Document and Entity Information |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Document and Entity Information [Abstract] | |
| Entity Registrant Name | ProQR Therapeutics N.V. |
| Entity Central Index Key | 0001612940 |
| Document Type | 6-K |
| Document Period End Date | Sep. 30, 2019 |
| Amendment Flag | false |
| Current Fiscal Year End Date | --12-31 |
| Document Fiscal Year Focus | 2019 |
| Document Fiscal Period Focus | Q3 |
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of current lease liabilities. [Refer: Lease liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of current payables on social security and taxes other than incomes tax. [Refer: Payables on social security and taxes other than income tax] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of deferred income classified as current. [Refer: Deferred income] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of investments in associates in an entity's separate financial statements. [Refer: Associates [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The non-current portion of non-current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of non-current lease liabilities. [Refer: Lease liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of receivables from taxes other than income tax. Income taxes include all domestic and foreign taxes that are based on taxable profits. Income taxes also include taxes, such as withholding taxes, that are payable by a subsidiary, associate or joint arrangement on distributions to the reporting entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Current Recognised Liabilities Defined Contribution Plan No definition available.
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- Definition Receivables that represent amounts paid for goods and services before they have been delivered and other receivables. No definition available.
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Condensed Consolidated Statement of Profit or Loss and OCI - EUR (€) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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| Condensed Consolidated Statement of Profit or Loss and OCI | ||||
| Other income | € 530,000 | € 2,958,000 | € 1,509,000 | € 4,428,000 |
| Research and development costs | (11,074,000) | (6,297,000) | (32,560,000) | (19,972,000) |
| General and administrative costs | (2,903,000) | (2,579,000) | (8,970,000) | (7,900,000) |
| Total operating costs | (13,977,000) | (8,876,000) | (41,530,000) | (27,872,000) |
| Operating result | (13,447,000) | (5,918,000) | (40,021,000) | (23,444,000) |
| Finance income and expense | 1,375,000 | (74,000) | 1,339,000 | (664,000) |
| Results related to associates | (119,000) | 579,000 | ||
| Result before corporate income taxes | (12,191,000) | (5,992,000) | (38,103,000) | (24,108,000) |
| Corporate income taxes | (64,000) | (1,000) | ||
| Result for the period | (12,191,000) | (5,992,000) | (38,167,000) | (24,109,000) |
| Other comprehensive income | 147,000 | (4,000) | 121,000 | (15,000) |
| Total comprehensive income (attributable to owners of the Company) | (12,044,000) | (5,996,000) | (38,046,000) | (24,124,000) |
| Result attributable to | ||||
| Owners of the Company | (12,139,000) | (5,959,000) | (37,945,000) | (23,974,000) |
| Non-controlling interests | (52,000) | (33,000) | (222,000) | (135,000) |
| Result for the period | € (12,191,000) | € (5,992,000) | € (38,167,000) | € (24,109,000) |
| Share information | ||||
| Weighted average number of shares outstanding | 38,912,701 | 33,355,327 | 38,902,203 | 32,440,220 |
| Earnings per share attributable to the equity holders of the Company (expressed in Euro per share) | ||||
| Basic loss per share | € (0.31) | € (0.18) | € (0.98) | € (0.74) |
| Diluted loss per share | € (0.31) | € (0.18) | € (0.98) | € (0.74) |
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- Definition The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of income or cost associated with interest and other financing activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of expense relating to general and administrative activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of all operating expenses. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of operating income that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The profit (loss) before tax expense or income. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The profit (loss) from operating activities of the entity. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of expenditure directly attributable to research or development activities, recognised in profit or loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total entity results of associates including share of profits from operations and gain loss on sale of assets accounted under equity method. No definition available.
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Condensed Consolidated Statement of Changes in Equity - EUR (€) € in Thousands |
Share capital |
Share Premium [Member] |
Equity Settled Employee Benefit Reserve |
Translation Reserve |
Accumulated Deficit |
Total |
Non-controlling interests [Member] |
Total |
|---|---|---|---|---|---|---|---|---|
| Balance at beginning of period at Dec. 31, 2017 | € 1,457 | € 148,763 | € 8,377 | € 136 | € (119,370) | € 39,363 | € (38) | € 39,325 |
| Balance at beginning of period (in shares) at Dec. 31, 2017 | 36,425,014 | |||||||
| Result for the period | (23,974) | (23,974) | (135) | € (24,109) | ||||
| Other comprehensive income | (15) | (15) | (15) | |||||
| Recognition of share-based payments | 2,245 | 2,245 | 2,245 | |||||
| Issue of ordinary shares | 265 | 84,032 | 84,297 | € 84,297 | ||||
| Issue of ordinary shares (in shares) | 6,612,500 | |||||||
| Shares options exercised | 659 | 659 | € 659 | |||||
| Balance at end of period at Sep. 30, 2018 | 1,722 | 233,454 | 10,622 | 121 | (143,344) | 102,575 | (173) | € 102,402 |
| Balance at end of period (in shares) at Sep. 30, 2018 | 43,037,514 | |||||||
| Balance at beginning of period at Dec. 31, 2018 | 1,726 | 235,744 | 10,780 | 108 | (155,443) | 92,915 | (230) | € 92,685 |
| Balance at beginning of period (in shares) at Dec. 31, 2018 | 43,149,987 | |||||||
| Result for the period | (37,945) | (37,945) | (222) | € (38,167) | ||||
| Other comprehensive income | 121 | 121 | 121 | |||||
| Recognition of share-based payments | 4,614 | 4,614 | 4,614 | |||||
| Shares options lapsed | (33) | 33 | ||||||
| Shares options exercised | 166 | (115) | 115 | 166 | 166 | |||
| Balance at end of period at Sep. 30, 2019 | € 1,726 | € 235,910 | € 15,246 | € 229 | € (193,240) | € 59,871 | € (452) | € 59,419 |
| Balance at end of period (in shares) at Sep. 30, 2019 | 43,149,987 |
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- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in equity resulting from the exercise of options. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase in equity through the issue of equity instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of new stock shares issued during the period. No definition available.
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- Definition Share Options Lapsed No definition available.
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Consolidated Statement of Cash Flows |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
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Sep. 30, 2019
EUR (€)
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Sep. 30, 2018
EUR (€)
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Sep. 30, 2019
EUR (€)
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Sep. 30, 2018
EUR (€)
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| Cash flow from operating activities | ||||
| Net result | € (12,191,000) | € (5,992,000) | € (38,167,000) | € (24,109,000) |
| Adjustments for: | ||||
| Depreciation | 506,000 | 242,000 | 1,543,000 | 725,000 |
| Share-based payment expenses | 1,226,000 | 734,000 | 4,614,000 | 2,245,000 |
| Financial income and expenses | (1,375,000) | 74,000 | (1,339,000) | 664,000 |
| Results related to associates | 119,000 | (579,000) | ||
| Net foreign exchange gain / (loss) | 148,000 | (4,000) | 122,000 | (15,000) |
| Changes in working capital | 2,718,000 | 656,000 | 1,744,000 | 1,074,000 |
| Cash used in operations | (8,849,000) | (4,290,000) | (32,062,000) | (19,416,000) |
| Corporate income tax paid | 1,000 | (64,000) | ||
| Interest received | 90,000 | 32,000 | 176,000 | 25,000 |
| Interest paid | (13,000) | (64,000) | ||
| Net cash used in operating activities | (8,772,000) | (4,257,000) | (32,014,000) | (19,391,000) |
| Cash flow from investing activities | ||||
| Purchases of property, plant and equipment | (32,000) | (99,000) | (341,000) | (285,000) |
| Net cash used in investing activities | (32,000) | (99,000) | (341,000) | (285,000) |
| Cash flow from financing activities | ||||
| Proceeds from issuance of shares, net of transaction costs | 84,295,000 | 84,295,000 | ||
| Proceeds from exercise of share options | 2,000 | 637,000 | 166,000 | 660,000 |
| Proceeds from borrowings | 101,000 | |||
| Proceeds from convertible loans | 115,000 | 690,000 | 430,000 | |
| Repayment of lease liability | (290,000) | (861,000) | ||
| Net cash (used in)/generated by financing activities | (288,000) | 85,047,000 | (5,000) | 85,486,000 |
| Net increase/(decrease) in cash and cash equivalents | (9,092,000) | 80,691,000 | (32,360,000) | 65,810,000 |
| Currency effect cash and cash equivalents | 1,420,000 | 57,000 | 1,572,000 | (193,000) |
| Cash and cash equivalents, at beginning of the period | 82,464,000 | 32,968,000 | 105,580,000 | 48,099,000 |
| Cash and cash equivalents at the end of the period | € 74,792,000 | € 113,716,000 | € 74,792,000 | € 113,716,000 |
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- Definition Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for net finance income or cost to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income (cost); Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for unrealised foreign exchange losses (gains) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in working capital. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow for interest paid, classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash inflow from interest received, classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from borrowings obtained. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from the exercise of options. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash inflow from issuing shares. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. No definition available.
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- Definition The total entity results of associates including share of profits from operations and gain loss on sale of assets accounted under equity method. No definition available.
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General Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
| General Information | |||||||||||||||||||||||||||||||||||||||||||||||||
| General Information | 1. General information ProQR Therapeutics N.V., or “ProQR” or the “Company”, is a development stage company domiciled in the Netherlands 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 was 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 Zernikedreef 9, 2333 CK Leiden, the Netherlands. ProQR Therapeutics N.V. is the ultimate parent company of the following entities:
ProQR Therapeutics N.V. is also statutory director of Stichting Bewaarneming Aandelen ProQR (“ESOP Foundation”) and has full control over this entity. ProQR Therapeutics N.V. holds a minority shareholding in Wings Therapeutics Inc. As used in these condensed consolidated financial statements, unless the context indicates otherwise, all references to “ProQR” or the “Company” refer to ProQR Therapeutics N.V. including its subsidiaries and the ESOP Foundation. |
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Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2019 | |
| Significant Accounting Policies | |
| Significant Accounting Policies | 2. Significant Accounting Policies These condensed consolidated financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting. Certain information and disclosures normally included in financial statements prepared in accordance with IFRS have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2018. In the opinion of management, all adjustments, consisting of normal recurring nature, considered necessary for a fair presentation have been included in the condensed consolidated financial statements. 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. |
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- Definition The entire disclosure for significant accounting policies applied by the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Adoption of new and revised International Financial Reporting Standards |
9 Months Ended |
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Sep. 30, 2019 | |
| Adoption of new and revised International Financial Reporting Standards | |
| Adoption of new and revised International Financial Reporting Standards | 3. Adoption of new and revised International Financial Reporting Standards The accounting policies adopted in the preparation of the condensed consolidated financial statements are consistent with those applied in the preparation of the Company’s annual financial statements for the year ended December 31, 2018, except for the change in accounting policies resulting from the implementation of IFRS 16 Leases.
IFRS 16 specifies how an entity recognizes, measures, presents and discloses leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Upon implementation of the standard on January 1, 2019, the Company recognized a lease liability and a corresponding right-of-use asset. As at September 30, 2019, the carrying amount of the lease liability is € 0.9 million and the carrying amount of the right-of-use asset is € 0.9 million Other new Standards and Interpretations, which became effective as of January 1, 2019, did not have a material impact on our condensed consolidated financial statements. |
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Critical Accounting Estimates and Judgments |
9 Months Ended |
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Sep. 30, 2019 | |
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| Critical Accounting Estimates and Judgments | 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. (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 the Company’s annual financial statements for the year ended December 31, 2018 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 from the moment of listing, the Company uses the closing price of the ordinary shares on the previous business day as 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) Grant income Grant income is not recognized until there is reasonable assurance that the Company will comply with the conditions attached to them. Grants are recognized in profit or loss on a systematic basis over the period the Company recognizes as expenses the related costs for which the grants are expected to compensate. (d) 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 are too high or too low in any particular period.
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Cash and Cash Equivalents |
9 Months Ended |
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Sep. 30, 2019 | |
| Cash and Cash Equivalents. | |
| Cash and Cash Equivalents | 5. Cash and Cash Equivalents At September 30, 2019, the Company’s cash and equivalents were € 74,792,000 as compared to € 105,580,000 at December 31, 2018. An amount of € 35,166,000 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. |
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- Definition The disclosure of cash and cash equivalents. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Current liabilities |
9 Months Ended |
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Sep. 30, 2019 | |
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| Current liabilities | 6. Current liabilities At September 30, 2019 and December 31, 2018, the other current liabilities consisted principally of accruals for services provided by vendors not yet billed, payroll related accruals and other miscellaneous liabilities. |
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Borrowings |
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| Borrowings | 7. Borrowings
On June 1, 2012, ProQR was awarded an Innovation credit by the Dutch government, through its agency RVO of the Ministry of Economic Affairs, for the Company’s cystic fibrosis program. Amounts were drawn under this facility in the course of the years 2013 through 2017. The credit covers 35% of the costs incurred in respect of the program up to € 5.0 million.
The credit is interest-bearing at a rate of 10% per annum. Early October 2018 ProQR received a conditional waiver of the €5 million Innovation credit. Consequently, the repayment of the total loan of €7.9 million, including interest, has been waived if conditions are met, which will be reviewed annually for 3 years. The assets which are co-financed with the granted innovation credit are subject to a right of pledge for the benefit of RVO.
On December 10, 2018 ProQR was awarded an Innovation credit for the QR-110 program. Amounts will be drawn under this facility from 2018 through 2021. The credit of € 4.7 million through December 31, 2021 will be used to conduct the Phase 2/3 clinical study and efforts to obtain regulatory and ethical market approval (NDA/MAA) of QR-110 for LCA10, of which €0.2 million has been received at September 30, 2019. The credit, including accrued interest of 10% per annum, is repayable depending on obtaining market approval.
Convertible loans Convertible loans were issued to Amylon Therapeutics B.V. and are interest-bearing at an average rate of 8% per annum. They are convertible into a variable number of ordinary shares within 36 months at the option of the holder or the Company in case financing criteria are met. Any unconverted loans become payable on demand after 24 – 36 months in equal quarterly terms. |
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Shareholders' equity |
9 Months Ended |
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Sep. 30, 2019 | |
| Shareholders' equity | |
| Shareholders' equity | 8. Shareholders’ equity The authorized share capital of the Company amounting to € 7,200,000 consists of 90,000,000 ordinary shares and 90,000,000 preference shares with a par value of € 0.04 per share. At September 30, 2019, 43,149,987 ordinary shares were issued and fully paid in cash, of which 4,236,792 were held by the Company as treasury shares (December 31, 2018: 4,277,051).
In November 2018, the Company issued 112,473 shares in the aggregate amount of $2.5 million, at $22.23 (€19.46) per share to Ionis Pharmaceuticals, Inc. Under the terms of the agreement, an upfront payment in ordinary shares to its common stock, was made to Ionis upon signing the worldwide license agreement. The Company was granted an exclusive worldwide license to QR-1123 and relevant patents. The Company will also make future milestone payments, certain of which will be made in equity and others in cash or equity at the company’s discretion, and royalties on net sales of 20% through the royalty term.
On November 7, 2018, the Company filed a shelf registration statement, which permitted: (a) the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 300,000,000 of its ordinary shares, warrants and/or units; and (b) as part of the $ 300,000,000, the offering, issuance and sale by us of up to a maximum aggregate offering price of $ 75,000,000 of its ordinary shares that may be issued and sold under a sales agreement with H.C. Wainwright & Co in one or more at-the-market offerings. In 2018, no shares were issued pursuant to our ATM facility.
In September 2018, the Company consummated an underwritten public offering and concurrent registered direct offering of 6,612,500 ordinary shares at an issue price of $ 15.75 per share. The gross proceeds from this offering amounted to € 89,983,000 while the transaction costs amounted to € 5,792,000, resulting in net proceeds of € 84,191,000.
Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.
Share options The Company operates an equity-settled share-based compensation plan which was introduced in 2013. Options may be granted to employees, members of the Supervisory Board, members of the Management Board and consultants. The compensation expenses included in operating costs for this plan in the three month period ended September 30, 2019 were € 1,226,000 (three month period ended September 30, 2018: € 735,000), of which € 835,000 (2018: € 550,000) was recorded in general and administrative costs and € 391,000 (2018: € 185,000) was recorded in research and development costs. |
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Other income |
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| Other income | 9. Other income
On February 9, 2018, the Company entered into a partnership agreement with Foundation Fighting Blindness (FFB), under which FFB has agreed to provide funding of $7.5 million for the pre-clinical and clinical development of QR‑421a for Usher syndrome type 2A targeting mutations in exon 13.
In addition, funding was received for our Huntington’s disease program.
Grants are recognized in other income in the same period in which the related R&D costs are recognized. |
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Research and development costs |
9 Months Ended |
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Sep. 30, 2019 | |
| Research and development costs | |
| Research and Development Costs | 10. Research and development costs Research and development costs amount to € 11,074,000 for the three month period ended September 30, 2019 compared to € 6,297,000 for same period in 2018 and are comprised of allocated employee costs including share-based payments, the costs of materials and laboratory consumables, outsourced activities, license and intellectual property costs and other allocated costs. |
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General and administrative costs |
9 Months Ended |
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Sep. 30, 2019 | |
| General and administrative costs | |
| General and administrative costs | 11. General and administrative costs General and administrative costs amount to € 2,903,000 for the three month period ended September 30, 2019 compared to € 2,579,000 for the same period in 2018. |
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Results related to associates |
9 Months Ended |
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Sep. 30, 2019 | |
| Results related to associates | |
| Results related to associates | 12. Results related to associates Results related to associates for the three month period ended September 30, 2019 consist of our share of the net loss of Wings Therapeutics Inc. amounting to € 119,000. |
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Income taxes |
9 Months Ended |
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Sep. 30, 2019 | |
| Income taxes | |
| Income taxes | 13. 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. |
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Events after balance sheet date |
9 Months Ended |
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Sep. 30, 2019 | |
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| Events after balance sheet date | 14. Events after balance sheet date In October 2019, the Company consummated an underwritten public offering of 10,454,545 ordinary shares at an issue price of $5.50 per share. The gross proceeds from this offering amounted to $57,500,000 while the transaction costs amounted to $3,575,000, resulting in net proceeds of $53,925,000.
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Borrowings (Tables) |
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Other income (Tables) |
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Significant Accounting Policies (Details) |
9 Months Ended |
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Sep. 30, 2019
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| Ifrs Number of Reportable Segments | 1 |
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Adoption of new and revised International Financial Reporting Standards (Details) € in Millions |
9 Months Ended |
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Sep. 30, 2019
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| Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
| Right-of-use assets | € 0.9 |
| Lease liabilities | 0.9 |
| IFRS 16 | |
| Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
| Increase in cash flows during period related to adoption of IFRS | € 0.9 |
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Cash and Cash Equivalents (Details) |
Sep. 30, 2019
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| Cash at banks | $ 35,166,000 | ||||||
| Total cash and cash equivalents | $ 74,792,000 | € 74,792,000 | € 82,464,000 | € 105,580,000 | € 113,716,000 | € 32,968,000 | € 48,099,000 |
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Shareholders' equity - Share options (Details) - EUR (€) |
3 Months Ended | |
|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Shareholders' equity | ||
| Compensation expenses | € 1,226,000 | € 735,000 |
| Compensation expenses recorded in general and administrative costs | 835,000 | 550,000 |
| Compensation expenses recorded in research and development costs | € 391,000 | € 185,000 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of expense arising from share-based payment transactions in which the goods or services received did not qualify for recognition as assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of expense arising from share-based payment transactions in which the goods or services received did not qualify for recognition as assets in general and administration. No definition available.
|
| X | ||||||||||
- Definition The amount of expense arising from share-based payment transactions in which the goods or services received did not qualify for recognition as assets in research and development. No definition available.
|
Other income (Details) - EUR (€) € in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Other income | ||||
| Grant income | € 518 | € 2,835 | ||
| Other income | 12 | 123 | ||
| Total other income | € 530 | € 2,958 | € 1,509 | € 4,428 |
| X | ||||||||||
- Definition The amount of operating income that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Revenue earned during the period from non-repayable sum of money awarded to an entity to carry out a specific purpose as provided in grant agreements. No definition available.
|
| X | ||||||||||
- Definition Other income, other. No definition available.
|
Other income - Narrative (Details) $ in Millions |
Feb. 09, 2018
USD ($)
|
|---|---|
| Foundation Fighting Blindness | |
| Other Income [Line Items] | |
| Amount of funds available for qualified projects | $ 7.5 |
| X | ||||||||||
- Definition The amount of funds available for qualified projects. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
Research and development costs (Details) - EUR (€) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Research and development costs | ||||
| Research and development costs | € 11,074,000 | € 6,297,000 | € 32,560,000 | € 19,972,000 |
| X | ||||||||||
- Definition The amount of expenditure directly attributable to research or development activities, recognised in profit or loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
General and administrative costs (Details) - EUR (€) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| General and administrative costs | ||||
| General and administrative expense | € 2,903,000 | € 2,579,000 | € 8,970,000 | € 7,900,000 |
| X | ||||||||||
- Definition The amount of expense relating to general and administrative activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
Results related to associates (Details) |
3 Months Ended |
|---|---|
|
Sep. 30, 2019
EUR (€)
| |
| Wings Therapeutics Inc | |
| Disclosure of associates [line items] | |
| Loss on share of profits of associates | € 119,000 |
| X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
| X | ||||||||||
- Definition The entity's share of the profit (loss) of associates accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Details
|
Events after balance sheet date (Details) $ / shares in Units, € in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended |
|---|---|---|---|
|
Oct. 31, 2019
USD ($)
$ / shares
shares
|
Sep. 30, 2018
EUR (€)
|
Sep. 30, 2018
EUR (€)
|
|
| Subsequent events | |||
| Net proceeds from issuance of shares | € | € 84,295 | € 84,295 | |
| IFRS Subsequent Event [Member] | |||
| Subsequent events | |||
| Number of shares issued and fully paid | shares | 10,454,545 | ||
| Price per share | $ / shares | $ 5.50 | ||
| Transaction costs of public offering | $ 3,575,000 | ||
| Net proceeds from issuance of shares | 53,925,000 | ||
| Gross proceeds from issuance of shares | $ 57,500,000 |
| X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table. No definition available.
|
| X | ||||||||||
- Definition The amount of costs associated with financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The number of shares issued by the entity, for which full payment has been received. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The cash inflow from issuing shares. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Gross proceeds from public offering before transaction costs. No definition available.
|
| X | ||||||||||
- Definition Per share amount received for each share of common stock issued or sold in the stock transaction. No definition available.
|
| X | ||||||||||
- Details
|