The 55% revenue decline and widening loss are the headline numbers — ignore management's pipeline optimism. The key catalyst is AX-0810 target engagement data due in Q2 2026 (any day now). Positive data could reverse sentiment, but the deteriorating financials suggest the stock will trade on clinical data alone. Watch for the data release and any Lilly milestone updates.
Price Chart
Executive Summary
ProQR reported Q1 2026 results with revenue declining 55% YoY to €2.0M and net loss widening 33% to €13.4M (€0.13/share) from €10.1M (€0.10/share). Cash burn improved to €11.1M vs €15.8M in Q1 2025, with €81.1M cash supporting runway into mid-2027. The company is on track for AX-0810 target engagement data in Q2 2026 and advancing multiple pipeline programs, but the deteriorating financials and lack of near-term revenue catalysts make this a bearish filing.
Key Facts
- Revenue fell 55% YoY to €2.0M from €4.5M in Q1 2025
- Net loss widened to €13.4M (€0.13/share) vs €10.1M (€0.10/share) in Q1 2025
- Operating loss increased to €13.6M from €10.8M in Q1 2025
- Cash and equivalents at €81.1M, down from €92.4M at Dec 31, 2025
- Net cash used in operations improved to €11.1M from €15.8M in Q1 2025
- R&D costs decreased slightly to €11.8M from €12.3M in Q1 2025
- G&A costs rose to €3.9M from €3.2M in Q1 2025
- AX-0810 target engagement data in healthy volunteers on track for Q2 2026
- Biliary atresia selected as initial Phase 2 indication for AX-0810
- Pipeline advancing: AX-0811 CTA filing mid-2026, AX-0422 CTA filing early 2027
- No milestones achieved under Lilly collaboration in Q1 2026
- Deferred revenue from Lilly decreased to €36.9M from €38.9M at Dec 31, 2025
- Equity fell to €37.6M from €49.4M at Dec 31, 2025
- Accumulated deficit grew to €478.9M from €467.5M at Dec 31, 2025
Financial Impact
Revenue declined 55% YoY to €2.0M; net loss increased 33% to €13.4M; cash burn improved to €11.1M; cash runway into mid-2027
Risk Factors
- Revenue decline of 55% YoY signals dependency on Lilly collaboration milestones that were not achieved in Q1
- Net loss widening 33% YoY with no clear path to profitability
- Cash runway only into mid-2027 — likely need for additional financing before then
- Clinical-stage biotech with no approved products — binary risk on AX-0810 data
- Equity erosion of 24% in one quarter to €37.6M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (PRQR) — Batch item 1 | 0001104659-26-058980 |
| Document: tm2614256d1_6k.htm | 0001104659-26-058981 |
| Document: 0001104659-26-058980-index-headers.html | 0001104659-26-058980 |
| Document: 0001104659-26-058980-index.html | 0001104659-26-058980 |
| Document: 0001104659-26-058980.txt | 0001104659-26-058980 |
| 6-K Filing (PRQR) — Batch item 6 | 0001104659-26-058981 |
| Document: prqr-20260331xex99d2.htm | 0001104659-26-058980 |
| Document: prqr-20260331x6k.htm | 0001104659-26-058980 |
| Document: 0001104659-26-058981-index-headers.html | 0001104659-26-058980 |
| Document: 0001104659-26-058981-index.html | 0001104659-26-058980 |
| Document: 0001104659-26-058981.txt | 0001104659-26-058980 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 23, 2026 4w ago | 6-K | $1.70 $1.66 | ▼ −2.35% | ▼ −1.68% | $1.33 (−21.76%) |
Sep 9, 2026 6w ago | 6-K | $1.99 $1.86 | ▼ −6.53% | ▼ −5.44% | $1.33 (−33.17%) |
Jul 16, 2026 14w ago | EFFECT | $1.67 $1.79 | ▼ −7.19% | ▼ −8.86% | $1.33 (+20.36%) |
Jun 25, 2026 17w ago | 6-K | $1.53 $1.81 | ▼ −18.30% | ▼ −16.13% | $1.33 (+13.07%) |
Jun 25, 2026 17w ago | 424B5 | $1.53 $1.81 | ▲ +18.30% | ▲ +16.13% | $1.33 (−13.07%) |
Jun 2, 2026 20w ago | 6-K | $1.47 $1.41 | ▼ −4.08% | ▼ −0.26% | $1.33 (−9.52%) |
May 12, 2026 24w ago | 6-K | $1.60 $1.51 | ▲ +5.63% | ▲ +5.70% | $1.33 (+16.87%) |
Apr 30, 2026 25w ago | 6-K | $1.57 $1.72 | ▲ +9.55% | ▲ +7.83% | $1.33 (−15.29%) |
Apr 30, 2026 25w ago | Press Release | $1.57 $1.72 | ▲ +9.55% | ▲ +7.83% | $1.33 (−15.29%) |
Apr 8, 2026 28w ago | 6-K | $1.98 $1.95 | ▼ −1.52% | ▼ −4.70% | $1.33 (−32.83%) |
US Market Status
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