6-K

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

February 24, 2022

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-month period and the year ended December 31, 2021, and furnished as Exhibit 99.2 to this Report on Form 6-K is a press release of ProQR Therapeutics N.V. dated February 24, 2022, announcing the Company’s results for the three-month period and the year ended December 31, 2021. 

INDEX TO EXHIBITS

Number	Description
99.1	Unaudited financial statements of ProQR Therapeutics N.V. for the three-month period and the year ended December 31, 2021.
99.2	Press Release of ProQR Therapeutics N.V. dated February 24, 2022, announcing the Company’s results for the three-month period and the year ended December 31, 2021.

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: February 24, 2022	By:	/s/ Smital Shah
		Smital Shah
		Chief Financial Officer

EX-99.1

Exhibit 99.1

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

	PAGE
Unaudited Condensed Consolidated Statement of Financial Position at December 31, 2021 and December 31, 2020	1
Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Three Month Periods and the Years ended December 31, 2021 and 2020	2
Unaudited Condensed Consolidated Statement of Changes in Equity for the Years Ended December 31, 2021 and 2020	3
Unaudited Condensed Consolidated Statement of Cash Flows for the Three Month Periods and the Years ended December 31, 2021 and 2020	4
Notes to Unaudited Condensed Consolidated Financial Statements	5

PAGE 1

Unaudited Condensed Consolidated Financial Statements

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

	December 31,	December 31,
	2021	2020
	€ 1,000	€ 1,000
Assets
Current assets
Cash and cash equivalents	187,524	75,838
Prepayments and other receivables	3,404	3,762
Other taxes	555	421
Total current assets	191,483	80,021
Property, plant and equipment	17,467	18,601
Investments in associates	8	107
Investments in financial assets	621	—
Total assets	209,579	98,729
Equity and liabilities
Equity
Equity attributable to owners of the Company	113,833	57,091
Non-controlling interests	(604)	(545)
Total equity	113,229	56,546
Current liabilities
Borrowings	4,771	1,135
Lease liabilities	1,534	1,260
Derivative financial instruments	3,995	839
Trade payables	191	221
Current income tax liability	—	—
Social securities and other taxes	1,230	22
Pension premiums	—	6
Deferred income	5,115	700
Other current liabilities	10,760	6,118
Total current liabilities	27,596	10,301
Borrowings	39,319	16,189
Lease liabilities	14,748	15,693
Deferred income	14,687	—
Total liabilities	96,350	42,183
Total equity and liabilities	209,579	98,729

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

PAGE 2

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		Year
	ended December 31,		ended December 31,
	2021	2020	2021	2020
	€ 1,000	€ 1,000	€ 1,000	€ 1,000
Revenue	239	—	1,354	—
Other income	205	264	1,043	9,452
Research and development costs	(12,456)	(8,419)	(42,220)	(38,135)
General and administrative costs	(5,316)	(3,512)	(17,368)	(13,685)
Total operating costs	(17,772)	(11,931)	(59,588)	(51,820)
Operating result	(17,328)	(11,667)	(57,191)	(42,368)
Finance income and expense	(298)	(1,692)	(2,789)	(3,716)
Results related to associates	(85)	(52)	(217)	(322)
Gain on disposal of associate	—	—	514	—
Results related to financial liabilities measured at fair value through profit or loss	(507)	221	(1,880)	(84)
Result before corporate income taxes	(18,218)	(13,190)	(61,563)	(46,490)
Income taxes	(22)	(38)	(117)	(124)
Result for the period	(18,240)	(13,228)	(61,680)	(46,614)
Other comprehensive income (foreign exchange differences on foreign operation)	158	(206)	619	(340)
Total comprehensive income	(18,082)	(13,434)	(61,061)	(46,954)
Result attributable to
Owners of the Company	(18,221)	(13,217)	(61,621)	(46,565)
Non-controlling interests	(19)	(11)	(59)	(49)
	(18,240)	(13,228)	(61,680)	(46,614)
Total comprehensive income attributable to
Owners of the Company	(18,063)	(13,423)	(61,002)	(46,905)
Non-controlling interests	(19)	(11)	(59)	(49)
	(18,082)	(13,434)	(61,061)	(46,954)
Share information
Weighted average number of shares outstanding1	71,239,299	50,166,394	64,182,492	50,060,565
Earnings per share attributable to owners of the Company (Euro per share)
Basic loss per share1	(0.26)	(0.26)	(0.96)	(0.93)
Diluted loss per share1	(0.26)	(0.26)	(0.96)	(0.93)

The notes are an integral part of these 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.

PAGE 3

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, 2020	53,975,838	2,159	287,214	16,551	—	151	(211,746)	94,329	(496)	93,833
Result for the period	—	—	—	—	—	—	(46,565)	(46,565)	(49)	(46,614)
Other comprehensive income	—	—	—	—	—	(340)	—	(340)	—	(340)
Recognition of share-based payments	102,007	4	538	7,838	—	—	—	8,380	—	8,380
Issuance of ordinary shares	53,708	2	270	—	—	—	—	272	—	272
Treasury shares transferred	(303,408)	—	—	—	—	—	—	—	—	—
Recognition of equity component of convertible loan	—	—	—	—	280	—	—	280	—	280
Share options lapsed	—	—	—	(91)	—	—	91	—	—	—
Share options exercised	303,408	—	735	(473)	—	—	473	735	—	735
Balance at December 31, 2020	54,131,553	2,165	288,757	23,825	280	(189)	(257,747)	57,091	(545)	56,546
Balance at January 1, 2021	54,131,553	2,165	288,757	23,825	280	(189)	(257,747)	57,091	(545)	56,546
Result for the period	—	—	—	—	—	—	(61,621)	(61,621)	(59)	(61,680)
Other comprehensive income	—	—	—	—	—	619	—	619	—	619
Recognition of share-based payments	112,657	5	382	6,216	—	—	—	6,603	—	6,603
Issuance of ordinary shares	20,498,451	820	107,657	—	—	—	—	108,477	—	108,477
Treasury shares transferred	(352,167)	—	—	—	—	—	—	—	—	—
Recognition of equity component of convertible loan	—	—	—	—	1,146	—	—	1,146	—	1,146
Share options lapsed	—	—	—	(522)	—	—	522	—	—	—
Share options exercised	474,887	5	1,513	(1,076)	—	—	1,076	1,518	—	1,518
Balance at December 31, 2021	74,865,381	2,995	398,309	28,443	1,426	430	(317,770)	113,833	(604)	113,229

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

PAGE 4

Unaudited Condensed Consolidated Financial Statements

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

	Three month period		Year
	ended December 31,		ended December 31,
	2021	2020	2021	2020
	€ 1,000	€ 1,000	€ 1,000	€ 1,000
Cash flows from operating activities
Net result	(18,240)	(13,228)	(61,680)	(46,614)
Adjustments for:
— Depreciation	552	652	2,329	2,355
— Share-based compensation	1,781	1,490	6,216	7,838
— Other income	—	—	—	(8,423)
— Financial income and expenses	298	1,692	2,789	3,716
— Results related to associates	85	52	217	322
— Gain on disposal of associate	—	—	(514)	—
— Results related to financial liabilities measured at fair value through profit or loss	507	(221)	1,880	84
— Income tax expenses	22	38	117	124
Changes in working capital	19,337	(1,900)	24,995	(5,474)
Cash gained (used) in operations	4,342	(11,425)	(23,651)	(46,072)
Corporate income tax paid	(22)	(20)	(117)	(188)
Interest received	—	195	5	313
Interest paid	(535)	(506)	(2,249)	(1,113)
Net cash gained (used) in operating activities	3,785	(11,756)	(26,012)	(47,060)
Cash flow from investing activities
Purchases of property, plant and equipment	(225)	(118)	(484)	(924)
Sales of property, plant and equipment	59	—	59	—
Net cash used in investing activities	(166)	(118)	(425)	(924)
Cash flow from financing activities
Proceeds from issuance of shares, net of transaction costs	—	—	108,477	—
Proceeds from exercise of share options	363	11	1,518	735
Proceeds from borrowings	284	—	1,137	579
Proceeds from convertible loans	26,520	249	26,520	13,791
Repayment of lease liability	(223)	(63)	(820)	(605)
Net cash generated by financing activities	26,944	197	136,832	14,500
Net increase (decrease) in cash and cash equivalents	30,563	(11,677)	110,395	(33,484)
Currency effect cash and cash equivalents	820	(1,332)	1,291	(2,628)
Cash and cash equivalents, at beginning of the period	156,141	88,847	75,838	111,950
Cash and cash equivalents at the end of the period	187,524	75,838	187,524	75,838

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

PAGE 5

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 development stage company domiciled in the Netherlands that primarily focuses on the development and commercialization of novel therapeutic medicines.

Since September 18, 2014, the Company’s ordinary shares are listed on the NASDAQ Global Market under ticker symbol PRQR.

The Company was incorporated in the Netherlands, on February 21, 2012 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 4.9% 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.

2. Significant Accounting Policies

These condensed consolidated financial statements have been prepared in accordance with the recognition and measurement criteria of IFRS. Certain disclosures required by IAS 34 Interim Financial Statements have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2020. 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 condensed consolidated financial statements.

PAGE 6

Unaudited Condensed Consolidated Financial Statements

Revenue is recognized in accordance with the recognition and measurement criteria of IFRS 15 Revenue from contracts with customers.

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 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

The accounting policies adopted in the preparation of the 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, 2020.

New Standards and Interpretations, which became effective as of January 1, 2021, 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, 2020, except for the addition of significant judgements and key sources of estimation uncertainty in relation to revenue recognition for the Eli Lilly collaboration and license agreement.

Revenue recognition for the Eli Lilly collaboration and license agreement

a. Identification of the performance obligation

Note 11 describes the Company’s collaboration and license agreement with Eli Lilly. Under this 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.

PAGE 7

Unaudited Condensed Consolidated Financial Statements

b. Determining the timing of satisfaction of performance obligations

For the Eli Lilly collaboration, 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.

c. Determining the transaction price

The Company applied judgement to determine whether the equity investment made by Eli Lilly in ProQR is part of the transaction price for the collaboration and license agreement. The Company concluded that the premium that Eli Lilly paid above the closing price on the day of entering into the equity investment agreement was paid because of the Company’s existing obligations to deliver research and development services to Eli Lilly under the terms of the collaboration and license agreement. Therefore, the premium paid by Eli Lilly on the equity investment is considered to be part of the transaction price. 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

Development expenditures are currently not capitalized but are 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.

Convertible debt

The terms of our convertible debt agreements are evaluated to determine whether the convertible debt instruments contain both liability and equity components, in which case the instrument is a compound financial instrument. Convertible debt agreements are also evaluated to determine whether they contain embedded derivatives, in which case the instrument is a hybrid financial instrument. Judgement is required to determine the classification of such financial instruments based on the terms and conditions of the convertible debt agreements, the currencies in which the debt instruments are denominated and the Company’s functional currency.

Estimation methods are used to determine the fair values of the liability and equity components of compound financial instruments and to determine the fair value of embedded derivatives included in hybrid financial instruments. The determination of the effective interest used for the host contracts of hybrid financial instruments and the liability components of compound financial instruments is dependent on the outcome of such estimations. Evaluating the reasonableness of these estimations and the assumptions and inputs used in the valuation methods requires a significant amount of judgement and is therefore subject to an inherent risk of error.

PAGE 8

Unaudited Condensed Consolidated Financial Statements

5. Cash and Cash Equivalents

At December 31, 2021, the Company’s cash and cash equivalents were € 187,524,000 as compared to € 75,838,000 at December 31, 2020. The cash balances are held at banks with investment grade credit ratings. The cash at banks is at full disposal of the Company.

6. Property, plant and equipment

At December 31, 2021 and December 31, 2020, 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 € 15,568,000 at December 31, 2021 (December 31, 2020: € 16,775,000).

7. Current liabilities

The following table summarizes details of deferred income at December 31, 2021 and December 31, 2020. The nature of the deferred income relating to Eli Lilly and Yarrow is described in Note 11.

	December 31,	December 31,
	2021	2020
	2021	2020
	€ 1,000	€ 1,000
Eli Lilly up-front payment and premium on equity consideration	19,143	—
Yarrow up-front payment and premium on equity consideration	73
Foundation for Fighting Blindness grant	561	623
Horizon 2020 grant	25	77
Total deferred income	19,802	700
Current portion	(5,115)	(700)
	14,687	—

At December 31, 2021, other current liabilities amount to € 10,760 (December 31, 2020: € 6,118). At December 31, 2021 and December 31, 2020, the other current liabilities consisted principally of accruals for services provided by vendors not yet billed, payroll related accruals and other miscellaneous liabilities.

8. Borrowings

	December 31,	December 31,
	2021	2020
	€ 1,000	€ 1,000
Innovation credit	3,907	2,771
Accrued interest on innovation credit	645	306
Convertible loans	38,925	13,812
Accrued interest on convertible loans	613	435
Total borrowings	44,090	17,324
Current portion	(4,771)	(1,135)
	39,319	16,189

On December 10, 2018 ProQR was awarded an Innovation credit for the sepofarsen program for LCA 10. Amounts will be drawn under this facility from 2018 through 2022. The total credit of € 4.7 million will be used to conduct the Phase 2/3 clinical study for sepofarsen and to finance efforts to obtain regulatory and ethical market approval (NDA/MAA). The

PAGE 9

Unaudited Condensed Consolidated Financial Statements

credit, including accrued interest of 10% per annum, is repayable depending on ProQR obtaining market approval for sepofarsen. An amount of € 3.9 million had been received as at December 31, 2021. Accumulated interest amounted to € 0.6 million as at December 31, 2021. The assets that are co-financed with the granted innovation credit are subject to a right of pledge for the benefit of RVO.

Convertible loans

On July 14, 2020, the Company entered into a convertible debt financing agreement with Pontifax Medison Debt Financing. Under the agreement, up to $ 20 million in convertible debt financing is available to the Company in two tranches of $ 10 million each that will mature over a 54-month period and have an interest-only period of 24 months. One tranche of $ 10 million had been drawn down as of December 31, 2021.

A second close of the convertible debt financing agreement was completed on August 6, 2020 with Kreos Capital. Under the second agreement, up to € 10 million in convertible debt financing is available to the Company in two tranches of € 5 million each that will mature over a 54-month period and have an interest-only period of 24 months. One tranche of € 5 million had been drawn down as of December 31, 2021.

In connection with the loan agreement, the Company issued to Pontifax and Kreos warrants to purchase up to an aggregate of 302,676 shares of its common stock at a fixed exercise price.

On December 29, 2021, the Company amended its convertible debt financing agreement with Pontifax and Kreos (the ‘Lenders’). Under the amended agreement, the Company will have access to up to $ 90 million in convertible debt financing in three tranches of $ 30 million each that will mature over a 54-month period and have an interest-only period of 33 months. The three new tranches replace the two undrawn tranches under the original convertible debt financing agreements.

In connection with the loan agreement, the Company issued to the Lenders warrants to purchase up to an aggregate of 376,952 shares of its common stock at a fixed exercise price. In addition, at the time of drawing of each of the new second and third tranches, ProQR shall issue to Pontifax and Kreos additional warrants to purchase an aggregate number of ordinary shares with an aggregate exercise price of $750,000, with each such issuance of additional warrants being exercisable for a number of ordinary shares equal to $750,000 divided by 1.5 times the average closing price of ProQR’s ordinary shares during the 7 trading days prior to the drawing of the relevant tranche.

The Lenders may elect to convert the outstanding loan into ProQR ordinary shares at any time prior to repayment at a fixed conversion price. ProQR also has the ability to convert the loan into its ordinary shares, at the same conversion price, if the Company’s stock price reaches a pre-determined threshold.

Pontifax’ conversion option and warrants are accounted for as embedded derivatives and are recognized separately from the host contract as financial liabilities at fair value through profit or loss. The host contract is recognized at amortized cost.

The Kreos loan is accounted for as a compound financial instrument. The liability component is recognized at amortized cost. The equity component is initially recognized at fair value as option premium on convertible loan and will not be subsequently remeasured. Kreos’ warrants are accounted for as embedded derivatives and are recognized as financial liabilities at fair value through profit or loss.

Convertible loans were issued to Amylon Therapeutics B.V. 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

PAGE 10

Unaudited Condensed Consolidated Financial Statements

Company in case financing criteria are met. Any unconverted loans become payable on demand after 24 – 36 months in equal quarterly terms.

9. Lease liabilities

At December 31, 2021 and December 31, 2020, lease liabilities primarily consisted of the Company’s lease of office and laboratory facilities at Zernikedreef in Leiden, the Netherlands.

The lease agreement for our Leiden headquarters, where our main offices and laboratories are located, was put in place on July 1, 2020 and the current lease term is 11 years. The lease agreement may be further extended for subsequent 5-year terms. The carrying amount of the right-of-use asset is disclosed in note 6.

10. 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 December 31, 2021, 74,865,381 ordinary shares were issued. 71,290,805 ordinary shares were fully paid in cash and 3,574,576 ordinary shares were held by the Company as treasury shares (December 31, 2020: 3,926,743).

On March 31, 2020, the Company entered into a sales agreement, which permitted the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 75,000,000 of its ordinary shares that may be issued and sold in one or more at-the-market offerings with Citigroup Global Markets, Inc. and Cantor Fitzgerald & Co. In January 2021, the Company issued 585,398 ordinary shares under this sales agreement. The gross proceeds from this sale amounted to € 2,767,000, with transaction costs amounting to € 114,000, resulting in net proceeds of € 2,653,000. In 2020, no shares were issued pursuant to this ATM facility.

In April 2021, the Company consummated an underwritten public offering of 15,923,077 ordinary shares at an issue price of $ 6.50 per share. The gross proceeds from this offering amounted to € 88,115,000 while the transaction costs amounted to € 5,499,000, resulting in net proceeds of € 82,616,000.

In September 2021, the Company issued 3,989,976 shares to Eli Lilly and Company (‘Lilly”) pursuant to the global licensing and research collaboration between the Company and Lilly at an issue price of $ 7.52 per share, resulting in net proceeds of € 23,223,000. This amount excludes a premium paid by Eli Lilly that is considered to be part of the transaction price of the licensing and research collaboration agreement (refer to note 11).

On November 4, 2021, the Company filed a shelf registration statement, which permitted the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 300,000,000 of its ordinary shares, warrants and/or units.

On November 4, 2021, the Company entered into a sales agreement, which permitted the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 75,000,000 of its ordinary shares that may be issued and sold in one or more at-the-market offerings with Cantor Fitzgerald & Co. In 2021, no shares were issued pursuant to this ATM facility.

Translation reserve

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

PAGE 11

Unaudited Condensed Consolidated Financial Statements

Share options

The Company operates an equity-settled share-based compensation plan, which was introduced in 2013. Options 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 year ended December 31, 2021 were € 6,216,000 (2020: € 7,838,000), of which € 3,636,000 (2020: € 4,423,000) was recorded in general and administrative costs and € 2,580,000 (2020: € 3,415,000) was recorded in research and development costs.

11. Revenue

Eli Lilly

In September 2021, the Company entered into a global licensing and research collaboration with Eli Lilly and Company (‘Eli Lilly’) focused on the discovery, development, and commercialization of potential new medicines for genetic disorders in the liver and nervous system. ProQR and Eli 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 Eli 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 collaboration with Eli 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.

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. ProQR is also eligible to receive milestone payments and royalties on the net sales of any resulting products. In May 2021, ProQR received an up-front payment of € 419,000 and 8% of the shares of Yarrow’s common stock (see Note 15). In 2021, ProQR also received reimbursements for R&D services performed amounting to € 178,000.

PAGE 12

Unaudited Condensed Consolidated Financial Statements

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.

	Year
	ended December 31,
	2021	2020
	€ 1,000	€ 1,000
Eli Lilly collaboration revenue	652	—
Yarrow collaboration revenue	702	—
	1,354	—

12. Other income

	Year
	ended December 31,
	2021	2020
	€ 1,000	€ 1,000
Grant income	1,012	9,307
Other income	31	145
	1,043	9,452

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 QR-421a for Usher syndrome type 2A targeting mutations in exon 13.

In June 2020 ProQR received a final waiver of the full amount of the Innovation credit for the Company’s cystic fibrosis

program. Consequently, the carrying amount of € 8.4 million, including accumulated interest, was recognized in Other

Income in June 2020.
​

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

PAGE 13

Unaudited Condensed Consolidated Financial Statements

13. Research and development costs

Research and development costs amount to € 42,220,000 for the year ended December 31, 2021 (2020: € 38,135,000) 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.

14. General and administrative costs

General and administrative costs amount to € 17,368,000 for the year ended December 31, 2021 (2020: € 13,685,000).

15. Investments in associates and results related to associates

In January 2021, ProQR’s associate company Wings Therapeutics Inc. merged into Phoenicis Therapeutics Inc. Consequently, Wings Therapeutics Inc. ceased to exist and the related investment was derecognized. ProQR does not have significant influence in Phoenicis Therapeutics Inc. Our interest in Phoenicis is recognized as a financial asset, as disclosed in note 16.

As disclosed in note 11, in May 2021, the Company obtained an 8% share in the common stock of Yarrow Biotechnology, Inc. ProQR’s share in Yarrow was subsequently diluted to 4.9% in the fourth quarter of 2021, due to Yarrow’s execution of a second seed financing round. Although ProQR only owns 4.9% 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 € 8,000 at December 31, 2021 is recognized as an investment in associate.

The results related to associates for the year ended December 31, 2021 amounting to € 217,000 consist of ProQR's share in the loss of Yarrow. The results related to associates for the year ended December 31, 2020 amount to a loss of € 322,000 and consist of our share of the net losses of Wings Therapeutics Inc.

16. Investment in financial asset and gain on disposal of associate

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.

The net gain on disposal of associate for the year ended December 31, 2021 of € 514,000 consists of a loss on derecognition of Wings Therapeutics Inc. of € 107,000 off-set by a gain realized on our investment in the equity instruments of Phoenicis Therapeutics Inc. of € 621,000. The Company elected to recognize subsequent changes in the fair value of our investment in Phoenicis in Other Comprehensive Income. There have been no changes in the fair value of our investment in Phoenicis since the initial recognition.

17. Income taxes

The current income tax liability amounts to € nil at December 31, 2021 (December 31, 2020: € 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.

On October 5, 2020, the Dutch State Secretary for Finance submitted an amendment to the Tax Plan 2021 to the House of Representatives, which provides for changes in the loss offset rules. On May 28, 2021, the amendment was substantively enacted. Effective from January 1, 2022, 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.

PAGE 14

Unaudited Condensed Consolidated Financial Statements

18. Events after balance sheet date

On February 11, 2022, the Company announced the top-line results from the phase 2/3 Illuminate trial of sepofarsen in CEP290-mediated LCA10. The study did not meet its primary endpoint nor any notable secondary endpoints. No benefit was observed in either treatment arm versus the sham arm. These results do not affect the financial figures included in this report.

EX-99.2

Exhibit 99.2

ProQR Announces Fourth Quarter and Full Year 2021 Operating and Financial Results

● Additional analyses ongoing from Phase 2/3 Illuminate trial of sepofarsen in LCA10 with updates on any potential next steps with this program and overall strategy anticipated in Q2 2022

● Phase 2/3 Sirius and Celeste clinical trials of ultevursen (QR-421a) in Usher syndrome and retinitis pigmentosa underway; interim data readout from Helia extension study of ultevursen planned by year end 2022

● Repeated dose study planned for QR-1123 for autosomal dominant retinitis pigmentosa and initial data from molecular proof-of-concept biomarker study QR-504a for Fuchs endothelial corneal dystrophy to be reported in 2022.

● Cash runway into mid-to-late 2024

LEIDEN, Netherlands & CAMBRIDGE, Mass., February 24, 2022 -- ProQR Therapeutics N.V. (Nasdaq: PRQR) (the “Company”), a company dedicated to changing lives through the creation of transformative RNA therapies for genetic eye diseases, today reported its financial and operating results for the fourth quarter and full year ended December 31, 2021, and provided a business update.

“Following the disappointing readout of top-line results from the Illuminate trial of sepofarsen, we are conducting a comprehensive analysis of the data with the goal of providing an update to on any potential next steps with this program and our overall strategy in Q2,” said Daniel A. de Boer, Founder and CEO of ProQR. “Based on the previous data we have reported, we remain very confident in our RNA approach and will continue to follow the data to determine how to best position ProQR for success.

De Boer continued, “In the coming year, we anticipate sharing data from our Helia extension trial of ultevursen, as well as the initial data from our QR-504a biomarker study. In parallel, our Sirius and Celeste trials of ultevursen are enrolling patients with USH2A-mediated Usher syndrome and retinitis pigmentosa. Beyond our clinical pipeline, we are excited by the potential of our next-generation Axiomer RNA editing technology. In addition to using this platform to develop therapies for our wholly-owned pipeline, we anticipate continuing to develop collaborations on a target-by-target basis, similar to the partnership with Lilly we announced last fall. ProQR is in a strong financial position with a cash runway into mid-to-late 2024 and we will

continue to be diligent with our capital, as we work to advance RNA therapies for individuals with high unmet need in genetic eye diseases.”

Business Operations and Program Updates

Program updates:

● In February, the Company announced that the Phase 2/3 Illuminate trial of sepofarsen for CEP290-mediated Leber congenital amaurosis 10 (LCA10) did not meet the primary endpoint, nor notable secondary endpoints. No benefit was observed in either treatment arm versus sham. Additional analyses are ongoing and an update is expected in Q2 2022.

● In December, the first patients were dosed in the pivotal Phase 2/3 Sirius and Celeste trials of ultevursen (formerly QR-421a) for USH2A-mediated Usher syndrome and retinitis pigmentosa. The Company has begun enrolling eligible individuals from the Phase 1/2 Stellar trial in the Helia open-label extension study, which will include multiple dose treatments for both eyes. The Company expects to share an update from the Helia study by year end 2022.

● In November, the Company reported initial clinical data from the Phase 1/2 Aurora trial of QR-1123 for RHO-mediated autosomal dominant retinitis pigmentosa (adRP) in Q4. A single dose of QR-1123 (gapmer) showed early evidence of target engagement and was well tolerated with no serious adverse events. Based on these findings, ProQR plans to advance QR-1123 to a repeated dose Phase 2 trial in 2022.

● The Fuchs Focus study of QR-504a for Fuchs Endothelial Corneal Dystrophy (FECD) is currently open for enrollment. This study is evaluating safety, tolerability, and molecular biomarker(s), i.e., target engagement, in the corneal endothelium following a single intravitreal injection of QR-504a in patients with FECD who are scheduled for corneal transplant with concurrent lens replacement. ProQR anticipates reporting initial data from this trial in 2022.

● ProQR has been further optimizing the Axiomer® Editing Oligonucleotide (EON) designs and will develop selected genetic eye disease targets with Axiomer®. The Company anticipates providing further guidance on this in H2 2022..

Business updates:

● In February 2022, Theresa Heggie assumed the role of Chief Operating Officer. Theresa joined ProQR in 2021 as Chief Commercial Officer after serving as a member of the Supervisory Board since 2019. Previously, she served as Chief Executive Officer of Freeline Therapeutics and held senior roles with Alnylam and Shire. 

● In December, ProQR amended its convertible debt financing agreement entered into in 2020 with Kreos and Pontifax. $30 million was drawn by the Company at closing of the amendment.

● In September, Eli Lilly and Company (Lilly) and ProQR entered into a licensing and research collaboration related to ProQR’s proprietary Axiomer RNA base-editing platform. Under the terms of the agreement, ProQR received $50 million upfront, consisting of an upfront payment of $20 million, as well as an equity investment of $30 million . ProQR is eligible to receive up to approximately $1.25 billion in milestones, plus royalties.

● In May, ProQR entered into an exclusive worldwide license and discovery collaboration for a non-ophthalmic target with Yarrow Biotechnology, an RTW Investments, LP incubated company.

Financial Highlights

At December 31, 2021, ProQR held cash and cash equivalents of €187.5 million, compared to €75.8 million at December 31, 2020. Net cash used or gained in operating activities during the three month period and full year ended December 31, 2021 was €3.8 million gained and €26.0 million used respectively, compared to €11.8 million used and €47.1 million used for the same period last year.

Research and development costs were €12.5 million for the quarter ended December 31, 2021, compared to €8.4 million for the same period in 2020. Research and development costs for the year ended December 31, 2021 were €42.2 million, compared to €38.1 million for the same period in 2020.

General and administrative costs were €5.3 million for the quarter ended December 31, 2021 compared to €3.5 million for the same period in 2020. General and administrative costs for the year ended December 31, 2021 were €17.4 million, compared to €13.7 million for the same period in 2020.

Net loss for the three month period ended December 31, 2021 was €18.2 million or €0.26 per diluted share, compared to a €13.2 million loss or €0.26 per diluted share for the same period in 2020. Net loss for the year ended December 31, 2021 was €61.7 million or €0.96 per diluted share, compared to €46.6 million, or €0.93 per diluted share for the same period ended December 31, 2020. For further financial information for the period ended December 31, 2021, please refer to the financial statements at the end of this release.

2021 Annual Reports

The consolidated statement of financial position of ProQR Therapeutics N.V. as of December 31, 2021 and December 31, 2020, the consolidated statements of comprehensive loss for the years and three month periods ended December 31, 2021 and 2020, the related consolidated statement of changes in equity for the years ended December 31, 2021 and 2020, and the consolidated statements of cash flows for the years and three month periods ended December 31, 2021 and 2020 as presented in this press release are unaudited. ProQR Therapeutics N.V. will publish its 2021 Annual Report on Form 20-F and its Statutory Annual Report later in H1 2022 on our website at www.proqr.com.

About Leber Congenital Amaurosis 10 (LCA10)

Leber congenital amaurosis (LCA) is the most common cause of blindness due to genetic disease in children. It consists of a group of diseases of which LCA10 is the most frequent and one of the most severe forms. LCA10 is caused by mutations in the CEP290 gene, of which the c.2991+1655A>G (p.Cys998X) mutation has the highest prevalence. LCA10 leads to early loss of vision causing most people to lose their sight in the first few years of life. To date, there are no treatments approved that treat the underlying cause of the disease. Approximately 2,000 people in the Western world have LCA10 because of this mutation.

About Sepofarsen

Sepofarsen (QR-110) is an investigational RNA therapy designed to restore vision in Leber congenital amaurosis 10 due to the c.2991+1655A>G mutation (p.Cys998X) in the CEP290 gene. The mutation leads to aberrant splicing of the mRNA and non-functional CEP290 protein. Sepofarsen is designed to enable normal splicing, resulting in restoration of normal (wild type) CEP290 mRNA and subsequent production of functional CEP290 protein. Sepofarsen is intended to be administered through intravitreal injections in the eye and has been granted orphan drug designation in the United States and the European Union and received fast-track designation and rare pediatric disease designation from the FDA as well as access to the PRIME scheme by the EMA.

About Usher Syndrome Type 2 and Non-Syndromic Retinitis Pigmentosa (nsRP)

Usher syndrome is the leading cause of combined deafness and blindness. People with Usher syndrome type 2a are usually born with hearing loss and start to have progressive vision loss during adulthood. The vision loss can also occur without hearing loss in a disease called non-syndromic retinitis pigmentosa. Usher syndrome type 2a and non-syndromic retinitis pigmentosa can be caused by mutations in the USH2A gene. To date, there are no

pharmaceutical treatments approved or in clinical development that treat the vision loss associated with mutations in USH2A.

About ultevursen

Ultevursen (formerly QR-421a) is a first-in-class investigational RNA therapy designed to address the underlying cause of vision loss in Usher syndrome type 2a and non-syndromic retinitis pigmentosa due to mutations in exon 13 of the USH2A gene. QR-421a is designed to restore functional usherin protein by using an exon skipping approach with the aim to stop or reverse vision loss in patients. Ultevursen is intended to be administered through intravitreal injections in the eye and has been granted orphan drug designation in the US and the European Union and received fast-track and rare pediatric disease designations from the FDA.

About Autosomal Dominant Retinitis Pigmentosa (adRP)

Autosomal dominant retinitis pigmentosa, or adRP, is a severe and rare genetic disease that causes progressive problems in night vision during childhood, leading to visual field loss and frequently resulting in blindness in mid adulthood. In the United States, the most prevalent mutation associated with adRP is the P23H point mutation (also known as the c.68C>A mutation) in the rhodopsin (RHO) gene and affects approximately 2,500 people. This mutation causes misfolding of the rhodopsin protein that becomes toxic to the photoreceptor cells and at the same time diminishes the function of the wild type allele. Over time this results in cell death and progressive vision loss. There are currently no therapies approved or in clinical development for P23H adRP. A natural history study in patients with P23H adRP has been conducted.

About QR-1123

QR-1123 is a first-in-class investigational RNA therapy designed to treat adRP due to the P23H mutation in the RHO gene. QR-1123 was discovered and developed by Ionis Pharmaceuticals using Ionis’ proprietary antisense technology. The therapy aims to inhibit the formation of the mutated toxic version of the rhodopsin protein by specifically binding the mutated RHO mRNA. Binding of QR-1123 causes allele specific knockdown of the mutant mRNA by a mechanism called RNase H mediated cleavage without affecting the normal RHO mRNA. QR-1123 is intended to be administered through intravitreal injections in the eye. QR-1123 has been granted Orphan Drug designation in the United States and received Fast Track designation from the FDA.

About Fuchs Endothelial Corneal Dystrophy (FECD)

Fuchs endothelial corneal dystrophy (FECD) type 3 is a common genetic disease that leads to progressive degeneration of the corneal endothelium resulting in corneal edema, scarring and vision loss. Blisters on the cornea are a major cause of pain in patients with advanced FECD. Currently there are no treatment options available to stop or slow down FECD and disease management is aimed to reduce symptoms. The only effective therapy for late-stage FECD is corneal transplantation. The availability of donors, risk of rejection, and the inherent risk of such surgeries are some of the limitations of this option. FECD is a common disorder affecting more than 4% of people over the age of 40 in the United States, with similar numbers reported for other parts of the World. Trinucleotide repeat (TNR) expansion mutations in the TCF4 gene are a common cause of FECD. In people of European descent, around 75% of FECD patients have TNR expansions in TCF4.

About QR-504a

QR -504a is a first-in-class investigational RNA therapy designed to address the underlying cause of Fuchs endothelial corneal dystrophy (FECD) due to trinucleotide repeat (TNR) expansion mutations in the TCF4 gene. The TNR expansions cause the TCF4 RNA to aggregate in the corneal endothelial cells forming the characteristic nuclear RNA foci and eventually resulting in FECD. QR-504a is designed to target the TNRs in the TCF4 RNA. The aim is to reduce aggregation and the formation of RNA foci to prevent or stop corneal degeneration in patients with FECD. QR-504a is intended to be administered through intravitreal injections in the eye.

About Axiomer^® and Trident^®

ProQR is pioneering a next-generation RNA technology called Axiomer^®, which could potentially yield a new class of medicines for genetic 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. The Axiomer^® EONs are designed to recruit an endogenously expressed RNA editing system called ADAR, which can direct the change of an Adenosine (A) to an Inosine (I) in the RNA – an Inosine is translated as a Guanosine (G).

Our TRIDENT^® RNA pseudouridylation platform enables the suppression of nonsense mutations and premature stop codons (PTC) that cause human genetic diseases. Since all premature stop codons contain uridine, pseudouridylation of that uridine converts those nonsense codons into sense codons. TRIDENT ^® technology harnesses endogenously expressed pseudouridylation machinery to guide RNAs to inhibit nonsense mRNA-mediated decay (NMD) in a sequence-specific manner and promote PTC readthrough. The TRIDENT ^® technology has the potential to be applied in approximately 11% of all genetic mutations.

About ProQR

ProQR Therapeutics is dedicated to changing lives through the creation of transformative RNA therapies for the treatment of severe genetic rare diseases such as Leber congenital amaurosis 10, Usher syndrome and retinitis pigmentosa. 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 atwww.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 "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 product candidates, including sepofarsen (QR-110) and the clinical development and the therapeutic potential thereof, statements regarding ultevursen (QR-421a) and the clinical development and the therapeutic potential thereof, statements regarding QR-1123 and the clinical development and therapeutic potential thereof, statements regarding the QR-504a and the clinical development and therapeutic potential thereof, statements regarding our pipeline of programs targeting inherited retinal dystrophies, including timing of commencing clinical trials and enrollment of patients therein, our other programs and business operations (including Axiomer^® and TRIDENT ^®), the expected impact of the ongoing COVID-19 pandemic on our business operations, including our research and development plans and timelines and the supply chain for our clinical and development programs, statements regarding the collaboration with Lilly and the intended benefits thereof, including the upfront payment, equity investment, and milestone and royalty payments from commercial product sales, if any, from the products covered by the collaboration, statements regarding the collaboration with RTW and Yarrow and the intended benefits thereof, statements relating to our debt facility with Pontifax and Kreos 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 by the ongoing COVID-19 pandemic; the likelihood of our clinical programs being 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; 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; our ability to maintain and service our loan facility with Pontifax and Kreos; general business, operational, financial and accounting risks; and risks related to litigation and disputes with third parties. 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.

Cautionary Note on Future Updates

The statements contained in this press release reflect our current views with respect to future events, which may change significantly as the global consequences of the ongoing COVID-19 pandemic rapidly develop. Accordingly, we do not undertake and specifically disclaim any obligation to update any forward-looking statements.

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

	December 31,	December 31,
	2021	2020
	€ 1,000	€ 1,000
Assets
Current assets
Cash and cash equivalents	187,524	75,838
Prepayments and other receivables	3,404	3,762
Other taxes	555	421
Total current assets	191,483	80,021
Property, plant and equipment	17,467	18,601
Investments in associates	8	107
Investments in financial assets	621	—
Total assets	209,579	98,729
Equity and liabilities
Equity
Equity attributable to owners of the Company	113,833	57,091
Non-controlling interests	(604)	(545)
Total equity	113,229	56,546
Current liabilities
Borrowings	4,771	1,135
Lease liabilities	1,534	1,260
Derivative financial instruments	3,995	839
Trade payables	191	221
Current income tax liability	—	—
Social securities and other taxes	1,230	22
Pension premiums	—	6
Deferred income	5,115	700
Other current liabilities	10,760	6,118
Total current liabilities	27,596	10,301
Borrowings	39,319	16,189
Lease liabilities	14,748	15,693
Deferred income	14,687	—
Total liabilities	96,350	42,183
Total equity and liabilities	209,579	98,729

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		Year
	ended December 31,		ended December 31,
	2021	2020	2021	2020
	€ 1,000	€ 1,000	€ 1,000	€ 1,000
Revenue	239	—	1,354	—
Other income	205	264	1,043	9,452
Research and development costs	(12,456)	(8,419)	(42,220)	(38,135)
General and administrative costs	(5,316)	(3,512)	(17,368)	(13,685)
Total operating costs	(17,772)	(11,931)	(59,588)	(51,820)
Operating result	(17,328)	(11,667)	(57,191)	(42,368)
Finance income and expense	(298)	(1,692)	(2,789)	(3,716)
Results related to associates	(85)	(52)	(217)	(322)
Gain on disposal of associate	—	—	514	—
Results related to financial liabilities measured at FVTPL	(507)	221	(1,880)	(84)
Result before corporate income taxes	(18,218)	(13,190)	(61,563)	(46,490)
Income taxes	(22)	(38)	(117)	(124)
Result for the period	(18,240)	(13,228)	(61,680)	(46,614)
Other comprehensive income (foreign exchange differences on foreign operation)	158	(206)	619	(340)
Total comprehensive income	(18,082)	(13,434)	(61,061)	(46,954)
Result attributable to
Owners of the Company	(18,221)	(13,217)	(61,621)	(46,565)
Non-controlling interests	(19)	(11)	(59)	(49)
	(18,240)	(13,228)	(61,680)	(46,614)
Total comprehensive income attributable to
Owners of the Company	(18,063)	(13,423)	(61,002)	(46,905)
Non-controlling interests	(19)	(11)	(59)	(49)
	(18,082)	(13,434)	(61,061)	(46,954)
Share information
Weighted average number of shares outstanding1	71,239,299	50,166,394	64,182,492	50,060,565
Earnings per share attributable to owners of the Company (Euro per share)
Basic loss per share1	(0.26)	(0.26)	(0.96)	(0.93)
Diluted loss per share1	(0.26)	(0.26)	(0.96)	(0.93)

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

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, 2020	53,975,838	2,159	287,214	16,551	—	151	(211,746)	94,329	(496)	93,833
Result for the period	—	—	—	—	—	—	(46,565)	(46,565)	(49)	(46,614)
Other comprehensive income	—	—	—	—	—	(340)	—	(340)	—	(340)
Recognition of share-based payments	102,007	4	538	7,838	—	—	—	8,380	—	8,380
Issuance of ordinary shares	53,708	2	270	—	—	—	—	272	—	272
Treasury shares transferred	(303,408)	—	—	—	—	—	—	—	—	—
Recognition of equity component of convertible loan	—	—	—	—	280	—	—	280	—	280
Share options lapsed	—	—	—	(91)	—	—	91	—	—	—
Share options exercised	303,408	—	735	(473)	—	—	473	735	—	735
Balance at December 31, 2021	54,131,553	2,165	288,757	23,825	280	(189)	(257,747)	57,091	(545)	56,546
Balance at January 1, 2021	54,131,553	2,165	288,757	23,825	280	(189)	(257,747)	57,091	(545)	56,546
Result for the period	—	—	—	—	—	—	(61,621)	(61,621)	(59)	(61,680)
Other comprehensive income	—	—	—	—	—	619	—	619	—	619
Recognition of share-based payments	112,657	5	382	6,216	—	—	—	6,603	—	6,603
Issuance of ordinary shares	20,498,451	820	107,657	—	—	—	—	108,477	—	108,477
Treasury shares transferred	(352,167)	—	—	—	—	—	—	—	—	—
Recognition of equity component of convertible loan	—	—	—	—	1,146	—	—	1,146	—	1,146
Share options lapsed	—	—	—	(522)	—	—	522	—	—	—
Share options exercised	474,887	5	1,513	(1,076)	—	—	1,076	1,518	—	1,518
Balance at December 31, 2021	74,865,381	2,995	398,309	28,443	1,426	430	(317,770)	113,833	(604)	113,229

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

	Three month period		Year
	ended December 31,		ended December 31,
	2021	2020	2021	2020
	€ 1,000	€ 1,000	€ 1,000	€ 1,000
Cash flows from operating activities
Net result	(18,240)	(13,228)	(61,680)	(46,614)
Adjustments for:
— Depreciation	552	652	2,329	2,355
— Share-based compensation	1,781	1,490	6,216	7,838
— Other income	—	—	—	(8,423)
— Financial income and expenses	298	1,692	2,789	3,716
— Results related to associates	85	52	217	322
— Gain on disposal of associate	—	—	(514)	—
— Results related to financial liabilities measured at fair value through profit or loss	507	(221)	1,880	84
— Income tax expenses	22	38	117	124
Changes in working capital	19,337	(1,900)	24,995	(5,474)
Cash gained (used) in operations	4,342	(11,425)	(23,651)	(46,072)
Corporate income tax paid	(22)	(20)	(117)	(188)
Interest received	—	195	5	313
Interest paid	(535)	(506)	(2,249)	(1,113)
Net cash gained (used) in operating activities	3,785	(11,756)	(26,012)	(47,060)
Cash flow from investing activities
Purchases of property, plant and equipment	(225)	(118)	(484)	(924)
Sales of property, plant and equipment	59	—	59	—
Net cash used in investing activities	(166)	(118)	(425)	(924)
Cash flow from financing activities
Proceeds from issuance of shares, net of transaction costs	—	—	108,477	—
Proceeds from exercise of share options	363	11	1,518	735
Proceeds from borrowings	284	—	1,137	579
Proceeds from convertible loans	26,520	249	26,520	13,791
Repayment of lease liability	(223)	(63)	(820)	(605)
Net cash generated by financing activities	26,944	197	136,832	14,500
Net increase (decrease) in cash and cash equivalents	30,563	(11,677)	110,395	(33,484)
Currency effect cash and cash equivalents	820	(1,332)	1,291	(2,628)
Cash and cash equivalents, at beginning of the period	156,141	88,847	75,838	111,950
Cash and cash equivalents at the end of the period	187,524	75,838	187,524	75,838

XML

Document and Entity Information	12 Months Ended
	Dec. 31, 2021
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	Dec. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

XML

Condensed Consolidated Statement of Financial Position - EUR (€)	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	€ 187,524,000	€ 75,838,000
Prepayments and other receivables	3,404,000	3,762,000
Other taxes	555,000	421,000
Total current assets	191,483,000	80,021,000
Property, plant and equipment	17,467,000	18,601,000
Investments in associates	8,000	107,000
Investments in financial assets	621,000
Total assets	209,579,000	98,729,000
Equity
Equity attributable to owners of the Company	113,833,000	57,091,000
Non-controlling interests.	(604,000)	(545,000)
Total equity	113,229,000	56,546,000
Current liabilities
Borrowings	4,771,000	1,135,000
Lease liabilities	1,534,000	1,260,000
Derivative financial instruments	3,995,000	839,000
Trade payables	191,000	221,000
Current income tax liability	0	0
Social securities and other taxes	1,230,000	22,000
Pension premiums		6,000
Deferred income	5,115,000	700,000
Other current liabilities	10,760,000	6,118,000
Total current liabilities	27,596,000	10,301,000
Borrowings	39,319,000	16,189,000
Lease liabilities	14,748,000	15,693,000
Deferred income	14,687,000
Total liabilities	96,350,000	42,183,000
Total equity and liabilities	€ 209,579,000	€ 98,729,000

XML

Condensed Consolidated Statement of Profit or Loss and OCI - EUR (€)		3 Months Ended		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statement of Profit or Loss and Comprehensive Income
Revenue		€ 239,000		€ 1,354,000
Other income		205,000	€ 264,000	1,043,000	€ 9,452,000
Research and development costs		(12,456,000)	(8,419,000)	(42,220,000)	(38,135,000)
General and administrative costs		(5,316,000)	(3,512,000)	(17,368,000)	(13,685,000)
Total operating costs		(17,772,000)	(11,931,000)	(59,588,000)	(51,820,000)
Operating result		(17,328,000)	(11,667,000)	(57,191,000)	(42,368,000)
Finance income and expense		(298,000)	(1,692,000)	(2,789,000)	(3,716,000)
Results related to associates		(85,000)	(52,000)	(217,000)	(322,000)
Gain on disposal of associate				514,000
Results related to financial liabilities measured at fair value through profit or loss		(507,000)	221,000	(1,880,000)	(84,000)
Result before corporate income taxes		(18,218,000)	(13,190,000)	(61,563,000)	(46,490,000)
Income taxes		(22,000)	(38,000)	(117,000)	(124,000)
Result for the period		(18,240,000)	(13,228,000)	(61,680,000)	(46,614,000)
Other comprehensive income (foreign exchange differences on foreign operation)		158,000	(206,000)	619,000	(340,000)
Total comprehensive income		(18,082,000)	(13,434,000)	(61,061,000)	(46,954,000)
Result attributable to
Owners of the Company		(18,221,000)	(13,217,000)	(61,621,000)	(46,565,000)
Non-controlling interests		(19,000)	(11,000)	(59,000)	(49,000)
Result for the period		(18,240,000)	(13,228,000)	(61,680,000)	(46,614,000)
Total comprehensive income attributable to
Owners of the Company		(18,063,000)	(13,423,000)	(61,002,000)	(46,905,000)
Non-controlling interests		(19,000)	(11,000)	(59,000)	(49,000)
Total comprehensive income		€ (18,082,000)	€ (13,434,000)	€ (61,061,000)	€ (46,954,000)
Share information
Weighted average number of shares outstanding		71,239,299	50,166,394	64,182,492	50,060,565
Earnings per share attributable to owners of the Company (Euro per share)
Basic loss per share	[1]	€ (0.26)	€ (0.26)	€ (0.96)	€ (0.93)
Diluted loss per share	[1]	€ (0.26)	€ (0.26)	€ (0.96)	€ (0.93)

[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

XML

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, 2019	€ 2,159	€ 287,214	€ 16,551		€ 151	€ (211,746)	€ 94,329	€ (496)	€ 93,833
Balance at beginning of period (in shares) at Dec. 31, 2019	53,975,838
Result for the year						(46,565)	(46,565)	(49)	(46,614)
Other comprehensive income					(340)		(340)		(340)
Recognition of share-based payments	€ 4	538	7,838				8,380		8,380
Recognition of share-based payments (in shares)	102,007
Issue of ordinary shares	€ 2	270					272		272
Issue of ordinary shares (in shares)	53,708
Treasury shares transferred (in shares)	(303,408)
Recognition of equity component of convertible loan				€ 280			280		280
Shares options lapsed			(91)			91
Shares options exercised		735	(473)			473	735		735
Share options exercised (in shares)	303,408
Balance at end of period at Dec. 31, 2020	€ 2,165	288,757	23,825	280	(189)	(257,747)	57,091	(545)	56,546
Balance at end of period (in shares) at Dec. 31, 2020	54,131,553
Result for the year						(61,621)	(61,621)	(59)	(61,680)
Other comprehensive income					619		619		619
Recognition of share-based payments	€ 5	382	6,216				6,603		6,603
Recognition of share-based payments (in shares)	112,657
Issue of ordinary shares	€ 820	107,657					108,477		108,477
Issue of ordinary shares (in shares)	20,498,451
Treasury shares transferred (in shares)	(352,167)
Recognition of equity component of convertible loan				1,146			1,146		1,146
Shares options lapsed			(522)			522
Shares options exercised	€ 5	1,513	(1,076)			1,076	1,518		1,518
Share options exercised (in shares)	474,887
Balance at end of period at Dec. 31, 2021	€ 2,995	€ 398,309	€ 28,443	€ 1,426	€ 430	€ (317,770)	€ 113,833	€ (604)	€ 113,229
Balance at end of period (in shares) at Dec. 31, 2021	74,865,381

XML

Consolidated Statement of Cash Flows - EUR (€) € in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Cash flow from operating activities
Result for the year	€ (18,240)	€ (13,228)	€ (61,680)	€ (46,614)
Adjustments for:
Depreciation	552	652	2,329	2,355
Share-based compensation	1,781	1,490	6,216	7,838
Other income				(8,423)
Financial income and expense	298	1,692	2,789	3,716
Results related to associates	85	52	217	322
Gain on disposal of associate			(514)
Results related to financial liabilities measured at fair value through profit or loss	507	(221)	1,880	84
Income tax expenses	22	38	117	124
Changes in working capital	19,337	(1,900)	24,995	(5,474)
Cash gained (used) in operations	4,342	(11,425)	(23,651)	(46,072)
Corporate income tax paid	(22)	(20)	(117)	(188)
Interest received		195	5	313
Interest paid	(535)	(506)	(2,249)	(1,113)
Net cash gained (used) in operating activities	3,785	(11,756)	(26,012)	(47,060)
Cash flow from investing activities
Purchases of property, plant and equipment	(225)	(118)	(484)	(924)
Sales of property, plant and equipment	59		59
Net cash used in investing activities	(166)	(118)	(425)	(924)
Cash flow from financing activities
Proceeds from issuance of shares, net of transaction costs			108,477
Proceeds from exercise of share options	363	11	1,518	735
Proceeds from borrowings	284		1,137	579
Proceeds from convertible loans	26,520	249	26,520	13,791
Repayment of lease liability	(223)	(63)	(820)	(605)
Net cash generated by financing activities	26,944	197	136,832	14,500
Net increase (decrease) in cash and cash equivalents	30,563	(11,677)	110,395	(33,484)
Currency effect cash and cash equivalents	820	(1,332)	1,291	(2,628)
Cash and cash equivalents, at beginning of the period	156,141	88,847	75,838	111,950
Cash and cash equivalents at the end of the period	€ 187,524	€ 75,838	€ 187,524	€ 75,838

XML

General Information

12 Months Ended

Dec. 31, 2021

General Information

General Information

1. General information

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

Since September 18, 2014, the Company’s ordinary shares are listed on the NASDAQ Global Market under ticker symbol PRQR.

The Company was incorporated in the Netherlands, on February 21, 2012 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 4.9% 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.

XML

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

These condensed consolidated financial statements have been prepared in accordance with the recognition and measurement criteria of IFRS. Certain disclosures required by IAS 34 Interim Financial Statements have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2020. 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 condensed consolidated financial statements.

Revenue is recognized in accordance with the recognition and measurement criteria of IFRS 15 Revenue from contracts with customers.

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

XML

Adoption of new and revised International Financial Reporting Standards

12 Months Ended

Dec. 31, 2021

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

The accounting policies adopted in the preparation of the 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, 2020.

New Standards and Interpretations, which became effective as of January 1, 2021, did not have a material impact on our condensed consolidated financial statements.

XML

Critical Accounting Estimates and Judgments

12 Months Ended

Dec. 31, 2021

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, 2020, except for the addition of significant judgements and key sources of estimation uncertainty in relation to revenue recognition for the Eli Lilly collaboration and license agreement.

Revenue recognition for the Eli Lilly collaboration and license agreement

a. Identification of the performance obligation

Note 11 describes the Company’s collaboration and license agreement with Eli Lilly. Under this 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

For the Eli Lilly collaboration, 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.

c. Determining the transaction price

The Company applied judgement to determine whether the equity investment made by Eli Lilly in ProQR is part of the transaction price for the collaboration and license agreement. The Company concluded that the premium that Eli Lilly paid above the closing price on the day of entering into the equity investment agreement was paid because of the Company’s existing obligations to deliver research and development services to Eli Lilly under the terms of the collaboration and license agreement. Therefore, the premium paid by Eli Lilly on the equity investment is considered to be part of the transaction price. 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

Development expenditures are currently not capitalized but are 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.

Convertible debt

The terms of our convertible debt agreements are evaluated to determine whether the convertible debt instruments contain both liability and equity components, in which case the instrument is a compound financial instrument. Convertible debt agreements are also evaluated to determine whether they contain embedded derivatives, in which case the instrument is a hybrid financial instrument. Judgement is required to determine the classification of such financial instruments based on the terms and conditions of the convertible debt agreements, the currencies in which the debt instruments are denominated and the Company’s functional currency.

Estimation methods are used to determine the fair values of the liability and equity components of compound financial instruments and to determine the fair value of embedded derivatives included in hybrid financial instruments. The determination of the effective interest used for the host contracts of hybrid financial instruments and the liability components of compound financial instruments is dependent on the outcome of such estimations. Evaluating the reasonableness of these estimations and the assumptions and inputs used in the valuation methods requires a significant amount of judgement and is therefore subject to an inherent risk of error.

XML

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents.

Cash and Cash Equivalents

5. Cash and Cash Equivalents

At December 31, 2021, the Company’s cash and cash equivalents were € 187,524,000 as compared to € 75,838,000 at December 31, 2020. The cash balances are held at banks with investment grade credit ratings. The cash at banks is at full disposal of the Company.

XML

Property, plant and equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6. Property, plant and equipment

At December 31, 2021 and December 31, 2020, 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 € 15,568,000 at December 31, 2021 (December 31, 2020: € 16,775,000).

XML

Current liabilities

12 Months Ended

Dec. 31, 2021

Current liabilities

Current liabilities

7. Current liabilities

The following table summarizes details of deferred income at December 31, 2021 and December 31, 2020. The nature of the deferred income relating to Eli Lilly and Yarrow is described in Note 11.

	December 31,	December 31,
	2021	2020
	2021	2020
	€ 1,000	€ 1,000
Eli Lilly up-front payment and premium on equity consideration	19,143	—
Yarrow up-front payment and premium on equity consideration	73
Foundation for Fighting Blindness grant	561	623
Horizon 2020 grant	25	77
Total deferred income	19,802	700
Current portion	(5,115)	(700)
	14,687	—

At December 31, 2021, other current liabilities amount to € 10,760 (December 31, 2020: € 6,118). At December 31, 2021 and December 31, 2020, the other current liabilities consisted principally of accruals for services provided by vendors not yet billed, payroll related accruals and other miscellaneous liabilities.

XML

Borrowings

12 Months Ended

Dec. 31, 2021

Borrowings

Borrowings

8. Borrowings

	December 31,	December 31,
	2021	2020
	€ 1,000	€ 1,000
Innovation credit	3,907	2,771
Accrued interest on innovation credit	645	306
Convertible loans	38,925	13,812
Accrued interest on convertible loans	613	435
Total borrowings	44,090	17,324
Current portion	(4,771)	(1,135)
	39,319	16,189

On December 10, 2018 ProQR was awarded an Innovation credit for the sepofarsen program for LCA 10. Amounts will be drawn under this facility from 2018 through 2022. The total credit of € 4.7 million will be used to conduct the Phase 2/3 clinical study for sepofarsen and to finance efforts to obtain regulatory and ethical market approval (NDA/MAA). The

credit, including accrued interest of 10% per annum, is repayable depending on ProQR obtaining market approval for sepofarsen. An amount of € 3.9 million had been received as at December 31, 2021. Accumulated interest amounted to € 0.6 million as at December 31, 2021. The assets that are co-financed with the granted innovation credit are subject to a right of pledge for the benefit of RVO.

Convertible loans

On July 14, 2020, the Company entered into a convertible debt financing agreement with Pontifax Medison Debt Financing. Under the agreement, up to $ 20 million in convertible debt financing is available to the Company in two tranches of $ 10 million each that will mature over a 54-month period and have an interest-only period of 24 months. One tranche of $ 10 million had been drawn down as of December 31, 2021.

A second close of the convertible debt financing agreement was completed on August 6, 2020 with Kreos Capital. Under the second agreement, up to € 10 million in convertible debt financing is available to the Company in two tranches of € 5 million each that will mature over a 54-month period and have an interest-only period of 24 months. One tranche of € 5 million had been drawn down as of December 31, 2021.

In connection with the loan agreement, the Company issued to Pontifax and Kreos warrants to purchase up to an aggregate of 302,676 shares of its common stock at a fixed exercise price.

On December 29, 2021, the Company amended its convertible debt financing agreement with Pontifax and Kreos (the ‘Lenders’). Under the amended agreement, the Company will have access to up to $ 90 million in convertible debt financing in three tranches of $ 30 million each that will mature over a 54-month period and have an interest-only period of 33 months. The three new tranches replace the two undrawn tranches under the original convertible debt financing agreements.

In connection with the loan agreement, the Company issued to the Lenders warrants to purchase up to an aggregate of 376,952 shares of its common stock at a fixed exercise price. In addition, at the time of drawing of each of the new second and third tranches, ProQR shall issue to Pontifax and Kreos additional warrants to purchase an aggregate number of ordinary shares with an aggregate exercise price of $750,000, with each such issuance of additional warrants being exercisable for a number of ordinary shares equal to $750,000 divided by 1.5 times the average closing price of ProQR’s ordinary shares during the 7 trading days prior to the drawing of the relevant tranche.

The Lenders may elect to convert the outstanding loan into ProQR ordinary shares at any time prior to repayment at a fixed conversion price. ProQR also has the ability to convert the loan into its ordinary shares, at the same conversion price, if the Company’s stock price reaches a pre-determined threshold.

Pontifax’ conversion option and warrants are accounted for as embedded derivatives and are recognized separately from the host contract as financial liabilities at fair value through profit or loss. The host contract is recognized at amortized cost.

The Kreos loan is accounted for as a compound financial instrument. The liability component is recognized at amortized cost. The equity component is initially recognized at fair value as option premium on convertible loan and will not be subsequently remeasured. Kreos’ warrants are accounted for as embedded derivatives and are recognized as financial liabilities at fair value through profit or loss.

Convertible loans were issued to Amylon Therapeutics B.V. 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.

XML

Lease Liabilities

12 Months Ended

Dec. 31, 2021

Lease Liabilities

Lease Liabilities

9. Lease liabilities

At December 31, 2021 and December 31, 2020, lease liabilities primarily consisted of the Company’s lease of office and laboratory facilities at Zernikedreef in Leiden, the Netherlands.

The lease agreement for our Leiden headquarters, where our main offices and laboratories are located, was put in place on July 1, 2020 and the current lease term is 11 years. The lease agreement may be further extended for subsequent 5-year terms. The carrying amount of the right-of-use asset is disclosed in note 6.

XML

Shareholders equity

12 Months Ended

Dec. 31, 2021

Shareholders Equity

Shareholders Equity

10. 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 December 31, 2021, 74,865,381 ordinary shares were issued. 71,290,805 ordinary shares were fully paid in cash and 3,574,576 ordinary shares were held by the Company as treasury shares (December 31, 2020: 3,926,743).

On March 31, 2020, the Company entered into a sales agreement, which permitted the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 75,000,000 of its ordinary shares that may be issued and sold in one or more at-the-market offerings with Citigroup Global Markets, Inc. and Cantor Fitzgerald & Co. In January 2021, the Company issued 585,398 ordinary shares under this sales agreement. The gross proceeds from this sale amounted to € 2,767,000, with transaction costs amounting to € 114,000, resulting in net proceeds of € 2,653,000. In 2020, no shares were issued pursuant to this ATM facility.

In April 2021, the Company consummated an underwritten public offering of 15,923,077 ordinary shares at an issue price of $ 6.50 per share. The gross proceeds from this offering amounted to € 88,115,000 while the transaction costs amounted to € 5,499,000, resulting in net proceeds of € 82,616,000.

In September 2021, the Company issued 3,989,976 shares to Eli Lilly and Company (‘Lilly”) pursuant to the global licensing and research collaboration between the Company and Lilly at an issue price of $ 7.52 per share, resulting in net proceeds of € 23,223,000. This amount excludes a premium paid by Eli Lilly that is considered to be part of the transaction price of the licensing and research collaboration agreement (refer to note 11).

On November 4, 2021, the Company filed a shelf registration statement, which permitted the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 300,000,000 of its ordinary shares, warrants and/or units.

On November 4, 2021, the Company entered into a sales agreement, which permitted the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 75,000,000 of its ordinary shares that may be issued and sold in one or more at-the-market offerings with Cantor Fitzgerald & Co. In 2021, no shares were issued pursuant to this ATM facility.

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 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 year ended December 31, 2021 were € 6,216,000 (2020: € 7,838,000), of which € 3,636,000 (2020: € 4,423,000) was recorded in general and administrative costs and € 2,580,000 (2020: € 3,415,000) was recorded in research and development costs.

XML

Revenue

12 Months Ended

Dec. 31, 2021

Revenue.

Revenue

11. Revenue

Eli Lilly

In September 2021, the Company entered into a global licensing and research collaboration with Eli Lilly and Company (‘Eli Lilly’) focused on the discovery, development, and commercialization of potential new medicines for genetic disorders in the liver and nervous system. ProQR and Eli 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 Eli 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 collaboration with Eli 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.

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. ProQR is also eligible to receive milestone payments and royalties on the net sales of any resulting products. In May 2021, ProQR received an up-front payment of € 419,000 and 8% of the shares of Yarrow’s common stock (see Note 15). In 2021, ProQR also received reimbursements for R&D services performed amounting to € 178,000.

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.

	Year
	ended December 31,
	2021	2020
	€ 1,000	€ 1,000
Eli Lilly collaboration revenue	652	—
Yarrow collaboration revenue	702	—
	1,354	—

XML

Other income

12 Months Ended

Dec. 31, 2021

Other income

Other income

12. Other income

	Year
	ended December 31,
	2021	2020
	€ 1,000	€ 1,000
Grant income	1,012	9,307
Other income	31	145
	1,043	9,452

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 QR-421a for Usher syndrome type 2A targeting mutations in exon 13.

In June 2020 ProQR received a final waiver of the full amount of the Innovation credit for the Company’s cystic fibrosis

program. Consequently, the carrying amount of € 8.4 million, including accumulated interest, was recognized in Other

Income in June 2020.
​

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

XML

Research and development costs

12 Months Ended

Dec. 31, 2021

Research and Development costs

Research and Development Costs

13. Research and development costs

Research and development costs amount to € 42,220,000 for the year ended December 31, 2021 (2020: € 38,135,000) 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.

XML

General and administrative costs

12 Months Ended

Dec. 31, 2021

General and administrative costs

General and administrative costs

14. General and administrative costs

General and administrative costs amount to € 17,368,000 for the year ended December 31, 2021 (2020: € 13,685,000).

XML

Investments in associates and results related to associates

12 Months Ended

Dec. 31, 2021

Investments in associates and results related to associates

Investments in associates and results related to associates

15. Investments in associates and results related to associates

In January 2021, ProQR’s associate company Wings Therapeutics Inc. merged into Phoenicis Therapeutics Inc. Consequently, Wings Therapeutics Inc. ceased to exist and the related investment was derecognized. ProQR does not have significant influence in Phoenicis Therapeutics Inc. Our interest in Phoenicis is recognized as a financial asset, as disclosed in note 16.

As disclosed in note 11, in May 2021, the Company obtained an 8% share in the common stock of Yarrow Biotechnology, Inc. ProQR’s share in Yarrow was subsequently diluted to 4.9% in the fourth quarter of 2021, due to Yarrow’s execution of a second seed financing round. Although ProQR only owns 4.9% 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 € 8,000 at December 31, 2021 is recognized as an investment in associate.

The results related to associates for the year ended December 31, 2021 amounting to € 217,000 consist of ProQR's share in the loss of Yarrow. The results related to associates for the year ended December 31, 2020 amount to a loss of € 322,000 and consist of our share of the net losses of Wings Therapeutics Inc.

XML

Investment in financial asset and gain on disposal of associate

12 Months Ended

Dec. 31, 2021

Investment in financial asset and gain on disposal of associate

Investment in financial asset and gain on disposal of associate

16. Investment in financial asset and gain on disposal of associate

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.

The net gain on disposal of associate for the year ended December 31, 2021 of € 514,000 consists of a loss on derecognition of Wings Therapeutics Inc. of € 107,000 off-set by a gain realized on our investment in the equity instruments of Phoenicis Therapeutics Inc. of € 621,000. The Company elected to recognize subsequent changes in the fair value of our investment in Phoenicis in Other Comprehensive Income. There have been no changes in the fair value of our investment in Phoenicis since the initial recognition.

XML

Income taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

17. Income taxes

The current income tax liability amounts to € nil at December 31, 2021 (December 31, 2020: € 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.

On October 5, 2020, the Dutch State Secretary for Finance submitted an amendment to the Tax Plan 2021 to the House of Representatives, which provides for changes in the loss offset rules. On May 28, 2021, the amendment was substantively enacted. Effective from January 1, 2022, 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.

XML

Events after balance sheet date

12 Months Ended

Dec. 31, 2021

Events after balance sheet date

Events after balance sheet date

18. Events after balance sheet date

On February 11, 2022, the Company announced the top-line results from the phase 2/3 Illuminate trial of sepofarsen in CEP290-mediated LCA10. The study did not meet its primary endpoint nor any notable secondary endpoints. No benefit was observed in either treatment arm versus the sham arm. These results do not affect the financial figures included in this report.

XML

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Recognition of revenue

Revenue is recognized in accordance with the recognition and measurement criteria of IFRS 15 Revenue from contracts with customers.

XML

Critical Accounting Estimates and Judgments (Policies)

12 Months Ended

Dec. 31, 2021

Critical Accounting Estimates and Judgments

Revenue recognition for the Eli Lilly collaboration and license agreement

Revenue recognition for the Eli Lilly collaboration and license agreement

a. Identification of the performance obligation

Note 11 describes the Company’s collaboration and license agreement with Eli Lilly. Under this 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

For the Eli Lilly collaboration, 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.

c. Determining the transaction price

The Company applied judgement to determine whether the equity investment made by Eli Lilly in ProQR is part of the transaction price for the collaboration and license agreement. The Company concluded that the premium that Eli Lilly paid above the closing price on the day of entering into the equity investment agreement was paid because of the Company’s existing obligations to deliver research and development services to Eli Lilly under the terms of the collaboration and license agreement. Therefore, the premium paid by Eli Lilly on the equity investment is considered to be part of the transaction price. 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 and development expenditures

Development expenditures are currently not capitalized but are 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.

Convertible debt

Convertible debt

The terms of our convertible debt agreements are evaluated to determine whether the convertible debt instruments contain both liability and equity components, in which case the instrument is a compound financial instrument. Convertible debt agreements are also evaluated to determine whether they contain embedded derivatives, in which case the instrument is a hybrid financial instrument. Judgement is required to determine the classification of such financial instruments based on the terms and conditions of the convertible debt agreements, the currencies in which the debt instruments are denominated and the Company’s functional currency.

Estimation methods are used to determine the fair values of the liability and equity components of compound financial instruments and to determine the fair value of embedded derivatives included in hybrid financial instruments. The determination of the effective interest used for the host contracts of hybrid financial instruments and the liability components of compound financial instruments is dependent on the outcome of such estimations. Evaluating the reasonableness of these estimations and the assumptions and inputs used in the valuation methods requires a significant amount of judgement and is therefore subject to an inherent risk of error.

XML

Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Current liabilities

Summary of deferred income

	December 31,	December 31,
	2021	2020
	2021	2020
	€ 1,000	€ 1,000
Eli Lilly up-front payment and premium on equity consideration	19,143	—
Yarrow up-front payment and premium on equity consideration	73
Foundation for Fighting Blindness grant	561	623
Horizon 2020 grant	25	77
Total deferred income	19,802	700
Current portion	(5,115)	(700)
	14,687	—

XML

Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Borrowings

Schedule of borrowings

	December 31,	December 31,
	2021	2020
	€ 1,000	€ 1,000
Innovation credit	3,907	2,771
Accrued interest on innovation credit	645	306
Convertible loans	38,925	13,812
Accrued interest on convertible loans	613	435
Total borrowings	44,090	17,324
Current portion	(4,771)	(1,135)
	39,319	16,189

XML

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue.

Schedule of collaboration revenue

	Year
	ended December 31,
	2021	2020
	€ 1,000	€ 1,000
Eli Lilly collaboration revenue	652	—
Yarrow collaboration revenue	702	—
	1,354	—

XML

Other income (Tables)

12 Months Ended

Dec. 31, 2021

Other income

Schedule of other income

	Year
	ended December 31,
	2021	2020
	€ 1,000	€ 1,000
Grant income	1,012	9,307
Other income	31	145
	1,043	9,452

XML

General Information (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2021	Dec. 31, 2021
Yarrow Biotechnology, Inc
Disclosure of subsidiaries [line items]
Proportion of ownership interest in associate	8.00%	4.90%	4.90%
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%
Amylon Therapeutics B.V [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			80.00%
ProQR Therapeutics I Inc. [Member]
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary			100.00%

XML

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2021 segment
Significant Accounting Policies
Number of reportable segment	1

XML

Cash and Cash Equivalents (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents.
Cash and cash equivalents	€ 187,524	€ 156,141	€ 75,838	€ 88,847	€ 111,950

XML

Property, Plant and Equipment (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Property, plant and equipment	€ 17,467	€ 18,601
Building And Leasehold Improvements
Property, Plant and Equipment
Right-of-use assets	€ 15,568	€ 16,775

XML

Current Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current contract liabilities [abstract]
Deferred income	€ 19,802	€ 700
Current portion	(5,115)	(700)
Non current deferred income	14,687
Other current liabilities	10,760	6,118
Eli Lilly and Company
Current contract liabilities [abstract]
Deferred income	19,143
Yarrow Biotechnology, Inc
Current contract liabilities [abstract]
Deferred income	73
Foundation Fighting Blindness
Current contract liabilities [abstract]
Deferred income	561	623
EC Horizon 2020 Program
Current contract liabilities [abstract]
Deferred income	€ 25	€ 77

XML

Borrowings (Details) € in Thousands					3 Months Ended		12 Months Ended
	Dec. 29, 2021 USD ($) D tranche shares	Dec. 28, 2021 tranche	Aug. 06, 2020 EUR (€) tranche	Jul. 14, 2020 USD ($) tranche shares	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 10, 2018 EUR (€)
Disclosure of detailed information about borrowings [line items]
Total borrowings					€ 44,090	€ 17,324	€ 44,090	€ 17,324
Current portion					(4,771)	(1,135)	(4,771)	(1,135)
Non Current portion					39,319	16,189	39,319	16,189
Proceeds from borrowings					284		1,137	579
Debt convertible					26,520	249	26,520	13,791
Innovation credit
Disclosure of detailed information about borrowings [line items]
Accrued interest					645	306	645	306
Total borrowings					3,907	2,771	3,907	2,771
Interest rate (as percent)										10.00%
Innovation credit | Maximum
Disclosure of detailed information about borrowings [line items]
Notional amount										€ 4,700
Convertible loans
Disclosure of detailed information about borrowings [line items]
Accrued interest					613	435	613	435
Total borrowings					€ 38,925	€ 13,812	€ 38,925	€ 13,812
Convertible loans | Minimum
Disclosure of detailed information about borrowings [line items]
Unconvertible Debt Maturity							24 months
Convertible Debt
Disclosure of detailed information about borrowings [line items]
Number of Shares Exercisable for Issued Warrants | shares				302,676
Number of shares exercisable for issued warrants | shares				302,676
Convertible loans Amylon Therapeutics B.V. [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate (as percent)					8.00%		8.00%		8.00%
Debt instrument convertible term							36 months
Convertible loans Amylon Therapeutics B.V. [Member] | Maximum
Disclosure of detailed information about borrowings [line items]
Unconvertible Debt Maturity							36 months
Convertible Debt Pontifax Medison and Kreos Capital Debt Financing
Disclosure of detailed information about borrowings [line items]
Number of tranches | tranche	3	2
Maximum borrowing capacity per tranche | $	$ 30,000,000
Term of debt	54 months
Debt, interest only payment term	33 months
Convertible Debt Pontifax Medison and Kreos Capital Debt Financing | Drawing of each of the second and third tranche of debt facility
Disclosure of detailed information about borrowings [line items]
Aggregate exercise price | $	$ 750,000
Average closing price of shares , Multiplier	1.5
Number of trading days | D	7
Convertible Debt Pontifax Medison and Kreos Capital Debt Financing | Maximum
Disclosure of detailed information about borrowings [line items]
Notional amount | $	$ 90,000,000
Number of Shares Exercisable for Issued Warrants | shares	376,952
Number of shares exercisable for issued warrants | shares	376,952
Convertible Debt Pontifax Medison Debt Financing
Disclosure of detailed information about borrowings [line items]
Total borrowings | $									$ 10,000,000
Number of tranches | tranche				2
Maximum borrowing capacity per tranche | $				$ 10,000,000
Term of debt				54 months
Debt, interest only payment term				24 months
Convertible Debt Pontifax Medison Debt Financing | Maximum
Disclosure of detailed information about borrowings [line items]
Notional amount | $				$ 20,000,000
Convertible Debt Kreos Capital Debt Financing
Disclosure of detailed information about borrowings [line items]
Total borrowings					€ 5,000		€ 5,000
Number of tranches | tranche			2
Maximum borrowing capacity per tranche			€ 5,000
Term of debt			54 months
Debt, interest only payment term			24 months
Convertible Debt Kreos Capital Debt Financing | Maximum
Disclosure of detailed information about borrowings [line items]
Notional amount			€ 10,000

XML

Lease Liabilities (Details) - Leiden headquarters	Jul. 01, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Lease agreement period	11 years
Renewal term	5 years

XML

Shareholders equity - Share capital (Details)	1 Months Ended			12 Months Ended
	Sep. 30, 2021 EUR (€) shares	Apr. 30, 2021 EUR (€) shares	Jan. 31, 2021 EUR (€) shares	Dec. 31, 2021 EUR (€) € / shares shares	Dec. 31, 2020 EUR (€) shares	Nov. 04, 2021 USD ($)	Sep. 30, 2021 $ / shares	Apr. 30, 2021 $ / shares	Mar. 31, 2020 USD ($)
Shareholders Equity
Authorized share capital | €				€ 13,600,000
Par value per share | € / shares				€ 0.04
Net proceeds from issuance of shares | €				€ 108,477,000
Shares issued in the period | €				€ 108,477,000	€ 272,000
Eli Lilly and Company
Shareholders Equity
Net proceeds from issuance of shares | €	€ 23,223,000
Issue of ordinary shares (in shares) | shares	3,989,976
Share price | $ / shares							$ 7.52
Underwritten public offering
Shareholders Equity
Issue of ordinary shares (in shares) | shares		15,923,077
Share price | $ / shares								$ 6.50
Gross proceeds from issuance of shares | €		€ 88,115,000
Transaction cost | €		5,499,000
Net proceeds | €		€ 82,616,000
At The Market Offering
Shareholders Equity
Issue of ordinary shares (in shares) | shares			585,398
Gross proceeds from issuance of shares | €			€ 2,767,000
Transaction cost | €			114,000
Net proceeds | €			€ 2,653,000
Cantor Fitzgerald & Co | At The Market Offering
Shareholders Equity
Number of shares issued | shares				0
Ordinary
Shareholders Equity
Number of shares outstanding | shares				74,865,381
Maximum aggregate offering of ordinary shares | $						$ 300,000,000
Number of shares authorised | shares				170,000,000
Shares were issued and fully paid in cash | shares				71,290,805
Treasury shares | shares				3,574,576	3,926,743
Ordinary | Cantor Fitzgerald & Co | At The Market Offering
Shareholders Equity
Maximum aggregate offering of ordinary shares | $						$ 75,000,000
Ordinary | Market offering program
Shareholders Equity
Number of shares issued | shares					0
Maximum aggregate offering of ordinary shares | $									$ 75,000,000
Preferred
Shareholders Equity
Number of shares authorised | shares				170,000,000

XML

Shareholders equity - Share options (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating costs
Shareholders Equity
Compensation expenses	€ 6,216,000	€ 7,838,000
General and administrative costs
Shareholders Equity
Compensation expenses	3,636,000	4,423,000
Research and development costs
Shareholders Equity
Compensation expenses	€ 2,580,000	€ 3,415,000

XML

Revenue (Details) - EUR (€)	1 Months Ended			3 Months Ended	12 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	May 31, 2021	Dec. 31, 2021	Dec. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Proceeds from issuing shares					€ 108,477,000
Eli Lilly and Company
Disclosure of disaggregation of revenue from contracts with customers [line items]
Number of shares issued		3,989,976
Proceeds from issuing shares		€ 23,223,000
Up-front payment received	€ 17,651,000
Eli Lilly and Company | Premiums on share issue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue		€ 2,144,000
Yarrow Biotechnology, Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Proportion of ownership interest in associate			8.00%	4.90%	4.90%
Up-front payment received			€ 419,000
Reimbursements received					€ 178,000

XML

Revenue - Collaboration revenue (Details) € in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Collaboration revenue	€ 1,354
Eli Lilly and Company
Disclosure of disaggregation of revenue from contracts with customers [line items]
Collaboration revenue	652
Yarrow Biotechnology, Inc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Collaboration revenue	€ 702

XML

Other income (Details) - EUR (€) € in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Grant income				€ 1,012	€ 9,307
Other income				31	145
Total other income		€ 205	€ 264	€ 1,043	€ 9,452
Innovation credit
Disclosure of detailed information about borrowings [line items]
Other income	€ 8,400

XML

Other income - Narrative (Details) $ in Millions	Feb. 09, 2018 USD ($)
Clinical support agreement | Foundation Fighting Blindness
Other Income [Line Items]
Contribution received to support clinical development	$ 7.5

XML

Research and development costs (Details) - EUR (€) € in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Research and Development costs
Research and development costs	€ 12,456	€ 8,419	€ 42,220	€ 38,135

XML

General and administrative costs (Details) - EUR (€) € in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
General and administrative costs
General and administrative expense	€ 5,316	€ 3,512	€ 17,368	€ 13,685

XML

Investments in associates and results related to associates (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	May 31, 2021	Dec. 31, 2021 EUR (€) director	Dec. 31, 2020 EUR (€)	Dec. 31, 2021 EUR (€) director	Dec. 31, 2020 EUR (€)
Disclosure of associates [line items]
Investments in associates		€ 8,000	€ 107,000	€ 8,000	€ 107,000
Results related to associates		€ (85,000)	€ (52,000)	€ (217,000)	(322,000)
Yarrow Biotechnology, Inc
Disclosure of associates [line items]
Proportion of ownership interest in associate	8.00%	4.90%		4.90%
Investments in associates		€ 8,000		€ 8,000
Total number of board members | director		3		3
Right to appoint number of board member | director		1		1
Results related to associates				€ (217,000)
Wings Therapeutics Inc
Disclosure of associates [line items]
Results related to associates					€ (322,000)

XML

Investment in financial asset and gain on disposal of associate (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2021
Disclosure of Investment in Financial Asset and Gain on Disposal of Associate [Line items]
Gain (loss) on disposal of associate	€ 514,000
Wings Therapeutics Inc
Disclosure of Investment in Financial Asset and Gain on Disposal of Associate [Line items]
Gain (loss) on disposal of associate	(107,000)
Phoenicis Therapeutics Inc.
Disclosure of Investment in Financial Asset and Gain on Disposal of Associate [Line items]
Proportion of ownership interest		3.90%
Gain (loss) on disposal of associate	621,000
Changes in fair value of investment	€ 0

XML

Income Taxes (Details) - EUR (€)	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Current income tax liability	€ 0	€ 0