ProQR Revenue Rises to €5.155 Million as Third-Quarter Loss Widens
Key Facts
ProQR Therapeutics reported on November 12, 2026, results for the third quarter ended September 30, recording revenue of €5.155 million, compared with €2.882 million in the same period of 2025. At the same time, its loss for the period widened to €12.447 million from €11.006 million a year earlier, according to the company’s statement. Diluted loss per share was €0.09, compared with €0.10 in the third quarter of 2025. The company presents these figures as actual results for the period, while analyst estimates and comparisons against them could not be verified. The financial report therefore centers on revenue growth alongside rising expenses and losses.
Research and development costs were €14.3 million in the third quarter, up from €11.1 million in the same period a year earlier, the company said. General and administrative expenses also rose to €4.0 million from €3.1 million. Net cash used in operating activities increased to €13.6 million, compared with €12.2 million a year earlier. These figures come as the company continues to develop its drug programs, including clinical studies and upcoming data milestones. Revenue also rose in the period, but the results statement did not link the increase to a specific operating item.
Cash and cash equivalents totaled €103.0 million on September 30, 2026, compared with €92.4 million on December 31, 2025. ProQR said its available liquidity would support operations through mid-2028. This financial runway places development funding in the context of the clinical milestones the company has announced, as operating spending and research and development funding continue. In June 2026, the company said Phase 1 data for AX-0810 showed a change of up to 8-fold in total blood bile acids at a dose of 6 mg/kg, exceeding the 2-fold change threshold it had set as an indicator of meaningful NTCP modulation. It said at the time that pharmacokinetic results supported continued target engagement, with a half-life of 8 weeks; these were preliminary results in healthy volunteers, not evidence of therapeutic efficacy in patients.
For its AX-0811 program, the company announced that enrollment was complete in the first two cohorts of a Phase 1 study and said it expected preliminary data on target engagement in early January 2027. It also expected to present the full AX-0810 data set in December 2026, including the third cohort and 12 weeks of follow-up. For the NTCP program, the company set mid-2027 as the expected start of a Phase 2 program, subject to regulatory consultation, and expected the first interim analysis data by mid-2028. The company also aims to start an investigator-initiated trial in China for children with biliary atresia, with preliminary clinical data, during the first half of 2027. These dates are plans and expectations announced by the company, while data from upcoming programs remain the operational milestones it has identified for the next phase.
The company’s plans also include submitting an application to start a patient study of AX-0422 in early 2027, with preliminary data expected in the first half of that year. It also expects to advance AX-2911 into an investigator-initiated trial in China during the first half of 2027. Separately, ProQR said in March 2026 that its collaboration with Eli Lilly generated $4.5 million in milestone payments during 2025, and that it expected to continue work on the collaboration and potentially receive additional milestone payments in 2026. The stock closed at $1.26 on November 11, 2026, according to EL7 data, the session before the results announcement. The information provided contains no verified data on the stock’s session low or high.