ProQR Therapeutics N.V.
ProQR develops experimental medicines that edit RNA using its Axiomer platform, with programmes in clinical development.
Overview
European tech stocks in Q3 2026
Chipmaking equipment, maritime robots, satellites, cybersecurity and RNA editing. Five developments that offer a closer look at the businesses behind European tech stocks.
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
H1 2026 results
Investment Thesis
RNA editing now has a human test to build on
European Tech Equities analysis ·
Turning a biological effect into a treatment
ProQR Therapeutics N.V. is trying to establish that its RNA-editing platform can do more than change a laboratory measurement. Its lead programmes aim to alter how liver cells handle bile acids. If that produces a meaningful benefit for patients, the same editing platform could support further drugs and partnerships. The case therefore depends on clinical progress, with today’s collaboration income helping fund the work.
The next programme has entered human testing
ProQR reported AX-0810 target-engagement results in healthy volunteers in June. They support its intended effect on NTCP, which helps move bile acids into liver cells, but do not yet establish a patient benefit. In September, the first participant received AX-0811 in a Phase 1 study. ProQR now expects target-engagement data from the first two cohorts in early January 2027. This is a later and more specific timetable than the earlier end-2026 expectation, and remains a company forecast.
The relevant budget is for a useful medicine
IQVIA expects worldwide medicine spending to approach $2.6 trillion in 2030, before the full effect of rebates and discounts. ProQR can reach none of that budget without an approved treatment that health systems agree to fund. For European and U.S. payers, the commercial argument would need to connect patient outcomes with the cost of existing care. Lilly’s collaboration provides a more immediate route to funding and development support, but milestone payments remain conditional on progress.
New equity buys time for the next studies
ProQR ended June with €117.1 million in cash after raising $59.2 million in gross equity proceeds during the quarter. H1 collaboration revenue was €10.8 million, while operations used €23.4 million of cash. Management expects funding to last through mid-2028. That gives the planned trials room to advance, although the budget has to stretch further as more programmes enter the clinic.
Clinical evidence must earn the platform premium
Current collaboration revenue is a poor shortcut for valuing a future drug portfolio. A useful assessment would value each programme against its clinical stage, eligible patients, probable development costs and the share of economics ProQR retains. The broader platform deserves more weight when several programmes show convincing human results. Until then, counting all possible diseases as future products would turn scientific flexibility into imaginary sales.
What would weaken the case
- Target engagement in healthy volunteers does not translate into a meaningful benefit for patients.
- Trial delays or higher development costs consume the funding before decisive patient data arrive.
- Collaboration milestones slip, or successful drugs leave ProQR a smaller share of the economics than anticipated.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
| At period endEUR million | H1 2026 |
|---|---|
| Cash & cash equivalents | 117.13 |
| Total debt | 15.31 |
| Net debt / (net cash) | -101.81 |
| Total assets | 133.55 |
| Total liabilities | 54.08 |
| Total equity | 79.48 |
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
H1 2025 · Q2 2026 release, first-half income and cash-flow statements
H1 2026 · Q2 2026 release, first-half income and cash-flow statements
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
H1 figures from the Q2 2026 release. Revenue is collaboration income, not approved-medicine sales. Debt includes borrowings and leases. Free cash flow subtracts purchases of property, plant and equipment.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
H1 2025 · Q2 2026 release, first-half income and cash-flow statements
H1 2026 · Q2 2026 release, first-half income and cash-flow statements
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
H1 figures from the Q2 2026 release. Revenue is collaboration income, not approved-medicine sales. Debt includes borrowings and leases. Free cash flow subtracts purchases of property, plant and equipment.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
European tech stocks in Q3 2026
Chipmaking equipment, maritime robots, satellites, cybersecurity and RNA editing. Five developments that offer a closer look at the businesses behind European tech stocks.
ProQR to Present Clinical and Preclinical Progress from AX-0810 and AX-0811 at Upcoming Conferences
ProQR Announces Appointment of Chris Hart as Chief Data and AI Officer and Thomas Wolf to join the Board of Directors as Strategic AI Advisor
ProQR begins the human test of its next RNA-editing candidate
AX-0811 has moved into testing in healthy volunteers. The study asks whether it is safe and acts on its intended biological target; benefit for patients requires further evidence.
ProQR Announces First Participant Dosed in Phase 1 Study of AX-0811 and Virtual Investor and Analyst Educational Event on September 30, 2026
ProQR to Participate in Upcoming Investor Conferences in September 2026
Company publications
ProQR Therapeutics N.V. · H1 2026 financial report
Interviews
Interviews are coming soon
No interviews with ProQR Therapeutics N.V. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2026 · Published Aug 13, 2026 · Checked Sep 14, 2026
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-09-14
