ProQR Announces Second Quarter 2025 Operating and Financial Results
ProQR Therapeutics (Nasdaq: PRQR) reported its Q2 2025 financial and operational results, highlighting significant progress in its RNA editing pipeline. The company has submitted a Clinical Trial Application for AX-0810, its lead program targeting NTCP for cholestatic diseases, with initial Phase 1 data expected in Q4 2025.
ProQR maintains a strong financial position with €119.8 million in cash, providing runway into mid-2027. The company reported a net loss of €22.3 million for H1 2025. Notable developments include advancing AX-2402 for Rett Syndrome and achieving $2.0 million in milestone payments from its Eli Lilly collaboration, with potential for additional milestone income and expansion options.
ProQR Therapeutics (Nasdaq: PRQR) ha comunicato i risultati finanziari e operativi del secondo trimestre 2025, evidenziando importanti progressi nel suo programma di editing dell'RNA. L'azienda ha presentato una domanda di sperimentazione clinica per AX-0810, il suo progetto principale rivolto al NTCP per le malattie colestatiche, con i primi dati di Fase 1 attesi nel quarto trimestre 2025.
ProQR mantiene una solida posizione finanziaria con 119,8 milioni di euro in liquidità, garantendo risorse fino a metà 2027. La società ha riportato una perdita netta di 22,3 milioni di euro nel primo semestre 2025. Tra gli sviluppi rilevanti, l'avanzamento di AX-2402 per la sindrome di Rett e il conseguimento di 2,0 milioni di dollari in pagamenti per traguardi dalla collaborazione con Eli Lilly, con possibilità di ulteriori entrate da milestone e opzioni di espansione.
ProQR Therapeutics (Nasdaq: PRQR) informó sus resultados financieros y operativos del segundo trimestre de 2025, destacando avances significativos en su línea de edición de ARN. La compañía ha presentado una solicitud de ensayo clínico para AX-0810, su programa principal dirigido al NTCP para enfermedades colestásicas, con datos iniciales de la Fase 1 esperados en el cuarto trimestre de 2025.
ProQR mantiene una sólida posición financiera con 119,8 millones de euros en efectivo, lo que le proporciona recursos hasta mediados de 2027. La empresa reportó una pérdida neta de 22,3 millones de euros en el primer semestre de 2025. Entre los avances destacados se incluyen el progreso de AX-2402 para el síndrome de Rett y la obtención de 2,0 millones de dólares en pagos por hitos de su colaboración con Eli Lilly, con potencial para ingresos adicionales por hitos y opciones de expansión.
ProQR Therapeutics (나스닥: PRQR)는 2025년 2분기 재무 및 운영 실적을 발표하며 RNA 편집 파이프라인에서 중요한 진전을 강조했습니다. 회사는 담즙 정체성 질환을 타겟으로 하는 주력 프로그램 AX-0810에 대한 임상시험 신청서를 제출했으며, 2025년 4분기에 초기 1상 데이터가 예상됩니다.
ProQR는 1억 1,980만 유로의 현금을 보유하여 2027년 중반까지 운영 자금을 확보한 견고한 재무 상태를 유지하고 있습니다. 회사는 2025년 상반기에 2,230만 유로의 순손실을 보고했습니다. 주요 개발 사항으로는 레트 증후군 치료제 AX-2402의 진전과 Eli Lilly와의 협력에서 200만 달러의 마일스톤 지급을 달성했으며, 추가 마일스톤 수입과 확장 옵션 가능성이 있습니다.
ProQR Therapeutics (Nasdaq : PRQR) a publié ses résultats financiers et opérationnels du deuxième trimestre 2025, mettant en avant des progrès significatifs dans sa pipeline d'édition de l'ARN. La société a soumis une demande d'essai clinique pour AX-0810, son programme principal ciblant NTCP pour les maladies cholestatiques, avec des premières données de phase 1 attendues au quatrième trimestre 2025.
ProQR conserve une solide position financière avec 119,8 millions d'euros en trésorerie, assurant une visibilité jusqu'à mi-2027. La société a enregistré une perte nette de 22,3 millions d'euros pour le premier semestre 2025. Parmi les développements notables figurent l'avancement de AX-2402 pour le syndrome de Rett et la réception de 2,0 millions de dollars de paiements d'étape dans le cadre de sa collaboration avec Eli Lilly, avec un potentiel de revenus supplémentaires liés aux étapes et des options d'expansion.
ProQR Therapeutics (Nasdaq: PRQR) berichtete über seine finanziellen und operativen Ergebnisse für das zweite Quartal 2025 und hob dabei bedeutende Fortschritte in seiner RNA-Editing-Pipeline hervor. Das Unternehmen hat einen Antrag für eine klinische Studie für AX-0810 eingereicht, sein führendes Programm zur Behandlung cholestatischer Erkrankungen durch Targeting von NTCP, mit ersten Phase-1-Daten, die im vierten Quartal 2025 erwartet werden.
ProQR verfügt über eine starke finanzielle Position mit 119,8 Millionen Euro an liquiden Mitteln, die bis Mitte 2027 reichen. Das Unternehmen meldete einen Nettoverlust von 22,3 Millionen Euro für das erste Halbjahr 2025. Zu den bemerkenswerten Entwicklungen zählen der Fortschritt von AX-2402 für das Rett-Syndrom sowie der Erhalt von 2,0 Millionen US-Dollar an Meilensteinzahlungen aus der Zusammenarbeit mit Eli Lilly, mit Potenzial für weitere Meilensteinzahlungen und Ausbauoptionen.
- Strong cash position of €119.8 million providing runway into mid-2027
- Achieved $2.0 million milestone payment from Eli Lilly collaboration
- Potential $50 million payment from Lilly for additional five targets expansion
- First clinical entry for Axiomer RNA editing platform with AX-0810 CTA submission
- Increased net loss to €22.3 million in H1 2025 from €10.4 million year-over-year
- Higher R&D costs at €23.7 million vs €16.3 million in previous year
- Increased cash burn with net cash used in operations of €27.2 million vs €21.4 million year-over-year
Insights
ProQR advances RNA editing platform with first clinical trial application, maintaining strong €119.8M cash position extending runway into mid-2027.
ProQR's Q2 2025 results demonstrate significant clinical progress with their proprietary Axiomer RNA editing technology platform. The submission of a Clinical Trial Application (CTA) for lead program AX-0810 targeting NTCP for cholestatic diseases represents a crucial inflection point as the company transitions to a clinical-stage organization. Initial data from this first-in-human study is expected in Q4 2025, providing a near-term catalyst.
The company's financial position remains solid with
R&D expenses increased to
Beyond AX-0810, ProQR is advancing AX-2402 targeting MECP2 for Rett Syndrome with clinical candidate selection expected in 2025. This program expands their platform into CNS disorders, potentially broadening the applicability of their RNA editing approach. Additional pipeline programs targeting MASH (AX-2911) and cardiovascular disease (AX-1412) further diversify their therapeutic reach.
The upcoming Analyst and Investor Event this fall will provide detailed insights into the AX-0810 Phase 1 trial design and set expectations for the 2025 data readout, serving as another potential catalyst for investor interest.
- Submitted CTA for lead program AX-0810, targeting NTCP for cholestatic diseases
- Advancing AX-2402 program toward clinical candidate selection, targeting MECP2 (R270X) for Rett Syndrome
- Hosting fall Analyst and Investor Event (virtual), featuring detailed AX-0810 Phase 1 trial design and 2025 data expectations, plus updates across differentiated liver and CNS pipeline
€ 119.8 million cash and cash equivalents as of end Q2 – providing runway into mid-2027, not including additional potential milestones from Lilly partnership
LEIDEN, Netherlands & CAMBRIDGE, Mass., Aug. 07, 2025 (GLOBE NEWSWIRE) -- ProQR Therapeutics N.V. (Nasdaq: PRQR) (ProQR), a 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 second quarter ended June 30, 2025, and provided a business update.
“We continued to execute across our pipeline in the second quarter. Notably, we submitted the Clinical Trial Application for AX-0810, our lead RNA editing program targeting NTCP for cholestatic diseases, and expect to share initial data from the trial later this year,” said Daniel A. de Boer, Founder and Chief Executive Officer of ProQR. “As AX-0810 advances and we progress additional pipeline programs, including our first CNS program AX-2402 targeting MECP2 for Rett syndrome, we remain committed to delivering value by addressing high unmet need patient populations with innovative RNA editing therapies. We look forward to providing additional updates on our Axiomer pipeline and platform progress at our Analyst and Investor Event this fall.”
Recent Progress
- In July, the Company presented at the RNA Editing Summit in Boston, highlighting applications of its Axiomer RNA editing platform technology in CNS.
- In June, ProQR announced it submitted at Clinical Trial Application (CTA) to the European Medicines Agency (EMA) for a first-in-human Phase 1 study of AX-0810, targeting NTCP in healthy volunteers. This milestone marks the first clinical entry for ProQR’s Axiomer RNA editing platform. Pending regulatory clearance, the study is expected to commence at a single site in the Netherlands with initial data anticipated in Q4 2025. The trial will assess safety, tolerability, pharmacokinetics, and target engagement.
- In May, ProQR showcased its scientific leadership in RNA editing through multiple presentations at the American Society of Gene & Cell Therapy (ASGCT) Annual Meeting and the Oligonucleotide and Peptide Therapeutics Conferenece (TIDES USA), highlighting advances in its Axiomer RNA editing platform, including novel applications.
- In April, ProQR announced the appointments of Dennis Hom as Chief Financial Officer and Cristina Lopez Lopez, MD, PhD as Chief Medical Officer. These key leadership appointments support the advancement of the Company’s Axiomer platform technology and pipeline of RNA editing programs as it enters the clinical stage.
Anticipated Upcoming Events
- ProQR will host a virtual Analyst and Investor Event in the fall to highlight a detailed overview of the AX-0810 Phase 1 trial design, set expectations for initial data in 2025, and provide broader pipeline updates, including for the first CNS program, AX-2402 for Rett syndrome. Additional information, including date and registration details for this event will be shared in a future announcement.
- Pipeline programs
Program | Target | Indication | Upcoming milestone |
AX-0810 | NTCP | Cholestatic diseases | Q4 2025 initial Phase 1 data in healthy volunteers |
AX-2402 | MECP2 | Rett Syndrome (R270X) | 2025 clinical candidate selection |
AX-2911 | PNPLA3 | MASH | 2025 clinical candidate selection |
AX-1412 | B4GALT1 | Cardiovascular disease | 2025 update on optimization for GalNAc delivery |
- Continue to execute on partnership with Eli Lilly and Company (Lilly), with potential data updates, milestone income from the existing partnership, and an option to exercise for an additional five targets for expansion to a total of 15 targets, which would result in a
$50 million opt-in payment to ProQR.
Financial Highlights
At June 30, 2025, ProQR held cash and cash equivalents of approximately
Net cash used in operating activities during the six-month period ended June 30, 2025 was
Research and development (R&D) costs were
General and administrative costs were
Net loss for the six-month period ended June 30, 2025 was
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, expectations regarding regulatory feedback and the potential registrational pathway for AX-0810 in NTCP for cholestatic diseases, the anticipated timing of initial Phase 1 clinical data for our lead program, AX-0810, in Q4 2025, and clinical updates across multiple programs in 2025, our Axiomer™ platform, including 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 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, and our financial position and cash-runway. 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 shortage and pressure on supply and logistics on the global market, economic sanctions and international tariffs; the likelihood of our preclinical and clinical programs being initiated and executed on timelines provided and 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, high inflation, rising 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
| | | | |
| | June 30, | | December 31, |
| | 2025 | | 2024 |
| | | | |
Assets | | | ||
Property, plant and equipment | | 13,258 | | 14,113 |
Investments in financial assets | | — | | — |
Non-current assets | | 13,258 | | 14,113 |
| | | | |
Cash and cash equivalents | | 119,765 | | 149,408 |
Prepayments and other receivables | | 3,931 | | 3,747 |
Other taxes | | 583 | | 690 |
Current assets | | 124,279 | | 153,845 |
Total assets | | 137,537 | | 167,958 |
| | | | |
Equity and liabilities | | | ||
Equity | | | | |
Equity attributable to owners of the Company | | 66,983 | | 88,560 |
Total equity | | 66,983 | | 88,560 |
| | | | |
Liabilities | | | | |
Borrowings | | — | | — |
Lease liabilities | | 10,481 | | 11,067 |
Deferred income | | 26,985 | | 29,429 |
Non-current liabilities | | 37,466 | | 40,496 |
| | | | |
Borrowings | | 4,727 | | 4,582 |
Lease liabilities | | 1,654 | | 1,567 |
Derivative financial instruments | | 290 | | 468 |
Trade payables | | 1,283 | | 16 |
Social securities and other taxes | | 281 | | 1,478 |
Deferred income | | 17,450 | | 21,942 |
Other current liabilities | | 7,403 | | 8,849 |
Current liabilities | | 33,088 | | 38,902 |
Total liabilities | | 70,554 | | 79,398 |
| | | | |
Total equity and liabilities | | 137,537 | | 167,958 |
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 | | Six month period | ||||
| | ended June 30, | ended June 30, | |||||
2025 | | 2024 | 2025 | | 2024 | |||
| | | | | | | | |
Revenue | | 3,817 | | 6,305 | | 8,336 | | 10,755 |
| | | | | | | | |
Other income | | 158 | | 156 | | 380 | | 366 |
| | | | | | | | |
Research and development costs | | (11,408) | | (7,048) | | (23,731) | | (16,331) |
General and administrative costs | | (4,816) | | (3,013) | | (8,050) | | (6,465) |
Total operating costs | | (16,224) | | (10,061) | | (31,781) | | (22,796) |
| | | | | ||||
Operating result | | (12,249) | | (3,600) | | (23,065) | | (11,675) |
Finance income and expense | | 192 | | 513 | | 647 | | 1,001 |
Results related to financial liabilities measured at fair value through profit or loss | | (104) | | 195 | | 178 | | 127 |
| | | | | ||||
Result before corporate income taxes | | (12,161) | | (2,892) | | (22,240) | | (10,547) |
Income taxes | | (18) | | 200 | | (18) | | 197 |
| | | | | ||||
Result for the period | | (12,179) | | (2,692) | | (22,258) | | (10,350) |
Other comprehensive income (foreign exchange differences on foreign operation) | | (682) | | 85 | | (1,053) | | 276 |
| | | | | ||||
Total comprehensive income | | (12,861) | | (2,607) | | (23,311) | | (10,074) |
| | | | | | | | |
Result attributable to | | | | | ||||
Owners of the Company | | (12,179) | | (2,692) | | (22,258) | | (10,350) |
Non-controlling interests | | — | | — | | — | | — |
| | (12,179) | | (2,692) | | (22,258) | | (10,350) |
Total comprehensive income attributable to | | | | | | | | |
Owners of the Company | | (12,861) | | (2,607) | | (23,311) | | (10,074) |
Non-controlling interests | | — | | — | | — | | — |
| | (12,861) | | (2,607) | | (23,311) | | (10,074) |
| | | | | ||||
Share information | | | | | ||||
Weighted average number of shares outstanding1 | | 105,343,897 | | 81,665,565 | | 105,320,495 | | 81,618,038 |
| | | | | | | | |
Earnings per share attributable to owners of the Company (Euro per share) | | | | | | | | |
Basic loss per share1 | | (0.12) | | (0.03) | | (0.21) | | (0.13) |
Diluted loss per share1 | | (0.12) | | (0.03) | | (0.21) | | (0.13) |
- 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 | |||||||
| | | | | | | | | | | | | ||
Balance at January 1, 2024 | 84,248,384 | | 3,370 | | 412,894 | | 25,159 | | 817 | | (400,850) | | 41,390 | |
Result for the period | — | | — | | — | | — | | — | | (10,350) | | (10,350) | |
Other comprehensive income | — | | — | | — | | — | | 276 | | — | | 276 | |
Recognition of share-based payments | — | | — | | — | | 1,364 | | — | | — | | 1,364 | |
Treasury shares transferred | | (326,455) | | — | | — | | — | | — | | — | | — |
Share options lapsed | | — | | — | | — | | (359) | | — | | 359 | | — |
Share options exercised / RSUs vested | | 326,455 | | — | | 174 | | (288) | | — | | 288 | | 174 |
| | | | | | | | | | | | | | |
Balance at June 30, 2024 | 84,248,384 | | 3,370 | | 413,068 | | 25,876 | | 1,093 | | (410,553) | | 32,854 | |
| | | | | | | | | | | | | | |
Balance at January 1, 2025 | 107,710,916 | | 4,308 | | 483,812 | | 26,248 | | 1,350 | | (427,158) | | 88,560 | |
Result for the period | — | | — | | — | | — | | — | | (22,258) | | (22,258) | |
Other comprehensive income | — | | — | | — | | — | | (1,053) | | — | | (1,053) | |
Recognition of share-based payments | — | | — | | — | | 1,667 | | — | | — | | 1,667 | |
Treasury shares transferred | | (131,525) | | — | | — | | — | | — | | — | | — |
Share options lapsed | | — | | — | | — | | (1,462) | | — | | 1,462 | | — |
Share options exercised / RSUs vested | | 131,525 | | — | | 67 | | (181) | | — | | 181 | | 67 |
| | | | | | | | | | | | — | ||
Balance at June 30, 2025 | 107,710,916 | | 4,308 | | 483,879 | | 26,272 | | 297 | | (447,773) | | 66,983 |
PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Cash Flows
| | | | | | | | |
| | Three month period | | Six month period | ||||
| | ended June 30, | ended June 30, | |||||
2025 | | 2024 | | 2025 | | 2024 | ||
| | | | | | | | |
Cash flows from operating activities | | | | | ||||
Net result | | (12,179) | | (2,692) | | (22,258) | | (10,350) |
Adjustments for: | | | | | | | | |
— Other income | | (158) | | — | | (380) | | — |
— Depreciation | | 675 | | 711 | | 1,353 | | 1,402 |
— Share-based compensation | | 909 | | 628 | | 1,667 | | 1,364 |
— Financial income and expenses | | (139) | | (513) | | (647) | | (1,001) |
— Results related to financial liabilities measured at fair value through profit or loss | | 104 | | (195) | | (178) | | (127) |
— Income tax expenses | | 18 | | (200) | | 18 | | (197) |
| | | | | | | | |
Changes in working capital | | (1,178) | | (4,614) | | (7,900) | | (13,838) |
Cash used in operations | | (11,948) | | (6,875) | | (28,325) | | (22,747) |
| | | | | ||||
Corporate income tax (paid)/received | | (18) | | 199 | | (18) | | 196 |
Interest received | | 617 | | 610 | | 1,405 | | 1,542 |
Interest paid | | (52) | | (190) | | (261) | | (379) |
| | | | | ||||
Net cash used in operating activities | | (11,401) | | (6,256) | | (27,199) | | (21,388) |
| | | | | ||||
Cash flow from investing activities | | | | | | | | |
Increase in financial asset - current | | — | | — | | — | | (17,000) |
Purchases of property, plant and equipment | | (101) | | (267) | | (325) | | (999) |
| | | | | ||||
Net cash used in investing activities | | (101) | | (267) | | (325) | | (17,999) |
| | | | | ||||
Cash flow from financing activities | | | | | ||||
Proceeds from exercise of share options | | — | | 12 | | 67 | | 174 |
Repayment of lease liability | | (293) | | (294) | | (860) | | (875) |
| | | | | ||||
Net cash used in financing activities | | (293) | | (282) | | (793) | | (701) |
| | | | | ||||
Net decrease in cash and cash equivalents | | (11,795) | | (6,805) | | (28,317) | | (40,088) |
| | | | | ||||
Currency effect cash and cash equivalents | | (854) | | 62 | | (1,326) | | 133 |
Cash and cash equivalents, at beginning of the period | | 132,414 | | 85,713 | | 149,408 | | 118,925 |
| | | | | ||||
Cash and cash equivalents at the end of the period | | 119,765 | | 78,970 | | 119,765 | | 78,970 |
