0001558370-24-011460 | 6-K | XBRL Viewer

Financial Asset - Current (Tables)

6 Months Ended

Jun. 30, 2024


	June 30,	December 31,
	2024	2023
	€1,000	€1,000
Term deposit and interest accrued	17,183	—
	17,183	—

Financial Asset - Current

6 Months Ended

Jun. 30, 2024

Financial Asset - Current

Financial Asset - Current

6. Financial Asset – Current

This current financial asset relates to a term deposit with an initial maturity longer than 3 months but less than 12 months and does not qualify as a cash equivalent. The deposit is held at a bank with an investment grade credit rating. Short-term credit ratings must be rated A-1/P-1/F1 at a minimum by at least one of the NRSROs specifically Moody’s, Standard & Poor’s or Fitch.


	June 30,	December 31,
	2024	2023
	€1,000	€1,000
Term deposit and interest accrued	17,183	—
	17,183	—

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024
Document and Entity Information [Abstract]
Entity Registrant Name	ProQR Therapeutics N.V.
Entity Central Index Key	0001612940
Document Type	6-K
Document Period End Date	Jun. 30, 2024
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Borrowings (Details) - EUR (€) € in Thousands	1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended	24 Months Ended
Borrowings (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Sep. 30, 2022	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2019	Jun. 30, 2024	Dec. 10, 2018
Disclosure of detailed information about borrowings [line items]
Total borrowings	€ 4,292				€ 4,292		€ 4,437
Current portion							(4,437)
Non Current portion	4,292				4,292
Result on derecognition of financial liabilities			€ 101	€ 509
Pontifax and Kreos warrants
Disclosure of detailed information about borrowings [line items]
Warrants, economic lifetime		5 years
Innovation credit
Disclosure of detailed information about borrowings [line items]
Accrued interest	1,393				1,393		1,538
Total borrowings	2,899				2,899		2,899
Current portion							€ (2,899)
Notional amount								€ 3,907
Total conditional waiver of debt	€ 4,437
Repayment of borrowings					€ 1,008
Convertible loans Amylon Therapeutics B.V. [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate (as percent)						8.00%
Convertible loans Amylon Therapeutics B.V. [Member] \| Minimum
Disclosure of detailed information about borrowings [line items]
Period upon which unconverted loans become payable on demand						24 months
Convertible loans Amylon Therapeutics B.V. [Member] \| Maximum
Disclosure of detailed information about borrowings [line items]
Debt instrument convertible term						36 months
Period upon which unconverted loans become payable on demand						36 months

Other Current Liabilities (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current contract liabilities [abstract]
Other current liabilities	€ 5,675	€ 8,509

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment

Property, Plant and Equipment

8. Property, Plant and Equipment

At June 30, 2024 and December 31, 2023, property plant and equipment consisted of buildings and leasehold improvements, laboratory equipment and other assets. 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 € 13,741,000 at June 30, 2024 (December 31, 2023: € 14,524,000).

Lease Liabilities

6 Months Ended

Jun. 30, 2024

Lease Liabilities

Lease Liabilities

11. Lease Liabilities

At June 30, 2024 and December 31, 2023, lease liabilities primarily consisted of the Company’s lease of office and laboratory facilities at Zernikedreef in Leiden, the Netherlands.

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 carrying amount of the right-of-use asset is disclosed in Note 8.

Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents.

Cash and Cash Equivalents

5. Cash and Cash Equivalents

At June 30, 2024, the Company’s cash and cash equivalents were € 78,970,000 compared to € 118,925,000 at December 31, 2023. The cash balances are held at banks with investment grade credit ratings. 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. The cash at banks is at full disposal of the Company. Included in cash and cash equivalents are deposits fixed for at most 3-month periods at a time.

Investment in Financial Assets

6 Months Ended

Jun. 30, 2024

Investments in Financial Assets

Investments in Financial Assets

18. Investments in Financial Assets

Investment in financial assets consist of the Company’s investment in Phoenicis Therapeutics Inc. (“Phoenicis”) and Yarrow Biotechnology Inc (“Yarrow”).

ProQR holds a 3.9% interest in Phoenicis. At June 30, 2024, the investment amounts to € nil (December 31, 2023: € nil) after ProQR recognized a fair value loss in the third quarter of 2023 in other comprehensive income.

ProQR holds a 5.1% interest in Yarrow. In October 2023, ProQR initially recognized its investment in the Yarrow financial asset at € nil. As at June 30, 2024, the fair value of the Yarrow financial asset amounted to € nil (December 31, 2023: € nil).

Prepayments and Other Receivables (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepayments and Other Receivables.
Prepayments	€ 1,067	€ 793
Other receivables	4,049	745
Total Prepayments and Other Receivables	€ 5,116	€ 1,538

Consolidated Statement of Cash Flows - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net result	€ (2,692)	€ (7,977)	€ (10,350)	€ (16,832)
Adjustments for:
Depreciation	711	594	1,402	1,143
Share-based compensation	628	765	1,364	1,860
Financial income and expenses	(513)	(470)	(1,001)	74
Results related to financial liabilities measured at fair value through profit or loss	(195)	(221)	(127)	(891)
Results on derecognition of financial liabilities		(101)		(509)
Income tax expenses	(200)		(197)
Changes in working capital	(4,614)	(3,622)	(13,838)	48,668
Cash (used in)/generated from operations	(6,875)	(11,032)	(22,747)	33,513
Corporate income tax received/(paid)	199		196
Interest received	610	685	1,542	865
Interest paid	(190)		(379)
Net cash (used in)/generated from operating activities	(6,256)	(10,347)	(21,388)	34,378
Cash flow from investing activities
Increase in financial asset - current			(17,000)
Purchases of property, plant and equipment	(267)	(294)	(999)	(430)
Sales of property, plant and equipment				47
Net cash used in investing activities	(267)	(294)	(17,999)	(383)
Cash flow from financing activities
Proceeds from exercise of share options	12	4	174	4
Repayment of lease liability	(294)	(647)	(875)	(906)
Net cash used in financing activities	(282)	(643)	(701)	(902)
Net (decrease)/increase in cash and cash equivalents	(6,805)	(11,284)	(40,088)	33,093
Currency effect cash and cash equivalents	62	860	133	694
Cash and cash equivalents, at beginning of the period	85,713	138,986	118,925	94,775
Cash and cash equivalents at the end of the period	€ 78,970	€ 128,562	€ 78,970	€ 128,562

Other Income (Tables)

6 Months Ended

Jun. 30, 2024

Other Income

Schedule of other income


	Six month period
	ended June 30,
	2024	2023
	€1.000	€1.000

Grant income	366	76
Other income	—	4
	366	80

Property, Plant and Equipment (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Building And Leasehold Improvements
Property, Plant and Equipment
Right-of-use assets	€ 13,741	€ 14,524

Other Income (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
Other Income (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income
Grant income			€ 366	€ 76
Other income				4
Total other income	€ 156	€ 38	€ 366	€ 80

Adoption of New and Revised International Financial Reporting Standards

6 Months Ended

Jun. 30, 2024

Adoption of New and Revised International Financial Reporting Standards

Adoption of New and Revised International Financial Reporting Standards

3. Adoption of New and Revised International Financial Reporting Standards

New Standards and Interpretations, which became effective as of January 1, 2024, did not have a material impact on our condensed consolidated financial statements.

Income Taxes (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Income Taxes
Current tax liabilities	€ 0	€ 0
Provision for tax	€ 0	€ 0

Shareholders Equity

6 Months Ended

Jun. 30, 2024

Shareholders Equity

Shareholders Equity

13. Shareholders’ Equity

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 June 30, 2024, 84,247,306 ordinary shares were issued. 81,680,195 ordinary shares were fully paid and 2,567,111 ordinary shares were held by the Company as treasury shares (December 31, 2023: 2,893,792).

Translation reserve

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

Share options

The Company operates an equity-settled share-based compensation plan, which was introduced in 2013. Options and Restricted Stock Units (“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 in the six month period ended June 30, 2024 were € 1,364,000 (six month period ended June 30, 2023: € 1,860,000), of which € 1,089,000 was recorded in general and administrative costs (six month period ended June 30, 2023: € 1,644,000) and € 275,000 was recorded in research and development costs (six month period ended June 30, 2023: € 216,000).

Condensed Consolidated Statement of Changes in Equity - EUR (€) € in Thousands	Share capital	Share Premium	Equity Settled Employee Benefit Reserve	Translation Reserve	Accumulated Deficit	Total	Non-controlling Interests	Total
Balance at beginning of period at Dec. 31, 2022	€ 3,370	€ 412,540	€ 29,052	€ 1,212	€ (379,110)	€ 67,064	€ (384)	€ 66,680
Balance at beginning of period (in shares) at Dec. 31, 2022	84,246,967
Result for the period					(16,926)	(16,926)	94	(16,832)
Other comprehensive income				(212)		(212)		(212)
Recognition of share-based payments			1,860			1,860		1,860
Treasury shares transferred (in shares)	(122,584)
Shares options lapsed			(3,873)		3,873
Share options exercised / RSUs vested		4	(231)		231	4		4
Share options exercised / RSUs vested (in shares)	122,584
Balance at end of period at Jun. 30, 2023	€ 3,370	412,544	26,808	1,000	(391,932)	51,790	€ (290)	51,500
Balance at end of period (in shares) at Jun. 30, 2023	84,246,967
Balance at beginning of period at Dec. 31, 2023	€ 3,370	412,894	25,159	817	(400,850)	41,390		41,390
Balance at beginning of period (in shares) at Dec. 31, 2023	84,248,384
Result for the period					(10,350)	(10,350)		(10,350)
Other comprehensive income				276		276		276
Recognition of share-based payments			1,364			1,364		1,364
Treasury shares transferred (in shares)	(326,455)
Shares options lapsed			(359)		359
Share options exercised / RSUs vested		174	(288)		288	174		174
Share options exercised / RSUs vested (in shares)	326,455
Balance at end of period at Jun. 30, 2024	€ 3,370	€ 413,068	€ 25,876	€ 1,093	€ (410,553)	€ 32,854		€ 32,854
Balance at end of period (in shares) at Jun. 30, 2024	84,248,384

- 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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+ Details

Significant Accounting Policies (Details)	6 Months Ended
Significant Accounting Policies (Details)	Jun. 30, 2024 segment
Significant Accounting Policies
Number of reportable segment	1

Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Other Current Liabilities.

Other Current Liabilities

9. Other Current Liabilities

At June 30, 2024, other current liabilities amount to € 5,675,000 (December 31, 2023: € 8,509,000). At June 30, 2024 and December 31, 2023, other current liabilities consisted principally of accruals for services provided by vendors not yet billed, payroll related accruals and other miscellaneous liabilities.

Deferred Income

6 Months Ended

Jun. 30, 2024

Deferred Income

Deferred Income

12. Deferred Income

The following table summarizes details of deferred income at June 30, 2024 and December 31, 2023. The nature of the deferred income is described in Note 14 and 15.


	June 30,	December 31,
	2024	2023
	€1,000	€1,000
Payments from Eli Lilly	23,341	20,569
Payments from Rett Syndrome Research Trust	486	—
Current deferred income	23,827	20,569

Payments from Eli Lilly	34,840	44,170
Non-current deferred income	34,840	44,170

Total deferred income	58,667	64,739

Borrowings (Tables)

6 Months Ended

Jun. 30, 2024

Borrowings

Schedule of borrowings


	June 30,	December 31,
	2024	2023
	€1.000	€1.000
Innovation credit	2,899	2,899
Accrued interest on innovation credit	1,538	1,393

Total borrowings	4,437	4,292
Current portion	(4,437)	—
	—	4,292

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Taxes

Income Taxes

20. Income Taxes

The current income tax liability amounts to € nil at June 30, 2024 (December 31, 2023: € nil). No significant temporary differences exist between accounting and tax results. Realization of deferred tax assets is dependent on future earnings, if any, the timing and amount of which are uncertain. Accordingly, the Company has not yet recognized any deferred tax asset related to operating losses.

Tax losses 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.

Investment in Financial Assets (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023	Oct. 31, 2023
Phoenicis Therapeutics Inc.
Disclosure of financial assets [line items]
Proportion of ownership interest	3.90%
Financial assets at fair value through other comprehensive income	€ 0	€ 0
Yarrow Biotechnology, Inc
Disclosure of financial assets [line items]
Proportion of ownership interest	5.10%
Financial assets at fair value through other comprehensive income	€ 0	€ 0	€ 0

Lease Liabilities (Details) - Office and laboratory facilities at Zernikedreef, Leiden - m²		1 Months Ended	6 Months Ended
	Jul. 01, 2020	Dec. 31, 2020	Jun. 30, 2024
Disclosure of quantitative information about right-of-use assets [line items]
Area under lease			4,818
Lease term	10 years	11 years
Lease extension term		1 year
Lease, current extension period under option			5 years

Cash and Cash Equivalents (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents.
Cash and cash equivalents	€ 78,970	€ 85,713	€ 118,925	€ 128,562	€ 138,986	€ 94,775

General and Administrative Costs (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
General and Administrative Costs
General and administrative costs	€ 3,013	€ 4,145	€ 6,465	€ 8,171

Events After Balance Sheet Date

6 Months Ended

Jun. 30, 2024

Events After Balance Sheet Date

Events After Balance Sheet Date

21. Events After Balance Sheet Date

None.

Other Income - Narrative (Details) - EUR (€) € in Thousands	1 Months Ended
Other Income - Narrative (Details) - EUR (€) € in Thousands	Jan. 31, 2024	Dec. 31, 2023
Rett Syndrome Research Trust
Other Income [Line Items]
Maximum grant receivable for initial phase of project	€ 1,015
Innovation credit
Other Income [Line Items]
Total conditional waiver of debt		€ 4,437

Prepayments and Other Receivables (Tables)

6 Months Ended

Jun. 30, 2024

Prepayments and Other Receivables.

Prepayments and Other Receivables


	June 30,	December 31,
	2024	2023
	€1,000	€1,000
Prepayments	1,067	793
Other Receivables	4,049	745
	5,116	1,538

Results Related to Derecognition of Financial Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of results related to derecognition of financial liabilities


	Six month period
	ended June 30,
	2024	2023
	€1.000	€1.000

Gain on waiver of Amylon convertible loans	—	509
	—	509

Critical Accounting Estimates and Judgments (Policies)

6 Months Ended

Jun. 30, 2024

Critical Accounting Estimates and Judgments

Revenue recognition for the Eli Lilly collaboration and license agreement

Revenue recognition for the Eli Lilly collaboration and license agreement

a. Identification of the performance obligation

Note 14 describes the Company’s original research and collaboration agreement with Eli Lilly and Company, and the amended and restated research and collaboration agreement (collectively, the “Collaboration agreement”). Under the Collaboration 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.

ProQR’s services are evaluated as predominant at inception of the contract and contractually only ProQR can perform these services as they are specific to the skills of the Company. The resulting compounds from the collaboration do not represent a series of distinct promises because they were not predetermined at the inception of the contract and can be terminated or replaced at the discretion of Lilly subject to the terms and conditions of the Collaboration agreement.

b. Determining the timing of satisfaction of performance obligations

Under the Collaboration agreement, 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 amounts to € 58,667,000 of which € 58,181,000 is related to this Eli Lilly performance obligation at June 30, 2024. As at December 31, 2023 the entire deferred revenue balance of € 64,739,000 related to the Eli Lilly performance obligation.

c. Determining the transaction price

The Company applied judgement to determine whether the equity investments made by Eli Lilly in ProQR are part of the transaction price for the Collaboration agreement. The Company concluded that the differences between the prices that Eli Lilly paid for the shares and the ProQR stock closing prices on the days of entering into the equity investment agreements arose because of the Company’s existing obligations to deliver research and development services to Eli Lilly under the terms of the Collaboration agreement. Therefore, the above differences between the closing share prices on the agreement effective dates and the equity investment prices paid by Eli Lilly are considered to be part of the transaction price of the contract and are initially allocated to deferred revenue.

The contract also includes variable consideration, but no variable consideration was included in the initial transaction price at the inception, 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. The Company includes such variable consideration in the transaction price when the uncertainty associated with the variable consideration is resolved.

As further described in Note 14, during 2024, the Company reached milestones under the agreement, which were added to the transaction price and recognized partially as revenue during 2024 with the remainder recorded in future periods based on progress towards satisfaction of performance obligation.

The Collaboration agreement includes sales-based royalties, including commercial milestone payments based on the level of sales. Related revenue is recognized as the subsequent underlying sales occur at a point in time.

Research and development expenditures

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.

General and Administrative Costs

6 Months Ended

Jun. 30, 2024

General and Administrative Costs

General and Administrative Costs

17. General and Administrative Costs

General and administrative costs amount to € 6,465,000 for the six month period ended June 30, 2024 (six month period ended June 30, 2023: € 8,171,000).

Results Related to Derecognition of Financial Liabilities

6 Months Ended

Jun. 30, 2024

19. Results Related to Derecognition of Financial Liabilities


	Six month period
	ended June 30,
	2024	2023
	€1.000	€1.000

Gain on waiver of Amylon convertible loans	—	509
	—	509

Convertible loans

Convertible loans were issued to Amylon Therapeutics B.V. (“Amylon”), an 80% subsidiary of the Company, and were interest-bearing at an average rate of 8% per annum. They were convertible into a variable number of ordinary shares within 36 months at the option of the holder or the Company in case financing criteria were met. Any unconverted loans became payable on demand after 24 – 36 months in equal quarterly terms.

In 2023 and 2022, Amylon entered into waiver agreements with its lenders. Such lenders’ loan agreements with Amylon are severed and any claims to repayment of any outstanding debt and accumulated interest are renounced. The amount of convertible loans and accumulated interest that was waived under these agreements in the six month period ended June 30, 2024 is € nil (six month period ended June 30, 2023: € 509,000).

In the third quarter of 2023, Amylon was legally dissolved.

General Information

6 Months Ended

Jun. 30, 2024

General Information

General Information

1. General Information

ProQR Therapeutics N.V., or “ProQR” or the “Company”, is a biotechnology company domiciled in the Netherlands that primarily focuses on the discovery and development of novel therapeutic medicines.

Since September 18, 2014, the Company’s ordinary shares have been listed on Nasdaq. They are currently trading at Nasdaq Capital Market under ticker symbol PRQR.

The Company was incorporated in the Netherlands, on February 21, 2012 (Chamber of Commerce no. 54600790) and was reorganized from a private company with limited liability to a public company with limited liability on September 23, 2014. The Company has its statutory seat in Leiden, the Netherlands. The address of its headquarters and registered office is Zernikedreef 9, 2333 CK Leiden, the Netherlands.

ProQR Therapeutics N.V. is the ultimate parent company of the following entities:

●	ProQR Therapeutics Holding B.V. (100%);

●	ProQR Therapeutics I B.V. (100%);

●	ProQR Therapeutics II B.V. (100%);

●	ProQR Therapeutics III B.V. (100%);

●	ProQR Therapeutics IV B.V. (100%);

●	ProQR Therapeutics V B.V. (100%);

●	ProQR Therapeutics VI B.V. (100%);

●	ProQR Therapeutics VII B.V. (100%);

●	ProQR Therapeutics VIII B.V. (100%);

●	ProQR Therapeutics IX B.V. (100%);

●	ProQR Therapeutics I Inc. (100%)

ProQR Therapeutics N.V. is also statutory director of Stichting Bewaarneming Aandelen ProQR (“ESOP Foundation”) and has full control over this entity.

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

Condensed Consolidated Statement of Profit or Loss and OCI - EUR (€)
€ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Consolidated Statement of Profit or Loss and Comprehensive Income

Revenue

€ 6,305

€ 1,205

€ 10,755

€ 1,860

Other income

156

366

Research and development costs

(7,048)

(5,909)

(16,331)

(11,969)

General and administrative costs

(3,013)

(4,145)

(6,465)

(8,171)

Total operating costs

(10,061)

(10,054)

(22,796)

(20,140)

Operating result

(3,600)

(8,811)

(11,675)

(18,200)

Finance income and expense

513

470

1,001

(74)

195

221

127

891

Result on derecognition of financial liabilities

101

509

Result before corporate income taxes

(2,892)

(8,019)

(10,547)

(16,874)

Income taxes

200

197

Result for the period

(2,692)

(7,977)

(10,350)

(16,832)

Other comprehensive income (foreign exchange differences on foreign operation)

276

(212)

Total comprehensive income

(2,607)

(7,970)

(10,074)

(17,044)

Result attributable to

Owners of the Company

(2,692)

(7,993)

(10,350)

(16,926)

Non-controlling interests

Result for the period

(2,692)

(7,977)

(10,350)

(16,832)

Total comprehensive income attributable to

Owners of the Company

(2,607)

(7,986)

(10,074)

(17,138)

Non-controlling interests

Total comprehensive income

€ (2,607)

€ (7,970)

€ (10,074)

€ (17,044)

Share information

Weighted average number of shares outstanding, basic

^[1]

81,665,565

80,939,392

81,618,038

80,913,751

Weighted average number of shares outstanding, diluted

81,665,565

80,939,392

81,618,038

80,913,751

Earnings per share attributable to owners of the Company (Euro per share)

Basic loss per share

^[1]

€ (0.03)

€ (0.10)

€ (0.13)

€ (0.21)

Diluted loss per share

^[1]

€ (0.03)

€ (0.10)

€ (0.13)

€ (0.21)

[1]	For these periods the potential exercise of share options is not included in the diluted earnings per share as the Company was loss-making. Due to the anti-dilutive nature of the outstanding options, basic and diluted earnings per share are equal

Revenue

6 Months Ended

Jun. 30, 2024

Revenue.

Revenue

14. Revenue

Eli Lilly

In September 2021, the Company entered into a global licensing and research collaboration with Eli Lilly and Company (‘Lilly’) focused on the discovery, development, and commercialization of potential new medicines for genetic disorders in the liver and nervous system. ProQR and 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 Lilly, resulting in net proceeds of $30,000,000 (€ 25,270,000). This amount included a price premium of $2,429,000 (€ 2,047,000), which was determined to be part of the transaction price and as such was initially recognized as deferred revenue. An up-front payment of $20,000,000 (€ 16,849,000) was received in October 2021.

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

●

There is one performance obligation under IFRS 15, for 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. ProQR’s services are evaluated as predominant at inception of the contract and the compounds resulting from the collaboration do not represent a series of distinct promises because they were not predetermined at the inception of the contract and can be terminated or replaced at the discretion of Lilly subject to the terms and conditions of the Collaboration agreement.

●

The transaction price of this agreement includes fixed components, consisting of an up-front fee and an equity component. The agreement also contains variable parts, which are included in the transaction price to the extent that it is highly probably 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. 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.

In December 2022, the Company and Lilly amended their research and collaboration agreement described above, which expanded the collaboration. Under the amended and restated research and collaboration agreement, Lilly will gain access to additional targets in the central nervous system and peripheral nervous system with ProQR’s Axiomer platform.

Pursuant to the amended and restated agreement, the Company issued 9,381,586 shares to Lilly in December 2022, resulting in gross proceeds of $ 15,000,000 (€ 14,122,000). These shares were issued at a discount of $ 480,000 (€ 451,000), which is accounted for as a reduction of the transaction price. In February 2023, ProQR also received an upfront payment of $ 60,000,000 (€ 56,412,000), which was recognized under Deferred Income. Lilly has the ability to exercise an option to further expand the partnership for a consideration of $ 50,000,000.

With regard to the amended and restated research and collaboration agreement with Lilly, the Company concluded as follows:

●

the Collaboration agreement.

●

The transaction price of this agreement includes fixed components, consisting of an up-front fee and an equity component (discount), and variable components. The variable components are not yet fully 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. As further described in the note, the Company reached certain milestones. Sales-based milestones and sales-based royalties will be included as the underlying sales occur.

●

During the six month period ended June 30, 2024, the Company reached milestones amounting to $ 4,500,000 (€ 4,196,000) under the agreement, which were added to the transaction price and recognized partially as revenue during the six month period ended June 30, 2024. As at June 30, 2024, $ 3,500,000 (€ 3,275,000) is recognized in other receivables.

Borrowings

6 Months Ended

Jun. 30, 2024

Borrowings

Borrowings

10. Borrowings


	June 30,	December 31,
	2024	2023
	€1.000	€1.000
Innovation credit	2,899	2,899
Accrued interest on innovation credit	1,538	1,393

Total borrowings	4,437	4,292
Current portion	(4,437)	—
	—	4,292

On December 10, 2018 ProQR was awarded an Innovation credit for the sepofarsen program. Amounts were drawn under this facility from 2018 through 2022. The credit of € 3,907,000 was used to conduct the Phase 2/3 clinical study and efforts to obtain regulatory and ethical market approval (New Drug Applications (“NDA”)/ Marketing Authorization Applications (“MAA”)) of sepofarsen for LCA10. In 2023, ProQR made a partial repayment of the principal, amounting to € 1,008,000. The remaining amount payable of € 2,899,000 and accrued interest is recognized under current borrowings at June 30, 2024 and non-current borrowings at December 31, 2023.

In December 2023, ProQR received a conditional waiver of the balance of the Innovation credit including accrued interest. Consequently, the repayment of the total loan of € 4,437,000, including interest, will be waived if conditions are met, which will be reviewed annually.

In September 2022, ProQR extinguished its debt with Pontifax and Kreos by repaying all outstanding principal amounts. Pontifax’ and Kreos’ warrants remain in place until their five-year economic life expires in 2025 and 2026. These warrants are accounted for as embedded derivatives and were recognized separately from the host contract as derivative financial liabilities at fair value through profit or loss.

Condensed Consolidated Statement of Financial Position - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	€ 78,970	€ 118,925
Financial asset - current	17,183
Prepayments and other receivables	5,116	1,538
Other taxes	497	523
Total current assets	101,766	120,986
Property, plant and equipment	16,285	16,897
Total assets	118,051	137,883
Equity
Equity attributable to owners of the Company	32,854	41,390
Total equity	32,854	41,390
Current liabilities
Borrowings	4,437
Lease liabilities	1,675	1,614
Derivative financial instruments	184	311
Trade payables	33	1,541
Social securities and other taxes	1,448	1,659
Deferred income	23,827	20,569
Other current liabilities	5,675	8,509
Total current liabilities	37,279	34,203
Borrowings		4,292
Lease liabilities	13,078	13,828
Deferred income	34,840	44,170
Total liabilities	85,197	96,493
Total equity and liabilities	€ 118,051	€ 137,883

Research and Development Costs (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Research and Development Costs
Research and development costs	€ 7,048	€ 5,909	€ 16,331	€ 11,969

Shareholders Equity - Share options (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating costs
Shareholders Equity
Equity-settled share based payments	€ 1,364	€ 1,860
General and administrative costs
Shareholders Equity
Equity-settled share based payments	1,089	1,644
Research and development costs
Shareholders Equity
Equity-settled share based payments	€ 275	€ 216

Prepayments and Other Receivables

6 Months Ended

Jun. 30, 2024

Prepayments and Other Receivables.

Prepayments and Other Receivables

7. Prepayments and Other Receivables


	June 30,	December 31,
	2024	2023
	€1,000	€1,000
Prepayments	1,067	793
Other Receivables	4,049	745
	5,116	1,538

At June 30, 2024 and December 31, 2023 prepayments consisted principally of payments made by the Company for services not yet provided by vendors. At June 30, 2024 and December 31, 2023 other receivables consisted principally of amounts receivable from research collaboration partners and deposits.

Critical Accounting Estimates and Judgments

6 Months Ended

Jun. 30, 2024

Critical Accounting Estimates and Judgments

Critical Accounting Estimates and Judgments

4. Critical Accounting Estimates and Judgments

In the application of the Company’s accounting policies, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The significant judgements made by management in applying the Company’s accounting policies, except for the significant judgements related to revenue recognition from milestone payments as further described below and in Note 14, and the key sources of estimation uncertainty were the same as those described in the Company’s annual financial statements for the year ended December 31, 2023.

Revenue recognition for the Eli Lilly collaboration and license agreement

a. Identification of the performance obligation

●

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

c. Determining the transaction price

Research and development expenditures

Research and Development Costs

6 Months Ended

Jun. 30, 2024

Research and Development Costs

Research and Development Costs

16. Research and Development Costs

Research and development costs amount to €16,331,000 for the six month period ended June 30, 2024 (six month period ended June 30, 2023: € 11,969,000) and are comprised of allocated employee costs including share-based payments, the costs of materials and laboratory consumables, outsourced activities, license and intellectual property costs and other allocated costs. Research and development costs increased compared to the same period in the prior year, mainly due to the Company’s increased outsourced research and development activities in the first half of 2024 and increased full time employee equivalents (“FTE”).

Deferred income (Details) € in Thousands, $ in Thousands	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 EUR (€)	Sep. 30, 2021 EUR (€)	Sep. 30, 2021 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred income, current portion	€ 23,827	€ 20,569
Deferred income, non-current portion	34,840	44,170
Total deferred income	58,667	64,739
Eli Lilly
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred income, current portion	23,341	20,569
Deferred income, non-current portion	34,840	44,170
Total deferred income	58,181	€ 64,739	€ 2,047	$ 2,429
Rett Syndrome Research Trust
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred income, current portion	€ 486

Revenue (Details) € in Thousands	1 Months Ended								6 Months Ended
Revenue (Details) € in Thousands	Feb. 28, 2023 EUR (€)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2022 USD ($) shares	Oct. 31, 2021 EUR (€)	Oct. 31, 2021 USD ($)	Sep. 30, 2021 EUR (€) shares	Sep. 30, 2021 USD ($) shares	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 EUR (€)	Sep. 30, 2021 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred income \| €									€ 58,667			€ 64,739
Eli Lilly and Company
Disclosure of disaggregation of revenue from contracts with customers [line items]
Issuance of ordinary shares (in shares) \| shares			9,381,586	9,381,586			3,989,976	3,989,976
Proceeds from issuing shares			€ 14,122	$ 15,000,000			€ 25,270	$ 30,000,000
Deferred income							€ 2,047		€ 58,181			€ 64,739	$ 2,429,000
Up-front payment received	€ 56,412	$ 60,000,000			€ 16,849	$ 20,000,000
Number of performance obligations in collaboration agreement							1	1	1	1
Discount on share issue			€ 451	$ 480,000
Consideration payable upon exercise of option to further expand partnership \| $											$ 50,000,000
Value of milestone achieved during the period									€ 4,196	$ 4,500,000
Other current receivables									€ 3,275		$ 3,500,000

Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

These interim condensed consolidated financial statements for the three and six month periods ended June 30, 2024 have been prepared in accordance with IAS 34 Interim Financial Statements. They should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2023. These interim condensed consolidated financial statements do not include all information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company’s financial position and performance since the last annual financial statements. In the opinion of management, all events and transactions that are significant to an understanding of the changes in financial position and performance of the Company since the end of the last annual reporting period are disclosed in these interim condensed consolidated financial statements. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those applied in the preparation of the Company’s annual financial statements for the year ended December 31, 2023.

During the six month period ended June 30, 2024, the Company invested in financial assets in the form of deposits with an original maturity of longer than three months but shorter than twelve months as described in Note 6. Financial assets are measured at amortised cost as they give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The Company’s financial results have varied substantially, and are expected to continue to vary, from period to period. The Company believes that its ordinary activities are not linked to any particular seasonal factors.

The management of ProQR has, upon preparing and finalizing these interim condensed consolidated 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 interim condensed consolidated financial statements. Management expects the Company to continue as a going concern 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. 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 at least into mid-2026. Thus, we continue to adopt the going concern basis of accounting in preparing the interim condensed consolidated financial statements.

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.

The Company operates in one reportable segment, which comprises the discovery and development of innovative, RNA based therapeutics.

Deferred Income (Tables)

6 Months Ended

Jun. 30, 2024

Deferred Income

Schedule of deferred income


	June 30,	December 31,
	2024	2023
	€1,000	€1,000
Payments from Eli Lilly	23,341	20,569
Payments from Rett Syndrome Research Trust	486	—
Current deferred income	23,827	20,569

Payments from Eli Lilly	34,840	44,170
Non-current deferred income	34,840	44,170

Total deferred income	58,667	64,739

Other Income

6 Months Ended

Jun. 30, 2024

Other Income

Other Income

15. Other Income


	Six month period
	ended June 30,
	2024	2023
	€1.000	€1.000

Grant income	366	76
Other income	—	4
	366	80

In January, 2024, the Company entered into an agreement with the Rett Syndrome Research Trust (“RSRT”) that focuses on the design and development of editing oligonucleotides (“EONs”) using the Company’s Axiomer technology platform targeting the transcription factor Methyl CpG binding protein 2 (“MECP2”) and correcting mutations of interest. Under the agreement, RSRT awarded the Company up to € 1,015,000 as a research grant for the initial phase of the project.

Grants are recognized in other income in the same period in which the related R&D costs are recognized.

Financial Asset - Current (Details) € in Thousands	Jun. 30, 2024 EUR (€)
Financial Asset - Current
Term deposit and interest accrued	€ 17,183
Financial asset - current	€ 17,183

Critical Accounting Estimates and Judgments (Details) € in Thousands, $ in Thousands	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 EUR (€)	Sep. 30, 2021 EUR (€)	Sep. 30, 2021 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred income	€ 58,667	€ 64,739
Eli Lilly
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred income	€ 58,181	€ 64,739	€ 2,047	$ 2,429

Results Related to Derecognition of Financial Liabilities (Details) - EUR (€) € in Thousands	3 Months Ended	6 Months Ended		24 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Gain on waivers of Amylon convertible loans			€ 509
Total results related to derecognition of financial liabilities	€ 101		509
Amylon Therapeutics B.V
Disclosure of detailed information about borrowings [line items]
Proportion of ownership interest in subsidiary				80.00%
Convertible loans Amylon Therapeutics B.V.
Disclosure of detailed information about borrowings [line items]
Gain on waivers of Amylon convertible loans		€ 0	€ 509
Borrowings, interest rate				8.00%
Convertible loans Amylon Therapeutics B.V. \| Minimum
Disclosure of detailed information about borrowings [line items]
Period upon which unconverted loans become payable on demand				24 months
Convertible loans Amylon Therapeutics B.V. \| Maximum
Disclosure of detailed information about borrowings [line items]
Debt Instrument Conversion Term				36 months
Period upon which unconverted loans become payable on demand				36 months

General Information (Details)	6 Months Ended	24 Months Ended
General Information (Details)	Jun. 30, 2024	Dec. 31, 2019
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%
Amylon Therapeutics B.V [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		80.00%
ProQR Therapeutics I Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%

Shareholders Equity - Share capital (Details) - EUR (€)	Jun. 30, 2024	Dec. 31, 2023
Shareholders Equity
Authorized share capital	€ 13,600,000
Par value per share	€ 0.04
Ordinary
Shareholders Equity
Number of shares issued	84,247,306
Number of shares authorised	170,000,000
Shares were issued and fully paid in cash	81,680,195
Treasury shares	2,567,111	2,893,792
Preferred
Shareholders Equity
Number of shares authorised	170,000,000