ProQR Therapeutics N.V.
PRQRHealthcare|Biotechnology|NL
$1.35
+0.02 (+1.50%)
Tangible Book / Share
$0.72
Cash / Share
$1.06
Financials
Financial Snapshot
Market Cap
$190.5M
Enterprise Value
$66.8M
Revenue (TTM)
$18.6M
Net Income (TTM)
-$42.4M
Cash & Investments
$117.1M
Net Cash
$103.9M
Free Cash Flow (TTM)
-$50.3M
Operating CF (TTM)
-$49.1M
Debt/Equity
0.17
Cash Runway & Burn Rate
Cash on Hand
$117.1M
Quarterly Burn
$12.3M
Monthly Burn
$4.1M
Est. Runway
~9.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $62.4M | $57.8M | $120.7M | $125.7M | $92.8M | $213.3M | $101.1M | $131.4M | $154.7M | $108.5M | $117.1M | |
| Operating Cash Flow | -$34.2M | -$35.0M | -$30.7M | -$44.0M | -$47.1M | -$26.0M | -$68.5M | $21.5M | -$36.4M | -$52.8M | -$49.1M | |
| Free Cash Flow | -$36.8M | -$35.1M | -$31.0M | -$44.5M | -$48.0M | -$26.5M | -$69.2M | $20.2M | -$37.8M | -$53.8M | -$50.3M | |
| Capital Expenditure | -$2.5M | -$121.0K | -$312.0K | -$580.0K | -$924.0K | -$484.0K | -$708.0K | -$1.4M | -$1.4M | -$1.0M | -$1.2M | |
| Financing Cash Flow | $357.0K | $26.6M | $88.6M | $50.2M | $14.5M | $136.8M | -$30.9M | -$2.3M | $70.3M | -$1.8M | $48.0M |
R&D Spending
R&D (TTM)
$45.9M
R&D Intensity
247.1%
R&D Growth vs Prior
+12.7%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3M | -$1.5M | $4.9M | $1.9M | $1.0M | $1.3M | $3.6M | $6.5M | $18.9M | $15.3M | $18.6M | |
| R&D Expense | $31.9M | $31.2M | $29.5M | $46.5M | $38.1M | $42.2M | $50.9M | $25.1M | $36.4M | $40.7M | $45.9M | |
| R&D % of Revenue | 1398.9% | -2037.5% | 597.3% | 2405.1% | 3706.0% | 3162.5% | 1415.3% | 386.1% | 192.3% | 266.5% | 247.1% | |
| SG&A | $9.5M | $10.8M | $12.5M | $12.9M | $13.7M | $17.4M | $18.7M | $16.2M | $13.7M | $15.1M | $15.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3M | -$1.5M | $4.9M | $1.9M | $1.0M | $1.3M | $3.6M | $6.5M | $18.9M | $15.3M | $18.6M | |
| Cost of Revenue | $1.3M | $1.0M | $983.5K | $116.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.6M | $1.4M | |
| Gross Profit | $1.0M | -$2.5M | $4.0M | -$114.9M | $1.0M | $1.3M | $3.6M | $6.5M | $18.9M | $12.7M | $17.1M | |
| R&D | $31.9M | $31.2M | $29.5M | $46.5M | $38.1M | $42.2M | $50.9M | $25.1M | $36.4M | $40.7M | $45.9M | |
| SG&A | $9.5M | $10.8M | $12.5M | $12.9M | $13.7M | $17.4M | $18.7M | $16.2M | $13.7M | $15.1M | $15.1M | |
| Operating Income | -$39.6M | -$40.5M | -$36.3M | -$57.4M | -$42.4M | -$57.2M | -$65.2M | -$31.9M | -$30.5M | -$42.2M | -$43.2M | |
| Interest Expense | $538.0K | $596.0K | $810.0K | $1.1M | $2.0M | $3.4M | $5.1M | $1.2M | $1.1M | $866.4K | $0.00 | |
| Pretax Income | -$39.1M | -$43.7M | -$37.1M | -$56.6M | -$46.5M | -$60.7M | -$64.1M | -$27.8M | -$28.0M | -$40.5M | -$42.4M | |
| Net Income | -$39.1M | -$43.6M | -$36.9M | -$56.7M | -$46.6M | -$60.7M | -$64.4M | -$28.1M | -$27.8M | -$40.5M | -$42.4M | |
| EPS (Diluted) | -1.67 | -1.72 | -1.08 | -1.38 | -0.93 | -0.96 | -0.91 | -0.35 | -0.34 | -0.38 | -0.40 | |
| EBITDA | -$36.0M | $1.1M | -$35.3M | -$170.3M | -$48.4M | -$54.9M | -$56.5M | -$24.1M | -$24.1M | -$36.9M | -$37.7M | |
| Shares Out. (M) | 23.35 | 25.37 | 34.05 | 41.04 | 50.06 | 64.18 | 71.64 | 81.01 | 81.67 | 105.33 | 109.96 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $62.4M | $57.8M | $120.7M | $125.7M | $92.8M | $213.3M | $101.1M | $131.4M | $154.7M | $108.5M | $117.1M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $65.4M | $60.7M | $123.9M | $128.7M | $97.9M | $217.8M | $164.8M | $133.6M | $159.3M | $117.6M | $121.6M | |
| Total Assets | $69.1M | $63.8M | $126.0M | $131.9M | $120.8M | $238.3M | $182.8M | $152.3M | $173.9M | $132.4M | $133.5M | |
| Total Current Liabilities | $7.1M | $10.2M | $9.3M | $12.3M | $12.6M | $31.4M | $22.4M | $37.8M | $40.3M | $38.1M | $34.9M | |
| Long-Term Debt | $4.8M | $6.3M | $8.0M | $14.3M | $19.8M | $44.7M | $4.6M | $4.7M | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $13.1M | $16.5M | $20.1M | $26.6M | $51.6M | $109.6M | $111.7M | $106.6M | $82.2M | $74.4M | $54.1M | |
| Stockholders' Equity | $56.0M | $47.3M | $106.2M | $105.9M | $69.9M | $129.5M | $71.6M | $45.7M | $91.7M | $58.0M | $79.4M | |
| Retained Earnings | -$79.9M | -$143.3M | -$177.7M | -$237.7M | -$315.4M | -$361.4M | -$404.6M | -$442.8M | -$442.3M | -$549.1M | -$487.2M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$34.2M | -$35.0M | -$30.7M | -$44.0M | -$47.1M | -$26.0M | -$68.5M | $21.5M | -$36.4M | -$52.8M | -$49.1M | |
| Capital Expenditure | -$2.5M | -$121.0K | -$312.0K | -$580.0K | -$924.0K | -$484.0K | -$708.0K | -$1.4M | -$1.4M | -$1.0M | -$1.2M | |
| Free Cash Flow | -$36.8M | -$35.1M | -$31.0M | -$44.5M | -$48.0M | -$26.5M | -$69.2M | $20.2M | -$37.8M | -$53.8M | -$50.3M | |
| Investing Cash Flow | -$2.5M | -$121.0K | -$312.0K | -$580.0K | -$924.0K | -$425.0K | -$702.0K | $4.3M | -$4.1M | -$1.0M | -$1.2M | |
| Financing Cash Flow | $357.0K | $26.6M | $88.6M | $50.2M | $14.5M | $136.8M | -$30.9M | -$2.3M | $70.3M | -$1.8M | $48.0M | |
| Issuance of Stock | $2.1K | $25.7M | $84.2M | $48.5M | $0.00 | $108.5M | $14.1M | $0.00 | $71.6M | $69.0K | $50.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $355.0K | $951.0K | $1.4M | $1.5M | $13.8M | $26.8M | -$45.0M | -$2.6M | -$1.6M | -$1.9M | -$2.0M | |
| Stock Based Comp. | $2.5M | $4.0M | $3.2M | $9.1M | $7.8M | $6.2M | $2.9M | $3.1M | $2.5M | $4.0M | $3.8M | |
| Net Change in Cash | -$35.7M | -$11.1M | $57.5M | $6.4M | -$36.1M | $111.7M | -$92.7M | $24.1M | $30.5M | -$57.0M | -$3.3M |
Dilution Tracker
Shares outstanding grew 110.4% over 5 years — significant dilution
Shares Outstanding
141M
5-Year Share Growth
+110.4%
Stock Issuance (TTM)
$50.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 23.35 | 25.37 | 34.05 | 41.04 | 50.06 | 64.18 | 71.64 | 81.01 | 81.67 | 105.33 | 109.96 | |
| Change vs Prior % | — | 8.7% | 34.2% | 20.5% | 22.0% | 28.2% | 11.6% | 13.1% | 0.8% | 29.0% | 4.4% | |
| Stock Issuance | $2.1K | $25.7M | $84.2M | $48.5M | $0.00 | $108.5M | $14.1M | $0.00 | $71.6M | $69.0K | $50.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.5M | $4.0M | $3.2M | $9.1M | $7.8M | $6.2M | $2.9M | $3.1M | $2.5M | $4.0M | $3.8M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 43.8% | 165.5% | 80.1% | -5943.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 83.0% | 92.3% | |
| Operating Margin % | -1734.1% | 2648.7% | -734.5% | -2971.8% | -4117.4% | -4285.4% | -1813.0% | -489.1% | -161.2% | -275.9% | -232.7% | |
| Net Margin % | -1713.5% | 2854.0% | -746.7% | -2935.6% | -4525.3% | -4549.8% | -1792.5% | -431.7% | -146.9% | -265.2% | -228.3% | |
| EBITDA Margin % | -1575.9% | -69.7% | -714.1% | -8810.2% | -4707.1% | -4116.0% | -1571.0% | -369.9% | -127.6% | -241.7% | -203.0% | |
| FCF Margin % | -1610.9% | 2293.8% | -627.3% | -2304.7% | -4663.2% | -1984.7% | -1925.9% | 309.7% | -200.0% | -352.2% | -270.8% | |
| ROE % | -69.8% | -92.3% | -34.7% | -53.6% | -66.7% | -46.9% | -90.0% | -61.5% | -30.3% | -69.9% | -68.4% | |
| ROA % | -56.6% | -68.4% | -29.3% | -43.0% | -38.5% | -25.5% | -35.2% | -18.5% | -16.0% | -30.6% | -31.8% | |
| ROIC % | -63.8% | -72.4% | -31.1% | -47.7% | -38.1% | -26.7% | -39.6% | -27.3% | -21.9% | -42.3% | -41.9% | |
| R&D / Revenue % | 1398.9% | -2037.5% | 597.3% | 2405.1% | 3706.0% | 3162.5% | 1415.3% | 386.1% | 192.3% | 266.5% | 247.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -75.7% | -167.0% | 423.2% | -60.9% | -46.8% | 29.7% | 169.2% | 81.2% | 190.2% | -19.2% | |
| Gross Profit | -88.8% | -352.9% | 256.4% | -3003.1% | 100.9% | 29.7% | 169.2% | 81.2% | 190.2% | -32.9% | |
| Operating Income | -46.6% | -2.3% | 10.4% | -58.3% | 26.2% | -35.0% | -13.9% | 51.1% | 4.4% | -38.3% | |
| Net Income | -87.7% | -11.6% | 15.5% | -53.8% | 17.9% | -30.4% | -6.1% | 56.4% | 1.3% | -45.9% | |
| EPS (Diluted) | -87.6% | -3.0% | 37.2% | -27.8% | 32.6% | -3.2% | 5.2% | 61.5% | 2.9% | -11.8% | |
| Operating Cash Flow | -41.2% | -2.1% | 12.2% | -43.3% | -7.0% | 44.7% | -163.4% | 131.5% | -268.9% | -45.1% | |
| Free Cash Flow | -43.8% | 4.6% | 11.6% | -43.7% | -7.7% | 44.8% | -161.2% | 129.2% | -287.4% | -42.3% | |
| R&D Expense | 36.4% | -2.4% | -5.3% | 57.5% | -18.0% | 10.7% | 20.5% | -50.6% | 44.6% | 12.0% | |
| SG&A Expense | 38.6% | 14.4% | 15.7% | 2.8% | 6.2% | 26.9% | 7.4% | -12.9% | -15.9% | 10.2% | |
| Total Assets | -36.4% | -7.8% | 97.6% | 4.7% | -8.4% | 97.3% | -23.3% | -16.7% | 14.2% | -23.9% | |
| Book Value / Share | -42.6% | -22.5% | 67.2% | -17.5% | -46.2% | 45.2% | -50.5% | -43.2% | 99.0% | -51.0% | |
| Debt | -7.7% | 79.4% | -7.5% | 89.3% | 175.5% | 63.7% | -65.8% | -7.0% | -26.2% | 2.2% | |
| Diluted Shares | 0.0% | 8.7% | 34.2% | 20.5% | 22.0% | 28.2% | 11.6% | 13.1% | 0.8% | 29.0% |
Valuation
P/E (TTM)At Loss
P/S9.19
10Y Low / Med / High11.05 / 68.88 / 338.65
P/B1.67
10Y Low / Med / High1.44 / 3.17 / 4.41
EV/EBITDAAt Loss
EV/Revenue3.60
10Y Low / Med / High3.72 / 47.26 / 230.34
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.72
Net Current Assets / Share
$0.48
Graham Net-Net
$0.59
Cash / Share
$1.06
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.79 | -1.56 | -12.74 | -6.40 | -3.70 | -7.34 | -3.80 | -5.12 | -7.53 | -4.52 | -3.06 | |
| P/S Ratio | 47.60 | -44.65 | 94.83 | 187.60 | 167.18 | 338.65 | 68.88 | 22.28 | 11.05 | 11.85 | 9.19 | |
| P/B Ratio | 1.94 | 1.44 | 4.41 | 3.42 | 2.46 | 3.49 | 3.46 | 3.17 | 2.28 | 3.12 | 1.67 | |
| EV/EBITDA | -1.42 | 18.04 | -10.09 | -1.48 | -2.50 | -5.60 | -3.01 | -1.48 | -2.92 | -2.41 | -1.77 | |
| EV/Revenue | 22.37 | -12.57 | 72.03 | 130.47 | 117.76 | 230.34 | 47.26 | 5.46 | 3.72 | 5.82 | 3.60 |
Analyst Estimates & Quality
Altman Z-Score
-3.29
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $16.9M | $19.7M | $49.8M |
| Net Income | -$44.8M | -$56.8M | -$33.6M |
| EPS | $-0.42 | $-0.49 | $-0.28 |
| # Analysts (EPS) | 5 | 5 | 4 |
Revenue Segments
By Product
| Segment | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Premiums on share issue | $168.0K | $369.0K | — | — |
| Up-front payments | $252.0K | $56.3M | $6.0M | $15.6M |
| R&D services | $282.0K | $273.0K | — | — |
| Milestone payments | — | — | — | $5.1M |