ProQR Therapeutics (PRQR) Q3 2025 earnings summary

Executive summary

• Achieved CTA authorization and initiated Phase 1 trial for AX-0810 targeting NTCP in cholestatic diseases, with initial safety and PK data expected by year-end and target engagement data in H1 2026.

• Hosted a virtual analyst event on AX-0810 and presented Axiomer platform applications at the OTS Annual Meeting.

• Continued progress in partnerships, notably with Eli Lilly, with milestone income and potential data updates.

Financial highlights

• Cash and cash equivalents stood at €106.9 million at September 30, 2025, down from €149.4 million at December 31, 2024.

• Net cash used in operating activities was €39.4 million for the nine months ended September 30, 2025, compared to €27.0 million in the same period last year.

• R&D costs increased to €34.8 million for the nine months ended September 30, 2025, from €25.7 million year-over-year.

• Net loss for the nine months ended September 30, 2025, was €33.3 million (€0.32 per diluted share), compared to €18.5 million (€0.23 per diluted share) in the prior year.

• Revenue for the nine months ended September 30, 2025, was €11.2 million, down from €14.6 million year-over-year.

Outlook and guidance

• Initial safety, tolerability, and PK data from AX-0810 Phase 1 expected by year-end 2025; target engagement data in H1 2026.

• Cash runway projected into mid-2027, supporting ongoing pipeline and partnership activities.

• Updates anticipated for earlier-stage Axiomer programs in the coming months.