ProQR Therapeutics N.V. reported a net loss of €42.2 million for the year ended December 31 2025, translating to €0.40 per diluted share. Cash on hand fell to €92.4 million, down from €149.4 million at the end of 2024, while operating cash burn rose to €52.8 million in 2025 from €36.4 million in 2024.
The company’s research and development spend climbed to €44.7 million, reflecting intensified investment in its lead candidate AX‑0810 and the expansion of its Axiomer RNA‑editing platform. General and administrative costs were €15.1 million. Milestone payments from the Lilly collaboration totaled $4.5 million, a modest but non‑trivial contribution to cash flow in a company that generates no product revenue.
AX‑0810, the company’s lead candidate for cholestatic diseases, entered a Phase 1 trial in 2025 and is expected to deliver target‑engagement data in the first half of 2026. In addition, ProQR selected development candidates for AX‑2402 in Rett syndrome and AX‑2911 in MASH, further broadening its pipeline. The company’s focus remains on advancing the Axiomer platform across multiple therapeutic areas.
"2025 was a year of meaningful clinical progress for ProQR as we advanced AX‑0810 for Cholestatic Diseases into a Phase 1 trial and continued to expand the reach of our Axiomer RNA editing platform and pipeline," said Daniel A. de Boer, Founder and Chief Executive Officer of ProQR. "With target engagement data for AX‑0810 expected in the first half of 2026, we are approaching an important milestone for the Company and an important step toward bringing a new treatment closer to patients with cholestatic diseases." "In parallel to advancing AX‑0810, we strengthened our pipeline with the selection of Development Candidates for AX‑2402 in Rett syndrome and AX‑2911 in MASH, and continued to advance our collaboration with Lilly, achieving $4.5 million in milestones during the year. As we enter 2026, our focus remains on delivering the AX‑0810 target engagement data in the first half the year and advancing our innovative RNA editing therapies for patients with significant unmet need," he added.
The prior‑year net loss was €27.8 million, or €0.32 per diluted share, indicating a widening loss in 2025 driven largely by higher R&D outlays. Cash burn of €52.8 million supports a projected runway into mid‑2027, giving management 18‑24 months to demonstrate clinical success before additional financing is required.
The company’s financial position reflects a typical clinical‑stage biotech profile: no product revenue, heavy investment in pipeline development, and reliance on milestone payments and future capital raises. The modest Lilly milestone inflow and the expected AX‑0810 data are key levers that could improve valuation and extend the cash runway, while the continued expansion of the Axiomer platform positions ProQR to capitalize on a broader therapeutic opportunity if clinical milestones are met.
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