ProQR (Nasdaq: PRQR) Q1 2026 results, Axiomer pipeline and cash runway

Rhea-AI Filing Summary

ProQR Therapeutics reported first quarter 2026 results showing continued investment in its RNA editing pipeline and a larger loss. Revenue was €2.0 million, down from €4.5 million a year earlier, mainly from its collaboration with Eli Lilly. The company recorded a net loss of €13.4 million, or €0.13 per share, versus €10.1 million, or €0.10 per share, in 2025, driven by R&D of €11.8 million and G&A of €3.9 million.

Cash and cash equivalents were €81.1 million at March 31, 2026, compared with €92.4 million at year-end 2025, with net cash used in operating activities of €11.1 million. Management states this cash provides funding into at least the twelve months following issuance and, in forward-looking commentary, indicates a runway into mid 2027. Operationally, ProQR is advancing its Axiomer RNA editing platform, with lead program AX‑0810 on track for target engagement data in healthy volunteers in the second quarter of 2026 and an investigator-initiated biliary atresia trial in China planned ahead of Phase 2 development.

Insights

Biotech equity analyst

Q1 2026 shows higher losses but solid cash and advancing RNA editing pipeline.

ProQR generated Q1 2026 revenue of €2.033 million, about half the prior-year level, reflecting collaboration accounting rather than product sales. Net loss widened to €13.383 million as the company continued funding its Axiomer RNA editing programs, notably AX‑0810 for cholestatic diseases.

Operating cash outflow improved to €11.145 million versus €15.798 million a year earlier, and cash stood at €81.088 million at March 31, 2026. Deferred income of €36.914 million from Eli Lilly underpins future collaboration revenue. Management states this supports operations for at least twelve months, with forward-looking commentary indicating a runway into mid 2027.

Pipeline progress is a key driver: AX‑0810 remains on track for target engagement data in Q2 2026, with a pediatric biliary atresia investigator-initiated trial in China aimed at an initial data readout in H1 2027. Additional Axiomer-based programs, such as AX‑0811, AX‑0422 and AX‑2911, are moving toward first-in-human studies. Actual value will depend on clinical data quality and the company’s ability to execute planned trials and sustain collaborations.

Key Figures

Revenue: €2.033M Net loss: €13.383M Cash and cash equivalents: €81.088M +5 more

8 metrics

Revenue €2.033M Three-month period ended March 31, 2026

Net loss €13.383M Three-month period ended March 31, 2026

Cash and cash equivalents €81.088M As of March 31, 2026

Net cash used in operating activities €11.145M Three-month period ended March 31, 2026

R&D expenses €11.830M Three-month period ended March 31, 2026

Deferred income from Eli Lilly €36.914M Current and non-current deferred income at March 31, 2026

Basic loss per share €0.13 Three-month period ended March 31, 2026

Weighted average shares outstanding 105,362,228 shares Three-month period ended March 31, 2026

Key Terms

Axiomer RNA editing platform, investigator-initiated trial, deferred income, going concern, +2 more

6 terms

Axiomer RNA editing platform medical

"ProQR continues to enhance its Axiomer platform through the integration of AI-enabled discovery"

investigator-initiated trial medical

"ProQR plans to conduct an investigator-initiated trial in pediatric participants with BA in China"

A clinical study led and managed by an independent researcher or physician rather than the company that makes the drug or device; the investigator designs the protocol, runs the study at their site(s), and often controls the data even if the company supplies the product or funding. For investors, these trials can produce important third‑party validation or new uses for a product — like an independent test drive revealing strengths or limits — and their outcomes can change a product’s commercial and regulatory prospects.

deferred income financial

"The following table summarizes details of deferred income at March 31, 2026"

Deferred income is money a company has received but has not yet earned because it still must deliver goods or services; accounting treats it as an obligation rather than current profit. Think of it like a prepaid gift card: the cash is in hand today, but the company still owes the holder a product or service later. Investors watch deferred income because it affects reported revenue, shows future revenue visibility, and can signal timing of earnings and cash flow strength.

going concern financial

"Management expects the Company to continue as a going concern based on its existing funding"

A going concern is a business that is expected to continue its operations and meet its obligations for the foreseeable future, rather than shutting down or selling off assets. This assumption matters to investors because it indicates stability and ongoing profitability, making the business a more reliable investment. Think of it as believing a restaurant will stay open and serve customers, rather than closing down suddenly.

at-the-market offerings financial

"ordinary shares that may be issued and sold under a sales agreement in one or more at-the-market offerings"

An at-the-market offering is a method for a company to sell new shares of its stock directly into the stock market over time, rather than all at once. This approach allows the company to raise money gradually, similar to selling small portions of a product as demand grows. For investors, it can influence stock availability and price, making it an important factor to consider when assessing a company's financial strategy.

Innovation credit financial

"In December 2018, ProQR was awarded an Innovation credit for the sepofarsen program"

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Form 6-K: How Foreign Companies Report to the SEC →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

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Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

​

May 12, 2026

Commission File Number: 001-36622

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PROQR THERAPEUTICS N.V.

​

Zernikedreef 9

2333 CK Leiden

The Netherlands

Tel: +31 88 166 7000

(Address, Including ZIP Code, and Telephone Number,

Including Area Code, of Registrant’s Principal Executive Offices)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

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Form 20-F  ⌧  Form 40-F  ◻

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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ◻

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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ◻

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​

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Furnished as Exhibit 99.1 to this Report on Form 6-K are the unaudited financial statements of ProQR Therapeutics N.V. (the “Company”) for the three-month period ended March 31, 2026, and furnished as Exhibit 99.2 to this Report on Form 6-K is a press release of ProQR Therapeutics N.V. dated May 12, 2026, announcing the Company’s results for the three-month period ended March 31, 2026. 

​

On May 12, 2026, the Company issued a press release titled, “ProQR Announces First Quarter 2026 Operating and Financial Results,” announcing the Company’s results for the three-month period ended March 31, 2026, and providing a business update. A copy of this press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

​

ProQR hereby incorporates by reference the information contained herein into ProQR’s registration statements on Form F-3 (File No. 333-282419, File No. 333-270943, File No. 333-263166 and File No. 333-285767).

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INDEX TO EXHIBITS

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Number	​	Description
	​
99.1	​	Unaudited financial statements of ProQR Therapeutics N.V. for the three-month period ended March 31, 2026.
​	​	​
99.2	​	Press Release of ProQR Therapeutics N.V. dated May 12, 2026, announcing the Company’s results for the three-month period ended March 31, 2026.

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SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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​	​	​
​	PROQR THERAPEUTICS N.V.
​	​	​
​	​	​
Date: May 12, 2026	By:	/s/ Dennis Hom
​	​	Dennis Hom
​	​	Chief Financial Officer

​

​

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Table of Contents

Exhibit 99.1

​

PROQR THERAPEUTICS N.V.
Index to Unaudited Condensed Consolidated Financial Statements

​	​
	PAGE
Unaudited Condensed Consolidated Statement of Financial Position at March 31, 2026 and December 31, 2025	1
Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Three Month Period ended March 31, 2026 and 2025	2
Unaudited Condensed Consolidated Statement of Changes in Equity for the Three Month Period Ended March 31, 2026 and 2025	3
Unaudited Condensed Consolidated Statement of Cash Flows for the Three Month Period ended March 31, 2026 and 2025	4
Notes to Unaudited Condensed Consolidated Financial Statements	5

​

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Table of Contents

PAGE 1

Unaudited Condensed Consolidated Financial Statements

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​

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Financial Position

​	​	​	​	​	​
​	​	​	March 31,	​	December 31,
​	​	​	2026	​	2025
​	​	​	€1,000	​	€1,000
Assets	​	​	​	​	​
Property, plant and equipment	7	​	12,052	​	12,630
Investments in financial assets	17	​	—	​	—
Non-current assets	​	​	12,052	​	12,630
​	​	​	​	​	​
Cash and cash equivalents	5	​	81,088	​	92,413
Trade and other receivables	6	​	4,404	​	6,800
Other taxes	​	​	1,490	​	913
Current assets	​	​	86,982	​	100,126
Total assets	​	​	99,034	​	112,756
​	​	​	​	​	​
Equity and liabilities	​	​	​	​	​
Equity	​	​	​	​	​
Equity attributable to owners of the Company	​	​	37,598	​	49,374
Total equity	12	​	37,598	​	49,374
​	​	​	​	​	​
Liabilities	​	​	​	​	​
Borrowings	9	​	—	​	—
Lease liabilities	10	​	9,071	​	9,547
Deferred income	11	​	17,307	​	21,394
Non-current liabilities	​	​	26,378	​	30,941
​	​	​	​	​	​
Borrowings	9	​	4,945	​	4,872
Lease liabilities	10	​	1,717	​	1,545
Derivative financial instruments	​	​	179	​	234
Trade payables	​	​	189	​	298
Deferred income	11	​	19,607	​	17,552
Other current liabilities	8	​	8,421	​	7,940
Current liabilities	​	​	35,058	​	32,441
Total liabilities	​	​	61,436	​	63,382
​	​	​	​	​	​
Total equity and liabilities	​	​	99,034	​	112,756

​

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

​

​

Table of Contents

PAGE 2

Unaudited Condensed Consolidated Financial Statements

​

​

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

(€ in thousands, except share and per share data)

​	​	​	​	​	​
​	​	​	Three month period
​	​	​	ended March 31,
​	​	​	2026	​	2025
​	​	​	€1,000	​	€1,000
Revenue	13	​	2,033	​	4,519
​	​	​	​	​	​
Other income	14	​	—	​	222
​	​	​	​	​	​
Research and development costs	15	​	(11,830)	​	(12,323)
General and administrative costs	16	​	(3,852)	​	(3,234)
Total operating costs	​	​	(15,682)	​	(15,557)
​	​	​	​	​	​
Operating result	​	​	(13,649)	​	(10,816)
Financial income and expense	​	​	212	​	455
Results related to financial liabilities measured at fair value through profit or loss	​	​	54	​	282
​	​	​	​	​	​
Result before corporate income taxes	​	​	(13,383)	​	(10,079)
Income taxes	18	​	—	​	—
​	​	​	​	​	​
Result for the period	​	​	(13,383)	​	(10,079)
Other comprehensive income (foreign exchange differences on foreign operation)	​	​	179	​	(371)
​	​	​	​	​	​
Total comprehensive loss	​	​	(13,204)	​	(10,450)
​	​	​	​	​	​
Result attributable to	​	​	​	​	​
Owners of the Company	​	​	(13,383)	​	(10,079)
​	​	​	​	​	​
Total comprehensive loss attributable to	​	​	​	​	​
Owners of the Company	​	​	(13,204)	​	(10,450)
​	​	​	​	​	​
Share information	​	​	​	​	​
Weighted average number of shares outstanding1	​	​	105,362,228	​	105,296,833
​	​	​	​	​	​
Earnings per share attributable to owners of the Company (Euro per share)	​	​	​	​	​
Basic loss per share1	​	​	(0.13)	​	(0.10)
Diluted loss per share1	​	​	(0.13)	​	(0.10)

​

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

1. For these periods the potential exercise of share options is not included in the diluted earnings per share as the Company was loss-making. Due to the anti-dilutive nature of the outstanding options, basic and diluted earnings per share are equal.

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Table of Contents

PAGE 3

Unaudited Condensed Consolidated Financial Statements

​

​

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Changes in Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributable to owners of the Company

​

​

​

Number of shares

​

Share Capital

​

Share Premium

​

Equity settled Employee Benefit Reserve

​

Translation Reserve

​

Accumulated Deficit

​

Total Equity

​

​

​

€1,000

​

€1,000

​

€1,000

​

€1,000

​

€1,000

​

€1,000

Balance at January 1, 2025

107,710,916

​

4,308

​

483,812

​

26,248

​

1,350

​

(427,158)

​

88,560

Result for the period

—

​

—

​

—

​

—

​

—

​

(10,079)

​

(10,079)

Other comprehensive income

—

​

—

​

—

​

—

​

(371)

​

—

​

(371)

Recognition of share-based payments

—

​

—

​

—

​

758

​

—

​

—

​

758

Treasury shares transferred

​

(130,436)

​

—

​

—

​

—

​

—

​

—

​

—

Share options lapsed

​

—

​

—

​

—

​

(826)

​

—

​

826

​

—

Share options exercised / RSUs vested

​

130,436

​

—

​

67

​

(180)

​

—

​

180

​

67

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at March 31, 2025

107,710,916

​

4,308

​

483,879

​

26,000

​

979

​

(436,231)

​

78,935

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at January 1, 2026

107,710,916

​

4,308

​

483,881

​

28,426

​

265

​

(467,506)

​

49,374

Result for the period

—

​

—

​

—

​

—

​

—

​

(13,383)

​

(13,383)

Other comprehensive income

—

​

—

​

—

​

—

​

179

​

—

​

179

Recognition of share-based payments

—

​

—

​

—

​

1,428

​

—

​

—

​

1,428

Treasury shares transferred

​

(1,091)

​

—

​

—

​

—

​

—

​

—

​

—

Share options lapsed

​

—

​

—

​

—

​

(1,994)

​

—

​

1,994

​

—

Share options exercised / RSUs vested

​

1,091

​

—

​

—

​

(1)

​

—

​

1

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at March 31, 2026

107,710,916

​

4,308

​

483,881

​

27,859

​

444

​

(478,894)

​

37,598

​

​

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

​

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Table of Contents

PAGE 4

Unaudited Condensed Consolidated Financial Statements

​

​

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Cash Flows

​	​	​	​	​	​
​	​	​	Three month period
​	​	​	ended March 31,
​	​	​	2026	​	2025
​	​	​	€1,000	​	€1,000
Cash flows from operating activities	​	​	​	​	​
Net result	​	​	(13,383)	​	(10,079)
Adjustments for:	​	​	​	​	​
— Other income	14	​	—	​	(222)
— Depreciation	​	​	694	​	678
— Share-based compensation	12	​	1,428	​	758
— Financial income and expenses	​	​	(259)	​	(508)
— Results related to financial liabilities measured at fair value through profit or loss	​	​	(54)	​	(282)
— Income tax expenses	18	​	—	​	—
​	​	​	​	​	​
Changes in working capital	​	​	109	​	(6,721)
Cash used in operations	​	​	(11,465)	​	(16,376)
​	​	​	​	​	​
Corporate income tax paid	​	​	—	​	—
Interest received	​	​	367	​	788
Interest paid	​	​	(47)	​	(210)
​	​	​	​	​	​
Net cash used in operating activities	​	​	(11,145)	​	(15,798)
​	​	​	​	​	​
Cash flow from investing activities	​	​	​	​	​
Purchases of property, plant and equipment	​	​	(164)	​	(224)
​	​	​	​	​	​
Net cash used in investing activities	​	​	(164)	​	(224)
​	​	​	​	​	​
Cash flow from financing activities	​	​	​	​	​
Proceeds from exercise of share options	12	​	—	​	67
Repayment of lease liability	10	​	(304)	​	(567)
​	​	​	​	​	​
Net cash used in financing activities	​	​	(304)	​	(500)
​	​	​	​	​	​
Net decrease in cash and cash equivalents	​	​	(11,613)	​	(16,522)
​	​	​	​	​	​
Currency effect cash and cash equivalents	​	​	288	​	(472)
Cash and cash equivalents at beginning of the period	5	​	92,413	​	149,408
​	​	​	​	​	​
Cash and cash equivalents at the end of the period			81,088	​	132,414

​

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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PROQR THERAPEUTICS N.V.
Notes to Unaudited 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. (100%);

● ProQR Therapeutics I B.V. (100%);

● ProQR Therapeutics II B.V. (100%);

● ProQR Therapeutics III B.V. (100%);

● ProQR Therapeutics IV B.V. (100%);

● ProQR Therapeutics V B.V. (100%);

● ProQR Therapeutics VI B.V. (100%);

● ProQR Therapeutics VII B.V. (100%);

● ProQR Therapeutics VIII B.V. (100%);

● ProQR Therapeutics IX B.V. (100%);

● ProQR Therapeutics I Inc. (100%)

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 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.

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2. Significant Accounting Policies

These interim condensed consolidated financial statements for the three month period ended March 31, 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. The uncertainties and assumptions used are disclosed in Note 4. 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 one reportable segment, which comprises the discovery and development of innovative, RNA based therapeutics.

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 condensed consolidated financial statements.

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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 € 36,914,000 at March 31, 2026 (December 31, 2025: € 38,946,000).

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.

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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.

(iii) Going concern

The preparation of the interim condensed consolidated financial statements on a going concern basis requires management to make significant judgements about the Company’s ability to continue as a going concern. In making this judgement, management has prepared cash flow forecasts covering a period of at least twelve months from the date of issuance of these financial statements. These forecasts are based on assumptions regarding the timing and progress of the Company’s research and development activities and related expenditures. Changes in these assumptions could have a material impact on the Company’s ability to continue as a going concern.

Additionally, the Company’s current cash position is sensitive to potential delays in clinical trials and increases in development costs, which could affect the timing of cash outflows. While the Company has historically been able to raise additional funding, its ability to do so remains subject to market conditions. As at March 31, 2026, the Company had cash and cash equivalents of €81.1 million, which provides sufficient resources to continue operating activities for at least the twelve-month period following the issuance of these condensed consolidated financial statements. Based on the assessment performed, management has concluded that the use of the going concern basis of accounting is appropriate.

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5. Cash and Cash Equivalents

At March 31, 2026, the Company’s cash and cash equivalents were € 81,088,000 compared to € 92,413,000 at December 31, 2025. The cash balances are held at banks with investment grade credit ratings. Short-term credit ratings must be rated A-1/P-1/F1 at a minimum by at least one of the Nationally Recognized Statistical Rating Organizations (“NRSROs”) specifically Moody’s, Standard & Poor’s or Fitch. The cash at banks is at full disposal of the Company. Included in cash and cash equivalents are deposits fixed for at most 3-month periods at a time and money market funds which are invested in short-term government backed instruments with maturities up to three months at inception and are readily convertible to cash.

6. Trade and Other Receivables

​

​	​	​	​	​
​	​	March 31,	​	December 31,
​	​	2026	​	2025
​	​	€1,000	​	€1,000
Collaboration receivables	​	406	​	3,358
Prepayments	​	3,178	​	2,627
Accrued income from Rett Syndrome Research Trust	​	502	​	502
Other receivables	​	318	​	313
Total	​	4,404	​	6,800

​

All receivables are considered short-term and due within one year. At March 31, 2026 and December 31, 2025 collaboration receivables consisted of amounts receivable from Lilly. At March 31, 2026 and December 31, 2025 prepayments consisted principally of payments made by the Company for services not yet provided by vendors. At March 31, 2026 and December 31, 2025 other receivables consisted principally of accrued grant income and deposits. As at March 31, 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.

7. Property, Plant and Equipment

At March 31, 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 € 9,540,000 at March 31, 2026 (December 31, 2025: € 9,994,000).

8. Other Current Liabilities

At March 31, 2026 other current liabilities amount to € 8,421,000 (December 31, 2025: € 7,940,000). At March 31, 2026 and December 31, 2025, other current liabilities consisted principally of accruals for services provided by vendors not yet billed, payroll related accruals and other miscellaneous liabilities.

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9. Borrowings

​

​	​	​	​	​
​	​	March 31,	​	December 31,
​	​ ​ ​	2026	​	2025
​	​	€1,000	​	€1,000
Innovation credit	​	2,899	​	2,899
Accrued interest on innovation credit	​	2,046	​	1,973
​	​	​	​	​
Total	​	4,945	​	4,872
Current portion	​	4,945	​	4,872
Total non-current portion	​	—	​	—

​

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 € 3,907,000 was used to conduct the Phase 2/3 clinical study and efforts to obtain regulatory and ethical market approval (New Drug Applications / Marketing Authorization Applications) of sepofarsen for LCA10. In the fourth quarter of 2023, ProQR made a partial repayment of the principal, amounting to € 1,008,000. The remaining amount payable of € 2,899,000 is recognized under current borrowings as at March 31, 2026 and December 31, 2025.

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 € 4,292,000, including accrued interest, could be waived if conditions are met, subject to annual review. In December 2025, the waiver for the principal and interest was again extended until December 31, 2026.

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 five-year economic life expires in 2025 and 2026. These warrants are accounted for as embedded derivatives and were recognized separately from the host contract as derivative financial liabilities at fair value through profit or loss. The warrants as part of the original loan agreement expired during 2025 and were derecognized. The warrants as part of the subsequent loan agreement remain in place until the economic life expires in December 2026.

10. Lease Liabilities

At March 31, 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 4,818 square meters at Zernikedreef in Leiden, the Netherlands, where our headquarters and our laboratories are located. The current lease agreement for these facilities terminates on June 30, 2031. The lease agreement contains no significant dismantling requirements.

The initial 10-year lease agreement for the Leiden office and laboratory facilities was accounted for as of commencement date July 1, 2020. This 10-year period was extended by 1 year to an 11-year period in December 2020. The lease contract may be extended for subsequent 5-year periods. As the Company is not reasonably certain to exercise these extension options, these are not included in the lease term.

The carrying amount of the right-of-use asset is disclosed in Note 7.

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11. Deferred Income

The following table summarizes details of deferred income at March 31, 2026 and December 31, 2025. The nature of the deferred income is described in Note 13 and 14.

​

​	​	​	​	​
​	​	March 31,	​	December 31,
​	​	2026	​	2025
​	​	€1,000	​	€1,000
​	​	​	​	​
Payments from Eli Lilly and Company	​	19,607	​	17,552
Payments from Rett Syndrome Research Trust	​	—	​	—
Current portion	​	19,607	​	17,552
​	​	​	​	​
Payments from Eli Lilly and Company	​	17,307	​	21,394
Non-current portion	​	17,307	​	21,394
​	​	​	​	​
Total	​	36,914	​	38,946

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12. Shareholders’ Equity

The authorized share capital of the Company amounting to € 13,600,000 consists of 170,000,000 ordinary shares and 170,000,000 preference shares with a par value of € 0.04 per share. At March 31, 2026, 107,710,916 ordinary shares were issued, which is comprised of 105,362,551 ordinary shares fully paid and outstanding as well as 2,348,365 ordinary shares held by the Company as treasury shares (December 31, 2025: 2,349,852). These treasury shares are issued and not outstanding.

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 $ 300,000,000 of its ordinary shares, warrants and/or units; and (b) as part of the $ 300,000,000, the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 75,000,000 of its ordinary shares that may be issued and sold under a sales agreement (the “sales agreement”) with Cantor Fitzgerald & Co. (“Cantor”) in one or more at-the-market (“ATM”) offerings. The Company will pay Cantor a commission equal to 3% of the gross proceeds of the sales price of all ordinary shares sold through it as sales agent under the sale agreement. As of March 31, 2026 no shares have been issued pursuant to this ATM facility.

In October 2024, the Company consummated an underwritten public offering of 18,000,000 ordinary shares (the “offering”) at a public offering price of $ 3.50 per share (the “public offering price”). In addition, the Company granted the underwriters a 30-day option to purchase up to 2,700,000 additional ordinary shares at the public offering price, less underwriting discounts and commissions. The option was partially exercised on October 31, 2024, resulting in the issuance of 1,940,072 shares. The gross proceeds from the Offering and subsequent partial exercise of the underwriters’ option, amounted to $ 69,790,000 (€ 64,600,000) while the transaction costs amounted to approximately € 4,365,000, resulting in net proceeds of approximately € 60,235,000.

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Concurrently with the 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, 3,523,538 ordinary shares at a price per share equal to the public offering price, for total gross proceeds of approximately $ 12,300,000, subject to a purchase price cap of $ 15,000,000, the consummation of the Offering and the satisfaction of other customary closing conditions. The proceeds of $ 12,300,000 (€ 11,400,000) from the concurrent private placement were received on October 25, 2024. The ordinary shares purchased in the concurrent private placement are not subject to any underwriting discounts or commissions.

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 three month period ended March 31, 2026 were € 1,428,000 (three month period ended March 31, 2025: € 758,000), of which € 1,038,000 was recorded in general and administrative costs (three month period ended March 31, 2025: € 566,000) and € 390,000 was recorded in research and development costs (three month period ended March 31, 2025: € 192,000).

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 3,989,976 shares to Lilly, resulting in gross proceeds of $ 30,000,000 (€ 25,270,000). These shares were issued at a premium of $ 2,429,000 (€ 2,047,000), which was determined to be part of the transaction price and as such was initially recognized as deferred revenue. An up-front payment of $ 20,000,000 (€ 16,849,000) was received in October 2021.

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 9,381,586 shares to Lilly in December 2022, resulting in gross proceeds of $ 15,000,000 (€ 14,122,000). These shares were issued at a discount of $ 480,000 (€ 451,000), which is accounted for as a reduction of the transaction price. In February 2023, ProQR also received an upfront payment of $ 60,000,000 (€ 56,412,000). Lilly has the ability to exercise an option to further expand the partnership for a consideration of $ 50,000,000.

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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 one performance obligation under IFRS 15, for the transfer of a license combined with the performance of research and development activities. The Company concluded that the license is not capable of being distinct and is not distinct in the context of the contract. ProQR’s services are evaluated as predominant at inception of the contract and the compounds resulting from the collaboration do not represent a series of distinct promises because they were not predetermined at the inception of the contract and can be terminated or replaced at the discretion of Lilly subject to the terms and conditions of the Collaboration agreement.

● 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 three month period ended March 31, 2026 the Company did not reach any milestones under the agreement.

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14. Other Income

​

​	​	​	​	​
​	​	Three month period
​	​	ended March 31,
​	​ ​ ​	2026	​	2025
​	​	€1,000	​	€1,000
​	​	​	​	​
Grant income	​	—	​	222
Total	​	—	​	222

​

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 € 1,015,000 as a research grant for the initial phase of the project that was received during 2024. Of this grant € 222,000 was recognized as other income during the three month period ended March 31, 2025 and the balance. As at December 31, 2025 work under this agreement has been completed. Therefore, the remaining other income related to this agreement was recognized in 2025.

In December 2024, the Company expanded partnership with RSRT to include an additional $ 8,150,000 in funding from the RSRT to support the advancement of the selected candidates into clinical trials. As at March 31, 2026 no amounts have been received under this agreement and the work has not yet commenced.

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 € 11,830,000 for the three month period ended March 31, 2026 (three month period ended March 31, 2025: € 12,323,000) and are comprised of allocated employee costs including share-based payments, the costs of materials and laboratory consumables, outsourced activities, license and intellectual property costs and other allocated costs. Research and development costs decreased compared to the same period in the prior year, mainly due to lower external manufacturing and external research costs.

16. General and Administrative Costs

General and administrative costs amount to € 3,852,000 for the three month period ended March 31, 2026 (three month period ended March 31, 2025: € 3,234,000).

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 0.2% interest in Kamal. As at March 31, 2026, the investment amounts to € nil (December 31, 2025: € nil).

ProQR holds a 3.6% interest in Yarrow. As at March 31, 2026, the fair value of the Yarrow financial asset amounted to € nil (December 31, 2025: € nil).

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18. Income Taxes

The current income tax liability amounts to € nil at March 31, 2026 (December 31, 2025: € nil). No significant temporary differences exist between accounting and tax results. Realization of deferred tax assets is dependent on future earnings, if any, the timing and amount of which are uncertain. Accordingly, the Company has not yet recognized any deferred tax asset related to operating losses.

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.

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​

Exhibit 99.2

ProQR Announces First Quarter 2026 Operating and Financial Results

● AX-0810 target engagement data in healthy volunteers on track for Q2 2026; biliary atresia selected as initial Phase 2 indication

● Pipeline expansion with advancement of AX-0811 (NTCP) and AX-0422 (IDUA) toward the clinic, supporting multiple upcoming clinical catalysts

● Continued advancement of Axiomer platform, including AI-enabled discovery capabilities, partnership with Ginkgo Bioworks, and formation of AI Advisory Board

● Ended Q1 2026 with € 81.1 million cash and cash equivalents, supporting runway into mid-2027

LEIDEN, Netherlands & CAMBRIDGE, Mass., May 12, 2026 – ProQR Therapeutics N.V. (Nasdaq: PRQR) (ProQR), a clinical-stage company dedicated to changing lives through transformative RNA therapies based on its proprietary Axiomer™ RNA editing technology platform, today reported its financial and operating results for the quarter ended March 31, 2026, and provided a business update. 

“We are on track to deliver multiple clinical readouts within our current runway, including target engagement data for AX-0810 in the second quarter,” said Daniel A. de Boer, Founder and Chief Executive Officer of ProQR. “We have refined our initial development strategy for AX-0810 to prioritize biliary atresia, where we believe we can generate the most meaningful clinical data in this target patient population, while maintaining flexibility to explore additional indications, including PSC, as the program advances. We also continue to advance our platform more broadly to bring RNA editing therapies to patients.” 

Recent Progress and Anticipated Upcoming Events

AX-0810 Advancing Toward Target Engagement Data

AX-0810, ProQR’s lead RNA editing program targeting NTCP, remains on track to report target engagement data from healthy volunteers in the second quarter of 2026.

The Company has selected biliary atresia (BA) as the initial indication for Phase 2 development, based on strong biological rationale and high unmet need. As part of this strategy, ProQR plans to conduct an investigator-initiated trial (IIT) in pediatric participants with BA in China instead of the previously planned adult participant PSC cohort in its Phase

​

1 program. While PSC remains of interest as a potential setting for broader development, the Company is prioritizing a BA-focused IIT to provide a more direct path to early, data generation in the target patient population, prior to initiation of a Phase 2 study. ProQR is working with investigators to initiate the IIT, with initial clinical data targeted for H1 2027.

Pipeline Expansion and Upcoming Catalysts

ProQR continues to expand its pipeline, with multiple programs advancing toward the clinic:

● AX-0811, a next-generation NTCP program for cholestatic diseases generated using ProQR’s AI-enabled discovery engine, with a clinical trial application (CTA) filing expected in mid-2026 and initial clinical data anticipated by year-end 2026;

● AX-0422, targeting IDUA for Hurler syndrome, with a CTA filing expected in early 2027 and initial clinical data targeted in the first half of 2027;

● AX-2911, targeting PNPLA3 for MASH, anticipating a first-in-human (FIH) IIT in China in the first half of 2027.

Scientific Conference Presentations

ProQR is presenting multiple presentations at scientific conferences in May, including TIDES USA, the American Society of Gene & Cell Therapy (ASGCT) Annual Meeting, the RNA Society Annual Meeting, and the European Association for the Study of the Liver (EASL) Congress. Collectively, these presentations expand the body of evidence supporting the breadth and versatility of the Company’s Axiomer RNA editing platform including applications across multiple tissues and disease areas.

Advancing the Axiomer™ Platform

ProQR continues to enhance its Axiomer platform through the integration of AI-enabled discovery and high-throughput screening to accelerate the design and optimization of RNA editing therapeutics.

● During the quarter, the Company announced a strategic partnership with Ginkgo Bioworks, providing access to Ginkgo’s autonomous laboratory infrastructure to enable high-throughput data generation. This capability is expected to increase the scale and speed of experimental data generation, supporting more efficient discovery timelines and improving predictive performance of ProQR’s AI models.

● In addition, ProQR established an AI Advisory Board comprising leaders from industry and academia to support the Company’s AI strategy. The Advisory Board provides guidance on best practices, emerging technologies, and applications of AI in drug discovery, helping to further advance Axiomer-based innovation.

​

Board Nomination and Annual General Meeting

Dr. Lykke Hinsch Gylvin, Chief Medical Officer and Head of Global Medicine at Boehringer Ingelheim, has been nominated for appointment to the ProQR Board of Directors, subject to shareholder approval at the upcoming Annual General Meeting, scheduled for June 2, 2026. Dr. Hinsch Gylvin is a seasoned pharmaceutical executive with more than 20 years of global leadership experience spanning all phases of drug development in a broad range of therapeutic areas.

Summary of Anticipated Milestones

● AX-0810 (NTCP) Phase 1 target engagement data in healthy volunteers, second quarter of 2026

● IIT in pediatric biliary atresia in China, with initial data targeted for first half of 2027

● AX-0811 (NTCP, next gen Axiomer) CTA filing in mid 2026, with initial data in healthy volunteers by year-end 2026

● AX-0422 (IDUA) CTA filing in early 2027, with initial data in patients targeted for the first half of 2027

● AX-2911(PNPLA3) FIH IIT in the first half of 2027

● Continue to execute on Lilly collaboration, with potential data updates and milestone payments

Financial Highlights

At March 31, 2026, ProQR held cash and cash equivalents of approximately € 81.1 million, compared to € 92.4 million at December 31, 2025.

Net cash used in operating activities during the first quarter ended March 31, 2026 was € 11.1 million, compared to € 15.8 million used for the same period in 2025.

Research and development (R&D) costs for the quarter ended March 31, 2026 were € 11.8 million, compared to € 12.3 million for the same period last year.

General and administrative costs for the quarter ended March 31, 2026 were € 3.9 million, compared to € 3.2 million for the same period in 2025.

Net loss for the quarter ended March 31, 2026 was € 13.4 million, or € 0.13 per diluted share, compared to € 10.1 million, or € 0.10 per diluted share, for the same period in 2025.

For further financial information for the period ended March 31, 2026, please refer to our Q1 financial report filing available on our website, www.proqr.com under Financials and Filings.

​

About Axiomer™

ProQR is pioneering a next-generation RNA base editing technology called Axiomer™, which could potentially yield a new class of medicines for diverse types of diseases. Axiomer™ “Editing Oligonucleotides”, or EONs, mediate single nucleotide changes to RNA in a highly specific and targeted way using molecular machinery that is present in human cells called ADAR (Adenosine Deaminase Acting on RNA). Axiomer™ EONs are designed to recruit and direct endogenously expressed ADARs to change an Adenosine (A) to an Inosine (I) in the RNA – an Inosine is translated as a Guanosine (G) – correcting an RNA with a disease-causing mutation back to a normal (wild type) RNA, modulating protein expression, or altering a protein so that it will have a new function that helps prevent or treat disease.

About ProQR

ProQR Therapeutics is dedicated to changing lives through the creation of transformative RNA therapies. ProQR is pioneering a next-generation RNA technology called Axiomer™, which uses a cell’s own editing machinery called ADAR to make specific single nucleotide edits in RNA to reverse a mutation or modulate protein expression and could potentially yield a new class of medicines for both rare and prevalent diseases with unmet need. Based on our unique proprietary RNA repair platform technologies we are growing our pipeline with patients and loved ones in mind.

Learn more about ProQR at www.proqr.com.

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “continue,” "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to", "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. Such forward-looking statements include, but are not limited to, statements regarding our business, technology, strategy, preclinical and clinical model data; our initial pipeline targets and the upcoming strategic priorities and milestones related thereto; the continued advancement of our lead development pipeline programs, including ongoing and planned clinical trials; the ongoing Phase 1 clinical study of AX-0810 in NTCP for cholestatic diseases, including the anticipated timing of initial Phase 1 target engagement data from the first cohort of healthy volunteers in the second quarter of 2026; our expectations regarding the safety and therapeutic benefits of AX-0810, including the planned dosing levels and their efficacy; our ability to collaborate with investigators to execute and recruit for an investigator-initiated trial of AX-0810 in China in pediatric participants with biliary atresia and to generate meaningful data therefrom, including the anticipated timing of initial data readout in H1 2027; risks and uncertainties associated with conducting clinical trials in China,

​

including evolving regulatory requirements; our pipeline targets, including the planned Phase 1 clinical trial of AX-0811 for cholestatic diseases; our ability to recruit for and complete a Phase 1 clinical trial for AX-0811, including the anticipated timing of a CTA filing in mid 2026 and initial data readout by year end 2026; the anticipated first-in-human study of AX-0422 targeting IDUA for Hurler syndrome, with a CTA filing expected in early 2027 and anticipated initial clinical data readout in H1 2027; the anticipated investigator-initiated study in China of AX-2911 targeting PNPLA3 for MASH in H1 2027; our expectations regarding clinical updates across multiple programs in 2026 and 2027; the therapeutic potential and development timeline regarding AX-0810, AX-0811, AX-0422, and AX-2911; the anticipated benefits from our partnership with Ginkgo Bioworks; the role and expected contributions of our AI Advisory Board; our participation at upcoming scientific conferences; the continued development and advancement of our Axiomer platform; the therapeutic potential of our Axiomer RNA editing oligonucleotides and product candidates; the timing, progress and results of our preclinical studies and other development and pipeline activities, including the release of data related thereto; our patent estate, including our anticipated strength and our continued investment in it, as well as the timing of our clinical development; the potential of our technologies and product candidates; the collaboration with Lilly and the intended benefits thereof, including timing for data updates, potential milestones, exercise of an option to expand targets and the receipt of an opt-in payment; our ability to selectively form new partnerships and enter into future collaborations; our financial position and cash-runway to fund our operations into mid 2027, and the anticipated changes to our Board composition, including the nomination of Dr. Lykke Hinsch Gylvin, subject to shareholder approval. Forward-looking statements are based on management's beliefs and assumptions and on information available to management only as of the date of this press release. Our actual results could differ materially from those expressed or implied by these forward-looking statements for many reasons, including, without limitation, the risks, uncertainties and other factors in our filings made with the Securities and Exchange Commission, including certain sections of our most recent annual report filed on Form 20-F. These risks and uncertainties include, among others, the cost, timing and results of preclinical studies and clinical trials and other development activities by us and our collaborative partners whose operations and activities may be slowed or halted due to shortage and pressure on supply chains and logistics in the global market, economic sanctions and international tariffs; the likelihood of our preclinical and clinical programs being initiated and executed on timelines provided and our reliance on our contract research organizations and predictability of timely enrollment of subjects and patients to advance our clinical trials and maintain their own operations; our reliance on contract manufacturers to supply materials for research and development and the risk of supply interruption from a contract manufacturer; the potential for future data to alter initial and preliminary results of early-stage clinical trials; the unpredictability of the duration and results of the regulatory review of applications or clearances that are necessary to initiate and continue to advance and progress our clinical programs; the ability to secure, maintain and realize the intended benefits of collaborations with partners, including the collaboration with

​

Lilly; the possible impairment of, inability to obtain, and costs to obtain intellectual property rights; possible safety or efficacy concerns that could emerge as new data are generated in research and development; general business, operational, financial and accounting risks, and risks related to litigation and disputes with third parties; and risks related to macroeconomic conditions and market volatility resulting from global economic developments, geopolitical events and conflicts, inflationary pressures, fluctuating interest rates, tariffs and potential for significant changes in U.S. policies and regulatory environment. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future, except as required by law.

ProQR Therapeutics N.V.

Investor and media contact: Sarah Kiely ProQR Therapeutics N.V. T: +1 617 599 6228 skiely@proqr.com or

Investor contact:

Peter Kelleher LifeSci Advisors T: +1 617 430 7579 pkelleher@lifesciadvisors.com

​

Financial Tables

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Financial Position

​

​

​	​	​	​	​	​
​	​	​	March 31,	​	December 31,
​	​	​	2026	​	2025
​	​	​	€1,000	​	€1,000
Assets	​	​	​	​	​
Property, plant and equipment	​	​	12,052	​	12,630
Investments in financial assets	​	​	—	​	—
Non-current assets	​	​	12,052	​	12,630
​	​	​	​	​	​
Cash and cash equivalents	​	​	81,088	​	92,413
Trade and other receivables	​	​	4,404	​	6,800
Other taxes	​	​	1,490	​	913
Current assets	​	​	86,982	​	100,126
Total assets	​	​	99,034	​	112,756
​	​	​	​	​	​
Equity and liabilities	​	​	​	​	​
Equity	​	​	​	​	​
Equity attributable to owners of the Company	​	​	37,598	​	49,374
Total equity	​	​	37,598	​	49,374
​	​	​	​	​	​
Liabilities	​	​	​	​	​
Borrowings	​	​	—	​	—
Lease liabilities	​	​	9,071	​	9,547
Deferred income	​	​	17,307	​	21,394
Non-current liabilities	​	​	26,378	​	30,941
​	​	​	​	​	​
Borrowings	​	​	4,945	​	4,872
Lease liabilities	​	​	1,717	​	1,545
Derivative financial instruments	​	​	179	​	234
Trade payables	​	​	189	​	298
Deferred income	​	​	19,607	​	17,552
Other current liabilities	​	​	8,421	​	7,940
Current liabilities	​	​	35,058	​	32,441
Total liabilities	​	​	61,436	​	63,382
​	​	​	​	​	​
Total equity and liabilities	​	​	99,034	​	112,756

​

​

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

(€ in thousands, except share and per share data)

​	​	​	​	​	​
​	​	​	Three month period
​	​	​	ended March 31,
​	​	​	2026	​	2025
​	​	​	€1,000	​	€1,000
Revenue	​	​	2,033	​	4,519
​	​	​	​	​	​
Other income	​	​	—	​	222
​	​	​	​	​	​
Research and development costs	​	​	(11,830)	​	(12,323)
General and administrative costs	​	​	(3,852)	​	(3,234)
Total operating costs	​	​	(15,682)	​	(15,557)
​	​	​	​	​	​
Operating result	​	​	(13,649)	​	(10,816)
Financial income and expense	​	​	212	​	455
Results related to financial liabilities measured at fair value through profit or loss	​	​	54	​	282
​	​	​	​	​	​
Result before corporate income taxes	​	​	(13,383)	​	(10,079)
Income taxes	​	​	—	​	—
​	​	​	​	​	​
Result for the period	​	​	(13,383)	​	(10,079)
Other comprehensive income (foreign exchange differences on foreign operation)	​	​	179	​	(371)
​	​	​	​	​	​
Total comprehensive loss	​	​	(13,204)	​	(10,450)
​	​	​	​	​	​
Result attributable to	​	​	​	​	​
Owners of the Company	​	​	(13,383)	​	(10,079)
​	​	​	​	​	​
Total comprehensive loss attributable to	​	​	​	​	​
Owners of the Company	​	​	(13,204)	​	(10,450)
​	​	​	​	​	​
Share information	​	​	​	​	​
Weighted average number of shares outstanding1	​	​	105,362,228	​	105,296,833
​	​	​	​	​	​
Earnings per share attributable to owners of the Company (Euro per share)	​	​	​	​	​
Basic loss per share1	​	​	(0.13)	​	(0.10)
Diluted loss per share1	​	​	(0.13)	​	(0.10)

​

1. For these periods the potential exercise of share options is not included in the diluted earnings per share as the Company was loss-making. Due to the anti-dilutive nature of the outstanding options, basic and diluted earnings per share are equal.

​

​

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Changes in Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributable to owners of the Company

​

​

​

Number of shares

​

Share Capital

​

Share Premium

​

Equity settled Employee Benefit Reserve

​

Translation Reserve

​

Accumulated Deficit

​

Total Equity

​

​

​

€1,000

​

€1,000

​

€1,000

​

€1,000

​

€1,000

​

€1,000

Balance at January 1, 2025

107,710,916

​

4,308

​

483,812

​

26,248

​

1,350

​

(427,158)

​

88,560

Result for the period

—

​

—

​

—

​

—

​

—

​

(10,079)

​

(10,079)

Other comprehensive income

—

​

—

​

—

​

—

​

(371)

​

—

​

(371)

Recognition of share-based payments

—

​

—

​

—

​

758

​

—

​

—

​

758

Treasury shares transferred

​

(130,436)

​

—

​

—

​

—

​

—

​

—

​

—

Share options lapsed

​

—

​

—

​

—

​

(826)

​

—

​

826

​

—

Share options exercised / RSUs vested

​

130,436

​

—

​

67

​

(180)

​

—

​

180

​

67

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at March 31, 2025

107,710,916

​

4,308

​

483,879

​

26,000

​

979

​

(436,231)

​

78,935

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at January 1, 2026

107,710,916

​

4,308

​

483,881

​

28,426

​

265

​

(467,506)

​

49,374

Result for the period

—

​

—

​

—

​

—

​

—

​

(13,383)

​

(13,383)

Other comprehensive income

—

​

—

​

—

​

—

​

179

​

—

​

179

Recognition of share-based payments

—

​

—

​

—

​

1,428

​

—

​

—

​

1,428

Treasury shares transferred

​

(1,091)

​

—

​

—

​

—

​

—

​

—

​

—

Share options lapsed

​

—

​

—

​

—

​

(1,994)

​

—

​

1,994

​

—

Share options exercised / RSUs vested

​

1,091

​

—

​

—

​

(1)

​

—

​

1

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at March 31, 2026

107,710,916

​

4,308

​

483,881

​

27,859

​

444

​

(478,894)

​

37,598

​

​

​

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Cash Flows

​

​	​	​	​	​	​
​	​	​	Three month period
​	​	​	ended March 31,
​	​	​	2026	​	2025
​	​	​	€1,000	​	€1,000
Cash flows from operating activities	​	​	​	​	​
Net result	​	​	(13,383)	​	(10,079)
Adjustments for:	​	​	​	​	​
— Other income	​	​	—	​	(222)
— Depreciation	​	​	694	​	678
— Share-based compensation	​	​	1,428	​	758
— Financial income and expenses	​	​	(259)	​	(508)
— Results related to financial liabilities measured at fair value through profit or loss	​	​	(54)	​	(282)
— Income tax expenses	​	​	—	​	—
​	​	​	​	​	​
Changes in working capital	​	​	109	​	(6,721)
Cash used in operations	​	​	(11,465)	​	(16,376)
​	​	​	​	​	​
Corporate income tax paid	​	​	—	​	—
Interest received	​	​	367	​	788
Interest paid	​	​	(47)	​	(210)
​	​	​	​	​	​
Net cash used in operating activities	​	​	(11,145)	​	(15,798)
​	​	​	​	​	​
Cash flow from investing activities	​	​	​	​	​
Purchases of property, plant and equipment	​	​	(164)	​	(224)
​	​	​	​	​	​
Net cash used in investing activities	​	​	(164)	​	(224)
​	​	​	​	​	​
Cash flow from financing activities	​	​	​	​	​
Proceeds from exercise of share options	​	​	—	​	67
Repayment of lease liability	​	​	(304)	​	(567)
​	​	​	​	​	​
Net cash used in financing activities	​	​	(304)	​	(500)
​	​	​	​	​	​
Net decrease in cash and cash equivalents	​	​	(11,613)	​	(16,522)
​	​	​	​	​	​
Currency effect cash and cash equivalents	​	​	288	​	(472)
Cash and cash equivalents at beginning of the period	​	​	92,413	​	149,408
​	​	​	​	​	​
Cash and cash equivalents at the end of the period			81,088	​	132,414

​

​

FAQ

How did ProQR Therapeutics (PRQR) perform financially in Q1 2026?

ProQR reported a net loss of €13.4 million in Q1 2026, compared with €10.1 million a year earlier. Revenue was €2.0 million, down from €4.5 million, reflecting collaboration income patterns rather than product sales, while operating costs totaled €15.7 million.

What is ProQR Therapeutics’ cash position and runway after Q1 2026?

At March 31, 2026, ProQR held €81.1 million in cash and cash equivalents, down from €92.4 million at year-end 2025. Net cash used in operating activities was €11.1 million for the quarter. Management states this supports operations for at least twelve months, with forward-looking commentary indicating runway into mid 2027.

How much did ProQR spend on R&D and G&A in Q1 2026?

Research and development costs were €11.8 million in Q1 2026, slightly lower than €12.3 million in Q1 2025, mainly from reduced external manufacturing and research. General and administrative expenses rose to €3.9 million from €3.2 million, partly reflecting higher share-based compensation and corporate costs.

What are the key clinical milestones for ProQR’s AX-0810 program?

AX‑0810, targeting NTCP for cholestatic diseases, is expected to deliver target engagement data from healthy volunteers in the second quarter of 2026. ProQR plans an investigator-initiated trial in pediatric biliary atresia patients in China, with an initial data readout targeted in H1 2027 before Phase 2.

How significant is the Eli Lilly collaboration to ProQR’s Q1 2026 results?

The Eli Lilly collaboration remains central, contributing €2.033 million of revenue in Q1 2026 and deferred income of €36.9 million at March 31, 2026. This deferred revenue represents payments already received that will be recognized over time as ProQR performs research and development services.

What were ProQR’s earnings per share in Q1 2026 compared to 2025?

Basic and diluted loss per share for Q1 2026 were both €0.13, compared with €0.10 in Q1 2025. The weighted average number of shares outstanding was about 105.36 million, largely unchanged, so the larger loss mainly reflects higher net expenses rather than share count changes.

Filing Exhibits & Attachments

7 documents

Press Releases

• EX-99.1 EX-99.1 636.8 KB
• EX-99.2 EX-99.2 315.6 KB

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• EX-101 EX-101.SCH 46.6 KB
• EX-101 EX-101.CAL 34.1 KB
• EX-101 EX-101.DEF 120.1 KB
• EX-101 EX-101.LAB 263.0 KB
• EX-101 EX-101.PRE 188.8 KB