0001104659-26-026713
SEC filingProQR 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.
ProQR Therapeutics reported FY 2025 revenue of $15.9M, primarily from Lilly collaboration milestones ($3.9M), down 16% YoY from $18.9M due to fewer milestones. Operating costs surged 19.5% to $59.8M (R&D $44.7M up 23%, G&A $15.1M up 10.5%), driving operating loss to $43.4M (vs. $30.5M 2024). Net loss widened to $42.2M from $27.8M, with EPS -$0.40 (vs. -$0.32). Cash burn accelerated: operating cash use $52.8M (vs. $36.4M), ending cash $92.4M after 2024's $71.6M equity raise. Balance sheet: assets $112.8M, equity $49.4M (down from $88.6M), liabilities $63.4M. Key progress: AX-0810 Phase 1 dosing, RSRT expansion ($9.2M funding).
All $15.9M revenue from Lilly collaboration (upfront/milestones), vs. $18.9M 2024. No segment geographic breakdown disclosed. Growth drivers: Axiomer platform milestones; potential $3.75B future from Lilly (10 targets). RSRT grants ($0.4M other income) support Rett program. No product sales; focus on preclinical/clinical pipeline.
No gross profit (R&D-heavy biotech). Operating margin -273% (vs. -161% 2024) from cost escalation. Key drivers: outsourced R&D up 19%, employee benefits +18%. Share-based comp $4.0M (up 57%). Financial income $2.3M offset $1.3M expense; net loss widened on higher op-ex. No profitability near-term; cash burn signals investment phase.
Operating cash use $52.8M (vs. $36.4M), investing -$1.0M (capex), financing -$1.8M (leases). Net decrease $55.6M; cash $92.4M (from $149.4M). Balance sheet stable: assets $112.8M (cash 82%), liabilities $63.4M (leases $11M, deferred income $38.9M Lilly). Equity $49.4M (accum. deficit -$467.5M). Debt $4.9M (innovation credit). Liquidity supports mid-2027 runway.
Cash funds ops into mid-2027; pipeline advances (AX-0810 Ph1 data H1 2026, AX-2402 Ph1 H1 2027). Lilly: up to $3.75B milestones/royalties. Risks: clinical delays, cash burn, dilution. Strategic focus: Axiomer liver/CNS programs, partnerships.