Tillkännagivande • Jun 03
ProQR Therapeutics N.V. Appoints Lykke Hinsch Gylvin as Non-Executive Member of the Board, Effective June 2, 2026 ProQR Therapeutics N.V. held its 2026 annual general meeting of shareholders on June 2, 2026. ProQR shareholders approved the appointment of Lykke Hinsch Gylvin as non-executive member of the Board. Reported Earnings • May 14
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: €0.13 loss per share (further deteriorated from €0.096 loss in 1Q 2025). Revenue: €2.03m (down 57% from 1Q 2025). Net loss: €13.4m (loss widened 33% from 1Q 2025). Revenue missed analyst estimates by 61%. Earnings per share (EPS) also missed analyst estimates by 9.2%. Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 13
Consensus revenue estimates fall by 22% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €19.4m to €15.2m. Forecast losses increased from -€0.505 to -€0.525 per share. Biotechs industry in the US expected to see average net income decline 9.8% next year. Consensus price target of US$8.88 unchanged from last update. Share price was steady at US$1.70 over the past week. Tillkännagivande • May 06
ProQR Therapeutics N.V., Annual General Meeting, Jun 02, 2026 ProQR Therapeutics N.V., Annual General Meeting, Jun 02, 2026. Location: allen overy shearman sterling llp, apollolaan 15, 1077, ab in amsterdam, netherlands, amsterdam Netherlands New Risk • Apr 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€43m net loss in 3 years). Share price has been volatile over the past 3 months (11% average weekly change). Tillkännagivande • Apr 08
ProQR Therapeutics N.V. Establishes AI Advisory Board ProQR Therapeutics N.V. has established an AI Advisory Board comprising leaders from the AI and techbio fields to support the development of the Company’s AI strategy for Axiomer. Members of the ProQR AI Advisory Board include: Eric Durand, PhD, Chief Data Science Officer, Owkin; David Ruau, PhD, Head of BD EMEA, Healthcare & Life Sciences, NVIDIA; Thomas Wolf, Co-Founder and Chief Science Officer of Hugging Face; Gerard van Westen, Full Professor AI and Medicinal Chemistry at Leiden University; Romain Lacombe, Venture Partner, HCVC; Imran Haque, PhD, Chief Technology Officer, Kimia Therapeutics. Major Estimate Revision • Mar 19
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from €17.7m to €19.5m. Forecast losses expected to reduce from -€0.539 to -€0.487 per share. Biotechs industry in the US expected to see average net income decline 12% next year. Consensus price target of US$8.88 unchanged from last update. Share price fell 7.6% to US$1.59 over the past week. Board Change • Mar 17
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 3 experienced directors. 1 highly experienced director. Member of Scientific Advisory Board Phil Zamore is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 13
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: €0.40 loss per share (further deteriorated from €0.32 loss in FY 2024). Revenue: €16.3m (down 16% from FY 2024). Net loss: €42.2m (loss widened 52% from FY 2024). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) exceeded analyst estimates by 5.0%. Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 10
ProQR Therapeutics N.V. Announces Planned Changes to Board Composition ProQR Therapeutics N.V. announced that Dinko Valerio, a co-founder of the Company, and Alison Lawton will rotate off the Board at the Company’s next Annual General Meeting (AGM) as their terms conclude. The planned changes to ProQR’s Board composition at its 2026 AGM reflect the Company’s development as it advances its clinical programs, as well as its ongoing commitment to strong corporate governance and long-term succession planning. An executive search firm has been engaged to assist ProQR in identifying candidates to be nominated to the Board to support long-term value creation for all its stakeholders. As part of its ongoing governance practices, the Board regularly reviews its composition to ensure it maintains an appropriate balance of skills, experience, and perspectives to support ProQR’s long-term strategic objectives. This process has resulted in the appointment of two new Board members in the last three years. Tillkännagivande • Jan 08
Proqr Therapeutics N.V. Announces Encouraging Ax-0810 Phase 1 Safety and Pk Data, Development Candidate Selections ProQR Therapeutics N.V. announced encouraging initial safety and PK data from the first cohort of healthy volunteers in its ongoing Phase 1 trial of AX-0810 and provided an update on broader pipeline progress and anticipated 2026 milestones.
The ongoing Phase 1 study of AX-0810 is a single-center, randomized, double-blind, placebo-controlled, multiple dose escalation study being conducted in healthy volunteers in the Netherlands. Up to 33 participants will be enrolled, including 24 receiving AX-0810 and 9 receiving placebo, across 3 dose cohorts. Participants receive 4 subcutaneous injections over 4 weeks followed by a 12-week safety follow-up period. A Data Monitoring Committee reviews safety data prior to each dose escalation. The objectives of the study are to evaluate the safety, tolerability and pharmacokinetics (PK) of AX-0810 and to confirm target engagement as measured by biomarkers (EUCT number: 2025-521876-77-00).: Based on initial 4-week safety and PK data from participants dosed in Cohort 1 (3mg/kg), AX-0810 demonstrated a safety profile with no serious adverse events or clinically meaningful laboratory abnormalities observed to date. Preliminary pharmacokinetic observations are in line with non-clinical data, supporting continued dosing per the study design. ProQR remains on track to report target engagement data for healthy volunteer cohorts in the first half of 2026. In parallel, activities are underway to include a patient cohort in this Phase 1 first-in-human trial following the healthy volunteer cohorts. In addition to AX-0810, ProQR continues to advance earlier-stage pipeline programs from its Axiomer RNA editing platform, with Development Candidates selected for pipeline programs AX-2402 and AX-2911. AX-2402 is the Company’s development program targeting MECP2 for Rett syndrome (R270X). ProQR selected a Development Candidate for AX-2402 based on a robust preclinical profile supporting advancement to development activities, with the objective of initiating a first-in-human clinical trial in the first half of 2027. ProQR also announced non-clinical proof-of-concept data generated in a mouse model of Rett syndrome with the MECP2 R270X mutation. Treatment with AX-2402 resulted in statistically significant and clinically relevant functional improvements. These effects included improvement in cumulative Bird score, driven in part by robust improvements in hindlimb clasping score. Further details and analyses will be presented at a later date. AX-2402 is supported by funding of up to $9.2M from the Rett Syndrome Research Trust (RSRT). New Risk • Dec 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€51m net loss in 3 years). Share price has been volatile over the past 3 months (11% average weekly change). Major Estimate Revision • Nov 13
Consensus revenue estimates decrease by 19% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €20.1m to €16.3m. EPS estimate unchanged from -€0.42 per share at last update. Biotechs industry in the US expected to see average net income decline 9.7% next year. Consensus price target of US$8.88 unchanged from last update. Share price fell 9.2% to US$2.16 over the past week. Reported Earnings • Nov 07
Third quarter 2025 earnings released: €0.10 loss per share (vs €0.099 loss in 3Q 2024) Third quarter 2025 results: €0.10 loss per share (further deteriorated from €0.099 loss in 3Q 2024). Revenue: €2.92m (down 27% from 3Q 2024). Net loss: €11.0m (loss widened 36% from 3Q 2024). Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Oct 21
ProQR Therapeutics N.V. Receives CTA Authorization for AX-0810 ProQR Therapeutics N.V. announced that following review under the new European Medicines Agency (EMA) centralized review process, the Central Committee on Research Involving Human Subjects (CCMO) has authorized ProQR’s Clinical Trial Application (CTA) for a Phase 1 study of AX-0810 in healthy volunteers. AX-0810 is the Company’s lead investigational editing oligonucleotide (EON) targeting NTCP, which is being developed for the treatment of cholestatic diseases like primary sclerosing cholangitis and biliary atresia. With this CTA approval, ProQR is authorized to begin dosing in its Phase 1 study, which is being conducted in the Netherlands. The Phase 1 study will evaluate safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) via biomarkers to establish proof of target engagement. AX-0810 is a first-in-class investigational RNA editing oligonucleotide (EON) that harnesses the body’s endogenous ADAR enzymes to selectively modulate NTCP function. Through this novel mechanism, AX-0810 aims to reduce toxic bile acid accumulation in the liver and improve outcomes in cholestatic diseases, which are characterized by inflammation, fibrosis, and progressive liver failure. By targeting a key pathogenic process that drives disease progression, AX-0810 has the potential to be disease-modifying. AX-0810 is the first program from ProQR’s Axiomer™ RNA editing pipeline to enter clinical development and is being evaluated in a Phase 1 trial in healthy volunteers focused on safety, pharmacokinetics, and biomarkers of target engagement to inform future studies in patients. Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: €0.12 loss per share (further deteriorated from €0.033 loss in 2Q 2024). Revenue: €3.98m (down 39% from 2Q 2024). Net loss: €12.2m (loss widened 352% from 2Q 2024). Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) also missed analyst estimates by 50%. Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jun 27
Proqr Announces Cta Submission for Phase 1 Study of Ax-0810 Targeting Ntcp ProQR Therapeutics NV announced the submission of a Clinical Trial Application (CTA) to the European Medicines Agency (EMA) to initiate a Phase 1 clinical trial of its lead pipeline program AX-0810 targeting NTCP, a liver cell protein that transports bile acids into cells. AX-0810 is an investigational ADAR-mediated RNA editing oligonucleotide (EON) designed to selectively modulate NTCP function by reducing toxic bile acid accumulation in the liver, potentially mitigating inflammation, fibrosis, and progression toward liver failure, which are common in cholestatic diseases. Axiomer "Editing Oligonucleotides", or EONs, mediate single nucleotide changes to RNA in a highly specific and targeted way using molecular machinery that is present in human cells called ADAR (Adenosine Deaminase Acting on RNA). Axiomer EONs are designed to recruit and direct endogenously expressed ADARs to change an Adenosine (A) to an Inosine (I) in the RNA - an Inosine is translated as a Guanosine (G) - correcting an RNA with a disease-causing mutation back to a normal (wild type) RNA, modulating protein expression, or altering a protein so that it will have a new function that helps prevent or treat disease. Price Target Changed • May 14
Price target decreased by 7.8% to US$8.88 Down from US$9.63, the current price target is an average from 8 analysts. New target price is 473% above last closing price of US$1.55. Stock is down 19% over the past year. The company is forecast to post a net loss per share of €0.38 next year compared to a net loss per share of €0.32 last year. Reported Earnings • May 09
First quarter 2025 earnings released: €0.096 loss per share (vs €0.094 loss in 1Q 2024) First quarter 2025 results: €0.096 loss per share (further deteriorated from €0.094 loss in 1Q 2024). Revenue: €4.74m (up 1.7% from 1Q 2024). Net loss: €10.1m (loss widened 32% from 1Q 2024). Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. New Risk • May 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€63m net loss in 3 years). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Tillkännagivande • May 02
ProQR Therapeutics N.V., Annual General Meeting, Jun 03, 2025 ProQR Therapeutics N.V., Annual General Meeting, Jun 03, 2025. Location: 1530 cest at the offices, allen overy shearman sterling llp, amsterdam Netherlands Price Target Changed • Mar 30
Price target increased by 13% to US$10.67 Up from US$9.43, the current price target is an average from 6 analysts. New target price is 662% above last closing price of US$1.40. Stock is down 39% over the past year. The company is forecast to post a net loss per share of €0.39 next year compared to a net loss per share of €0.32 last year. Major Estimate Revision • Mar 20
Consensus revenue estimates increase by 12%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €13.7m to €15.3m. EPS estimate fell from -€0.369 to -€0.394 per share. Biotechs industry in the US expected to see average net income decline 12% next year. Consensus price target up from US$9.43 to US$9.71. Share price fell 12% to US$1.63 over the past week. Reported Earnings • Mar 13
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: €0.32 loss per share (improved from €0.35 loss in FY 2023). Revenue: €19.5m (up 196% from FY 2023). Net loss: €27.8m (loss narrowed 1.3% from FY 2023). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 7.3%. Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Dec 10
Now 20% undervalued Over the last 90 days, the stock has risen 79% to US$3.31. The fair value is estimated to be US$4.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 69% over the last 3 years. Earnings per share has grown by 41%. For the next 3 years, revenue is forecast to grow by 32% per annum. Earnings are forecast to decline by 3.3% per annum over the same time period. Tillkännagivande • Dec 10
ProQR Therapeutics N.V. Appoints Peter A. Beal, Phd, as Chief Adar Scientist ProQR Therapeutics N.V. announced the appointment of Dr. Peter Beal, a professor of Chemistry at the University of California, Davis, as Chief ADAR Scientist. Dr. Beal, one of the top experts in ADAR and RNA biology and chemistry, has been a long-term collaborator of ProQR and a valued member of ProQR’s Scientific Advisory Board, where he has played an important role in shaping the Company’s ADAR-based RNA editing platform.Dr. Beal’s decades of research at UC Davis have advanced the scientific community’s understanding of ADAR-mediated RNA-editing mechanisms and their therapeutic potential. As Chief ADAR Scientist, Dr. Beal will expand on his existing contributions to ProQR by driving the development and optimization of the Company’s ADAR editing platform, which aims to deliver life-changing treatments for patients with high unmet needs. In his new role, Dr. Beal will oversee the platform optimization and scientific developments on the design of editing oligonucleotides to further strengthen ProQR’s position as a leader in ADAR mediated RNA-editing innovation, drive preclinical development efforts, and expand the Company’s therapeutic pipeline. Peter A. Beal is a Professor in the Department of Chemistry at the University of California at Davis and current Director of the NIH-funded UC Davis Chemical Biology Graduate Program. Research from the Beal laboratory has advanced understanding of the structures and mechanism of action for ADAR enzymes responsible for adenosine to inosine RNA editing in humans. Recently, this knowledge has been applied to the design of guiding oligonucleotides capable of directing ADARs to make edits that correct disease-causing mutations in the transcriptome. Targets include mutations in mRNAs associated with Rett syndrome, Alzheimer’s disease and Parkinson’s disease. Dr. Beal teaches organic chemistry at the undergraduate level and several classes in nucleic acids chemistry and chemical biology at the graduate level. Price Target Changed • Dec 05
Price target increased by 14% to US$8.00 Up from US$7.03, the current price target is an average from 5 analysts. New target price is 126% above last closing price of US$3.54. Stock is up 74% over the past year. The company is forecast to post a net loss per share of €0.31 next year compared to a net loss per share of €0.35 last year. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: €0.099 loss per share (further deteriorated from €0.07 loss in 3Q 2023). Revenue: €3.98m (up 191% from 3Q 2023). Net loss: €8.11m (loss widened 42% from 3Q 2023). Revenue missed analyst estimates by 66%. Earnings per share (EPS) exceeded analyst estimates by 2.6%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 29
Price target increased by 40% to US$5.73 Up from US$4.10, the current price target is an average from 5 analysts. New target price is 66% above last closing price of US$3.45. Stock is up 200% over the past year. The company is forecast to post a net loss per share of €0.31 next year compared to a net loss per share of €0.35 last year. Tillkännagivande • Oct 24
ProQR Therapeutics N.V. has completed a Follow-on Equity Offering in the amount of $63 million. ProQR Therapeutics N.V. has completed a Follow-on Equity Offering in the amount of $63 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 18,000,000
Price\Range: $3.5
Discount Per Security: $0.21 Tillkännagivande • Oct 23
ProQR Therapeutics N.V. has filed a Follow-on Equity Offering. ProQR Therapeutics N.V. has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock Tillkännagivande • Oct 01
ProQR Therapeutics N.V. has filed a Follow-on Equity Offering in the amount of $75 million. ProQR Therapeutics N.V. has filed a Follow-on Equity Offering in the amount of $75 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: At the Market Offering Major Estimate Revision • Aug 28
Consensus revenue estimates increase by 35% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €18.2m to €24.5m. EPS estimate unchanged from -€0.31 at last update. Biotechs industry in the US expected to see average net income decline 14% next year. Consensus price target broadly unchanged at US$4.13. Share price fell 5.7% to US$1.98 over the past week. Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: €0.033 loss per share (improved from €0.099 loss in 2Q 2023). Revenue: €6.46m (up 420% from 2Q 2023). Net loss: €2.69m (loss narrowed 66% from 2Q 2023). Revenue missed analyst estimates by 37%. Earnings per share (EPS) exceeded analyst estimates by 72%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 24
Consensus revenue estimates increase by 28% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €16.7m to €21.3m. EPS estimate unchanged from -€0.40 at last update. Biotechs industry in the US expected to see average net income decline 10% next year. Consensus price target of US$4.10 unchanged from last update. Share price fell 3.1% to US$1.88 over the past week. Tillkännagivande • May 09
ProQR Announces Preclinical Proof of Concept Data for AX-0810 Axiomer™ RNA Editing Program Targeting NTCP for Cholestatic Diseases ProQR Therapeutics NV announced new preclinical data for its proprietary Axiomer™ RNA editing technology platform, including the first preclinical proof of concept data for its AX-0810 pipeline program for cholestatic diseases targeting NTCP. The data are being presented at a poster session on May 8, 2024 at the American Society of Gene & Cell Therapy (ASGCT) Annual Meeting, May 7-11, 2024, in Baltimore, Maryland. Preclinical proof of concept for AX-0810: AX-0810 is an editing oligonucleotide (EON) development program targeting the SLC10A1 RNA using the Axiomer technology, providing a transient and controlled approach that aims to reduce bile acids concentration in the liver. By specifically affecting the main transporter for bile acids reuptake from the portal vein circulation to the liver, called NTCP (Na-taurocholate transporting polypeptide, SLC10A1 gene), the AX-0810 program represents a promising avenue to ameliorate the progression of cholestatic disorders. As reported [ASGCT 2024, P-705], modulation of NTCP at different levels of editing leads to an increase in the biomarker Total Bile Acid in serum. Data presented include: Axiomer EONs can specifically modulate NTCP protein bile acids reuptake function while preserving expression of the protein. A strong correlation (R2 = 0.51) was reported between editing levels of NTCP and bile acids change in the serum in NHP in vivo. An early generation of ProQR’s Axiomer editing oligonucleotides (EONs), EON1, yielded up to 29% editing of NTCP in the liver of non-human primates (NHPs) after a single dose and, importantly, this led to an 8-fold change in the serum biomarker bile acids 72 hours after treatment. Further optimizations for EONs targeting NTCP have enabled achievement of up to 60% editing (in vitro). Results reported in NHPs confirmed findings in vitro models and showed translatability across models. ProQR is developing its AX-0810 program targeting NTCP for Cholestatic Diseases and plans to advance the program to the clinic in late 2024/early 2025. ProQR also expects the following Axiomer pipeline program milestones in 2024: AX-0810 clinical development candidate translational data to be reported in H2 2024, with further detail on design for the clinical trial. AX-1412 preclinical proof of concept data and translational data to be reported in H2 2024, with program to advance to the clinic in late 2024/early 2025. AX-1412 is the Company’s Axiomer program targeting B4GALT1 for cardiovascular disease. Tillkännagivande • Apr 24
ProQR Therapeutics N.V., Annual General Meeting, May 22, 2024 ProQR Therapeutics N.V., Annual General Meeting, May 22, 2024, at 16:30 Central European Standard Time. Location: the offices of Allen & Overy LLP, Apollolaan 15, 1077 AB in Amsterdam,the Netherlands Amsterdam Netherlands Agenda: To consider Report of the Management Board for the financial year 2023 ; to Adoption of the annual accounts for the financial year 2023; to Release from liability of the members of the Management Board with respect to the performance of their management during the financial year 2023 ; to Release from liability of the members of the Supervisory Board with respect to the performance of their supervision during the financial year 2023 ; to Appointment of Gerard Platenburg as Management Board member ; to Appointment of Martin Maier, PhD, as Supervisory Board member ; to Re-appointment of Dinko Valerio, PhD, as Supervisory Board member ; and to consider other matters if any. Tillkännagivande • Apr 21
ProQR Therapeutics N.V. Achieves Successful Defense of New Challenge to its Axiomer™ IP Portfolio ProQR Therapeutics N.V. announced it has again successfully defended against opposition filed against a key patent for its ADAR-mediated RNA editing platform Axiomer™?. The opposition was filed in June 2021 with the European Patent Office (EPO) by a strawman against ProQR's granted patent EP 3 507 366 B1, which relates to editing oligonucleotides that have certain chemical modifications in the base and/or ribose sugar to increase stability and recruit endogenous ADAR to edit the target adenosine. This patent is part of ProQR's intellectual property estate surrounding its Axiomer RNA editing platform and the current generation of its molecules. The opposition Division of the EPO held a public meeting on April 17, 2024, and ruled such that ProQR's strong IP position on chemically modified editing oligonucleotides was maintained. The patent contains broad platform claims including: An antisense oligonucleotide (AON) capable of forming a double stranded complex with a target RNA sequence in a cell, preferably a human cell, for the deamination of a target adenosine in the target RNA sequence by an ADAR enzyme present in the cell--, which protects ProQR's proprietary ADAR mediated RNA editing platform Axiomer. ProQR invented the use of endogenous ADAR in RNA editing in 2014 and filed a first patent application in that same year. Since then, ProQR has filed multiple additional patent applications on further improvements to form a leading patent estate that supports ProQR’s ADAR-mediated RNA editing platform Axiomer. Today ProQR has extensive patent protection related to the Axiomer RNA editing platform, including 15 published patent families, that currently comprise a total of 28 patents. Beyond this, ProQR has several unpublished patent applications and continuously invests in expanding its IP estate around ADAR-mediated RNA editing. Major Estimate Revision • Mar 20
Consensus revenue estimates increase by 64%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €11.1m to €18.3m. EPS estimate fell from -€0.351 to -€0.409 per share. Biotechs industry in the US expected to see average net income decline 8.2% next year. Consensus price target up from US$3.88 to US$4.06. Share price rose 6.0% to US$2.47 over the past week. Reported Earnings • Mar 14
Third quarter 2023 earnings released: €0.07 loss per share (vs €0.33 loss in 3Q 2022) Third quarter 2023 results: €0.07 loss per share (improved from €0.33 loss in 3Q 2022). Net loss: €5.71m (loss narrowed 76% from 3Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 4 years, compared to a 17% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. New Risk • Mar 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€40m net loss in 3 years). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Major Estimate Revision • Dec 22
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €16.0m to €17.8m. EPS estimate unchanged from -€0.24 at last update. Biotechs industry in the US expected to see average net income growth of 7.6% next year. Consensus price target of US$3.88 unchanged from last update. Share price was steady at US$2.01 over the past week. New Risk • Dec 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.6% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€36m net loss in 3 years). Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: €0.07 loss per share (improved from €0.34 loss in 3Q 2022). Net loss: €5.71m (loss narrowed 77% from 3Q 2022). Revenue missed analyst estimates by 60%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€35m net loss in 3 years). Shareholders have been diluted in the past year (13% increase in shares outstanding). Revenue is less than US$5m (€4.5m revenue, or US$4.8m). Market cap is less than US$100m (US$98.7m market cap). New Risk • Oct 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€32m net loss in 3 years). Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). Revenue is less than US$5m (€4.5m revenue, or US$4.8m). Market cap is less than US$100m (US$98.7m market cap). Major Estimate Revision • Sep 28
Consensus revenue estimates increase by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €18.7m to €21.5m. EPS estimate unchanged from -€0.27 at last update. Biotechs industry in the US expected to see average net income decline 4.0% next year. Consensus price target of US$3.76 unchanged from last update. Share price fell 10% to US$1.33 over the past week. Major Estimate Revision • Aug 10
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €23.8m to €19.9m. Forecast losses increased from -€0.238 to -€0.262 per share. Biotechs industry in the US expected to see average net income decline 20% next year. Consensus price target of US$3.80 unchanged from last update. Share price was steady at US$1.49 over the past week. New Risk • Aug 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.9% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€37m net loss in 3 years). Shareholders have been diluted in the past year (13% increase in shares outstanding). Revenue is less than US$5m (€4.5m revenue, or US$4.9m). Reported Earnings • Aug 04
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: €0.099 loss per share (improved from €0.21 loss in 2Q 2022). Net loss: €7.99m (loss narrowed 46% from 2Q 2022). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Biotechs industry in the US are expected to grow by 16%. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Tillkännagivande • Aug 03
Laboratoires Théa S.A.S. agreed to acquire Sepofarsen and Ultevursen Ophthalmic Assets from ProQR Therapeutics N.V. (NasdaqCM:PRQR) for approximately €135 million. Laboratoires Théa S.A.S. agreed to acquire Sepofarsen and Ultevursen Ophthalmic Assets from ProQR Therapeutics N.V. (NasdaqCM:PRQR) for approximately €135 million on July 31, 2023. Based on the terms and agreements ProQR will receive an initial payment of €12.5 million and will also be eligible to receive up to €135 million in further development, regulatory, and commercial payments as well as additional earn outs of up to high. teens percentage based on commercial sales in the United States and the European Union. The transaction is subject to the satisfaction of certain closing conditions and covenants. The transaction is expected to close in the third quarter of 2023. Lazard B.V. acted as financial advisor and Allen & Overy Amsterdam acted as legal advisor to ProQR Therapeutics. Dentons Europe, Association d'Avocats à Responsabilité Professionnelle Individuelle acted as legal advisor to Laboratoires Théa. Major Estimate Revision • May 27
Consensus revenue estimates decrease by 25% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €26.7m to €20.0m. EPS estimate unchanged at -€0.243 per share. Biotechs industry in the US expected to see average net income decline 82% next year. Consensus price target of US$3.80 unchanged from last update. Share price fell 8.8% to US$1.72 over the past week. Major Estimate Revision • May 26
Consensus EPS estimates upgraded to €0.24 loss, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €27.2m to €24.5m. 2023 losses expected to reduce from -€0.508 to -€0.243 per share. Biotechs industry in the US expected to see average net income decline 82% next year. Consensus price target of US$3.82 unchanged from last update. Share price fell 4.0% to US$1.67 over the past week. Price Target Changed • May 25
Price target decreased by 9.2% to US$3.82 Down from US$4.21, the current price target is an average from 7 analysts. New target price is 117% above last closing price of US$1.76. Stock is up 181% over the past year. The company is forecast to post a net loss per share of €0.19 next year compared to a net loss per share of €0.91 last year. Tillkännagivande • May 18
ProQR Therapeutics N.V. Approves the Appointment of Theresa Heggie and Begoña Carreño as Supervisory Board Member On May 17, 2023, ProQR Therapeutics N.V. held its 2023 annual general meeting of shareholders. ProQR shareholders approved the appointment of Theresa Heggie and Begoña Carreño as Supervisory Board member. Reported Earnings • May 18
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: €0.11 loss per share (improved from €0.20 loss in 1Q 2022). Net loss: €8.93m (loss narrowed 38% from 1Q 2022). Revenue missed analyst estimates by 47%. Earnings per share (EPS) exceeded analyst estimates by 7.5%. Revenue is expected to decline by 34% p.a. on average during the next 3 years, while revenues in the Biotechs industry in the US are expected to grow by 20%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Breakeven Date Change • May 17
Forecast to breakeven in 2023 The 4 analysts covering ProQR Therapeutics expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €6.73m in 2023. Reported Earnings • Mar 31
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: €0.91 loss per share. Net loss: €65.1m (loss widened 5.7% from FY 2021). Revenue missed analyst estimates by 66%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 13% growth forecast for the Biotechs industry in the US. Price Target Changed • Dec 23
Price target increased to US$3.25 Up from US$1.72, the current price target is an average from 6 analysts. New target price is 20% above last closing price of US$2.71. Stock is down 67% over the past year. The company is forecast to post a net loss per share of €0.92 next year compared to a net loss per share of €0.96 last year. Major Estimate Revision • Nov 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €3.98m to €4.20m. Forecast EPS reduced from -€0.80 to -€0.94 per share. Biotechs industry in the US expected to see average net income decline 93% next year. Consensus price target of US$1.72 unchanged from last update. Share price rose 3.4% to US$0.96 over the past week. Reported Earnings • Nov 11
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: €0.34 loss per share (further deteriorated from €0.22 loss in 3Q 2021). Net loss: €24.4m (loss widened 62% from 3Q 2021). Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 63%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €4.73m to €4.25m. EPS estimate increased from -€0.86 to -€0.78 per share. Biotechs industry in the US expected to see average net income decline 77% next year. Consensus price target down from US$2.53 to US$1.80. Share price rose 7.6% to US$0.89 over the past week. Major Estimate Revision • Aug 11
Consensus revenue estimates increase by 25% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from €3.63m to €4.55m. Forecast losses expected to reduce from -€0.86 to -€0.81 per share. Biotechs industry in the US expected to see average net income decline 46% next year. Consensus price target of US$2.42 unchanged from last update. Share price fell 3.6% to US$0.81 over the past week. Reported Earnings • Aug 05
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: €0.21 loss per share (up from €0.24 loss in 2Q 2021). Net loss: €14.9m (loss narrowed 5.5% from 2Q 2021). Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) also surpassed analyst estimates by 8.0%. Over the next year, revenue is expected to shrink by 5.7% compared to a 46% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 12
Consensus estimates of losses per share improve by 11% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €3.20m to €3.49m. EPS estimate increased from -€0.92 per share to -€0.82 per share. Biotechs industry in the US expected to see average net income decline 44% next year. Consensus price target down from US$3.17 to US$2.42. Share price fell 20% to US$0.56 over the past week. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: €0.20 loss per share. Net loss: €14.4m (loss widened 15% from 1Q 2021). Revenue exceeded analyst estimates by 59%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Over the next year, revenue is expected to shrink by 4.8% compared to a 41% growth forecast for the industry in the US. Price Target Changed • Apr 27
Price target decreased to US$3.29 Down from US$4.86, the current price target is an average from 6 analysts. New target price is 344% above last closing price of US$0.74. Stock is down 88% over the past year. The company is forecast to post a net loss per share of €0.85 next year compared to a net loss per share of €0.96 last year. Price Target Changed • Apr 14
Price target decreased to US$3.64 Down from US$4.96, the current price target is an average from 6 analysts. New target price is 363% above last closing price of US$0.79. Stock is down 87% over the past year. The company is forecast to post a net loss per share of €0.88 next year compared to a net loss per share of €0.96 last year. Reported Earnings • Feb 26
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: €0.96 loss per share (down from €0.93 loss in FY 2020). Net loss: €61.6m (loss widened 32% from FY 2020). Revenue missed analyst estimates by 52%. Earnings per share (EPS) exceeded analyst estimates by 7.3%. Over the next year, revenue is forecast to grow 42%, compared to a 185% growth forecast for the pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 13
Price target decreased to US$13.50 Down from US$24.13, the current price target is an average from 7 analysts. New target price is 871% above last closing price of US$1.39. Stock is down 73% over the past year. The company is forecast to post a net loss per share of €0.97 next year compared to a net loss per share of €0.93 last year. Major Estimate Revision • Aug 06
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from €561.2k to €449.9k. EPS estimate unchanged from -€0.82 per share at last update. Biotechs industry in the US expected to see average net income decline 12% next year. Consensus price target of US$26.00 unchanged from last update. Share price rose 20% to US$6.26 over the past week. Major Estimate Revision • May 13
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from €1.66m to €1.19m. EPS estimate increased from -€1.02 to -€0.93 per share. Biotechs industry in the US expected to see average net income decline 15% next year. Consensus price target down from US$28.33 to US$26.57. Share price rose 2.1% to US$6.32 over the past week. Price Target Changed • Mar 25
Price target increased to US$24.17 Up from US$21.50, the current price target is an average from 4 analysts. New target price is 325% above last closing price of US$5.68. Stock is down 4.5% over the past year.