UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
May 21, 2015
PROQR THERAPEUTICS N.V.
Darwinweg 24
2333 CR Leiden
The Netherlands
Tel: +31 (0)85 4 89 49 32
(Address, Including ZIP Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
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): ¨
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): ¨
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 month period ended March 31, 2015 and furnished as Exhibit 99.2 to this Report on Form 6-K is a press release of ProQR Therapeutics N.V. dated May 21, 2015, announcing the Company’s results for the three month period ended March 31, 2015.
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: May 21, 2015 | By: | /s/ Smital Shah | ||||
| Smital Shah | ||||||
| Chief Financial Officer | ||||||
INDEX TO EXHIBITS
| Number |
Description | |
| 99.1 | Unaudited financial statements of ProQR Therapeutics N.V. for the three month period ended March 31, 2015. | |
| 99.2 | Press Release of ProQR Therapeutics N.V. dated May 21, 2015, announcing the Company’s results for the three month period ended March 31, 2015. | |
Exhibit 99.1
PROQR THERAPEUTICS N.V.
Index to Unaudited Condensed Interim Financial Statements
| PAGE | ||||
| Unaudited Condensed Statement of Financial Position as of March 31, 2015 and December 31, 2014 |
F-2 | |||
| Unaudited Condensed Statement of Comprehensive Loss for the Three Month Period ended March 31, 2015 and 2014 |
F-3 | |||
| Unaudited Condensed Statement of Changes in Equity for the Three Month Period ended March 31, 2015 and 2014 |
F-4 | |||
| Unaudited Condensed Statement of Cash Flows for the Three Month Period ended March 31, 2015 and 2014 |
F-5 | |||
| Notes to Unaudited Condensed Interim Financial Statements |
F-6 | |||
F-1
PROQR THERAPEUTICS N.V.
Unaudited Condensed Statement of Financial Position
(€ in thousands)
| March 31, 2015 |
December 31, 2014 |
|||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
€ | 113,815 | € | 112,736 | ||||
| Prepayments and other receivables |
1,551 | 735 | ||||||
| Social securities and other taxes |
323 | 426 | ||||||
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| Total current assets |
115,689 | 113,897 | ||||||
| Property, plant and equipment |
1,747 | 1,187 | ||||||
| Intangible assets |
152 | 163 | ||||||
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| Total assets |
117,588 | 115,247 | ||||||
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| Liabilities and shareholders’ equity |
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| Current liabilities |
||||||||
| Finance lease liabilities |
30 | 34 | ||||||
| Trade payables |
2,412 | 1,247 | ||||||
| Social securities and other taxes |
274 | 341 | ||||||
| Pension premiums |
130 | 127 | ||||||
| Other current liabilities |
1,918 | 1,265 | ||||||
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| Total current liabilities |
4,764 | 3,014 | ||||||
| Finance lease liabilities |
7 | 15 | ||||||
| Borrowings |
2,885 | 2,814 | ||||||
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| Total liabilities |
7,656 | 5,843 | ||||||
| Shareholders’ equity |
||||||||
| Shareholders’ equity |
109,932 | 109,404 | ||||||
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| Total liabilities and shareholders’ equity |
€ | 117,588 | € | 115,247 | ||||
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The notes are an integral part of these condensed interim financial statements.
F-2
PROQR THERAPEUTICS N.V.
Unaudited Condensed Statement of Profit or Loss and OCI
(€ in thousands, except share and per share data)
| THREE MONTH PERIOD ENDED MARCH 31, |
||||||||
| 2015 | 2014 | |||||||
| Other income |
338 | 4 | ||||||
| Research and development costs |
(5,480 | ) | (1,265 | ) | ||||
| General and administrative costs |
(1,603 | ) | (595 | ) | ||||
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| Total operating costs |
(7,083 | ) | (1,860 | ) | ||||
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| Operating result |
(6,745 | ) | (1,856 | ) | ||||
| Finance income and expense |
6,980 | (63 | ) | |||||
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| Result before corporate income taxes |
235 | (1,919 | ) | |||||
| Income taxes |
— | — | ||||||
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|||||
| Net profit (loss) attributable to equity holders of the Company |
235 | (1,919 | ) | |||||
| Other comprehensive income |
— | — | ||||||
| Total comprehensive profit (loss) (attributable to equity holders of the Company) |
235 | (1,919 | ) | |||||
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| Share information |
||||||||
| Weighted average number of shares outstanding 1 - basic |
23,338,663 | 6,467,419 | ||||||
| Weighted average number of shares outstanding 1 - diluted |
24,378,072 | 6,467,419 | ||||||
| Earnings per share attributable to the equity holders of the Company (expressed in Euro per share) |
0.01 | (0.30 | ) | |||||
| Basic profit (loss) per share |
0.01 | (0.30 | )1 | |||||
| Diluted profit (loss) per share |
0.01 | (0.30 | )1 | |||||
| 1 | For the comparative figures included in these financial statements, the potential exercise of share options and the conversion of preferred shares into ordinary shares are not included in the diluted earnings per share calculation as the Company was loss-making in that period. Due to the anti-dilutive nature of the outstanding options, basic and diluted earnings per share are equal in that period. |
The notes are an integral part of these condensed interim financial statements.
F-3
PROQR THERAPEUTICS N.V.
Unaudited Condensed Statement of Changes in Equity
(€ in thousands, except share data)
| Number of shares | Total Share Capital |
Share Premium |
Equity Settled Employee Benefit Reserve |
Accumulated Deficit |
Total Equity | |||||||||||||||||||||||
| Ordinary | Preferred | |||||||||||||||||||||||||||
| Balance at January 1, 2014 |
6,108,152 | — | 59 | 3,482 | 41 | (3,671 | ) | (89 | ) | |||||||||||||||||||
| Net loss |
— | — | — | — | — | (1,919 | ) | (1,919 | ) | |||||||||||||||||||
| Recognition of share-based payments |
— | — | — | — | 104 | — | 104 | |||||||||||||||||||||
| Shares issued in the period |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Treasury shares issued |
— | — | — | — | — | — | — | |||||||||||||||||||||
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| Balance at March 31, 2014 |
6,108,152 | — | 59 | 3,482 | 145 | (5,590 | ) | (1,904 | ) | |||||||||||||||||||
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| Balance at January 1, 2015 |
23,338,154 | — | € | 934 | € | 123,581 | € | 687 | € | (15,798 | ) | € | 109,404 | |||||||||||||||
| Net profit (loss) |
— | — | — | — | — | 235 | 235 | |||||||||||||||||||||
| Recognition of share-based payments |
— | — | — | — | 288 | — | 288 | |||||||||||||||||||||
| Shares options exercised |
5,090 | — | 0 | 5 | — | — | 5 | |||||||||||||||||||||
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| Balance at March 31, 2015 |
23,343,244 | — | 934 | 123,586 | 975 | (15,563 | ) | 109,932 | ||||||||||||||||||||
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The notes are an integral part of these condensed interim financial statements
F-4
PROQR THERAPEUTICS N.V.
Unaudited Condensed Statement of Cash Flows
(€ in thousands)
| THREE MONTH PERIOD ENDED MARCH 31, |
||||||||
| 2015 | 2014 | |||||||
| Cash flows from operating activities |
||||||||
| Net profit (loss) |
235 | (1,919 | ) | |||||
| Adjustments for: |
||||||||
| — Depreciation |
95 | 17 | ||||||
| — Share-based compensation |
288 | 104 | ||||||
| — Financial income and expenses |
(6,980 | ) | 63 | |||||
| Changes in working capital |
1,015 | (199 | ) | |||||
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| Cash used in operations |
(5,347 | ) | (1,934 | ) | ||||
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| Corporate income tax paid |
— | — | ||||||
| Interest received/(paid) |
72 | (2 | ) | |||||
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| Net cash used in operating activities |
(5,275 | ) | (1,936 | ) | ||||
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| Cash flow from investing activities |
||||||||
| Purchases of property, plant and equipment |
(488 | ) | (156 | ) | ||||
| Purchases of intangible assets |
— | — | ||||||
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| Net cash used in investing activities |
(488 | ) | (156 | ) | ||||
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| Cash flow from financing activities |
||||||||
| Proceeds from exercise of share options |
5 | — | ||||||
| Proceeds from borrowings |
— | — | ||||||
| Redemption of financial lease |
(12 | ) | (15 | ) | ||||
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| Net cash used in financing activities |
(7 | ) | (15 | ) | ||||
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| Net increase in cash and cash equivalents |
(5,770 | ) | (2,107 | ) | ||||
| Currency effect cash and cash equivalents |
6,849 | — | ||||||
| Cash and cash equivalents, at beginning of the period |
112,736 | 4,129 | ||||||
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| Cash and cash equivalents at the end of the period |
113,815 | 2,022 | ||||||
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The notes are an integral part of these condensed interim financial statements.
F-5
PROQR THERAPEUTICS N.V.
Notes to Unaudited Condensed Interim Financial Statements
1. General information
ProQR Therapeutics N.V., or “ProQR” or the “Company”, is a development stage company that primarily focuses on the development and commercialization of novel therapeutic medicines.
Since September 18, 2014, the Company’s ordinary shares are listed on the NASDAQ Global Market under ticker symbol PRQR.
The Company was incorporated in the Netherlands, on February 21, 2012 and has been 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 Darwinweg 24, 2333 CR Leiden, the Netherlands.
As used in these condensed interim financial statements, unless the context indicates otherwise, all references to “ProQR” or the “Company” refer to ProQR Therapeutics N.V.
2. Significant Accounting Policies
These unaudited condensed financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). Certain information and disclosures normally included in financial statements prepared in accordance with IFRS have been condensed or omitted. Accordingly, these condensed financial statements should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2014. In the opinion of management, all adjustments, consisting of normal recurring nature, considered necessary for a fair presentation have been included in the condensed financial statements.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity or areas where assumptions and estimates are significant to these unaudited condensed interim financials are disclosed in Note 4.
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 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
The accounting policies adopted in the preparation of the condensed interim financial statements are consistent with those applied in the preparation of the Company’s annual financial statements for the year ended December 31, 2014. New Standards and Interpretations, which became effective as of January 1, 2015, did not have a material impact on our condensed interim financial statements.
4. Critical Accounting Estimates and Judgments
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.
F-6
(a) Share-based payments
Share options granted to employees and consultants are measured at the fair value of the equity instruments granted. Fair value is determined through the use of the Black-Scholes option-pricing model, which is considered the most appropriate model for this purpose by management.
Initially, the Company’s ordinary shares were not publicly traded and consequently the Company needed to estimate the fair value of its share and the expected volatility of that value. Please refer to Note 8 to the condensed interim financial statements for the assumptions used in those estimates. The value of the underlying shares was determined on the basis of the prior sale of company stock method. As such, the Company has benchmarked the value per share to external transactions of Company shares and external financing rounds.
For options granted on September 17, 2014, the Company used the opening price of the Company’s stock on September 18, 2014, the first day of trading of the Company’s stock on the Nasdag Global Market, which amounted to US$13.00 (€10.03) as the value of its ordinary shares.
For all options granted subsequent to the initial public offering, the Company uses the closing price of the ordinary shares on the previous business day as the exercise price of the options granted.
The result of the share option valuations and the related compensation expense is dependent on the model and input parameters used. Even though Management considers the fair values reasonable and defensible based on the methodologies applied and the information available, others might derive a different fair value for the Company’s share options.
(b) Corporate income taxes
The Company recognizes deferred tax assets arising from unused tax losses or tax credits only to the extent that the Company has sufficient taxable temporary differences or there is convincing evidence that sufficient taxable profit will be available against which the unused tax losses or unused tax credits can be utilized. Management’s judgment is that such convincing evidence is currently not sufficiently available and a deferred tax asset is therefore only recognized to the extent that the Company has sufficient taxable temporary differences.
(c) Research and development expenditures
Research expenditures are currently not capitalized but are reflected in the income statement because the criteria for capitalization are not met. 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 we do 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 vary in any particular period.
5. Cash and Cash Equivalents
As of March 31, 2015, the Company’s cash and equivalents were € 113,815,000 as compared to €112,736,000 at December 31, 2014. The increase was primarily driven by changes in the USD/EUR exchange rate and the resulting remeasurement, offset by operating expenses in the quarter. A significant portion of the cash balance is denominated in US dollars. The cash balances are held at banks with investment grade credit ratings. The cash at banks is at full disposal of the Company. Bank deposits are convertible into cash upon request of the Company.
6. Current liabilities
As of March 31, 2015 and December 31, 2014, the other current liabilities consisted principally of accruals for services provided by vendors not yet billed and other miscellaneous liabilities. The accrued liabilities as at March 31, 2015 increased compared to December 31, 2014 as a result of the increased level of research and development activities and as a result of increased staffing related accruals.
F-7
7. Borrowings
| March 31, 2015 |
December 31, 2014 |
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| (€ in thousands) | ||||||||
| Innovation credit |
2,588 | 2,588 | ||||||
| Accrued interest on innovation credit |
297 | 226 | ||||||
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| 2,885 | 2,814 | |||||||
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Innovation credit (“Innovatiekrediet”)
On June 1, 2012, ProQR was awarded an Innovation credit by the Dutch government, through its agency RVO (previously: “AgentschapNL”) of the Ministry of Economic Affairs, for the Company’s cystic fibrosis program. The credit was increased in the course of 2013 and 2014. The credit covers 35% of the costs incurred in respect of the program up to an initial maximum of € 5.0 million through November 30, 2015.
The credit is interest-bearing at a rate of 10% per annum. The credit, including accrued interest, is repayable in three instalments on January 31, 2017, January 31, 2018 and January 31, 2019, depending on the technical success of the program.
The assets which are co-financed with the granted innovation credit are subject to a right of pledge for the benefit of RVO.
8. Shareholders’ equity
The authorized share capital of the Company amounting to € 934,000 consists of 23,343,244 ordinary shares with a nominal value of € 0.04 per share. All issued shares have been fully paid in cash.
On September 15, 2014, the general meeting of shareholders of the Company resolved to approve and effect a capital reorganization, including a share split and bonus share issuance. The combined effect of the share split and bonus share issuance was a 101.804232-for-1 share split of the outstanding ordinary and preferred shares held by the Company’s shareholders. This share split became effective on September 15, 2014.
All share, per-share and related information presented in the comparative figures of these condensed interim financial statements and accompanying footnotes have been retroactively adjusted, where applicable, to reflect the impact of the share split.
On September 18, 2014, the Company was listed at the NASDAQ Global Market under ticker symbol PRQR. In connection with this listing, the Company issued a total of 8,625,000 ordinary shares against the initial public offering price of $ 13.00, resulting in gross proceeds of $ 112,125,000 (€ 87,202,000). The number of shares issued includes the exercise of the overallotment option granted to the underwriters. The net proceeds raised in the offering amounted to € 80,376,000, net of € 8,589,000 of underwriting discounts and offering expenses, of which € 6,826,000 was processed through share premium and € 1,763,000 was included in the statement of comprehensive loss as general and administrative costs.
All of the issued preferred shares were converted into the Company’s ordinary shares. The conversion rate for the preferred shares was one-to-one, adjusted for the stock splits.
Treasury shares
All treasury shares presented in the statement of changes in equity relate to ordinary shares that have legally been issued, but that are within control of the Company. Therefore, these shares are presented as treasury shares.
F-8
Share options
The Company operates an equity-settled share-based compensation plan which was introduced in 2013. The supervisory board may grant options to employees, members of the supervisory board, members of the management board and consultants. The quarterly compensation expenses included in operating costs for this plan were € 288,000 (2014: € 104,000), of which € 198,000 (2014: € 77,000) was recorded in general and administrative costs and € 90,000 (2014: € 27,000) was recorded in research and development costs.
9. Research and development costs
Research and development costs increased to € 5,480,000 for the quarter ended March 31, 2015 from € 1,265,000 for the same period in 2014 and comprised of allocated employee costs including share-based payments, the costs of materials and laboratory consumables, license and intellectual property costs and other allocated costs. The increase in expenses was primarily due to the advancement of QR-010 through the development phases as well as the start of other ProQR programs in research, including QR-110.
10. General and administrative costs
General and administrative costs increased to € 1,603,000 for the quarter ended March 31, 2015 from € 595,000 for the same period in 2014. The increase is primarily due to the growth of the G&A functions to support the strong overall growth of the Company, as well as costs directly and indirectly associated with our NASDAQ listing.
11. Income taxes
Due to the operating losses incurred since inception the Company has no tax provisions as of the balance sheet date. Furthermore, 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.
12. Events after balance sheet date
The European Committee (EC) granted ProQR and our academic partners a grant of €6 million under the Horizon 2020 program to finance the clinical development of QR-010. Horizon 2020 is one of the largest research and innovation programs in the European Union with nearly €80 billion in available funding for qualified projects from 2014 to 2020. Under the Horizon 2020, the EC works closely with the European Research Council, the European Institute of Innovation and Technology and EURATOM and evaluates projects on three key pillars of Excellent Science, Industrial Leadership and Societal Challenges.
F-9
Exhibit 99.2
ProQR Therapeutics Announces Results for the First Quarter of 2015
LEIDEN, the Netherlands, May 21, 2015 — ProQR Therapeutics N.V. (NASDAQ: PRQR), a company dedicated to changing lives through the creation of transformative RNA medicines for the treatment of severe diseases such as cystic fibrosis and Leber’s congenital amaurosis, today announced results for the first quarter of 2015.
“The first quarter was one in a year that is going to be a very exciting one for ProQR,” said Daniel de Boer, Chief Executive Officer of ProQR. “We advanced our first pipeline program, QR-110, into preclinical development for Leber’s congenital amaurosis, the most common genetic blindness, which leads to vision loss in very young children. In addition, we have made a lot of progress towards initiating our clinical studies for QR-010 in patients with cystic fibrosis due to the DF508 mutation and are on track to dose a first patient in this second quarter of 2015.”
Financial Highlights
As of March 31, 2015, we held cash and cash equivalents of €113.8 million, compared to €112.7 million for at December 31, 2014. The net increase in cash and cash equivalents is mainly the result of a foreign exchange gain of €6.8 million. Net cash used in operating activities during the three month period ended March 31, 2015 was €5.3 million, compared to €1.9 million for the same period last year.
Research and development costs were €5.5 million for the three month period ended March 31, 2015, compared to €1.3 million for the same period in 2014. The increase reflects the expansion of research and development activities to support the further development of our lead product candidate, QR-010, for the treatment of cystic fibrosis, as well as the development of our other pipeline product candidates, including QR-110 for the treatment of Leber’s congenital amaurosis, the leading genetic cause of childhood blindness.
General and administrative costs were €1.6 million for the three month period March 31, 2015, compared to €0.6 million for the same period in 2014. The increase is related to the expansion of the Company through 2014.
Net result for the three month period ended March 31, 2015 was a €0.2 million profit or €0.01 per share, compared to a €1.9 million loss or €0.30 per share for the same period in 2014. For further financial information for the period ending March 31, 2015, please refer to the financial statements appearing at the end of this release.
Corporate Highlights
| • | To further strengthen the capabilities of our Supervisory Board, the Supervisory Board nominated Paul Baart as a member and the Chair of the Audit Committee. Paul brings significant experience to the Supervisory Board and Audit Committee through his extensive career in public accounting in both the Netherlands and the USA. At PwC Netherlands he served on the Management and Supervisory Boards and was also a member of the Global Board of PwC International. While at PwC, Paul’s clients included several large private and public multinational companies across a variety of industries. His appointment is subject to approval of the Annual General Meeting of Shareholders in June 2015. |
Subsequent Events
| • | The European Committee (EC) granted ProQR and our academic partners a grant of €6 million under the Horizon 2020 program to finance the Phase Ib and PoC clinical studies of QR-010. Horizon 2020 is one of the largest research and innovation programs in the European Union with nearly €80 billion in available funding for qualified projects from 2014 to 2020. Under the Horizon 2020, the EC works closely with the European Research Council, the European Institute of Innovation and Technology and EURATOM and evaluates projects on three key pillars of Excellent Science, Industrial Leadership and Societal Challenges. |
| • | We have selected the product candidate in our second program QR-110 for the treatment of Leber’s congenital amaurosis (LCA), the most common genetic blindness in childhood. QR-110, a first-in-class oligonucleotide, is designed to treat the disease by repairing the underlying cause in the mRNA, which results in the production of wild-type CEP290 protein. In the first half of 2016 we intend to start our first clinical trial for QR-110 in patients suffering from the most common mutation in LCA, the p.Cys998X mutation, also known as c.2991+1655A>G mutation in the CEP290 gene. |
About ProQR
ProQR Therapeutics is dedicated to changing lives through the creation of transformative RNA medicines for the treatment of severe diseases such as cystic fibrosis and Leber’s congenital amaurosis. Based on our unique proprietary RNA repair platform technologies we are growing our pipeline with patients and loved ones in mind. Since 2012.
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 “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to”, “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. 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. These forward-looking statements include, but are not limited to, statements regarding the initiation of clinical trials of QR-010 and QR-110 and statements regarding our ongoing and planned discovery and development of product candidates. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, risks associated with our clinical development activities, manufacturing processes and facilities, regulatory oversight, product commercialization, intellectual property claims, and the risks, uncertainties and other factors in our filings made with the Securities and Exchange Commission, including certain sections of our annual report filed on Form 20-F. 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.
ProQR Therapeutics N.V.:
Smital Shah
Chief Financial Officer
T: +1 415 231 6431
ir@proqr.com
Media inquiries:
Gretchen Schweitzer
MacDougall Biomedical Communications
Direct: +49 172 861 8540
Main: +49 89 2424 3494
gschweitzer@macbiocom.com
PROQR THERAPEUTICS N.V.
Unaudited Condensed Statement of Financial Position
(€ in thousands)
| March 31, 2015 |
December 31, 2014 |
|||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
€ | 113,815 | € | 112,736 | ||||
| Prepayments and other receivables |
1,551 | 735 | ||||||
| Social securities and other taxes |
323 | 426 | ||||||
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|
|
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| Total current assets |
115,689 | 113,897 | ||||||
| Property, plant and equipment |
1,747 | 1,187 | ||||||
| Intangible assets |
152 | 163 | ||||||
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|
|||||
| Total assets |
117,588 | 115,247 | ||||||
|
|
|
|
|
|||||
| Liabilities and shareholders’ equity |
||||||||
| Current liabilities |
||||||||
| Finance lease liabilities |
30 | 34 | ||||||
| Trade payables |
2,412 | 1,247 | ||||||
| Social securities and other taxes |
274 | 341 | ||||||
| Pension premiums |
130 | 127 | ||||||
| Other current liabilities |
1,918 | 1,265 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
4,764 | 3,014 | ||||||
| Finance lease liabilities |
7 | 15 | ||||||
| Borrowings |
2,885 | 2,814 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
7,656 | 5,843 | ||||||
| Shareholders’ equity |
||||||||
| Shareholders’ equity |
109,932 | 109,404 | ||||||
|
|
|
|
|
|||||
| Total liabilities and shareholders’ equity |
€ | 117,588 | € | 115,247 | ||||
|
|
|
|
|
|||||
PROQR THERAPEUTICS N.V.
Unaudited Condensed Statement of Profit or Loss and OCI
(€ in thousands, except share and per share data)
| THREE MONTH PERIOD ENDED MARCH 31, |
||||||||
| 2015 | 2014 | |||||||
| Other income |
338 | 4 | ||||||
| Research and development costs |
(5,480 | ) | (1,265 | ) | ||||
| General and administrative costs |
(1,603 | ) | (595 | ) | ||||
|
|
|
|
|
|||||
| Total operating costs |
(7,083 | ) | (1,860 | ) | ||||
|
|
|
|
|
|||||
| Operating result |
(6,745 | ) | (1,856 | ) | ||||
| Finance income and expense |
6,980 | (63 | ) | |||||
|
|
|
|
|
|||||
| Result before corporate income taxes |
235 | (1,919 | ) | |||||
| Income taxes |
— | — | ||||||
|
|
|
|
|
|||||
| Net profit (loss) attributable to equity holders of the Company |
235 | (1,919 | ) | |||||
| Other comprehensive income |
— | — | ||||||
| Total comprehensive profit (loss) (attributable to equity holders of the Company) |
235 | (1,919 | ) | |||||
|
|
|
|
|
|||||
| Share information |
||||||||
| Weighted average number of shares outstanding 1 - basic |
23,338,663 | 6,467,419 | ||||||
| Weighted average number of shares outstanding 1 - diluted |
24,378,072 | 6,467,419 | ||||||
| Earnings per share attributable to the equity holders of the Company (expressed in Euro per share) |
0.01 | (0.30 | ) | |||||
| Basic profit (loss) per share |
0.01 | (0.30 | )1 | |||||
| Diluted profit (loss) per share |
0.01 | (0.30 | )1 | |||||
| 1 | For the comparative figures included in these financial statements, the potential exercise of share options and the conversion of preferred shares into ordinary shares are not included in the diluted earnings per share calculation as the Company was loss-making in that period. Due to the anti-dilutive nature of the outstanding options, basic and diluted earnings per share are equal in that period. |
PROQR THERAPEUTICS N.V.
Unaudited Condensed Statement of Changes in Equity
(€ in thousands, except share data)
| Number of shares | Total Share Capital |
Share Premium |
Equity Settled Employee Benefit Reserve |
Accumulated Deficit |
Total Equity | |||||||||||||||||||||||
| Ordinary | Preferred | |||||||||||||||||||||||||||
| Balance at January 1, 2014 |
6,108,152 | — | 59 | 3,482 | 41 | (3,671 | ) | (89 | ) | |||||||||||||||||||
| Net loss |
— | — | — | — | — | (1,919 | ) | (1,919 | ) | |||||||||||||||||||
| Recognition of share-based payments |
— | — | — | — | 104 | — | 104 | |||||||||||||||||||||
| Shares issued in the period |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Treasury shares issued |
— | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance at March 31, 2014 |
6,108,152 | — | 59 | 3,482 | 145 | (5,590 | ) | (1,904 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance at January 1, 2015 |
23,338,154 | — | € | 934 | € | 123,581 | € | 687 | € | (15,798 | ) | € | 109,404 | |||||||||||||||
| Net profit (loss) |
— | — | — | — | — | 235 | 235 | |||||||||||||||||||||
| Recognition of share-based payments |
— | — | — | — | 288 | — | 288 | |||||||||||||||||||||
| Shares options exercised |
5,090 | — | 0 | 5 | — | — | 5 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance at March 31, 2015 |
23,343,244 | — | 934 | 123,586 | 975 | (15,563 | ) | 109,932 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
PROQR THERAPEUTICS N.V.
Unaudited Condensed Statement of Cash Flows
(€ in thousands)
| THREE MONTH PERIOD ENDED MARCH 31, |
||||||||
| 2015 | 2014 | |||||||
| Cash flows from operating activities |
||||||||
| Net profit (loss) |
235 | (1,919 | ) | |||||
| Adjustments for: |
||||||||
| — Depreciation |
95 | 17 | ||||||
| — Share-based compensation |
288 | 104 | ||||||
| — Financial income and expenses |
(6,980 | ) | 63 | |||||
| Changes in working capital |
1,015 | (199 | ) | |||||
|
|
|
|
|
|||||
| Cash used in operations |
(5,347 | ) | (1,934 | ) | ||||
|
|
|
|
|
|||||
| Corporate income tax paid |
— | — | ||||||
| Interest received/(paid) |
72 | (2 | ) | |||||
|
|
|
|
|
|||||
| Net cash used in operating activities |
(5,275 | ) | (1,936 | ) | ||||
|
|
|
|
|
|||||
| Cash flow from investing activities |
||||||||
| Purchases of property, plant and equipment |
(488 | ) | (156 | ) | ||||
| Purchases of intangible assets |
— | — | ||||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(488 | ) | (156 | ) | ||||
|
|
|
|
|
|||||
| Cash flow from financing activities |
||||||||
| Proceeds from exercise of share options |
5 | — | ||||||
| Proceeds from borrowings |
— | — | ||||||
| Redemption of financial lease |
(12 | ) | (15 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in financing activities |
(7 | ) | (15 | ) | ||||
|
|
|
|
|
|||||
| Net increase in cash and cash equivalents |
(5,770 | ) | (2,107 | ) | ||||
| Currency effect cash and cash equivalents |
6,849 | — | ||||||
| Cash and cash equivalents, at beginning of the period |
112,736 | 4,129 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents at the end of the period |
113,815 | 2,022 | ||||||
|
|
|
|
|
|||||