristol Myers Squibb
Basic and diluted earnings per share
Total potential dilutive ordinary shares	8,830,000	6,950,000
Stock options | 2014 Plan
Basic and diluted earnings per share
Total potential dilutive ordinary shares	2,969,444	2,876,475
Stock options | 2012 Plan
Basic and diluted earnings per share
Total potential dilutive ordinary shares	14,000	63,818
Non-vested and earned RSUs and PSUs
Basic and diluted earnings per share
Total potential dilutive ordinary shares	864,942	1,104,771