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ProQR Announces Second Quarter 2021 Operating and Financial Results

  • Top-line data from Phase 2/3 pivotal Illuminate trial of sepofarsen for CEP290-mediated LCA10 on track for H1 2022

  • QR-421a pivotal Sirius and Celeste Phase 2/3 trials in Usher syndrome and retinitis pigmentosa expected to start by year end 2021

  • Initial clinical data from Phase 1/2 Aurora trial of QR-1123 for autosomal dominant retinitis pigmentosa expected in Q4 2021

LEIDEN, Netherlands & CAMBRIDGE, Mass., Aug. 05, 2021 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2021, and provided a business update.

“Across our pipeline, on the partnering front, and with our balance sheet, we have generated significant momentum in the first half of the year as we work to advance our therapies for patients with genetic eye disease,” said Daniel A. de Boer, Founder and CEO of ProQR. “We completed enrollment in the pivotal trial of sepofarsen, reported positive clinical data for QR-421a, formed a partnership with Yarrow Biotechnology, and strengthened our financial position with a public offering. During the second half of the year, we expect to share the first clinical data for QR-1123 for adRP focusing on safety and tolerability, start our pivotal trials of QR-421a in Usher syndrome and nsRP, and progress enrollment of our fourth pipeline program for a genetic eye disease, QR-504a for Fuchs endothelial corneal dystrophy.”

Business Operations and Program Updates

Sepofarsen for Leber congenital amaurosis 10 (LCA10):

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  • The Company expects to report top-line results from the pivotal Phase 2/3 Illuminate trial in H1 2022. The Illuminate trial completed enrollment in January following randomization of 36 patients aged 8 years or older to receive either sepofarsen at the target registration dose, a low dose, or sham treatment. The primary endpoint for Illuminate is mean change from baseline in best-corrected visual acuity (BCVA) at Month 12.

  • Enrollment is ongoing in the Phase 2/3 Brighten trial of sepofarsen in LCA10. The primary objective of this study is to evaluate safety and tolerability of sepofarsen in patients under 8 years of age.

QR-421a for Usher syndrome and non-syndromic retinitis pigmentosa (nsRP):

  • Based on the findings from the Phase 1/2 Stellar trial, the Company plans to advance QR-421a into two pivotal Phase 2/3 trials – Sirius in advanced patients, and Celeste in early-moderate patient – by year end, pending finalization of the study designs with Regulatory authorities. Each trial could potentially serve as the sole registration trial.

  • In Q3, the Company expects to begin enrolling eligible patients from the Phase 1/2 Stellar trial in the open-label extension study Helia, which will include multiple dose treatments for both eyes.

QR-1123 for autosomal dominant retinitis pigmentosa (adRP):

  • The Company has completed enrollment of the fifth single dose cohort of patients in the Phase 1/2 Aurora trial for adRP with initial clinical data (n=11) expected in Q4. Aurora is a first-in-human clinical study, designed to evaluate safety and tolerability. The Company will also be looking for evidence of target engagement and/or disease modification to inform the next steps in development.

QR-504a for Fuchs endothelial corneal dystrophy (FECD):

  • The Fuchs Focus study 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 approximately 10 patients with FECD who are scheduled for corneal transplant with concurrent lens replacement.

  • ProQR anticipates reporting initial data from this trial in 2022.

Business updates:

  • In May, Yarrow Biotechnology, Inc., an RTW Investments, LP incubated company, licensed exclusive rights to ProQR’s antisense oligonucleotide technology to develop and commercialize potential therapies for an undisclosed non-ophthalmic target. Under the terms of the agreement, ProQR is eligible to receive up to $115 million of upfront and milestone payments, plus single digit percentage royalties on the net sales of any resulting products during the royalty term. ProQR will also have the right to receive an undisclosed percentage of equity in the form of shares of common stock of Yarrow.

  • In April, the Company closed an underwritten public offering with gross proceeds totaling approximately $103.5 million.

Financial Highlights

On June 30, 2021, ProQR held cash and cash equivalents of €139.4 million, compared to €75.8 million on December 31, 2020. Net cash used in operating activities during the three-month period ended June 30, 2021 was €10.0 million, compared to €10.5 million for the same period last year.

Research and development costs were €9.7 million for the quarter ended June 30, 2021 compared to €8.6 million for the same period last year.

General and administrative costs were €4.1 million for the quarter ended June 30, 2021 compared to €3.4 million for the quarter ended June 30, 2020.

Net loss for the three-month period ended June 30, 2021 was €15.8 million, or €0.24 per diluted share, compared to €4.1 million, or €0.08 per diluted share, for the same period last year. For further financial information for the period ending June 30, 2021, please refer to the financial statements appearing at the end of this release.

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 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 being evaluated in the pivotal Phase 2/3 Illuminate trial and is a first-in-class investigational RNA therapy designed to address the underlying cause of Leber congenital amaurosis 10 due to the p.Cys998X mutation (also known as the c.2991+1655A>G mutation) in the CEP290 gene. The p.Cys998X 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 2a 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 QR-421a

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. QR-421a 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 being evaluated in the Phase 1/2 Aurora trial and 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 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 at www.proqr.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "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 sepofarsen (QR-110) and the clinical development and the therapeutic potential thereof, statements regarding 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, the expected impact of the COVID-19 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 RTW and Yarrow and the intended benefits thereof, including milestone and royalty payments from commercial product sales, if any, from the products covered by the collaboration and the issuance of equity in Yarrow to ProQR 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 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 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:
Cherilyn Cecchini, MD
LifeSci Communications
T: +1 646 876 5196
ccecchini@lifescicomms.com


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


June 30,

December 31,

2021

2020

1,000

1,000

Assets

Current assets

Cash and cash equivalents

139,442

75,838

Prepayments and other receivables

3,761

3,762

Social securities and other taxes

381

421

Total current assets

143,584

80,021

Property, plant and equipment

17,928

18,601

Investments in associates

224

107

Investments in financial assets

621

Total assets

162,357

98,729

Equity and liabilities

Equity

Equity attributable to owners of the Company

118,106

57,091

Non-controlling interests

(563)

(545)

Total equity

117,543

56,546

Current liabilities

Borrowings

1,562

1,135

Lease liabilities

1,383

1,260

Derivative financial instruments

1,617

839

Trade payables

276

221

Current income tax liability

Social securities and other taxes

127

22

Pension premiums

6

Deferred income

1,659

700

Other current liabilities

5,750

6,118

Total current liabilities

12,374

10,301

Borrowings

16,972

16,189

Lease liabilities

15,468

15,693

Total liabilities

44,814

42,183

Total equity and liabilities

162,357

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

Six month period

ended June 30,

ended June 30,

2021

2020

2021

2020

1,000

1,000

1,000

1,000

Revenue

243

243

Other income

411

8,674

552

8,937

Research and development costs

(9,735)

(8,587)

(18,640)

(21,412)

General and administrative costs

(4,122)

(3,446)

(7,461)

(7,364)

Total operating costs

(13,857)

(12,033)

(26,101)

(28,776)

Operating result

(13,203)

(3,359)

(25,306)

(19,839)

Finance income and expense

(2,464)

(697)

(2,757)

(161)

Results related to associates

(52)

(107)

(186)

Gain on recognition of financial asset

621

Results related to financial liabilities measured at fair value through profit or loss

(33)

(762)

Result before corporate income taxes

(15,700)

(4,108)

(28,311)

(20,186)

Income taxes

(53)

(11)

(60)

(11)

Result for the period

(15,753)

(4,119)

(28,371)

(20,197)

Other comprehensive income (foreign exchange differences on foreign operation)

(141)

(135)

255

121

Total comprehensive income

(15,894)

(4,254)

(28,116)

(20,076)

Result attributable to

Owners of the Company

(15,746)

(4,112)

(28,353)

(20,167)

Non-controlling interests

(7)

(7)

(18)

(30)

(15,753)

(4,119)

(28,371)

(20,197)

Total comprehensive income attributable to

Owners of the Company

(15,887)

(4,247)

(28,098)

(20,046)

Non-controlling interests

(7)

(7)

(18)

(30)

(15,894)

(4,254)

(28,116)

(20,076)

Share information

Weighted average number of shares outstanding1

66,147,153

50,021,194

58,521,508

49,963,614

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

Basic loss per share1

(0.24)

(0.08)

(0.48)

(0.40)

Diluted loss per share1

(0.24)

(0.08)

(0.48)

(0.40)

  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.



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

(20,167)

(20,167)

(30)

(20,197)

Other comprehensive income

121

121

121

Recognition of share-based payments

2

283

4,542

4,827

4,827

Issuance of ordinary shares

100,902

2

270

272

272

Treasury shares transferred

(296,122)

Share options lapsed

(60)

60

Share options exercised

296,122

712

(458)

458

712

712

Balance at June 30, 2020

54,076,740

2,163

288,479

20,575

272

(231,395)

80,094

(526)

79,568

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

(28,353)

(28,353)

(18)

(28,371)

Other comprehensive income

255

255

255

Recognition of share-based payments

112,657

5

382

2,719

3,106

3,106

Issuance of ordinary shares

16,508,475

660

84,594

85,254

85,254

Treasury shares transferred

(127,303)

Recognition of equity component of convertible loan

Share options lapsed

(160)

160

Share options exercised

243,189

753

(541)

541

753

753

Balance at June 30, 2021

70,868,571

2,830

374,486

25,843

280

66

(285,399)

118,106

(563)

117,543




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

Three month period

Six month period

ended June 30,

ended June 30,

2021

2020

2021

2020

1,000

1,000

1,000

1,000

Cash flows from operating activities

Net result

(15,753)

(4,119)

(28,371)

(20,197)

Adjustments for:

— Depreciation

602

530

1,233

1,052

— Share-based compensation

1,471

1,802

2,719

4,672

— Other income

(8,423)

(8,423)

— Financial income and expenses

2,464

696

2,757

161

— Results related to associates

52

107

186

— Gain on recognition of financial asset

(621)

— Results related to financial liabilities measured at fair value through profit or loss

33

762

— Net foreign exchange gain / (loss)

(141)

(135)

255

121

— Income tax expenses

53

11

60

11

Changes in working capital

1,915

(918)

567

(3,119)

Cash used in operations

(9,356)

(10,504)

(20,532)

(25,536)

Corporate income tax paid

(53)

(11)

(60)

(11)

Interest received

5

62

5

91

Interest paid

(575)

(34)

(1,153)

(38)

Net cash used in operating activities

(9,979)

(10,487)

(21,740)

(25,494)

Cash flow from investing activities

Purchases of property, plant and equipment

(52)

(344)

(84)

(542)

Net cash used in investing activities

(52)

(344)

(84)

(542)

Cash flow from financing activities

Proceeds from issuance of shares, net of transaction costs

82,601

85,254

Proceeds from exercise of share options

185

243

753

712

Proceeds from borrowings

569

289

569

579

Proceeds from convertible loans

65

65

Repayment of lease liability

(14)

(105)

(250)

(307)

Net cash generated by financing activities

83,341

492

86,326

1,049

Net increase (decrease) in cash and cash equivalents

73,310

(10,339)

64,502

(24,987)

Currency effect cash and cash equivalents

(1,746)

(583)

(898)

178

Cash and cash equivalents, at beginning of the period

67,878

98,063

75,838

111,950

Cash and cash equivalents at the end of the period

139,442

87,141

139,442

87,141