ProQR(PRQR)2024-11-07 12:02Revenue and Income - Total revenue for the three months ended September 30, 2024, was €3,843 million, a significant increase from €1,370 million in the same period of 2023, representing a growth of 180%[10] - The company’s total revenue from grant income for the nine-month period ended September 30, 2024, was €504,000, significantly higher than €76,000 for the same period in 2023, marking an increase of over 563%[89] Expenses and Costs - Research and development costs for the nine months ended September 30, 2024, were €25,745 million, compared to €17,415 million for the same period in 2023, reflecting an increase of 48%[10] - General and administrative costs decreased to €9,748,000 for the nine-month period ended September 30, 2024, down from €11,486,000 in the same period of 2023[17] - The company’s share-based compensation expenses for the nine-month period ended September 30, 2024, were €1,976,000, down from €2,304,000 for the same period in 2023, reflecting a decrease of approximately 14%[73] Financial Position - Total assets decreased to €106,851 million as of September 30, 2024, down from €137,883 million at the end of 2023, a decline of 22.5%[6] - Total equity attributable to owners of the Company was €24,982 million as of September 30, 2024, down from €41,390 million at the end of 2023, a decrease of 39.5%[6] - Total liabilities decreased to €81,869 million as of September 30, 2024, down from €96,493 million at the end of 2023, a decline of 15.1%[6] - Cash and cash equivalents decreased to €89,401 million as of September 30, 2024, from €118,925 million at the end of 2023, a reduction of 25%[6] Losses and Earnings - The operating result for the three months ended September 30, 2024, was a loss of €8,716 million, compared to a loss of €7,391 million in the same period of 2023[10] - The company reported a total comprehensive loss of €18,559 million for the nine months ended September 30, 2024, compared to a loss of €22,799 million in the same period of 2023, indicating a reduction in losses of 18.8%[10] - Basic loss per share for the nine months ended September 30, 2024, was €0.23, an improvement from €0.28 in the same period of 2023[10] - For the three months ended September 30, 2024, the net result was a loss of €8,108,000 compared to a loss of €5,420,000 for the same period in 2023[17] Cash Flow and Activities - Cash used in operating activities for the nine months ended September 30, 2024, was €29,046,000, a significant decrease from cash generated of €25,120,000 in the same period of 2023[17] - The company reported a net cash generated by investing activities of €16,714,000 for the three months ended September 30, 2024, compared to a cash used of €339,000 in the same period of 2023[17] - The company recognized interest received of €860,000 for the three months ended September 30, 2024, compared to €802,000 in the same period of 2023[17] Deferred Revenue and Payments - The total deferred revenue balance as of September 30, 2024, was €55,588,000, with €55,236,000 related to the Eli Lilly performance obligation[39] - During the nine-month period ended September 30, 2024, the company recognized milestone payments of 60,000,000 (€56,412,000) in February 2023 under the amended collaboration agreement with Eli Lilly, which was recognized under deferred income[82] Investments and Financial Assets - The company has invested in financial assets with an original maturity of longer than three months but shorter than twelve months during the nine-month period ended September 30, 2024[27] - ProQR holds a 3.9% interest in Phoenicis Therapeutics Inc., which discontinued operations in Q3 2024, resulting in a fair value loss recognized in other comprehensive income[96] - ProQR holds a 5.1% interest in Yarrow Biotechnology Inc., with the fair value of this financial asset remaining at €nil as of September 30, 2024[97] Other Financial Metrics - The carrying amount of the right-of-use asset related to the lease of the Leiden office and laboratory space was €11,873,000 as of September 30, 2024, down from €14,524,000 as of December 31, 2023, a decrease of about 18%[55] - Other current liabilities decreased to €7,439,000 as of September 30, 2024, from €8,509,000 as of December 31, 2023, indicating a reduction of approximately 13%[56] - The income tax benefit for the nine-month period ended September 30, 2024, amounted to €197,000, an increase from €83,000 in the same period of 2023, consisting of refunds received for prior years[103] Company Outlook - The company expects to continue as a going concern based on its existing funding and projected cash flows[29] - No significant temporary differences exist between accounting and tax results, and the current income tax liability is €nil as of September 30, 2024[102] - The amount of convertible loans waived under agreements with Amylon in the nine-month period ended September 30, 2024, is €nil, compared to €1,866,000 in the same period of 2023[100] - Amylon Therapeutics B.V. was legally dissolved in Q3 2023, impacting the company's financial liabilities[101]