ProQR Therapeutics NV · Q1 2026 earnings

Briefing

ProQR Q1 2026: €2.0M revenue, €13.4M net loss; €81.1M cash runway into mid-2027

ProQR Therapeutics reported first-quarter 2026 operating and financial results alongside a pipeline update for its Axiomer RNA editing platform. Revenue was €2.0 million versus €4.5 million in Q1 2025, reflecting lower collaboration-related inflows. R&D expenses eased to €11.8 million from €12.3 million while G&A rose to €3.9 million from €3.2 million, producing a net loss of €13.4 million, or €0.13 per diluted share, compared with a €10.1 million loss a year earlier. The company ended March with €81.1 million in cash after €11.1 million of operating cash use, which management said supports operations into mid-2027. Clinically, AX-0810 remains on track for target engagement data in Q2 2026 with biliary atresia selected as the initial Phase 2 path, and follow-on programs AX-0811, AX-0422 and AX-2911 are advancing toward near-term CTAs and first-in-human readouts.

• Cash and cash equivalents totaled €81.1 million at March 31, 2026, down from €92.4 million at year-end, with net operating cash use of €11.1 million in the quarter.
• Net loss widened to €13.4 million (€0.13 per diluted share) from €10.1 million (€0.10) in Q1 2025 on €2.0 million revenue versus €4.5 million prior year.
• AX-0810 target engagement data from healthy volunteers remain on track for Q2 2026, with biliary atresia chosen as the initial Phase 2 indication over PSC.
• Pipeline catalysts include AX-0811 CTA filing mid-2026, AX-0422 CTA in early 2027, and AX-2911 first-in-human IIT in China in H1 2027.
• ProQR expanded its Axiomer platform via a Ginkgo Bioworks partnership and formation of an AI Advisory Board to accelerate RNA editing discovery.

Headline financials

Revenue & EPS history

Management highlighted a catalyst-rich pipeline within its current cash runway, including AX-0810 target engagement in Q2 2026 and multiple CTA filings through 2027, while noting cash supports operations into mid-2027.