ProQR Therapeutics N.V.

ProQR Therapeutics N.V. (PRQR), a clinical-stage biotech focused on RNA editing therapeutics, reported FY 2025 revenue of $15.9M from its Lilly collaboration, down from $18.9M in 2024 due to fewer milestones achieved ($3.9M vs. $5.1M). Total operating costs rose 19.5% YoY to $59.8M, driven by $44.7M R&D (up 23%) and $15.1M G&A (up 10.5%), yielding an operating loss of $43.4M (vs. $30.5M in 2024). Net loss widened to $42.2M from $27.8M, with EPS at -$0.40 (vs. -$0.32). Cash burn intensified with $52.8M used in operations (vs. $36.4M), offset by $71.6M equity raise in 2024; cash ended at $92.4M, sufficient into mid-2027. Balance sheet shows $112.8M total assets, $49.4M equity, $63.4M liabilities. Key 2025 milestones included AX-0810 Phase 1 dosing and RSRT partnership expansion. Forward-looking, ProQR advances Axiomer pipeline (AX-0810, AX-2402) with Lilly collaboration potential up to $3.75B milestones/royalties, emphasizing cash runway amid ongoing losses.

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