ProQR(PRQR) - 2024 Q2 - Quarterly Report

Financial Performance - Total revenue for Q2 2024 reached €6,305 thousand, a significant increase from €1,205 thousand in Q2 2023, representing a growth of 424%[6] - The operating result for Q2 2024 was a loss of €3,600 thousand, an improvement compared to a loss of €8,811 thousand in Q2 2023, reflecting a reduction in losses by 59%[6] - The total comprehensive income for the six months ended June 30, 2024, was a loss of €10,074 thousand, compared to a loss of €17,044 thousand in the same period of 2023, showing an improvement of 41%[6] - Basic loss per share for Q2 2024 was €(0.03), an improvement from €(0.10) in Q2 2023[6] - For the three months ended June 30, 2024, the net result was a loss of €2,692,000, an improvement from a loss of €7,977,000 in the same period last year, representing a 66.2% reduction in losses[8] Research and Development - Research and development costs for the six months ended June 30, 2024, were €16,331 thousand, up from €11,969 thousand in the same period of 2023, indicating a rise of 36%[6] - Research and development expenditures are reflected in the income statement, with development expenses currently not capitalized due to unmet criteria[22] - Research and development costs for the six-month period ended June 30, 2024, increased to €16,331,000, compared to €11,969,000 for the same period in 2023, reflecting increased outsourced activities and full-time employee equivalents[49] Assets and Liabilities - Total assets decreased to €118,051 thousand as of June 30, 2024, down from €137,883 thousand at the end of 2023, a decline of 14%[3] - Equity attributable to owners of the Company fell to €32,854 thousand at June 30, 2024, down from €41,390 thousand at December 31, 2023, a decrease of 21%[3] - Cash and cash equivalents decreased to €578,970 thousand as of June 30, 2024, from €118,925 thousand at December 31, 2023, indicating a significant reduction in liquidity[3] - Total current liabilities increased to €37,279 thousand as of June 30, 2024, compared to €34,203 thousand at the end of 2023, an increase of 6%[3] - Other current liabilities decreased to €5,675,000 as of June 30, 2024, from €8,509,000 as of December 31, 2023[28] Cash Flow - Cash used in operating activities for the six months ended June 30, 2024, was €22,747,000, compared to cash generated of €33,513,000 in the same period last year, indicating a significant cash outflow[8] - The cash and cash equivalents at the end of the period were €78,970,000, down from €118,925,000 at December 31, 2023, reflecting a decrease of 33.5%[23] - Interest received during the three months ended June 30, 2024, was €610,000, compared to €685,000 in the same period last year, showing a decrease of 10.9%[8] - The company reported a net cash used in investing activities of €267,000 for the three months ended June 30, 2024, compared to €294,000 in the same period last year[8] Income and Grants - The company recognized grant income of €366,000 for the six-month period ended June 30, 2024, compared to €76,000 in the same period of 2023[47] - During the six-month period ended June 30, 2024, the company reached milestones amounting to $4,500,000 (€4,196,000) under its collaboration agreement with Eli Lilly[46] Borrowings and Tax - The company’s total borrowings as of June 30, 2024, amount to €4,437,000, an increase from €4,292,000 as of December 31, 2023[29] - The current income tax liability amounts to € nil as of June 30, 2024, consistent with December 31, 2023[54] - The company has not recognized any deferred tax asset related to operating losses due to uncertainty in future earnings[54] - Tax losses can be carried forward indefinitely, but offset against taxable profit is limited to the first € 1 million, with only 50% of excess profit eligible for offset[54] Company Structure and Operations - The company operates in one reportable segment focused on the discovery and development of innovative RNA-based therapeutics[15] - Amylon Therapeutics B.V., an 80% subsidiary, had convertible loans with an average interest rate of 8% per annum[53] - In the six-month period ended June 30, 2024, the amount of convertible loans and accumulated interest waived was € nil, compared to € 509,000 for the same period in 2023[53] - Amylon was legally dissolved in the third quarter of 2023[53]