ProQR Therapeutics BV
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow judges the company here, not the share price — and it is deliberately not red. Documented findings argue against a threat to substance: EUR 117.125 million of cash as of June 30, 2026 against EUR 23.415 million of operating outflow in the half, positive equity of EUR 79.477 million, only EUR 5.017 million of borrowings, and a going concern basis explicitly confirmed in the half-year accounts. Yellow stands for the one large operating question that is open: whether target engagement in healthy volunteers becomes benefit for sick people will not be settled before 2027 — until then there is no product, no genuine revenue, and with an authorized capital of 270 million shares, ample room for further dilution. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
ProQR Therapeutics is where the trailer trap shows in its purest form. The June 2026 announcement was a real, well-documented first hit in humans — an up to eight-fold rise in bile acids against a pre-set two-fold threshold. Beside it sits a set of accounts with no sale in them: the EUR 10.792 million of first-half 2026 revenue is, to the euro, the decline in the parked Lilly advance, no new milestones were reached, and costs came to EUR 33.263 million. Shareholders pay for the difference: 33.9 percent more shares in six months and an authorized capital lifted from 170 million to 270 million. Cash runs to mid-2028 on the company's own estimate — roughly the date on which the first genuinely meaningful patient finding is expected. Not investment advice.
Technology & first evidence
In June 2026 AX-0810 produced an up to eight-fold increase in total serum bile acids at 6 milligrams per kilogram in healthy volunteers — against a pre-defined success threshold of two-fold, with an eight-week half-life and, per the company, no serious adverse events. It is the first documented evidence that the Axiomer platform works in a human body.
Quality of revenue
The EUR 10.792 million of first-half 2026 revenue matches exactly the decline in deferred revenue from the Eli Lilly advance (EUR 38.946 million to EUR 28.154 million). It is the release of cash that arrived in 2021 and 2023; per Note 13 no milestones were reached in that half. Its size also rests on an estimate of labor hours performed, which the filing itself describes as subject to change.
Dilution
Shares outstanding rose from 105,361,064 (December 31, 2025) to 141,121,476 (June 30, 2026), up 33.9 percent in six months, at an issue price of $1.81 after $3.50 in October 2024. The ceiling in the articles of association grew from 170 million to 270 million shares, and a $75 million at-the-market facility was entirely unused as of June 30, 2026 — the reserve for further dilution is large.
Financial position & runway
As of June 30, 2026, EUR 117.125 million of cash stood against equity of EUR 79.477 million and only EUR 5.017 million of borrowings; the going concern basis is explicitly confirmed in the half-year accounts and the company's runway estimate is mid-2028. Against that sits EUR 23.415 million of operating cash outflow in the first half of 2026 alone — the runway ends roughly when the first registration-relevant interim analysis would fall due.
Dependence on the partner
Eli Lilly is the sole source of revenue but put up roughly $9.2 million of its own money again in June 2026 and is subject to a six-month lockup and a standstill. An option to expand the agreement for a further $50 million remains open. ProQR develops the lead NTCP franchise wholly on its own account — survival depends on the cash, not on the partner.
Worth Noting
ProQR reached our research list via a forum attention list (Reddit hype scanner, as of September 9, 2026) — the same day the company reported the first participant dosed in the Phase 1 study of AX-0811. Attention in a forum is a timestamp, not a quality signal.
The U.S. securities regulator, the SEC, treats ProQR as a foreign private issuer, so it files annual reports on Form 20-F and interim reports on Form 6-K; there is no U.S. quarterly report (Form 10-Q) for this company. It reports under IFRS in euros while trading in U.S. dollars — metrics that mix the two currencies should be read with care. The valuation chapter converts using the relationship the company documents itself for the June placement ($50.0 million corresponded to EUR 44.1 million).
The valuation anchor is the last share price documented in an SEC prospectus: $1.81 on July 2, 2026, cited in the 424B5 prospectus of July 15, 2026. Analyses are evergreen; an intraday price is not a reason to buy. Not to be confused: ProQR Therapeutics N.V. of Leiden is not the same as similarly named drug developers; the SEC identifier CIK 0001612940 is decisive.
Stock Watch
This analysis is as of September 9, 2026. Stock Watch will tell you what's changed at PRQR since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.40 $ to 3.10 $ · Last price: 1.70 $ (As of: September 25, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/25/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| ProQR Therapeutics BV PRQR | 0.2 | – | -2.1 | 100.0 | -671.4 | -19.2 | -18.6 |
| Vertex Pharmaceuticals Inc VRTX | 133.1 | 31.9 | 24.4 | 55.0 | 38.1 | 9.6 | 37.8 |
| Regeneron Pharmaceuticals Inc REGN | 81.9 | 19.8 | 13.5 | 44.5 | 20.7 | 1.0 | 38.7 |
| Moderna Inc MRNA | 78.9 | – | 4.6 | -66.0 | -131.1 | -39.2 | 708.1 |
| argenx NV ARGX | 59.7 | 36.7 | 31.5 | 59.1 | 32.0 | 89.6 | 31.9 |
| Revolution Medicines Inc RVMD | 42.6 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 359.0 |
| BeiGene, Ltd. ONC | 40.8 | 64.4 | 32.4 | 88.9 | 19.1 | 40.2 | 9.1 |
| Alnylam Pharmaceuticals Inc ALNY | 34.0 | 64.4 | 28.6 | 79.7 | 23.0 | 65.2 | -45.6 |
| Royalty Pharma Plc RPRX | 32.1 | 31.4 | 19.2 | 95.8 | 100.3 | 5.1 | 70.0 |
| Median of companies shown | 42.6 | 34.3 | 19.2 | 59.1 | 20.7 | 5.1 | 37.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year €M
Revenue Operating income Net income
| Fiscal Year | Revenue (€M) | EBIT (€M) | Net Income (€M) | EPS (€) | Operating Cash Flow (€M) | Equity (€M) | Total Assets (€M) |
|---|---|---|---|---|---|---|---|
| 2016 | 2 | -40 | -39 | -1.67 | -34 | 56 | 69 |
| 2017 | -2 | -41 | -44 | -1.72 | -35 | 47 | 64 |
| 2018 | 5 | -36 | -37 | -1.08 | -31 | 93 | 110 |
| 2019 | 2 | -57 | -57 | -1.38 | -44 | 106 | 132 |
| 2020 | 1 | -42 | -47 | -0.93 | -47 | 70 | 121 |
| 2021 | 1 | -57 | -61 | -0.95 | -26 | 129 | 238 |
| 2022 | 4 | -65 | -64 | -0.90 | -69 | 72 | 183 |
| 2023 | 7 | -32 | -28 | -0.35 | 22 | 46 | 152 |
| 2024 | 19 | -30 | -28 | -0.34 | -36 | 92 | 174 |
| 2025 | 15 | -42 | -41 | -0.38 | -53 | 58 | 132 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (€M) | Sales YoY (%) | Net Margin (%) | OCF (€M) | FCF (€M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.04 | 63.60 | 6 | 407.20 | -42.70 | -6 | -7 |
| 2024: Q3 | -0.08 | 0.00 | 4 | 180.50 | -211.00 | -6 | -6 |
| 2024: Q4 | -0.09 | -28.60 | 4 | 31.20 | -216.00 | -9 | -10 |
| 2025: Q1 | -0.11 | -10.00 | 5 | 1.60 | -223.00 | -16 | -16 |
| 2025: Q2 | -0.14 | -250.00 | 4 | -39.50 | -319.10 | -11 | -12 |
| 2025: Q3 | -0.12 | -50.00 | 3 | -24.10 | -377.60 | -12 | -12 |
| 2025: Q4 | -0.09 | -2.90 | 5 | 7.80 | -190.30 | -13 | -14 |
| 2026: Q1 | -0.15 | -36.40 | 2 | -54.30 | -658.30 | -11 | -12 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (€) | EPS Range (€) | Revenue Estimate (€M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.46 | -0.54 – -0.38 | 21 | – | 2 |
| 12/31/2027 | -0.47 | -0.56 – -0.39 | 19 | -2.4% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
ProQR setzt maschinelles Lernen und KI-Werkzeuge in der eigenen Wirkstoffsuche, im klinischen Betrieb und in der Qualitaetssicherung ein — der Nachfolgekandidat AX-0811 stammt laut Unternehmen aus der KI-gestuetzten Entdeckungsmaschine —, verkauft aber selbst keine KI-Produkte und ist von KI nicht bedroht.
View the full file — quotes, sources, reviewed filings
„We use, and may continue to rely on, data analytics, machine learning and other artificial intelligence tools in our research and development, clinical operations, pharmacovigilance and quality systems."
Wir nutzen Datenanalyse, maschinelles Lernen und andere Werkzeuge der kuenstlichen Intelligenz in unserer Forschung und Entwicklung, im klinischen Betrieb, in der Arzneimittelueberwachung und in unseren Qualitaetssystemen — und werden moeglicherweise weiterhin auf sie angewiesen sein.
20-F · 2026-03-12 · View SEC filing
„AX-0811 is generated by ProQR’s AI-enabled discovery engine and demonstrated higher potency and longer durability than AX-0810 preclinically, which will lead to lower dose levels and less frequent dosing in the clinic."
AX-0811 wurde von ProQRs KI-gestuetzter Entdeckungsmaschine erzeugt und zeigte praeklinisch hoehere Wirkstaerke und laengere Wirkdauer als AX-0810, was zu niedrigeren Dosierungen und selteneren Gaben in der Klinik fuehren wird.
6-K · 2026-08-13 · View SEC filing
„In April 2026, the Company entered into agreement with Ginkgo Bioworks (“Ginkgo”) under which Ginkgo will provide services to support the Company’s AI-enabled research and development activities."
Im April 2026 schloss das Unternehmen eine Vereinbarung mit Ginkgo Bioworks („Ginkgo“), unter der Ginkgo Dienstleistungen zur Unterstuetzung der KI-gestuetzten Forschungs- und Entwicklungstaetigkeiten des Unternehmens erbringen wird.
6-K · 2026-08-13 · View SEC filing
Filings Reviewed: 20-F 2026-03-12 · 6-K 2026-08-13 · 6-K 2026-09-09
Rated on September 9, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 62.0%
- More than 10% revenue growth is expected for the coming year -65.8%
- Share count grows by less than 3% a year 13.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -371.4%
- Gross margin at 40% or higher and without meaningful erosion 83.0%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 92 m net cash
- Operating cash flow covers the profits of the last three years 29 m
- Return on capital at 15% or higher, or up versus two years ago -44.7%
- Insiders hold at least 10% or are net buyers 18.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 23.5%
- Exp. sales growth 3Y > 5% 10.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 10.6%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -69.9%
- ROCE > 15% -44.7%
- Expected return > 10% -17.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
ProQR Therapeutics N.V. ist ein Biotechnologieunternehmen im klinischen Stadium, das sich auf die Entdeckung und Entwicklung neuartiger therapeutischer Arzneimittel konzentriert. Das Unternehmen entwickelt über seine Axiomer-RNA-Editing-Technologie eine RNA-Editing-Plattform für genetische Erkrankungen mit ungedecktem medizinischem Bedarf. Sein führender Produktkandidat, AX-0810, zielt auf das Na-Taurocholat-Cotransporter-Polypeptid (NTCP) zur Behandlung cholestatischer Erkrankungen ab. Das Unternehmen entwickelt zudem AX-2402, das auf Mutationen des Methyl-CpG-bindenden Proteins 2 bei Rett-Syndrom abzielt; AX-2911, das auf PNPLA3 bei metabolisch assoziierter Steatohepatitis abzielt; und AX-1412, das auf das B4GALT1-Gen bei Herz-Kreislauf-Erkrankungen abzielt. Es besteht eine Forschungs- und Kooperationsvereinbarung mit Eli Lilly and Company zur Entdeckung, Entwicklung und Vermarktung potenzieller neuer Arzneimittel für genetische Erkrankungen der Leber und des Nervensystems. Das Unternehmen wurde 2012 gegründet und hat seinen Hauptsitz in Leiden, Niederlande.
- Employees
- 186
- Headquarters
- Leiden, Netherlands
- Address
- Zernikedreef 9, 2333 CK Leiden, Netherlands
- Phone
- 31 88 166 7000
- Website
- proqr.com
- IPO Date
- 09/18/2014
- ISIN
- NL0010872495
Management
| Name | Title | Birth Year |
|---|---|---|
| Daniel Anton de Boer | Founder, CEO & Executive Director | 1983 |
| Gerard Platenburg Ph.D. | Co-Founder, Chief Scientific Officer & Executive Director | 1964 |
| Dennis Hom | Chief Financial Officer | 1975 |
| Sheila Sponselee | Chief People & Operations Officer | 1984 |
| Sarah Cue Kiely | Vice President of Investor Relations & Corporate Communications | – |
| Cristina Lopez Lopez M.D., Ph.D. | Chief Medical Officer | 1976 |
| Sandra van der Kolk | Junior Financial Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 25, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.