ProQR Therapeutics (PRQR) lifts cash to €117M with $59M raise and Q2 2026 update

Rhea-AI Filing Summary

ProQR Therapeutics N.V. reported second-quarter and first-half 2026 results and detailed recent financing and pipeline progress. For the quarter ended June 30, 2026, revenue was €8.8 million, up from €3.8 million a year earlier, primarily from its collaboration with Eli Lilly. Net loss for the quarter narrowed to €8.7 million, or €0.08 per share, compared with a loss of €12.2 million, or €0.12 per share, in 2025, as operating expenses grew modestly while revenue more than doubled.

Cash and cash equivalents were €117.1 million at June 30, 2026, up from €92.4 million at December 31, 2025, supported by a June underwritten registered direct offering and concurrent private placement raising gross proceeds of about $59.2 million. Management states this provides funding runway into mid-2028 and supports advancement of its Axiomer RNA editing pipeline, including AX-0810 and AX-0811 for cholestatic liver diseases and earlier-stage programs in MPS I Hurler syndrome and MASH.

Positive

• Revenue more than doubled in Q2 2026 to €8.8 million from €3.8 million, driven by collaboration activity, while net loss narrowed, indicating improved operating leverage.
• Cash position strengthened to €117.1 million from €92.4 million, aided by a $59.2 million equity financing that management expects to fund operations into mid-2028.
• The company highlights first clinical validation of its Axiomer RNA editing platform with AX-0810 target engagement data, supporting continued development of its NTCP franchise.

Negative

• ProQR remains loss-making, with a six-month 2026 net loss of €22.1 million and cumulative accumulated deficit of €487.4 million.
• Operating expenses continue to be high for the company’s size, with R&D costs of €24.5 million and G&A of €8.8 million in the first half of 2026.

Filing Explained

Completed 2026 issuances increased ProQR’s issued shares to 143,466,309, reducing existing holders’ percentage ownership absent offsetting changes.

In the six months ended June 30, 2026, ProQR completed ordinary-share issuances totaling 35,755,393 shares; at period-end, 143,466,309 shares were issued, including 141,121,476 outstanding and 2,344,833 treasury shares.

Under the disclosed mechanics, issuing additional shares increases the share count and reduces an existing holder’s percentage ownership absent offsetting changes. The issuances included 27,624,310 shares in the June underwritten registered direct offering, 5,100,780 shares sold to Eli Lilly in the concurrent private placement, and 3,030,303 shares issued to Ginkgo as a contractual credit for future services.

The Lilly shares had been issued, but the resale registration statement that ProQR agreed to file had not yet been filed as of the interim financial statements. Separately, the company reported that its European Medicines Agency clinical-trial application for AX-0811 was submitted in July; authorization remained pending, with initial data described as anticipated by year-end 2026.

Key Figures

Q2 2026 Revenue: €8,759,000 Q2 2026 Net Loss: €8,728,000 Cash and Cash Equivalents: €117,125,000 +5 more

8 metrics

Q2 2026 Revenue €8,759,000 Three-month period ended June 30, 2026; up from €3,817,000 in Q2 2025

Q2 2026 Net Loss €8,728,000 Three-month period ended June 30, 2026; improved from €12,179,000 in Q2 2025

Cash and Cash Equivalents €117,125,000 Balance at June 30, 2026; compared with €92,413,000 at December 31, 2025

H1 2026 Research and Development Costs €24,497,000 Six-month period ended June 30, 2026; up from €23,731,000 in H1 2025

H1 2026 Net Cash Used in Operating Activities €23,415,000 Six-month period ended June 30, 2026; compared with €27,199,000 in H1 2025

June 2026 Equity Financing Gross Proceeds $59,200,000 Underwritten registered direct offering and concurrent private placement in June 2026

Deferred Income from Eli Lilly €28,154,000 Total deferred revenue related to Lilly collaboration at June 30, 2026

Accumulated Deficit €487,412,000 Accumulated deficit attributable to owners at June 30, 2026

Key Terms

Axiomer RNA editing platform, Editing Oligonucleotides, Clinical Trial Application (CTA), biliary atresia, +2 more

6 terms

Axiomer RNA editing platform medical

"first clinical validation of our Axiomer RNA editing platform by modulating NTCP with AX-0810"

Editing Oligonucleotides medical

"Axiomer™ “Editing Oligonucleotides”, or EONs, mediate single nucleotide changes to RNA"

Clinical Trial Application (CTA) regulatory

"submitted a Clinical Trial Application (CTA) to the European Medicines Agency (EMA)"

A clinical trial application (CTA) is the formal request a company files with health regulators asking permission to begin testing a new drug or medical device in people. It matters to investors because approval is a key development milestone—like getting a building permit to start construction—signaling reduced regulatory risk, unlocking the next phase of data generation and timelines for potential commercial value, while rejection or delay can push back prospects and increase costs.

biliary atresia medical

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

Biliary atresia is a rare, serious condition in newborns where the tiny tubes that carry bile from the liver to the intestine are missing or blocked, like plumbing pipes that never formed or become sealed. Without bile flow, the liver is damaged over time, often requiring surgery or transplant. For investors, it matters because treatments, surgical techniques, and long-term care represent focused medical markets, regulatory pathways, and potential clinical-trial milestones.

MASH medical

"continued advancement of our MPS I Hurler syndrome and MASH programs"

deferred income financial

"The following table summarizes details of deferred income at June 30, 2026"

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

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

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Available on EDGAR 08/13/2026 - 07:01 AM Accepted by SEC EDGAR 08/13/2026 - 07:00 AM Learn about SEC filing dates

FAQ

How did ProQR (PRQR) perform financially in the second quarter of 2026?

ProQR reported Q2 2026 revenue of €8.8 million, up from €3.8 million in Q2 2025. Net loss narrowed to €8.7 million, or €0.08 per share, compared with a €12.2 million loss, or €0.12 per share, a year earlier.

What is ProQR’s (PRQR) cash position and runway as of June 30, 2026?

As of June 30, 2026, ProQR held €117.1 million in cash and cash equivalents, up from €92.4 million at year-end 2025. Management states this, including recent equity financing, provides funding runway to support operations into mid-2028.

How did ProQR’s (PRQR) operating expenses change in the first half of 2026?

For the six months ended June 30, 2026, R&D costs were €24.5 million versus €23.7 million a year earlier, and G&A costs were €8.8 million versus €8.1 million. Total operating costs increased to €33.3 million from €31.8 million.

What equity financings did ProQR (PRQR) complete in 2026 and their size?

In June 2026, ProQR completed an underwritten registered direct offering of 27,624,310 shares for $50.0 million and a concurrent private placement of 5,100,780 shares for $9.2 million, totaling approximately $59.2 million in gross proceeds.

What are the key development milestones ProQR (PRQR) expects post-Q2 2026?

ProQR plans to present the full AX-0810 Phase 1 dataset later in 2026, obtain initial Phase 1 data for AX-0811 by year end 2026, begin a biliary atresia trial with initial data in H1 2027, and advance MPS I Hurler syndrome and MASH programs.

How significant is the Eli Lilly collaboration to ProQR’s (PRQR) financials?

The Lilly collaboration is a major revenue source, with €28.2 million of deferred income at June 30, 2026 linked to collaboration payments. Revenue for H1 2026, €10.8 million, is primarily from this agreement, including milestone-related amounts.

​

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

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Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

​

August 13, 2026

Commission File Number: 001-36622

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PROQR THERAPEUTICS N.V.

​

Zernikedreef 9

2333 CK Leiden

The Netherlands

Tel: +31 88 166 7000

(Address, Including ZIP Code, and Telephone Number,

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

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

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Form 20-F  ⌧  Form 40-F  ◻

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

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

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​

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Furnished as Exhibit 99.1 to this Report on Form 6-K are the unaudited financial statements of ProQR Therapeutics N.V. (the “Company”) for the three and six month periods ended June 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 August 13, 2026, announcing the Company’s results for the three and six month periods ended June 30, 2026. 

​

On August 13, 2026, the Company issued a press release titled, “ProQR Announces Second Quarter 2026 Operating and Financial Results,” announcing the Company’s results for the three and six month periods ended June 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 and File No. 333-285767).

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INDEX TO EXHIBITS

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Number	​	Description
	​
99.1	​	Unaudited financial statements of ProQR Therapeutics N.V. for the three and six month periods ended June 30, 2026.
​	​	​
99.2	​	Press Release of ProQR Therapeutics N.V. dated August 13, 2026, announcing the Company’s results for the three and six month periods ended June 30, 2026.

​

​

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​

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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: August 13, 2026	By:	/s/ Dennis Hom
​	​	Dennis Hom
​	​	Chief Financial Officer

​

​

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Table of Contents

Exhibit 99.1

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

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

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

​	​	​	​	​
​	​	June 30,	​	December 31,
​	​	2026	​	2025
​	​	€1,000	​	€1,000
Assets	​	​	​	​
Property, plant and equipment	7	11,923	​	12,630
Investments in financial assets	17	—	​	—
Non-current assets	​	11,923	​	12,630
​	​	​	​	​
Cash and cash equivalents	5	117,125	​	92,413
Trade and other receivables	6	3,908	​	6,800
Other taxes	​	597	​	913
Current assets	​	121,630	​	100,126
Total assets	​	133,553	​	112,756
​	​	​	​	​
Equity and liabilities	​	​	​	​
Equity	​	​	​	​
Equity attributable to owners of the Company	​	79,477	​	49,374
Total equity	12	79,477	​	49,374
​	​	​	​	​
Liabilities	​	​	​	​
Borrowings	9	—	​	—
Lease liabilities	10	8,692	​	9,547
Deferred income	11	10,510	​	21,394
Non-current liabilities	​	19,202	​	30,941
​	​	​	​	​
Borrowings	9	5,017	​	4,872
Lease liabilities	10	1,603	​	1,545
Derivative financial instruments	​	213	​	234
Trade payables	​	—	​	298
Social securities and other taxes	​	214	​	—
Deferred income	11	17,644	​	17,552
Other current liabilities	8	10,183	​	7,940
Current liabilities	​	34,874	​	32,441
Total liabilities	​	54,076	​	63,382
​	​	​	​	​
Total equity and liabilities	​	133,553	​	112,756

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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

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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			​	Six month period
​	​	ended June 30,				ended June 30,
​	​ ​ ​	2026	​	2025		2026	​	2025
​	​	€1,000	​	€1,000	​	€1,000	​	€1,000
Revenue	13	8,759	​	3,817	​	10,792	​	8,336
​	​	​	​	​	​	​	​	​
Other income	14	—	​	158	​	—	​	380
​	​	​	​	​	​	​	​	​
Research and development costs	15	(12,667)	​	(11,408)	​	(24,497)	​	(23,731)
General and administrative costs	16	(4,914)	​	(4,816)	​	(8,766)	​	(8,050)
Total operating costs	​	(17,581)	​	(16,224)	​	(33,263)	​	(31,781)
​	​	​	​	​	​	​	​	​
Operating result	​	(8,822)	​	(12,249)	​	(22,471)	​	(23,065)
Finance income and expense	​	152	​	192	​	364	​	647
Results related to financial liabilities measured at fair value through profit or loss	​	(33)	​	(104)	​	21	​	178
​	​	​	​	​	​	​	​	​
Result before corporate income taxes	​	(8,703)	​	(12,161)	​	(22,086)	​	(22,240)
Income taxes	18	(25)	​	(18)	​	(25)	​	(18)
​	​	​	​	​	​	​	​	​
Result for the period	​	(8,728)	​	(12,179)	​	(22,111)	​	(22,258)
Other comprehensive income (foreign exchange differences on foreign operation)	​	48	​	(682)	​	227	​	(1,053)
​	​	​	​	​	​	​	​	​
Total comprehensive income	​	(8,680)	​	(12,861)	​	(21,884)	​	(23,311)
​	​	​	​	​	​	​	​	​
Result attributable to	​	​	​	​	​	​	​	​
Owners of the Company	​	(8,728)	​	(12,179)	​	(22,111)	​	(22,258)
​	​	​	​	​	​	​	​	​
Total comprehensive income attributable to	​	​	​	​	​	​	​	​
Owners of the Company	​	(8,680)	​	(12,861)	​	(21,884)	​	(23,311)
​	​	​	​	​	​	​	​	​
Share information	​	​	​	​	​	​	​	​
Weighted average number of shares outstanding1	​	109,958,613	​	105,343,897	​	107,673,118	​	105,320,495
​	​	​	​	​	​	​	​	​
Earnings per share attributable to owners of the Company (Euro per share)	​	​	​	​	​	​	​	​
Basic loss per share1	​	(0.08)	​	(0.12)	​	(0.21)	​	(0.21)
Diluted loss per share1	​	(0.08)	​	(0.12)	​	(0.21)	​	(0.21)

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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

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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

—

​

—

​

—

​

—

​

—

​

(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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at January 1, 2026

107,710,916

​

4,308

​

483,881

​

28,426

​

265

​

(467,506)

​

49,374

Result for the period

—

​

—

​

—

​

—

​

—

​

(22,111)

​

(22,111)

Other comprehensive income

—

​

—

​

—

​

—

​

227

​

—

​

227

Recognition of share-based payments

—

​

—

​

—

​

2,786

​

—

​

—

​

2,786

Issuance of ordinary shares

​

35,755,393

​

1,430

​

47,771

​

—

​

—

​

—

​

49,201

Treasury shares transferred

​

(4,623)

​

—

​

—

​

—

​

—

​

—

​

—

Share options lapsed

​

—

​

—

​

—

​

(2,199)

​

—

​

2,199

​

—

Share options exercised / RSUs vested

​

4,623

​

—

​

—

​

(6)

​

—

​

6

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at June 30, 2026

143,466,309

​

5,738

​

531,652

​

29,007

​

492

​

(487,412)

​

79,477

​

​

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			​	Six month period
​	​	ended June 30,				ended June 30,
​	​ ​ ​	2026	​	2025	​	2026	​	2025
​	​	€1,000	​	€1,000	​	€1,000	​	€1,000
Cash flows from operating activities	​	​	​	​	​	​	​	​
Net result	​	(8,728)	​	(12,179)	​	(22,111)	​	(22,258)
Adjustments for:	​	​	​	​	​	​	​	​
— Other income	14	—	​	(158)	​	—	​	(380)
— Depreciation	​	707	​	675	​	1,401	​	1,353
— Share-based compensation	12	1,358	​	909	​	2,786	​	1,667
— Financial income and expenses	​	(110)	​	(139)	​	(369)	​	(647)
— Results related to financial liabilities measured at fair value through profit or loss	​	33	​	104	​	(21)	​	(178)
— Income tax expenses	18	25	​	18	​	25	​	18
​	​	​	​	​	​	​	​	​
Changes in working capital	​	(5,754)	​	(1,178)	​	(5,645)	​	(7,900)
Cash used in operations	​	(12,469)	​	(11,948)	​	(23,934)	​	(28,325)
​	​	​	​	​	​	​	​	​
Corporate income tax (paid)/received	​	(25)	​	(18)	​	(25)	​	(18)
Interest received	​	359	​	617	​	726	​	1,405
Interest paid	​	(135)	​	(52)	​	(182)	​	(261)
​	​	​	​	​	​	​	​	​
Net cash used in operating activities	​	(12,270)	​	(11,401)	​	(23,415)	​	(27,199)
​	​	​	​	​	​	​	​	​
Cash flow from investing activities	​	​	​	​	​	​	​	​
Purchases of property, plant and equipment	​	(291)	​	(101)	​	(455)	​	(325)
​	​	​	​	​	​	​	​	​
Net cash used in investing activities	​	(291)	​	(101)	​	(455)	​	(325)
​	​	​	​	​	​	​	​	​
Cash flows from financing activities	​	​	​	​	​	​	​	​
Proceeds from issuance of shares, net	12	49,201	​	—	​	49,201	​	—
Proceeds from exercise of share options	12	—	​	—	​	—	​	67
Repayment of lease liability	10	(621)	​	(293)	​	(925)	​	(860)
​	​	​	​	​	​	​	​	​
Net cash generated by / (used in) financing activities	​	48,580	​	(293)	​	48,276	​	(793)
​	​	​	​	​	​	​	​	​
Net increase / (decrease) in cash and cash equivalents	​	36,019	​	(11,795)	​	24,406	​	(28,317)
​	​	​	​	​	​	​	​	​
Currency effect cash and cash equivalents	​	18	​	(854)	​	306	​	(1,326)
Cash and cash equivalents, at beginning of the period	5	81,088	​	132,414	​	92,413	​	149,408
​	​	​	​	​	​	​	​	​
Cash and cash equivalents at the end of the period	​	117,125	​	119,765	​	117,125	​	119,765

​

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%)

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 six month period ended June 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 € 28,154,000 at June 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, during 2026, the Company achieved development milestones during the ProQR research program under the agreement, which were added to the transaction price and recognized partially as revenue during 2026 based on the status of completion (satisfied part) of the single combined performance obligation.

(ii) Research and development expenditures

Research expenditures are reflected in the income statement. Development expenses are currently also reflected in the income statement because the criteria for capitalization are not met. Research and development costs are recognized as an expense when incurred and are typically made up of clinical and preclinical activities including costs for contract research organizations and clinical investigative sites.

Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as information provided by vendors on their actual costs incurred. At each balance sheet date, the Company estimates the level of service performed by the vendors and the associated costs incurred for the services performed.

Although the Company does not expect the estimates to be materially different from amounts actually incurred, the understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in reporting amounts that are too high or too low in any particular period.

5. Cash and Cash Equivalents

At June 30, 2026, the Company’s cash and cash equivalents were € 117,125,000 compared to € 92,413,000 at December 31, 2025. The cash balances are held at banks with investment grade credit ratings. Short-term credit ratings must be rated A-1/P-1/F1 at a minimum by at least one of the Nationally Recognized Statistical Rating Organizations (“NRSROs”) specifically Moody’s, Standard & Poor’s or Fitch. The cash at banks is at full disposal of the Company. Included in cash and cash equivalents are deposits fixed for at most 3-month periods at a time and money market funds which are invested in short-term government backed instruments with maturities up to three months at inception and are readily convertible to cash.

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​

6. Trade and Other Receivables

​

​	​	​	​	​
​	​	June 30,	​	December 31,
​	​	2026	​	2025
​	​	€1,000	​	€1,000
Collaboration receivables	​	431	​	3,358
Prepayments	​	2,645	​	2,627
Accrued income from Rett Syndrome Research Trust	​	502	​	502
Other receivables	​	330	​	313
Total	​	3,908	​	6,800

​

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

7. Property, Plant and Equipment

At June 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 € 9,212,000 at June 30, 2026 (December 31, 2025: € 9,994,000).

8. Other Current Liabilities

At June 30, 2026 other current liabilities amount to € 10,183,000 (December 31, 2025: € 7,940,000). At June 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

​

​	​	​	​	​
​	​	June 30,	​	December 31,
​	​ ​ ​	2026	​	2025
​	​	€1,000	​	€1,000
Innovation credit	​	2,899	​	2,899
Accrued interest on innovation credit	​	2,118	​	1,973
​	​	​	​	​
Total	​	5,017	​	4,872
Current portion	​	5,017	​	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 June 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 June 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 June 30, 2026 and December 31, 2025. The nature of the deferred income is described in Note 13 and 14.

​

​	​	​	​	​
​	​	June 30,	​	December 31,
​	​	2026	​	2025
​	​	€1,000	​	€1,000
Payments from Eli Lilly and Company	​	17,644	​	17,552
Payments from Rett Syndrome Research Trust	​	—	​	—
Current portion	​	17,644	​	17,552
​	​	​	​	​
Payments from Eli Lilly and Company	​	10,510	​	21,394
Non-current portion	​	10,510	​	21,394
​	​	​	​	​
Total	​	28,154	​	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 June 30, 2026, 143,466,309 ordinary shares were issued, which is comprised of 141,121,476 ordinary shares fully paid and outstanding as well as 2,344,833 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 June 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 agreed to issue 3,030,303 ordinary shares based on a reference 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. Upon issuance of the shares, 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 (€ 44.1 million) while the transaction costs amounted to approximately € 3.0 million, resulting in net proceeds of approximately € 41.1 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 six month period ended June 30, 2026 were € 2,786,000 (six month period ended June 30, 2025: € 1,667,000), of which € 2,055,000 was recorded in general and administrative costs (six month period ended June 30, 2025: € 1,182,000) and € 731,000 was recorded in research and development costs (six month period ended June 30, 2025: € 485,000).

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.

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.

​

Table of Contents

PAGE 14

Unaudited Interim Condensed Consolidated Financial Statements

​

​

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

14. Other Income

​

​	​	​	​	​
​	​	Six month period
​	​	ended June 30,
​	​ ​ ​	2026	​	2025
​	​	€1,000	​	€1,000
​	​	​	​	​
Grant income	​	—	​	380
Total	​	—	​	380

​

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 six month period ended June 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 June 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 € 24,497,000 for the six month period ended June 30, 2026 (six month period ended June 30, 2025: € 23,731,000) 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 six month period of 2026.

16. General and Administrative Costs

General and administrative costs amount to € 8,766,000 for the six month period ended June 30, 2026 (six month period ended June 30, 2025: € 8,050,000).

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 0.28% interest in Kamal. As at June 30, 2026, the investment amounts to € nil (December 31, 2025: € nil).

ProQR holds a 3.6% interest in Yarrow. As at June 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 June 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 Second Quarter 2026 Operating and Financial Results

● First clinical validation of Axiomer™ RNA editing established through NTCP modulation with positive AX-0810 clinical target engagement data; full Phase 1 dataset to be presented at a medical or scientific conference later this year

● Multiple clinical milestones, including initial AX-0811 Phase 1 data expected by year-end 2026, followed in H1 2027 by:

● biliary atresia IIT initiation and initial data,

● initial AX-0422 (IDUA) patient data in MPS I Hurler syndrome, and

● advancement of AX-2911 (PNPLA3) to the clinic

● Strengthened balance sheet through $59.2 million financing during the quarter; ended Q2 2026 with € 117.1 million cash and cash equivalents, supporting runway through mid-2028

LEIDEN, Netherlands & CAMBRIDGE, Mass., August 13, 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 second quarter ended June 30, 2026, and provided a business update. 

“The second quarter marked an important inflection point for ProQR as we established the first clinical validation of our Axiomer RNA editing platform by modulating NTCP with AX-0810,” said Daniel A. de Boer, Founder and Chief Executive Officer of ProQR. “We believe these data, together with the significant unmet need that remains in cholestatic liver diseases, including biliary atresia, support the continued advancement of our NTCP franchise. Combined with our recent financing, we are well positioned to deliver a series of important clinical milestones, including presentation of the full AX-0810 Phase 1 dataset later this year, initial Phase 1 data from AX-0811 by year end, initiation of our biliary atresia clinical program and initial data in the first half of 2027, and continued advancement of our MPS I Hurler syndrome and MASH programs. Together, these milestones reflect ProQR’s evolution into a multi-program clinical-stage RNA editing company, strengthen the growing body of evidence supporting the broader potential of our Axiomer platform, and bring us closer to delivering transformative RNA editing therapies for patients.”

​

​

Recent Progress and Anticipated Upcoming Events

First Clinical Validation of Axiomer and Next Milestones with NTCP Franchise

ProQR’s NTCP RNA editing approach is designed to modulate NTCP and reduce bile acid uptake directly in hepatocytes, with the goal of reducing intrahepatic cholestasis.

In June, ProQR announced positive AX-0810 Phase 1 target engagement data from healthy volunteers, establishing the first clinical validation of the Company’s proprietary Axiomer RNA editing platform. Key findings included:

● Up to 8-fold increase in total serum bile acids (6 mg/kg) exceeding the Company’s pre-defined 2-fold threshold for meaningful NTCP modulation;

● Dose-dependent changes in conjugated bile acids, together with concordant changes in total serum bile acids and TUDCA, supporting the therapeutic rationale that modulating NTCP reduces the accumulation of toxic bile acids in the liver;

● Favorable safety and tolerability profile observed with AX-0810 to date, with no serious adverse events or pruritus reported; pharmacokinetic findings to date support sustained target engagement, including a half-life of eight weeks; and

● Data supporting advancement into patient study.

ProQR plans to present the full dataset from the Phase 1 study of AX-0810, including Cohort 3, at a medical or scientific conference later this year.

In July, the Company submitted a Clinical Trial Application (CTA) to the European Medicines Agency (EMA) to initiate a Phase 1 clinical trial of AX-0811, its next-generation editing oligonucleotide (EON) targeting NTCP for the treatment of cholestatic diseases. AX-0811 is generated by ProQR’s AI-enabled discovery engine and demonstrated higher potency and longer durability than AX-0810 preclinically, which will lead to lower dose levels and less frequent dosing in the clinic. Pending CTA authorization, initial data with AX-0811 is anticipated by year end 2026.

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

Strengthened Financial Position

In June, ProQR closed an underwritten registered direct offering of $50.0 million, alongside a concurrent private placement to an existing shareholder and strategic partner Eli Lilly and Company (Lilly) of $9.2 million, for total gross proceeds of approximately $59.2 million. The financing further strengthened the Company’s balance sheet providing runway into mid-2028, and is expected to support the continued advancement of its wholly owned Axiomer RNA editing pipeline, including multiple anticipated clinical milestones.

​

Platform and Research Progress

ProQR continues to strengthen the scientific foundation of its Axiomer RNA editing platform through ongoing research and publication of preclinical findings. During the quarter, the Company’s preclinical research describing RNA editing of B4GALT1 was published online as a peer-reviewed Journal Pre-proof in Molecular Therapy – Nucleic Acids. The publication further expands the body of evidence supporting the breadth and versatility of the Axiomer platform beyond the Company’s clinical pipeline.

Upcoming anticipated milestones

NTCP franchise

● AX-0810 data from the 9 mg/kg cohort and 12-week follow up from the ongoing Phase 1 study expected by year-end 2026

● AX-0811 initial data in healthy volunteers expected by year-end 2026, pending CTA authorization

● IIT in pediatric biliary atresia in China, with initial data targeted for 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 June 30, 2026, ProQR held cash and cash equivalents of approximately € 117.1 million, compared to € 92.4 million at December 31, 2025. In June 2026, the Company closed an underwritten registered direct offering of 27,624,310 ordinary shares and a concurrent private placement of 5,100,780 ordinary shares with Lilly for gross proceeds totaling approximately $ 59.2 million.

Net cash used in operating activities during the second quarter ended June 30, 2026 was € 12.3 million, compared to € 11.4 million used for the same period in 2025.

Research and development (R&D) costs for the quarter ended June 30, 2026 were € 12.7 million, compared to € 11.4 million for the same period last year.

​

General and administrative costs for the quarter ended June 30, 2026 were € 4.9 million, compared to € 4.8 million for the same period in 2025.

Net loss for the quarter ended June 30, 2026 was € 8.7 million, or € 0.08 per diluted share, compared to € 12.2 million, or € 0.12 per diluted share, for the same period in 2025.

For further financial information for the period ended June 30, 2026, please refer to our Q2 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 in NTCP for cholestatic diseases, including the timing and presentation of the full Phase 1 dataset, including Cohort 3 and 12-week follow-up data, and the potential advancement into patient studies; 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 H1 2027; the anticipated initiation of our 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 planned Phase 1 clinical trial of AX-0811 in healthy volunteers; our ability to obtain authorization for, initiate, enroll, and complete a Phase 1 clinical trial for AX-0811 and the anticipated timing of initial data readout by year end 2026, pending CTA authorization; the anticipated first-in-human 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 H1 2027; the anticipated IIT in China of AX-2911 targeting PNPLA3 for MASH in H1 2027; our expectations regarding clinical updates across multiple programs in 2026 and 2027; the 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; the therapeutic potential of our Axiomer RNA editing oligonucleotides and product candidates; the timing, progress and results of our preclinical studies and other development and pipeline activities, including the release of data related thereto; our patent estate, including our anticipated strength and our continued investment in it, as well as the timing of our clinical development; the potential of our technologies and product candidates; the collaboration with Lilly and the intended benefits thereof, including timing for data updates, and potential milestones; our ability to selectively form new partnerships and enter into future collaborations; our financial position and expected cash-runway to fund our operations through 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

​

Financial Tables

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

​

​

​	​	​	​	​
​	​	June 30,	​	December 31,
​	​	2026	​	2025
​	​	€1,000	​	€1,000
Assets	​	​	​	​
Property, plant and equipment	​	11,923	​	12,630
Investments in financial assets	​	—	​	—
Non-current assets	​	11,923	​	12,630
​	​	​	​	​
Cash and cash equivalents	​	117,125	​	92,413
Trade and other receivables	​	3,908	​	6,800
Other taxes	​	597	​	913
Current assets	​	121,630	​	100,126
Total assets	​	133,553	​	112,756
​	​	​	​	​
Equity and liabilities	​	​	​	​
Equity	​	​	​	​
Equity attributable to owners of the Company	​	79,477	​	49,374
Total equity	​	79,477	​	49,374
​	​	​	​	​
Liabilities	​	​	​	​
Borrowings	​	—	​	—
Lease liabilities	​	8,692	​	9,547
Deferred income	​	10,510	​	21,394
Non-current liabilities	​	19,202	​	30,941
​	​	​	​	​
Borrowings	​	5,017	​	4,872
Lease liabilities	​	1,603	​	1,545
Derivative financial instruments	​	213	​	234
Trade payables	​	—	​	298
Social securities and other taxes	​	214	​	—
Deferred income	​	17,644	​	17,552
Other current liabilities	​	10,183	​	7,940
Current liabilities	​	34,874	​	32,441
Total liabilities	​	54,076	​	63,382
​	​	​	​	​
Total equity and liabilities	​	133,553	​	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			​	Six month period
​	​	ended June 30,				ended June 30,
​	​ ​ ​	2026	​	2025		2026	​	2025
​	​	€1,000	​	€1,000	​	€1,000	​	€1,000
Revenue	​	8,759	​	3,817	​	10,792	​	8,336
​	​	​	​	​	​	​	​	​
Other income	​	—	​	158	​	—	​	380
​	​	​	​	​	​	​	​	​
Research and development costs	​	(12,667)	​	(11,408)	​	(24,497)	​	(23,731)
General and administrative costs	​	(4,914)	​	(4,816)	​	(8,766)	​	(8,050)
Total operating costs	​	(17,581)	​	(16,224)	​	(33,263)	​	(31,781)
​	​	​	​	​	​	​	​	​
Operating result	​	(8,822)	​	(12,249)	​	(22,471)	​	(23,065)
Finance income and expense	​	152	​	192	​	364	​	647
Results related to financial liabilities measured at fair value through profit or loss	​	(33)	​	(104)	​	21	​	178
​	​	​	​	​	​	​	​	​
Result before corporate income taxes	​	(8,703)	​	(12,161)	​	(22,086)	​	(22,240)
Income taxes	​	(25)	​	(18)	​	(25)	​	(18)
​	​	​	​	​	​	​	​	​
Result for the period	​	(8,728)	​	(12,179)	​	(22,111)	​	(22,258)
Other comprehensive income (foreign exchange differences on foreign operation)	​	48	​	(682)	​	227	​	(1,053)
​	​	​	​	​	​	​	​	​
Total comprehensive income	​	(8,680)	​	(12,861)	​	(21,884)	​	(23,311)
​	​	​	​	​	​	​	​	​
Result attributable to	​	​	​	​	​	​	​	​
Owners of the Company	​	(8,728)	​	(12,179)	​	(22,111)	​	(22,258)
​	​	​	​	​	​	​	​	​
Total comprehensive income attributable to	​	​	​	​	​	​	​	​
Owners of the Company	​	(8,680)	​	(12,861)	​	(21,884)	​	(23,311)
​	​	​	​	​	​	​	​	​
Share information	​	​	​	​	​	​	​	​
Weighted average number of shares outstanding1	​	109,958,613	​	105,343,897	​	107,673,118	​	105,320,495
​	​	​	​	​	​	​	​	​
Earnings per share attributable to owners of the Company (Euro per share)	​	​	​	​	​	​	​	​
Basic loss per share1	​	(0.08)	​	(0.12)	​	(0.21)	​	(0.21)
Diluted loss per share1	​	(0.08)	​	(0.12)	​	(0.21)	​	(0.21)

​

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

—

​

—

​

—

​

—

​

—

​

(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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at January 1, 2026

107,710,916

​

4,308

​

483,881

​

28,426

​

265

​

(467,506)

​

49,374

Result for the period

—

​

—

​

—

​

—

​

—

​

(22,111)

​

(22,111)

Other comprehensive income

—

​

—

​

—

​

—

​

227

​

—

​

227

Recognition of share-based payments

—

​

—

​

—

​

2,786

​

—

​

—

​

2,786

Issuance of ordinary shares

​

35,755,393

​

1,430

​

47,771

​

—

​

—

​

—

​

49,201

Treasury shares transferred

​

(4,623)

​

—

​

—

​

—

​

—

​

—

​

—

Share options lapsed

​

—

​

—

​

—

​

(2,199)

​

—

​

2,199

​

—

Share options exercised / RSUs vested

​

4,623

​

—

​

—

​

(6)

​

—

​

6

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at June 30, 2026

143,466,309

​

5,738

​

531,652

​

29,007

​

492

​

(487,412)

​

79,477

​

​

​

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

​

​	​	​	​	​	​	​	​	​
​	​	Three month period			​	Six month period
​	​	ended June 30,				ended June 30,
​	​ ​ ​	2026	​	2025	​	2026	​	2025
​	​	€1,000	​	€1,000	​	€1,000	​	€1,000
Cash flows from operating activities	​	​	​	​	​	​	​	​
Net result	​	(8,728)	​	(12,179)	​	(22,111)	​	(22,258)
Adjustments for:	​	​	​	​	​	​	​	​
— Other income	​	—	​	(158)	​	—	​	(380)
— Depreciation	​	707	​	675	​	1,401	​	1,353
— Share-based compensation	​	1,358	​	909	​	2,786	​	1,667
— Financial income and expenses	​	(110)	​	(139)	​	(369)	​	(647)
— Results related to financial liabilities measured at fair value through profit or loss	​	33	​	104	​	(21)	​	(178)
— Income tax expenses	​	25	​	18	​	25	​	18
​	​	​	​	​	​	​	​	​
Changes in working capital	​	(5,754)	​	(1,178)	​	(5,645)	​	(7,900)
Cash used in operations	​	(12,469)	​	(11,948)	​	(23,934)	​	(28,325)
​	​	​	​	​	​	​	​	​
Corporate income tax (paid)/received	​	(25)	​	(18)	​	(25)	​	(18)
Interest received	​	359	​	617	​	726	​	1,405
Interest paid	​	(135)	​	(52)	​	(182)	​	(261)
​	​	​	​	​	​	​	​	​
Net cash used in operating activities	​	(12,270)	​	(11,401)	​	(23,415)	​	(27,199)
​	​	​	​	​	​	​	​	​
Cash flow from investing activities	​	​	​	​	​	​	​	​
Purchases of property, plant and equipment	​	(291)	​	(101)	​	(455)	​	(325)
​	​	​	​	​	​	​	​	​
Net cash used in investing activities	​	(291)	​	(101)	​	(455)	​	(325)
​	​	​	​	​	​	​	​	​
Cash flows from financing activities	​	​	​	​	​	​	​	​
Proceeds from issuance of shares, net	​	49,201	​	—	​	49,201	​	—
Proceeds from exercise of share options	​	—	​	—	​	—	​	67
Repayment of lease liability	​	(621)	​	(293)	​	(925)	​	(860)
​	​	​	​	​	​	​	​	​
Net cash generated by / (used in) financing activities	​	48,580	​	(293)	​	48,276	​	(793)
​	​	​	​	​	​	​	​	​
Net increase / (decrease) in cash and cash equivalents	​	36,019	​	(11,795)	​	24,406	​	(28,317)
​	​	​	​	​	​	​	​	​
Currency effect cash and cash equivalents	​	18	​	(854)	​	306	​	(1,326)
Cash and cash equivalents, at beginning of the period	​	81,088	​	132,414	​	92,413	​	149,408
​	​	​	​	​	​	​	​	​
Cash and cash equivalents at the end of the period	​	117,125	​	119,765	​	117,125	​	119,765

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Filing Exhibits & Attachments

7 documents

Press Releases

• EX-99.1 EX-99.1 752.5 KB
• EX-99.2 EX-99.2 386.6 KB

Other Documents

• EX-101 EX-101.SCH 47.8 KB
• EX-101 EX-101.CAL 36.8 KB
• EX-101 EX-101.DEF 123.8 KB
• EX-101 EX-101.LAB 273.3 KB
• EX-101 EX-101.PRE 195.9 KB