Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

November 7, 2023

Commission File Number: 001-36622

PROQR THERAPEUTICS N.V.

Zernikedreef 9

2333 CK Leiden

The Netherlands

Tel: +31 88 166 7000

(Address, Including ZIP Code, and Telephone Number,

Including Area Code, of Registrant’s Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ◻

Furnished as Exhibit 99.1 to this Report on Form 6-K are the unaudited financial statements of ProQR Therapeutics N.V. (the “Company”) for the three and nine month periods ended September 30, 2023, and furnished as Exhibit 99.2 to this Report on Form 6-K is a press release of ProQR Therapeutics N.V. dated November 7, 2023, announcing the Company’s results for the three and nine month periods ended September 30, 2023.

On November 7, 2023, the Company issued a press release titled, “ProQR Announces Third Quarter 2023 Operating and Financial Results,” announcing the Company’s results for the three and nine month periods ended September 30, 2023 and providing a business update. A copy of this press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

INDEX TO EXHIBITS


Number		Description

99.1		Unaudited financial statements of ProQR Therapeutics N.V. for the three and nine month periods ended September 30, 2023.

99.2		Press Release of ProQR Therapeutics N.V. dated November 7, 2023, announcing the Company’s results for the three and nine month periods ended September 30, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	PROQR THERAPEUTICS N.V.


Date: November 7, 2023	By:	/s/ Jurriaan Dekkers
		Jurriaan Dekkers
		Chief Financial Officer

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Exhibit 99.1

PROQR THERAPEUTICS N.V.
Index to Unaudited Condensed Consolidated Financial Statements


	PAGE
Unaudited Condensed Consolidated Statement of Financial Position at September 30, 2023 and December 31, 2022	1
Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Three and Nine Month Periods ended September 30, 2023 and 2022	2
Unaudited Condensed Consolidated Statement of Changes in Equity for the Nine Month Periods Ended September 30, 2023 and 2022	3
Unaudited Condensed Consolidated Statement of Cash Flows for the Three and Nine Month Periods ended September 30, 2023 and 2022	4
Notes to Unaudited Condensed Consolidated Financial Statements	5

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Unaudited Condensed Consolidated Financial Statements

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Financial Position


		September 30,	December 31,
		2023	2022
		€1,000	€1,000
Assets
Current assets
Cash and cash equivalents	5	120,552	94,775
Prepayments and other receivables	6	3,605	59,078
Other taxes		530	607

Total current assets		124,687	154,460

Property, plant and equipment	7	17,347	16,240
Investments in financial assets	17	—	621

Total assets		142,034	171,321

Equity and liabilities
Equity
Equity attributable to owners of the Company		46,340	67,064
Non-controlling interests		—	(384)
Total equity	12	46,340	66,680

Current liabilities
Borrowings	9	2,344	2,500
Lease liabilities	10	1,480	1,387
Derivative financial instruments	9	255	1,263
Trade payables		117	392
Social securities and other taxes		1,230	1,118
Deferred income	11	16,409	5,641
Other current liabilities	8	4,814	8,687

Total current liabilities		26,649	20,988

Borrowings	9	2,891	4,271
Lease liabilities	10	14,556	13,813
Deferred income	11	51,598	65,569

Total liabilities		95,694	104,641

Total equity and liabilities		142,034	171,321

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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Unaudited Condensed Consolidated Financial Statements

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Profit or Loss and OCI

(€ in thousands, except share and per share data)


		Three month period		Nine month period
		ended September 30,		ended September 30,
		2023	2022	2023	2022
		€1,000	€1,000	€1,000	€1,000
Revenue	13	1,370	814	3,230	2,874

Other income	14	—	74	80	274

Research and development costs	15	(5,446)	(15,352)	(17,415)	(40,168)
General and administrative costs	16	(3,315)	(5,359)	(11,486)	(15,679)
Total operating costs		(8,761)	(20,711)	(28,901)	(55,847)

Operating result		(7,391)	(19,823)	(25,591)	(52,699)
Finance income and expense		363	599	289	940
Results related to associates		—	—	—	(8)
Result on derecognition of subsidiary		92	—	92	—
Results related to financial liabilities measured at FVTPL	9	118	5	1,009	3,831
Results on derecognition of financial liabilities	18	1,357	(4,016)	1,866	(2,872)

Result before corporate income taxes		(5,461)	(23,235)	(22,335)	(50,808)
Income taxes	19	41	(69)	83	(96)

Result for the period		(5,420)	(23,304)	(22,252)	(50,904)

Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Fair value loss on investment in financial asset designated as at FVTOCI		(621)	—	(621)	—
Items that may be reclassified subsequently to profit or loss
Foreign exchange differences on translation of foreign operations		286	612	74	1,523

Total comprehensive income		(5,755)	(22,692)	(22,799)	(49,381)

Result attributable to
Owners of the Company		(5,710)	(23,318)	(22,636)	(51,127)
Non-controlling interests		290	14	384	223
		(5,420)	(23,304)	(22,252)	(50,904)
Total comprehensive income attributable to
Owners of the Company		(6,045)	(22,706)	(23,183)	(49,604)
Non-controlling interests		290	14	384	223
		(5,755)	(22,692)	(22,799)	(49,381)
Share information
Weighted average number of shares outstanding¹		81,000,320	71,382,837	80,942,881	71,367,459

Earnings per share attributable to owners of the Company (€ per share)
Basic loss per share¹		(0.07)	(0.33)	(0.28)	(0.72)
Diluted loss per share¹		(0.07)	(0.33)	(0.28)	(0.72)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

1.	For these periods the potential exercise of share options is not included in the diluted earnings per share as the Company was loss-making. Due to the anti-dilutive nature of the outstanding options, basic and diluted earnings per share are equal.

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Unaudited Condensed Consolidated Financial Statements

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Changes in Equity


	Attributable to owners of the Company
	Number of shares	Share Capital	Share Premium	Equity settled Employee Benefit Reserve	Option premium on convertible loan	Translation Reserve	Accumulated Deficit	Total	Non- controlling interests	Total Equity
		€1,000	€1,000	€1,000	€1,000	€1,000	€1,000	€1,000	€1,000	€1,000
Balance at January 1, 2022	74,865,381	2,995	398,309	28,443	1,426	430	(316,890)	114,713	(604)	114,109
Result for the period	—	—	—	—	—	—	(51,127)	(51,127)	223	(50,904)
Other comprehensive income	—	—	—	—	—	1,523	—	1,523	—	1,523
Recognition of share-based payments	—	—	—	3,256	—	—	—	3,256	—	3,256
Treasury shares transferred	(143,094)	—	—	—	—	—	—	—	—	—
Share options lapsed	—	—	—	(647)	—	—	647	—	—	—
Share options exercised	143,094	—	33	(362)	—	—	362	33	—	33

Balance at September 30, 2022	74,865,381	2,995	398,342	30,690	1,426	1,953	(367,008)	68,398	(381)	68,017

Balance at January 1, 2023	84,246,967	3,370	412,540	29,052	—	1,212	(379,110)	67,064	(384)	66,680
Result for the period	—	—	—	—	—	—	(22,636)	(22,636)	384	(22,252)
Other comprehensive income	—	—	—	—	—	74	(621)	(547)	—	(547)
Recognition of share-based payments	—	—	—	2,304	—	—	—	2,304	—	2,304
Treasury shares transferred	(341,492)	—	—	—	—	—	—	—	—	—
Share options lapsed	—	—	—	(6,209)	—	—	6,209	—	—	—
Share options exercised / RSUs vested	341,492	—	155	(426)	—	—	426	155	—	155

Balance at September 30, 2023	84,246,967	3,370	412,695	24,721	—	1,286	(395,732)	46,340	—	46,340

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

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Unaudited Condensed Consolidated Financial Statements

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Cash Flows


		Three month period		Nine month period
		ended September 30,		ended September 30,
		2023	2022	2023	2022
		€1,000	€1,000	€1,000	€1,000
Cash flows from operating activities
Net result		(5,420)	(23,304)	(22,252)	(50,904)
Adjustments for:
— Depreciation		642	612	1,785	1,773
— Share-based compensation		444	1,335	2,304	3,256
— Financial income and expenses		(363)	(599)	(289)	(940)
— Results related to associates		—	—	—	8
— Results related to financial liabilities measured at fair value through profit or loss		(117)	(5)	(1,008)	(3,831)
— Results on derecognition of subsidiary		(131)	—	(131)	—
— Results on derecognition of financial liabilities	18	(1,357)	4,016	(1,866)	2,872
— Income tax	19	(83)	69	(83)	96

Changes in working capital		(2,008)	3,607	46,660	572
Cash (used in)/generated from operations		(8,393)	(14,269)	25,120	(47,098)

Corporate income tax refunds received / (tax paid)		83	(69)	83	(96)
Interest received		802	67	1,667	67
Interest paid		—	(1,093)	—	(3,548)

Net cash (used in)/generated from operating activities		(7,508)	(15,364)	26,870	(50,675)

Cash flow from investing activities
Purchases of property, plant and equipment		(339)	(246)	(769)	(721)
Sales of property, plant and equipment		—	—	47	—

Net cash used in investing activities		(339)	(246)	(722)	(721)

Cash flow from financing activities
Proceeds from exercise of share options	12	151	—	155	33
Repayment of convertible loans		—	(43,373)	—	(43,373)
Repayment of lease liability	10	(432)	(381)	(1,338)	(1,314)

Net cash used in financing activities		(281)	(43,754)	(1,183)	(44,654)

Net (decrease)/increase in cash and cash equivalents		(8,128)	(59,364)	24,965	(96,050)

Currency effect cash and cash equivalents		118	3,393	812	8,957
Cash and cash equivalents, at beginning of the period		128,562	156,402	94,775	187,524

Cash and cash equivalents at the end of the period		120,552	100,431	120,552	100,431

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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Unaudited Condensed Consolidated Financial Statements

PROQR THERAPEUTICS N.V.
Notes to Unaudited Condensed Consolidated Financial Statements

1. General information

ProQR Therapeutics N.V., or “ProQR” or the “Company”, is a biotechnology company domiciled in the Netherlands that primarily focuses on the discovery and development of novel therapeutic medicines.

Since September 18, 2014, the Company’s ordinary shares have been listed on Nasdaq. They are currently trading at Nasdaq Capital Market under ticker symbol PRQR.

The Company was incorporated in the Netherlands, on February 21, 2012 (Chamber of Commerce no. 54600790) and was reorganized from a private company with limited liability to a public company with limited liability on September 23, 2014. The Company has its statutory seat in Leiden, the Netherlands. The address of its headquarters and registered office is Zernikedreef 9, 2333 CK Leiden, the Netherlands.

ProQR Therapeutics N.V. is the ultimate parent company of the following entities:

●	ProQR Therapeutics Holding B.V. (100%);

●	ProQR Therapeutics I B.V. (100%);

●	ProQR Therapeutics II B.V. (100%);

●	ProQR Therapeutics III B.V. (100%);

●	ProQR Therapeutics IV B.V. (100%);

●	ProQR Therapeutics V B.V. (100%);

●	ProQR Therapeutics VI B.V. (100%);

●	ProQR Therapeutics VII B.V. (100%);

●	ProQR Therapeutics VIII B.V. (100%);

●	ProQR Therapeutics IX B.V. (100%);

●	ProQR Therapeutics I Inc. (100%);

ProQR Therapeutics N.V. is also statutory director of Stichting Bewaarneming Aandelen ProQR (“ESOP Foundation”) and has full control over this entity. The Company holds a 5.1% minority shareholding in Yarrow Biotechnology, Inc.

As used in these condensed consolidated financial statements, unless the context indicates otherwise, all references to “ProQR” or the “Company” refer to ProQR Therapeutics N.V. including its subsidiaries and the ESOP Foundation.

Revision of comparative figures

In the Company’s application of IAS 21 The Effects of Changes in Foreign Exchange Rates, certain deferred income positions were incorrectly treated as monetary items in 2021 and 2022. To correct for the effects of this error, which is immaterial for all affected prior periods, the comparative figures for the year ended December 31, 2022 and the three and nine month periods ended September 30, 2022 have been revised as follows:

●

in the Statement of financial position as at December 31, 2022, equity attributable to owners of the Company increased by € 1,567,000 and total deferred income decreased by € 1,567,000.

●

In the Statement of profit or loss and OCI for the three and nine month periods ended September 30, 2022, revenue decreased by € 142,000 and € 341,000, respectively, and net finance expenses decreased by €1,219,000 and €2,938,000 respectively. Net loss for the three and nine month periods ended September 30, 2022 decreased by €1,077,000 and €2,597,000, respectively.

●

In the Statement of changes in equity, accumulated deficit at January 1, 2022 decreased by €880,000.

●

In the Statement of cash flows for the three and nine month periods ended September 30, 2022, changes in working capital decreased by €142,000 and €341,000, respectively. Net cash used in operating activities for the three and nine month periods ended September 30, 2022 was not affected by the revision.

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Unaudited Condensed Consolidated Financial Statements

2. Significant Accounting Policies

These interim condensed consolidated financial statements for the three and nine month periods ended September 30, 2023 have been prepared in accordance with IAS 34 Interim Financial Statements. They should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2022. These interim condensed consolidated financial statements do not include all information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company’s financial position and performance since the last annual financial statements. In the opinion of management, all events and transactions that are significant to an understanding of the changes in financial position and performance of the Company since the end of the last annual reporting period are disclosed in these interim condensed consolidated financial statements. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those applied in the preparation of the Company’s annual financial statements for the year ended December 31, 2022.

The Company’s financial results have varied substantially, and are expected to continue to vary, from period to period. The Company believes that its ordinary activities are not linked to any particular seasonal factors.

The management of ProQR has, upon preparing and finalizing these interim condensed consolidated financial statements, assessed the Company’s ability to fund its operations for a period of at least one year after the date of signing these interim condensed consolidated financial statements. Management expects the Company to continue as a going concern based on its existing funding, taking into account the Company’s current cash position and the projected cash flows based on the activities under execution on the basis of ProQR’s business plan and budget. Based on our current operating plan, we believe that the existing cash and cash equivalents will be sufficient to fund our anticipated level of operations at least into mid-2026. Thus, we continue to adopt the going concern basis of accounting in preparing the interim condensed consolidated financial statements.

The carrying amount of all financial assets and financial liabilities is a reasonable approximation of the fair value and therefore information about the fair values of each class has not been disclosed.

The Company operates in one reportable segment, which comprises the discovery and development of innovative, RNA based therapeutics.

3. Adoption of new and revised International Financial Reporting Standards

New Standards and Interpretations, which became effective as of January 1, 2023, did not have a material impact on our condensed consolidated financial statements.

4. Critical Accounting Estimates and Judgments

In the application of the Company’s accounting policies, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those described in the Company’s annual financial statements for the year ended December 31, 2022.

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Unaudited Condensed Consolidated Financial Statements

Revenue recognition for the Eli Lilly collaboration and license agreement

a. Identification of the performance obligation

Note 13 describes the Company’s original research and collaboration agreement with Eli Lilly and Company, and the amended and restated research and collaboration agreement (collectively, the “Collaboration agreement”). Under the Collaboration agreement, ProQR provides Eli Lilly with a license (with a right to sub-license) to exploit compounds resulting from the collaboration. A significant amount of judgement is required to determine whether the license is distinct from the other promises in the contract. The license was concluded not to be distinct from the other promises in the contract based on the following considerations:

●

the license has no stand-alone value to Eli Lilly without the Company being involved in the research and development collaboration, and;

●

there are significant interdependencies between the license and the research and development services to be provided by the Company.

b. Determining the timing of satisfaction of performance obligations

Under the Collaboration agreement, the Company recognizes revenue over time, using an input method that estimates the satisfaction of the performance obligation as the percentage of labor hours incurred compared to the total estimated labor hours required to complete the promised services. As our estimate of the total labor hours required is dependent on the evolution of the research and development activities, it may be subject to change. If the progression and/or outcome of certain research and development activities would be different from the assumptions that were made during the preparation of these financial statements, this could lead to material adjustments to the total estimated labor hours, which might result in a reallocation of revenue between current and future periods. Our total deferred revenue balance related to this Eli Lilly performance obligation amounts to € 68,007,000 at September 30, 2023 (December 31, 2022: € 71,210,000).

c. Determining the transaction price

The Company applied judgement to determine whether the equity investments made by Eli Lilly in ProQR are part of the transaction price for the Collaboration agreement. The Company concluded that the differences between the prices that Eli Lilly paid for the shares and the ProQR stock closing prices on the days of entering into the equity investment agreements arose because of the Company’s existing obligations to deliver research and development services to Eli Lilly under the terms of the Collaboration agreement. Therefore, the above differences between the closing share prices on the agreement effective dates and the equity investment prices paid by Eli Lilly are considered to be part of the transaction price of the contract and are initially allocated to deferred revenue.

The contract also includes variable consideration, but no variable consideration was included in the transaction price, as it is not highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

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Unaudited Condensed Consolidated Financial Statements

Research and development expenditures

Research expenditures are reflected in the income statement. Development expenses are currently also reflected in the income statement because the criteria for capitalization are not met. At each balance sheet date, the Company estimates the level of service performed by the vendors and the associated costs incurred for the services performed.

Although we do not expect the estimates to be materially different from amounts actually incurred, the understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in reporting amounts that are too high or too low in any particular period.

5. Cash and cash equivalents

At September 30, 2023, the Company’s cash and cash equivalents were € 120,552,000 as compared to € 94,775,000 at December 31, 2022. The cash balances are held at banks with investment grade credit ratings. Short-term credit ratings must be rated A-1/P-1/F1 at a minimum by at least one of the Nationally Recognized Statistical Rating Organizations (“NRSROs”) specifically Moody’s, Standard & Poor’s or Fitch. The cash at banks is at full disposal of the Company.

6. Prepayments and other receivables


	September 30,	December 31,
	2023	2022
	€1,000	€1,000
Prepayments	970	2,449
Eli Lilly up-front receivable	—	56,254
Other receivables	2,635	375
	3,605	59,078

At September 30, 2023 and December 31, 2022 prepayments consisted principally of payments made by the Company for services not yet provided by vendors. At September 30, 2023 other receivables consisted principally of recharged employee costs, deposits and amounts receivable from government agencies. At December 31, 2022, other receivables primarily consisted of deposits. Note 9 Borrowings describes the transaction related to the Innovation credit receivable and Note 17 Revenue describes the transaction related to the Eli Lilly up-front receivable.

7. Property, plant and equipment

At September 30, 2023 and December 31, 2022, property plant and equipment consisted of buildings and leasehold improvements, laboratory equipment and other assets. Buildings and leasehold improvements include a right-of-use asset relating to the lease of our Leiden office and laboratory space, with a carrying amount of € 15,330,000 at September 30, 2023 (December 31, 2022: € 14,484,000).

8. Other current liabilities

At September 30, 2023, other current liabilities amount to € 4,814,000 (December 31, 2022: € 8,687,000). At September 30, 2023 and December 31, 2022, other current liabilities consisted principally of accruals for services provided by vendors not yet billed, payroll related accruals and other miscellaneous liabilities.

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Unaudited Condensed Consolidated Financial Statements

9. Borrowings


	September 30,	December 31,
	2023	2022
	€1,000	€1,000
Innovation credit	3,907	3,907
Accrued interest on innovation credit	1,328	1,035
Convertible notes	—	1,369
Accrued interest on convertible notes	—	460

Total borrowings	5,235	6,771
Current portion	(2,344)	(2,500)
	2,891	4,271

On December 10, 2018 ProQR was awarded an Innovation credit for the sepofarsen program. Amounts were drawn under this facility from 2018 through 2022. The credit of € 3,907,000 was used to conduct the Phase 2/3 clinical study and efforts to obtain regulatory and ethical market approval (NDA/MAA) of sepofarsen for LCA10. The received amount of € 3,907,000 is recognized under borrowings at September 30, 2023 and December 31, 2022. The credit and accrued interest of 10% per annum is repayable depending on the future development of the sepofarsen program.

Convertible loans

Convertible loans were issued to Amylon Therapeutics B.V. (‘Amylon’) and are interest-bearing at an average rate of 8% per annum. They were convertible into a variable number of ordinary shares within 36 months at the option of the holder or the Company in case financing criteria were met. Any unconverted loans became payable on demand after 24 – 36 months in equal quarterly terms.

In 2023 and 2022, Amylon entered into waiver agreements with its lenders. Such lenders’ loan agreements with Amylon are severed and any claims to repayment of any outstanding debt and accumulated interest are renounced. The amount of convertible loans and accumulated interest was waived under these agreements in the nine month period ended September 30, 2023 is € 1,866,000 (nine month period ended September 30, 2022: € 1,144,000). The resulting gain was recognized as a gain on derecognition of financial liabilities (refer to note 18).

In the third quarter of 2023, Amylon was legally dissolved. The resulting derecognition of Amylon’s remaining assets and liabilities is included in profit or loss as ‘result on derecognition of subsidiary’.

In September 2022, ProQR extinguished its debt with Pontifax and Kreos by repaying all outstanding principal amounts. Pontifax’ and Kreos’ warrants remain in place until their five-year economic life expires. These warrants are accounted for as embedded derivatives and were recognized separately from the host contract as derivative financial liabilities at fair value through profit or loss.

10. Lease liabilities

At September 30, 2023 and December 31, 2022, lease liabilities primarily consisted of the Company’s lease of office and laboratory facilities at Zernikedreef in Leiden, the Netherlands.

The Company leases office and laboratory facilities of 4,818 square meters at Zernikedreef in Leiden, the Netherlands, where our headquarters and our laboratories are located. The current lease agreement for these facilities terminates on June 30, 2031. The lease agreement contains no significant dismantling requirements.

The initial 10-year lease agreement for the Leiden office and laboratory facilities was accounted for as of commencement date July 1, 2020. This 10-year period was extended by 1 year to an 11-year period in December 2020. The lease contract may be extended for subsequent 5-year periods. As the Company is not reasonably certain to exercise these extension options, these are not included in the lease term.

The carrying amount of the right-of-use asset is disclosed in note 7.

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Unaudited Condensed Consolidated Financial Statements

11. Deferred income
The following table summarizes details of deferred income at September 30, 2023 and December 31, 2022. The nature of the deferred income is described in Note 13.


	September 30,	December 31,
	2023	2022
	€1,000	€1,000

Eli Lilly up-front payment and equity consideration: current portion	16,409	5,641
Eli Lilly up-front payment and equity consideration: non-current portion	51,598	65,569
Total deferred income	68,007	71,210

12. Shareholders’ equity

The authorized share capital of the Company amounting to € 13,600,000 consists of 170,000,000 ordinary shares and 170,000,000 preference shares with a par value of € 0.04 per share. At September 30, 2023, 84,246,967 ordinary shares were issued. 81,157,493 ordinary shares were fully paid and 3,089,474 ordinary shares were held by the Company as treasury shares (December 31, 2022: 3,429,888).

In December 2022, the Company issued 9,381,586 shares to Lilly pursuant to the amended and restated licensing and research collaboration between the Company and Lilly, resulting in gross proceeds of € 14,122,000, with no significant transaction costs.

Translation reserve

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.

Share options

The Company operates an equity-settled share-based compensation plan, which was introduced in 2013. Options and RSUs may be granted to employees, members of the Supervisory Board, members of the Management Board and consultants. The compensation expenses included in operating costs for this plan in the nine month period ended September 30, 2023 were € 2,304,000 (nine month period ended September 30, 2022: €3,256,000), of which €2,010,000 was recorded in general and administrative costs (nine month period ended September 30, 2022: €2,552,000) and €294,000 was recorded in research and development costs (nine month period ended September 30, 2022: €704,000).

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Unaudited Condensed Consolidated Financial Statements

13. Revenue

Eli Lilly

In September 2021, the Company entered into a global licensing and research collaboration with Eli Lilly and Company (‘Lilly’) focused on the discovery, development, and commercialization of potential new medicines for genetic disorders in the liver and nervous system. ProQR and Lilly will use ProQR’s proprietary Axiomer® RNA editing platform to progress new drug targets toward clinical development and commercialization.

Under the terms of the agreement, ProQR received an upfront payment and equity consideration, and is eligible to receive milestone payments and royalties on the net sales of any resulting products. In September 2021, the Company issued 3,989,976 shares to Lilly, resulting in net proceeds of $30,000,000 (€ 23,223,000). This amount included a price premium of $2,429,000 (€ 2,144,000), which was determined to be part of the transaction price and as such was initially recognized as deferred revenue. An up-front payment of $20,000,000 (€ 17,651,000) was received in October 2021.

With regard to its original collaboration with Lilly, the Company concluded as follows:

●

There is one single performance obligation under IFRS 15, for the transfer of a license combined with the performance of research and development activities. The Company concluded that the license is not capable of being distinct and is not distinct in the context of the contract.

●

The transaction price of this agreement currently only includes fixed parts, consisting of an up-front fee and an equity component. The agreement also contains variable parts, but those are not yet included in the transaction price. Milestone payments will only be included to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestones is subsequently resolved. Sales-based milestones and sales-based royalties will be included as the underlying sales occur.

●

The Company recognizes revenue over time, using an input method that estimates the satisfaction of the performance obligation as the percentage of labor hours incurred compared to the total estimated labor hours required to complete the promised services.

In December 2022, the Company and Lilly amended their research and collaboration agreement described above, which expanded the collaboration. Under the amended and restated research and collaboration agreement, Lilly will gain access to additional targets in the central nervous system and peripheral nervous system with ProQR’s Axiomer platform.

As described under Note 12, pursuant to the amended and restated agreement, the Company issued 9,381,586 shares to Lilly in December 2022, resulting in gross proceeds of $ 15,000,000 (€ 14,122,000). These shares were issued at a discount of $ 480,000 (€ 451,000), which is accounted for as a reduction of the transaction price. In February 2023, ProQR also received an upfront payment of $ 60,000,000 (€ 56,254,000), which was recognized under Other Receivables at December 31, 2022. Lilly has the ability to exercise an option to further expand the partnership for a consideration of $ 50,000,000.

With regard to the amended and restated research and collaboration agreement with Lilly, the Company concluded as follows:

●

The transaction price of this agreement currently only includes fixed components, consisting of an up-front fee and an equity component (discount). The agreement also contains variable components, but those are not yet included in the transaction price. Milestone payments will only be included to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestones is subsequently resolved. Sales-based milestones and sales-based royalties will be included as the underlying sales occur.

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PAGE 12

Unaudited Condensed Consolidated Financial Statements

●

Yarrow Biotechnology

In May 2021, the Company entered into an exclusive worldwide license and discovery collaboration for an undisclosed target with Yarrow Biotechnology, Inc. (“Yarrow”). Under the terms of the agreement, ProQR received an upfront payment, equity consideration and reimbursement for ongoing R&D services. In May 2021, ProQR received an up-front payment of € 419,000 and 8% of the shares of Yarrow’s common stock, which was subsequently diluted to 5.1%. In 2022, ProQR also received reimbursements for R&D services performed amounting to € 272,000.

Although ProQR only owns 5.1% of Yarrow’s shares, the Company has significant influence over Yarrow by virtue of its right to appoint one of Yarrow’s three board members, as well as its participation in Yarrow’s policy-making process, amongst other factors. As such, our interest in Yarrow amounting to € nil at September 30, 2023 and December 31, 2022 is recognized as an investment in associate.

With regard to its collaboration with Yarrow, the Company concluded as follows:

●

There is one single performance obligation under IFRS 15, which is the transfer of a license combined with the performance of research and development activities. The Company concluded that the license is not capable of being distinct and is not distinct in the context of the contract.

●

The transaction price of this agreement currently includes both fixed and variable parts. The fixed part consists of an up-front fee and an equity component. The variable part consists of a cost reimbursement for research and development activities. The agreement also contains other variable parts, but those are not yet included in the transaction price. Milestone payments will only be included to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestones is subsequently resolved. Sales-based milestones and sales-based royalties will be included as the underlying sales occur.

●

The Yarrow collaboration was terminated in Q3 2022.


	Nine month period
	ended September 30,
	2023	2022
	€1,000	€1,000

Eli Lilly collaboration revenue	3,230	2,517
Yarrow collaboration revenue	-	357
	3,230	2,874

The revenues relating to providing IP licenses and research and development services under the Company’s collaboration agreements have no directly associable cost of sales. Costs incurred to fulfill the associated performance obligations are recognized in research and development expenses, due to their being part of the Company’s primary activities of biopharmaceutical research and development.

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PAGE 13

Unaudited Condensed Consolidated Financial Statements

14. Other income


	Nine month period
	ended September 30,
	2023	2022
	€1,000	€1,000

Grant income	76	267
Other income	4	7
	80	274

On February 9, 2018, the Company entered into a partnership agreement with Foundation Fighting Blindness (FFB), under which FFB has agreed to provide funding of $ 7.5 million for the pre-clinical and clinical development of ultervursen for Usher syndrome type 2A targeting mutations in exon 13, of which $ 6.8 million was granted. In the third quarter of 2022, the Company started winding down the clinical studies for ultevursen. As of that moment, the Company has ceased recognizing grant income for the FFB grant.

Grants are recognized in other income in the same period in which the related R&D costs are recognized.

15. Research and development costs

Research and development costs amount to € 17,415,000 for the nine month period ended September 30, 2023 (nine month period ended September 30, 2022: € 40,168,000) and are comprised of allocated employee costs including share-based payments, the costs of materials and laboratory consumables, outsourced activities, license and intellectual property costs and other allocated costs. Research and development costs decreased by € 22,753,000 compared to the same period in the prior year, mainly because the Company’s ophthalmology clinical trials were wound down and are no longer active in the first nine months of 2023, whereas they were ongoing in the first half of 2022.

16. General and administrative costs

General and administrative costs amount to € 11,486,000 for the nine month period ended September 30, 2023 (nine month period ended September 30, 2022: € 15,679,000).

17. Investment in financial asset

The investment in the financial asset consists of the Company’s investment in Phoenicis Therapeutics Inc. ProQR holds a 3.9% interest in Phoenicis Therapeutics Inc. At September 30, 2023, the investment in financial asset amounts to nil after ProQR recognized a fair value loss in the third quarter of 2023 (December 2022: € 621,000) in other comprehensive income.

18. Results related to derecognition of financial liabilities


	Nine month period
	ended September 30,
	2023	2022
	€1,000	€1,000

Gain on waivers of Amylon convertible loans	1,866	1,144
Loss on extinguishment of Pontifax and Kreos convertible loans	—	(4,016)
	1,866	(2,872)

Refer to note 9 for a description of convertible loans issued to Amylon.

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PAGE 14

Unaudited Condensed Consolidated Financial Statements

19. Income taxes

The current income tax liability amounts to € nil at September 30, 2023 (December 31, 2022: € nil). No significant temporary differences exist between accounting and tax results. Realization of deferred tax assets is dependent on future earnings, if any, the timing and amount of which are uncertain. Accordingly, the Company has not yet recognized any deferred tax asset related to operating losses.

Tax losses may be carried forward indefinitely. However, the offset of losses will be limited in a given year against the first € 1 million of taxable profit. For taxable profit in excess of this amount, losses may only be offset up to 50% of this excess.

20. Events after balance sheet date

None.

Exhibit 99.2

ProQR Announces Third Quarter 2023 Operating and Financial Results

●	Continued advancement platform and initial pipeline programs with liver delivery to address Cholestatic Diseases targeting NTCP and Cardiovascular Disease targeting B4GALT1

●	Further strengthened leading intellectual property (“IP”) position with issuance of new patent in the United States and successful defense against opposition to its IP in Japan

●	€120.6 M cash and cash equivalents as of September 30, 2023 providing runway into mid-2026

LEIDEN, Netherlands & CAMBRIDGE, Mass., November 7, 2023 – ProQR Therapeutics NV. (Nasdaq: PRQR) (ProQR), a company dedicated to changing lives through transformative RNA therapies based on its proprietary Axiomer^® RNA editing technology platform, today reported its financial and operating results for the third quarter ended September 30, 2023, and provided a business update.

“We are extremely pleased with the continued progress in advancing our Axiomer RNA editing platform and believe we’re only at the beginning of reaching the potential of this technology,” said Daniel A. de Boer, Chief Executive Officer of ProQR. “We expect that the body of data on our platform and initial pipeline programs will start to ramp up significantly in 2024. Along with our preclinical proof of concept data for the platform, a partnership with Eli Lilly, a leading IP position, and strong cash runway with more than €120.6 million providing runway into mid-2026, we believe ProQR has strong fundamentals in place to execute on our strategy.”

Recent Progress

●Continue to advance AX-0810 for patients suffering from cholestatic diseases and AX-1412 for patients with cardiovascular risk. ProQR plans to present and publish additional preclinical data from these two pipeline programs over the next several quarters.

●In October, ProQR participated in the Chardan Genetic Medicines Conference panel discussion on “ADAR RNA Editing: Unlocking New Therapeutic Opportunities.”

●In November, ProQR announced its IP estate surrounding its Axiomer^® RNA editing platform was further strengthened by;

●The issuance of a new patent US patent No. 11,781,134 relating to the application of oligonucleotides that are sufficiently complementary to the target sequence to deaminate adenosines using endogenous ADAR, which can deaminate a target adenosine into an inosine in the target sequence. The scope of the new patent further underpins that the broad concept of applying endogenous ADAR by administering antisense oligonucleotides for RNA editing is proprietary to ProQR. Today ProQR has extensive patent protection related to its RNA editing platform Axiomer®, including more than 11 published patent families, that currently comprise a total of 29 patents; and

●The Japanese Patent Office issued a final communication indicating that the main claim in one of ProQR’s leading IP estates related to single-stranded antisense RNA editing oligonucleotides (EONs) comprising

one or more mismatches with the target sequence was upheld regardless of a third-party opposition against the granted patent (JP 7074345).

Anticipated Upcoming Events

●Present various platform updates over the next several quarters, including liver NHP data, at scientific conferences, as well as research related to ongoing discovery efforts and pipeline programs.

●Continue to execute on existing partnership with Eli Lilly and Company (“Lilly”).

●ProQR may selectively form new partnerships, which could include multi-target discovery alliances, similar to the Company's partnership with Lilly, or product alliances on specific programs.

●ProQR remains on track to advance AX-0810 targeting NTCP and AX-1412 targeting B4GALT1 into clinical development in late 2024/early 2025.

Financial Highlights

On September 30, 2023, ProQR held cash and cash equivalents of €120.6 million, compared to €94.8 million on December 31, 2022. Net cash used in operating activities during the three-month period ended September 30, 2023 was €7.5 million, compared to €15.4 million for the same period last year.

Research and development costs were €5.4 million for the quarter ended September 30, 2023 compared to €15.4 million for the same period last year.

General and administrative costs were €3.3 million for the quarter ended September 30, 2023 compared to €5.4 million for the quarter ended September 30, 2022.

Net loss for the three-month period ended September 30, 2023 was €5.4 million, or €0.07 per diluted share, compared to €23.3 million, or €0.33 per diluted share, for the same period last year. For further financial information for the period ending September 30, 2023, please refer to the financial statements appearing at the end of this release.

About Axiomer®

ProQR is pioneering a next-generation RNA base editing technology called Axiomer^®, which could potentially yield a new class of medicines for diverse types of 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.

About Biliary Atresia (BA) and Primary Sclerosing Cholangitis (PSC)

Cholestatic disorders refer to a group of diseases presenting excessive and toxic buildup of bile acids in the liver due to bile ducts dysfunction. This leads to liver damage and a range of debilitating symptoms. Without treatment, liver damage can progress through various stages, ultimately leading to liver failure and elevated risk of liver malignancy, affecting life expectancy. Cholestatic diseases remain leading causes of liver transplantation. There are no approved therapies for primary sclerosing cholangitis (PSC) for adults and biliary atresia (BA) for pediatrics. It is estimated that 80,000 and 20,000 individuals have PSC and BA, respectively, in North America and in Europe.

About AX-0810 targeting NTCP

The majority of the bile acids present in the liver cells originate from the enterohepatic reuptake cycle. The key transporter responsible for hepatic uptake of bile acids from portal circulation is the sodium (Na+)-taurocholate cotransporting polypeptide (NTCP, SLC10A1 gene) expressed in the liver. AX-0810 is designed to introduce a loss of function variant in SLC10A1 RNA that has been found in human genetics to prevent re-uptake of bile acids in liver via NTCP. Based on its mechanism of action, AX-0810 has the potential to become a disease modifying treatment for PSC and BA primarily among other cholestatic diseases.

About Cardiovascular Diseases

Cardiovascular diseases (CVDs) are a group of health conditions that affect the heart and blood vessels, such as atherosclerosis which can lead to severe problems like heart attacks, heart failure, and stroke. CVDs represent the leading cause of disability and death in the world. Approximately 18 million people die every year from CVDs representing one third of all the global deaths. Despite available lipid lowering therapies and hypertension medications, the risk of CVDs is still projected to increase rapidly over the coming years.

About AX-1412 targeting B4GALT1

Gene–based analysis of rare beta-1,4-galactosyltransferase 1 (B4GALT1) missense variant (p.Asn352Ser) is known to lead to B4GALT1 protein loss of function and showed an association with decreased coronary artery disease. These beneficial effects are mediated by hypo-galactosylation of the apolipoprotein B100 and fibrinogen, known – independent – drivers of increased risk of CVDs. AX-1412 introduces a protective variant into B4GALT1 RNA to address the remaining residual risk of developing cardiovascular diseases. ProQR intends to advance AX-1412 targeting B4GALT1 to early clinical proof of concept stage, then would seek to partner this program.

About ProQR

ProQR Therapeutics is dedicated to changing lives through the creation of transformative RNA therapies. ProQR is pioneering a next-generation RNA technology called Axiomer^®, which uses a cell’s own editing machinery called ADAR to make specific single nucleotide edits in RNA to reverse a mutation or modulate protein expression and could potentially yield a new class of medicines for both rare and prevalent diseases with unmet need. Based on our unique proprietary RNA repair platform technologies we are growing our pipeline with patients and loved ones in mind.

Learn more about ProQR at www.proqr.com.

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “continue,” "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to", "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. Such forward-looking statements include, but are not limited to, statements regarding our business, preclinical model data, our initial pipeline targets, our Axiomer^® platform, our patent estate, including our anticipated strength and our continued investment in it, as well as the timing of our clinical development, the potential of our technologies and product candidates, the collaboration with Lilly and the intended benefits thereof, and our financial position and cash-runway. Forward-looking statements are based on management's beliefs and assumptions and on information available to management only as of the date of this press release. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, without limitation, the risks, uncertainties and other factors in our filings made with the Securities and Exchange Commission, including certain sections of our annual report filed on Form 20-F. These risks and uncertainties include, among others, the cost, timing and results of preclinical studies and clinical trials and other development activities by us and our collaborative partners whose operations and activities may be slowed or halted shortage and pressure on supply and logistics on the global market; the likelihood of our preclinical and clinical programs being initiated and executed on timelines provided and reliance on our contract research organizations and predictability of timely enrollment of subjects and patients to advance our clinical trials and maintain their own operations; our reliance on contract manufacturers to supply materials for research and development and the risk of supply interruption from a contract

manufacturer; the potential for future data to alter initial and preliminary results of early-stage clinical trials; the unpredictability of the duration and results of the regulatory review of applications or clearances that are necessary to initiate and continue to advance and progress our clinical programs; the ability to secure, maintain and realize the intended benefits of collaborations with partners, including the collaboration with Lilly; the possible impairment of, inability to obtain, and costs to obtain intellectual property rights; possible safety or efficacy concerns that could emerge as new data are generated in research and development; general business, operational, financial and accounting risks, and risks related to litigation and disputes with third parties[; and risks related to macroeconomic conditions and market volatility resulting from global economic developments, geopolitical instability and conflicts]. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future, except as required by law.

ProQR Therapeutics N.V.

Investor contact:
Sarah Kiely
ProQR Therapeutics N.V.
T: +1 617 599 6228
skiely@proqr.com
or

Hans Vitzthum
LifeSci Advisors
T: +1 617 430 7578
hans@lifesciadvisors.com

Media contact:
Robert Stanislaro

FTI Consulting

T: +1 212 850 5657
robert.stanislaro@fticonsulting.com

Financial Tables

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Financial Position


	September 30,	December 31,
	2023	2022
	€1,000	€1,000
Assets
Current assets
Cash and cash equivalents	120,552	94,775
Prepayments and other receivables	3,605	59,078
Other taxes	530	607

Total current assets	124,687	154,460

Property, plant and equipment	17,347	16,240
Investments in financial assets	—	621

Total assets	142,034	171,321

Equity and liabilities
Equity
Equity attributable to owners of the Company	46,340	67,064
Non-controlling interests	—	(384)
Total equity	46,340	66,680

Current liabilities
Borrowings	2,344	2,500
Lease liabilities	1,480	1,387
Derivative financial instruments	255	1,263
Trade payables	117	392
Social securities and other taxes	1,230	1,118
Deferred income	16,409	5,641
Other current liabilities	4,814	8,687

Total current liabilities	26,649	20,988

Borrowings	2,891	4,271
Lease liabilities	14,556	13,813
Deferred income	51,598	65,569

Total liabilities	95,694	104,641

Total equity and liabilities	142,034	171,321

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Profit or Loss and OCI

(€ in thousands, except share and per share data)


	Three month period		Nine month period
	ended September 30,		ended September 30,
	2023	2022	2023	2022
	€1,000	€1,000	€1,000	€1,000
Revenue	1,370	814	3,230	2,874

Other income	—	74	80	274

Research and development costs	(5,446)	(15,352)	(17,415)	(40,168)
General and administrative costs	(3,315)	(5,359)	(11,486)	(15,679)
Total operating costs	(8,761)	(20,711)	(28,901)	(55,847)

Operating result	(7,391)	(19,823)	(25,591)	(52,699)
Finance income and expense	363	599	289	940
Results related to associates	—	—	—	(8)
Result on derecognition of subsidiary	92	—	92	—
Results related to financial liabilities measured at FVTPL	118	5	1,009	3,831
Results on derecognition of financial liabilities	1,357	(4,016)	1,866	(2,872)

Result before corporate income taxes	(5,461)	(23,235)	(22,335)	(50,808)
Income taxes	41	(69)	83	(96)

Result for the period	(5,420)	(23,304)	(22,252)	(50,904)

Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Fair value loss on investment in financial asset designated as at FVTOCI	(621)	—	(621)	—
Items that may be reclassified subsequently to profit or loss
Foreign exchange differences on translation of foreign operations	286	612	74	1,523

Total comprehensive income	(5,755)	(22,692)	(22,799)	(49,381)

Result attributable to
Owners of the Company	(5,710)	(23,318)	(22,636)	(51,127)
Non-controlling interests	290	14	384	223
	(5,420)	(23,304)	(22,252)	(50,904)
Total comprehensive income attributable to
Owners of the Company	(6,045)	(22,706)	(23,183)	(49,604)
Non-controlling interests	290	14	384	223
	(5,755)	(22,692)	(22,799)	(49,381)
Share information
Weighted average number of shares outstanding¹	81,000,320	71,382,837	80,942,881	71,367,459

Earnings per share attributable to owners of the Company (€ per share)
Basic loss per share¹	(0.07)	(0.33)	(0.28)	(0.72)
Diluted loss per share¹	(0.07)	(0.33)	(0.28)	(0.72)

For these periods the potential exercise of share options is not included in the diluted earnings per share as the Company was loss-making. Due to the anti-dilutive nature of the outstanding options, basic and diluted earnings per share are equal.

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Changes in Equity


	Attributable to owners of the Company
	Number of shares	Share Capital	Share Premium	Equity settled Employee Benefit Reserve	Option premium on convertible loan	Translation Reserve	Accumulated Deficit	Total	Non- controlling interests	Total Equity
		€1,000	€1,000	€1,000	€1,000	€1,000	€1,000	€1,000	€1,000	€1,000
Balance at January 1, 2022	74,865,381	2,995	398,309	28,443	1,426	430	(316,890)	114,713	(604)	114,109
Result for the period	—	—	—	—	—	—	(51,127)	(51,127)	223	(50,904)
Other comprehensive income	—	—	—	—	—	1,523	—	1,523	—	1,523
Recognition of share-based payments	—	—	—	3,256	—	—	—	3,256	—	3,256
Treasury shares transferred	(143,094)	—	—	—	—	—	—	—	—	—
Share options lapsed	—	—	—	(647)	—	—	647	—	—	—
Share options exercised	143,094	—	33	(362)	—	—	362	33	—	33

Balance at September 30, 2022	74,865,381	2,995	398,342	30,690	1,426	1,953	(367,008)	68,398	(381)	68,017

Balance at January 1, 2023	84,246,967	3,370	412,540	29,052	—	1,212	(379,110)	67,064	(384)	66,680
Result for the period	—	—	—	—	—	—	(22,636)	(22,636)	384	(22,252)
Other comprehensive income	—	—	—	—	—	74	(621)	(547)	—	(547)
Recognition of share-based payments	—	—	—	2,304	—	—	—	2,304	—	2,304
Treasury shares transferred	(341,492)	—	—	—	—	—	—	—	—	—
Share options lapsed	—	—	—	(6,209)	—	—	6,209	—	—	—
Share options exercised / RSUs vested	341,492	—	155	(426)	—	—	426	155	—	155

Balance at September 30, 2023	84,246,967	3,370	412,695	24,721	—	1,286	(395,732)	46,340	—	46,340

PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Cash Flows


	Three month period		Nine month period
	ended September 30,		ended September 30,
	2023	2022	2023	2022
	€1,000	€1,000	€1,000	€1,000
Cash flows from operating activities
Net result	(5,420)	(23,304)	(22,252)	(50,904)
Adjustments for:
— Depreciation	642	612	1,785	1,773
— Share-based compensation	444	1,335	2,304	3,256
— Financial income and expenses	(363)	(599)	(289)	(940)
— Results related to associates	—	—	—	8
— Results related to financial liabilities measured at fair value through profit or loss	(117)	(5)	(1,008)	(3,831)
— Results on derecognition of subsidiary	(131)	—	(131)	—
— Results on derecognition of financial liabilities	(1,357)	4,016	(1,866)	2,872
— Income tax	(83)	69	(83)	96

Changes in working capital	(2,008)	3,607	46,660	572
Cash (used in)/generated from operations	(8,393)	(14,269)	25,120	(47,098)

Corporate income tax refunds received / (tax paid)	83	(69)	83	(96)
Interest received	802	67	1,667	67
Interest paid	—	(1,093)	—	(3,548)

Net cash (used in)/generated from operating activities	(7,508)	(15,364)	26,870	(50,675)

Cash flow from investing activities
Purchases of property, plant and equipment	(339)	(246)	(769)	(721)
Sales of property, plant and equipment	—	—	47	—

Net cash used in investing activities	(339)	(246)	(722)	(721)

Cash flow from financing activities
Proceeds from exercise of share options	151	—	155	33
Repayment of convertible loans	—	(43,373)	—	(43,373)
Repayment of lease liability	(432)	(381)	(1,338)	(1,314)

Net cash used in financing activities	(281)	(43,754)	(1,183)	(44,654)

Net (decrease)/increase in cash and cash equivalents	(8,128)	(59,364)	24,965	(96,050)

Currency effect cash and cash equivalents	118	3,393	812	8,957
Cash and cash equivalents, at beginning of the period	128,562	156,402	94,775	187,524

Cash and cash equivalents at the end of the period	120,552	100,431	120,552	100,431

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2023
Document and Entity Information [Abstract]
Entity Registrant Name	ProQR Therapeutics N.V.
Entity Central Index Key	0001612940
Document Type	6-K
Document Period End Date	Sep. 30, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Condensed Consolidated Statement of Financial Position - EUR (€) € in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	€ 120,552	€ 94,775
Prepayments and other receivables	3,605	59,078
Other taxes	530	607
Total current assets	124,687	154,460
Property, plant and equipment	17,347	16,240
Investments in financial assets		621
Total assets	142,034	171,321
Equity
Equity attributable to owners of the Company	46,340	67,064
Non-controlling interests		(384)
Total equity	46,340	66,680
Current liabilities
Borrowings	2,344	2,500
Lease liabilities	1,480	1,387
Derivative financial instruments	255	1,263
Trade payables	117	392
Social securities and other taxes	1,230	1,118
Deferred income	16,409	5,641
Other current liabilities	4,814	8,687
Total current liabilities	26,649	20,988
Borrowings	2,891	4,271
Lease liabilities	14,556	13,813
Deferred income	51,598	65,569
Total liabilities	95,694	104,641
Total equity and liabilities	€ 142,034	€ 171,321

Condensed Consolidated Statement of Profit or Loss and OCI - EUR (€)
€ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Consolidated Statement of Profit or Loss and Comprehensive Income

Revenue

€ 1,370

€ 814

€ 3,230

€ 2,874

Other income

274

Research and development costs

(5,446)

(15,352)

(17,415)

(40,168)

General and administrative costs

(3,315)

(5,359)

(11,486)

(15,679)

Total operating costs

(8,761)

(20,711)

(28,901)

(55,847)

Operating result

(7,391)

(19,823)

(25,591)

(52,699)

Finance income and expense

363

599

289

940

Results related to associates

(8)

Result on derecognition of subsidiary

118

1,009

3,831

Result on derecognition of financial liabilities

1,357

(4,016)

1,866

(2,872)

Result before corporate income taxes

(5,461)

(23,235)

(22,335)

(50,808)

Income taxes

(69)

(96)

Result for the period

(5,420)

(23,304)

(22,252)

(50,904)

Foreign exchange differences on translation of foreign operations

286

612

1,523

Total comprehensive income

(5,755)

(22,692)

(22,799)

(49,381)

Items that will not be reclassified subsequently to profit or loss

Fair value loss on investment in financial asset designated as at FVTOCI

(621)

Items that may be reclassified subsequently to profit or loss

Foreign exchange differences on translation of foreign operations

286

612

1,523

Total comprehensive income

(5,755)

(22,692)

(22,799)

(49,381)

Result attributable to

Owners of the Company

(5,710)

(23,318)

(22,636)

(51,127)

Non-controlling interests

290

384

223

Result for the period

(5,420)

(23,304)

(22,252)

(50,904)

Total comprehensive income attributable to

Owners of the Company

(6,045)

(22,706)

(23,183)

(49,604)

Non-controlling interests

290

384

223

Total comprehensive income

€ (5,755)

€ (22,692)

€ (22,799)

€ (49,381)

Share information

Weighted average number of shares outstanding

^[1]

81,000,320

71,382,837

80,942,881

71,367,459

Weighted average number of ordinary shares used in calculating diluted earnings per share

^[1]

81,000,320

71,382,837

80,942,881

71,367,459

Earnings per share attributable to owners of the Company (Euro per share)

Basic loss per share

^[1]

€ (0.07)

€ (0.33)

€ (0.28)

€ (0.72)

Diluted loss per share

^[1]

€ (0.07)

€ (0.33)

€ (0.28)

€ (0.72)

[1]	For these periods the potential exercise of share options is not included in the diluted earnings per share as the Company was loss-making. Due to the anti-dilutive nature of the outstanding options, basic and diluted earnings per share are equal

Condensed Consolidated Statement of Changes in Equity - EUR (€) € in Thousands	Share capital	Share Premium	Equity Settled Employee Benefit Reserve	Option premium on convertible loan	Translation Reserve	Accumulated Deficit	Total	Non-controlling Interests	Total
Balance at beginning of period at Dec. 31, 2021	€ 2,995	€ 398,309	€ 28,443	€ 1,426	€ 430	€ (316,890)	€ 114,713	€ (604)	€ 114,109
Balance at beginning of period (in shares) at Dec. 31, 2021	74,865,381
Result for the period						(51,127)	(51,127)	223	(50,904)
Other comprehensive income					1,523		1,523		1,523
Recognition of share-based payments			3,256				3,256		3,256
Treasury shares transferred (in shares)	(143,094)
Shares options lapsed			(647)			647
Shares options exercised / RSUs vested		33	(362)			362	33		33
Share options exercised / RSUs vested (in shares)	143,094
Balance at end of period at Sep. 30, 2022	€ 2,995	398,342	30,690	€ 1,426	1,953	(367,008)	68,398	(381)	68,017
Balance at end of period (in shares) at Sep. 30, 2022	74,865,381
Balance at beginning of period at Dec. 31, 2022	€ 3,370	412,540	29,052		1,212	(379,110)	67,064	(384)	66,680
Balance at beginning of period (in shares) at Dec. 31, 2022	84,246,967
Result for the period						(22,636)	(22,636)	€ 384	(22,252)
Other comprehensive income					74	(621)	(547)		(547)
Recognition of share-based payments			2,304				2,304		2,304
Treasury shares transferred (in shares)	(341,492)
Shares options lapsed			(6,209)			6,209
Shares options exercised / RSUs vested		155	(426)			426	155		155
Share options exercised / RSUs vested (in shares)	341,492
Balance at end of period at Sep. 30, 2023	€ 3,370	€ 412,695	€ 24,721		€ 1,286	€ (395,732)	€ 46,340		€ 46,340
Balance at end of period (in shares) at Sep. 30, 2023	84,246,967

Consolidated Statement of Cash Flows - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net result	€ (5,420)	€ (23,304)	€ (22,252)	€ (50,904)
Adjustments for:
Depreciation	642	612	1,785	1,773
Share-based compensation	444	1,335	2,304	3,256
Financial income and expenses	(363)	(599)	(289)	(940)
Results related to associates				8
Results related to financial liabilities measured at fair value through profit or loss	(117)	(5)	(1,008)	(3,831)
Results on derecognition of subsidiary	(131)		(131)
Result on derecognition of financial liabilities	(1,357)	4,016	(1,866)	2,872
Income tax	(83)	69	(83)	96
Changes in working capital	(2,008)	3,607	46,660	572
Cash (used in)/generated from operations	(8,393)	(14,269)	25,120	(47,098)
Corporate income tax refunds received / (tax paid)	83	(69)	83	(96)
Interest received	802	67	1,667	67
Interest paid		(1,093)		(3,548)
Net cash (used in)/generated from operating activities	(7,508)	(15,364)	26,870	(50,675)
Cash flow from investing activities
Purchases of property, plant and equipment	(339)	(246)	(769)	(721)
Sales of property, plant and equipment			47
Net cash used in investing activities	(339)	(246)	(722)	(721)
Cash flow from financing activities
Proceeds from exercise of share options	151		155	33
Repayment of convertible loans		(43,373)		(43,373)
Repayment of lease liability	(432)	(381)	(1,338)	(1,314)
Net cash used in financing activities	(281)	(43,754)	(1,183)	(44,654)
Net (decrease)/increase in cash and cash equivalents	(8,128)	(59,364)	24,965	(96,050)
Currency effect cash and cash equivalents	118	3,393	812	8,957
Cash and cash equivalents, at beginning of the period	128,562	156,402	94,775	187,524
Cash and cash equivalents at the end of the period	€ 120,552	€ 100,431	€ 120,552	€ 100,431

General Information

9 Months Ended

Sep. 30, 2023

General Information

General Information

1. General information

Since September 18, 2014, the Company’s ordinary shares have been listed on Nasdaq. They are currently trading at Nasdaq Capital Market under ticker symbol PRQR.

ProQR Therapeutics N.V. is the ultimate parent company of the following entities:

●	ProQR Therapeutics Holding B.V. (100%);

●	ProQR Therapeutics I B.V. (100%);

●	ProQR Therapeutics II B.V. (100%);

●	ProQR Therapeutics III B.V. (100%);

●	ProQR Therapeutics IV B.V. (100%);

●	ProQR Therapeutics V B.V. (100%);

●	ProQR Therapeutics VI B.V. (100%);

●	ProQR Therapeutics VII B.V. (100%);

●	ProQR Therapeutics VIII B.V. (100%);

●	ProQR Therapeutics IX B.V. (100%);

●	ProQR Therapeutics I Inc. (100%);

Revision of comparative figures

●

in the Statement of financial position as at December 31, 2022, equity attributable to owners of the Company increased by € 1,567,000 and total deferred income decreased by € 1,567,000.

●

In the Statement of changes in equity, accumulated deficit at January 1, 2022 decreased by €880,000.

●

Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

The Company operates in one reportable segment, which comprises the discovery and development of innovative, RNA based therapeutics.

Adoption of new and revised International Financial Reporting Standards

9 Months Ended

Sep. 30, 2023

Adoption of new and revised International Financial Reporting Standards

Adoption of new and revised International Financial Reporting Standards

3. Adoption of new and revised International Financial Reporting Standards

New Standards and Interpretations, which became effective as of January 1, 2023, did not have a material impact on our condensed consolidated financial statements.

Critical Accounting Estimates and Judgments

9 Months Ended

Sep. 30, 2023

Critical Accounting Estimates and Judgments

Critical Accounting Estimates and Judgments

4. Critical Accounting Estimates and Judgments

Revenue recognition for the Eli Lilly collaboration and license agreement

a. Identification of the performance obligation

●

the license has no stand-alone value to Eli Lilly without the Company being involved in the research and development collaboration, and;

●

there are significant interdependencies between the license and the research and development services to be provided by the Company.

b. Determining the timing of satisfaction of performance obligations

c. Determining the transaction price

Research and development expenditures

Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents.

Cash and Cash Equivalents

5. Cash and cash equivalents

Prepayments and Other Receivables

9 Months Ended

Sep. 30, 2023

Prepayments and Other Receivables.

Prepayments and Other Receivables

6. Prepayments and other receivables


	September 30,	December 31,
	2023	2022
	€1,000	€1,000
Prepayments	970	2,449
Eli Lilly up-front receivable	—	56,254
Other receivables	2,635	375
	3,605	59,078

Property, plant and equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

7. Property, plant and equipment

Other current liabilities

9 Months Ended

Sep. 30, 2023

Other current liabilities.

Other current liabilities

8. Other current liabilities

Borrowings

9 Months Ended

Sep. 30, 2023

Borrowings

Borrowings

9. Borrowings


	September 30,	December 31,
	2023	2022
	€1,000	€1,000
Innovation credit	3,907	3,907
Accrued interest on innovation credit	1,328	1,035
Convertible notes	—	1,369
Accrued interest on convertible notes	—	460

Total borrowings	5,235	6,771
Current portion	(2,344)	(2,500)
	2,891	4,271

Convertible loans

Lease Liabilities

9 Months Ended

Sep. 30, 2023

Lease Liabilities

Lease Liabilities

10. Lease liabilities

At September 30, 2023 and December 31, 2022, lease liabilities primarily consisted of the Company’s lease of office and laboratory facilities at Zernikedreef in Leiden, the Netherlands.

The carrying amount of the right-of-use asset is disclosed in note 7.

Deferred income

9 Months Ended

Sep. 30, 2023

Deferred income

Deferred income

11. Deferred income
The following table summarizes details of deferred income at September 30, 2023 and December 31, 2022. The nature of the deferred income is described in Note 13.


	September 30,	December 31,
	2023	2022
	€1,000	€1,000

Eli Lilly up-front payment and equity consideration: current portion	16,409	5,641
Eli Lilly up-front payment and equity consideration: non-current portion	51,598	65,569
Total deferred income	68,007	71,210

Shareholders equity

9 Months Ended

Sep. 30, 2023

Shareholders Equity

Shareholders Equity

12. Shareholders’ equity

Translation reserve

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.

Share options

Revenue

9 Months Ended

Sep. 30, 2023

Revenue.

Revenue

13. Revenue

Eli Lilly

With regard to its original collaboration with Lilly, the Company concluded as follows:

●

With regard to the amended and restated research and collaboration agreement with Lilly, the Company concluded as follows:

●

Yarrow Biotechnology

With regard to its collaboration with Yarrow, the Company concluded as follows:

●

The Yarrow collaboration was terminated in Q3 2022.


	Nine month period
	ended September 30,
	2023	2022
	€1,000	€1,000

Eli Lilly collaboration revenue	3,230	2,517
Yarrow collaboration revenue	-	357
	3,230	2,874

Other income

9 Months Ended

Sep. 30, 2023

Other income

Other income

14. Other income


	Nine month period
	ended September 30,
	2023	2022
	€1,000	€1,000

Grant income	76	267
Other income	4	7
	80	274

Grants are recognized in other income in the same period in which the related R&D costs are recognized.

Research and development costs

9 Months Ended

Sep. 30, 2023

Research and Development costs

Research and Development Costs

15. Research and development costs

General and administrative costs

9 Months Ended

Sep. 30, 2023

General and administrative costs

General and administrative costs

16. General and administrative costs

General and administrative costs amount to € 11,486,000 for the nine month period ended September 30, 2023 (nine month period ended September 30, 2022: € 15,679,000).

Investment in financial asset

9 Months Ended

Sep. 30, 2023

Investment in financial asset

Investments in financial assets

17. Investment in financial asset

Results related to derecognition of financial liabilities

9 Months Ended

Sep. 30, 2023

18. Results related to derecognition of financial liabilities


	Nine month period
	ended September 30,
	2023	2022
	€1,000	€1,000

Gain on waivers of Amylon convertible loans	1,866	1,144
Loss on extinguishment of Pontifax and Kreos convertible loans	—	(4,016)
	1,866	(2,872)

Refer to note 9 for a description of convertible loans issued to Amylon.

Income taxes

9 Months Ended

Sep. 30, 2023

Income Taxes

Income Taxes

19. Income taxes

Events after balance sheet date

9 Months Ended

Sep. 30, 2023

Events after balance sheet date

Events after balance sheet date

20. Events after balance sheet date

None.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Significant Accounting Policies

Recognition of revenue

Revenue recognition for the Eli Lilly collaboration and license agreement

a. Identification of the performance obligation

●

the license has no stand-alone value to Eli Lilly without the Company being involved in the research and development collaboration, and;

●

there are significant interdependencies between the license and the research and development services to be provided by the Company.

b. Determining the timing of satisfaction of performance obligations

c. Determining the transaction price

Critical Accounting Estimates and Judgments (Policies)

9 Months Ended

Sep. 30, 2023

Critical Accounting Estimates and Judgments

Research and development expenditures

Research and development expenditures

Prepayments and Other Receivables (Tables)

9 Months Ended

Sep. 30, 2023

Prepayments and Other Receivables.

Prepayments and Other Receivables


	September 30,	December 31,
	2023	2022
	€1,000	€1,000
Prepayments	970	2,449
Eli Lilly up-front receivable	—	56,254
Other receivables	2,635	375
	3,605	59,078

Borrowings (Tables)

9 Months Ended

Sep. 30, 2023

Borrowings

Schedule of borrowings


	September 30,	December 31,
	2023	2022
	€1,000	€1,000
Innovation credit	3,907	3,907
Accrued interest on innovation credit	1,328	1,035
Convertible notes	—	1,369
Accrued interest on convertible notes	—	460

Total borrowings	5,235	6,771
Current portion	(2,344)	(2,500)
	2,891	4,271

Deferred income (Tables)

9 Months Ended

Sep. 30, 2023

Deferred income

Schedule of deferred income


	September 30,	December 31,
	2023	2022
	€1,000	€1,000

Eli Lilly up-front payment and equity consideration: current portion	16,409	5,641
Eli Lilly up-front payment and equity consideration: non-current portion	51,598	65,569
Total deferred income	68,007	71,210

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue.

Schedule of collaboration revenue


	Nine month period
	ended September 30,
	2023	2022
	€1,000	€1,000

Eli Lilly collaboration revenue	3,230	2,517
Yarrow collaboration revenue	-	357
	3,230	2,874

Other income (Tables)

9 Months Ended

Sep. 30, 2023

Other income

Schedule of other income


	Nine month period
	ended September 30,
	2023	2022
	€1,000	€1,000

Grant income	76	267
Other income	4	7
	80	274

Results related to derecognition of financial liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of results related to derecognition of financial liabilities


	Nine month period
	ended September 30,
	2023	2022
	€1,000	€1,000

Gain on waivers of Amylon convertible loans	1,866	1,144
Loss on extinguishment of Pontifax and Kreos convertible loans	—	(4,016)
	1,866	(2,872)

General Information (Details)	1 Months Ended	9 Months Ended
General Information (Details)	May 31, 2021	Sep. 30, 2023
Yarrow Biotechnology, Inc
Disclosure of subsidiaries [line items]
Proportion of ownership interest in associate	8.00%	5.10%
ProQR Therapeutics Holding B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
ProQR Therapeutics I B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
ProQR Therapeutics II B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
ProQR Therapeutics III B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
ProQR Therapeutics IV B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
ProQR Therapeutics V B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
ProQR Therapeutics VI B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
ProQR Therapeutics VII B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
ProQR Therapeutics VIII B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
ProQR Therapeutics IX B.V. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%
ProQR Therapeutics I Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary		100.00%

General information - Revision of comparative figures (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Equity attributable to owners of the Company	€ 46,340		€ 46,340		€ 67,064
Deferred income	68,007		68,007		71,210
Revenue	1,370	€ 814	3,230	€ 2,874
Finance income and expense	363	599	289	940
Net result	(5,420)	(23,304)	(22,252)	(50,904)
Equity	46,340	68,017	46,340	68,017	66,680	€ 114,109
Changes in working capital	2,008	(3,607)	(46,660)	(572)
Accumulated Deficit
Net result			(22,636)	(51,127)
Equity	€ (395,732)	(367,008)	€ (395,732)	(367,008)	(379,110)	(316,890)
Increase (decrease) due to corrections of prior period errors
Equity attributable to owners of the Company					1,567
Deferred income					€ (1,567)
Revenue		(142)		(341)
Finance income and expense		1,219		2,938
Net result		1,077		2,597
Changes in working capital		€ 142		€ 341
Increase (decrease) due to corrections of prior period errors \| Accumulated Deficit
Equity						€ 880

Critical Accounting Estimates and Judgments (Details) € in Thousands, $ in Thousands	Sep. 30, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Sep. 30, 2021 EUR (€)	Sep. 30, 2021 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred income	€ 68,007	€ 71,210
Eli Lilly
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred income	€ 68,007	€ 71,210	€ 2,144	$ 2,429

Cash and Cash Equivalents (Details) - EUR (€) € in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents.
Cash and cash equivalents	€ 120,552	€ 128,562	€ 94,775	€ 100,431	€ 156,402	€ 187,524

Prepayments and Other Receivables (Details) - EUR (€) € in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepayments and Other Receivables.
Prepayments	€ 970	€ 2,449
Eli Lilly up-front receivable		56,254
Other receivables	2,635	375
Total Prepayments and Other Receivables	€ 3,605	€ 59,078

Property, Plant and Equipment (Details) - EUR (€) € in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment
Property, plant and equipment	€ 17,347	€ 16,240
Building And Leasehold Improvements
Property, Plant and Equipment
Right-of-use assets	€ 15,330	€ 14,484

Other current Liabilities (Details) - EUR (€) € in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current contract liabilities [abstract]
Other current liabilities	€ 4,814	€ 8,687

Borrowings (Details) - EUR (€) € in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Borrowings (Details) - EUR (€) € in Thousands	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 10, 2018
Disclosure of detailed information about borrowings [line items]
Total borrowings		€ 5,235		€ 5,235		€ 6,771
Current portion		(2,344)		(2,344)		(2,500)
Non Current portion		2,891		2,891		4,271
Result on derecognition of financial liabilities		1,357	€ (4,016)	1,866	€ (2,872)
Repayment of borrowings			€ 43,373		43,373
Pontifax and Kreos warrants
Disclosure of detailed information about borrowings [line items]
Warrants, economic lifetime	5 years
Innovation credit
Disclosure of detailed information about borrowings [line items]
Accrued interest		1,328		1,328		1,035
Total borrowings		€ 3,907		€ 3,907		3,907
Notional amount							€ 3,907
Interest rate (as percent)		10.00%		10.00%
Convertible loans
Disclosure of detailed information about borrowings [line items]
Accrued interest						460
Total borrowings						€ 1,369
Convertible loans \| Minimum
Disclosure of detailed information about borrowings [line items]
Period upon which unconverted loans become payable on demand				24 months
Convertible loans Amylon Therapeutics B.V. [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate (as percent)		8.00%		8.00%
Debt instrument convertible term				36 months
Loan and interest waived				€ 1,866	€ 1,144
Convertible loans Amylon Therapeutics B.V. [Member] \| Maximum
Disclosure of detailed information about borrowings [line items]
Period upon which unconverted loans become payable on demand				36 months

Lease Liabilities (Details) - Office and laboratory facilities at Zernikedreef, Leiden - m²		1 Months Ended	9 Months Ended
	Jul. 01, 2020	Dec. 31, 2020	Sep. 30, 2023
Disclosure of quantitative information about right-of-use assets [line items]
Area under lease			4,818
Lease term	10 years	11 years
Lease extension term		1 year
Lease, current extension period under option			5 years

Deferred income (Details) € in Thousands, $ in Thousands	Sep. 30, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Sep. 30, 2021 EUR (€)	Sep. 30, 2021 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred income, current portion	€ 16,409	€ 5,641
Deferred income, non-current portion	51,598	65,569
Total deferred income	68,007	71,210
Eli Lilly
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred income, current portion	16,409	5,641
Deferred income, non-current portion	51,598	65,569
Total deferred income	€ 68,007	€ 71,210	€ 2,144	$ 2,429

Shareholders equity - Share capital (Details) - EUR (€)	1 Months Ended
Shareholders equity - Share capital (Details) - EUR (€)	Dec. 31, 2022	Sep. 30, 2023
Shareholders Equity
Authorized share capital		€ 13,600,000
Par value per share		€ 0.04
Eli Lilly and Company
Shareholders Equity
Issuance of ordinary shares (in shares)	9,381,586
Transaction cost	€ 0
Proceeds from issuing shares	€ 14,122,000
Ordinary
Shareholders Equity
Number of shares issued		84,246,967
Number of shares authorised		170,000,000
Shares were issued and fully paid in cash		81,157,493
Treasury shares	3,429,888	3,089,474
Preferred
Shareholders Equity
Number of shares authorised		170,000,000

Shareholders equity - Share options (Details) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating costs
Shareholders Equity
Equity-settled share based payments	€ 2,304	€ 3,256
General and administrative costs
Shareholders Equity
Equity-settled share based payments	2,010	2,552
Research and development costs
Shareholders Equity
Equity-settled share based payments	€ 294	€ 704

Revenue (Details) € in Thousands	1 Months Ended									9 Months Ended	12 Months Ended
Revenue (Details) € in Thousands	Feb. 28, 2023 EUR (€)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2022 USD ($) shares	Oct. 31, 2021 EUR (€)	Oct. 31, 2021 USD ($)	Sep. 30, 2021 EUR (€) shares	Sep. 30, 2021 USD ($) shares	May 31, 2021 EUR (€)	Sep. 30, 2023 EUR (€) director	Dec. 31, 2022 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2021 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred income			€ 71,210							€ 68,007	€ 71,210
Eli Lilly and Company
Disclosure of disaggregation of revenue from contracts with customers [line items]
Issuance of ordinary shares (in shares) \| shares			9,381,586	9,381,586			3,989,976	3,989,976
Proceeds from issuing shares			€ 14,122	$ 15,000,000			€ 23,223	$ 30,000,000
Deferred income			€ 71,210				€ 2,144			€ 68,007	71,210		$ 2,429,000
Up-front payment received	€ 56,254	$ 60,000,000			€ 17,651	$ 20,000,000
Number of performance obligations in collaboration agreement			1	1			1	1
Discount on share issue			€ 451	$ 480,000
Consideration payable upon exercise of option to further expand partnership \| $												$ 50,000,000
Yarrow Biotechnology, Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Proportion of ownership interest in associate									8.00%	5.10%
Up-front payment received									€ 419
Reimbursements received											€ 272
Number of performance obligations in collaboration agreement									1
Number of board members in associate that entity has right to appoint \| director										1
Number of board members in associate \| director										3
Investments in associates accounted for using equity method										€ 0

Revenue - Collaboration revenue (Details) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Collaboration revenue	€ 3,230	€ 2,874
Eli Lilly and Company
Disclosure of disaggregation of revenue from contracts with customers [line items]
Collaboration revenue	€ 3,230	2,517
Yarrow Biotechnology, Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Collaboration revenue		€ 357

Other income (Details) - EUR (€) € in Thousands	3 Months Ended	9 Months Ended
Other income (Details) - EUR (€) € in Thousands	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other income
Grant income		€ 76	€ 267
Other income		4	7
Total other income	€ 74	€ 80	€ 274

Other income - Narrative (Details) - Clinical support agreement - Foundation Fighting Blindness $ in Millions	Feb. 09, 2018 USD ($)
Other Income [Line Items]
Agreed funding	$ 7.5
Granted funding	$ 6.8

Research and development costs (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Research and Development costs
Research and development costs	€ 5,446	€ 15,352	€ 17,415	€ 40,168
Decrease in research and development costs compared to same period in prior year			€ (22,753)

General and administrative costs (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
General and administrative costs
General and administrative costs	€ 3,315	€ 5,359	€ 11,486	€ 15,679

Investment in financial asset (Details) - EUR (€) € in Thousands	Sep. 30, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Investments in financial assets		€ 621
Equity investments \| Phoenicis Therapeutics Inc.
Disclosure of financial assets [line items]
Investments in financial assets	€ 0	€ 621
Proportion of ownership interest	3.90%

Results related to derecognition of financial liabilities (Details) - EUR (€) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Results related to derecognition of financial liabilities
Gain on waivers of Amylon convertible loans			€ 1,866	€ 1,144
Loss on extinguishment of Pontifax and Kreos convertible loans				(4,016)
Total results related to derecognition of financial liabilities	€ 1,357	€ (4,016)	€ 1,866	€ (2,872)