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On Monday, uniQure N.V. (NASDAQ:QURE), a biotechnology firm specializing in gene therapy with a market capitalization of $522 million, announced an amended and restated employment agreement with CEO Matthew Kapusta. The company, which according to InvestingPro data is currently burning through cash with an EBITDA of -$169 million, faces significant operational challenges. According to the new terms, Kapusta will receive an annual base salary of $676,700, with provisions for an annual performance bonus targeted at 60% of his base salary. Additionally, he may be granted long-term cash-based or equity incentives at the discretion of the Board of Directors.
The updated agreement includes severance benefits in the event of termination by the company without cause or by Kapusta for good reason. These benefits comprise 18 months of base salary continuation, COBRA premium payments for the same period, any unpaid prior year bonus, a pro-rata bonus for the year of termination, and a lump sum equal to 1.5 times the annual target bonus. Furthermore, Kapusta would experience accelerated vesting of any unvested equity awards. InvestingPro analysis reveals the company maintains strong liquidity with a current ratio of 9.74, suggesting ample resources to meet these potential obligations.
In scenarios involving a company change in control, Kapusta’s severance benefits would alter to a lump sum payment of twice his current base salary, 18 months of COBRA premium payments, any unpaid prior year bonus, a pro-rata bonus for the year of termination, and a lump sum equal to twice the annual target bonus, along with the accelerated vesting of equity awards.
The agreement also binds Kapusta to standard restrictive covenants such as confidentiality, non-competition, non-solicitation, and mutual non-disparagement.
The details of the amended agreement will be filed with the company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2025. This announcement is based on a press release statement.
In other recent news, uniQure has made several significant strides in its gene therapy programs. Chardan Capital Markets initiated coverage on uniQure with a Buy rating and a $38 price target, emphasizing the potential of its gene therapy pipeline, particularly for Huntington’s disease. H.C. Wainwright also maintained a Buy rating and raised its price target to $70, highlighting anticipated regulatory updates and pivotal data expected in 2025 for the AMT-130 program. The firm sees uniQure’s current valuation as not fully reflecting the progress in its clinical pipeline.
Additionally, uniQure announced the completion of enrollment for the first cohort in a Phase I/IIa trial of AMT-191, a gene therapy for Fabry disease, with no significant safety concerns reported. The U.S. FDA has granted AMT-191 Orphan Drug status and Fast Track designation. Meanwhile, CSL (OTC:CSLLY) Behring, which licensed HEMGENIX from uniQure, confirmed the long-term efficacy of this gene therapy for hemophilia B, following a four-year study. These developments underscore uniQure’s ongoing efforts to advance treatments for various conditions, including Huntington’s disease, epilepsy, and ALS.
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