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3. Adoption of New and Revised International Financial Reporting StandardsNew Standards and Interpretations, which became effective as of January 1, 2026, did not have a material impact on our condensed consolidated financial statements.

4. Critical Accounting Estimates and JudgementsIn 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 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, 2025.(i) Revenue recognition for the Eli Lilly and Company research and collaboration agreementa. Identification of the performance obligationsAs further described in Note 13 the identification of the performance obligations for the Company’s original research and collaboration agreement with Eli Lilly and Company (“Lilly”), and the amended and restated research and collaboration agreement (collectively, the “Collaboration agreement”) involves significant judgement.A key judgement was made in determining that the license granted to Lilly is not distinct from the associated research and development (“R&D”) services, due to the lack of stand-alone value of the license without the Company’s involvement and the significant interdependencies between the license and the R&D services to be provided by the Company. As a result, the license and the R&D services are accounted for together as a single combined performance obligation consisting of multiple activities that are not distinct.b. Determining the timing of satisfaction of performance obligationsAs further described in Note 13, before the handover of a compound to Lilly, 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 the Company’s 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 Lilly performance obligation amounts to € 36,914,000 at March 31, 2026 (December 31, 2025: € 38,946,000).c. Determining the transaction priceThe Company applied judgement to determine whether the equity investments made by Lilly in ProQR are part of the transaction price for the Collaboration agreement. The Company concluded that the differences between the prices that 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 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 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 was not highly probable that a significant reversal in the amount of cumulative revenue recognized would not occur. The Company includes such variable consideration in the transaction price when the uncertainty associated with the variable consideration is resolved. The Collaboration agreement includes variable consideration in the form of development milestones, commercial milestones, and sales-based royalties based on the level of sales. As further described in Note 13, during 2026, the Company achieved development milestones during the ProQR research program under the agreement, which were added to the transaction price and recognized partially as revenue during 2026 based on the status of completion (satisfied part) of the single combined performance obligation.(ii) Research and development expendituresResearch 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. Research and development costs are recognized as an expense when incurred and are typically made up of clinical and preclinical activities including costs for contract research organizations and clinical investigative sites. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as information provided by vendors on their actual costs incurred. 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 the Company does 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) Going concernThe preparation of the interim condensed consolidated financial statements on a going concern basis requires management to make significant judgements about the Company’s ability to continue as a going concern. In making this judgement, management has prepared cash flow forecasts covering a period of at least twelve months from the date of issuance of these financial statements. These forecasts are based on assumptions regarding the timing and progress of the Company’s research and development activities and related expenditures. Changes in these assumptions could have a material impact on the Company’s ability to continue as a going concern.Additionally, the Company’s current cash position is sensitive to potential delays in clinical trials and increases in development costs, which could affect the timing of cash outflows. While the Company has historically been able to raise additional funding, its ability to do so remains subject to market conditions. As at March 31, 2026, the Company had cash and cash equivalents of €81.1 million, which provides sufficient resources to continue operating activities for at least the twelve-month period following the issuance of these condensed consolidated financial statements. Based on the assessment performed, management has concluded that the use of the going concern basis of accounting is appropriate.

(i) Revenue recognition for the Eli Lilly and Company research and collaboration agreementa. Identification of the performance obligationsAs further described in Note 13 the identification of the performance obligations for the Company’s original research and collaboration agreement with Eli Lilly and Company (“Lilly”), and the amended and restated research and collaboration agreement (collectively, the “Collaboration agreement”) involves significant judgement.A key judgement was made in determining that the license granted to Lilly is not distinct from the associated research and development (“R&D”) services, due to the lack of stand-alone value of the license without the Company’s involvement and the significant interdependencies between the license and the R&D services to be provided by the Company. As a result, the license and the R&D services are accounted for together as a single combined performance obligation consisting of multiple activities that are not distinct.b. Determining the timing of satisfaction of performance obligationsAs further described in Note 13, before the handover of a compound to Lilly, 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 the Company’s 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 Lilly performance obligation amounts to € 36,914,000 at March 31, 2026 (December 31, 2025: € 38,946,000).c. Determining the transaction priceThe Company applied judgement to determine whether the equity investments made by Lilly in ProQR are part of the transaction price for the Collaboration agreement. The Company concluded that the differences between the prices that 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 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 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 was not highly probable that a significant reversal in the amount of cumulative revenue recognized would not occur. The Company includes such variable consideration in the transaction price when the uncertainty associated with the variable consideration is resolved. The Collaboration agreement includes variable consideration in the form of development milestones, commercial milestones, and sales-based royalties based on the level of sales. As further described in Note 13, during 2026, the Company achieved development milestones during the ProQR research program under the agreement, which were added to the transaction price and recognized partially as revenue during 2026 based on the status of completion (satisfied part) of the single combined performance obligation.

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(ii) Research and development expendituresResearch 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. Research and development costs are recognized as an expense when incurred and are typically made up of clinical and preclinical activities including costs for contract research organizations and clinical investigative sites. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as information provided by vendors on their actual costs incurred. 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 the Company does 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) Going concernThe preparation of the interim condensed consolidated financial statements on a going concern basis requires management to make significant judgements about the Company’s ability to continue as a going concern. In making this judgement, management has prepared cash flow forecasts covering a period of at least twelve months from the date of issuance of these financial statements. These forecasts are based on assumptions regarding the timing and progress of the Company’s research and development activities and related expenditures. Changes in these assumptions could have a material impact on the Company’s ability to continue as a going concern.Additionally, the Company’s current cash position is sensitive to potential delays in clinical trials and increases in development costs, which could affect the timing of cash outflows. While the Company has historically been able to raise additional funding, its ability to do so remains subject to market conditions. As at March 31, 2026, the Company had cash and cash equivalents of €81.1 million, which provides sufficient resources to continue operating activities for at least the twelve-month period following the issuance of these condensed consolidated financial statements. Based on the assessment performed, management has concluded that the use of the going concern basis of accounting is appropriate.

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6. Trade and Other Receivables<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:70.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">March 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Collaboration receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">406 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">3,358 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">3,178 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2,627 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Accrued income from Rett Syndrome Research Trust</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">502 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">502 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Other receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">318 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">313 </td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:70.75%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">4,404 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">6,800 </td></tr></table>All receivables are considered short-term and due within one year. At March 31, 2026 and December 31, 2025 collaboration receivables consisted of amounts receivable from Lilly. At March 31, 2026 and December 31, 2025 prepayments consisted principally of payments made by the Company for services not yet provided by vendors. At March 31, 2026 and December 31, 2025 other receivables consisted principally of accrued grant income and deposits. As at March 31, 2026 and December 31, 2025 the accrued grant income relating to Rett Syndrome Research Trust (“RSRT”) includes the initial fair value of the warrants issued to RSRT that was accounted for as a reduction of the transaction price. The RSRT agreement is described in Note 14. Other Income.

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:70.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">March 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Collaboration receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">406 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">3,358 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Prepayments</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">3,178 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2,627 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Accrued income from Rett Syndrome Research Trust</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">502 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">502 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Other receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">318 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">313 </td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:70.75%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">4,404 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">6,800 </td></tr></table> 406000 3358000

3178000

2627000

502000

318000

313000

4404000

6800000

7. Property, Plant and EquipmentAt March 31, 2026 and December 31, 2025, 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 € 9,540,000 at March 31, 2026 (December 31, 2025: € 9,994,000).

9540000

9994000

8. Other Current LiabilitiesAt March 31, 2026 other current liabilities amount to € 8,421,000 (December 31, 2025: € 7,940,000). At March 31, 2026 and December 31, 2025, other current liabilities consisted principally of accruals for services provided by vendors not yet billed, payroll related accruals and other miscellaneous liabilities.

8421000

7940000

9. Borrowings<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.39151382%;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100.78%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:70.17%;border-bottom:1px solid #00aaa1;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.98%;border-bottom:1px solid #00aaa1;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;border-bottom:1px solid #00aaa1;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.52%;border-bottom:1px solid #00aaa1;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;border-bottom:1px solid #00aaa1;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:70.17%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">March 31, </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">December 31,</td></tr><tr style=""><td style="vertical-align:bottom;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Innovation credit</td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2,899 </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2,899 </td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Accrued interest on innovation credit</td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2,046 </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1,973 </td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">4,945 </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">4,872 </td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Current portion</td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">4,945 </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">4,872 </td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1.5pt solid #00aaa1;margin:0pt;padding:0pt;">Total non-current portion</td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;border-bottom:1.5pt solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1.5pt solid #00aaa1;margin:0pt;padding:0pt;">— </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;border-bottom:1.5pt solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1.5pt solid #00aaa1;margin:0pt;padding:0pt;">— </td></tr></table>In December 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 / Marketing Authorization Applications) of sepofarsen for LCA10. In the fourth quarter of 2023, ProQR made a partial repayment of the principal, amounting to € 1,008,000. The remaining amount payable of € 2,899,000 is recognized under current borrowings as at March 31, 2026 and December 31, 2025.In December 2023, ProQR received a waiver to postpone repayment for the remaining balance of the Innovation credit including accrued interest. As a result, the repayment of the total loan of € 4,292,000, including accrued interest, could be waived if conditions are met, subject to annual review. In December 2025, the waiver for the principal and interest was again extended until December 31, 2026.In September 2022, ProQR extinguished its debt with Pontifax and Kreos by repaying all outstanding principal amounts. However, the Pontifax’ and Kreos’ warrants, classified as derivative financial instruments on the balance sheet, 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. The warrants as part of the original loan agreement expired during 2025 and were derecognized. The warrants as part of the subsequent loan agreement remain in place until the economic life expires in December 2026.

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.39151382%;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100.78%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:70.17%;border-bottom:1px solid #00aaa1;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.98%;border-bottom:1px solid #00aaa1;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;border-bottom:1px solid #00aaa1;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.52%;border-bottom:1px solid #00aaa1;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;border-bottom:1px solid #00aaa1;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:70.17%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">March 31, </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">December 31,</td></tr><tr style=""><td style="vertical-align:bottom;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Innovation credit</td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2,899 </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2,899 </td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Accrued interest on innovation credit</td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2,046 </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1,973 </td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">4,945 </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">4,872 </td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Current portion</td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">4,945 </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">4,872 </td></tr><tr style=""><td style="vertical-align:top;width:70.17%;background:#ffffff;border-bottom:1.5pt solid #00aaa1;margin:0pt;padding:0pt;">Total non-current portion</td><td style="vertical-align:bottom;white-space:normal;width:1.98%;background:#ffffff;border-bottom:1.5pt solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1.5pt solid #00aaa1;margin:0pt;padding:0pt;">— </td><td style="vertical-align:bottom;white-space:normal;width:1.52%;background:#ffffff;border-bottom:1.5pt solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:normal;width:13.15%;background:#ffffff;border-bottom:1.5pt solid #00aaa1;margin:0pt;padding:0pt;">— </td></tr></table>

2899000

2046000

1973000

4945000

4872000

4945000

4872000

3907000

1008000

2899000 4292000 P5Y

4818 P1Y

11. Deferred IncomeThe following table summarizes details of deferred income at March 31, 2026 and December 31, 2025. The nature of the deferred income is described in Note 13 and 14.<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:70.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">March 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Payments from Eli Lilly and Company</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">19,607 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">17,552 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Payments from Rett Syndrome Research Trust</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">— </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">— </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Current portion</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">19,607 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">17,552 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Payments from Eli Lilly and Company</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">17,307 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">21,394 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Non-current portion</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">17,307 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">21,394 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:70.75%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">36,914 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">38,946 </td></tr></table>

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:70.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">March 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-top:1px solid #00aaa1;margin:0pt;padding:0pt;">December 31, </td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #464646;margin:0pt;padding:0pt;">2025</td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">€1,000</td></tr><tr style=""><td style="vertical-align:bottom;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Payments from Eli Lilly and Company</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">19,607 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">17,552 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Payments from Rett Syndrome Research Trust</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">— </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">— </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Current portion</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">19,607 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">17,552 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Payments from Eli Lilly and Company</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">17,307 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">21,394 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Non-current portion</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">17,307 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">21,394 </td></tr><tr style=""><td style="vertical-align:top;width:70.75%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr style=""><td style="vertical-align:bottom;white-space:nowrap;width:70.75%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.43%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">36,914 </td><td style="vertical-align:bottom;white-space:nowrap;width:2.33%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.13%;background:#ffffff;border-bottom:1.5pt solid #22a49b;margin:0pt;padding:0pt;">38,946 </td></tr></table>

19607000

17552000

19607000

17552000

17307000

21394000

17307000

21394000

36914000

38946000

13600000

170000000

0.04

107710916

105362551

2348365

2349852

300000000 300000000 75000000 0.03 0 18000000 3.5 2700000 1940072

69790000

64600000

4365000

60235000 3523538

12300000

15000000

12300000

11400000

1428000

758000

1038000

566000

390000

192000

13. RevenueEli Lilly and Company collaborationIn September 2021, the Company entered into a global licensing and research collaboration with 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 gross proceeds of $ 30,000,000 (€ 25,270,000). These shares were issued at a 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.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.As described under Note 12, 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). Lilly has the ability to exercise an option to further expand the partnership for a consideration of $ 50,000,000.With regard to the original and amended and restated research and collaboration agreements with Lilly, the Company concluded as follows:<table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#00aaa1;font-family:'Times New Roman','Times','serif';font-size:9pt;vertical-align:text-top;white-space:nowrap;width:48.25pt;padding:0pt;">●</td><td style="padding:0pt;">The amended and restated research and collaboration agreement is accounted for as a separate contract under IFRS 15 given the group of promises to be delivered are distinct and are priced commensurate with stand-alone selling prices.</td></tr></table><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#00aaa1;font-family:'Times New Roman','Times','serif';font-size:9pt;vertical-align:text-top;white-space:nowrap;width:48.25pt;padding:0pt;">●</td><td style="padding:0pt;">For each of the agreements, the company identified 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.</td></tr></table><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#00aaa1;font-family:'Times New Roman','Times','serif';font-size:9pt;vertical-align:text-top;white-space:nowrap;width:48.25pt;padding:0pt;">●</td><td style="padding:0pt;">The transaction price of the agreement includes fixed components, consisting of an up-front fee and an equity component (premium or discount). The agreement also contains variable parts, notably milestones, which are included in the transaction price 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 variable consideration is subsequently resolved. Development milestone payments to be reached during the ProQR research program 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.</td></tr></table><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#00aaa1;font-family:'Times New Roman','Times','serif';font-size:9pt;vertical-align:text-top;white-space:nowrap;width:48.25pt;padding:0pt;">●</td><td style="padding:0pt;">Initially, 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.</td></tr></table><div style="margin-top:12pt;"></div>After the handover of a compound to Lilly:<table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#00aaa1;font-family:'Times New Roman','Times','serif';font-size:9pt;vertical-align:text-top;white-space:nowrap;width:48.25pt;padding:0pt;">●</td><td style="padding:0pt;">The variable consideration for development milestones to be reached during the Lilly R&D activities is linked to a separable right to use the license which comes into existence for each successful compound transferred to Lilly. This license is a separate performance obligation and revenue will be recognized at a point in time when the development milestone for a license is achieved and the variable constraint is resolved. </td></tr></table><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#00aaa1;font-family:'Times New Roman','Times','serif';font-size:9pt;vertical-align:text-top;white-space:nowrap;width:48.25pt;padding:0pt;">●</td><td style="padding:0pt;">The variable consideration for commercial milestones is linked to a separable right to use the license which comes into existence for each successful compound transferred to Lilly. This license is a separate performance obligation and will be recognized at a point in time when the commercial milestone for a license is achieved and the variable constraint is resolved. </td></tr></table><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:10pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#00aaa1;font-family:'Times New Roman','Times','serif';font-size:9pt;vertical-align:text-top;white-space:nowrap;width:48.25pt;padding:0pt;">●</td><td style="padding:0pt;">For sales-based royalties, the license is the predominant item to which the royalty relates. The sales-based royalties will be recognized after the handover of the compound to Lilly (after completion of the initial performance obligation) and once the respective sale level occurs. </td></tr></table><div style="margin-top:12pt;"></div>During the three month period ended March 31, 2026 the Company did not reach any milestones under the agreement.

3989976

30000000

25270000

2429000

2047000

20000000

16849000

9381586

15000000

14122000

480000 451000

60000000

56412000

50000000 1 0

222000

1015000 222000 8150000

11830000

12323000

3852000

3234000

0.002

0.036

18. Income TaxesThe current income tax liability amounts to € nil at March 31, 2026 (December 31, 2025: € 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.From January 1, 2022, tax losses in the Netherlands 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. In addition, unused non-deductible interest expenses may be carried forward indefinitely. However, the offset will be limited in a given year against the higher of 20% of adjusted taxable profit or € 1.0 million of interest income.

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.