ProQR Therapeutics (PRQR) Q4 2025 earnings summary

Executive summary

• Advanced AX-0810 for cholestatic diseases into Phase 1, with target engagement data expected in 1H 2026.

• Selected AX-2402 for Rett syndrome and AX-2911 for MASH as development candidates, both showing strong preclinical results.

• Achieved $4.5 million in milestones from Eli Lilly collaboration in 2025.

• Ended 2025 with €92.4 million in cash and cash equivalents, supporting operations into mid-2027.

Financial highlights

• Cash and cash equivalents at year-end 2025 were €92.4 million, down from €149.4 million at year-end 2024.

• Net cash used in operating activities was €52.8 million in 2025, compared to €36.4 million in 2024.

• R&D costs rose to €44.7 million in 2025 from €36.4 million in 2024.

• General and administrative costs increased to €15.1 million from €13.7 million year-over-year.

• Net loss for 2025 was €42.2 million (€0.40 per diluted share), compared to €27.8 million (€0.32 per diluted share) in 2024.

Outlook and guidance

• AX-0810 Phase 1 target engagement data in healthy volunteers expected in 1H 2026.

• PSC patient cohort to be initiated in AX-0810 Phase 1 after healthy volunteer cohorts.

• AX-2402 for Rett syndrome to enter first-in-human study in 1H 2027.

• Continued execution on Lilly collaboration with potential for further milestone payments and data updates in 2026.