ProQR(PRQR) - 2025 Q3 - Quarterly Report

Financial Performance - Revenue for the three-month period ended September 30, 2025, was €2,882,000, a decrease of 25% compared to €3,843,000 in the same period of 2024[4]. - The net result for the nine-month period ended September 30, 2025, was a loss of €33,264,000, compared to a loss of €18,458,000 in 2024, reflecting an increase in losses of 80%[4]. - The total comprehensive income for the nine-month period ended September 30, 2025, was a loss of €34,340,000, compared to a loss of €18,559,000 in 2024, reflecting an increase in losses of 85%[4]. - Basic loss per share for the nine-month period ended September 30, 2025, was €0.32, compared to €0.23 in 2024, indicating a 39% increase in loss per share[4]. Operating Costs - Total operating costs for the nine-month period ended September 30, 2025, were €45,980,000, up 30% from €35,493,000 in 2024[4]. - Research and development costs for the nine-month period ended September 30, 2025, were €34,811,000, an increase of 35% from €25,745,000 in 2024[4]. - General and administrative costs for the nine-month period ended September 30, 2025, were €11,169,000, compared to €9,748,000 for the same period in 2024[62]. - The Company recognized €2,784,000 in share-based compensation expenses for the nine-month period ended September 30, 2025, up from €1,976,000 in the prior year[51]. Cash and Equivalents - Cash and cash equivalents at the end of the period on September 30, 2025, were €106,883,000, down 29% from €149,408,000 at the end of 2024[3]. - Cash used in operations for the nine-month period ended September 30, 2025, was €40,928,000, an increase of 41% from €29,046,000 in 2024[8]. - As of September 30, 2025, the company's cash and cash equivalents were €106,883,000, a decrease from €149,408,000 at December 31, 2024[32]. Equity and Liabilities - Total equity attributable to owners of the Company decreased to €57,071,000 as of September 30, 2025, down 36% from €88,560,000 at the end of 2024[3]. - Other current liabilities at September 30, 2025, amount to €8,550,000, slightly down from €8,849,000 at December 31, 2024[36]. - The company has total borrowings of €4,800,000 as of September 30, 2025, compared to €4,582,000 at December 31, 2024[37]. - The Company has a current income tax liability of €nil as of September 30, 2025, with no significant temporary differences between accounting and tax results[66]. Deferred Revenue and Income - The total deferred revenue balance related to the collaboration agreement with Eli Lilly amounts to €41,492,000 as of September 30, 2025, down from €50,930,000 at December 31, 2024[26]. - The company's total deferred income at September 30, 2025, is €41,519,000, compared to €51,371,000 at December 31, 2024[44]. Share Issuance and Financing - The Company completed a public offering of 18,000,000 ordinary shares at a price of $3.50 per share, generating gross proceeds of approximately $69,790,000 (€64,600,000) after a partial exercise of the underwriters' option[47]. - A concurrent private placement with Lilly resulted in the sale of 3,523,538 ordinary shares for total gross proceeds of approximately $12,300,000 (€11,400,000)[49]. - The company has not issued any shares under the ATM facility as of September 30, 2025, despite having a maximum aggregate offering price of $300,000,000 available[46]. Partnerships and Collaborations - The Company reached milestones amounting to $2,000,000 (€1,781,000) under the collaboration agreement with Lilly during the nine-month period ended September 30, 2025[56]. - The Company received an upfront payment of $60,000,000 (€56,412,000) from Lilly in February 2023 as part of an expanded collaboration agreement[55]. - The Company expanded its partnership with RSRT in December 2024, which includes an additional $8,150,000 in funding to support clinical trials[59]. Company Outlook - The company expects to continue as a going concern based on its existing funding and projected cash flows[16]. - The company operates in one reportable segment focused on the discovery and development of innovative RNA-based therapeutics[17]. - The company’s financial results are expected to vary significantly from period to period, with no particular seasonal factors affecting its ordinary activities[15].