PRQR 6-K
ProQR Therapeutics N.V. (PRQR)
PROQR THERAPEUTICS N.V.
Index to Unaudited Interim Condensed Consolidated Financial Statements
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Notes to Unaudited Interim Condensed Consolidated Financial Statements | 5 |
PROQR THERAPEUTICS N.V.
Unaudited Interim Condensed Consolidated Statement of Financial Position
June 30, | December 31, | |||
2026 | 2025 | |||
€1,000 | €1,000 | |||
Assets | | | ||
Property, plant and equipment | 7 | |||
Investments in financial assets | 17 | — | — | |
Non-current assets | ||||
Cash and cash equivalents | 5 | |||
Trade and other receivables | 6 | |||
Other taxes | ||||
Current assets | ||||
Total assets | ||||
Equity and liabilities | | | ||
Equity | | |||
Equity attributable to owners of the Company | ||||
Total equity | 12 | |||
Liabilities | ||||
Borrowings | 9 | — | — | |
Lease liabilities | 10 | |||
Deferred income | 11 | |||
Non-current liabilities | ||||
Borrowings | 9 | |||
Lease liabilities | 10 | |||
Derivative financial instruments | ||||
Trade payables | — | |||
Social securities and other taxes | — | |||
Deferred income | 11 | |||
Other current liabilities | 8 | |||
Current liabilities | ||||
Total liabilities | ||||
Total equity and liabilities |
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
PROQR THERAPEUTICS N.V.
Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
(€ in thousands, except share and per share data)
Three month period | Six month period | |||||||
ended June 30, |
| ended June 30, | ||||||
| | 2026 | 2025 |
| 2026 | 2025 | ||
€1,000 | €1,000 | €1,000 | €1,000 | |||||
Revenue | 13 | |||||||
Other income | 14 | — | — | |||||
Research and development costs | 15 | ( | ( | ( | ( | |||
General and administrative costs | 16 | ( | ( | ( | ( | |||
Total operating costs | ( | ( | ( | ( | ||||
| | | | |||||
Operating result | ( | ( | ( | ( | ||||
Finance income and expense | ||||||||
Results related to financial liabilities measured at fair value through profit or loss | ( | ( | ||||||
| | | | |||||
Result before corporate income taxes | ( | ( | ( | ( | ||||
Income taxes | 18 | ( | ( | ( | ( | |||
| | | | |||||
Result for the period | ( | ( | ( | ( | ||||
Other comprehensive income (foreign exchange differences on foreign operation) | ( | ( | ||||||
| | | | |||||
Total comprehensive income | ( | ( | ( | ( | ||||
Result attributable to | | | | | ||||
Owners of the Company | ( | ( | ( | ( | ||||
Total comprehensive income attributable to | ||||||||
Owners of the Company | ( | ( | ( | ( | ||||
| | | | |||||
Share information | | | | | ||||
Weighted average number of shares outstanding1 | ||||||||
Earnings per share attributable to owners of the Company (Euro per share) | ||||||||
Basic loss per share1 | ( | ( | ( | ( | ||||
Diluted loss per share1 | ( | ( | ( | ( | ||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
| 1. |
PROQR THERAPEUTICS N.V.
Unaudited Interim Condensed Consolidated Statement of Changes in Equity
Attributable to owners of the Company | ||||||||||||||
| Number | | Share | | Share | | Equity settled | | Translation | | Accumulated | | Total | |
| | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | |||||||
Balance at January 1, 2025 |
| ( | ||||||||||||
Result for the period |
| — | — | — | — | — | ( | ( | ||||||
Other comprehensive income |
| — | — | — | — | ( | — | ( | ||||||
Recognition of share-based payments |
| — | — | — | — | — | ||||||||
Treasury shares transferred | ( | — | — | — | — | — | — | |||||||
Share options lapsed | — | — | — | ( | — | — | ||||||||
Share options exercised / RSUs vested | — | ( | — | |||||||||||
Balance at June 30, 2025 |
| ( | ||||||||||||
Balance at January 1, 2026 |
| ( | ||||||||||||
Result for the period |
| — | — | — | — | — | ( | ( | ||||||
Other comprehensive income |
| — | — | — | — | | — | |||||||
Recognition of share-based payments |
| — | — | — | — | — | ||||||||
Issuance of ordinary shares | — | — | — | |||||||||||
Treasury shares transferred | ( | — | — | — | — | — | — | |||||||
Share options lapsed | — | — | — | ( | — | — | ||||||||
Share options exercised / RSUs vested | — | — | ( | — | — | |||||||||
| | |||||||||||||
Balance at June 30, 2026 |
| ( | ||||||||||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
PROQR THERAPEUTICS N.V.
Unaudited Interim Condensed Consolidated Statement of Cash Flows
Three month period | Six month period | |||||||
ended June 30, |
| ended June 30, | ||||||
| | 2026 | 2025 | 2026 | 2025 | |||
€1,000 | €1,000 | €1,000 | €1,000 | |||||
Cash flows from operating activities | | | | | ||||
Net result | ( | ( | ( | ( | ||||
Adjustments for: | ||||||||
— Other income | 14 | — | ( | — | ( | |||
— Depreciation | ||||||||
— Share-based compensation | 12 | |||||||
— Financial income and expenses | ( | ( | ( | ( | ||||
— Results related to financial liabilities measured at fair value through profit or loss | ( | ( | ||||||
— Income tax expenses | 18 | |||||||
Changes in working capital | ( | ( | ( | ( | ||||
Cash used in operations | ( | ( | ( | ( | ||||
| | | | |||||
Corporate income tax (paid)/received | ( | ( | ( | ( | ||||
Interest received | ||||||||
Interest paid | ( | ( | ( | ( | ||||
| | | | |||||
Net cash used in operating activities | ( | ( | ( | ( | ||||
| | | | |||||
Cash flow from investing activities | ||||||||
Purchases of property, plant and equipment | ( | ( | ( | ( | ||||
| | | | |||||
Net cash used in investing activities | ( | ( | ( | ( | ||||
| | | | |||||
Cash flows from financing activities | | | | | ||||
Proceeds from issuance of shares, net | 12 | — | — | |||||
Proceeds from exercise of share options | 12 | — | — | — | ||||
Repayment of lease liability | 10 | ( | ( | ( | ( | |||
| | | | |||||
Net cash generated by / (used in) financing activities | ( | ( | ||||||
| | | | |||||
Net increase / (decrease) in cash and cash equivalents | ( | ( | ||||||
| | | | |||||
Currency effect cash and cash equivalents | ( | ( | ||||||
Cash and cash equivalents, at beginning of the period | 5 | |||||||
| | | | |||||
Cash and cash equivalents at the end of the period | ||||||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
PROQR THERAPEUTICS N.V.
Notes to Unaudited Interim Condensed Consolidated Financial Statements
1. General Information
ProQR Therapeutics N.V., or “ProQR” or the “Company”, is a biotechnology company domiciled in the Netherlands that primarily focuses on the discovery and development of novel therapeutic medicines.
Since September 18, 2014, the Company’s ordinary shares have been listed on Nasdaq. They are currently trading at Nasdaq Capital Market under ticker symbol PRQR.
The Company was incorporated in the Netherlands, on February 21, 2012 (Chamber of Commerce no. 54600790) and was reorganized from a private company with limited liability to a public company with limited liability on September 23, 2014. The Company has its statutory seat in Leiden, the Netherlands. The address of its headquarters and registered office is Zernikedreef 9, 2333 CK Leiden, the Netherlands.
ProQR Therapeutics N.V. is the ultimate parent company of the following entities:
| ● | ProQR Therapeutics Holding B.V. ( |
| ● | ProQR Therapeutics I B.V. ( |
| ● | ProQR Therapeutics II B.V. ( |
| ● | ProQR Therapeutics III B.V. ( |
| ● | ProQR Therapeutics IV B.V. ( |
| ● | ProQR Therapeutics V B.V. ( |
| ● | ProQR Therapeutics VI B.V. ( |
| ● | ProQR Therapeutics VII B.V. ( |
| ● | ProQR Therapeutics VIII B.V. ( |
| ● | ProQR Therapeutics IX B.V. ( |
| ● | ProQR Therapeutics I Inc. ( |
ProQR Therapeutics N.V. is also statutory director of Stichting Bewaarneming Aandelen ProQR (“ESOP Foundation”) and has full control over this entity.
As used in these interim condensed consolidated financial statements, unless the context indicates otherwise, all references to “ProQR” or the “Company” refer to ProQR Therapeutics N.V. including its subsidiaries and the ESOP Foundation.
2. Significant Accounting Policies
These interim condensed consolidated financial statements for the three and six month period ended June 30, 2026, have been prepared in accordance with IAS 34 Interim Financial Statements. They should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2025. These interim condensed consolidated financial statements do not include all information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company’s financial position and performance since the last annual financial statements. In the opinion of management, all events and transactions that are significant to an understanding of the changes in financial position and performance of the Company since the end of the last annual reporting period are disclosed in these interim condensed consolidated financial statements. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those applied in the preparation of the Company’s annual financial statements for the year ended December 31, 2025.
The Company’s financial results have varied substantially, and are expected to continue to vary, from period to period. The Company believes that its ordinary activities are not linked to any particular seasonal factors.
The management of ProQR has, upon preparing and finalizing these interim condensed consolidated financial statements, assessed the Company’s ability to fund its operations for a period of at least one year after the date of signing these interim condensed consolidated financial statements. Management expects the Company to continue as a going concern based on its existing funding, taking into account the Company’s current cash position and the projected cash flows based on the activities under execution on the basis of ProQR’s business plan and budget. As further described in Note 12, additional funding was raised in June 2026 which management expects to provide sufficient resources to continue operating activities for at least twelve-months following the issuance of these interim condensed consolidated financial statement. As a result, we continue to adopt the going concern basis of accounting in preparing the interim condensed consolidated financial statements.
The carrying amount of all financial assets and financial liabilities is a reasonable approximation of the fair value and therefore, information about the fair values of each class has not been disclosed.
The Company operates in
3. Adoption of New and Revised International Financial Reporting Standards
New Standards and Interpretations, which became effective as of January 1, 2026, did not have a material impact on our interim condensed consolidated financial statements.
4. Critical Accounting Estimates and Judgements
In the application of the Company’s accounting policies, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
The significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those described in the Company’s annual financial statements for the year ended December 31, 2025.
(i) Revenue recognition for the Eli Lilly and Company research and collaboration agreement
a. Identification of the performance obligations
As further described in Note 13 the identification of the performance obligations for the Company’s original research and collaboration agreement with Eli Lilly and Company (“Lilly”), and the amended and restated research and collaboration agreement (collectively, the “Collaboration agreement”) involves significant judgement.
A key judgement was made in determining that the license granted to Lilly is not distinct from the associated research and development (“R&D”) services, due to the lack of stand-alone value of the license without the Company’s involvement and the significant interdependencies between the license and the R&D services to be provided by the Company. As a result, the license and the R&D services are accounted for together as a single combined performance obligation consisting of multiple activities that are not distinct.
b. Determining the timing of satisfaction of performance obligations
As further described in Note 13, before the handover of a compound to Lilly, the Company recognizes revenue over time, using an input method that estimates the satisfaction of the performance obligation as the percentage of labor hours incurred compared to the total estimated labor hours required to complete the promised services. As the Company’s estimate of the total labor hours required is dependent on the evolution of the research and development activities, it may be subject to change. If the progression and/or outcome of certain research and development activities would be different from the assumptions that were made during the preparation of these financial statements, this could lead to material adjustments to the total estimated labor hours, which might result in a reallocation of revenue between current and future periods. Our total deferred revenue balance related to this Lilly performance obligation amounts to €
c. Determining the transaction price
The Company applied judgement to determine whether the equity investments made by Lilly in ProQR are part of the transaction price for the Collaboration agreement. The Company concluded that the differences between the prices that Lilly paid for the shares and the ProQR stock closing prices on the days of entering into the equity investment agreements arose because of the Company’s existing obligations to deliver research and development services to Lilly under the terms of the Collaboration agreement. Therefore, the above differences between the closing share prices on the agreement effective dates and the equity investment prices paid by Lilly are considered to be part of the transaction price of the contract and are initially allocated to deferred revenue.
The contract also includes variable consideration, but no variable consideration was included in the initial transaction price at the inception, as it was not highly probable that a significant reversal in the amount of cumulative revenue recognized would not occur. The Company includes such variable consideration in the transaction price when the uncertainty associated with the variable consideration is resolved.
The Collaboration agreement includes variable consideration in the form of development milestones, commercial milestones, and sales-based royalties based on the level of sales. As further described in Note 13, during 2026, the Company achieved development milestones during the ProQR research program under the agreement, which were added to the transaction price and recognized partially as revenue during 2026 based on the status of completion (satisfied part) of the single combined performance obligation.
(ii) Research and development expenditures
Research expenditures are reflected in the income statement. Development expenses are currently also reflected in the income statement because the criteria for capitalization are not met. Research and development costs are recognized as an expense when incurred and are typically made up of clinical and preclinical activities including costs for contract research organizations and clinical investigative sites.
Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as information provided by vendors on their actual costs incurred. At each balance sheet date, the Company estimates the level of service performed by the vendors and the associated costs incurred for the services performed.
Although the Company does not expect the estimates to be materially different from amounts actually incurred, the understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in reporting amounts that are too high or too low in any particular period.
5. Cash and Cash Equivalents
At June 30, 2026, the Company’s cash and cash equivalents were €
6. Trade and Other Receivables
June 30, | December 31, | |||
2026 | 2025 | |||
€1,000 | €1,000 | |||
Collaboration receivables | | |||
Prepayments | | |||
Accrued income from Rett Syndrome Research Trust | ||||
Other receivables | ||||
Total |
All receivables are considered short-term and due within one year. At June 30, 2026 and December 31, 2025 collaboration receivables consisted of amounts receivable from Lilly. At June 30, 2026 and December 31, 2025 prepayments consisted principally of payments made by the Company for services not yet provided by vendors. As at June 30, 2026 and December 31, 2025 the accrued grant income relating to Rett Syndrome Research Trust (“RSRT”) includes the initial fair value of the warrants issued to RSRT that was accounted for as a reduction of the transaction price. The RSRT agreement is described in Note 14. Other Income. At June 30, 2026 and December 31, 2025 other receivables consisted principally of accrued grant income and deposits.
7. Property, Plant and Equipment
At June 30, 2026 and December 31, 2025, property plant and equipment consisted of buildings and leasehold improvements, laboratory equipment and other assets. Buildings and leasehold improvements include a right-of-use asset relating to the lease of our Leiden office and laboratory space, with a carrying amount of €
8. Other Current Liabilities
At June 30, 2026 other current liabilities amount to €
9. Borrowings
| June 30, | December 31, | ||
| 2026 | 2025 | ||
€1,000 | €1,000 | |||
Innovation credit | ||||
Accrued interest on innovation credit | ||||
Total | ||||
Current portion | ||||
Total non-current borrowings | — | — |
In December 2018, ProQR was awarded an Innovation credit for the sepofarsen program. Amounts were drawn under this facility from 2018 through 2022. The credit of €
In December 2023, ProQR received a waiver to postpone repayment for the remaining balance of the Innovation credit including accrued interest. As a result, the repayment of the total loan of €
In September 2022, ProQR extinguished its debt with Pontifax and Kreos by repaying all outstanding principal amounts. However, the Pontifax’ and Kreos’ warrants, classified as derivative financial instruments on the balance sheet, remain in place until their
10. Lease Liabilities
At June 30, 2026 and December 31, 2025, lease liabilities primarily consisted of the Company’s lease of office and laboratory facilities at Zernikedreef in Leiden, the Netherlands.
The Company leases office and laboratory facilities of
The initial lease agreement for the Leiden office and laboratory facilities was accounted for as of commencement date July 1, 2020. This period was extended by
The carrying amount of the right-of-use asset is disclosed in Note 7.
11. Deferred Income
The following table summarizes details of deferred income at June 30, 2026 and December 31, 2025. The nature of the deferred income is described in Note 13 and 14.
June 30, | December 31, | |||
2026 | 2025 | |||
€1,000 | €1,000 | |||
Payments from Eli Lilly and Company | ||||
Payments from Rett Syndrome Research Trust | — | — | ||
Current portion | ||||
Payments from Eli Lilly and Company | ||||
Non-current portion | ||||
Total |
12. Shareholders’ Equity
The authorized share capital of the Company amounting to €
In September 2024, the Company filed a shelf registration statement on Form F-3, which permitted: (a) the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $
In October 2024, the Company consummated an underwritten public offering of
Concurrently with the 2024 Offering, the Company entered into a share purchase agreement with Lilly in a separately negotiated transaction (the “concurrent private placement”), pursuant to which the Company agreed to offer and sell, and Lilly agreed to purchase,
In April 2026, the Company entered into agreement with Ginkgo Bioworks (“Ginkgo”) under which Ginkgo will provide services to support the Company’s AI-enabled research and development activities. In connection with this arrangement, the Company agreed to issue
In June 2026, the Company consummated an underwritten registered direct offering of
Concurrently with the 2026 offering, the Company entered into a share purchase agreement with Lilly in a separately negotiated transaction pursuant to which the Company agreed to offer and sell, and Lilly agreed to purchase
Translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.
Share options
The Company operates an equity-settled share-based compensation plan, which was introduced in 2013. Options and Restricted Stock Units (“RSUs”) may be granted to employees, members of the Board and consultants. The compensation expenses included in operating costs for this plan in the six month period ended June 30, 2026 were €
13. Revenue
Eli Lilly and Company collaboration
In September 2021, the Company entered into a global licensing and research collaboration with Lilly focused on the discovery, development, and commercialization of potential new medicines for genetic disorders in the liver and nervous system. ProQR and Lilly will use ProQR’s proprietary Axiomer™ RNA editing platform to progress new drug targets toward clinical development and commercialization.
Under the terms of the agreement, ProQR received an upfront payment and equity consideration, and is eligible to receive milestone payments and royalties on the net sales of any resulting products. In September 2021, the Company issued
In December 2022, the Company and Lilly amended their research and collaboration agreement described above, which expanded the collaboration. Under the amended and restated research and collaboration agreement, Lilly will gain access to additional targets in the central nervous system and peripheral nervous system with ProQR’s Axiomer platform.
As described under Note 12, pursuant to the amended and restated agreement, the Company issued
With regard to the original and amended and restated research and collaboration agreements with Lilly, the Company concluded as follows:
| ● | The amended and restated research and collaboration agreement is accounted for as a separate contract under IFRS 15 given the group of promises to be delivered are distinct and are priced commensurate with stand-alone selling prices. |
| ● | For each of the agreements, the company identified |
| ● | The transaction price of the agreement includes fixed components, consisting of an up-front fee and an equity component (premium or discount). The agreement also contains variable parts, notably milestones, which are included in the transaction price to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Development milestone payments to be reached during the ProQR research program will only be included to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestones is subsequently resolved. Sales-based milestones and sales-based royalties will be included as the underlying sales occur. |
| ● | Initially, the Company recognizes revenue over time, using an input method that estimates the satisfaction of the performance obligation as the percentage of labor hours incurred compared to the total estimated labor hours required to complete the promised services. |
After the handover of a compound to Lilly:
| ● | The variable consideration for development milestones to be reached during the Lilly R&D activities is linked to a separable right to use the license which comes into existence for each successful compound transferred to Lilly. This license is a separate performance obligation and revenue will be recognized at a point in time when the development milestone for a license is achieved and the variable constraint is resolved. |
| ● | The variable consideration for commercial milestones is linked to a separable right to use the license which comes into existence for each successful compound transferred to Lilly. This license is a separate performance obligation and will be recognized at a point in time when the commercial milestone for a license is achieved and the variable constraint is resolved. |
| ● | For sales-based royalties, the license is the predominant item to which the royalty relates. The sales-based royalties will be recognized after the handover of the compound to Lilly (after completion of the initial performance obligation) and once the respective sale level occurs. |
During the six month period ended June 30, 2026 the Company did
14. Other Income
Six month period | ||||
ended June 30, | ||||
| | 2026 | 2025 | |
€1,000 | €1,000 | |||
Grant income | — | |||
Total | — | |||
In January, 2024, the Company entered into an agreement with the RSRT that focuses on the design and development of editing oligonucleotides using the Company’s Axiomer technology platform targeting the transcription factor Methyl CpG binding protein 2 and correcting mutations of interest. Under the agreement, RSRT awarded the Company up to €
In December 2024, the Company expanded partnership with RSRT to include an additional $
Grants are recognized in other income in the same period in which the related R&D costs are recognized.
15. Research and Development Costs
Research and development costs amount to €
16. General and Administrative Costs
General and administrative costs amount to €
17. Investments in Financial Assets
Investment in financial assets consist of the Company’s investment in Kamal Therapeutics Inc. (“Kamal”) and Yarrow Biotechnology Inc. (“Yarrow”).
ProQR holds a
ProQR holds a
18. Income Taxes
The current income tax liability amounts to €
From January 1, 2022, tax losses in the Netherlands may be carried forward indefinitely. However, the offset of losses will be limited in a given year against the first € 1 million of taxable profit. For taxable profit in excess of this amount, losses may only be offset up to 50% of this excess. In addition, unused non-deductible interest expenses may be carried forward indefinitely. However, the offset will be limited in a given year against the higher of 20% of adjusted taxable profit or € 1.0 million of interest income.
19. Related-Party Transactions
The Company does not have any transactions with related parties other than compensation to its Board members.
20. Events After Balance Sheet Date
None.