ProQR Therapeutics Q3 2026 loss widens to €12.4M

Available on EDGAR 11/12/2026 - 07:01 AM EST Accepted by SEC EDGAR 11/12/2026 - 07:00 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

ProQR Therapeutics N.V. reported third-quarter 2026 results and clinical-program updates. Revenue was €5.155 million, compared with €2.882 million in the 2025 quarter; net loss was €12.447 million, versus €11.006 million. Research and development costs were €14.323 million, compared with €11.080 million, and net cash used in operating activities was €13.586 million, compared with €12.235 million.

Cash and cash equivalents were €102.986 million at September 30, 2026, versus €92.413 million at December 31, 2025; management expects available funding to support operations into mid-2028. The first two cohorts of the AX-0811 Phase 1 study are fully enrolled, with initial target-engagement data expected in early January 2027. ProQR expects to present the full AX-0810 Phase 1 dataset, including Cohort 3 and 12-week follow-up, in December 2026. A potential registration-enabling Phase 2 program is expected to start in mid-2027, subject to regulatory interactions.

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Positive

• Moderate pointThird-quarter revenue was €5.155 million, compared with €2.882 million in the 2025 quarter.

Negative

• Moderate pointThird-quarter net loss was €12.447 million, versus €11.006 million in the 2025 quarter.
• Moderate pointThird-quarter net cash used in operating activities was €13.586 million, compared with €12.235 million in the 2025 quarter.

Filing Explained

At September 30, 2026, ProQR had issued thirty-five million seven hundred fifty-five thousand three hundred ninety-three shares, reducing existing holders’ percentage ownership absent offsets.

The statements report that ProQR issued 35,755,393 ordinary shares during the nine months ended September 30, 2026. Issuing shares increases the total share count and reduces existing holders’ percentage ownership absent offsetting changes; at that date, 143,466,309 shares were issued, including 2,136,702 treasury shares, and 141,329,607 were fully paid and outstanding.

In June, ProQR completed an underwritten registered direct offering of 27,624,310 shares at $1.81 per share, generating $50.0 million gross and approximately €40.7 million net after approximately €3.2 million in transaction costs. Lilly separately purchased 5,100,780 shares in a concurrent private placement for approximately $9.2 million gross.

In April 2026, ProQR also issued Ginkgo 3,030,303 shares at $1.65 each for a $5.0 million credit against services over three years. ProQR is not required to use the services and may terminate without penalty; unused credit is repayable by returning shares or, if the shares are no longer held, in cash, under the stated term-end or termination conditions.

Key Figures

Revenue: €5.155 million Net loss: €12.447 million Research and development costs: €14.323 million +2 more

5 metrics

Revenue €5.155 million Three months ended September 30, 2026; €2.882 million in the 2025 quarter

Net loss €12.447 million Three months ended September 30, 2026; €11.006 million in the 2025 quarter

Research and development costs €14.323 million Three months ended September 30, 2026; €11.080 million in the 2025 quarter

Net cash used in operating activities €13.586 million Three months ended September 30, 2026; €12.235 million in the 2025 quarter

Cash and cash equivalents €102.986 million At September 30, 2026; €92.413 million at December 31, 2025

Key Terms

target engagement, pharmacokinetics, investigator-initiated trial (IIT), ADAR (Adenosine Deaminase Acting on RNA)

4 terms

target engagement medical

"initial AX-0811 Phase 1 target engagement data"

Target engagement measures how effectively a medicine interacts with the specific biological molecule or pathway it is designed to affect—think of it as how well a key fits and turns a particular lock inside the body. Investors watch target engagement because clear, measurable interaction at safe doses increases the likelihood the drug will produce the intended effect, helps set dosing and trial decisions, and reduces the risk that development will fail later.

pharmacokinetics medical

"safety, tolerability, pharmacokinetics, and pharmacodynamic effects"

Pharmacokinetics is the study of how a substance, such as a drug or chemical, moves through and is processed by the body over time. It tracks how it is absorbed, distributed, broken down, and eventually eliminated. For investors, understanding pharmacokinetics helps gauge the effectiveness, safety, and potential risks of new medications or treatments, which can influence a company’s success and valuation in the healthcare industry.

investigator-initiated trial (IIT) medical

"investigator-initiated trial (IIT) in pediatric biliary atresia"

An investigator-initiated trial (IIT) is a clinical study designed and run by an independent researcher or academic group rather than by a company that makes the drug or device. It matters to investors because IITs can provide independent safety and effectiveness data, uncover new uses, or validate early results without the sponsor bearing full trial costs—like an outside chef testing a recipe that, if successful, can boost confidence and commercial prospects for the product.

ADAR (Adenosine Deaminase Acting on RNA) technical

"molecular machinery that is present in human cells called ADAR"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What revenue did PRQR report for the third quarter of 2026?

PRQR reported €5.155 million in revenue for the three months ended September 30, 2026, compared with €2.882 million in the 2025 quarter. For the nine months ended September 30, 2026, revenue was €15.947 million, compared with €11.218 million in the same 2025 period.

How much was PRQR's third-quarter 2026 net loss?

PRQR reported a net loss of €12.447 million for the three months ended September 30, 2026, compared with €11.006 million in the 2025 quarter. Basic and diluted loss per share were both €0.09, compared with €0.10 in the same 2025 period.

What clinical milestones has PRQR outlined for 2027?

ProQR anticipates a CTA filing for an AX-0422 first-in-patient study for MPS I Hurler syndrome in early 2027, with initial data expected in the first half of 2027. It also expects an AX-2911 first-in-human investigator-initiated trial in China in the first half of 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

​

FORM 6-K

​

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

​

November 12, 2026

Commission File Number: 001-36622

​

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)

​

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

​

Form 20-F  ⌧  Form 40-F  ◻

​

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):  ◻

​

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):  ◻

​

​

​

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 and nine month periods ended September 30, 2026, and furnished as Exhibit 99.2 to this Report on Form 6-K is a press release of ProQR Therapeutics N.V. dated November 12, 2026, announcing the Company’s results for the three and nine month periods ended September 30, 2026. 

​

On November 12, 2026, the Company issued a press release titled, “ProQR Announces Third Quarter 2026 Operating and Financial Results,” announcing the Company’s results for the three and nine month periods ended September 30, 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, File No. 333-285767 and File No. 333-297272).

​

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​

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INDEX TO EXHIBITS

​

Number	​	Description
	​
99.1	​	Unaudited financial statements of ProQR Therapeutics N.V. for the three and nine month periods ended September 30, 2026.
​	​	​
99.2	​	Press Release of ProQR Therapeutics N.V. dated November 12, 2026, announcing the Company’s results for the three and nine month periods ended September 30, 2026.

​

​

​

​

​

​

SIGNATURES

​

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.

​

​

​	​	​
​	PROQR THERAPEUTICS N.V.
​	​	​
​	​	​
Date: November 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 Interim Condensed Consolidated Financial Statements

​	​
	PAGE
Unaudited Interim Condensed Consolidated Statement of Financial Position at September 30, 2026 and December 31, 2025	1
Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Three and Nine Month Periods ended September 30 2026 and 2025	2
Unaudited Interim Condensed Consolidated Statement of Changes in Equity for the Three and Nine Month Periods Ended September 30, 2026 and 2025	3
Unaudited Interim Condensed Consolidated Statement of Cash Flows for the Three and Nine Month Periods ended September 30, 2026 and 2025	4
Notes to Unaudited Interim Condensed Consolidated Financial Statements	5

​

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Table of Contents

PAGE 1

Unaudited Interim Condensed Consolidated Financial Statements

​

​

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

​	​	​	​	​
​	​	September 30,	​	December 31,
​	​	2026	​	2025
​	​	€1,000	​	€1,000
Assets	​	​	​	​
Property, plant and equipment	7	11,046	​	12,630
Investments in financial assets	17	—	​	—
Non-current assets	​	11,046	​	12,630
​	​	​	​	​
Cash and cash equivalents	5	102,986	​	92,413
Trade and other receivables	6	4,285	​	6,800
Other taxes	​	781	​	913
Current assets	​	108,052	​	100,126
Total assets	​	119,098	​	112,756
​	​	​	​	​
Equity and liabilities	​	​	​	​
Equity	​	​	​	​
Equity attributable to owners of the Company	​	68,184	​	49,374
Total equity	12	68,184	​	49,374
​	​	​	​	​
Liabilities	​	​	​	​
Borrowings	9	—	​	—
Lease liabilities	10	7,790	​	9,547
Deferred income	11	9,422	​	21,394
Non-current liabilities	​	17,212	​	30,941
​	​	​	​	​
Borrowings	9	5,090	​	4,872
Lease liabilities	10	1,692	​	1,545
Derivative financial instruments	​	183	​	234
Trade payables	​	2,564	​	298
Social securities and other taxes	​	102	​	—
Deferred income	11	13,578	​	17,552
Other current liabilities	8	10,493	​	7,940
Current liabilities	​	33,702	​	32,441
Total liabilities	​	50,914	​	63,382
​	​	​	​	​
Total equity and liabilities	​	119,098	​	112,756

​

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

​

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Table of Contents

PAGE 2

Unaudited Interim Condensed Consolidated Financial Statements

​

​

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

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

​	​	​	​	​	​	​	​	​
​	​	Three month period			​	Nine month period
​	​	ended September 30,				ended September 30,
​	​ ​ ​	2026	​	2025		2026	​	2025
​	​	€1,000	​	€1,000	​	€1,000	​	€1,000
Revenue	13	5,155	​	2,882	​	15,947	​	11,218
​	​	​	​	​	​	​	​	​
Other income	14	—	​	33	​	—	​	413
​	​	​	​	​	​	​	​	​
Research and development costs	15	(14,323)	​	(11,080)	​	(38,820)	​	(34,811)
General and administrative costs	16	(3,967)	​	(3,119)	​	(12,733)	​	(11,169)
Total operating costs	​	(18,290)	​	(14,199)	​	(51,553)	​	(45,980)
​	​	​	​	​	​	​	​	​
Operating result	​	(13,135)	​	(11,284)	​	(35,606)	​	(34,349)
Finance income and expense	​	658	​	280	​	1,022	​	927
Results related to financial liabilities measured at fair value through profit or loss	​	30	​	(2)	​	51	​	176
​	​	​	​	​	​	​	​	​
Result before corporate income taxes	​	(12,447)	​	(11,006)	​	(34,533)	​	(33,246)
Income taxes	18	—	​	—	​	(25)	​	(18)
​	​	​	​	​	​	​	​	​
Result for the period	​	(12,447)	​	(11,006)	​	(34,558)	​	(33,264)
Other comprehensive income (foreign exchange differences on foreign operation)	​	28	​	(23)	​	255	​	(1,076)
​	​	​	​	​	​	​	​	​
Total comprehensive income	​	(12,419)	​	(11,029)	​	(34,303)	​	(34,340)
​	​	​	​	​	​	​	​	​
Result attributable to	​	​	​	​	​	​	​	​
Owners of the Company	​	(12,447)	​	(11,006)	​	(34,558)	​	(33,264)
​	​	​	​	​	​	​	​	​
Total comprehensive income attributable to	​	​	​	​	​	​	​	​
Owners of the Company	​	(12,419)	​	(11,029)	​	(34,303)	​	(34,340)
​	​	​	​	​	​	​	​	​
Share information	​	​	​	​	​	​	​	​
Weighted average number of shares outstanding1	​	141,231,466	​	105,344,996	​	118,982,158	​	105,328,752
​	​	​	​	​	​	​	​	​
Earnings per share attributable to owners of the Company (Euro per share)	​	​	​	​	​	​	​	​
Basic loss per share1	​	(0.09)	​	(0.10)	​	(0.29)	​	(0.32)
Diluted loss per share1	​	(0.09)	​	(0.10)	​	(0.29)	​	(0.32)

​

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 Interim Condensed Consolidated Financial Statements

​

​

PROQR THERAPEUTICS N.V.
Unaudited Interim 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

—

​

—

​

—

​

—

​

—

​

(33,264)

​

(33,264)

Other comprehensive income

—

​

—

​

—

​

—

​

(1,076)

​

—

​

(1,076)

Recognition of share-based payments

—

​

—

​

—

​

2,784

​

—

​

—

​

2,784

Treasury shares transferred

​

(132,665)

​

—

​

—

​

—

​

—

​

—

​

—

Share options lapsed

​

—

​

—

​

—

​

(1,532)

​

—

​

1,532

​

—

Share options exercised / RSUs vested

​

132,665

​

—

​

67

​

(184)

​

—

​

184

​

67

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at September 30, 2025

107,710,916

​

4,308

​

483,879

​

27,316

​

274

​

(458,706)

​

57,071

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at January 1, 2026

107,710,916

​

4,308

​

483,881

​

28,426

​

265

​

(467,506)

​

49,374

Result for the period

—

​

—

​

—

​

—

​

—

​

(34,558)

​

(34,558)

Other comprehensive income

—

​

—

​

—

​

—

​

255

​

—

​

255

Recognition of share-based payments

—

​

—

​

—

​

3,955

​

—

​

—

​

3,955

Issuance of ordinary shares

​

35,755,393

​

1,430

​

47,478

​

—

​

—

​

—

​

48,908

Treasury shares transferred

​

(212,754)

​

—

​

—

​

—

​

—

​

—

​

—

Share options lapsed

​

—

​

—

​

—

​

(2,428)

​

—

​

2,428

​

—

Share options exercised / RSUs vested

​

212,754

​

—

​

250

​

(298)

​

—

​

298

​

250

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at September 30, 2026

143,466,309

​

5,738

​

531,609

​

29,655

​

520

​

(499,338)

​

68,184

​

​

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

​

​

​

​

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

​	​	​	​	​	​	​	​	​
​	​	Three month period			​	Nine month period
​	​	ended September 30,				ended September 30,
​	​ ​ ​	2026	​	2025	​	2026	​	2025
​	​	€1,000	​	€1,000	​	€1,000	​	€1,000
Cash flows from operating activities	​	​	​	​	​	​	​	​
Net result	​	(12,447)	​	(11,006)	​	(34,558)	​	(33,264)
Adjustments for:	​	​	​	​	​	​	​	​
— Other income	14	—	​	(33)	​	—	​	(413)
— Depreciation	​	777	​	671	​	2,178	​	2,024
— Share-based compensation	12	1,169	​	1,117	​	3,955	​	2,784
— Financial income and expenses	​	(706)	​	(280)	​	(1,075)	​	(927)
— Results related to financial liabilities measured at fair value through profit or loss	​	(30)	​	2	​	(51)	​	(176)
— Income tax expenses	18	—	​	—	​	25	​	18
​	​	​	​	​	​	​	​	​
Changes in working capital	​	(2,961)	​	(3,074)	​	(8,606)	​	(10,974)
Cash used in operations	​	(14,198)	​	(12,603)	​	(38,132)	​	(40,928)
​	​	​	​	​	​	​	​	​
Corporate income tax paid	​	—	​	—	​	(25)	​	(18)
Interest received	​	740	​	519	​	1,466	​	1,924
Interest paid	​	(128)	​	(151)	​	(310)	​	(412)
​	​	​	​	​	​	​	​	​
Net cash used in operating activities	​	(13,586)	​	(12,235)	​	(37,001)	​	(39,434)
​	​	​	​	​	​	​	​	​
Cash flow from investing activities	​	​	​	​	​	​	​	​
Purchases of property, plant and equipment	​	(354)	​	(169)	​	(809)	​	(494)
​	​	​	​	​	​	​	​	​
Net cash used in investing activities	​	(354)	​	(169)	​	(809)	​	(494)
​	​	​	​	​	​	​	​	​
Cash flows from financing activities	​	​	​	​	​	​	​	​
Proceeds from issuance of shares, net	12	(293)	​	—	​	48,908	​	—
Proceeds from exercise of share options	12	250	​	—	​	250	​	67
Repayment of lease liability	10	(300)	​	(444)	​	(1,225)	​	(1,304)
​	​	​	​	​	​	​	​	​
Net cash (used in) / generated by financing activities	​	(343)	​	(444)	​	47,933	​	(1,237)
​	​	​	​	​	​	​	​	​
Net (decrease) / increase in cash and cash equivalents	​	(14,283)	​	(12,848)	​	10,123	​	(41,165)
​	​	​	​	​	​	​	​	​
Currency effect cash and cash equivalents	​	144	​	(34)	​	450	​	(1,360)
Cash and cash equivalents, at beginning of the period	5	117,125	​	119,765	​	92,413	​	149,408
​	​	​	​	​	​	​	​	​
Cash and cash equivalents at the end of the period	​	102,986	​	106,883	​	102,986	​	106,883

​

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 Interim 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%);

● Shanghai ProQR Therapeutics Biotechnology Company Limited (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 interim 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 and nine month period ended September 30, 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. As further described in Note 12, additional funding was raised in June 2026 which management expects to provide sufficient resources to continue operating activities for at least twelve-months following the issuance of these interim condensed consolidated financial statement. 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 interim 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 € 23,000,000 at September 30, 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, the Company has not achieved any development milestones during the ProQR research program under the agreement as at September 30, 2026.

(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.

5. Cash and Cash Equivalents

At September 30, 2026, the Company’s cash and cash equivalents were € 102,986,000 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 in 2025, as well as money market funds in 2026 and 2025 which are invested in short-term government backed instruments with maturities up to three months at inception and are readily convertible to cash.

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​

6. Trade and Other Receivables

​

​	​	​	​	​
​	​	September 30,	​	December 31,
​	​	2026	​	2025
​	​	€1,000	​	€1,000
Collaboration receivables	​	488	​	3,358
Prepayments	​	2,862	​	2,627
Accrued income from Rett Syndrome Research Trust	​	502	​	502
Other receivables	​	433	​	313
Total	​	4,285	​	6,800

​

All receivables are considered short-term and due within one year. At September 30, 2026 and December 31, 2025 collaboration receivables consisted of amounts receivable from Lilly. At September 30, 2026 and December 31, 2025 prepayments consisted principally of payments made by the Company for services not yet provided by vendors. As at September 30, 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. At September 30, 2026 and December 31, 2025 other receivables consisted principally of accrued grant income and deposits.

7. Property, Plant and Equipment

At September 30, 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 € 8,247,000 at September 30, 2026 (December 31, 2025: € 9,994,000).

8. Other Current Liabilities

At September 30, 2026 other current liabilities amount to € 10,493,000 (December 31, 2025: € 7,940,000). At September 30, 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

​

​	​	​	​	​
​	​	September 30,	​	December 31,
​	​ ​ ​	2026	​	2025
​	​	€1,000	​	€1,000
Innovation credit	​	2,899	​	2,899
Accrued interest on innovation credit	​	2,191	​	1,973
​	​	​	​	​
Total	​	5,090	​	4,872
Current portion	​	5,090	​	4,872
Total non-current borrowings	​	—	​	—

​

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 September 30, 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 September 30, 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 September 30, 2026 and December 31, 2025. The nature of the deferred income is described in Note 13 and 14.

​

​	​	​	​	​
​	​	September 30,	​	December 31,
​	​	2026	​	2025
​	​	€1,000	​	€1,000
Payments from Eli Lilly and Company	​	13,578	​	17,552
Payments from Rett Syndrome Research Trust	​	—	​	—
Current portion	​	13,578	​	17,552
​	​	​	​	​
Payments from Eli Lilly and Company	​	9,422	​	21,394
Non-current portion	​	9,422	​	21,394
​	​	​	​	​
Total	​	23,000	​	38,946

​

​

12. Shareholders’ Equity

The authorized share capital of the Company amounting to € 21,600,000 consists of 270,000,000 ordinary shares and 270,000,000 preference shares with a par value of € 0.04 per share. At September 30, 2026, 143,466,309 ordinary shares were issued, which is comprised of 141,329,607 ordinary shares fully paid and outstanding as well as 2,136,702 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 September 30, 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 “2024 Offering”) at a public offering price of $ 3.50 per share (the “2024 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.

Concurrently with the 2024 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.

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​

In April 2026, the Company entered into agreement with Ginkgo Bioworks (“Ginkgo”) under which Ginkgo will provide services to support the Company’s AI-enabled research and development activities. In connection with this arrangement, the Company issued 3,030,303 ordinary shares at a price of $ 1.65 per share to Ginkgo. These shares represent a contractual credit of $ 5.0 million to be applied against future services over a three-year term. To the extent the credit is not utilized within the contractual term or upon certain termination events, the unused amount is repayable through the return of shares or, if such shares are no longer held, in cash. The arrangement does not require the Company to utilize the services, and the Company can terminate the agreement at anytime without penalties. The transaction was recognized solely within equity in line with the requirements of IFRS 2. The nominal value of the shares was recognized as ordinary share capital with a corresponding entry in share premium. As services are subsequently received from Ginkgo, the contractual credit will be recognized as research and development expense with a corresponding adjustment to share premium.

In June 2026, the Company consummated an underwritten registered direct offering of 27,624,310 ordinary shares (the “2026 Offering”) at an at-the-market offering price of $ 1.81 per share (the “2026 offering price”) under Nasdaq rules. The gross proceeds from the 2026 offering amounted to $ 50.0 million (€ 43.9 million) while the transaction costs amounted to approximately € 3.2 million, resulting in net proceeds of approximately € 40.7 million.

Concurrently with the 2026 offering, the Company entered into a share purchase agreement with Lilly in a separately negotiated transaction pursuant to which the Company agreed to offer and sell, and Lilly agreed to purchase 5,100,780 ordinary shares at a price per share equal to the public offering price, for total gross proceeds of approximately $ 9.2 million. The proceeds of $ 9.2 million (€ 8.1 million) from this concurrent private placement were received on June 26, 2026. The ordinary shares purchased in the concurrent private placement are not subject to any underwriting discounts or commissions. Pursuant to the share purchase agreement, the Company agreed to file a registration statement with the U.S. Securities and Exchange Commission (“SEC”) covering the resale of the ordinary shares issued to Lilly. As of the date of the issuance of these interim financial statements, the registration statement has not yet been filed.

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 nine month period ended September 30, 2026 were € 3,955,000 (nine month period ended September 30, 2025: € 2,784,000), of which € 2,915,000 was recorded in general and administrative costs (nine month period ended September 30, 2025: € 1,952,000) and € 1,040,000 was recorded in research and development costs (nine month period ended September 30, 2025: € 832,000).

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.

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​

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. The research term under the amended and restated agreement ends on December 21, 2027, five years after the effective date of the amended and restated agreement, and Lilly has a one-time option, at its sole discretion, to extend the research term by up to one year.

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.

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.

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​

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 nine month period ended September 30, 2026 the Company did not reach any milestones under the agreement.

14. Other Income

​

​	​	​	​	​
​	​	Nine month period
​	​	ended September 30,
​	​ ​ ​	2026	​	2025
​	​	€1,000	​	€1,000
​	​	​	​	​
Grant income	​	—	​	413
Total	​	—	​	413

​

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 € 380,000 was recognized as other income during the nine month period ended September 30, 2025 and the balance was recorded as deferred income. 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 September 30, 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.

​

Table of Contents

PAGE 15

Unaudited Interim Condensed Consolidated Financial Statements

​

​

15. Research and Development Costs

Research and development costs amount to € 38,820,000 for the nine month period ended September 30, 2026 (nine month period ended September 30, 2025: € 34,811,000) 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 increased compared to the same period in the prior year, mainly due to the Company’s increased research and development activities in the nine month period of 2026.

16. General and Administrative Costs

General and administrative costs amount to € 12,733,000 for the nine month period ended September 30, 2026 (nine month period ended September 30, 2025: € 11,169,000).

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 0.16% interest in Kamal. As at September 30, 2026, the investment amounts to € nil (December 31, 2025: € nil).

ProQR holds a 3.6% interest in Yarrow. As at September 30, 2026, the fair value of the Yarrow financial asset amounted to € nil (December 31, 2025: € nil).

18. Income Taxes

The current income tax liability amounts to € nil at September 30, 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.

​

​

Exhibit 99.2

ProQR Announces Third Quarter 2026 Operating and Financial Results

● Fully enrolled Cohorts 1 and 2 of AX-0811 Phase 1 trial; initial target engagement data expected in early January 2027

● Full AX-0810 Phase 1 dataset, including Cohort 3 and follow-up data, and new AX-0811 preclinical proof-of-concept data to be presented in December 2026

● Multiple clinical milestones expected in H1 of 2027, including initiation of pediatric biliary atresia IIT, initial AX-0422 patient data in MPS I Hurler syndrome, and advancement of AX-2911 into the clinic for MASH IIT

● Ended Q3 2026 with € 103 million cash and cash equivalents, supporting runway into mid-2028

LEIDEN, Netherlands & CAMBRIDGE, Mass., November 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 third quarter ended September 30, 2026, and provided a business update.

“Having established the first clinical validation of our Axiomer RNA editing platform, we are now expanding our pipeline on that foundation through several other programs that are entering clinical development,” said Daniel A. de Boer, Founder and Chief Executive Officer of ProQR. “The Phase 1 study of AX-0811 has now fully enrolled its first two cohorts. AX-0811 is our next-generation editing oligonucleotide targeting NTCP for cholestatic diseases, including biliary atresia. We also strengthened our AI capabilities through the appointment of Chris Hart as Chief Data and AI Officer and Thomas Wolf to our Board as a strategic AI advisor.”

De Boer continued, “We expect to report initial AX-0811 data in early January 2027 and look forward to presenting the full AX-0810 Phase 1 dataset, including Cohort 3, in December 2026. We expect these data to be followed by a series of additional clinical milestones across our pipeline in the first half of 2027, including initiation of our biliary atresia clinical program, initial patient data from AX-0422 in MPS I Hurler syndrome, and advancement of AX-2911 for MASH into the clinic. Across these programs, our focus remains on developing RNA editing therapies that can make a meaningful difference for patients and their families.”

​

Recent Progress and Anticipated Upcoming Events

Clinical Development Progress with NTCP Programs

Following the positive AX-0810 Phase 1 target engagement data reported in June 2026, ProQR expects to present the full dataset, including Cohort 3 and 12-week follow up, at the Nature Conferences RNA at the Bench and Bedside V meeting in December 2026.

In September 2026, ProQR announced the dosing of the first participant in the Phase 1 clinical trial of AX-0811, the Company’s next-generation editing oligonucleotide targeting NTCP, which was identified through ProQR’s AI-enabled discovery engine. The first two cohorts of healthy volunteers are now fully enrolled, with initial AX-0811 Phase 1 target engagement data expected in early January 2027. The study is evaluating the safety, tolerability, pharmacokinetics, and pharmacodynamic effects via biomarker-based target engagement. AX-0811 preclinical data demonstrate greater potency and a longer half-life compared with AX-0810, with the potential for lower dose levels and less frequent dosing in the clinic.

In September 2026, the Company hosted a virtual educational event focused on NTCP modulation in biliary atresia through liver-targeted RNA editing. The event featured ProQR management and Professor Gideon Hirschfield of the Toronto Centre for Liver Disease and provided an overview of bile acid biology, NTCP modulation, translational rationale and clinical development strategy for RNA editing NTCP modulation in biliary atresia. The event outlined the framework for evaluating upcoming AX-0811 Phase 1 target engagement data:

● TUDCA is expected to be the most sensitive measure for comparing pharmacodynamic effects,

● Conjugated bile acid profile will be informative for assessing translation into the disease setting, and

● Total bile acids in serum provides an additional supportive measure of target engagement.

Based on preclinical data, ProQR expects AX-0811 to outperform AX-0810 across all three biomarkers in equivalent cohorts.

ProQR is also continuing preparations for an investigator-initiated trial (IIT) in pediatric biliary atresia in China, with initial clinical data expected in the first half of 2027.

​

Conference Presentations

In November 2026, ProQR participated in TIDES Europe and The Liver Meeting 2026, the annual meeting of the American Association for the Study of Liver Diseases (AASLD), where presentations highlighted previously disclosed AX-0810 clinical findings and preclinical data for AX-0811.

Strengthening AI and Data Capabilities

In September 2026, ProQR appointed Chris Hart, PhD, as Chief Data and AI Officer. Dr. Hart most recently served as Vice President of Data Science and AI/ML for Genetic Medicines at Eli Lilly and Company and has more than 15 years of experience applying AI/ML to oligonucleotide therapeutics. ProQR also announced in September that Thomas Wolf, PhD, co-founder and Chief Scientific Officer of Hugging Face, has joined ProQR’s Board of Directors as a strategic AI advisor.

Upcoming anticipated milestones

NTCP programs

●AX-0810 data from the 9 mg/kg cohort and 12-week follow up from the ongoing Phase 1 study and new preclinical data for AX-0811 expected in December 2026

●AX-0811 initial target engagement data from Cohorts 1 and 2 in healthy volunteers expected in early January 2027

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

●Potentially registration-enabling Phase 2 program, subject to regulatory interactions, expected to start in mid-2027 with first interim analysis data expected by mid-2028

Other pipeline candidates

●AX-0422 for MPS I Hurler Syndrome (IDUA) CTA filing for a first-in-patient study anticipated in early 2027 and initial data expected in the first half of 2027

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

Partnership

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

​

Financial Highlights

At September 30, 2026, ProQR held cash and cash equivalents of approximately € 103.0 million, compared to € 92.4 million at December 31, 2025.

Net cash used in operating activities during the third quarter ended September 30, 2026 was € 13.6 million, compared to € 12.2 million used for the same period in 2025.

Research and development (R&D) costs for the quarter ended September 30, 2026 were € 14.3 million, compared to € 11.1 million for the same period last year.

General and administrative costs for the quarter ended September 30, 2026 were € 4.0 million, compared to € 3.1 million for the same period in 2025.

Net loss for the quarter ended September 30, 2026 was € 12.4 million, or € 0.09 per diluted share, compared to € 11.0 million, or € 0.10 per diluted share, for the same period in 2025.

For further financial information for the period ended September 30, 2026, please refer to our Q3 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 a clinical-stage company 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 targeting NTCP for cholestatic diseases, including the timing and presentation of the full Phase 1 dataset, including Cohort 3 and 12-week follow-up data, in December 2026 at the Nature Conferences RNA at the Bench and Bedside V meeting and the presentation of new preclinical data for AX-0811; our expectations regarding the safety, tolerability, target engagement and potential therapeutic benefits of AX-0810; our ability to collaborate with investigators to initiate, conduct and recruit for an IIT of our NTCP program in China in pediatric participants with biliary atresia and to generate meaningful data therefrom, including the anticipated timing of initial data readout in the first half of 2027; the anticipated initiation of our potentially registration-enabling Phase 2 program in mid-2027 with first interim analysis data expected by mid-2028, subject to regulatory interactions; our pipeline targets, including the ongoing Phase 1 clinical trial of AX-0811 in healthy volunteers; our ability to continue to enroll and complete the ongoing Phase 1 clinical trial for AX-0811 and the anticipated timing of initial data readout expected in early January 2027; the anticipated first-in-patient study of AX-0422 targeting IDUA for MPS I Hurler syndrome, with a CTA filing expected in early 2027 and anticipated initial clinical data readout in the first half of 2027; the anticipated IIT in China of AX-2911 targeting PNPLA3 for MASH in the first half of 2027; our expectations regarding clinical updates across multiple programs in 2026 and 2027; the potential design, initiation and timing of a potentially registration-enabling Phase 2 program for the NTCP franchise, subject to regulatory interactions; the therapeutic potential and development timeline regarding AX-0810, AX-0811, AX-0422, and AX-2911; our participation at upcoming scientific conferences; the continued development and advancement of our Axiomer platform and our AI-enabled discovery engine, and the anticipated benefits of our AI and data capabilities; 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

​

its 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, and potential milestones; and our financial position and expected cash runway to fund our operations into mid-2028. 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, risks and uncertainties associated with conducting IITs in China, including evolving regulatory requirements, 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

​

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

​

​

​	​	​	​	​
​	​	September 30,	​	December 31,
​	​	2026	​	2025
​	​	€1,000	​	€1,000
Assets	​	​	​	​
Property, plant and equipment	​	11,046	​	12,630
Investments in financial assets	​	—	​	—
Non-current assets	​	11,046	​	12,630
​	​	​	​	​
Cash and cash equivalents	​	102,986	​	92,413
Trade and other receivables	​	4,285	​	6,800
Other taxes	​	781	​	913
Current assets	​	108,052	​	100,126
Total assets	​	119,098	​	112,756
​	​	​	​	​
Equity and liabilities	​	​	​	​
Equity	​	​	​	​
Equity attributable to owners of the Company	​	68,184	​	49,374
Total equity	​	68,184	​	49,374
​	​	​	​	​
Liabilities	​	​	​	​
Borrowings	​	—	​	—
Lease liabilities	​	7,790	​	9,547
Deferred income	​	9,422	​	21,394
Non-current liabilities	​	17,212	​	30,941
​	​	​	​	​
Borrowings	​	5,090	​	4,872
Lease liabilities	​	1,692	​	1,545
Derivative financial instruments	​	183	​	234
Trade payables	​	2,564	​	298
Social securities and other taxes	​	102	​	—
Deferred income	​	13,578	​	17,552
Other current liabilities	​	10,493	​	7,940
Current liabilities	​	33,702	​	32,441
Total liabilities	​	50,914	​	63,382
​	​	​	​	​
Total equity and liabilities	​	119,098	​	112,756

​

​

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

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

​

​	​	​	​	​	​	​	​	​
​	​	Three month period			​	Nine month period
​	​	ended September 30,				ended September 30,
​	​ ​ ​	2026	​	2025		2026	​	2025
​	​	€1,000	​	€1,000	​	€1,000	​	€1,000
Revenue	​	5,155	​	2,882	​	15,947	​	11,218
​	​	​	​	​	​	​	​	​
Other income	​	—	​	33	​	—	​	413
​	​	​	​	​	​	​	​	​
Research and development costs	​	(14,323)	​	(11,080)	​	(38,820)	​	(34,811)
General and administrative costs	​	(3,967)	​	(3,119)	​	(12,733)	​	(11,169)
Total operating costs	​	(18,290)	​	(14,199)	​	(51,553)	​	(45,980)
​	​	​	​	​	​	​	​	​
Operating result	​	(13,135)	​	(11,284)	​	(35,606)	​	(34,349)
Finance income and expense	​	658	​	280	​	1,022	​	927
Results related to financial liabilities measured at fair value through profit or loss	​	30	​	(2)	​	51	​	176
​	​	​	​	​	​	​	​	​
Result before corporate income taxes	​	(12,447)	​	(11,006)	​	(34,533)	​	(33,246)
Income taxes	​	—	​	—	​	(25)	​	(18)
​	​	​	​	​	​	​	​	​
Result for the period	​	(12,447)	​	(11,006)	​	(34,558)	​	(33,264)
Other comprehensive income (foreign exchange differences on foreign operation)	​	28	​	(23)	​	255	​	(1,076)
​	​	​	​	​	​	​	​	​
Total comprehensive income	​	(12,419)	​	(11,029)	​	(34,303)	​	(34,340)
​	​	​	​	​	​	​	​	​
Result attributable to	​	​	​	​	​	​	​	​
Owners of the Company	​	(12,447)	​	(11,006)	​	(34,558)	​	(33,264)
​	​	​	​	​	​	​	​	​
Total comprehensive income attributable to	​	​	​	​	​	​	​	​
Owners of the Company	​	(12,419)	​	(11,029)	​	(34,303)	​	(34,340)
​	​	​	​	​	​	​	​	​
Share information	​	​	​	​	​	​	​	​
Weighted average number of shares outstanding1	​	141,231,466	​	105,344,996	​	118,982,158	​	105,328,752
​	​	​	​	​	​	​	​	​
Earnings per share attributable to owners of the Company (Euro per share)	​	​	​	​	​	​	​	​
Basic loss per share1	​	(0.09)	​	(0.10)	​	(0.29)	​	(0.32)
Diluted loss per share1	​	(0.09)	​	(0.10)	​	(0.29)	​	(0.32)

​

​

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 Interim 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

—

​

—

​

—

​

—

​

—

​

(33,264)

​

(33,264)

Other comprehensive income

—

​

—

​

—

​

—

​

(1,076)

​

—

​

(1,076)

Recognition of share-based payments

—

​

—

​

—

​

2,784

​

—

​

—

​

2,784

Treasury shares transferred

​

(132,665)

​

—

​

—

​

—

​

—

​

—

​

—

Share options lapsed

​

—

​

—

​

—

​

(1,532)

​

—

​

1,532

​

—

Share options exercised / RSUs vested

​

132,665

​

—

​

67

​

(184)

​

—

​

184

​

67

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at September 30, 2025

107,710,916

​

4,308

​

483,879

​

27,316

​

274

​

(458,706)

​

57,071

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at January 1, 2026

107,710,916

​

4,308

​

483,881

​

28,426

​

265

​

(467,506)

​

49,374

Result for the period

—

​

—

​

—

​

—

​

—

​

(34,558)

​

(34,558)

Other comprehensive income

—

​

—

​

—

​

—

​

255

​

—

​

255

Recognition of share-based payments

—

​

—

​

—

​

3,955

​

—

​

—

​

3,955

Issuance of ordinary shares

​

35,755,393

​

1,430

​

47,478

​

—

​

—

​

—

​

48,908

Treasury shares transferred

​

(212,754)

​

—

​

—

​

—

​

—

​

—

​

—

Share options lapsed

​

—

​

—

​

—

​

(2,428)

​

—

​

2,428

​

—

Share options exercised / RSUs vested

​

212,754

​

—

​

250

​

(298)

​

—

​

298

​

250

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at September 30, 2026

143,466,309

​

5,738

​

531,609

​

29,655

​

520

​

(499,338)

​

68,184

​

​

​

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

​

​	​	​	​	​	​	​	​	​
​	​	Three month period			​	Nine month period
​	​	ended September 30,				ended September 30,
​	​ ​ ​	2026	​	2025	​	2026	​	2025
​	​	€1,000	​	€1,000	​	€1,000	​	€1,000
Cash flows from operating activities	​	​	​	​	​	​	​	​
Net result	​	(12,447)	​	(11,006)	​	(34,558)	​	(33,264)
Adjustments for:	​	​	​	​	​	​	​	​
— Other income	​	—	​	(33)	​	—	​	(413)
— Depreciation	​	777	​	671	​	2,178	​	2,024
— Share-based compensation	​	1,169	​	1,117	​	3,955	​	2,784
— Financial income and expenses	​	(706)	​	(280)	​	(1,075)	​	(927)
— Results related to financial liabilities measured at fair value through profit or loss	​	(30)	​	2	​	(51)	​	(176)
— Income tax expenses	​	—	​	—	​	25	​	18
​	​	​	​	​	​	​	​	​
Changes in working capital	​	(2,961)	​	(3,074)	​	(8,606)	​	(10,974)
Cash used in operations	​	(14,198)	​	(12,603)	​	(38,132)	​	(40,928)
​	​	​	​	​	​	​	​	​
Corporate income tax paid	​	—	​	—	​	(25)	​	(18)
Interest received	​	740	​	519	​	1,466	​	1,924
Interest paid	​	(128)	​	(151)	​	(310)	​	(412)
​	​	​	​	​	​	​	​	​
Net cash used in operating activities	​	(13,586)	​	(12,235)	​	(37,001)	​	(39,434)
​	​	​	​	​	​	​	​	​
Cash flow from investing activities	​	​	​	​	​	​	​	​
Purchases of property, plant and equipment	​	(354)	​	(169)	​	(809)	​	(494)
​	​	​	​	​	​	​	​	​
Net cash used in investing activities	​	(354)	​	(169)	​	(809)	​	(494)
​	​	​	​	​	​	​	​	​
Cash flows from financing activities	​	​	​	​	​	​	​	​
Proceeds from issuance of shares, net	​	(293)	​	—	​	48,908	​	—
Proceeds from exercise of share options	​	250	​	—	​	250	​	67
Repayment of lease liability	​	(300)	​	(444)	​	(1,225)	​	(1,304)
​	​	​	​	​	​	​	​	​
Net cash (used in) / generated by financing activities	​	(343)	​	(444)	​	47,933	​	(1,237)
​	​	​	​	​	​	​	​	​
Net (decrease) / increase in cash and cash equivalents	​	(14,283)	​	(12,848)	​	10,123	​	(41,165)
​	​	​	​	​	​	​	​	​
Currency effect cash and cash equivalents	​	144	​	(34)	​	450	​	(1,360)
Cash and cash equivalents, at beginning of the period	​	117,125	​	119,765	​	92,413	​	149,408
​	​	​	​	​	​	​	​	​
Cash and cash equivalents at the end of the period	​	102,986	​	106,883	​	102,986	​	106,883

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Filing Exhibits & Attachments

7 documents

Press Releases

• EX-99.1 EX-99.1 755.3 KB
• EX-99.2 EX-99.2 386.6 KB

Other Documents

• EX-101 EX-101.SCH 48.5 KB
• EX-101 EX-101.CAL 36.8 KB
• EX-101 EX-101.DEF 125.2 KB
• EX-101 EX-101.LAB 276.8 KB
• EX-101 EX-101.PRE 197.7 KB