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Long-term debt | 6 Months Ended
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Jun. 30, 2025
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, 2021 and on May 12, 2023 (the “2023 Amended Facility”) and July 22, 2024 (the “2024 Amended Facility”). ​ In July 2024, in connection with the divestment of the Company’s commercial manufacturing activities located in Lexington, MA and the amendment of the 2023 Amended Facility, the Company prepaid $50.0 million of the $100.0 million of principal outstanding as well as $3.1 million in end-of-term fees. ​ The 2023 Amended Facility extended the maturity date and interest-only period from December 1, 2025 to January 5, 2027 (the “Maturity Date”). ​ The total principal outstanding as of June 30, 2025 under the 2024 Amended Facility was $50.0 million. ​ The Company is required to repay the residual 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. Pursuant to the terms of the 2024 Amended Facility, the Company owes a back-end fee of $2.4 million on December 1, 2025 and a back-end fee of $0.6 million on the Maturity Date. ​ The amortized cost (including interest due presented as part of accrued expenses and other current liabilities) was $52.3 million as of June 30, 2025, compared to $51.9 million as of December 31, 2024, and is recorded net of discount and debt issuance costs. The foreign currency gain on the facility in the three and six months ended June 30, 2025 was $4.3 million and $6.4 million, respectively, compared to a foreign currency loss of $0.7 million and $3.0 million, respectively, during the same period in 2024. ​ Interest expense during the three and six months ended June 30, 2025 was $1.8 million and $3.6 million, respectively, compared to $3.7 million and $7.4 million, respectively, during the same periods in 2024. ​ Under the 2024 Amended 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 U.S. 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. The Company is required to keep a minimum of unrestricted cash equal to at least 30% of the loan amount outstanding. The 2024 Amended Facility restricts the Company’s ability, among other things, to incur future indebtedness and obtain additional debt financing, make investments in securities or in other companies, transfer assets, perform certain corporate changes, make loans to employees, officers, and directors, and make dividend payments and other distributions to its shareholders. The 2024 Amended Facility is secured by a direct or indirect pledge of the Company’s total assets of $584.9 million, less $69.7 million of cash and cash equivalents and other current assets held by the Company, and $89.8 million of other current assets and investment held by uniQure France SAS as well as receivables sold to HemB SPV, L.P. (the “Purchaser”). Under the 2024 Amended 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 June 30, 2025, the Company was in material compliance with all covenants and provisions of the 2024 Amended Facility.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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