Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 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 | Jun. 30, 2023 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Financial Position - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | € 128,562 | € 94,775 |
Prepayments and other receivables | 2,187 | 59,078 |
Other taxes | 400 | 607 |
Total current assets | 131,149 | 154,460 |
Property, plant and equipment | 16,220 | 16,240 |
Investments in financial assets | 621 | 621 |
Total assets | 147,990 | 171,321 |
Equity | ||
Equity attributable to owners of the Company | 51,790 | 67,064 |
Non-controlling interests | (290) | (384) |
Total equity | 51,500 | 66,680 |
Current liabilities | ||
Borrowings | 2,920 | 2,500 |
Lease liabilities | 1,334 | 1,387 |
Derivative financial instruments | 372 | 1,263 |
Trade payables | 119 | 392 |
Current income tax liability | 0 | 0 |
Social securities and other taxes | 1,064 | 1,118 |
Deferred income | 13,137 | 5,641 |
Other current liabilities | 4,030 | 8,687 |
Total current liabilities | 22,976 | 20,988 |
Borrowings | 3,575 | 4,271 |
Lease liabilities | 13,700 | 13,813 |
Deferred income | 56,239 | 65,569 |
Total liabilities | 96,490 | 104,641 |
Total equity and liabilities | € 147,990 | € 171,321 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Profit or Loss and OCI - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Consolidated Statement of Profit or Loss and Comprehensive Income | |||||
Revenue | € 1,205 | € 930 | € 1,860 | € 2,060 | |
Other income | 38 | 99 | 80 | 200 | |
Research and development costs | (5,909) | (11,449) | (11,969) | (24,816) | |
General and administrative costs | (4,145) | (5,412) | (8,171) | (10,320) | |
Total operating costs | (10,054) | (16,861) | (20,140) | (35,136) | |
Operating result | (8,811) | (15,832) | (18,200) | (32,876) | |
Finance income and expense | 470 | 1,163 | (74) | 342 | |
Results related to associates | (8) | ||||
Results related to financial liabilities measured at fair value through profit or loss | 221 | 62 | 891 | 3,826 | |
Result on derecognition of financial liabilities | 101 | 1,144 | 509 | 1,144 | |
Result before corporate income taxes | (8,019) | (13,463) | (16,874) | (27,572) | |
Income taxes | 42 | (20) | 42 | (27) | |
Result for the period | (7,977) | (13,483) | (16,832) | (27,599) | |
Other comprehensive income (foreign exchange differences on foreign operation) | 7 | 689 | (212) | 911 | |
Total comprehensive income | (7,970) | (12,794) | (17,044) | (26,688) | |
Result attributable to | |||||
Owners of the Company | (7,993) | (13,700) | (16,926) | (27,808) | |
Non-controlling interests | 16 | 217 | 94 | 209 | |
Result for the period | (7,977) | (13,483) | (16,832) | (27,599) | |
Total comprehensive income attributable to | |||||
Owners of the Company | (7,986) | (13,011) | (17,138) | (26,897) | |
Non-controlling interests | 16 | 217 | 94 | 209 | |
Total comprehensive income | € (7,970) | € (12,794) | € (17,044) | € (26,688) | |
Share information | |||||
Weighted average number of shares outstanding | [1] | 80,939,392 | 71,362,088 | 80,913,751 | 71,359,642 |
Weighted average number of ordinary shares used in calculating diluted earnings per share | [1] | 80,939,392 | 71,362,088 | 80,913,751 | 71,359,642 |
Earnings per share attributable to owners of the Company (Euro per share) | |||||
Basic loss per share | [1] | € (0.10) | € (0.19) | € (0.21) | € (0.39) |
Diluted loss per share | [1] | € (0.10) | € (0.19) | € (0.21) | € (0.39) |
[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 Statem_3
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 | (27,808) | (27,808) | 209 | (27,599) | |||||
Other comprehensive income | 911 | 911 | 911 | ||||||
Recognition of share-based payments | 1,921 | 1,921 | 1,921 | ||||||
Treasury shares transferred (in shares) | (71,283) | ||||||||
Shares options lapsed | (380) | 380 | |||||||
Shares options exercised | 33 | (256) | 256 | 33 | 33 | ||||
Share options exercised (in shares) | 71,283 | ||||||||
Balance at end of period at Jun. 30, 2022 | € 2,995 | 398,342 | 29,728 | € 1,426 | 1,341 | (344,062) | 89,770 | (395) | 89,375 |
Balance at end of period (in shares) at Jun. 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 | (16,926) | (16,926) | 94 | (16,832) | |||||
Other comprehensive income | (212) | (212) | (212) | ||||||
Recognition of share-based payments | 1,860 | 1,860 | 1,860 | ||||||
Treasury shares transferred (in shares) | (122,584) | ||||||||
Shares options lapsed | (3,873) | 3,873 | |||||||
Shares options exercised | 4 | (231) | 231 | 4 | 4 | ||||
Share options exercised (in shares) | 122,584 | ||||||||
Balance at end of period at Jun. 30, 2023 | € 3,370 | € 412,544 | € 26,808 | € 1,000 | € (391,932) | € 51,790 | € (290) | € 51,500 | |
Balance at end of period (in shares) at Jun. 30, 2023 | 84,246,967 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||||
Net result | € (7,977) | € (13,483) | € (16,832) | € (27,599) |
Adjustments for: | ||||
Depreciation | 594 | 591 | 1,143 | 1,161 |
Share-based compensation | 765 | 738 | 1,860 | 1,921 |
Financial income and expenses | (470) | (1,163) | 74 | (342) |
Results related to associates | 8 | |||
Results related to financial liabilities measured at fair value through profit or loss | (221) | (62) | (891) | (3,826) |
Result on derecognition of financial liabilities | (101) | (1,144) | (509) | (1,144) |
Income tax expenses | 20 | 27 | ||
Changes in working capital | (3,622) | 916 | 48,668 | (3,035) |
Cash (used in)/generated from operations | (11,032) | (13,587) | 33,513 | (32,829) |
Corporate income tax paid | (20) | (27) | ||
Interest received | 685 | 865 | ||
Interest paid | (1,237) | (2,455) | ||
Net cash (used in)/generated from operating activities | (10,347) | (14,844) | 34,378 | (35,311) |
Cash flow from investing activities | ||||
Purchases of property, plant and equipment | (294) | (231) | (430) | (475) |
Sales of property, plant and equipment | 47 | |||
Net cash used in investing activities | (294) | (231) | (383) | (475) |
Cash flow from financing activities | ||||
Proceeds from exercise of share options | 4 | 4 | 33 | |
Repayment of lease liability | (647) | (357) | (906) | (933) |
Net cash used in financing activities | (643) | (357) | (902) | (900) |
Net (decrease)/increase in cash and cash equivalents | (11,284) | (15,432) | 33,093 | (36,686) |
Currency effect cash and cash equivalents | 860 | 4,222 | 694 | 5,564 |
Cash and cash equivalents, at beginning of the period | 138,986 | 167,612 | 94,775 | 187,524 |
Cash and cash equivalents at the end of the period | € 128,562 | € 156,402 | € 128,562 | € 156,402 |
General Information
General Information | 6 Months Ended |
Jun. 30, 2023 | |
General Information | |
General Information | 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% ); ● Amylon Therapeutics B.V. ( 80% ); 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 six month periods ended June 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 six month periods ended June 30, 2022, revenue decreased by € 95,000 and € 199,000 , respectively, and net finance expenses decreased by € 1,282,000 and € 1,720,000 respectively. Net loss for the three and six month periods ended June 30, 2022 decreased by € 1,187,000 and € 1,521,000 , 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 six month periods ended June 30, 2022, changes in working capital decreased by € 95,000 and € 199,000 , respectively. Net cash used in operating activities for the three and six month periods ended June 30, 2022 was not affected by the revision. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies These interim condensed consolidated financial statements for the three and six month periods ended June 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. |
Adoption of new and revised Int
Adoption of new and revised International Financial Reporting Standards | 6 Months Ended |
Jun. 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 a
Critical Accounting Estimates and Judgments | 6 Months Ended |
Jun. 30, 2023 | |
Critical Accounting Estimates and Judgments | |
Critical Accounting Estimates and Judgments | 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. Revenue recognition for the Eli Lilly collaboration and license agreement a. Identification of the performance obligation Note 12 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 € 69,376,000 at June 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. 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. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents. | |
Cash and Cash Equivalents | 5. Cash and cash equivalents At June 30, 2023, the Company’s cash and cash equivalents were € 128,562,000 as compared to € 94,775,000 at December 31, 2022. The cash balances are held at banks with investment grade credit ratings, which meet our defined minimum credit ratings. The cash at banks is at full disposal of the Company. |
Property, plant and equipment
Property, plant and equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6. Property, plant and equipment At June 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 € 14,363,000 at June 30, 2023 (December 31, 2022: € 14,484,000 ). |
Other current liabilities
Other current liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Other current liabilities. | |
Other current liabilities | 7. Other current liabilities At June 30, 2023, other current liabilities amount to € 4,030,000 (December 31, 2022: € 8,687,000 ). At June 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. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2023 | |
Borrowings | |
Borrowings | 8 . Borrowings June 30, December 31, 2023 2022 €1,000 €1,000 Innovation credit 3,907 3,907 Accrued interest on innovation credit 1,231 1,035 Convertible notes 992 1,369 Accrued interest on convertible notes 365 460 Total borrowings 6,495 6,771 Current portion (2,920) (2,500) 3,575 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 June 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 are convertible into a variable number of ordinary shares within 36 months at the option of the holder or the Company in case financing criteria are met. Any unconverted loans become payable on demand after 24 – 36 months in equal quarterly terms. In 2023 and 2022, Amylon entered into waiver agreements with certain 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 waived under these agreements in the six month period ended June 30, 2023 is € 509,000 (six month period ended June 30, 2022: € 1,144,000 ). The resulting gain was recognized as a gain on derecognition of financial liabilities (refer to note 17). 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. |
Lease Liabilities
Lease Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Lease Liabilities | |
Lease Liabilities | 9. Lease liabilities At June 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 6. |
Deferred income
Deferred income | 6 Months Ended |
Jun. 30, 2023 | |
Deferred income | |
Deferred income | 10. Deferred income The following table summarizes details of deferred income at June 30, 2023 and December 31, 2022. The nature of the deferred income is described in Note 12. June 30, December 31, 2023 2022 €1,000 €1,000 Eli Lilly up-front payment and equity consideration: current portion 13,137 5,641 Eli Lilly up-front payment and equity consideration: non-current portion 56,239 65,569 Total deferred income 69,376 71,210 |
Shareholders equity
Shareholders equity | 6 Months Ended |
Jun. 30, 2023 | |
Shareholders Equity | |
Shareholders Equity | 11 . 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 June 30, 2023, 84,246,967 ordinary shares were issued. 80,939,812 ordinary shares were fully paid and 3,307,155 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 six month period ended June 30, 2023 were € 1,860,000 (six month period ended June 30, 2022: € 1,921,000 ), of which € 1,644,000 was recorded in general and administrative costs (six month period ended June 30, 2022: € 1,537,000 ) and € 216,000 was recorded in research and development costs (six month period ended June 30, 2022: € 384,000 ). |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue. | |
Revenue | 12. 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 € 23,223,000 . This amount included a price premium of € 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 € 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, 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 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 11, 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: ● 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 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. ● 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. 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 was also entitled to receive 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 June 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 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. The Yarrow collaboration was terminated in Q3 2022. Six month period ended June 30, 2023 2022 €1,000 €1,000 Eli Lilly collaboration revenue 1,860 1,703 Yarrow collaboration revenue - 357 1,860 2,060 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. |
Other income
Other income | 6 Months Ended |
Jun. 30, 2023 | |
Other income | |
Other income | 13. Other income Six month period ended June 30, 2023 2022 €1,000 €1,000 Grant income 76 193 Other income 4 7 80 200 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. |
Research and development costs
Research and development costs | 6 Months Ended |
Jun. 30, 2023 | |
Research and Development costs | |
Research and Development Costs | 14. Research and development costs Research and development costs amount to € 11,969,000 for the six month period ended June 30, 2023 (six month period ended June 30, 2022: € 24,816,000 ) 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 € 12,847,000 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 half of 2023, whereas they were ongoing in the first half of 2022. |
General and administrative cost
General and administrative costs | 6 Months Ended |
Jun. 30, 2023 | |
General and administrative costs | |
General and administrative costs | 15. General and administrative costs General and administrative costs amount to € 8,171,000 for the six month period ended June 30, 2023 (six month period ended June 30, 2022: € 10,320,000 ). |
Investment in financial asset
Investment in financial asset | 6 Months Ended |
Jun. 30, 2023 | |
Investment in financial asset | |
Investments in financial assets | 16. Investment in financial asset At June 30, 2023, the investment in financial asset amounting to € 621,000 (December 2022: € 621,000 ) consists of the Company’s investment in Phoenicis Therapeutics Inc. In January 2021, Wings Therapeutics Inc. merged into Phoenicis Therapeutics Inc. by means of a non-cash transaction. ProQR holds a 3.9% interest in Phoenicis Therapeutics Inc. |
Results related to derecognitio
Results related to derecognition of financial liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Results related to derecognition of financial liabilities | |
Results related to derecognition of financial liabilities | 17. Results related to derecognition of financial liabilities Six month period ended June 30, 2023 2022 €1,000 €1,000 Gain on waiver of Amylon convertible loans 509 1,144 509 1,144 Refer to note 8 for a description of convertible loans issued to Amylon. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes | |
Income Taxes | 18. Income taxes The current income tax liability amounts to € nil at June 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. |
Events after balance sheet date
Events after balance sheet date | 6 Months Ended |
Jun. 30, 2023 | |
Events after balance sheet date | |
Events after balance sheet date | 19. Events after balance sheet date In August, ProQR announced it will divest its late-stage ophthalmic programs, sepofarsen and ultevursen, to Théa. Under the terms of the agreement, ProQR will receive an initial payment of €12.5 M. The transaction is expected to close in the third quarter of 2023, subject to the satisfaction of customary closing conditions. The carrying amounts and classifications of assets and liabilities recognized on the statement of financial position at June 30, 2023 are not affected by the planned divestiture of ProQR's late-stage ophthalmic programs. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | |
Recognition of revenue | Revenue recognition for the Eli Lilly collaboration and license agreement a. Identification of the performance obligation Note 12 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 € 69,376,000 at June 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. |
Critical Accounting Estimates_2
Critical Accounting Estimates and Judgments (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Critical Accounting Estimates and Judgments | |
Research and development expenditures | 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. |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Borrowings | |
Schedule of borrowings | June 30, December 31, 2023 2022 €1,000 €1,000 Innovation credit 3,907 3,907 Accrued interest on innovation credit 1,231 1,035 Convertible notes 992 1,369 Accrued interest on convertible notes 365 460 Total borrowings 6,495 6,771 Current portion (2,920) (2,500) 3,575 4,271 |
Deferred income (Tables)
Deferred income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Deferred income | |
Schedule of deferred income | June 30, December 31, 2023 2022 €1,000 €1,000 Eli Lilly up-front payment and equity consideration: current portion 13,137 5,641 Eli Lilly up-front payment and equity consideration: non-current portion 56,239 65,569 Total deferred income 69,376 71,210 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue. | |
Schedule of collaboration revenue | Six month period ended June 30, 2023 2022 €1,000 €1,000 Eli Lilly collaboration revenue 1,860 1,703 Yarrow collaboration revenue - 357 1,860 2,060 |
Other income (Tables)
Other income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other income | |
Schedule of other income | Six month period ended June 30, 2023 2022 €1,000 €1,000 Grant income 76 193 Other income 4 7 80 200 |
Results related to derecognit_2
Results related to derecognition of financial liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Results related to derecognition of financial liabilities | |
Schedule of results related to derecognition of financial liabilities | Six month period ended June 30, 2023 2022 €1,000 €1,000 Gain on waiver of Amylon convertible loans 509 1,144 509 1,144 |
General Information (Details)
General Information (Details) | 1 Months Ended | 6 Months Ended |
May 31, 2021 | Jun. 30, 2023 | |
Yarrow Biotechnology, Inc | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in associate | 8% | 5.10% |
ProQR Therapeutics Holding B.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
ProQR Therapeutics I B.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
ProQR Therapeutics II B.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
ProQR Therapeutics III B.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
ProQR Therapeutics IV B.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
ProQR Therapeutics V B.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
ProQR Therapeutics VI B.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
ProQR Therapeutics VII B.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
ProQR Therapeutics VIII B.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
ProQR Therapeutics IX B.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | |
Amylon Therapeutics B.V [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 80% | |
ProQR Therapeutics I Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% |
General information - Revision
General information - Revision of comparative figures (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity attributable to owners of the Company | € 51,790 | € 51,790 | € 67,064 | |||
Deferred income | 69,376 | 69,376 | 71,210 | |||
Revenue | 1,205 | € 930 | 1,860 | € 2,060 | ||
Finance income and expense | 470 | 1,163 | (74) | 342 | ||
Net result | (7,977) | (13,483) | (16,832) | (27,599) | ||
Equity | 51,500 | 89,375 | 51,500 | 89,375 | 66,680 | € 114,109 |
Changes in working capital | 3,622 | (916) | (48,668) | 3,035 | ||
Accumulated Deficit | ||||||
Net result | (16,926) | (27,808) | ||||
Equity | € (391,932) | (344,062) | € (391,932) | (344,062) | (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 | (95) | (199) | ||||
Finance income and expense | 1,282 | 1,720 | ||||
Net result | 1,187 | 1,521 | ||||
Changes in working capital | € 95 | € 199 | ||||
Increase (decrease) due to corrections of prior period errors | Accumulated Deficit | ||||||
Equity | € 880 |
Critical Accounting Estimates_3
Critical Accounting Estimates and Judgments (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2021 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Deferred income | € 69,376 | € 71,210 | |
Eli Lilly | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Deferred income | € 69,376 | € 71,210 | € 2,144 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents. | ||||||
Cash and cash equivalents | € 128,562 | € 138,986 | € 94,775 | € 156,402 | € 167,612 | € 187,524 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment | ||
Property, plant and equipment | € 16,220 | € 16,240 |
Building And Leasehold Improvements | ||
Property, Plant and Equipment | ||
Right-of-use assets | € 14,363 | € 14,484 |
Other current Liabilities (Deta
Other current Liabilities (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current contract liabilities [abstract] | ||
Other current liabilities | € 4,030 | € 8,687 |
Borrowings (Details)
Borrowings (Details) - EUR (€) € in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 10, 2018 | |
Disclosure of detailed information about borrowings [line items] | |||||||
Total borrowings | € 6,495 | € 6,495 | € 6,771 | ||||
Current portion | (2,920) | (2,920) | (2,500) | ||||
Non Current portion | 3,575 | 3,575 | 4,271 | ||||
Result on derecognition of financial liabilities | 101 | € 1,144 | 509 | € 1,144 | |||
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 | 1,231 | 1,231 | 1,035 | ||||
Total borrowings | € 3,907 | € 3,907 | 3,907 | ||||
Notional amount | € 3,907 | ||||||
Interest rate (as percent) | 10% | 10% | |||||
Convertible loans | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Accrued interest | € 365 | € 365 | 460 | ||||
Total borrowings | € 992 | € 992 | € 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% | 8% | |||||
Debt instrument convertible term | 36 months | ||||||
Loan and interest waived | € 509 | € 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)
Lease Liabilities (Details) - Office and laboratory facilities at Zernikedreef, Leiden - m² | 1 Months Ended | 6 Months Ended | |
Jul. 01, 2020 | Dec. 31, 2020 | Jun. 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)
Deferred income (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2021 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Deferred income, current portion | € 13,137 | € 5,641 | |
Deferred income, non-current portion | 56,239 | 65,569 | |
Total deferred income | 69,376 | 71,210 | |
Eli Lilly | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Deferred income, current portion | 13,137 | 5,641 | |
Deferred income, non-current portion | 56,239 | 65,569 | |
Total deferred income | € 69,376 | € 71,210 | € 2,144 |
Shareholders equity - Share cap
Shareholders equity - Share capital (Details) - EUR (€) | 1 Months Ended | |
Dec. 31, 2022 | Jun. 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 | 80,939,812 | |
Treasury shares | 3,429,888 | 3,307,155 |
Preferred | ||
Shareholders Equity | ||
Number of shares authorised | 170,000,000 |
Shareholders equity - Share opt
Shareholders equity - Share options (Details) - EUR (€) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating costs | ||
Shareholders Equity | ||
Equity-settled share based payments | € 1,860,000 | € 1,921,000 |
General and administrative costs | ||
Shareholders Equity | ||
Equity-settled share based payments | 1,644,000 | 1,537,000 |
Research and development costs | ||
Shareholders Equity | ||
Equity-settled share based payments | € 216,000 | € 384,000 |
Revenue (Details)
Revenue (Details) € in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Feb. 28, 2023 EUR (€) | Feb. 28, 2023 USD ($) | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2022 USD ($) shares | Oct. 31, 2021 EUR (€) | Sep. 30, 2021 EUR (€) shares | May 31, 2021 EUR (€) | Jun. 30, 2023 EUR (€) director | Dec. 31, 2022 EUR (€) | Jun. 30, 2023 USD ($) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Deferred income | € 71,210 | € 69,376 | € 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 | |||||||
Proceeds from issuing shares | € 14,122 | $ 15,000,000 | € 23,223 | |||||||
Deferred income | € 71,210 | € 2,144 | € 69,376 | 71,210 | ||||||
Up-front payment received | € 56,254 | $ 60,000,000 | € 17,651 | |||||||
Number of performance obligations in collaboration agreement | 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% | 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
Revenue - Collaboration revenue (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Collaboration revenue | € 1,860 | € 2,060 |
Eli Lilly and Company | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Collaboration revenue | € 1,860 | 1,703 |
Yarrow Biotechnology, Inc | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Collaboration revenue | € 357 |
Other income (Details)
Other income (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other income | ||||
Grant income | € 76 | € 193 | ||
Other income | 4 | 7 | ||
Total other income | € 38 | € 99 | € 80 | € 200 |
Other income - Narrative (Detai
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
Research and development costs (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Research and Development costs | ||||
Research and development costs | € 5,909 | € 11,449 | € 11,969 | € 24,816 |
Decrease in research and development costs compared to same period in prior year | € (12,847) |
General and administrative co_2
General and administrative costs (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
General and administrative costs | ||||
General and administrative costs | € 4,145 | € 5,412 | € 8,171 | € 10,320 |
Investment in financial asset (
Investment in financial asset (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Investments in financial assets | € 621 | € 621 |
Equity investments | Phoenicis Therapeutics Inc. | ||
Disclosure of financial assets [line items] | ||
Investments in financial assets | € 621 | € 621 |
Proportion of ownership interest | 3.90% |
Results related to derecognit_3
Results related to derecognition of financial liabilities (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Results related to derecognition of financial liabilities | ||||
Gain on waiver of Amylon convertible loans | € 509 | € 1,144 | ||
Total results related to derecognition of financial liabilities | € 101 | € 1,144 | € 509 | € 1,144 |
Income Taxes (Details)
Income Taxes (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Income Taxes | ||
Current income tax liability | € 0 | € 0 |
Events after balance sheet da_2
Events after balance sheet date (Details) € in Millions | 3 Months Ended |
Sep. 30, 2023 EUR (€) | |
Announcement to divest late-stage ophthalmic programs, sepofarsen and ultevursen, to Tha | Forecast | |
Disclosure of non-adjusting events after reporting period [line items] | |
Initial payment received on divestment of programs | € 12.5 |