Free cash flow remains deeply negative, with quarterly outflows reaching $77.2 million in 2025Q4, highlighting a precarious liquidity position that relies on stock-based compensation to mask true cash burn.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -172.11M | -177.96M | -182.73M | -145.93M | -145.06M | 287.96M | -134.83M | -98.68M | -76.04M | -64.27M | -72.19M | 18.78M | -30.92M | -5.71M | -14.91M | -21.65M |
| Operating CF Margin % | - | -1105.5% | -673.8% | -921.09% | -136.23% | 54.95% | -359.41% | -1355.36% | -673.85% | -490.35% | -287.63% | 182.22% | -542.69% | -140.54% | - | - |
| Operating CF Growth % | -0.28% | 2.61% | -25.22% | -0.6% | -150.38% | 313.58% | -36.63% | -29.78% | -18.31% | 10.97% | -484.47% | 160.73% | -441.33% | 61.7% | 31.12% | - |
| Net Income | -208.87M | -198.97M | -239.56M | -308.48M | -126.79M | 329.59M | -125.02M | -124.2M | -83.3M | -80.39M | -73.37M | -78.15M | -45.04M | -37.03M | -19.46M | -22.42M |
| Depreciation & Amortization | 5.93M | 14.76M | 12.64M | 11.9M | 8.54M | 7.3M | 10.65M | 6.67M | 12.41M | 8.31M | 6.09M | 4.86M | 1.87M | 738.77K | 724.73K | 764.69K |
| Stock-Based Compensation | 18.36M | 17.68M | 22.26M | 35.09M | 34.2M | 25.64M | 21.83M | 17.53M | 10.71M | 10.13M | 6.21M | 8.34M | 11.51M | 2.79M | 2.34M | 1.22M |
| Deferred Taxes | 1.55M | 1.59M | 2.43M | 1.92M | -1.47M | 3.21M | -16.42M | 0 | 231K | 209K | 1.15M | -523.69K | -7.3M | 3.6M | 633.48K | 151.64K |
| Other Non-Cash Items | 4.32M | -6.23M | 23.44M | 32.51M | -16.16M | -27.29M | -19.39M | 3.42M | -9.89M | 10.12M | -1.97M | 16.06M | 8.59M | 1.9M | 80.67K | 473.07K |
| Working Capital Changes | 6.61M | -6.79M | -3.94M | 81.12M | -43.38M | -50.48M | -6.47M | -2.11M | -6.2M | -12.65M | -10.29M | 68.19M | -548.42K | 22.29M | 772.34K | -1.84M |
| Change in Receivables | -1.84M | -8.6M | -2.24M | -1.32M | -49.08M | -58.96M | -6.97M | -4.77M | 1.58M | 9.71M | -5.42M | -1.72M | -1.2M | -1.98M | 320.39K | 0 |
| Change in Inventory | 0 | 0 | 2.42M | -6.74M | -6.92M | 0 | 0 | 4.77M | -382K | 382K | 480K | -256.93K | 807.43K | -1.19M | 0 | 0 |
| Change in Payables | -1.13M | -2.67M | 1.52M | -4.17M | 9.24M | -727K | -2.7M | 1.65M | 1.06M | -1.67M | 344K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -258.75M | -321.62M | 162.97M | -205.69M | -182.73M | -67.39M | -9.48M | -6.65M | -4.25M | -6.15M | -17.79M | -9.31M | -24.87M | -8.25M | -1.1M | -209.97K |
| Capital Expenditures | -14K | -439K | -11.69M | -7.15M | -17.69M | -17.44M | -7.27M | -6.65M | -4.25M | -5.58M | -17.17M | -9.41M | -23.27M | -8.27M | -1.25M | -400.49K |
| CapEx % of Revenue | 0.08% | 2.73% | 43.1% | 45.16% | 16.61% | 3.33% | 19.38% | 91.29% | 37.62% | 42.6% | 68.42% | 91.36% | 408.45% | 203.47% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -1.9M | -49.95M | 0 | 0 | 0 | 0 | 0 | 0 | -1.78M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -357.44M | 0 | 0 | 0 | 0 | 0 | -2.21M | 0 | -1.86M | -567K | -613K | 99.49K | 179.97K | 23.47K | 149.44K | 190.53K |
| Cash from Financing | 329.26M | 415.4M | -59.49M | 362.72M | 1.45M | 94.86M | 7.44M | 248.82M | 157.96M | 90.07M | 2.44M | 150.4M | 84.46M | 46.46M | 14.91M | 139.98K |
| Debt Issued (Net) | 0 | 0 | -53.05M | 370.06M | 0 | 62.49M | 0 | 0 | 14.78M | 0 | -148K | -186K | 9.34M | 25.69M | 0 | 0 |
| Equity Issued (Net) | -80.12M | 391.9M | 2.12M | 308K | 1.45M | 33.7M | 7.44M | 242.72M | 138.36M | 85.29M | 0 | 158.01M | 85.06M | 19.74M | 12.55M | 139.98K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 409.38M | 23.5M | -8.56M | -7.65M | 0 | -1.33M | 0 | 6.1M | 4.83M | 4.78M | 2.59M | 2.87M | 0 | -761.21K | 2.31M | 0 |
| Net Change in Cash | -77.19M | -78.69M | -84.22M | 13.37M | -328.18M | 311.67M | -133.05M | 143.38M | 75.49M | 26.88M | -89.13M | 164.34M | 35.76M | 32.52M | -1.11M | -21.72M |
| Free Cash Flow | -172.12M | -177.96M | -186.1M | -153.08M | -162.75M | 270.52M | -144.31M | -105.33M | -80.28M | -69.85M | -89.36M | 9.36M | -54.19M | -13.98M | -16.16M | -22.05M |
| FCF Margin % | -951.31% | -1105.5% | -686.22% | -966.25% | -152.84% | 51.63% | -384.69% | -1446.66% | -711.47% | -532.94% | -356.05% | 90.85% | -951.14% | -344% | - | - |
| FCF Growth % | 2.05% | 4.37% | -21.57% | 5.94% | -160.16% | 287.46% | -37.01% | -31.2% | -14.93% | 21.83% | -1054.51% | 117.28% | -287.6% | 13.51% | 26.7% | - |
| FCF per Share | -2.74 | -3.09 | -3.83 | -3.21 | -3.48 | 5.78 | -3.25 | -2.63 | -2.25 | -2.59 | -3.57 | 0.42 | -3.16 | -0.79 | -0.92 | -1.25 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.89x | 0.76x | 0.47x | 1.14x | 0.87x | 1.08x | 0.79x | 0.91x | 0.80x | 0.98x | -0.24x | 0.69x | 0.15x | 0.77x | 0.97x |
| Interest Paid | 0 | 0 | 0 | 0 | 9.25M | 6.54M | 4.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial binary outcomes
According to reported financial statements, the relationship between net income and operating cash flow remains highly erratic, with OCF/NI ratios swinging from 0.20 in 2025Q3 to 2.09 in 2025Q4, suggesting that accrual-based accounting for milestone payments frequently decouples reported losses from actual cash movements.
The wide variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's underlying cash burn. Investors should monitor these fluctuations as they likely reflect the timing of non-cash revenue recognition and milestone-related working capital adjustments rather than operational performance.
As detailed in recent SEC filings, uniQure continues to experience significant free cash flow deficits, with quarterly outflows reaching as high as $77.2 million in 2025Q4, underscoring the company's reliance on external financing to sustain its intensive clinical development pipeline and specialized manufacturing infrastructure.
The consistent negative FCF trajectory suggests that the company remains in a deep investment phase where cash consumption is decoupled from commercial revenue. Without a shift toward recurring product sales, the current burn rate warrants further investigation regarding the sustainability of the existing cash runway.
Based on the company's reported figures, working capital changes have been a major source of quarterly cash flow volatility, including a $40.5 million inflow in 2025Q3 followed by a $34.9 million outflow in 2025Q4, which complicates the predictability of the firm's short-term liquidity position.
These dramatic swings in working capital appear to be driven by the timing of milestone payments and deferred revenue recognition associated with the CSL Behring partnership. Such volatility suggests that management's cash position is highly sensitive to the administrative and contractual timing of these large, non-recurring transactions.
Analysis of the cash flow statement reveals that stock-based compensation consistently adds back millions to operating cash flow, with figures reaching $7.2 million in 2024Q1, which effectively masks the true economic cost of talent retention during this period of sustained negative operating margins.
While SBC is a non-cash expense, its persistence suggests a structural reliance on equity-based compensation to preserve cash. Investors should interpret these adjustments as a necessary, albeit dilutive, mechanism that allows the company to maintain its R&D focus despite the absence of positive operating cash flow.
Quick answers to the most common questions about buying QURE stock.
uniQure N.V. (QURE) generated $-178.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
uniQure N.V. (QURE) reported negative free cash flow of $178.0M in 2025, indicating capital requirements exceeded cash from operations.
uniQure N.V. (QURE) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.