0001558370-22-006395 | 20-F | XBRL Viewer

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2021 shares
IFRS Statement Line items
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-36622
Entity Registrant Name	ProQR Therapeutics N.V.
Entity Incorporation, State or Country Code	P7
Entity Address, Address Line One	Zernikedreef 9
Entity Address, City or Town	Leiden
Entity Address, Postal Zip Code	2333 CK
Entity Address, Country	NL
Title of 12(b) Security	Ordinary Shares, nominal value € 0.04 per share
Trading Symbol	PRQR
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	71,290,805
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001612940
Amendment Flag	false
Auditor Firm ID	1012
Auditor Name	KPMG Accountants N.V.
Auditor Location	Amstelveen, the Netherlands
Business Contact [Member]
IFRS Statement Line items
Entity Address, Address Line One	Zernikedreef 9
Entity Address, City or Town	Leiden
Entity Address, Postal Zip Code	2333 CK
City Area Code	+31
Local Phone Number	88 166 7000
Contact Personnel Name	Smital Shah
Entity Address, Country	NL
Contact Personnel Email Address	sshah@proqr.com

Consolidated Statement of Financial Position - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Property, plant and equipment	€ 17,467	€ 18,601
Investments in associates	8	107
Investments in financial assets	621
Non-current assets	18,096	18,708
Other taxes	555	421
Prepayments and other receivables	3,404	3,762
Cash and cash equivalents	187,524	75,838
Current assets	191,483	80,021
Total assets	209,579	98,729
Shareholders' equity
Share capital	2,995	2,165
Share premium	398,309	288,757
Reserves	30,299	23,916
Accumulated deficit	(317,770)	(257,747)
Equity attributable to owners of the Company	113,833	57,091
Non-controlling interests.	(604)	(545)
Total equity	113,229	56,546
Liabilities
Borrowings	39,319	16,189
Lease liabilities	14,748	15,693
Deferred income	14,687
Non-current liabilities	68,754	31,882
Borrowings	4,771	1,135
Lease liabilities	1,534	1,260
Derivative financial instruments	3,995	839
Trade payables	191	221
Social security and other taxes	1,230	22
Pension premiums		6
Deferred income	5,115	700
Other current liabilities	10,760	6,118
Current liabilities	27,596	10,301
Total liabilities	96,350	42,183
Total equity and liabilities	€ 209,579	€ 98,729

Consolidated Statement of Profit or Loss and Comprehensive Income - EUR (€)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statement of Profit or Loss and Comprehensive Income
Revenue	€ 1,354,000
Other income	1,043,000	€ 9,452,000	€ 1,933,000
Research and development costs	(42,220,000)	(38,135,000)	(46,491,000)
General and administrative costs	(17,368,000)	(13,685,000)	(12,887,000)
Total operating costs	(59,588,000)	(51,820,000)	(59,378,000)
Operating result	(57,191,000)	(42,368,000)	(57,445,000)
Financial income	616,000	313,000	1,485,000
Financial expense	(3,405,000)	(4,029,000)	(1,083,000)
Results related to associates	(217,000)	(322,000)	429,000
Gain on disposal of associate	514,000
Results related to financial liabilities measured at fair value through profit or loss	(1,880,000)	(84,000)
Result before corporate income taxes	(61,563,000)	(46,490,000)	(56,614,000)
Corporate income taxes	(117,000)	(124,000)	(132,000)
Result for the year	(61,680,000)	(46,614,000)	(56,746,000)
Other comprehensive income
Items that will never be reclassified to profit or loss
Items that are or may be reclassified to profit or loss
Foreign operations - foreign currency translation differences	619,000	(340,000)	43,000
Total comprehensive loss	(61,002,000)	(46,905,000)	(56,437,000)
Total comprehensive loss	(61,061,000)	(46,954,000)	(56,703,000)
Result attributable to
Owners of the Company	(61,621,000)	(46,565,000)	(56,480,000)
Non-controlling interests	(59,000)	(49,000)	(266,000)
Result for the year	(61,680,000)	(46,614,000)	(56,746,000)
Total comprehensive loss attributable to
Owners of the Company	(61,002,000)	(46,905,000)	(56,437,000)
Non-controlling interests	(59,000)	(49,000)	(266,000)
Total comprehensive loss	€ (61,061,000)	€ (46,954,000)	€ (56,703,000)
Share information
Weighted average number of shares outstanding	64,182,492	50,060,565	41,037,244
Earnings per share attributable to owners of the Company (Euro per share)
Basic loss per share	€ (0.96)	€ (0.93)	€ (1.38)
Diluted loss per share	€ (0.96)	€ (0.93)	€ (1.38)

Consolidated Statement of Changes in Equity - EUR (€) € in Thousands	Share capital	Share Premium	Equity Settled Employee Benefit Reserve	Option premium on convertible loan	Translation Reserve	Accumulated Deficit	Total	Non-controlling Interests	Total
Balance at beginning of period at Dec. 31, 2018	€ 1,726	€ 235,744	€ 10,780		€ 108	€ (155,443)	€ 92,915	€ (230)	€ 92,685
Result for the year						(56,480)	(56,480)	(266)	(56,746)
Other comprehensive income					43		43		43
Recognition of share-based payments	15	3,145	5,948				9,108		9,108
Issue of ordinary shares	418	48,132					48,550		48,550
Shares options lapsed			(44)			44
Shares options exercised		193	(133)			133	193		193
Balance at end of period at Dec. 31, 2019	2,159	287,214	16,551		151	(211,746)	94,329	(496)	93,833
Result for the year						(46,565)	(46,565)	(49)	(46,614)
Other comprehensive income					(340)		(340)		(340)
Recognition of share-based payments	4	538	7,838				8,380		8,380
Issue of ordinary shares	2	270					272		272
Equity component of convertible loan				€ 280			280		280
Shares options lapsed			(91)			91
Shares options exercised		735	(473)			473	735		735
Balance at end of period at Dec. 31, 2020	2,165	288,757	23,825	280	(189)	(257,747)	57,091	(545)	56,546
Result for the year						(61,621)	(61,621)	(59)	(61,680)
Other comprehensive income					619		619		619
Recognition of share-based payments	5	382	6,216				6,603		6,603
Issue of ordinary shares	820	107,657					108,477		108,477
Equity component of convertible loan				1,146			1,146		1,146
Shares options lapsed			(522)			522
Shares options exercised	5	1,513	(1,076)			1,076	1,518		1,518
Balance at end of period at Dec. 31, 2021	€ 2,995	€ 398,309	€ 28,443	€ 1,426	€ 430	€ (317,770)	€ 113,833	€ (604)	€ 113,229

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2021-03-24

+ Details

Consolidated Statement of Cash Flows - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flow from operating activities
Result for the year	€ (61,680)	€ (46,614)	€ (56,746)
Adjustments for:
Depreciation	2,329	2,355	2,052
Results related to associates	217	322	(429)
Gain on disposal of associate	(514)
Share-based compensation	6,216	7,838	9,108
Other income		(8,423)
Financial income and expense	2,789	3,716	(402)
Results related to financial liabilities measured at fair value through profit or loss	1,880	84
Income tax expenses	117	124	132
Changes in working capital	24,995	(5,474)	1,694
Cash used in operations	(23,651)	(46,072)	(44,591)
Corporate income tax paid	(117)	(188)	(64)
Interest received	5	313	758
Interest paid	(2,249)	(1,113)	(73)
Net cash used in operating activities	(26,012)	(47,060)	(43,970)
Cash flow from investing activities
Purchases of property, plant and equipment	(484)	(924)	(580)
Sales of property, plant and equipment	59
Net cash used in investing activities	(425)	(924)	(580)
Cash flow from financing activities
Proceeds from issuance of shares, net of transaction costs	108,477		48,550
Proceeds from exercise of share options	1,518	735	193
Proceeds from borrowings	1,137	579	2,027
Proceeds from convertible loans	26,520	13,791	690
Repayment of lease liability	(820)	(605)	(1,261)
Net cash generated by financing activities	136,832	14,500	50,199
Net increase/(decrease) in cash and cash equivalents	110,395	(33,484)	5,649
Currency effect cash and cash equivalents	1,291	(2,628)	721
Cash and cash equivalents at the beginning of the year	75,838	111,950	105,580
Cash and cash equivalents at the end of the year	€ 187,524	€ 75,838	€ 111,950

General Information

12 Months Ended

Dec. 31, 2021

General Information

General Information

1. General Information

ProQR Therapeutics N.V. (“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 and is registered in the Trade Register at the Chamber of Commerce under number 54600790. The address of its headquarters and registered office is Zernikedreef 9, 2333 CK Leiden, the Netherlands.

At December 31, 2021, ProQR Therapeutics N.V. is the ultimate parent company of the following entities:

●

ProQR Therapeutics Holding B.V. (the Netherlands, 100%);

●

ProQR Therapeutics I B.V. (the Netherlands, 100%);

●

ProQR Therapeutics II B.V. (the Netherlands, 100%);

●

ProQR Therapeutics III B.V. (the Netherlands, 100%);

●

ProQR Therapeutics IV B.V. (the Netherlands, 100%);

●

ProQR Therapeutics V B.V. (the Netherlands, 100%);

●

ProQR Therapeutics VI B.V. (the Netherlands, 100%);

●

ProQR Therapeutics VII B.V. (the Netherlands, 100%);

●

ProQR Therapeutics VIII B.V. (the Netherlands, 100%);

●

ProQR Therapeutics IX B.V. (the Netherlands, 100%);

●

ProQR Therapeutics I Inc. (United States, 100%);

●

Amylon Therapeutics B.V. (the Netherlands, 80%);

ProQR Therapeutics N.V. is also statutory director of Stichting Bewaarneming Aandelen ProQR (ESOP Foundation) and has full control over this entity. At December 31, 2021, ProQR Therapeutics Holding B.V. held a 4.9% minority shareholding in Yarrow Biotechnology, Inc.

As used in these consolidated financial statements, unless the context indicates otherwise, all references to “ProQR”, the “Company” or the “Group” refer to ProQR Therapeutics N.V. including its subsidiaries and the ESOP Foundation.

Basis of Preparation

12 Months Ended

Dec. 31, 2021

Basis of Preparation

Basis of Preparation

2. Basis of preparation

(a) Statement of compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements were authorized for issue by the Company’s Management Board and its Senior Management on April 29, 2022.

(b) Basis of measurement

The financial statements have been prepared on the historical cost basis except for financial instruments and share-based payment obligations which have been based on fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

These consolidated financial statements are presented in euro, which is the Company’s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.

(d) Going Concern

The management board of ProQR has, upon preparing and finalizing the 2021 financial statements, assessed the Company’s ability to fund its operations for a period of at least one year after the date of signing these financial statements. Management has not identified significant going concern risks.

The financial statements of the Company have been prepared on the basis of the going concern assumption based on its existing funding, taking into account the Company’s current cash position and the projected cash flows based on the activities under execution on the basis of ProQR’s business plan and budget.

(e) Use of estimates and judgements

In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

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.

Information about assumptions and estimation uncertainties that may have a significant risk of resulting in a material adjustment is included below.

(i) Revenue recognition for the Eli Lilly collaboration and license agreement

a. Identification of the performance obligation
Note 17 describes the Company’s collaboration and license agreement with Eli Lilly. Under this agreement, ProQR provides Eli Lilly with a license (with a right to sub-license) to exploit compounds resulting from the collaboration. A significant amount of judgement is required to determine whether the license is distinct from the other promises in the contract. The license was concluded not to be distinct from the other promises in the contract based on the following considerations:

●

the license has no stand-alone value to Eli Lilly without the Company being involved in the research and development collaboration, and;

●

there are significant interdependencies between the license and the research and development services to be provided by the Company.

b. Determining the timing of satisfaction of performance obligations

For the Eli Lilly collaboration, the Company recognizes revenue over time, using an input method that estimates the satisfaction of the performance obligation as the percentage of labor hours incurred compared to the total estimated labor hours required to complete the promised services. As our estimate of the total labor hours required is dependent on the evolution of the research and development activities, it may be subject to change. If the progression and/or outcome of certain research and development activities would be different from the assumptions that were made during the

preparation of these financial statements, this could lead to material adjustments to the total estimated labor hours, which might result in a reallocation of revenue between current and future periods. Our total deferred revenue balance related to this Eli Lilly performance obligation amounts to € 19,143,000 at December 31, 2021.

c. Determining the transaction price

The Company applied judgement to determine whether the equity investment made by Eli Lilly in ProQR is part of the transaction price for the collaboration and license agreement. The Company concluded that the premium that Eli Lilly paid above the closing price on the day of entering into the equity investment agreement was paid because of the Company’s existing obligations to deliver research and development services to Eli Lilly under the terms of the collaboration and license agreement. Therefore, the equity investment is considered to be part of the transaction price. The contract also includes variable consideration, but no variable consideration was included in the transaction price, as it is not highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

(ii) Research and development expenditures

Research expenditures are reflected in the income statement. Development expenses are currently also 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.

(iii) Convertible debt

The terms of our convertible debt agreements are evaluated to determine whether the convertible debt instruments contain both liability and equity components, in which case the instrument is a compound financial instrument. Convertible debt agreements are also evaluated to determine whether they contain embedded derivatives, in which case the instrument is a hybrid financial instrument. Judgement is required to determine the classification of such financial instruments based on the terms and conditions of the convertible debt agreements, the currencies in which the debt instruments are denominated and the Company’s functional currency.

Estimation methods are used to determine the fair values of the liability and equity components of compound financial instruments and to determine the fair value of embedded derivatives included in hybrid financial instruments. The determination of the effective interest used for the host contracts of hybrid financial instruments and the liability components of compound financial instruments is dependent on the outcome of such estimations. Evaluating the reasonableness of these estimations and the assumptions and inputs used in the valuation methods requires a significant amount of judgement and is therefore subject to an inherent risk of error.

(f) Changes in accounting policies

The following Standards and Interpretations became effective for annual reporting periods beginning on or after January 1, 2021:

●

IBOR reform Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16;

●

Covid-19-Related Rent Concessions Amendment to IFRS 16;

None of these new Standards and Interpretations had a material impact on our financial statements. No changes in accounting policies occurred in 2021.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Significant Accounting Policies

3. Significant Accounting Policies

The Company has consistently applied the following accounting policies to all periods presented in these consolidated financial statements.

(a) Basis of consolidation

(i) Subsidiaries

Subsidiaries are entities controlled by the Company. The Company controls an entity when it has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Company reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of these elements. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

(ii) Non-controlling interests (“NCI”)

NCI are measured at their proportionate share of the acquiree's identifiable net assets at the acquisition date. Changes in the Company's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

(iii) Loss of control

When the Company loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any non-controlling interests and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.

(iv) Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Company’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

(v) Associates

Associates are entities over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

Investments in associates are accounted for in the consolidated financial statements using the equity method of accounting. Equity accounting involves recording the investment in associates initially at cost, and recognizing the Company’s share of the post-acquisition results of associates in the consolidated income statement and the Company’s share of post-acquisition other comprehensive income in consolidated other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investments in associates in the consolidated statement of financial position.

When the Company’s share of losses in an associate equals or exceeds its interest in the associate, the Company does not recognize further losses unless it has incurred or guaranteed obligations in respect of the associate.

(b) Classes of financial instruments

Financial instruments are both primary financial instruments, such as receivables and payables, and financial derivatives. For the Company’s primary financial instruments, reference is made to the treatment per the corresponding balance sheet item.

Financial derivatives are valued at fair value. Upon first recognition, financial derivatives are recognized at fair value and then revalued as at balance sheet date. Changes in the fair value of derivatives are generally recognized in profit or loss. If the Company is involved with hybrid contracts, the Company applies the following with regard to the embedded derivatives in the hybrid contract. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and the following criteria are met:

●

the economic characteristics and risk of the embedded derivative are not closely related to the economic characteristics and risks of the host contract;

●

a separate instrument with the same terms as the embedded derivative would meet the definition of a derivate; and

●

the hybrid contract is not measured at fair value with changes in fair value recognized in profit or loss.

If an embedded derivative is separated from the hybrid contract, the host contract is accounted for in accordance with the determined policies for such a contract. The embedded derivative is accounted for in accordance with the Company’s principles for the applicable derivatives.

(i) Foreign currency transactions

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into the functional currency at the exchange rate when the fair value was determined. Foreign currency differences are generally recognized in profit or loss. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate prevailing at the date of the transaction.

(ii) Foreign operations

The assets and liabilities of foreign operations are translated into euro at exchange rates at the reporting date. The income and expenses of foreign operations are translated into euros at the exchange rates at the dates of the transactions. Foreign currency differences are recognized in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI.

(d) Revenue

Revenues to date have consisted principally of non-refundable upfront fees and research and development service fees in connection with collaboration and license agreements. The Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods and services. Revenue is recognized for agreements that are in scope of IFRS 15 Revenue, based on the following five steps:

(i)	Identify the contract

The Company entered into collaboration and license agreements in which the Company licenses its intellectual property and/or provides research and development services. These arrangements include upfront payments, milestone payments based on clinical and regulatory criteria, research and development service fees and future sales-based milestones and sales-based royalties. In some cases, concurrently with the collaboration and license agreements, the Company enters into share purchase agreements with the customer. If this is the case, the Company analyzes whether the criteria to combine contracts, as set out by IFRS 15, are met.

(ii) Identify performance obligations

Contracts with customers can have one or more distinct performance obligations under IFRS 15. Identifying the performance obligations is based on an assessment of whether the promises in an agreement are capable of being distinct and are distinct from the other promises to transfer goods and/or services in the context of the contract. The Company assessed that there is one single performance obligation in our material ongoing collaboration and license agreements, being the transfer of a license combined with performance of research and development services.

This is because the Company considers the performance obligations cannot be distinct in the context of the contract as the licenses have no stand-alone value without the Company being involved in the research and development collaboration and that there is interdependence between the license and the research and development services to be provided.

(iii) Determine the transaction price

Our collaboration and license agreements include non-refundable upfront payments; equity components; milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones; royalties on sales and research and development service fees.

a.	Non-refundable upfront payments or license fees

If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable upfront fees allocated to this license at the point in time the license is transferred to the customer and the customer has the right to use the license.

For all our material ongoing collaboration and license agreements, the Company considers the performance obligations related to the transfer of the license as not distinct from the other promises to transfer goods and/or services; the Company uses judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If over time, revenue is then recognized based on a pattern that best reflects the transfer of control of the service to the customer.

b.	Milestone payments other than sales-based milestones

A milestone payment, being a variable consideration, is only included in the transaction price to the extent it is highly probable that a significant reversal in the amount of cumulative revenue recognition will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company estimates the amount to be included in the transaction price upon achievement of the milestone event. The transaction price is then allocated to each performance obligation on a stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and, if necessary, adjusts the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment.

c.	Research and development service fees

Our collaboration and license agreements may include reimbursement for research and development services. R&D services are performed and satisfied over time because the customer simultaneously receives and consumes the benefits provided by us. Revenue associated with such R&D service fees is then recognized based on a pattern that best reflects the transfer of control of the service to the customer.

d.	Sales based milestone payments and royalties

Our material collaboration and license agreements include sales-based royalties, including commercial milestone payments based on the level of sales. The Company concluded that the licenses are not the predominant items to which the royalties and commercial milestone payments relate. Related revenue will be recognized as the subsequent underlying sales occur.

(iv) Allocate the transaction price

An entity shall allocate the transaction price to each performance obligation identified in a contract on a relative stand-alone selling price basis. As our collaboration and license agreements only contain one single performance obligation, the transaction price is entirely allocated to this single performance obligation.

(v) Recognize revenue

Revenue is recognized when the customer obtains control of the goods and/or services as provided in the collaboration and license agreements. Control can be transferred over time or at a point in time, which results in the recognition of revenue either over time or at a point in time.

Our license and collaboration agreements only contain one single performance obligation, in which the Company’s performance creates and subsequently enhances assets (e.g. exploitable compounds) that the customers control as the assets are created and/or enhanced. As such, the Company recognizes revenue over time.

The recognition of revenue over time is based on a pattern that best reflects the satisfaction of the related performance obligation, applying the input method. The input method estimates the satisfaction of the performance obligation as the percentage of labor hours incurred compared to the total estimated labor hours required to complete the promised services.

(e) Other income

Other income includes amounts earned from third parties and is recognized when earned in accordance with the substance and under the terms of the related agreements and when it is probable that the economic benefits associated with the transaction will flow to the Company and the amount of the income can be measured reliably. The grants are recognized in other income on a systematic basis over the period the Company recognizes as expenses the related costs for which the grants are expected to compensate.

(f) Government grants — WBSO

The WBSO (“afdrachtvermindering speur- en ontwikkelingswerk”) is a Dutch fiscal facility that provides subsidies to companies, knowledge centers and self-employed people who perform research and development activities (as defined in the WBSO Act). Under this Act, a contribution is paid towards the labor costs of employees directly involved in research and development. The contribution is in the form of a reduction of payroll taxes and social security contributions recognized on a net basis within the labor costs. This reduction of payroll taxes and social security contributions is classified under research and developments costs.

(Government) Grant income is not recognized until there is reasonable assurance that the Company will comply with the conditions attached to them. (Government) 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 intended to compensate.

(g) Employee benefits

(i) Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

(ii) Share-based payment transactions

The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

(iii) Pension obligations

The Company operates defined contribution pension plans for all employees funded through payments to insurance companies. The Company has no legal or constructive obligation to pay further contributions once the contributions have been paid. The contributions are recognized as employee benefit expense when employees have rendered the service entitling them to the contributions. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.

(h) Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI.

(i) Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

(ii) Deferred tax

Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Since the Company does not expect to be profitable in the foreseeable future, its deferred tax assets are valued at nil.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

(i) Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss.

(ii) Depreciation

Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is recognized in profit or loss. Right-of-use assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term.

The estimated useful lives of property, plant and equipment for current and comparative periods are as follows:



● Buildings and leasehold improvements:	5-10	Years;
● laboratory equipment:	5	years;
● other:	3-5	years.

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(j) Intangible assets

Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated:

●

the technical feasibility of completing the intangible asset so that it will be available for use or sale;

●

the intention to complete the intangible asset and use or sell it;

●

the ability to use or sell the intangible asset;

●

how the intangible asset will generate probable future economic benefits;

●

the availability of adequate technical, financial and other resources to complete the development and to use

●

or sell the intangible asset; and

●

the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditures are recognized in the consolidated statements of profit and loss and other comprehensive income in the period in which they are incurred.

Due to uncertainties inherent to the development and registration with the relevant healthcare authorities of its products, the Company estimates that the conditions for capitalization are not met until the regulatory procedures required by such healthcare authorities have been finalized. The Company currently does not own products that have been approved by the relevant healthcare authorities and this has resulted in all development costs being recognized as an expense in the period in which they are incurred.

(k) Impairment of assets

At the end of each reporting period, the Company reviews the carrying amounts of its non-current assets, including right-of-use assets, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

(l) Financial assets

All financial assets are recognized and derecognized on the trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned, and are initially measured at fair value and subsequently measured at amortized cost or fair value on the basis of the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets.

Specifically:

●

debt instruments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal amount outstanding, are measured subsequently at amortized cost, and

●

all other debt investments and equity investments are measured subsequently at fair value through profit or loss (FVTPL).

The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.

The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or the Company transfers the right to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred.

(m) Cash and cash equivalents

Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash and bear an insignificant risk of change in value.

(n) Financial liabilities and equity instruments

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.

Compound financial instruments

Compound financial instruments issued by the Company comprise convertible notes denominated in euro that can be converted to share capital at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value.

The component parts of convertible loan notes issued by the Group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. A conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company’s own equity instruments is an equity instrument. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortized cost basis using the effective interest method until extinguished upon conversion or at the instrument’s maturity date.

The conversion option classified as equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognized and included in equity, net of income tax effects, and is not subsequently remeasured. In addition, the conversion option classified as equity will remain in equity until the conversion option is exercised, in which case, the balance recognized in equity will be transferred to share premium. Where the conversion option remains unexercised at the maturity date of the convertible loan note, the balance recognized in equity will be transferred to accumulated losses. No gain or loss is recognized in profit or loss upon conversion or expiration of the conversion option.

Transaction costs that relate to the issue of the convertible loan notes are allocated to the liability and equity components in proportion to the allocation of the gross proceeds. Transaction costs relating to the equity component are recognized directly in equity. Transaction costs relating to the liability component are included in the carrying amount of the liability component and are amortized over the lives of the convertible loan notes using the effective interest method.

Interest related to the financial liability is recognized in profit or loss.

Financial liabilities at fair value through profit or loss

Financial liabilities held for trading are classified as at fair value through profit or loss (FVTPL). A financial liability is classified as held for trading if it is a derivative (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument).

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognized in profit or loss. The net gain or loss recognized is included in the ‘results related to financial liabilities measured at fair value through profit or loss’ line item in profit or loss.

Fair value is determined in the manner described in note 5.

Other financial liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.

Borrowings and other financial liabilities are classified as ‘non-current liabilities,’ other than liabilities with maturities up to one year, which are classified as “current liabilities”.

The Company derecognizes financial liabilities when the liability is discharged, cancelled or expired. For all financial liabilities, the fair value approximates its carrying amount.

Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

(o) Leases

The Company assesses whether a contract is or contains a lease when it obtains the right to control the use of an identified asset for a period of time, in exchange for consideration. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Company recognizes the lease payments in operating costs on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. When the interest rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

●

Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;

●

Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;

●

The amount expected to be payable by the Company under residual value guarantees;

●

The exercise price of purchase options, if the Company is reasonably certain to exercise the options; and

●

Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The lease liability is presented as a separate line in the consolidated statement of financial position. In the cash flow statement, repayments of the principal portion of the lease liability are included in financing activities. Payments relating

to the interest component of the lease liability are included in operating activities. Short-term lease payments and payments for leases of low-value assets are included in operating activities.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

●

The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

●

The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).

●

A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. It is subsequently measured at cost less accumulated depreciation and impairment losses.

Whenever the Company incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use asset is presented under Property, Plant and Equipment in the consolidated statement of financial position, in the category Buildings and leasehold improvements.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

New standards and interpretations not yet adopted

12 Months Ended

Dec. 31, 2021

New standards and interpretations not yet adopted

New standards and interpretations not yet adopted

4. New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after January 1, 2022 and have not been applied in preparing these consolidated financial statements. There are no standards that are not yet effective and that would be expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future transactions. The Company does not plan to adopt these standards early.

Financial Risk Management

12 Months Ended

Dec. 31, 2021

Financial Risk Management

Financial Risk Management

5. Financial Risk Management

5.1 Financial risk factors

The Company’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Company’s overall financial risk management seeks to minimize potential adverse effects resulting from unpredictability of financial markets on the Company’s financial performance.

Financial risk management is carried out by the finance department. The finance department identifies and evaluates financial risks and proposes mitigating actions if deemed appropriate.

(a) Market risk

Market risk is the risk that changes in market prices – such as foreign exchange rates, interest rates and equity prices – will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

Foreign exchange risk

Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities in foreign currencies, primarily with respect to the U.S. dollar. The Company has an exposure associated with the time delay between entering into a contract, budget or forecast and the realization thereof. The Company operates a foreign exchange policy to manage the foreign exchange risk against the functional currency based on the Company’s cash balances and the projected future spend per major currency.

At year-end, a substantial amount of our cash balances are denominated in U.S. Dollars. This amount reflects our current expectation of future expenditure in U.S. dollars.

At December 31, 2021 there was a net position of assets and liabilities denominated U.S. dollars of € 32,213,000 (2020: € 22,237,000). Foreign currency denominated receivables and trade payables are short term in nature (generally 30 to 45 days). As a result, the foreign exchange results recognized in 2021 and 2020 are mainly caused by the cash balance denominated in U.S. dollars.

A reasonably possible weakening of the U.S. dollar by 10% against the functional currency of the Company at December 31, 2021 would have increased our net loss by € 3,221,000 (2020: € 2,224,000). A 10% strengthening of the U.S. dollar against the functional current of the Company would have an equal but opposite effect on our net loss. The analysis assumes that all other variables, in particular interest rates, remain constant.

Price risk

The market prices for the production of preclinical and clinical materials and services as well as external contracted research may vary over time. Currently, the commercial prices of any of the Company’s product candidates is uncertain. When the development products near the regulatory approval date or potential regulatory approval date, the uncertainty of the potential sales price decreases. The Company is not exposed to commodity price risk.

Furthermore, the Company does not hold investments designated for sale, therefore are not exposed to equity securities price risk.

Cash flow and fair value interest rate risk

The Company’s exposure to interest rate risks is limited due to the use of loans with fixed rates. The Company has several loans with fixed interest rates, totaling € 44,090,000 at December 31, 2021 (2020: € 17,324,000). Details on the interest rates and maturities of these loans are provided in Note 14.

(b) Credit risk

Credit risk represents the risk of financial loss caused by default of the counterparty. The Company has no large receivables balances with external parties. The Company’s principal financial assets are cash and cash equivalents which are held at ABN Amro, Rabobank and Wells Fargo. Our cash management policy is focused on preserving capital, providing liquidity for operations and optimizing yield while accepting limited risk (Short-term credit ratings must be rated A-1/P-1/F1 at a minimum by at least one of the Nationally Recognized Statistical Rating Organizations (NRSROs) specifically Moody’s, Standard & Poor’s or Fitch. Long-term credit rating must be rated A2 or A at a minimum by at least one NRSRO).

At December 31, 2021 and December 31, 2020, substantially all of our cash and cash equivalents were held at three large institutions, Rabobank, ABN Amro and Wells Fargo. All institutions are highly rated (ratings of Aa3, A1 and A2 for Rabobank, ABN Amro and Wells Fargo respectively) with sufficient capital adequacy and liquidity metrics.

There are no financial assets past due date or impaired. No credit limits were exceeded during the reporting period.

Liquidity risk represents the risk that an entity will encounter difficulty in meeting obligations associated with its financial liabilities. Prudent liquidity risk management implies ensuring sufficient availability of cash resources for funding of operations and planning to raise cash if and when needed, either through issue of shares or through credit facilities. Management monitors rolling forecasts of the Company’s liquidity reserve on the basis of expected cash flow.

The table below analyzes ProQR’s undiscounted liabilities into relevant maturity groupings based on the remaining period at year-end until the contractual maturity date:


	Less than	Between 1	Between 2
	1 year	and 2 years	and 5 years	Over 5 years

	(€ in thousands)
At December 31, 2021
Borrowings	7,520	10,343	41,129	—
Lease liabilities	2,378	2,147	6,394	9,590
Deferred income	5,115	8,581	6,106	—
Trade payables and other payables	12,181	—	—	—
Total	27,194	21,071	53,629	9,590

At December 31, 2020
Borrowings	2,391	6,674	13,808	—
Lease liabilities	2,079	2,079	6,235	11,432
Trade payables and other payables	7,067	—	—	—
Total	11,537	8,753	20,043	11,432

Based on our current operating plan, we believe that the existing cash and cash equivalents will be sufficient to fund our anticipated level of operations into 2025. However, our future capital requirements and the period for which our existing resources will support our operations may vary significantly from what we expect. Our monthly spending levels will vary based on new and ongoing development and corporate activities. Because the length of time and activities associated with successful development of our product candidates is highly uncertain, we are unable to estimate the actual funds we will require for development of our product candidates.

5.2 Capital risk management

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders, benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders (although at this time the Company does not have retained earnings and is therefore currently unable to pay dividends), return capital to shareholders, issue new shares or sell assets to reduce debt.

The total amount of equity as recorded on the balance sheet is managed as capital by the Company.

5.3 Fair value measurement

For financial instruments that are measured on the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:

●

quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);

●

inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2); and

●

inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

Fair value of financial assets and liabilities that are measured at fair value on a recurring basis

Some of the Company’s financial assets and liabilities are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets and liabilities are determined (in particular, the valuation technique and inputs used).


			Relationship and sensitivity of significant unobservable inputs to fair value

Financial assets and	Valuation technique	Significant unobservable
liabilities	and key inputs	inputs

Investment in Phoenicis Therapeutics, Inc.	Market comparison technique: The valuation model is based on market multiples derived from quoted prices of companies comparable to the investee, adjusted for the effect of the non-marketability of the equity securities, and the result of the investee. The estimate is adjusted for the net debt of the investee.	Adjusted market-multiple	The estimated fair value would increase (decrease) if the adjusted market-multiple were higher (lower).

Warrants and conversion options	Black-Scholes model. The following variables were taken into consideration: current underlying price of the Company's shares, options strike price, expected life, historical volatility of ProQR share returns over a period equal to the expected life, risk-free rate: based on the US Treasury yield curve rates per the valuation date (interpolated) for the expected life.	None	Not applicable

The investment in in Phoenicis Therapeutics, Inc is measured using valuation methods based on so-called Level 3 inputs. Level 3 inputs are unobservable inputs. Changing one or more of the unobservable inputs to reflect reasonably possible alternative assumptions would not significantly change the fair value determined for Phoenicis Therapeutics, Inc.

Warrants and conversion options are measured using valuation methods based on so-called Level 2 inputs. Level 2 inputs are inputs other than quoted prices that are observable for the liability, either directly or indirectly.

The carrying amount of all financial assets and financial liabilities is a reasonable approximation of the fair value and therefore information about the fair values of each class has not been disclosed.

Share options and restricted stock units (RSUs) granted to employees and consultants are measured at the fair value of the equity instruments granted. The fair value of options is determined through the use of an option-pricing model considering, among others, the following variables:

●

the exercise price of the option;

●

the expected life of the option;

●

the current value of the underlying shares;

●

the expected volatility of the share price;

●

the dividends expected on the shares; and

●

the risk-free interest rate for the life of the option.

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Information

Segment Information

6. Segment Information

The Company operates in one reportable segment, which comprises the discovery and development of innovative, RNA based therapeutics. The management board is identified as the chief operating decision maker. The management board reviews the operating results regularly to make decisions about resources and to assess overall performance.

Revenues are generated from external customers whose main registered offices are all geographically located in the United States. Substantially all non-current assets of the Company are located in the Netherlands. The amounts provided to the management board with respect to total assets and liabilities are measured in a manner consistent with that of the financial statements.

Property, plant and equipment ('PP&E')

12 Months Ended

Dec. 31, 2021

Property, plant and equipment ('PP&E')

Property, plant and equipment ('PP&E')

7. Property, plant and equipment (‘PP&E’)


	Buildings and
	leasehold	Laboratory
	improvements	equipment	Other	Total
	(€ in thousands)	(€ in thousands)	(€ in thousands)	(€ in thousands)
Balance at January 1, 2020
Cost	3,808	2,979	1,322	8,109
Accumulated depreciation	(2,583)	(1,921)	(1,165)	(5,669)
Carrying amount	1,225	1,058	157	2,440

Additions	244	655	25	924
Depreciation	(1,750)	(498)	(107)	(2,355)
Recognition of right-of-use asset (note 25)	16,332	—	—	16,332
Effect of lease modification (note 25)	1,260	—	—	1,260
Disposals	—	—	—	—
Movement for the period	16,086	157	(82)	16,161

Balance at December 31, 2020
Cost	21,644	3,634	1,347	26,625
Accumulated depreciation	(4,333)	(2,419)	(1,272)	(8,024)
Carrying amount	17,311	1,215	75	18,601

Balance at January 1, 2021
Cost	21,644	3,634	1,347	26,625
Accumulated depreciation	(4,333)	(2,419)	(1,272)	(8,024)
Carrying amount	17,311	1,215	75	18,601

Additions	70	643	5	718
Depreciation	(1,884)	(394)	(51)	(2,329)
Recognition of right-of-use asset (note 25)	121	—	—	121
Adjustment of right-of-use asset (note 25)	415	—	—	415
Transfer	(19)	27	(8)	—
Disposals	—	(59)	—	(59)
Movement for the period	(1,297)	217	(54)	(1,134)

Balance at December 31, 2021
Cost	22,231	4,245	1,344	27,820
Accumulated depreciation	(6,217)	(2,813)	(1,323)	(10,353)
Carrying amount	16,014	1,432	21	17,467

The depreciation charge for 2021 is included in research and development costs for an amount of € 1,692,000 (2020: € 1,789,000) and in general and administrative costs for an amount of € 637,000 (2020: € 566,000).

Buildings and leasehold improvements include a right-of-use asset relating to the lease of our Leiden office and laboratory space, with a carrying amount of € 15,568,000 at December 31, 2021 (2020: € 16,775,000).

Investments in associates

12 Months Ended

Dec. 31, 2021

Investments in associates

Investments in associates

8. Investments in associates

In May 2019, the Company acquired a non-controlling interest in Wings Therapeutics Inc. as part of the strategic spin out of the Dystrophic Epidermolysis Bullosa (DEB) activities. Wings Therapeutics Inc. was formed and financed by EB

Research Partnership (EBRP), the largest global non-profit dedicating to treating and curing EB. Wings Therapeutics focuses on developing therapies for DEB and continues to conduct the ongoing clinical trial with QR-313 targeting exon 73 as well as progress other RNA molecules that are designed for other mutations that cause DEB.

In January 2021, Wings Therapeutics Inc. merged into Phoenicis Therapeutics Inc. Consequently, Wings Therapeutics Inc. ceased to exist and the related investment was derecognized. ProQR does not have significant influence in Phoenicis Therapeutics Inc. Our interest in Phoenicis is recognized as a financial asset, as disclosed in note 9.

In May 2021, the Company obtained an 8% share in the common stock of Yarrow Biotechnology, Inc. ProQR’s share in Yarrow was subsequently diluted to 4.9% in the fourth quarter of 2021, due to Yarrow’s execution of a second seed financing round. Although ProQR only owns 4.9% of Yarrow’s shares, the Company has significant influence over Yarrow by virtue of its right to appoint one of Yarrow’s three board members, as well as its participation in Yarrow’s policy-making process, amongst other factors. As such, our interest in Yarrow amounting to € 8,000 at December 31, 2021 is recognized as an investment in associate.

In 2021, the results related to associates amounting to € 217,000 consist of ProQR's share in the loss of Yarrow. In 2020, the results related to associates amount to a loss of € 322,000 and consist of our share of the net losses of Wings Therapeutics Inc.


		Investment
		in associate
		(€ in thousands)

Balance at January 1, 2020		429

Share of loss from continuing operations		(322)

Balance at December 31, 2020		107

Derecognition of investment in associate (Wings Therapeutics Inc.)		(107)
Recognition of investment in associate (Yarrow Biotechnology, Inc.)		225
Share of loss from continuing operations		(217)

Balance at December 31, 2021		8

Investments in Financial Assets

12 Months Ended

Dec. 31, 2021

Investments in Financial Assets

Investments in Financial Assets

9. Investments in Financial Assets

In January 2021, Wings Therapeutics Inc. merged into Phoenicis Therapeutics Inc. by means of a non-cash transaction. ProQR holds a 3.9% interest in Phoenicis Therapeutics Inc. In 2021, a gain on disposal of associate was recognized amounting to € 514,000, which consists of the fair value of the equity instruments received of Phoenicis Therapeutics Inc. of EUR 621,000, partly off-set by the derecognition of the carrying value of our investment in Wings Therapeutics, Inc of EUR 107,000.

The Company elected to recognize subsequent changes in the fair value of our investment in Phoenicis in Other Comprehensive Income. There have been no changes in the fair value of our investment in Phoenicis since the initial recognition.


		Investment
		in financial asset
		(€ in thousands)
Balance at January 1, 2020 and 2021		—

Investment in Phoenicis Therapeutics, Inc.		621

Balance at December 31, 2021		621

Other Taxes

12 Months Ended

Dec. 31, 2021

Other Taxes

Other Taxes

10. Other Taxes


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Value added tax	555	421
	555	421

All receivables are considered short-term and due within one year.

Prepayments and Other Receivables

12 Months Ended

Dec. 31, 2021

Prepayments and Other Receivables.

Prepayments and Other Receivables

11. Prepayments and Other Receivables


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Prepayments	3,136	3,383
Other receivables	268	379
	3,404	3,762

All receivables are considered short-term and due within one year. At December 31, 2021 and 2020, prepayments consisted principally of payments made by the Company for services not yet provided by vendors.

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents.

Cash and Cash Equivalents

12. Cash and Cash Equivalents


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Cash at banks	187,524	75,838
	187,524	75,838

The cash at banks is at full disposal of the Company.

Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Shareholders Equity

Shareholders Equity

13. Shareholders’ Equity

(a) Share capital


	Number of shares 2021	Number of shares 2020	Number of shares 2019
	Ordinary	Ordinary	Ordinary
Balance at January 1	54,131,553	53,975,838	43,149,987
Issued for cash	20,498,451	53,708	10,454,545
Issued for services	112,657	102,007	371,306
Exercise of share options	474,887	303,408	46,900
Treasury shares issued (transferred)	(352,167)	(303,408)	(46,900)
Balance at December 31	74,865,381	54,131,553	53,975,838

The authorized share capital of the Company amounting to € 13,600,000 consists of 170,000,000 ordinary shares and 170,000,000 preference shares with a par value of € 0.04 per share. At December 31, 2021, 74,865,381 ordinary shares were issued. 71,290,805 ordinary shares were fully paid, and 3,574,576 ordinary shares were held by the Company as treasury shares (2020: 3,926,743).

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 € 51,597,000 while the transaction costs amounted to € 3,047,000, resulting in net proceeds of € 48,550,000.

In December 2019, the Company issued 371,306 shares in the aggregate amount of $ 3,501,000, at $ 9.43 (€ 8.51) per share to Ionis Pharmaceuticals, Inc. Under the terms of the agreement, the second installment of the upfront payment in ordinary shares to the Company’s common stock was made to Ionis upon the dosing of the first patient in the phase 1/2 Aurora clinical trial for QR-1123.

In March 2020, the Company entered into a sales agreement that permitted the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 75,000,000 of its ordinary shares that may be issued and sold in one or more at-the-market offerings with Citigroup Global Markets, Inc. and Cantor Fitzgerald & Co. In January 2021, the Company issued 585,398 ordinary shares under this sales agreement. The gross proceeds from this sale amounted to € 2,767,000, with transaction costs amounting to € 114,000, resulting in net proceeds of € 2,653,000. In 2020, no shares were issued pursuant to this ATM facility.

In April 2021, the Company consummated an underwritten public offering of 15,923,077 ordinary shares at an issue price of $ 6.50 per share. The gross proceeds from this offering amounted to € 88,115,000 while the transaction costs amounted to € 5,499,000, resulting in net proceeds of € 82,616,000.

In September 2021, the Company issued 3,989,976 shares to Eli Lilly and Company (‘Lilly”) pursuant to the global licensing and research collaboration between the Company and Lilly, resulting in gross proceeds of € 23,223,000, with no significant transaction costs. This amount excludes a premium paid by Eli Lilly that is considered to be part of the transaction price of the licensing and research collaboration agreement (refer to note 17).

In November, 2021, 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 Cantor Fitzgerald & Co in one or more at-the-market offerings. In 2021, no shares were issued pursuant to this ATM facility.

(b) Equity settled employee benefit reserve

The costs of share options and RSUs for employees, members of the Supervisory Board and members of the Management Board are recognized in the income statement, together with a corresponding increase in equity during the vesting period, taking into account (deferral of) corporate income taxes. The accumulated expense of share-based compensation recognized in the income statement is shown separately in the equity category ‘equity settled employee benefit reserve’ in the ‘statement of changes in equity’. On September 25, 2017, we established a Dutch foundation named Stichting Bewaarneming Aandelen ProQR for holding shares in trust for employees, members of the Management Board and members of the Supervisory Board of the Company and its group companies who from time to time could exercise options under the Company’s equity incentive plans.

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.

(d) Share options and restricted stock units

The Company operates an equity-settled share-based compensation plan which was introduced in 2013. Options and RSUs 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 were € 6,216,000 in 2021 (2020:

€ 7,838,000), of which € 3,636,000 (2020: € 4,423,000) was recorded in general and administrative costs and € 2,580,000 (2020: € 3,415,000) was recorded in research and development costs based on employee allocation.

Options granted under this stock option plan are exercisable once vested. Any vesting schedule may be attached to the granted options and restricted stock units (RSUs), however the typical vesting period is four years (25% after every year). The options expire ten years after date of grant. Options granted under the stock option plan are granted at exercise prices which equal either the face value or the fair value of the ordinary shares of the Company at the date of the grant.

The fair value of the options is estimated at the date of grant using the Black-Scholes option-pricing model, with on average the following assumptions:


	Options granted		Options granted		Options granted
	in 2021		in 2020		in 2019
Risk-free interest rate	0.510	%	1.432	%	2.430	%
Expected dividend yield	—	%	—	%	—	%
Expected volatility	79.0	%	78.7	%	80.2	%
Expected life in years	5	years	5	years	5	years

The resulting weighted average grant date fair value of the options amounted to € 2.58 in 2021 (2020: € 5.01). The stock options granted have a 10-year life following the grant date and are assumed to be exercised five years from date of grant for all awards.

The fair value of RSUs is determined at the grant date by using the Company’s share price at the grant date. The resulting weighted average grant date fair value of the RSUs amounted to € 4.27 in 2021. No RSUs were granted in 2020 and 2019.

Movements in the number of options outstanding and their related weighted average exercise prices are as follows:


	2021			2020			2019
	Number of	Average		Number of	Average		Number of	Average
	options	exercise price		options	exercise price		options	exercise price
Balance at January 1	7,021,235	€	6.47	5,575,454	€	5.80	4,511,512	€	4.24
Granted	1,492,034	€	4.34	1,851,056	€	7.88	1,237,506	€	11.77
Forfeited	(341,448)	€	8.68	(85,584)	€	7.14	(119,338)	€	9.35
Exercised	(474,887)	€	3.35	(303,408)	€	2.34	(46,900)	€	4.18
Expired	(53,791)	€	9.53	(16,283)	€	8.26	(7,326)	€	8.76
Balance at December 31	7,643,143	€	6.13	7,021,235	€	6.47	5,575,454	€	5.80
Exercisable at December 31	4,221,503			3,401,449			2,521,477

The options outstanding at December 31, 2021 had an exercise price in the range of € 1.11 to € 19.32 (2020: € 1.11 to € 20.34) and a weighted-average contractual life of 6.6 years (2020: 7.0 years). The weighted-average share price at the date of exercise for share options exercised in 2021 was € 5.81 (2020: € 7.11).

Movements in the number of RSUs outstanding are as follows:


	2021	2020	2019
	Number of	Number of	Number of
	RSUs	RSUs	RSUs
Balance at January 1	—	—	—
Granted	545,613	—	—
Forfeited	(9,495)	—	—
Released	—	—	—
Balance at December 31	536,118	—	—

Please refer to note 27 for the share-based compensation granted to key management personnel.

Borrowings

12 Months Ended

Dec. 31, 2021

Borrowings

Borrowings

14. Borrowings


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Innovation credit	3,907	2,770
Accrued interest on innovation credit	645	307
Convertible loans	38,925	13,812
Accrued interest on convertible loans	613	435
Total borrowings	44,090	17,324
Current portion	(4,771)	(1,135)
Total non-current borrowings	39,319	16,189

Innovation credit (“Innovatiekrediet”)

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 € 5,000,000. The credit was interest-bearing at a rate of 10% per annum. In June 2020, ProQR received a final waiver of the full amount of the Innovation credit, including accumulated interest. Consequently, the carrying amount of € 8,423,000, including accumulated interest, was recognized in other income (under grant income) in 2020.

On December 10, 2018 ProQR was awarded an Innovation credit for the sepofarsen program. Amounts will be drawn under this facility from 2018 through 2022. The credit of € 4,755,000 will be used to conduct the Phase 2/3 clinical study and efforts to obtain regulatory and ethical market approval (NDA/MAA) of sepofarsen for LCA10, of which € 3,907,000 had been received at December 31, 2021. The credit, including accrued interest of 10% per annum, is repayable depending on obtaining market approval.

The assets which are co-financed with the granted innovation credit are subject to a right of pledge for the benefit of RVO.

Convertible loans

In July 2020, the Company entered into a convertible debt financing agreement with Pontifax Medison Debt Financing. Under the agreement, the Company had access to up to $ 30 million in convertible debt financing in three tranches of $ 10 million each that will mature over a 54-month period and have an interest-only period of 24 months. One tranche of $ 10 million (€ 8.8 million) had been drawn down as at December 31, 2021. A second close of the convertible debt financing agreement was completed in August 2020 with Kreos Capital. Under the second agreement, the Company had access to up to € 15 million in convertible debt financing in three tranches of € 5 million each that will mature over a 54-month period and have an interest-only period of 24 months. One tranche of € 5 million had been drawn down as at December 31, 2021.

Pontifax and/or Kreos (the ‘Lenders’) may elect to convert the outstanding loans into ProQR ordinary shares at any time prior to repayment at a fixed conversion price of $7.88 per share. ProQR also has the ability to convert the loans into its ordinary shares, at the same conversion price, if the Company’s stock price reaches a pre-determined threshold. In connection with the loan agreement, the Company issued to the Lenders warrants to purchase up to an aggregate of 302,676 shares of its common stock at a fixed exercise price of $7.88.

On December 29, 2021, the Company amended its convertible debt financing agreement with the Lenders. Under the amended agreement, at December 31, 2021, the Company had drawn down an additional $ 30 million (€ 26.5 million)

that matures over a 54-month period and has an interest-only period of 33 months. The amendment replaces the two undrawn tranches under the original convertible debt financing agreements.

The convertible loans from Pontifax and Kreos bear interest of 8.2% per annum.

The Lenders may elect to convert the outstanding loans into ProQR ordinary shares at any time prior to repayment at a fixed conversion price of $11.94 per share. ProQR also has the ability to convert the loans into its ordinary shares, at the same conversion price, if the Company’s stock price reaches a pre-determined threshold. In connection with the amended loan agreement, the Company issued to the Lenders warrants to purchase up to an aggregate of 376,952 shares of its common stock at a fixed exercise price of $11.94.

Pontifax’ conversion option and warrants are accounted for as embedded derivatives and are recognized separately from the host contract as financial liabilities at fair value through profit or loss. The host contract is recognized at amortized cost.

The Kreos loan is accounted for as a compound financial instrument. The liability component is recognized at amortized cost. The equity component is initially recognized at fair value as option premium on convertible loan and will not be subsequently remeasured. Kreos’ warrants are accounted for as embedded derivatives and are recognized as financial liabilities at fair value through profit or loss.

As security for the Pontifax and Kreos convertible loans, the Company has pledged the following items, with their respective carrying amounts as at December 31, 2021: cash at banks with a carrying amount of € 187,524,000, other receivables with a carrying amount of € 268,000, investments in associates with a carrying amount of € 8,000, leasehold improvements with a carrying amount of € 372,000 and equipment with a carrying amount of € 1,432,000.

Convertible loans amounting to € 2.3 million were issued to Amylon Therapeutics B.V. in 2018 and 2019 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.

Reconciliation of movements of liabilities to cash flows arising from financing activities


	Innovation	Convertible	Lease
	credit	loans	liability

	(€ in thousands)
Balance at January 1, 2020	10,315	2,737	508
Changes from financing cash flows
Proceeds from borrowings	579	—	—
Proceeds from convertible loans	—	13,791	—
Repayment of lease liability	—	—	(605)
The effect of changes in foreign exchange rates	—	(580)	—
Other changes			—
Interest expense	606	1,054	—
Interest paid	—	(716)	—
Waiver of innovation credit	(8,423)	—	—
Conversion into equity	—	(272)	—
Transaction costs	—	(670)	—
Proceeds recognized as derivative financial liabilities	—	(817)	—
Proceeds recognized in equity as option premium on convertible loans	—	(280)	—
Share-based repayment of lease liability	—	—	(542)
New leases	—	—	16,332
Effect of lease modifications	—	—	1,260

Balance at January 1, 2021	3,077	14,247	16,953
Changes from financing cash flows
Proceeds from borrowings	1,137	—	—
Proceeds from convertible loans	—	26,520	—
Repayment of lease liability	—	—	(820)
The effect of changes in foreign exchange rates	—	590	—
Other changes
Interest expense	338	1,877	—
Interest paid	—	(1,216)	—
Transaction costs	—	(148)	—
Proceeds recognized as derivative financial liabilities	—	(1,186)	—
Proceeds recognized in equity as option premium on convertible loans	—	(1,146)	—
Share-based repayment of lease liability	—	—	(387)
New leases	—	—	121
Effect of lease amendments	—	—	415

Balance at December 31, 2021	4,552	39,538	16,282

Deferred Income

12 Months Ended

Dec. 31, 2021

Deferred Income

Deferred Income

15. Deferred Income

The following table summarizes details of deferred income at December 31, 2021 and December 31, 2020. The nature of the deferred income relating to Eli Lilly and Yarrow is described in Note 17.


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Eli Lilly up-front payment and premium on equity consideration	19,143	—
Yarrow up-front payment and premium on equity consideration	73	—
Foundation for Fighting Blindness grant	561	623
Horizon 2020 grant	25	77
Total deferred income	19,802	700
Current portion	(5,115)	(700)
Total non-current deferred income	14,687	—

Current liabilities

12 Months Ended

Dec. 31, 2021

Current liabilities

Current liabilities

16. Current Liabilities


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Borrowings	4,771	1,135
Lease liabilities	1,534	1,260
Derivative financial instruments	3,995	839
Trade payables	191	221
Social securities and other taxes	1,230	22
Pension premiums	—	6
Deferred income	5,115	700
Accrued expenses and other liabilities	10,760	6,118
	27,596	10,301

At December 31, 2021 and 2020, current liabilities included derivative financial instruments consisting of conversion options and warrants issued in connection with our convertible loans, which are described in Note 14.

At December 31, 2021 and 2020, current liabilities also included deferred income resulting from funds received for our research and innovation programs. Accrued expenses and other liabilities consisted principally of accruals for services provided by vendors not yet billed, payroll-related accruals and other miscellaneous liabilities.

Revenue

12 Months Ended

Dec. 31, 2021

Revenue.

Revenue

17. Revenue

The following table summarizes details of revenue recognized in the years ended December 31, 2021, 2020 and 2019 by collaboration agreement and by category of revenue: upfront payments, research and development service fees and equity consideration.


	2021	2020	2019

	(€ in thousands)
Up-front payments
Eli Lilly	581	—	—
Yarrow	252	—	—
R&D services
Eli Lilly	—	—	—
Yarrow	282	—	—
Equity consideration
Eli Lilly	71	—	—
Yarrow	168	—	—
	1,354	—	—

The table below summarizes the changes in current and non-current deferred revenue for the years ended December 31, 2021, 2020 and 2019.


	Eli Lilly	Yarrow

	(€ in thousands)
Balance on December 31, 2020	—	—

Balance on January 1, 2021	—	—
Received
Upfront payment	17,651	419
R&D services	—	178
Equity consideration	2,144	225
Revenue recognition
Upfront payment	(581)	(252)
R&D services	—	(282)
Equity consideration	(71)	(168)
Foreign currency translation effects	—	(47)
Balance on December 31, 2021	19,143	73

Eli Lilly

In September 2021, the Company entered into a global licensing and research collaboration with Eli Lilly and Company (‘Eli Lilly’) focused on the discovery, development, and commercialization of potential new medicines for genetic disorders in the liver and nervous system. ProQR and Eli Lilly will use ProQR’s proprietary Axiomer® RNA editing platform to progress new drug targets toward clinical development and commercialization.

Under the terms of the agreement, ProQR received an upfront payment and equity consideration, and is eligible to receive milestone payments and royalties on the net sales of any resulting products. In September 2021, the Company issued 3,989,976 shares to Eli Lilly, resulting in net proceeds of € 23,223,000. This amount included a price premium of € 2,144,000, which was determined to be part of the transaction price and as such was initially recognized as deferred revenue. An up-front payment of € 17,651,000 was received in October 2021.

With regard to its collaboration with Eli Lilly, the Company concluded as follows:

●

There is one single performance obligation under IFRS 15, which is the transfer of a license combined with the performance of research and development activities. The Company concluded that the license is not capable of being distinct and is not distinct in the context of the contract.

●

The transaction price of this agreement currently only includes fixed parts, consisting of an up-front fee and an equity component. The agreement also contains variable parts, but those are not yet included in the transaction price. Milestone payments will only be included to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestones is subsequently resolved. Sales-based milestones and sales-based royalties will be included as the underlying sales occur.

●

The Company recognizes revenue over time, using an input method that estimates the satisfaction of the performance obligation as the percentage of labor hours incurred compared to the total estimated labor hours required to complete the promised services.

Yarrow Biotechnology

In May 2021, the Company entered into an exclusive worldwide license and discovery collaboration for an undisclosed target with Yarrow Biotechnology, Inc. (“Yarrow”). Under the terms of the agreement, ProQR received an upfront payment, equity consideration and reimbursement for ongoing R&D services. ProQR is also eligible to receive milestone payments and royalties on the net sales of any resulting products. In May 2021, ProQR received an up-front payment of € 419,000 and 8% of the shares of Yarrow’s common stock (see Note 8). In 2021, ProQR also received reimbursements for R&D services performed amounting to € 178,000.

With regard to its collaboration with Yarrow, the Company concluded as follows:

●

The transaction price of this agreement currently includes both fixed and variable parts. The fixed part consists of an up-front fee and an equity component. The variable part consists of a cost reimbursement for research and development activities. The agreement also contains other variable parts, but those are not yet included in the transaction price. Milestone payments will only be included to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestones is subsequently resolved. Sales-based milestones and sales-based royalties will be included as the underlying sales occur.

●

Other income

12 Months Ended

Dec. 31, 2021

Other income

Other income

18. Other income


	2021	2020	2019

	(€ in thousands)
Grant income	1,012	9,307	1,778
Other income	31	145	155
	1,043	9,452	1,933

In June 2020, ProQR received a final waiver of the full amount of the Innovation credit for the Company’s cystic fibrosis program. Consequently, the carrying amount of € 8,423,000, including accumulated interest, was recognized in grant income in 2020.

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 $ 7,500,000 for the preclinical and clinical development of ultevursen for Usher syndrome type 2A targeting mutations in exon 13. FFB grant income amounted to € 977,000 in 2021 compared to € 624,000 in 2020.

Operating Costs

12 Months Ended

Dec. 31, 2021

Operating costs

Operating costs

19. Operating Costs

Total operating costs include the following expenses by nature:


	2021	2020	2019

	(€ in thousands)
Employee benefits	26,320	23,836	21,478
External R&D costs	15,580	12,860	19,134
Laboratory costs and other consumables	2,709	2,840	2,544
Consultancy costs	4,447	2,620	3,501
Insurance costs	1,979	1,450	682
Depreciation	2,329	2,355	2,052
Patent and license expenses	95	736	3,781
Other	6,129	5,123	6,206
	59,588	51,820	59,378

Employee Benefits

12 Months Ended

Dec. 31, 2021

Employee Benefits

Employee Benefits

20. Employee Benefits


	2021	2020	2019

	(€ in thousands)
Wages and salaries	16,838	13,251	13,187
Social security costs	2,124	1,710	1,433
Pension costs — defined contribution plans	1,142	1,037	910
Equity-settled share based payments	6,216	7,838	5,948
	26,320	23,836	21,478
Average number of employees for the period	163.0	156.3	139.8

Employees per activity at December 31 (converted to FTE):


	December 31, 2021	December 31, 2020	December 31, 2019
Research and Development	140.7	113.8	118.3
General and Administrative	40.9	36.6	36.1
Total number of employees at December 31 (converted to FTE)	181.6	150.4	154.4

Of all employees 149.6 FTE are employed in the Netherlands (2020: 135.3 FTE).

Included in the wages and salaries for 2021 is a credit of € 695,000 (2020: € 1,379,000, 2019: € 714,000) with respect to WBSO subsidies.

Financial Income and Expense

12 Months Ended

Dec. 31, 2021

Financial Income and Expense

Financial Income and Expense

21. Financial Income and Financial Expense


	2021	2020	2019

	(€ in thousands)
Interest income:
Current accounts and deposits	5	313	763
Interest costs:
Current accounts and deposits	(355)	(129)	—
Lease liability	(835)	(409)	(73)
Loans and borrowings	(2,215)	(1,502)	(1,010)
Foreign exchange result:
Net foreign exchange benefit/(loss)	611	(1,989)	722
	(2,789)	(3,716)	402

Financial income amounting to € 616,000 (2020: € 313,000) consists of interest income of € 5,000 (2020: € 313,000) and a net foreign exchange benefit of € 611,000 (2020: nil). Financial expenses amounting to € 3,405,000 (2020: € 4,029,000) consist of interest costs of € 3,405,000 (2020: € 2,040,000). In 2020, financial expenses also included a net foreign exchange loss of € 1,989,000.

Results related to financial liabilities measured at fair value through profit or loss

12 Months Ended

Dec. 31, 2021

22. Results related to financial liabilities measured at fair value through profit or loss

In 2021 and 2020, results related to financial liabilities measured at fair value through profit or loss represent changes in the fair value of derivative financial instruments since their initial recognition. These derivative financial instruments consist of conversion options and warrants issued in connection with our convertible loans, which are described in Note 14.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

23. Income Taxes

The calculation of the tax charge is as follows:


	2021		2020		2019

	(€ in thousands)
Consolidated result before corporate income taxes	(61,563)		(46,490)		(56,614)
Exclude: results related to associates	(217)		(322)		429
	(61,346)		(46,168)		(57,043)

Income tax based on domestic rate (25%)	15,337		11,542		14,261
Tax effect of:
Different tax rates in foreign jurisdictions	18		16		17
Non-deductible expenses	(2,176)		(2,742)		(1,501)
Share- and loan-issue expenditures that are taxable	1,423		174		843
Change in unrecognized deductible temporary differences	(89)		(44)		(7)
Current year losses for which no deferred tax asset was recognized	(14,606)		(9,029)		(13,703)
True-up for prior year	(24)		(41)		(42)
Income tax charge	(117)		(124)		(132)
Effective tax rate	—	%	—	%	—	%

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. Consequently, the Company has not recognized a deferred tax asset related to operating losses.

As per December 31, 2021, the Company has a total amount of € 312.6 million (2020: € 254.2 million, 2019: € 218.1 million) tax loss carry-forwards available for offset against future taxable profits, which may be carried forward indefinitely. However, the offset of losses will be limited in a given year against the first € 1 million of taxable profit. For taxable profit in excess of this amount, losses may only be offset up to 50% of this excess.

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share

Earnings Per Share

24. Earnings Per Share

(a) Basic and diluted earnings per share

Basic earnings per share are calculated by dividing the result attributable to owners of the Company by the weighted average number of shares outstanding during the year.


	2021		2020		2019
Result attributable to owners of the Company (€ in thousands)		(61,621)		(46,565)		(56,480)
Weighted average number of shares outstanding		64,182,492		50,060,565		41,037,244
Basic (and diluted) earnings per share (€ per share)	€	(0.96)	€	(0.93)	€	(1.38)

(b) Diluted earnings per share

For the periods included in these financial statements, the share options are not included in the diluted earnings per share calculation as the Company was loss-making in all periods. Due to the anti-dilutive nature of the outstanding options, basic and diluted earnings per share are equal.

The Company did not declare dividends for any of the years presented in these financial statements.

Leases

12 Months Ended

Dec. 31, 2021

Lease Liabilities

Lease Liabilities

25. Leases

The Company leases office and laboratory facilities of 4,818 square meters at Zernikedreef in Leiden, the Netherlands, where our headquarters and our laboratories are located. The current lease agreement for these facilities terminates on June 30, 2031. The lease agreement contains no significant dismantling requirements.

The initial 10-year lease agreement for the Leiden office and laboratory facilities was accounted for as of commencement date July 1, 2020. This 10-year period was extended by 1 year to an 11-year period in December 2020. The lease contract may be extended for subsequent 5-year periods. As the Company is not reasonably certain to exercise these extension options, these are not included in the lease term.

The lease liability and the corresponding right-of-use asset for this lease contract, initially recognized on July 1, 2020, amounted to € 16,203,000 and € 16,332,000, respectively. A modification to reflect the additional 1 year lease period resulted in an increase in the carrying amounts of the lease liability and the right-of-use asset of € 1,260,000. In June 2021, the lease price was amended to reflect an indexation. The lease liability was remeasured, resulting in an increase in the carrying amounts of the lease liability and the right-of-use asset of € 415,000.

In 2021, the Company entered into an agreement to rent research space in London, UK, for a period of two years. The lease liability and the corresponding right-of-use asset for this lease contract, initially recognized on April 1, 2021, amounted to € 121,000 each.

The following table summarizes the relevant disclosures in relation to our leases in 2021 and 2020:


	2021	2020
	(€ in thousands)	(€ in thousands)
Depreciation charge for right-of-use assets	1,672	1,422
Interest expense on lease liabilities	835	409
Expense relating to short-term leases	70	141
Total cash outflow for leases	1,657	1,014
Additions to right-of-use assets during the period	536	17,591

The carrying amount of the right-of-use asset at the end of the reporting period is disclosed in note 7 Property, Plant & Equipment.

A maturity analysis of our lease liability is included in note 5 Financial Risk Management under (c) Liquidity risk. The total undiscounted commitment for lease agreements to which the Company had committed at December 31, 2021 amounts to € 20,509,000. This amount does not include potential commitments that may arise from contractual extension options, as the Company is not reasonably certain that any extension options will be exercised.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

Commitments and Contingencies

26. Commitments and Contingencies

(a) Claims

There are no claims known to management related to the activities of the Company.

(b) Patent license agreements

On October 26, 2018, the Company and Ionis Pharmaceuticals, Inc. entered into a License Agreement, pursuant to which Ionis granted an exclusive, worldwide, royalty-bearing license to us to develop and commercialize certain

pharmaceutical products, including the product designated by Ionis as IONIS-RHO-2.5Rx, which has been re-designated by us as QR-1123, for the prevention or treatment of retinitis pigmentosa in humans, including patient screening. Ionis also granted to the Company certain sub-license rights. Under the License Agreement, we are required to make an upfront payment of an aggregate of up to $ 6.0 million in installments, and certain payments up to an aggregate of $ 20.0 million upon the satisfaction of certain development and sales milestones. In addition, Ionis is entitled to royalty payments in the low double digits of aggregate annual net sales, subject to minimum sales in certain circumstances, and subject to reduced rates in certain circumstances. The royalty term lasts on a product-by-product and country-by-country basis, until the later of the expiration of the patent rights licensed to us and the expiration of regulatory-based exclusivity for such product in such country. The License Agreement may also be terminated by either party based upon certain uncured material breach by, or insolvency of, the other party, or by us at any time with advanced notice. In connection with the upfront payments and development milestone payments, we also simultaneously entered into a Stock Purchase Agreement with Ionis, pursuant to which we agreed to issue an aggregate of $ 2.5 million of ordinary shares to satisfy the first installment upfront payment, and the remaining installment of the upfront payment in ordinary shares determined upon the due date of such installment. In addition, the Stock Purchase Agreement provides for the ability for us, at our discretion, to pay the development milestone payments in ordinary shares when such payments are due. We may not issue ordinary shares to Ionis to the extent that such issuance would result in Ionis owning in excess of 18.5% of our issued and outstanding shares, nor may we issue ordinary shares if such issuance, together with previous issuances under the Stock Purchase Agreement, would exceed 19.9% of our outstanding ordinary shares as of the date of the execution of the Stock Purchase Agreement. Under these circumstances, we are required to pay the remainder of the upfront and/or development milestone payments in cash. In addition, in connection with the Stock Purchase Agreement, we also entered into an Investor Agreement with Ionis, pursuant to which we agreed to register for resale the ordinary shares issued by us under the Stock Purchase Agreement, under the circumstances described in the Investor Agreement. The Investor Agreement also contains customary covenants related to our registration of such shares, preparation of filings in connection therewith and indemnification of Ionis. The Investor Agreement also contains lockup provisions prohibiting the disposition of our ordinary shares issued under the Stock Purchase Agreement for a period of 12 months from the applicable issuance date, as well as voting provisions requiring Ionis to vote its ordinary shares in accordance with the recommendations of our board of directors, in each case subject to certain exceptions.

In April 2014 the Company entered into a Patent License Agreement with Radboud University Medical Center (Radboud) in the field of antisense oligonucleotide-based therapy for Leber congenital amaurosis (LCA). Under the terms of this license agreement, the Company has an exclusive, sublicensable, world-wide royalty-bearing license under certain Radboud patent rights to develop, make, have made, use, sell, offer for sale and import certain licensed products of Radboud for use in all prophylactic and therapeutic uses in the field of LCA. Pursuant to the terms of the license agreement, the Company is obligated to pay Radboud net-sales-related royalties which shall be determined on a product-by-product and country-by-country basis. If the Company is required to pay any third party royalties, it may deduct that amount from that which is owed to Radboud. Radboud shall provide human resources, materials, facilities and equipment that are necessary for preclinical and clinical trials and if the Company does not purchase such trial facilities from Radboud, it is required to pay an increased net-sales-related royalty. In the Company’s sole discretion, it may elect to convert the obligation to pay net-sales-related royalties into one of the two lump-sum royalty options contained in the license agreement, the amount of which depends on whether the Company elects to convert prior to or after regulatory approval has been filed. The license agreement will remain in effect until the date on which all of the relevant patent applications and all granted patents ensuing from such applications have expired or is terminated earlier in accordance with the agreement. Either party may terminate the agreement if the other party is in default of a material obligation under the agreement which has not been cured within 30 days of notice of such default. Either party may also terminate the agreement if the other party declares bankruptcy, dissolves, liquidates or is subject to other analogous proceedings. Radboud may also terminate the license agreement if the Company does not pay any amount owed under the agreement and such payment remains overdue for at least 30 days after receiving notice from Radboud of the amount due.

In June 2015, the Company entered into another license agreement with Radboud. Under the terms of this license agreement, the Company has an exclusive, sublicensable, world-wide royalty-bearing license under certain Radboud patent rights to develop, make, have made, use, sell, offer for sale and import certain licensed products of Radboud for use in all prophylactic and therapeutic uses in the field of Usher syndrome. Pursuant to the terms of the license agreement, the Company is obligated to pay Radboud net-sales-related royalties which shall be determined on a product-

by-product and country-by-country basis. If the Company is required to pay any third party royalties, it may deduct that amount from that which is owed to Radboud. Radboud shall provide human resources, materials, facilities and equipment that are necessary for preclinical and clinical trials and if the Company does not purchase such trial facilities from Radboud, it is required to pay an increased net-sales-related royalty. In the Company’s sole discretion, it may elect to convert the obligation to pay net-sales-related royalties into one of the two lump-sum royalty options contained in the license agreement, the amount of which depends on whether it elects to convert prior to or after regulatory approval has been filed. The license agreement will remain in effect until the date on which all of the relevant patent applications and all granted patents ensuing from such applications have expired or is terminated earlier in accordance with the agreement. Either party may terminate the agreement if the other party is in default of a material obligation under the agreement which has not been cured within 30 days of notice of such default. Either party may also terminate the agreement if the other party declares bankruptcy, dissolves, liquidates or is subject to other analogous proceedings. Radboud may also terminate the license agreement if the Company does not pay any amount owed under the agreement and such payment remains overdue for at least 30 days after receiving notice from Radboud of the amount due.

In January 2018, the Company entered into a license agreement with Inserm Transfert SA and Assistance-Publique-Hôpiteaux de Paris. Under the terms of the agreement, the Company has a world-wide, exclusive, royalty-bearing license under patent rights belonging to Inserm Transfert SA and other co-owners to develop, have developed, make, have made, use, have used and sell, have sold or otherwise distribute certain licensed products related to antisense oligonucleotides for treating LCA and method of treatment claims relating to modulation of the splicing of the CEP290 gene product. The Company has the right to grant sublicenses to third parties subject to certain limitations such as the sublicensee’s activities not conflicting with the public order or ethical obligations of Inserm Transfert SA or any co-owner and not tarnishing the image of Inserm Transfert SA or any co-owner. In January 2020, the license agreement with Inserm Transfert SA and Assistance-Publique-Hôpiteaux de Paris was amended so as to include a world-wide, non-exclusive, royalty-bearing license under patent rights belonging to Inserm Transfert SA and other co-owners to develop, have developed, make, have made, use, have used and sell, have sold or otherwise distribute certain licensed products for us in a method for antisense oligonucleotide-mediated exon skipping in the retina. In partial consideration of the rights and licenses granted by the license agreement, the Company is required to pay a lumpsum payment and an annual license maintenance fee, as well as to make payments upon the completion of certain milestones: completion of a clinical trial more advanced than First in Man, such as a phase IIb; and the first marketing authorization or any foreign equivalent for a first product. In further consideration of the rights and license granted under the agreement, the Company shall pay to Inserm Transfert SA a running royalty on net sales of products sold by us or our sublicensee. Unless terminated earlier pursuant to termination provisions of Agreement, the license agreement will remain in effect on a country-by-country basis, until the later to occur of the following events (i) the invalidation or expiration of the last to expire or to be invalidated patent rights which covers the manufacture, use or sale of the product in said country or until the expiration of the exclusive commercialization right granted by a regulatory agency to a product as an orphan drug or (ii) five years after the first commercial sale of a product in the country in which the product is sold. The agreement may be terminated by either party in the event of an uncured breach by the other party. Inserm Transfert SA may terminate the agreement if we become the subject of voluntary or involuntary winding-up proceedings or judicial recovery, if the Company or its sublicensees interrupt development activities for at least one year, if the Company or its sublicensees interrupt commercialization for more than twelve months after the first commercialization in a country, if the Company does not commercialize a product within two years following our obtaining of marketing approval in a country, or if the Company or our sublicensees do not put a product into commercial use and do not keep products reasonably available to the public within twelve years of the effective date of the agreement.

In January 2016, the Company entered into an agreement with Leiden University Medical Center (LUMC) which gives us a world-wide, exclusive, royalty-bearing license in the field of amyloid beta related diseases, notably Alzheimer’s disease and HCHWA-D, under certain patent rights of LUMC regarding antisense oligonucleotide based therapies. This license agreement contains certain diligence obligations for the Company coupled to milestone payments and complements the Company’s intellectual property relating to its CNS program. On September 12, 2017, this program was transferred to Amylon Therapeutics B.V., in which the Company maintains a majority ownership interest.

In January 2017, the Company entered into an agreement with LUMC, which gives us a world-wide, exclusive, royalty-bearing license in the field of Huntington’s disease, under certain patent rights of LUMC regarding antisense

oligonucleotide based therapies. This license agreement contains certain diligence obligations for the Company coupled to milestone payments and complements the Company’s intellectual property relating to the HD program.

In February 2019, the Company entered into an agreement with the University of Rochester, New York, which gives us a world-wide, exclusive, royalty-bearing, sublicensable license in the field of antisense oligonucleotides for use in nucleotide specific RNA editing through pseudouridylation, under certain patent rights of University of Rochester. This license agreement contains certain diligence obligations for the Company coupled to milestone payments and complements the Company’s intellectual property relating to the Axiomer/pseudouridylation program.

In September 2020, the Company entered into an agreement with Vico Therapeutics B.V., which gives us a world-wide, exclusive, royalty-bearing, sublicensable license in the field of the prophylactic and therapeutic use of antisense oligonucleotide for the treatment of Fuch’s Endothelial Corneal Dystrophy (FECD) caused by a trinucleotide repeat, under certain patent rights of Vico Therapeutics B.V. In partial consideration of the rights and licenses granted by the license agreement, the Company is required to make annual maintenance payments. Unless terminated earlier in accordance with this the license agreement, the agreement will stay in effect until the expiration of all of the licensed patent rights. The license agreement may be terminated by either party in the event of an uncured breach by the breaching party. Vico Therapeutics B.V. may terminate the license agreement if the Company applies for an order or an order is made declaring the Company bankrupt or granting the Company suspension of payments, or a liquidator is appointed for the Company, or the Company is dissolved, liquidated, or ceases to carry on all or a substantial part of its business or a decision is taken to that effect, or in the event uncured payment defaults.

On February 9, 2018, the Company entered into an agreement with Foundation Fighting Blindness (FFB), under which FFB will provide funding of $ 7.5 million (€ 6.1 million) to advance ultevursen into the clinic and will receive future milestone payments.

Pursuant to the terms of the agreement, the Company is obligated to make a one-time milestone payment to FFB of up to $ 37.5 million (€ 30.6 million), payable in four equal annual installments following the first commercial sale of QR-421a, the first of which is due within 60 days following the first commercial sale. The Company is also obligated to make a payment to FFB of up to $ 15 million (€ 12.2 million) if it transfers, sells or licenses ultevursen other than for certain clinical or development purposes, or if the Company enters into a change of control transaction. However, the payment in the previous sentence may be set-off against the $ 37.5 million milestone payment. Either FFB or the Company may terminate the agreement for cause, which includes the Company’s material failure to achieve certain commercialization and development milestones. The Company’s payment obligations survive the termination of the agreement.

(d) Research and development commitments

The Company has research and development commitments, mainly with CRO’s, amounting to € 27,884,000 at December 31, 2021 (2020: € 12,003,000). Of these obligations an amount of € 13,024,000 is due in 2022, the remainder is due in 1 to 5 years.

Related-Party Transactions

12 Months Ended

Dec. 31, 2021

Related-Party Transactions

Related-Party Transactions

27. Related-Party Transactions

Details of transactions between the Company and related parties are disclosed below.

(a) Compensation of the Supervisory Board

The remuneration of the supervisory board members in 2021 is set out in the table below:


	2021
	Short term	Post-employment	Share-based
	employee benefits	benefits	payment	Total

	(€ in thousands)
Mr. Dinko Valerio	70	—	86	156
Mr. Antoine Papiernik	—	—	—	—
Ms. Alison Lawton	47	—	86	133
Mr. James Shannon	50	—	86	136
Mr. Bart Filius	44	—	80	124
Ms. Theresa Heggie*	29	—	77	106
	240	—	415	655

* Ms. Heggie stepped down from the supervisory board on October 1, 2021, in connection with her appointment as Chief Commercial Officer of the Company. The remuneration set forth for Ms. Heggie in the table above covers the period from January 1, 2021 to October 1, 2021.

In 2021, Mr. Papiernik waived his compensation.

The remuneration of the supervisory board members in 2020 is set out in the table below:


	2020
	Short term	Post employment	Share-based
	employee benefits	benefits	payment	Total

	(€ in thousands)
Mr. Dinko Valerio	—	—	123	123
Mr. Antoine Papiernik	—	—	—	—
Ms. Alison Lawton	34	—	123	157
Mr. James Shannon	45	—	125	170
Mr. Bart Filius	41	—	104	145
Ms. Theresa Heggie	36	—	99	135
	156	—	574	730

In 2020, Mr. Valerio and Mr. Papiernik waived their short-term benefits in support to the Company during the COVID-19 pandemic.

The 2019 remuneration is set out in the table below:


	2019
	Short term	Post employment	Share-based
	employee benefits	benefits	payment	Total

	(€ in thousands)
Mr. Dinko Valerio	74	—	106	180
Mr. Antoine Papiernik	104	—	—	104
Ms. Alison Lawton	41	—	107	148
Mr. Paul Baart	144	—	—	144
Mr. James Shannon	48	—	109	157
Mr. Bart Filius	30	—	26	56
Ms. Theresa Heggie	19	—	18	37
	460	—	366	826

As at December 31, 2021:

●

Mr. Dinko Valerio holds 725,692 ordinary shares in the Company, as well as 146,425 options. These options vest in four annual equal tranches of 25% starting for the first time as of the first anniversary of the date of grant. In 2021, Mr. Valerio was granted 23,239 options under the Option Plan to acquire depositary receipts issued for ordinary shares at an exercise price of € 3.42 per option. In 2020, Mr. Valerio was granted 24,615 options under the Option Plan to acquire depositary receipts issued for ordinary shares at an exercise price of € 8.82 per option. In 2019, Mr. Valerio was granted 14,918 options at an average exercise price of € 13.78 per option. On September 12, 2017, Mr. Valerio provided a convertible loan to Amylon Therapeutics B.V. This loan is interest-bearing at an average rate of 8% per annum and is convertible into a variable number of ordinary shares at the option of the holder or the Company in case financing criteria are met. The unconverted loan became payable on demand after 24 months in equal quarterly terms. In 2021, Mr. Valerio exercised options to acquire 32,272 ordinary shares.

●

Mr. Antoine Papiernik does not hold any shares or options in the Company. As a managing partner of Sofinnova Partners SAS, the management company of Sofinnova Capital VII FCPR, holder of 2,764,194 ordinary shares, Mr. Papiernik may be deemed to have share voting and investment power with respect to such shares.

●

Ms. Alison Lawton holds 159,245 options. In 2021, Ms. Lawton was granted 23,239 options under the Option Plan to acquire depositary receipts issued for ordinary shares at with an exercise price of € 3.42 per option. In 2020, Ms. Lawton was granted 24,615 options under the Option Plan to acquire depositary receipts issued for ordinary shares at with an exercise price of € 8.82 per option. In 2019, Ms. Lawton was granted 14,918 options with an average exercise price of € 13.78 per option. Under these option grants, options vest in four equal annual tranches of 25%, commencing at the first anniversary of the date of grant.

●

Mr. James Shannon holds 61,538 ordinary shares in the Company and 155,505 options. In 2021, Mr. Shannon was granted 23.239 options under the Option Plan to acquire depositary receipts issued for ordinary shares at an exercise price of € 3.42 per option. In 2020, Mr. Shannon was granted 24,615 options under the Option Plan to acquire depositary receipts issued for ordinary shares at an exercise price of € 8.82 per option. In 2019, Mr. Shannon was granted 14,918 options at an exercise price of € 13.78 per option. Under these option grants, options vest in four equal annual tranches of 25%, commencing at the first anniversary of the date of grant.

●

Mr. Bart Filius holds 60,609 options. In 2021, Mr. Filius was granted 23,239 options under the Option Plan to acquire depositary receipts issued for ordinary shares at with an exercise price of € 3.42 per option. In 2020, Mr. Filius was granted 24,615 options under the Option Plan to acquire depositary receipts issued for ordinary shares at with an exercise price of € 8.82 per option. In 2019, Mr. Filius was granted 12,755 options at an exercise price of € 10.47 per option. Under these option grants, options vest in four equal annual tranches of 25%, commencing at the first anniversary of the date of grant.

(b) Compensation of key management

Our management board is supported by our officers, or senior management. Mr. D.A. de Boer is the sole statutory director of the Company. The total remuneration of the management board and senior management in 2021 amounted to € 8,128,000 with the details set out in the table below:


	2021
	Short term	Post
	employee	employment	Share-based
	benefits	benefits	payment	Total

	(€ in thousands)
Mr. D.A. de Boer¹	733	10	1,472	2,215
Management Board	733	10	1,472	2,215
Senior Management	2,938	57	2,918	5,913
	3,671	67	4,390	8,128

1	Short term employee benefits include a bonus for Mr. Daniel de Boer, of € 284,000 based on goals realized in 2021.

The total remuneration of the management board and senior management in 2020 amounted to € 7,693,000 with the details set out in the table below:


	2020
	Short term	Post
	employee	employment	Share-based
	benefits	benefits	payment	Total

	(€ in thousands)
Mr. D.A. de Boer¹	689	10	1,925	2,624
Management Board	689	10	1,925	2,624
Senior Management	1,620	55	3,394	5,069
	2,309	65	5,319	7,693

1	Short term employee benefits include a bonus for Mr. Daniel de Boer of € 240,000 based on goals realized in 2020.

The total remuneration of the management board and senior management in 2019 amounted to € 6,117,000 with the details set out in the table below:


	2019
	Short term	Post
	employee	employment	Share-based
	benefits	benefits	payment	Total

	(€ in thousands)
Mr. D.A. de Boer¹	722	10	1,533	2,265
Management Board	722	10	1,533	2,265
Senior Management	1,545	48	2,259	3,852
	2,267	58	3,792	6,117

1	Short term employee benefits include a bonus for Mr. Daniel de Boer of € 273,000 based on goals realized in 2019.

As at December 31, 2021:

●

Mr. Daniel de Boer holds 705,309 ordinary shares in the Company as well as 1,919,655 options. In 2021, Mr. de Boer was awarded 442,279 options to acquire ordinary shares at an exercise price of € 3.42 per option. In 2020, Mr. de Boer was awarded 395,561 options at an exercise price of € 8.82 per option. In 2019, Mr. de Boer was awarded 253,192 options at an exercise price of € 13.78 per option. These options vest over four years in

equal annual installments and had a remaining weighted-average contractual life of 6.9 years as at December 31, 2021. At December 31, 2021, Mr. de Boer had not exercised any of the options that were awarded to him.

ProQR does not grant any loans, advance payments and guarantees to members of the Management and Supervisory Board.

The Company’s transactions with its associate company Yarrow Biotechnology, Inc. are described in note 17.

Auditor fees

12 Months Ended

Dec. 31, 2021

Auditor fees

Auditor fees

28. Auditor fees

The fees for services provided by our external auditors, KPMG Accountants N.V. for the year ended December 31, 2021 and Deloitte Accountants B.V. for the years ended December 31, 2020 and 2019, are specified below for each of the financial years indicated:


	2021	2020	2019

	(€ in thousands)
Audit fees	419	487	515
Audit-related fees	64	24	57
Tax fees	—	—	—
All other fees	—	—	—
	483	511	572

Audit fees consist of aggregate fees for professional services provided in connection with the annual audit of our financial statements, procedures on our quarterly financial statements, consultations on accounting matters directly related to the audit. Audit-related fees consist of procedures relating to share offerings, such as comfort letters, as well as consents and review of documents filed with the SEC.

Subsequent events

12 Months Ended

Dec. 31, 2021

Subsequent events

Subsequent events

29. Subsequent events

On February 11, 2022, the Company announced the top-line results from the phase 2/3 Illuminate trial of sepofarsen in CEP290-mediated LCA10. The study did not meet its primary endpoint nor any notable secondary endpoints. No benefit was observed in either treatment arm versus the sham arm. These announced results do not affect the amounts recognized in these financial statements. The potential consequences of this event had already been taken into account in determining the liquidity projections disclosed in these financial statements.

On April 13, 2022, the Company announced that it will refocus or suspend certain clinical studies and suspend all other inherited retinal disease-related research activities. The Company also announced that it will reduce its workforce by approximately 30%. In addition, the Company will accelerate the development of the Axiomer RNA base-editing technology platform across multiple therapeutic areas. These developments do not affect the financial figures included in these financial statements.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Basis of consolidation

(a) Basis of consolidation

(i) Subsidiaries

(ii) Non-controlling interests (“NCI”)

(iii) Loss of control

(iv) Transactions eliminated on consolidation

(v) Associates

Classes of financial instruments

(b) Classes of financial instruments

●

the economic characteristics and risk of the embedded derivative are not closely related to the economic characteristics and risks of the host contract;

●

a separate instrument with the same terms as the embedded derivative would meet the definition of a derivate; and

●

the hybrid contract is not measured at fair value with changes in fair value recognized in profit or loss.

Foreign currencies

(i) Foreign currency transactions

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.

(ii) Foreign operations

Revenue

(d) Revenue

(i)	Identify the contract

(ii) Identify performance obligations

(iii) Determine the transaction price

a.	Non-refundable upfront payments or license fees

b.	Milestone payments other than sales-based milestones

c.	Research and development service fees

d.	Sales based milestone payments and royalties

(iv) Allocate the transaction price

(v) Recognize revenue

Other income

(e) Other income

Government grants - WBSO

(f) Government grants — WBSO

Employee benefits

(g) Employee benefits

(i) Short-term employee benefits

(ii) Share-based payment transactions

(iii) Pension obligations

Taxation

(h) Taxation

(i) Current tax

(ii) Deferred tax

Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Property, plant and equipment

(i) Property, plant and equipment

(i) Recognition and measurement

(ii) Depreciation

The estimated useful lives of property, plant and equipment for current and comparative periods are as follows:



● Buildings and leasehold improvements:	5-10	Years;
● laboratory equipment:	5	years;
● other:	3-5	years.

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

Intangible assets

(j) Intangible assets

●

the technical feasibility of completing the intangible asset so that it will be available for use or sale;

●

the intention to complete the intangible asset and use or sell it;

●

the ability to use or sell the intangible asset;

●

how the intangible asset will generate probable future economic benefits;

●

the availability of adequate technical, financial and other resources to complete the development and to use

●

or sell the intangible asset; and

●

the ability to measure reliably the expenditure attributable to the intangible asset during its development.

Impairment of assets

(k) Impairment of assets

Financial assets

(l) Financial assets

Specifically:

●

all other debt investments and equity investments are measured subsequently at fair value through profit or loss (FVTPL).

Cash and cash equivalents

(m) Cash and cash equivalents

Financial liabilities and equity instruments

(n) Financial liabilities and equity instruments

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement.

Equity instruments

Compound financial instruments

Interest related to the financial liability is recognized in profit or loss.

Financial liabilities at fair value through profit or loss

Fair value is determined in the manner described in note 5.

Other financial liabilities

Borrowings and other financial liabilities are classified as ‘non-current liabilities,’ other than liabilities with maturities up to one year, which are classified as “current liabilities”.

The Company derecognizes financial liabilities when the liability is discharged, cancelled or expired. For all financial liabilities, the fair value approximates its carrying amount.

Offsetting

Leases

(o) Leases

Lease payments included in the measurement of the lease liability comprise:

●

Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;

●

Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;

●

The amount expected to be payable by the Company under residual value guarantees;

●

The exercise price of purchase options, if the Company is reasonably certain to exercise the options; and

●

Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

to the interest component of the lease liability are included in operating activities. Short-term lease payments and payments for leases of low-value assets are included in operating activities.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

●

The right-of-use asset is presented under Property, Plant and Equipment in the consolidated statement of financial position, in the category Buildings and leasehold improvements.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Estimated useful lives of property, plant and equipment



● Buildings and leasehold improvements:	5-10	Years;
● laboratory equipment:	5	years;
● other:	3-5	years.

Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2021

Financial Risk Management

Schedule of undiscounted liabilities into relevant maturity groupings.


	Less than	Between 1	Between 2
	1 year	and 2 years	and 5 years	Over 5 years

	(€ in thousands)
At December 31, 2021
Borrowings	7,520	10,343	41,129	—
Lease liabilities	2,378	2,147	6,394	9,590
Deferred income	5,115	8,581	6,106	—
Trade payables and other payables	12,181	—	—	—
Total	27,194	21,071	53,629	9,590

At December 31, 2020
Borrowings	2,391	6,674	13,808	—
Lease liabilities	2,079	2,079	6,235	11,432
Trade payables and other payables	7,067	—	—	—
Total	11,537	8,753	20,043	11,432

Property, plant and equipment ('PP&E') (Tables)

12 Months Ended

Dec. 31, 2021

Property, plant and equipment ('PP&E')

Property, plant and equipment ('PP&E')


	Buildings and
	leasehold	Laboratory
	improvements	equipment	Other	Total
	(€ in thousands)	(€ in thousands)	(€ in thousands)	(€ in thousands)
Balance at January 1, 2020
Cost	3,808	2,979	1,322	8,109
Accumulated depreciation	(2,583)	(1,921)	(1,165)	(5,669)
Carrying amount	1,225	1,058	157	2,440

Additions	244	655	25	924
Depreciation	(1,750)	(498)	(107)	(2,355)
Recognition of right-of-use asset (note 25)	16,332	—	—	16,332
Effect of lease modification (note 25)	1,260	—	—	1,260
Disposals	—	—	—	—
Movement for the period	16,086	157	(82)	16,161

Balance at December 31, 2020
Cost	21,644	3,634	1,347	26,625
Accumulated depreciation	(4,333)	(2,419)	(1,272)	(8,024)
Carrying amount	17,311	1,215	75	18,601

Balance at January 1, 2021
Cost	21,644	3,634	1,347	26,625
Accumulated depreciation	(4,333)	(2,419)	(1,272)	(8,024)
Carrying amount	17,311	1,215	75	18,601

Additions	70	643	5	718
Depreciation	(1,884)	(394)	(51)	(2,329)
Recognition of right-of-use asset (note 25)	121	—	—	121
Adjustment of right-of-use asset (note 25)	415	—	—	415
Transfer	(19)	27	(8)	—
Disposals	—	(59)	—	(59)
Movement for the period	(1,297)	217	(54)	(1,134)

Balance at December 31, 2021
Cost	22,231	4,245	1,344	27,820
Accumulated depreciation	(6,217)	(2,813)	(1,323)	(10,353)
Carrying amount	16,014	1,432	21	17,467

Investments in associates (Tables)

12 Months Ended

Dec. 31, 2021

Investments in associates

Investments in associates and results related to associates


		Investment
		in associate
		(€ in thousands)

Balance at January 1, 2020		429

Share of loss from continuing operations		(322)

Balance at December 31, 2020		107

Derecognition of investment in associate (Wings Therapeutics Inc.)		(107)
Recognition of investment in associate (Yarrow Biotechnology, Inc.)		225
Share of loss from continuing operations		(217)

Balance at December 31, 2021		8

Investments in Financial Assets (Tables)

12 Months Ended

Dec. 31, 2021

Investments in Financial Assets

Schedule of changes in the fair value of our investment


		Investment
		in financial asset
		(€ in thousands)
Balance at January 1, 2020 and 2021		—

Investment in Phoenicis Therapeutics, Inc.		621

Balance at December 31, 2021		621

Other Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Other Taxes

Other Taxes


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Value added tax	555	421
	555	421

Prepayments and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2021

Prepayments and Other Receivables.

Prepayments and Other Receivables


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Prepayments	3,136	3,383
Other receivables	268	379
	3,404	3,762

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents.

Cash and Cash Equivalents


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Cash at banks	187,524	75,838
	187,524	75,838

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Shareholders Equity

Schedule of Share capital


	Number of shares 2021	Number of shares 2020	Number of shares 2019
	Ordinary	Ordinary	Ordinary
Balance at January 1	54,131,553	53,975,838	43,149,987
Issued for cash	20,498,451	53,708	10,454,545
Issued for services	112,657	102,007	371,306
Exercise of share options	474,887	303,408	46,900
Treasury shares issued (transferred)	(352,167)	(303,408)	(46,900)
Balance at December 31	74,865,381	54,131,553	53,975,838

Schedule of fair value of options calculated using Black-Scholes option pricing model and weighted average assumptions utilized


	Options granted		Options granted		Options granted
	in 2021		in 2020		in 2019
Risk-free interest rate	0.510	%	1.432	%	2.430	%
Expected dividend yield	—	%	—	%	—	%
Expected volatility	79.0	%	78.7	%	80.2	%
Expected life in years	5	years	5	years	5	years

Schedule of Movements in the number of options outstanding and weighted average exercise prices


	2021			2020			2019
	Number of	Average		Number of	Average		Number of	Average
	options	exercise price		options	exercise price		options	exercise price
Balance at January 1	7,021,235	€	6.47	5,575,454	€	5.80	4,511,512	€	4.24
Granted	1,492,034	€	4.34	1,851,056	€	7.88	1,237,506	€	11.77
Forfeited	(341,448)	€	8.68	(85,584)	€	7.14	(119,338)	€	9.35
Exercised	(474,887)	€	3.35	(303,408)	€	2.34	(46,900)	€	4.18
Expired	(53,791)	€	9.53	(16,283)	€	8.26	(7,326)	€	8.76
Balance at December 31	7,643,143	€	6.13	7,021,235	€	6.47	5,575,454	€	5.80
Exercisable at December 31	4,221,503			3,401,449			2,521,477

Schedule of movements in the number of RSUs outstanding


	2021	2020	2019
	Number of	Number of	Number of
	RSUs	RSUs	RSUs
Balance at January 1	—	—	—
Granted	545,613	—	—
Forfeited	(9,495)	—	—
Released	—	—	—
Balance at December 31	536,118	—	—

Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Borrowings

Schedule of borrowings


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Innovation credit	3,907	2,770
Accrued interest on innovation credit	645	307
Convertible loans	38,925	13,812
Accrued interest on convertible loans	613	435
Total borrowings	44,090	17,324
Current portion	(4,771)	(1,135)
Total non-current borrowings	39,319	16,189

Schedule of reconciliation of movements of liabilities to cash flows arising from financing activities


	Innovation	Convertible	Lease
	credit	loans	liability

	(€ in thousands)
Balance at January 1, 2020	10,315	2,737	508
Changes from financing cash flows
Proceeds from borrowings	579	—	—
Proceeds from convertible loans	—	13,791	—
Repayment of lease liability	—	—	(605)
The effect of changes in foreign exchange rates	—	(580)	—
Other changes			—
Interest expense	606	1,054	—
Interest paid	—	(716)	—
Waiver of innovation credit	(8,423)	—	—
Conversion into equity	—	(272)	—
Transaction costs	—	(670)	—
Proceeds recognized as derivative financial liabilities	—	(817)	—
Proceeds recognized in equity as option premium on convertible loans	—	(280)	—
Share-based repayment of lease liability	—	—	(542)
New leases	—	—	16,332
Effect of lease modifications	—	—	1,260

Balance at January 1, 2021	3,077	14,247	16,953
Changes from financing cash flows
Proceeds from borrowings	1,137	—	—
Proceeds from convertible loans	—	26,520	—
Repayment of lease liability	—	—	(820)
The effect of changes in foreign exchange rates	—	590	—
Other changes
Interest expense	338	1,877	—
Interest paid	—	(1,216)	—
Transaction costs	—	(148)	—
Proceeds recognized as derivative financial liabilities	—	(1,186)	—
Proceeds recognized in equity as option premium on convertible loans	—	(1,146)	—
Share-based repayment of lease liability	—	—	(387)
New leases	—	—	121
Effect of lease amendments	—	—	415

Balance at December 31, 2021	4,552	39,538	16,282

Deferred Income (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Income

Summary of deferred income


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Eli Lilly up-front payment and premium on equity consideration	19,143	—
Yarrow up-front payment and premium on equity consideration	73	—
Foundation for Fighting Blindness grant	561	623
Horizon 2020 grant	25	77
Total deferred income	19,802	700
Current portion	(5,115)	(700)
Total non-current deferred income	14,687	—

Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Current liabilities

Current liabilities


	December 31,	December 31,
	2021	2020

	(€ in thousands)
Borrowings	4,771	1,135
Lease liabilities	1,534	1,260
Derivative financial instruments	3,995	839
Trade payables	191	221
Social securities and other taxes	1,230	22
Pension premiums	—	6
Deferred income	5,115	700
Accrued expenses and other liabilities	10,760	6,118
	27,596	10,301

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue.

Schedule of collaboration revenue


	2021	2020	2019

	(€ in thousands)
Up-front payments
Eli Lilly	581	—	—
Yarrow	252	—	—
R&D services
Eli Lilly	—	—	—
Yarrow	282	—	—
Equity consideration
Eli Lilly	71	—	—
Yarrow	168	—	—
	1,354	—	—

Summary of revenue recognized


	Eli Lilly	Yarrow

	(€ in thousands)
Balance on December 31, 2020	—	—

Balance on January 1, 2021	—	—
Received
Upfront payment	17,651	419
R&D services	—	178
Equity consideration	2,144	225
Revenue recognition
Upfront payment	(581)	(252)
R&D services	—	(282)
Equity consideration	(71)	(168)
Foreign currency translation effects	—	(47)
Balance on December 31, 2021	19,143	73

Other income (Tables)

12 Months Ended

Dec. 31, 2021

Other income

Schedule of other income


	2021	2020	2019

	(€ in thousands)
Grant income	1,012	9,307	1,778
Other income	31	145	155
	1,043	9,452	1,933

Operating Costs (Tables)

12 Months Ended

Dec. 31, 2021

Operating costs

Operating costs


	2021	2020	2019

	(€ in thousands)
Employee benefits	26,320	23,836	21,478
External R&D costs	15,580	12,860	19,134
Laboratory costs and other consumables	2,709	2,840	2,544
Consultancy costs	4,447	2,620	3,501
Insurance costs	1,979	1,450	682
Depreciation	2,329	2,355	2,052
Patent and license expenses	95	736	3,781
Other	6,129	5,123	6,206
	59,588	51,820	59,378

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Employee Benefits

Schedule of employee benefit


	2021	2020	2019

	(€ in thousands)
Wages and salaries	16,838	13,251	13,187
Social security costs	2,124	1,710	1,433
Pension costs — defined contribution plans	1,142	1,037	910
Equity-settled share based payments	6,216	7,838	5,948
	26,320	23,836	21,478
Average number of employees for the period	163.0	156.3	139.8

Schedule of employee per activity


	December 31, 2021	December 31, 2020	December 31, 2019
Research and Development	140.7	113.8	118.3
General and Administrative	40.9	36.6	36.1
Total number of employees at December 31 (converted to FTE)	181.6	150.4	154.4

Financial Income and Expense (Tables)

12 Months Ended

Dec. 31, 2021

Financial Income and Expense

Schedule of financial income and expense


	2021	2020	2019

	(€ in thousands)
Interest income:
Current accounts and deposits	5	313	763
Interest costs:
Current accounts and deposits	(355)	(129)	—
Lease liability	(835)	(409)	(73)
Loans and borrowings	(2,215)	(1,502)	(1,010)
Foreign exchange result:
Net foreign exchange benefit/(loss)	611	(1,989)	722
	(2,789)	(3,716)	402

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of calculation tax charge


	2021		2020		2019

	(€ in thousands)
Consolidated result before corporate income taxes	(61,563)		(46,490)		(56,614)
Exclude: results related to associates	(217)		(322)		429
	(61,346)		(46,168)		(57,043)

Income tax based on domestic rate (25%)	15,337		11,542		14,261
Tax effect of:
Different tax rates in foreign jurisdictions	18		16		17
Non-deductible expenses	(2,176)		(2,742)		(1,501)
Share- and loan-issue expenditures that are taxable	1,423		174		843
Change in unrecognized deductible temporary differences	(89)		(44)		(7)
Current year losses for which no deferred tax asset was recognized	(14,606)		(9,029)		(13,703)
True-up for prior year	(24)		(41)		(42)
Income tax charge	(117)		(124)		(132)
Effective tax rate	—	%	—	%	—	%

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share

Schedule of basic and diluted earnings per share


	2021		2020		2019
Result attributable to owners of the Company (€ in thousands)		(61,621)		(46,565)		(56,480)
Weighted average number of shares outstanding		64,182,492		50,060,565		41,037,244
Basic (and diluted) earnings per share (€ per share)	€	(0.96)	€	(0.93)	€	(1.38)

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Lease Liabilities

Schedule of relevant disclosures in relation to leases


	2021	2020
	(€ in thousands)	(€ in thousands)
Depreciation charge for right-of-use assets	1,672	1,422
Interest expense on lease liabilities	835	409
Expense relating to short-term leases	70	141
Total cash outflow for leases	1,657	1,014
Additions to right-of-use assets during the period	536	17,591

Related-Party Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Transactions between the Company and related parties

Schedule of remuneration to supervisory board members


	2021
	Short term	Post-employment	Share-based
	employee benefits	benefits	payment	Total

	(€ in thousands)
Mr. Dinko Valerio	70	—	86	156
Mr. Antoine Papiernik	—	—	—	—
Ms. Alison Lawton	47	—	86	133
Mr. James Shannon	50	—	86	136
Mr. Bart Filius	44	—	80	124
Ms. Theresa Heggie*	29	—	77	106
	240	—	415	655


	2020
	Short term	Post employment	Share-based
	employee benefits	benefits	payment	Total

	(€ in thousands)
Mr. Dinko Valerio	—	—	123	123
Mr. Antoine Papiernik	—	—	—	—
Ms. Alison Lawton	34	—	123	157
Mr. James Shannon	45	—	125	170
Mr. Bart Filius	41	—	104	145
Ms. Theresa Heggie	36	—	99	135
	156	—	574	730


	2019
	Short term	Post employment	Share-based
	employee benefits	benefits	payment	Total

	(€ in thousands)
Mr. Dinko Valerio	74	—	106	180
Mr. Antoine Papiernik	104	—	—	104
Ms. Alison Lawton	41	—	107	148
Mr. Paul Baart	144	—	—	144
Mr. James Shannon	48	—	109	157
Mr. Bart Filius	30	—	26	56
Ms. Theresa Heggie	19	—	18	37
	460	—	366	826

Key management personnel

Transactions between the Company and related parties

Schedule of transactions between company and related parties


	2021
	Short term	Post
	employee	employment	Share-based
	benefits	benefits	payment	Total

	(€ in thousands)
Mr. D.A. de Boer¹	733	10	1,472	2,215
Management Board	733	10	1,472	2,215
Senior Management	2,938	57	2,918	5,913
	3,671	67	4,390	8,128

1	Short term employee benefits include a bonus for Mr. Daniel de Boer, of € 284,000 based on goals realized in 2021.

The total remuneration of the management board and senior management in 2020 amounted to € 7,693,000 with the details set out in the table below:


	2020
	Short term	Post
	employee	employment	Share-based
	benefits	benefits	payment	Total

	(€ in thousands)
Mr. D.A. de Boer¹	689	10	1,925	2,624
Management Board	689	10	1,925	2,624
Senior Management	1,620	55	3,394	5,069
	2,309	65	5,319	7,693

1	Short term employee benefits include a bonus for Mr. Daniel de Boer of € 240,000 based on goals realized in 2020.

The total remuneration of the management board and senior management in 2019 amounted to € 6,117,000 with the details set out in the table below:


	2019
	Short term	Post
	employee	employment	Share-based
	benefits	benefits	payment	Total

	(€ in thousands)
Mr. D.A. de Boer¹	722	10	1,533	2,265
Management Board	722	10	1,533	2,265
Senior Management	1,545	48	2,259	3,852
	2,267	58	3,792	6,117

1	Short term employee benefits include a bonus for Mr. Daniel de Boer of € 273,000 based on goals realized in 2019.

Auditor fees (Tables)

12 Months Ended

Dec. 31, 2021

Auditor fees

Schedule of auditors remuneration for services provided


	2021	2020	2019

	(€ in thousands)
Audit fees	419	487	515
Audit-related fees	64	24	57
Tax fees	—	—	—
All other fees	—	—	—
	483	511	572

General Information (Details)	1 Months Ended	3 Months Ended	12 Months Ended
General Information (Details)	May 31, 2021	Dec. 31, 2021	Dec. 31, 2021
Yarrow Biotechnology, Inc
Disclosure of subsidiaries [line items]
Proportion of ownership interest in associate	8.00%	4.90%	4.90%
ProQR Therapeutics Holding B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
ProQR Therapeutics I B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
ProQR Therapeutics II B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
ProQR Therapeutics III B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
ProQR Therapeutics IV B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
ProQR Therapeutics V B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
ProQR Therapeutics VI B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
ProQR Therapeutics VII B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
ProQR Therapeutics VIII B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
ProQR Therapeutics IX B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
ProQR Therapeutics I Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%
Amylon Therapeutics B.V [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			80.00%

Basis of Preparation (Details) - EUR (€)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of initial application of standards or interpretations [line items]
Deferred income	€ 19,802,000	€ 700,000
Eli Lilly and Company
Disclosure of initial application of standards or interpretations [line items]
Deferred income	€ 19,143,000

Significant Accounting Policies (Details)	Dec. 31, 2021 EUR (€)
Significant Accounting Policies
Deferred tax assets	€ 0

Significant Accounting Policies - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2021
Buildings and Leasehold improvements \| Minimum
Disclosure Of Detailed Information About Intangibles, Property, Plant And Equipment [Line Items]
Estimated useful lives, property, plant and equipment	5 years
Buildings and Leasehold improvements \| Maximum
Disclosure Of Detailed Information About Intangibles, Property, Plant And Equipment [Line Items]
Estimated useful lives, property, plant and equipment	10 years
Laboratory equipment
Disclosure Of Detailed Information About Intangibles, Property, Plant And Equipment [Line Items]
Estimated useful lives, property, plant and equipment	5 years
Other \| Minimum
Disclosure Of Detailed Information About Intangibles, Property, Plant And Equipment [Line Items]
Estimated useful lives, property, plant and equipment	3 years
Other \| Maximum
Disclosure Of Detailed Information About Intangibles, Property, Plant And Equipment [Line Items]
Estimated useful lives, property, plant and equipment	5 years

Financial Risk Management - Narrative (Details)	12 Months Ended
Financial Risk Management - Narrative (Details)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)
Disclosure of detailed information about borrowings [line items]
Foreign currency assets in U.S. Dollars	€ 32,213,000	€ 22,237,000
Foreign Currency Denominated Receivables And Trade Payable Minimum Term	30 days
Foreign Currency Denominated Receivables And Trade Payable Maximum Term	45 days
Weakening Market Risk Indicator Percentage	10.00%
Weakening Impact To Profit And Loss Due To Market Risk	€ 3,221,000	2,224,000
Strengthening Market Risk Indicator Percentage	10.00%
Borrowings	€ 44,090,000	€ 17,324,000
Number of large institutions at which substantially all entity's cash and cash equivalents are held	3	3
Financial assets	€ 621,000
Past due or impaired
Disclosure of detailed information about borrowings [line items]
Financial assets	0
Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Borrowings	€ 44,090,000	€ 17,324,000

Financial Risk Management - Undiscounted Liabilities by Maturity (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Borrowings.	€ 44,090	€ 17,324
Lease liabilities	16,282	16,953	€ 508
Deferred income	19,802	700
Trade payables and other payables	191	221
Less than 1 year [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings.	7,520	2,391
Lease liabilities	2,378	2,079
Deferred income	5,115
Trade payables and other payables	12,181	7,067
Total	27,194	11,537
Between 1 and 2 years [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings.	10,343	6,674
Lease liabilities	2,147	2,079
Deferred income	8,581
Total	21,071	8,753
Between 2 and 5 years [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings.	41,129	13,808
Lease liabilities	6,394	6,235
Deferred income	6,106
Total	53,629	20,043
Over 5 years [Member]
Disclosure of detailed information about borrowings [line items]
Lease liabilities	9,590	11,432
Total	€ 9,590	€ 11,432

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2021 segment
Segment Information
Number of reportable segment	1

Property, plant and equipment ('PP&E') (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Carrying amount at beginning of period	€ 18,601,000	€ 2,440,000
Additions	718,000	924,000
Depreciation	(2,329,000)	(2,355,000)
Recognition of right-of-use asset (note 25)	121,000	16,332,000
Effect of lease modification (note 25)		1,260,000
Adjustment of right-of-use asset (note 25)	415,000
Disposals	(59,000)
Movement for the period	(1,134,000)	16,161,000
Carrying amount at end of period	17,467,000	18,601,000
Research and development costs
Property, Plant and Equipment
Depreciation	(1,692,000)	(1,789,000)
General and administrative costs
Property, Plant and Equipment
Depreciation	(637,000)	(566,000)
Buildings and Leasehold improvements
Property, Plant and Equipment
Carrying amount at beginning of period	17,311,000	1,225,000
Additions	70,000	244,000
Depreciation	(1,884,000)	(1,750,000)
Recognition of right-of-use asset (note 25)	121,000	16,332,000
Effect of lease modification (note 25)		1,260,000
Adjustment of right-of-use asset (note 25)	415,000
Transfer	(19,000)
Movement for the period	(1,297,000)	16,086,000
Carrying amount at end of period	16,014,000	17,311,000
Right-of-use assets	15,568,000	16,775,000
Laboratory equipment
Property, Plant and Equipment
Carrying amount at beginning of period	1,215,000	1,058,000
Additions	643,000	655,000
Depreciation	(394,000)	(498,000)
Transfer	27,000
Disposals	(59,000)
Movement for the period	217,000	157,000
Carrying amount at end of period	1,432,000	1,215,000
Other
Property, Plant and Equipment
Carrying amount at beginning of period	75,000	157,000
Additions	5,000	25,000
Depreciation	(51,000)	(107,000)
Transfer	(8,000)
Movement for the period	(54,000)	(82,000)
Carrying amount at end of period	21,000	75,000
Cost
Property, Plant and Equipment
Carrying amount at beginning of period	26,625,000	8,109,000
Carrying amount at end of period	27,820,000	26,625,000
Cost \| Buildings and Leasehold improvements
Property, Plant and Equipment
Carrying amount at beginning of period	21,644,000	3,808,000
Carrying amount at end of period	22,231,000	21,644,000
Cost \| Laboratory equipment
Property, Plant and Equipment
Carrying amount at beginning of period	3,634,000	2,979,000
Carrying amount at end of period	4,245,000	3,634,000
Cost \| Other
Property, Plant and Equipment
Carrying amount at beginning of period	1,347,000	1,322,000
Carrying amount at end of period	1,344,000	1,347,000
Accumulated depreciation
Property, Plant and Equipment
Carrying amount at beginning of period	(8,024,000)	(5,669,000)
Carrying amount at end of period	(10,353,000)	(8,024,000)
Accumulated depreciation \| Buildings and Leasehold improvements
Property, Plant and Equipment
Carrying amount at beginning of period	(4,333,000)	(2,583,000)
Carrying amount at end of period	(6,217,000)	(4,333,000)
Accumulated depreciation \| Laboratory equipment
Property, Plant and Equipment
Carrying amount at beginning of period	(2,419,000)	(1,921,000)
Carrying amount at end of period	(2,813,000)	(2,419,000)
Accumulated depreciation \| Other
Property, Plant and Equipment
Carrying amount at beginning of period	(1,272,000)	(1,165,000)
Carrying amount at end of period	€ (1,323,000)	€ (1,272,000)

Investments in associates - Narrative (Details)	1 Months Ended	3 Months Ended	12 Months Ended
Investments in associates - Narrative (Details)	May 31, 2021	Dec. 31, 2021 EUR (€) director	Dec. 31, 2021 EUR (€) director	Dec. 31, 2020 EUR (€)
Disclosure of associates [line items]
Investments in associates		€ 8,000	€ 8,000	€ 107,000
Yarrow Biotechnology, Inc
Disclosure of associates [line items]
Proportion of ownership interest in associate	8.00%	4.90%	4.90%
Investments in associates		€ 8,000	€ 8,000
Total number of board members \| director		3	3
Right to appoint number of board member \| director		1	1
Results related to associates			€ (217,000)
Wings Therapeutics Inc
Disclosure of associates [line items]
Results related to associates				€ (322,000)

Investments in associates (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments in associates
Beginning balance	€ 107	€ 429
Share of loss from continuing operations	(217)	(322)	€ 429
Ending Balance	8	€ 107	€ 429
Wings Therapeutics Inc
Investments in associates
Derecognition of investment in associate (Wings Therapeutics Inc.)	(107)
Yarrow Biotechnology, Inc
Investments in associates
Recognition of investment in associate (Yarrow Biotechnology, Inc.)	€ 225

Investments in Financial Assets (Details) - EUR (€)	12 Months Ended
Investments in Financial Assets (Details) - EUR (€)	Dec. 31, 2021	Jan. 31, 2021
Disclosure of Investment in Financial Asset and Gain on Disposal of Associate [Line items]
Gain (loss) on disposal of associate	€ 514,000
Wings Therapeutics Inc
Disclosure of Investment in Financial Asset and Gain on Disposal of Associate [Line items]
Gain (loss) on disposal of associate	621,000
Phoenicis Therapeutics Inc.
Disclosure of Investment in Financial Asset and Gain on Disposal of Associate [Line items]
Gain (loss) on disposal of associate	107,000
Phoenicis Therapeutics Inc.
Disclosure of Investment in Financial Asset and Gain on Disposal of Associate [Line items]
Proportion of ownership interest		3.90%
Changes in fair value of investment	€ 0

Investments in Financial Assets - Changes in the fair value of our investment (Details) € in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€)
Disclosure of Investment in Financial Asset and Gain on Disposal of Associate [Line items]
Balance at December 31, 2021	€ 621
Phoenicis Therapeutics Inc.
Disclosure of Investment in Financial Asset and Gain on Disposal of Associate [Line items]
Investment in Phoenicis Therapeutics, Inc.	€ 621

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

Other Taxes (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Taxes
Value added tax	€ 555	€ 421
Total Other Taxes	€ 555	€ 421

Prepayments and Other Receivables (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepayments and Other Receivables.
Prepayments	€ 3,136	€ 3,383
Other receivables.	268	379
Total Prepayments and Other Receivables	€ 3,404	€ 3,762

Cash and Cash Equivalents (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents.
Cash at banks	€ 187,524	€ 75,838
Total cash and cash equivalents	€ 187,524	€ 75,838	€ 111,950	€ 105,580

Shareholders' Equity - Share capital (Details)	1 Months Ended				12 Months Ended
Shareholders' Equity - Share capital (Details)	Sep. 30, 2021 EUR (€) shares	Apr. 30, 2021 EUR (€) shares	Jan. 31, 2021 EUR (€) shares	Oct. 31, 2019 EUR (€)	Dec. 31, 2021 EUR (€) € / shares shares	Dec. 31, 2020 EUR (€) shares	Dec. 31, 2019 EUR (€) € / shares shares	Nov. 30, 2021 USD ($)	Apr. 30, 2021 $ / shares	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) $ / shares shares	Oct. 31, 2019 $ / shares shares	Dec. 31, 2018 shares
Shareholders Equity
Authorized share capital \| €					€ 13,600,000
Maximum aggregate offering of ordinary shares \| $								$ 300,000,000
Par value per share \| € / shares					€ 0.04
Shares issued in the period \| €					€ 108,477,000	€ 272,000	€ 48,550,000
Ordinary
Shareholders Equity
Number of shares issued					74,865,381	54,131,553					53,975,838		43,149,987
Issued for cash					20,498,451	53,708	10,454,545
Issued for services					112,657	102,007	371,306
Exercise of share options					474,887	303,408	46,900
Treasury shares issued (transferred)					(352,167)	(303,408)	(46,900)
Maximum aggregate offering of ordinary shares \| $								300,000,000
Number of shares authorised					170,000,000
Shares were issued and fully paid in cash					71,290,805
Treasury shares					3,574,576	3,926,743
Preferred
Shareholders Equity
Number of shares authorised					170,000,000
Market offering program \| Ordinary
Shareholders Equity
Number of shares issued						0
Maximum aggregate offering of ordinary shares \| $										$ 75,000,000
At The Market Offering
Shareholders Equity
Issue of ordinary shares (in shares)			585,398
Gross proceeds from issuance of shares \| €			€ 2,767,000
Transaction cost \| €			114,000
Net proceeds \| €			€ 2,653,000
Underwritten public offering and direct offering
Shareholders Equity
Number of shares issued												10,454,545
Issue of ordinary shares (in shares)		15,923,077
Share price \| $ / shares									$ 6.50			$ 5.50
Gross proceeds \| €				€ 51,597,000
Gross proceeds from issuance of shares \| €		€ 88,115,000
Transaction cost \| €		5,499,000		3,047,000
Net proceeds \| €		€ 82,616,000		€ 48,550,000
Eli Lilly and Company
Shareholders Equity
Issue of ordinary shares (in shares)	3,989,976
Gross proceeds from issuance of shares \| €	€ 23,223,000
Transaction cost \| €	€ 0
Ionis Pharmaceuticals, Inc \| Worldwide License Agreement
Shareholders Equity
Number of shares issued											371,306
Maximum aggregate offering of ordinary shares \| $											$ 3,501,000
Share price \| (per share)							€ 8.51				$ 9.43
Cantor Fitzgerald & Co \| At The Market Offering
Shareholders Equity
Number of shares issued					0
Cantor Fitzgerald & Co \| At The Market Offering \| Ordinary
Shareholders Equity
Maximum aggregate offering of ordinary shares \| $								$ 75,000,000

Shareholders' Equity - Share options (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating costs
Shareholders Equity
Compensation expenses	€ 6,216,000	€ 7,838,000
Research and development costs
Shareholders Equity
Compensation expenses	2,580,000	3,415,000
General and administrative costs
Shareholders Equity
Compensation expenses	€ 3,636,000	€ 4,423,000
IFRS Stock options [Member]
Shareholders Equity
Vesting period	4 years
Vesting period percentage	25.00%
Term options	10 years
Risk-free interest rate	0.51%	1.432%	2.43%
Expected volatility	79.00%	78.70%	80.20%
Expected life in years	5 years	5 years	5 years

Shareholders' Equity - Movements in the number of options outstanding (Details)	12 Months Ended
	Dec. 31, 2021 EUR (€) EquityInstruments € / shares	Dec. 31, 2020 EUR (€) USD ($) EquityInstruments € / shares	Dec. 31, 2019 USD ($) EquityInstruments € / shares
IFRS Stock options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value per stock option \| €	€ 2.58	€ 5.01
Term options	10 years
Expected life in years	5 years	5 years	5 years
Stock options outstanding, beginning of year (in shares) \| EquityInstruments	7,021,235	5,575,454	4,511,512
Granted (in shares) \| EquityInstruments	1,492,034	1,851,056	1,237,506
Forfeited (in shares) \| EquityInstruments	(341,448)	(85,584)	(119,338)
Exercised (in shares) \| EquityInstruments	(474,887)	(303,408)	(46,900)
Lapsed (in shares) \| EquityInstruments	(53,791)	(16,283)	(7,326)
Stock options outstanding, end of the year (in shares) \| EquityInstruments	7,643,143	7,021,235	5,575,454
Exercisable stock options, end of the year (in shares) \| EquityInstruments	4,221,503	3,401,449	2,521,477
Average exercise price, beginning of year (in dollars per share)	€ 6.47	€ 5.80	€ 4.24
Granted (in dollars per share)	4.34	7.88	11.77
Forfeited (in dollars per share)	8.68	7.14	9.35
Exercised (in dollars per share)	3.35	2.34	4.18
Lapsed (in dollars per share)	9.53	8.26	8.76
Average exercise price, end of the year (in dollars per share)	6.13	6.47	€ 5.80
Options exercised during the year	€ 5.81	€ 7.11
Weighted average life	6 years 7 months 6 days	7 years
IFRS Restricted Stock Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value per stock option \| €	€ 4.27
Granted (in shares) \| $		0	0
Minimum \| IFRS Stock options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	€ 1.11	€ 1.11
Maximum \| IFRS Stock options [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	€ 19.32	€ 20.34

Shareholders' Equity - Movements in the number of RSUs outstanding (Details)	12 Months Ended
	Dec. 31, 2021 EquityInstruments
Shareholders Equity
Number of RSUs, Granted	545,613
Number of RSUs, Forfeited	(9,495)
Number of RSUs, Ending balance	536,118

Borrowings (Details) $ / shares in Units, $ in Millions					1 Months Ended			2 Months Ended	12 Months Ended				17 Months Ended	18 Months Ended		24 Months Ended	37 Months Ended
Borrowings (Details) $ / shares in Units, $ in Millions	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 29, 2021 $ / shares shares	Jun. 01, 2012 EUR (€)	Aug. 31, 2020 EUR (€) tranche	Jul. 31, 2020 USD ($) tranche	Jun. 30, 2020 EUR (€)	Aug. 31, 2020 EUR (€) $ / shares shares	Dec. 31, 2021 EUR (€) $ / shares	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 10, 2018 EUR (€)
Disclosure of detailed information about borrowings [line items]
Total borrowings	€ 44,090,000								€ 44,090,000	€ 44,090,000	€ 17,324,000		€ 44,090,000	€ 44,090,000			€ 44,090,000
Current portion	(4,771,000)								(4,771,000)	(4,771,000)	(1,135,000)		(4,771,000)	(4,771,000)			(4,771,000)
Total non-current borrowings	39,319,000								39,319,000	39,319,000	16,189,000		39,319,000	39,319,000			39,319,000
Proceeds from borrowings										1,137,000	579,000	€ 2,027,000
Debt convertible										26,520,000	13,791,000	€ 690,000
Innovation credit
Disclosure of detailed information about borrowings [line items]
Total borrowings	3,907,000								3,907,000	3,907,000	2,770,000		3,907,000	3,907,000			3,907,000
Accrued interest	€ 645,000								€ 645,000	€ 645,000	307,000		€ 645,000	€ 645,000			€ 645,000
RVO innovation credit for cystic fibrosis program
Disclosure of detailed information about borrowings [line items]
Percentage of cost covered by the innovative credit				35.00%
Interest rate (as percent)				10.00%
Benefit recognized on waiver of debt							€ 8,423,000
RVO innovation credit for cystic fibrosis program \| Maximum
Disclosure of detailed information about borrowings [line items]
Notional amount				€ 5,000,000
RVO innovation credit for cystic sepofarsen program [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate (as percent)	10.00%								10.00%	10.00%			10.00%	10.00%			10.00%
Proceeds from borrowings																	€ 3,907,000
RVO innovation credit for cystic sepofarsen program [Member] \| Maximum
Disclosure of detailed information about borrowings [line items]
Notional amount																		€ 4,755,000
Convertible Debt
Disclosure of detailed information about borrowings [line items]
Total borrowings	€ 38,925,000								€ 38,925,000	€ 38,925,000	13,812,000		€ 38,925,000	€ 38,925,000			38,925,000
Accrued interest	€ 613,000								€ 613,000	€ 613,000	€ 435,000		€ 613,000	€ 613,000			€ 613,000
Interest rate (as percent)	8.20%								8.20%	8.20%			8.20%	8.20%			8.20%
Proceeds from borrowings	€ 26,500,000	$ 30
Term of debt			54 months
Debt, interest only payment term			33 months
Fixed conversion price \| $ / shares			$ 11.94					$ 7.88
Warrants issued \| shares			376,952					302,676
Fixed exercise price \| $ / shares									€ 7.88
Convertible Debt \| ProQR Therapeutics N.V. \| Amylon Therapeutics B.V
Disclosure of detailed information about borrowings [line items]
Interest rate (as percent)	8.00%								8.00%	8.00%			8.00%	8.00%			8.00%
Cash advances and loans made to related parties																€ 2,300,000
Debt instrument convertible term										36 months
Convertible Debt \| Minimum \| ProQR Therapeutics N.V. \| Amylon Therapeutics B.V
Disclosure of detailed information about borrowings [line items]
Unconverted loan maturity										24
Convertible Debt \| Maximum \| ProQR Therapeutics N.V. \| Amylon Therapeutics B.V
Disclosure of detailed information about borrowings [line items]
Unconverted loan maturity										36
Convertible Debt \| Buildings and Leasehold improvements
Disclosure of detailed information about borrowings [line items]
Property plant and equipment pledged as security	€ 372,000								€ 372,000	€ 372,000			€ 372,000	€ 372,000			€ 372,000
Convertible Debt \| Laboratory equipment
Disclosure of detailed information about borrowings [line items]
Property plant and equipment pledged as security	1,432,000								1,432,000	1,432,000			1,432,000	1,432,000			1,432,000
Convertible Debt \| Cash at bank
Disclosure of detailed information about borrowings [line items]
Assets pledged as security	187,524,000								187,524,000	187,524,000			187,524,000	187,524,000			187,524,000
Convertible Debt \| Other receivables
Disclosure of detailed information about borrowings [line items]
Assets pledged as security	268,000								268,000	268,000			268,000	268,000			268,000
Convertible Debt \| Investments in associates [Member]
Disclosure of detailed information about borrowings [line items]
Assets pledged as security	€ 8,000								€ 8,000	€ 8,000			8,000	8,000			€ 8,000
Convertible Debt Pontifax Medison Debt Financing
Disclosure of detailed information about borrowings [line items]
Proceeds from borrowings														€ 8,800,000	$ 10
Number of tranches \| tranche						3
Maximum borrowing capacity per tranche \| $						$ 10
Term of debt						54 months
Debt, interest only payment term						24 months
Convertible Debt Pontifax Medison Debt Financing \| Maximum
Disclosure of detailed information about borrowings [line items]
Notional amount \| $						$ 30
Convertible Debt Kreos Capital Debt Financing
Disclosure of detailed information about borrowings [line items]
Proceeds from borrowings													€ 5,000,000
Number of tranches \| tranche					3
Maximum borrowing capacity per tranche					€ 5,000,000			$ 5,000,000
Term of debt					54 months
Debt, interest only payment term					24 months
Convertible Debt Kreos Capital Debt Financing \| Maximum
Disclosure of detailed information about borrowings [line items]
Notional amount					€ 15,000,000			$ 15,000,000

Borrowings - Reconciliation of movements of liabilities to cash flows arising from financing activities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Borrowings, beginning balance	€ 17,324
Lease liability, beginning balance	16,953	€ 508
Repayment of lease liability	(820)	(605)
Share-based repayment of lease liability	(387)	(542)
New leases	121	16,332
Effect of lease modifications and amendments	415	1,260
Borrowings, ending balance	44,090	17,324
Lease liability, ending balance	16,282	16,953
Innovation credit including accrued interest
Disclosure of detailed information about borrowings [line items]
Borrowings, beginning balance	3,077	10,315
Proceeds	1,137	579
Interest expense	338	606
Waiver of innovation credit		(8,423)
Borrowings, ending balance	4,552	3,077
Convertible debt including accrued interest
Disclosure of detailed information about borrowings [line items]
Borrowings, beginning balance	14,247	2,737
Proceeds	26,520	13,791
The effect of changes in foreign exchange rates	590	(580)
Interest expense	1,877	1,054
Interest paid	(1,216)	(716)
Conversion into equity		(272)
Transaction costs	(148)	(670)
Proceeds recognized as derivative financial liabilities	(1,186)	(817)
Proceeds recognized in equity as option premium on convertible loans	(1,146)	(280)
Borrowings, ending balance	€ 39,538	€ 14,247

Deferred Income - Summary of deferred income (Details) - EUR (€)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total deferred income	€ 19,802,000	€ 700,000
Current portion	(5,115,000)	(700,000)
Total non-current deferred income	14,687,000
Eli Lilly and Company
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total deferred income	19,143,000
Eli Lilly and Company \| Up-front payments and premium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total deferred income	19,143,000
Yarrow Biotechnology, Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total deferred income	73,000
Yarrow Biotechnology, Inc \| Up-front payments and premium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total deferred income	73,000
Foundation Fighting Blindness
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total deferred income	561,000	623,000
EC Horizon 2020 Program
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total deferred income	€ 25,000	€ 77,000

Current Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current liabilities
Borrowings	€ 4,771	€ 1,135
Lease liabilities	1,534	1,260
Derivative financial instruments	3,995	839
Trade payables	191	221
Social securities and other taxes	1,230	22
Pension premiums		6
Deferred income	5,115	700
Accrued expenses and other liabilities	10,760	6,118
Current liabilities	€ 27,596	€ 10,301

Revenue - Summary of revenue recognized (Details) € in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized	€ 1,354
Eli Lilly and Company \| Up-front payments
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized	581
Eli Lilly and Company \| Premiums on share issue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized	71
Yarrow Biotechnology, Inc \| Up-front payments
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized	252
Yarrow Biotechnology, Inc \| R&D services
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized	282
Yarrow Biotechnology, Inc \| Premiums on share issue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized	€ 168

Revenue - Summary of changes in current and non-current deferred revenue (Details)	12 Months Ended
	Dec. 31, 2021 EUR (€)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities at beginning of period	€ 700,000
Contract liabilities at end of period	19,802,000
Eli Lilly and Company
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities at end of period	19,143,000
Eli Lilly and Company \| Up-front payments
Disclosure of disaggregation of revenue from contracts with customers [line items]
Received	17,651,000
Revenue recognition	(581,000)
Eli Lilly and Company \| Premiums on share issue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Received	2,144,000
Revenue recognition	(71,000)
Yarrow Biotechnology, Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Foreign currency translation effects	(47,000)
Contract liabilities at end of period	73,000
Yarrow Biotechnology, Inc \| Up-front payments
Disclosure of disaggregation of revenue from contracts with customers [line items]
Received	419,000
Revenue recognition	(252,000)
Yarrow Biotechnology, Inc \| R&D services
Disclosure of disaggregation of revenue from contracts with customers [line items]
Received	178,000
Revenue recognition	(282,000)
Yarrow Biotechnology, Inc \| Premiums on share issue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Received	225,000
Revenue recognition	€ (168,000)

Revenue (Details) - EUR (€)	1 Months Ended		3 Months Ended	12 Months Ended
Revenue (Details) - EUR (€)	Sep. 30, 2021	May 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Proceeds from issuing shares				€ 108,477,000	€ 48,550,000
Eli Lilly and Company
Disclosure of disaggregation of revenue from contracts with customers [line items]
Number of shares issued	3,989,976
Proceeds from issuing shares	€ 23,223,000
Up-front payment received	17,651,000
Eli Lilly and Company \| Premiums on share issue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue	€ 2,144,000
Yarrow Biotechnology, Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Proportion of ownership interest in associate		8.00%	4.90%	4.90%
Up-front payment received		€ 419,000		€ 178,000

Other income (Details) - EUR (€)	1 Months Ended	12 Months Ended
Other income (Details) - EUR (€)	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Grant income		€ 1,012,000	€ 9,307,000	€ 1,778,000
Other income		31,000	145,000	155,000
Total other income		€ 1,043,000	€ 9,452,000	€ 1,933,000
Innovation credit
Disclosure of detailed information about borrowings [line items]
Other income	€ 8,423,000

Other income - Narrative (Details)	1 Months Ended	12 Months Ended
Other income - Narrative (Details)	Jun. 30, 2020 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 EUR (€)	Feb. 09, 2018 USD ($)
Other Income [Line Items]
Other income		€ 31,000	€ 145,000	€ 155,000
Grant income		1,012,000	9,307,000	€ 1,778,000
Innovation credit
Other Income [Line Items]
Other income	€ 8,423,000
Foundation Fighting Blindness
Other Income [Line Items]
Grant income		€ 977,000	€ 624,000
Clinical support agreement \| Foundation Fighting Blindness
Other Income [Line Items]
Amount of funds available for qualified projects \| $					$ 7,500,000

Operating Costs (Details) - EUR (€) € in Thousands	12 Months Ended
Operating Costs (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating costs
Employee benefits expense	€ 26,320	€ 23,836	€ 21,478
External R&D costs	15,580	12,860	19,134
Laboratory costs and other consumables	2,709	2,840	2,544
Consultancy costs	4,447	2,620	3,501
Insurance costs	1,979	1,450	682
Depreciation	2,329	2,355	2,052
Patent and license expense	95	736	3,781
Other	6,129	5,123	6,206
Total operating costs	€ 59,588	€ 51,820	€ 59,378

Employee Benefits (Details)	12 Months Ended
Employee Benefits (Details)	Dec. 31, 2021 EUR (€) employee	Dec. 31, 2020 EUR (€) employee	Dec. 31, 2019 EUR (€) employee
Employee Benefits
Wages and salaries	€ 16,838,000	€ 13,251,000	€ 13,187,000
Social security costs	2,124,000	1,710,000	1,433,000
Pension costs - defined contribution plans	1,142,000	1,037,000	910,000
Equity-settled share based payments	6,216,000	7,838,000	5,948,000
Total employee benefits expense	€ 26,320,000	€ 23,836,000	€ 21,478,000
Average number of employees for the period \| employee	163.0	156.3	139.8
Research and Development \| employee	140.7	113.8	118.3
General and Administrative \| employee	40.9	36.6	36.1
Total number of employees at December 31 (converted to FTE) \| employee	181.6	150.4	154.4
WBSO subsidies received for wages and salaries	€ 695,000	€ 1,379,000	€ 714,000
Netherlands
Employee Benefits
Total number of employees at December 31 (converted to FTE) \| employee	149.6	135.3

Financial Income and Expense (Details) - EUR (€)	12 Months Ended
Financial Income and Expense (Details) - EUR (€)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Income and Expense
Interest income Current accounts and deposits	€ 5,000	€ 313,000	€ 763,000
Current accounts and deposits	(355,000)	(129,000)
Interest expense Lease liability	(835,000)	(409,000)	(73,000)
Interest on loans and borrowings	(2,215,000)	(1,502,000)	(1,010,000)
Net foreign exchange benefit/(loss)	611,000	(1,989,000)	722,000
Total	(2,789,000)	(3,716,000)	402,000
Financial income	616,000	313,000	1,485,000
Interest income	5,000	313,000
Net foreign exchange benefit	611,000	0
Financial expenses	3,405,000	4,029,000	€ 1,083,000
Interest costs	€ 3,405,000	2,040,000
Net foreign exchange loss		€ 1,989,000

Income Taxes (Details) - EUR (€) € in Thousands	12 Months Ended
Income Taxes (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Consolidated result before corporate income taxes	€ (61,563)	€ (46,490)	€ (56,614)
Results related to associates	(217)	(322)	429
Accounting profit	(61,346)	(46,168)	(57,043)
Income tax based on domestic rate	15,337	11,542	14,261
Different tax rates in foreign jurisdictions	18	16	17
Non-deductible expenses	(2,176)	(2,742)	(1,501)
Share- and loan-issue expenditures that are taxable	1,423	174	843
Change in unrecognized deductible temporary differences	(89)	(44)	(7)
Current year losses for which no deferred tax asset was recognized	(14,606)	(9,029)	(13,703)
True-up for prior year	(24)	(41)	(42)
Income tax charge	€ (117)	(124)	(132)
Domestic rate	25.00%
Tax loss carry-forwards	€ 312,600	€ 254,200	€ 218,100
Taxable profit	€ 1,000
Offset percentage	50.00%

Earnings Per Share (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share
Result attributable to owners of the company (??? in thousands)	€ (61,621)	€ (46,565)	€ (56,480)
Weighted average number of shares outstanding	64,182,492	50,060,565	41,037,244
Basic earnings (loss) per share	€ (0.96)	€ (0.93)	€ (1.38)
Diluted earnings (loss) per share	€ (0.96)	€ (0.93)	€ (1.38)

Leases (Details)		1 Months Ended		6 Months Ended	12 Months Ended
Leases (Details)	Jul. 01, 2020 EUR (€)	Jun. 30, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Jun. 30, 2021 EUR (€)	Dec. 31, 2021 EUR (€) m²	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 EUR (€)	Apr. 01, 2021 EUR (€)
Disclosure of quantitative information about right-of-use assets [line items]
Lease liability			€ 16,953,000		€ 16,282,000	€ 16,953,000	€ 508,000
Depreciation charge for right-of-use asset					1,672,000	1,422,000
Interest expense on lease liability					835,000	409,000	€ 73,000
Expense relating to short-term leases					70,000	141,000
Total cash outflow for leases					1,657,000	1,014,000
Additions to right-of-use assets during the period					536,000	17,591,000
Increase in lease liability through extension of lease terms					415,000	€ 1,260,000
Total undiscounted commitment for lease agreements					€ 20,509,000
Office and Laboratory Facility [Member] \| Leiden Netherlands
Disclosure of quantitative information about right-of-use assets [line items]
Area under lease \| m²					4,818
Renewal term					5 years
Lease liability	€ 16,203,000
Right-of-use asset	€ 16,332,000
Leases term	10 years		11 years
Lease extension term			1 year
Increase in lease liability through extension of lease terms			€ 1,260,000
Increase in right-of-use asset through modification of lease terms			€ 1,260,000
Increase in lease liabilities through remeasurement				€ 415,000
Increase in right-of-use asset through remeasurement of lease liability		€ 415,000
Office and Laboratory Facility [Member] \| London, UK
Disclosure of quantitative information about right-of-use assets [line items]
Lease liability								€ 121,000
Right-of-use asset								€ 121,000
Leases term					2 years

Commitments and Contingencies - Claims and Patent License Agreement (Details) € in Thousands, $ in Millions		1 Months Ended			12 Months Ended
	Oct. 26, 2018 USD ($)	Jan. 31, 2018	Jun. 30, 2015	Apr. 30, 2014	Dec. 31, 2021 EUR (€) claim	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 EUR (€)
Commitments and Contingencies
Shares issued in the period \| €					€ 108,477	€ 272	€ 48,550
Claims known to management related to activities of company \| claim					0
Ionis Pharmaceuticals, Inc
Commitments and Contingencies
Ownership interest	18.50%
Ionis Pharmaceuticals, Inc \| Stock Purchase Agreement [Member]
Commitments and Contingencies
Shares issued in the period	$ 2.5
Ownership interest	19.90%
Period prohibiting for disposition of ordinary shares issued	12 months
Ionis Pharmaceuticals, Inc \| Maximum \| License Agreement [Member]
Commitments and Contingencies
Upfront payment	$ 6.0
Certain payments upon satisfaction of certain development and sales milestones	$ 20.0
Radboud University Medical Center [Member] \| License Agreement [Member]
Commitments and Contingencies
Threshold period for terminating agreement in case of default not cured			30 days
Radboud University Medical Center [Member] \| Patent license agreement
Commitments and Contingencies
Threshold period for terminating agreement in case of default not cured				30 days
Radboud University Medical Center [Member] \| Minimum \| License Agreement [Member]
Commitments and Contingencies
Threshold period for terminating agreement in case payment remains outstanding after receiving notice of the amount due			30 days
Radboud University Medical Center [Member] \| Minimum \| Patent license agreement
Commitments and Contingencies
Threshold period for terminating agreement in case payment remains outstanding after receiving notice of the amount due				30 days
Inserm Transfert SA and Assistance [Member] \| License Agreement [Member]
Commitments and Contingencies
Term of agreement after the first commercial sale of a product in the country in which the product is sold		5 years
Period for voluntary or involuntary winding-up proceedings or judicial recovery if sublicensees interrupt development activities		1 year
Period for voluntary or involuntary winding-up proceedings or judicial recovery if sublicensees interrupt commercialization		12 months
Period for voluntary or involuntary winding-up proceedings or judicial recovery if the entity does not commercialize a product following to obtaining of marketing approval in a country		2 years
Period for voluntary or involuntary winding-up proceedings or judicial recovery if the entity do not put a product into commercial use and do not keep products reasonably available to the public		12 years

Commitments and Contingencies - Clinical support agreements (Details) $ in Millions			12 Months Ended
	Feb. 09, 2018 EUR (€)	Feb. 09, 2018 USD ($)	Dec. 31, 2021 EUR (€) installment	Dec. 31, 2021 USD ($) installment	Dec. 31, 2020 EUR (€)
Commitments and Contingencies
Research and development commitments			€ 27,884,000		€ 12,003,000
Less than 1 year
Commitments and Contingencies
Research and development commitments			13,024,000
Clinical support agreement \| Foundation Fighting Blindness
Commitments and Contingencies
Milestone payment on achievement of first commercial sale			€ 30,600,000	$ 37.5
Number of milestone payment installments \| installment			4	4
Milestone payment on transfer, sells or licenses other than for clinical or development purposes			€ 12,200,000	$ 15.0
Period after first commercial sale for payment of first installment			60 days	60 days
Minimum
Commitments and Contingencies
Research And Commitments Period			1 year	1 year
Maximum
Commitments and Contingencies
Research And Commitments Period			5 years	5 years
Entering into partnership \| Clinical support agreement \| Foundation Fighting Blindness
Commitments and Contingencies
Contribution to support clinical development	€ 6,100,000	$ 7.5

Related-Party Transactions - Compensation (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supervisory Board
Transactions between the Company and related parties
Short term employee benefits	€ 240,000	€ 156,000	€ 460,000
Share-based payment	415,000	574,000	366,000
Total compensation	655,000	730,000	826,000
Mr. Dinko Valerio
Transactions between the Company and related parties
Short term employee benefits	70,000		74,000
Share-based payment	86,000	123,000	106,000
Total compensation	156,000	123,000	180,000
Mr. Antoine Papiernik
Transactions between the Company and related parties
Short term employee benefits			104,000
Total compensation			104,000
Ms. Alison Lawton
Transactions between the Company and related parties
Short term employee benefits	47,000	34,000	41,000
Share-based payment	86,000	123,000	107,000
Total compensation	133,000	157,000	148,000
Mr. Paul Baart
Transactions between the Company and related parties
Short term employee benefits			144,000
Total compensation			144,000
Mr. James Shannon
Transactions between the Company and related parties
Short term employee benefits	50,000	45,000	48,000
Share-based payment	86,000	125,000	109,000
Total compensation	136,000	170,000	157,000
Mr. Bart Filius
Transactions between the Company and related parties
Short term employee benefits	44,000	41,000	30,000
Share-based payment	80,000	104,000	26,000
Total compensation	124,000	145,000	56,000
Ms. Theresa Heggie
Transactions between the Company and related parties
Short term employee benefits	29,000	36,000	19,000
Share-based payment	77,000	99,000	18,000
Total compensation	106,000	135,000	37,000
Key management personnel
Transactions between the Company and related parties
Short term employee benefits	3,671,000	2,309,000	2,267,000
Post-employment benefits	67,000	65,000	58,000
Share-based payment	4,390,000	5,319,000	3,792,000
Total compensation	8,128,000	7,693,000	6,117,000
Management Board
Transactions between the Company and related parties
Short term employee benefits	733,000	689,000	722,000
Post-employment benefits	10,000	10,000	10,000
Share-based payment	1,472,000	1,925,000	1,533,000
Total compensation	2,215,000	2,624,000	2,265,000
Mr. D.A. de Boer
Transactions between the Company and related parties
Short term employee benefits	733,000	689,000	722,000
Post-employment benefits	10,000	10,000	10,000
Share-based payment	1,472,000	1,925,000	1,533,000
Total compensation	2,215,000	2,624,000	2,265,000
Senior Management
Transactions between the Company and related parties
Short term employee benefits	2,938,000	1,620,000	1,545,000
Post-employment benefits	57,000	55,000	48,000
Share-based payment	2,918,000	3,394,000	2,259,000
Total compensation	€ 5,913,000	€ 5,069,000	€ 3,852,000

Related-Party Transactions - Stock options (Details)		12 Months Ended
Related-Party Transactions - Stock options (Details)	Sep. 12, 2017	Dec. 31, 2021 EUR (€) Option Options item € / shares shares	Dec. 31, 2020 EUR (€) Options € / shares	Dec. 31, 2019 EUR (€) Option Options € / shares shares
Sofinnova Capital VII FCPR
Transactions between the Company and related parties
Number of ordinary shares outstanding		2,764,194
Mr. Dinko Valerio
Transactions between the Company and related parties
Number of ordinary shares outstanding		725,692
Number of options outstanding \| Options		146,425
Number of options granted		23,239	24,615	14,918
Exercise price of options granted \| € / shares		€ 3.42	€ 8.82	€ 13.78
Number of tranches \| item		4
Vesting percentage of options		25.00%
Borrowings, interest rate	8.00%
Period after which unconverted loans become payable on demand	24 months
Shares sold through exercise of options		32,272
Ms. Alison Lawton
Transactions between the Company and related parties
Number of options outstanding \| Options		159,245
Number of options granted		23,239	24,615	14,918
Exercise price of options granted \| € / shares		€ 3.42	€ 8.82	€ 13.78
Number of tranches \| item		4
Vesting percentage of options		25.00%
Mr. James Shannon
Transactions between the Company and related parties
Number of ordinary shares outstanding		61,538
Number of options outstanding \| Options		155,505
Number of options granted		23.239	24,615	14,918
Exercise price of options granted \| € / shares		€ 3.42	€ 8.82	€ 13.78
Number of tranches \| item		4
Vesting percentage of options		25.00%
Mr. Bart Filius
Transactions between the Company and related parties
Number of options outstanding \| Option		60,609
Number of options granted		23,239	24,615	12,755
Exercise price of options granted \| € / shares		€ 3.42	€ 8.82	€ 10.47
Number of options vested				4
Vesting percentage of options				25.00%
Mr. D.A. de Boer
Transactions between the Company and related parties
Number of ordinary shares outstanding		705,309
Number of options outstanding \| Option		1,919,655
Number of options granted \| Options		442,279	395,561	253,192
Exercise price of options granted \| € / shares		€ 3.42	€ 8.82	€ 13.78
Bonus based on goals realized \| €		€ 284,000	€ 240,000	€ 273,000
Vesting period		4 years
Weighted average remaining contractual life of outstanding share options		6 years 10 months 24 days

Auditor fees (Details) - EUR (€) € in Thousands	12 Months Ended
Auditor fees (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
KPMG Accountants N.V.
Auditor Information [Line items]
Audit fees	€ 419
Audit-related fees	64
Total	€ 483
Deloitte Accountants B.V.
Auditor Information [Line items]
Audit fees		€ 487	€ 515
Audit-related fees		24	57
Total		€ 511	€ 572

Subsequent events (Details)	Apr. 13, 2022
Announcement of reduction of workforce
Disclosure of non-adjusting events after reporting period [line items]
Percentage of reduction of workforce announced	30.00%