uniQure (QURE) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 04, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-36294
Entity Registrant Name	uniQure N.V.
Entity Incorporation, State or Country Code	P7
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	Paasheuvelweg 25
Entity Address, City or Town	Amsterdam
Entity Address, Country	NL
Entity Address, Postal Zip Code	1105 BP
City Area Code	31
Local Phone Number	20-240-6000
Title of 12(b) Security	Ordinary Shares, par value €0.05
Trading Symbol	QURE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,583,959
Entity Central Index Key	0001590560
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 153,851	$ 228,012
Current investment securities	161,487	124,831
Accounts receivable and contract asset	104,793	102,376
Inventories	7,477	6,924
Prepaid expenses	12,567	11,817
Other current assets and receivables	2,468	2,814
Total current assets	442,643	476,774
Non-current assets
Property, plant and equipment, net of accumulated depreciation of $46.9 million as of March 31, 2023 and $44.1 million as of December 31, 2022	50,072	50,532
Non-current investment securities		39,984
Operating lease right-of-use assets	32,135	32,726
Intangible assets, net, including an in-process research and development asset of $58.3 million as of March 31, 2023 and $57.3 million as of December 31, 2022	59,704	58,778
Goodwill	25,998	25,581
Deferred tax assets, net	14,331	14,528
Other non-current assets	6,121	6,061
Total non-current assets	188,361	228,190
Total assets	631,004	704,964
Current liabilities
Accounts payable	8,885	10,984
Accrued expenses and other current liabilities	22,529	30,571
Current portion of contingent consideration	27,253	25,982
Current portion of operating lease liabilities	7,669	8,382
Total current liabilities	66,336	75,919
Non-current liabilities
Long-term debt	103,253	102,791
Operating lease liabilities, net of current portion	31,075	31,719
Contingent consideration, net of current portion	9,641	9,334
Deferred tax liability, net	6,970	8,257
Other non-current liabilities	958	935
Total non-current liabilities	151,897	153,036
Total liabilities	218,233	228,955
Commitments and contingencies
Shareholders' equity
Ordinary shares, €0.05 par value: 80,000,000 shares authorized as of March 31, 2023 and December 31, 2022 and 47,546,673 and 46,968,032 ordinary shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	2,869	2,838
Additional paid-in-capital	1,121,554	1,113,393
Accumulated other comprehensive loss	(52,494)	(58,291)
Accumulated deficit	(659,158)	(581,931)
Total shareholders' equity	412,771	476,009
Total liabilities and shareholders' equity	$ 631,004	$ 704,964

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	Mar. 31, 2023 USD ($) shares	Mar. 31, 2023 € / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 € / shares
Ordinary shares, par value (in euros per share) | € / shares		€ 0.05		€ 0.05
Ordinary shares, authorized | shares	80,000,000		80,000,000
Ordinary shares, issued | shares	47,546,673		46,968,032
Ordinary shares, outstanding | shares	47,546,673		46,968,032
Accumulated depreciation | $	$ 46,900		$ 44,100
Intangible assets, net | $	59,704		58,778
In-process research & development
Intangible assets, net | $	$ 58,300		$ 57,300

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total revenues	$ 5,325	$ 1,792
Operating expenses:
Cost of contract manufacturing revenues	(2,435)
Research and development expenses	(60,809)	(45,003)
Selling, general and administrative expenses	(17,848)	(10,987)
Total operating expenses	(81,092)	(55,990)
Other income	1,811	311
Other expense	(216)	(193)
Loss from operations	(74,172)	(54,080)
Interest income	1,669	42
Interest expense	(3,562)	(2,515)
Foreign currency (losses) / gains, net	(2,369)	8,567
Other non-operating gains, net		692
Loss before income tax benefit	(78,434)	(47,294)
Income tax benefit	1,207	616
Net loss	(77,227)	(46,678)
Other comprehensive loss:
Foreign currency translation adjustments	5,797	(10,450)
Total comprehensive loss	$ (71,430)	$ (57,128)
Earnings per ordinary share - basic
Basic net loss per ordinary share	$ (1.63)	$ (1)
Earnings per ordinary share - diluted
Diluted net loss per ordinary share	$ (1.63)	$ (1)
Weighted average shares - basic	47,436,335	46,599,114
Weighted average shares - diluted	47,436,335	46,599,114
Contract manufacturing revenues
Total revenues	$ 4,937
Collaboration revenues
Total revenues	$ 388	$ 1,792

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary shares	Additional paid-in capital	Accumulated other comprehensive income / (loss)	Accumulated deficit	Total
Beginning balance at Dec. 31, 2021	$ 2,802	$ 1,076,972	$ (28,856)	$ (455,142)	$ 595,776
Beginning balance (in shares) at Dec. 31, 2021	46,298,635
Increase (decrease) in shareholders' equity
Loss for the period				(46,678)	(46,678)
Other comprehensive loss or gain			(10,450)		(10,450)
Exercise of share options	$ 4	420			424
Exercise of share options (in shares)	68,124
Restricted and performance share units distributed during the period	$ 15	(15)
Restricted and performance share units distributed during the period (in shares)	271,131
Share-based compensation expense		6,868			6,868
Issuance of ordinary shares relating to employee stock purchase plan		61			61
Issuance of ordinary shares relating to employee stock purchase plan (in shares)	3,558
Ending balance at Mar. 31, 2022	$ 2,821	1,084,306	(39,306)	(501,820)	546,001
Ending balance (in shares) at Mar. 31, 2022	46,641,448
Beginning balance at Dec. 31, 2022	$ 2,838	1,113,393	(58,291)	(581,931)	$ 476,009
Beginning balance (in shares) at Dec. 31, 2022	46,968,032				46,968,032
Increase (decrease) in shareholders' equity
Loss for the period				(77,227)	$ (77,227)
Other comprehensive loss or gain			5,797		5,797
Exercise of share options	$ 1	86			87
Exercise of share options (in shares)	10,055
Restricted and performance share units distributed during the period	$ 30	(30)
Restricted and performance share units distributed during the period (in shares)	566,091
Share-based compensation expense		8,061			8,061
Issuance of ordinary shares relating to employee stock purchase plan	$ 0	44			44
Issuance of ordinary shares relating to employee stock purchase plan (in shares)	2,495
Ending balance at Mar. 31, 2023	$ 2,869	$ 1,121,554	$ (52,494)	$ (659,158)	$ 412,771
Ending balance (in shares) at Mar. 31, 2023	47,546,673				47,546,673

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (77,227)	$ (46,678)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	2,527	2,122
Share-based compensation expense	8,061	6,868
Deferred tax income	(1,207)	(616)
Changes in fair value of contingent consideration and derivative financial instrument, net	975	1,512
Unrealized foreign exchange losses / (gains), net	1,193	(7,356)
Other items, net	(469)
Changes in operating assets and liabilities:
Accounts receivable and contract asset, prepaid expenses, and other current assets and receivables	(936)	17,209
Inventories	(553)
Accounts payable	(1,661)	7,306
Accrued expenses, other liabilities, and operating leases	(9,005)	(6,078)
Net cash used in operating activities	(78,302)	(25,711)
Cash flows from investing activities
Purchases of property, plant, and equipment	(2,342)	(4,058)
Proceeds on maturity of investment securities	5,330
Acquisition of Corlieve, net of cash acquired		(822)
Net cash generated from / (used in) investing activities	2,988	(4,880)
Cash flows from financing activities
Proceeds from issuance of ordinary shares related to employee stock option and purchase plans	131	485
Net cash generated from financing activities	131	485
Currency effect on cash, cash equivalents and restricted cash	1,034	(1,168)
Net decrease in cash, cash equivalents and restricted cash	(74,149)	(31,274)
Cash, cash equivalents and restricted cash at beginning of period	231,173	559,353
Cash, cash equivalents and restricted cash at the end of period	157,024	528,079
Cash and cash equivalents	153,851	524,886
Restricted cash related to leasehold and other deposits	3,173	3,193
Total cash, cash equivalents and restricted cash	157,024	528,079
Supplemental cash flow disclosures:
Cash paid for interest	(3,057)	(1,906)
Non-cash (decrease) / increase in accounts payables and accrued expenses and other current liabilities related to purchases of property, plant, and equipment	$ (753)	$ (611)

General business information

General business information	3 Months Ended
	Mar. 31, 2023
General business information
General business information	1 ​ uniQure N.V. (the “Company”) was incorporated on January 9, 2012, initially as a private company with limited liability ( besloten vennootschap met beperkte aansprakelijkheid naamloze vennootschap ​ The Company is registered in the trade register of the Chamber of Commerce ( Kamer van Koophandel ​ The Company’s ordinary shares are listed on the Nasdaq Global Select Market and trade under the symbol “QURE”.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Mar. 31, 2023
Summary of significant accounting policies
Summary of significant accounting policies	2 Summary of significant accounting policies ​ 2.1 Basis of preparation ​ 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 United States Securities and Exchange Commission (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 Unaudited interim financial information ​ 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, 2023, are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, 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 ​ 2.3 Use of estimates ​ 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 Accounting policies ​ 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, 2022, and the notes thereto, which are included in the Annual Report ​ 2.5 Recent accounting pronouncements ​ There have been no new accounting pronouncements or changes to accounting pronouncements during the three months ended March 31, 2023, as compared to the recent accounting pronouncements described in Note 2.3.25 of the Annual Report ​

CSL Behring collaboration

CSL Behring collaboration	3 Months Ended
	Mar. 31, 2023
CSL Behring collaboration
CSL Behring collaboration	3 CSL Behring collaboration ​ On June 24, 2020 (the “Signing Date”), uniQure biopharma B.V., a wholly owned subsidiary of the Company entered into a commercialization and license agreement (the “CSL Behring Agreement”) with CSL Behring LLC (“CSL Behring”), pursuant to which CSL Behring received exclusive global rights to HEMGENIX® ​ The transaction became fully effective on May 6, 2021 (“Closing”). Accounts Receivable and Contract Asset ​ As of December 31, 2022, the Company recorded accounts receivable of $2.2 million from CSL Behring related to collaboration services as well as a contract asset of $100.0 million associated to a milestone due from CSL Behring following the first sale of , which was deemed to be probable. ​ As of March 31, 2023, the Company had accounts receivable of $4.8 million from CSL Behring related to collaboration services and contract manufacturing revenue and as well as the contract asset of $100.0 million. ​

Investment securities

Investment securities	3 Months Ended
	Mar. 31, 2023
Investment securities
Investment securities	4 Investment securities The following tables summarize the Company’s investments in sovereign debt as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2023 ​ ​ Amortized cost, as adjusted ​ Gross unrealized holding gains ​ Gross unrealized holding losses ​ Estimated fair value ​ ​ (in thousands) Current investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government debt securities (held-to-maturity) ​ $ 161,487 ​ $ — ​ $ (277) ​ $ 161,210 Total ​ $ 161,487 ​ $ — ​ $ (277) ​ $ 161,210 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ ​ Amortized cost, as adjusted ​ Gross unrealized holding gains ​ Gross unrealized holding losses ​ Estimated fair value ​ ​ (in thousands) Current investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government debt securities (held-to-maturity) ​ $ 124,831 ​ $ — ​ $ (283) ​ $ 124,548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government debt securities (held-to-maturity) ​ ​ 39,984 ​ ​ — ​ ​ (43) ​ ​ 39,941 Total ​ $ 164,815 ​ $ — ​ $ (326) ​ $ 164,489 ​ Inputs to the fair value of the investments are considered Level 2 inputs.

Fair value measurement

Fair value measurement	3 Months Ended
	Mar. 31, 2023
Fair value measurement
Fair value measurement and Other non-operating (losses) / gains	5 Fair value measurement ​ The Company measures certain financial assets and liabilities at fair value, either upon initial recognition or for subsequent accounting or reporting. ASC 820, Fair Value Measurements and Disclosures ​ 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, accounts receivable from licensing and collaboration partners, 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, 2023, and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Classification in Consolidated balance sheets ​ ​ ​ (in thousands) ​ ​ At December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 228,012 ​ $ — ​ $ — ​ $ 228,012 ​ Cash and cash equivalents Restricted cash ​ ​ 3,161 ​ ​ — ​ ​ — ​ ​ 3,161 ​ Other non-current assets Total assets ​ $ 231,173 ​ $ — ​ $ — ​ $ 231,173 ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ ​ — ​ ​ — ​ ​ 35,316 ​ ​ 35,316 ​ Contingent consideration Consideration for post-acquisition services ​ ​ — ​ ​ — ​ ​ 297 ​ ​ 297 ​ Other non-current liabilities Total liabilities ​ $ — ​ $ — ​ $ 35,613 ​ $ 35,613 ​ ​ At March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 153,851 ​ $ — ​ $ — ​ $ 153,851 ​ Cash and cash equivalents Restricted cash ​ ​ 3,173 ​ ​ — ​ ​ — ​ ​ 3,173 ​ Other non-current assets Total assets ​ $ 157,024 ​ $ — ​ $ — ​ $ 157,024 ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ ​ — ​ ​ — ​ ​ 36,894 ​ ​ 36,894 ​ Contingent consideration Consideration for post-acquisition services ​ ​ — ​ ​ — ​ ​ 328 ​ ​ 328 ​ Other non-current liabilities Total liabilities ​ $ — ​ $ — ​ $ 37,222 ​ $ 37,222 ​ ​ ​ Contingent consideration ​ The Company is required to pay up to EUR 178.8 million ($194.5 million at March 31, 2023) at March 31, 2023 to the former shareholders of Corlieve Therapeutics SAS (“Corlieve”) upon the achievement of contractually defined milestones in connection with the Company’s acquisition of Corlieve. ​ The fair value of the contingent consideration as of March 31, 2023 was $36.9 million (December 31, 2022: $35.3 million) using discount rates of approximately 14.3% to 15.0% (December 31, 2022: 14.0% to 14.4%) as well as a 66.0% (December 31, 2022: 66.0%) likelihood of Corlieve’s target candidate for treatment of temporal lobe epilepsy (“AMT-260”) advancing into clinical development by no later than late 2023. If as of March 31, 2023 the Company had assumed a 100% likelihood of AMT-260 advancing into clinical development, then the fair value of the contingent consideration would have increased to $51.0 million. If as of March 31, 2023 the Company assumed that it would discontinue development of the AMT-260 program, then the contingent consideration would be released to income. Changes in fair value of the contingent consideration are recognized within research and development expenses in the consolidated statements of operations. ​ The following table presents the changes in fair value of contingent consideration between December 31, 2022 and March 31, 2023: ​ ​ ​ ​ ​ ​ Amount of ​ contingent ​ consideration ​ ​ 2022 ​ (in thousands) Balance at December 31, 2022 $ 35,316 Change in fair value (presented within research and development expenses) ​ 975 Currency translation effects ​ 603 Balance at March 31, 2023 $ 36,894 ​ As of March 31, 2023, the Company classified $27.3 million of the total contingent consideration of $36.9 million as current liabilities. The balance sheet classification between current and non-current liabilities is based upon the Company’s best estimate of the timing of settlement of the remaining relevant milestones. ​ Investment Securities ​ Refer to Note 4 “ Investment securities

Accrued expenses and other curr

Accrued expenses and other current liabilities	3 Months Ended
	Mar. 31, 2023
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	6 Accrued expenses and other current liabilities ​ Accrued expenses and other current liabilities include the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 ​ ​ (in thousands) Accruals for goods received from and services provided by vendors-not yet billed ​ $ 10,929 ​ $ 11,120 Personnel related accruals and liabilities ​ ​ 9,350 ​ ​ 17,201 Accrued contract fulfillment costs and costs to obtain a contract ​ ​ 2,250 ​ ​ 2,250 Total ​ $ 22,529 ​ $ 30,571 ​

Long-term debt

Long-term debt	3 Months Ended
	Mar. 31, 2023
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 Capital, Inc. (formerly known as Hercules Technology Growth Capital, Inc.) (“Hercules”). The facility was amended and restated in 2014, 2016, 2018 (“2018 Amended Facility”), January 2021 (“2021 Amended Facility”) and in December 2021 (“2021 Restated Facility”). ​ The Company drew down an additional $30.0 million at the time of the 2021 Restated Facility, resulting in total principal outstanding $100.0 million. The 2021 Restated Facility matures on December 1, 2025. ​ The Company is required to repay the entire principal balance on the maturity date. The interest rate is adjustable and is the greater of (i) 7.95% and (ii) 7.95% plus the prime rate less 3.25% per annum. Under the 2021 Restated Facility, the Company owes a back-end fee of $2.5 million on June 1, 2023 and a back-end fee of $4.9 million on the maturity date. The amortized cost (including interest due presented as part of accrued expenses and other current liabilities) of the 2021 Restated Facility was $104.3 million as of March 31, 2023, compared to $103.8 million as of December 31, 2022, and is recorded net of discount and debt issuance costs. The foreign currency gain on the facility in the three ended March 31, 2023 was $0.7 million compared to a foreign currency loss of $2.1 million during the same period in 2022. Interest expense associated with the 2021 Restated Facility during the three months ended March 31, 2023 was $3.6 million, compared to $2.4 million during the same period in 2022. Under the 2021 Restated Facility the Company must remain current in its 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 (i) 65% of the outstanding balance of principal due or (ii) 100% of worldwide cash and cash equivalents. This restriction on cash and cash equivalents only relates to the location of the cash and cash equivalents, and such cash and cash equivalents can be used at the discretion of the Company. Beginning on April 1, 2024, the Company is required to keep a minimum of unrestricted cash equal to at least 30% of the loan amount outstanding. In combination with other covenants, the 2021 Restated 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 to its shareholders. The Company secured the facilities by directly or indirectly pledging its total assets of $631.0 million, less $26.0 million of cash and cash equivalents and other current assets held by uniQure N.V. and $85.7 million of other current assets and investment held by Corlieve. Under the 2021 Restated Facility, the occurrence of a material adverse effect, as defined therein, would entitle Hercules to declare all principal, interest and other amounts owed by the Company immediately due and payable. As of March 31, 2023, the Company was in material compliance with all covenants and provisions.

Share-based compensation

Share-based compensation	3 Months Ended
	Mar. 31, 2023
Share-based compensation
Share-based compensation	8 ​ 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”). The number of shares authorized for issuance under the 2014 Plan is 12,601,471 . On April 28, 2023, the Company filed a definitive proxy statement with the SEC, seeking shareholder approval to, among other things, amend and restate the 2014 Plan to increase the shares available thereunder. ​ In June 2018, the Company’s shareholders adopted and approved an employee share purchase plan (“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 ordinary shares on each purchase date is equal to 85% of the lower of the closing market price on the offering date and the closing market price on the purchase date of each three-month offering period. ​ 2014 Plans and ESPP ​ Share-based compensation expense recognized by classification included in the Consolidated statements of operations and comprehensive loss in relation to the 2014 Plans and the ESPP for the periods indicated below was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Cost of manufacturing services revenue ​ $ 24 ​ $ — Research and development ​ ​ 4,305 ​ ​ 4,054 Selling, general and administrative ​ ​ 3,732 ​ ​ 2,814 Total ​ $ 8,061 ​ $ 6,868 ​ Share-based compensation expense recognized by award type of the 2014 Plans as well as the ESPP was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Award type/ESPP ​ ​ ​ ​ ​ ​ Share options ​ $ 3,274 ​ $ 3,255 Restricted share units ​ ​ 4,630 ​ ​ 3,270 Performance share units ​ ​ 150 ​ ​ 338 Employee share purchase plan ​ ​ 7 ​ ​ 5 Total ​ $ 8,061 ​ $ 6,868 ​ As of March 31, 2023, the unrecognized share-based compensation expense related to unvested awards under the 2014 Plans were: ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized Weighted average ​ share-based remaining ​ ​ compensation ​ period for ​ ​ expense ​ recognition ​ ​ (in thousands) ​ (in years) Award type ​ ​ ​ ​ ​ Share options ​ $ 32,390 ​ 2.89 Restricted share units ​ ​ 43,140 ​ 2.35 Performance share units ​ ​ 12 ​ 0.12 Total ​ $ 75,542 ​ 2.58 ​ The Company satisfies the exercise of share options and vesting of Restricted Share Units (“RSUs”) and Performance Share Units (“PSUs”) through newly issued ordinary shares. ​ Share options 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 over years two, three and four. Certain grants to non-executive directors vest in full after one year. Any share options that vest must be exercised by the tenth anniversary of the initial grant date. The following tables summarize share option activity under the 2014 Plans for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Options ​ ​ Number of ​ Weighted average ​ ordinary shares exercise price ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 ​ 4,237,917 ​ $ 26.13 Granted ​ 1,049,350 ​ $ 20.06 Forfeited ​ (74,916) ​ $ 24.38 Expired ​ (51,606) ​ $ 54.74 Exercised ​ (10,055) ​ $ 8.64 Outstanding at March 31, 2023 ​ 5,150,690 ​ $ 24.66 Thereof, fully vested and exercisable on March 31, 2023 ​ 2,438,321 ​ $ 27.41 Thereof, outstanding and expected to vest after March 31, 2023 ​ 2,712,369 ​ $ 22.20 ​ ​ ​ ​ ​ ​ ​ Total weighted average grant date fair value of options issued during the period (in $ millions) ​ ​ ​ $ 12.3 Proceeds from option sales during the period (in $ millions) ​ ​ ​ $ 0.1 ​ The fair value of each share option issued is estimated at the respective grant date using the Hull & White option pricing model with the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, Assumptions 2023 2022 Expected volatility ​ 70% ​ 70% Expected terms ​ 10 years ​ 10 years Risk free interest rate ​ 4.10% ​ 2.12% Expected dividend yield ​ 0% ​ 0% ​ RSUs ​ The following table summarizes the RSU activity for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ Weighted average ​ ​ Number of ​ grant-date fair ​ ​ ordinary shares ​ value Non-vested at December 31, 2022 ​ 1,818,774 ​ $ 20.46 Granted ​ 1,202,150 ​ $ 20.06 Vested ​ (520,046) ​ $ 22.86 Forfeited ​ (65,982) ​ $ 19.50 Non-vested at March 31, 2023 ​ 2,434,896 ​ $ 19.78 ​ ​ ​ ​ ​ ​ Total weighted average grant date fair value of RSUs granted during the period (in $ millions) ​ ​ ​ $ 24.1 ​ RSUs vest over one ​ PSUs ​ The following table summarizes the PSU activity for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ PSUs ​ ​ Weighted average ​ ​ Number of ​ grant-date fair ​ ​ ordinary shares ​ value Non-vested at December 31, 2022 ​ 400,690 ​ $ 28.82 Vested ​ (46,045) ​ $ 28.60 Forfeited ​ (17,395) ​ $ 26.12 Non-vested at March 31, 2023 ​ 337,250 ​ $ 28.99 ​ ​ ​ ​ ​ ​ ​ The Company granted ordinary shares to certain employees in September and December 2021 and at various dates during the year ended December 31, 2022 that will be earned upon the achievement of defined milestones. Such ordinary shares will vest upon the later of a minimum service period of one year or three years, or the achievement of defined milestones, subject to the grantee’s continued employment. In addition, portions of the ordinary shares granted in December 2021 to executives and other members of senior management are subject to achieving a minimum total shareholder return relative to the Nasdaq biotechnology index. The Company recognizes the compensation cost related to these grants to the extent it considers achievement of the milestones to be probable. Achievement of one of the total five defined milestones was met as of December 31, 2022 and another one of the total five defined milestones was met as of March 31, 2023. ​ ESPP ​ During the three months ended March 31, 2023, 2,495 ordinary shares were issued under the ESPP compared to 3,558 during the same period in 2022. As of March 31, 2023, a total of 113,565 ordinary shares remains available for issuance under the ESPP plan compared to a total of 123,744 as of March 31, 2022.

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2023
Income taxes
Income taxes	9 Income taxes ​ The Company recorded $1.2 million deferred tax benefit in relation to its operations in the United States and France during the three months ended March 31, 2023. The Company recorded $0.6 million deferred tax benefit in relation to its operations in the United States, France and Switzerland for the three months ended March 31, 2022. ​ The effective income tax rate of (1.5%) during the three months ended March 31, 2023 is substantially lower than the enacted rate of 25.8% in the Netherlands as the Company records a valuation allowance against its net deferred tax assets in the Netherlands. The effective income tax rate during the three months ended March 31, 2022 was (1.3%) as the Company had recorded a valuation allowance against its net deferred tax assets in the Netherlands. ​ ​

Basic and diluted earnings per

Basic and diluted earnings per share	3 Months Ended
	Mar. 31, 2023
Basic and diluted earnings per share
Basic and diluted earnings per share	10 Basic and diluted earnings per share ​ ​ The potentially dilutive ordinary shares are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2023 ​ 2022 Anti-dilutive ordinary share equivalents ​ ​ ​ ​ ​ ​ Stock options under 2014 Plans and previous plan ​ ​ 5,150,690 ​ ​ 4,139,698 Non-vested RSUs and PSUs ​ ​ 2,772,146 ​ ​ 2,287,969 ESPP ​ ​ 801 ​ ​ 745 Total anti-dilutive ordinary share equivalents ​ ​ 7,923,637 ​ ​ 6,428,412 ​

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2023
Subsequent events
Subsequent events	11 ​ None. ​

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of significant accounting policies
Basis of preparation	2.1 Basis of preparation ​ 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 United States Securities and Exchange Commission (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. ​
Unaudited interim financial information	2.2 Unaudited interim financial information ​ 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, 2023, are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, 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 ​
Use of estimates	2.3 Use of estimates ​ 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. ​
Accounting policies	2.4 Accounting policies ​ 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, 2022, and the notes thereto, which are included in the Annual Report ​
Recent accounting pronouncements	2.5 Recent accounting pronouncements ​ There have been no new accounting pronouncements or changes to accounting pronouncements during the three months ended March 31, 2023, as compared to the recent accounting pronouncements described in Note 2.3.25 of the Annual Report

Investment securities (Tables)

Investment securities (Tables)	3 Months Ended
	Mar. 31, 2023
Investment securities
Schedule of investments into sovereign debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2023 ​ ​ Amortized cost, as adjusted ​ Gross unrealized holding gains ​ Gross unrealized holding losses ​ Estimated fair value ​ ​ (in thousands) Current investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government debt securities (held-to-maturity) ​ $ 161,487 ​ $ — ​ $ (277) ​ $ 161,210 Total ​ $ 161,487 ​ $ — ​ $ (277) ​ $ 161,210 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ ​ Amortized cost, as adjusted ​ Gross unrealized holding gains ​ Gross unrealized holding losses ​ Estimated fair value ​ ​ (in thousands) Current investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government debt securities (held-to-maturity) ​ $ 124,831 ​ $ — ​ $ (283) ​ $ 124,548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government debt securities (held-to-maturity) ​ ​ 39,984 ​ ​ — ​ ​ (43) ​ ​ 39,941 Total ​ $ 164,815 ​ $ — ​ $ (326) ​ $ 164,489 ​

Fair value measurement (Tables)

Fair value measurement (Tables)	3 Months Ended
	Mar. 31, 2023
Fair value measurement
Schedule of assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Classification in Consolidated balance sheets ​ ​ ​ (in thousands) ​ ​ At December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 228,012 ​ $ — ​ $ — ​ $ 228,012 ​ Cash and cash equivalents Restricted cash ​ ​ 3,161 ​ ​ — ​ ​ — ​ ​ 3,161 ​ Other non-current assets Total assets ​ $ 231,173 ​ $ — ​ $ — ​ $ 231,173 ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ ​ — ​ ​ — ​ ​ 35,316 ​ ​ 35,316 ​ Contingent consideration Consideration for post-acquisition services ​ ​ — ​ ​ — ​ ​ 297 ​ ​ 297 ​ Other non-current liabilities Total liabilities ​ $ — ​ $ — ​ $ 35,613 ​ $ 35,613 ​ ​ At March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 153,851 ​ $ — ​ $ — ​ $ 153,851 ​ Cash and cash equivalents Restricted cash ​ ​ 3,173 ​ ​ — ​ ​ — ​ ​ 3,173 ​ Other non-current assets Total assets ​ $ 157,024 ​ $ — ​ $ — ​ $ 157,024 ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ ​ — ​ ​ — ​ ​ 36,894 ​ ​ 36,894 ​ Contingent consideration Consideration for post-acquisition services ​ ​ — ​ ​ — ​ ​ 328 ​ ​ 328 ​ Other non-current liabilities Total liabilities ​ $ — ​ $ — ​ $ 37,222 ​ $ 37,222 ​ ​ ​
Schedule of changes in fair value of contingent consideration	​ ​ ​ ​ ​ Amount of ​ contingent ​ consideration ​ ​ 2022 ​ (in thousands) Balance at December 31, 2022 $ 35,316 Change in fair value (presented within research and development expenses) ​ 975 Currency translation effects ​ 603 Balance at March 31, 2023 $ 36,894 ​

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued expenses and other current liabilities
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 ​ ​ (in thousands) Accruals for goods received from and services provided by vendors-not yet billed ​ $ 10,929 ​ $ 11,120 Personnel related accruals and liabilities ​ ​ 9,350 ​ ​ 17,201 Accrued contract fulfillment costs and costs to obtain a contract ​ ​ 2,250 ​ ​ 2,250 Total ​ $ 22,529 ​ $ 30,571

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
	Mar. 31, 2023
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, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Cost of manufacturing services revenue ​ $ 24 ​ $ — Research and development ​ ​ 4,305 ​ ​ 4,054 Selling, general and administrative ​ ​ 3,732 ​ ​ 2,814 Total ​ $ 8,061 ​ $ 6,868 ​
Schedule of share-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Award type/ESPP ​ ​ ​ ​ ​ ​ Share options ​ $ 3,274 ​ $ 3,255 Restricted share units ​ ​ 4,630 ​ ​ 3,270 Performance share units ​ ​ 150 ​ ​ 338 Employee share purchase plan ​ ​ 7 ​ ​ 5 Total ​ $ 8,061 ​ $ 6,868 ​
Schedule of unrecognized compensation cost related to unvested awards	​ ​ ​ ​ ​ ​ ​ ​ Unrecognized Weighted average ​ share-based remaining ​ ​ compensation ​ period for ​ ​ expense ​ recognition ​ ​ (in thousands) ​ (in years) Award type ​ ​ ​ ​ ​ Share options ​ $ 32,390 ​ 2.89 Restricted share units ​ ​ 43,140 ​ 2.35 Performance share units ​ ​ 12 ​ 0.12 Total ​ $ 75,542 ​ 2.58 ​
Schedule of weighted-average assumptions for fair value of option issued	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, Assumptions 2023 2022 Expected volatility ​ 70% ​ 70% Expected terms ​ 10 years ​ 10 years Risk free interest rate ​ 4.10% ​ 2.12% Expected dividend yield ​ 0% ​ 0% ​
Summary of RSUs activity	​ ​ ​ ​ ​ ​ ​ ​ ​ RSUs ​ ​ Weighted average ​ ​ Number of ​ grant-date fair ​ ​ ordinary shares ​ value Non-vested at December 31, 2022 ​ 1,818,774 ​ $ 20.46 Granted ​ 1,202,150 ​ $ 20.06 Vested ​ (520,046) ​ $ 22.86 Forfeited ​ (65,982) ​ $ 19.50 Non-vested at March 31, 2023 ​ 2,434,896 ​ $ 19.78 ​ ​ ​ ​ ​ ​ Total weighted average grant date fair value of RSUs granted during the period (in $ millions) ​ ​ ​ $ 24.1 ​
Summary of PSUs activity	​ ​ ​ ​ ​ ​ ​ ​ ​ PSUs ​ ​ Weighted average ​ ​ Number of ​ grant-date fair ​ ​ ordinary shares ​ value Non-vested at December 31, 2022 ​ 400,690 ​ $ 28.82 Vested ​ (46,045) ​ $ 28.60 Forfeited ​ (17,395) ​ $ 26.12 Non-vested at March 31, 2023 ​ 337,250 ​ $ 28.99 ​ ​ ​ ​ ​ ​ ​
2014 Plan.
Share-based compensation
Summary of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Options ​ ​ Number of ​ Weighted average ​ ordinary shares exercise price ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 ​ 4,237,917 ​ $ 26.13 Granted ​ 1,049,350 ​ $ 20.06 Forfeited ​ (74,916) ​ $ 24.38 Expired ​ (51,606) ​ $ 54.74 Exercised ​ (10,055) ​ $ 8.64 Outstanding at March 31, 2023 ​ 5,150,690 ​ $ 24.66 Thereof, fully vested and exercisable on March 31, 2023 ​ 2,438,321 ​ $ 27.41 Thereof, outstanding and expected to vest after March 31, 2023 ​ 2,712,369 ​ $ 22.20 ​ ​ ​ ​ ​ ​ ​ Total weighted average grant date fair value of options issued during the period (in $ millions) ​ ​ ​ $ 12.3 Proceeds from option sales during the period (in $ millions) ​ ​ ​ $ 0.1 ​

Basic and diluted earnings pe_2

Basic and diluted earnings per share (Tables)	3 Months Ended
	Mar. 31, 2023
Basic and diluted earnings per share
Schedule of potential dilutive common shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ 2023 ​ 2022 Anti-dilutive ordinary share equivalents ​ ​ ​ ​ ​ ​ Stock options under 2014 Plans and previous plan ​ ​ 5,150,690 ​ ​ 4,139,698 Non-vested RSUs and PSUs ​ ​ 2,772,146 ​ ​ 2,287,969 ESPP ​ ​ 801 ​ ​ 745 Total anti-dilutive ordinary share equivalents ​ ​ 7,923,637 ​ ​ 6,428,412

CSL Behring collaboration - Nar

CSL Behring collaboration - Narrative (Details) - CSL Behring collaboration. - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Collaboration arrangements
Accounts receivable	$ 4.8	$ 2.2
Contract asset	$ 100	$ 100

Investment securities (Details)

Investment securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current investments:
Amortized cost, as adjusted	$ 161,487	$ 124,831
Gross unrealized holding losses	(277)
Estimated fair value	161,210
Non-current investments:
Amortized cost, as adjusted		39,984
Investment securities
Amortized cost, as adjusted		164,815
Gross unrealized holding losses		(326)
Estimated fair value		164,489
Obligations of governmental agencies
Current investments:
Amortized cost, as adjusted	161,487	124,831
Gross unrealized holding losses	(277)	(283)
Estimated fair value	$ 161,210	124,548
Non-current investments:
Amortized cost, as adjusted		39,984
Gross unrealized holding losses		(43)
Estimated fair value		$ 39,941

Fair value measurement - Assets

Fair value measurement - Assets and liabilities measured on a recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Assets:
Restricted cash	$ 3,173		$ 3,193
Recurring Fair Value Measurements
Assets:
Cash and cash equivalents	153,851	$ 228,012
Restricted cash	3,173	3,161
Total assets	157,024	231,173
Liabilities:
Contingent consideration	36,894	35,316
Consideration for post acquisition services	328	297
Total liabilities	37,222	35,613
Recurring Fair Value Measurements | Fair value hierarchy Level 1
Assets:
Cash and cash equivalents	153,851	228,012
Restricted cash	3,173	3,161
Total assets	157,024	231,173
Recurring Fair Value Measurements | Fair value hierarchy Level 3
Liabilities:
Contingent consideration	36,894	35,316
Consideration for post acquisition services	328	297
Total liabilities	$ 37,222	$ 35,613

Fair value measurement and Othe

Fair value measurement and Other non-operating (losses) / gains - Contingent Consideration (Details) $ in Thousands, € in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration, net of current portion	$ 9,641	$ 9,334
Contingent consideration	36,900
Current portion of contingent consideration	$ 27,253	25,982
One hundred percent likelihood of AMT-260 advancing into clinical development
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Percentage of increase in Probability of Success	100%
Change in fair value (presented within research and development expenses)	$ 51,000
Acquisition of Corlieve
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration, net of current portion	$ 36,894	$ 35,316
Percentage of increase in Probability of Success	66%	66%
Change in fair value (presented within research and development expenses)	$ 975
Currency translation effects	603
Acquisition of Corlieve | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration payable upon achievement of contractually defined milestones	$ 194,500		€ 178.8
Contingent consideration discount rate percentage	15%	14.40%
Acquisition of Corlieve | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration discount rate percentage	14.30%	14%

Accrued expenses and other cu_3

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued expenses and other current liabilities
Accruals for goods received from and services provided by vendors-not yet billed	$ 10,929	$ 11,120
Personnel related accruals and liabilities	9,350	17,201
Accrued contract fulfillment costs and costs to obtain a contract	2,250	2,250
Total	$ 22,529	$ 30,571

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2024	Mar. 31, 2023	Mar. 31, 2022	Jun. 01, 2023	Dec. 31, 2022
2018 and 2021 Amended Facility
Long-term Debt
Foreign currency loss		$ 0.7	$ 2.1
Interest expense recorded			$ 2.4
Restated Facility 2021
Long-term Debt
Outstanding debt		100
Proceed from drew down		$ 30
Interest rate (as a percent)		7.95%
Back-end fees due		$ 4.9
Amortized cost net of discount and debt issuance costs		104.3			$ 103.8
Interest expense recorded		$ 3.6
Restated Facility 2021 | Prime Rate
Long-term Debt
Variable interest rate basis		7.95%
Discount rate (as a percent)		3.25%
Venture debt loan facility | Restated Facility 2021
Long-term Debt
Minimum cash and cash equivalents in U.S. bank accounts		65%	100%
Assets pledged to secure facilities by directly or indirectly		$ 631
Assets not being pledged to secure facilities by directly or indirectly		26
Venture debt loan facility | Restated Facility 2021 | Corlieve Therapeutics SAS
Long-term Debt
Assets not being pledged to secure facilities by directly or indirectly		$ 85.7
Subsequent events. | Restated Facility 2021
Long-term Debt
Back-end fees due				$ 2.5
Subsequent events. | Venture debt loan facility | Restated Facility 2021
Long-term Debt
Minimum cash and cash equivalents in U.S. bank accounts	30%

Share-based compensation - Summ

Share-based compensation - Summary of share-based compensation expense and unrecognized costs (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2023	Mar. 31, 2022
2014 Plan
Share-based compensation
Share-based compensation expense		$ 8,061	$ 6,868
Unrecognized compensation costs		$ 75,542
Weighted-average remaining period for recognition (in years)		2 years 6 months 29 days
Authorized shares		12,601,471
Employee share purchase plan (ESPP)
Share-based compensation
Share-based compensation expense		$ 7	5
2014 Plans and ESPP
Share-based compensation
Share-based compensation expense		8,061	6,868
Research and development expenses | 2014 Plans and ESPP
Share-based compensation
Share-based compensation expense		4,305	4,054
Selling, general and administrative expense | 2014 Plans and ESPP
Share-based compensation
Share-based compensation expense		3,732	2,814
Cost of manufacturing services revenues | 2014 Plans and ESPP
Share-based compensation
Share-based compensation expense		24
Share options | 2014 Plan
Share-based compensation
Unrecognized compensation costs		$ 32,390
Weighted-average remaining period for recognition (in years)		2 years 10 months 20 days
Share options | 2014 Plans and ESPP
Share-based compensation
Share-based compensation expense		$ 3,274	3,255
Restricted share units ("RSUs") | 2014 Plan
Share-based compensation
Unrecognized compensation costs		$ 43,140
Weighted-average remaining period for recognition (in years)		2 years 4 months 6 days
Restricted share units ("RSUs") | 2014 Plans and ESPP
Share-based compensation
Share-based compensation expense		$ 4,630	3,270
Performance Share Awards | 2014 Plan
Share-based compensation
Unrecognized compensation costs		$ 12
Weighted-average remaining period for recognition (in years)		1 month 13 days
Performance Share Awards | 2014 Plans and ESPP
Share-based compensation
Share-based compensation expense		$ 150	$ 338
Employee Stock | Employee share purchase plan (ESPP)
Share-based compensation
Ordinary shares available for issue	150,000	113,565	123,744
Discounted rate for purchase of shares	85%

Share-based compensation - Opti

Share-based compensation - Option activity and weighted-average assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted average exercise price
Total weighted average grant date fair value of options issued during the period (in $ millions)	$ 12,300
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	131	$ 485
Proceeds from option sales during the period (in $ millions)	$ 100
2014 Plan
Weighted average exercise price
Vesting period (in years)	4 years
2014 Plan | Share options
Options
Outstanding at beginning of the period (in shares)	4,237,917
Granted (in shares)	1,049,350
Forfeited (in shares)	(74,916)
Expired (in shares)	(51,606)
Exercised (in shares)	(10,055)
Outstanding at end of the period (in shares)	5,150,690
Thereof, fully vested and exercisable at end of period (in shares)	2,438,321
Thereof, outstanding and expected to vest after at end of period (in shares)	2,712,369
Weighted average exercise price
Outstanding at beginning of the period (in dollars per share)	$ 26.13
Granted (in dollars per share)	20.06
Forfeited (in dollars per share)	24.38
Expired (in dollars per share)	54.74
Exercised (in dollars per share)	8.64
Outstanding at end of period (in dollars per share)	24.66
Thereof, fully vested and exercisable at end of period (in dollars per share)	27.41
Outstanding and expected to vest after at end of the period (in dollars per share)	$ 22.20
Weighted-average assumptions used to estimate fair value of share options granted during year
Expected volatility (as a percent)	70%	70%
Expected terms (in years)	10 years	10 years
Risk free interest rate (as a percent)		2.12%
Risk free interest rate, minimum (as a percent)	4.10%
Expected dividend (as a percent)	0%	0%
2014 Plan | Non-executive directors
Weighted average exercise price
Vesting period (in years)	1 year
2014 Plan | One year from grant date
Weighted average exercise price
Vesting percentage per year	25%
Vesting period (in years)	1 year

Share-based compensation - RSU

Share-based compensation - RSU activity (Details) - 2014 Plan $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Other disclosure
Vesting period (in years)	4 years
Non-executive directors
Other disclosure
Vesting period (in years)	1 year
Restricted share units ("RSUs")
Number of shares
Non-vested at beginning of period (in shares) | shares	1,818,774
Granted (in shares) | shares	1,202,150
Vested (in shares) | shares	(520,046)
Forfeited (in shares) | shares	(65,982)
Non-vested at end of period (in shares) | shares	2,434,896
Weighted average grant-date fair value
Non-vested at beginning of period (in dollars per share) | $ / shares	$ 20.46
Granted (in dollars per share) | $ / shares	20.06
Vested (in dollars per share) | $ / shares	22.86
Forfeited (in dollars per share) | $ / shares	19.50
Non-vested at end of period (in dollars per share) | $ / shares	$ 19.78
Other disclosure
Total weighted average grant date fair value of RSUs granted during the period (in millions) | $	$ 24.1
Restricted share units ("RSUs") | Non-executive directors
Other disclosure
Vesting period (in years)	1 year
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)	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2023 Milestone $ / shares shares	Dec. 31, 2022 Milestone $ / shares shares
Other disclosure
Service period	1 year		3 years
Performance Share Awards
Other disclosure
Number of Milestones Achieved | Milestone			1
Number of Defined Milestones | Milestone		5	5
Number of Milestones Achievement Considered Probable | Milestone		1
Performance Share Awards | 2014 Plan
Number of shares
Non-vested at beginning of period (in shares) | shares		400,690
Vested (in shares) | shares		(46,045)
Forfeited (in shares) | shares		(17,395)
Non-vested at end of period (in shares) | shares		337,250	400,690
Weighted average grant-date fair value
Non-vested at beginning of period (in dollars per share) | $ / shares		$ 28.82
Vested (in dollars per share) | $ / shares		28.60
Forfeited (in dollars per share) | $ / shares		26.12
Non-vested at end of period (in dollars per share) | $ / shares		$ 28.99	$ 28.82

Share-based compensation - Empl

Share-based compensation - Employee Share Purchase Plan (Details) - Employee share purchase plan (ESPP) - Employee Stock - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2018
Share-based compensation
Number of shares issued	2,495	3,558
Ordinary shares available for issue	113,565	123,744	150,000

Income taxes - Effective Tax Ra

Income taxes - Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effective income tax rate	(1.50%)	(1.30%)
Enacted tax rate	25.80%
Deferred tax (benefit) expense	$ (1,207)	$ (616)
US, France and Switzerland
Deferred tax (benefit) expense		$ 600
United States and France
Deferred tax (benefit) expense	$ (1,200)

Basic and diluted earnings pe_3

Basic and diluted earnings per share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic and diluted earnings per share
Total potential dilutive ordinary shares	7,923,637	6,428,412
ESPP
Basic and diluted earnings per share
Total potential dilutive ordinary shares	801	745
Stock options
Basic and diluted earnings per share
Total potential dilutive ordinary shares	5,150,690	4,139,698
Non-vested RSUs and PSUs
Basic and diluted earnings per share
Total potential dilutive ordinary shares	2,772,146	2,287,969