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PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Financial Position
| March 31, 2018 | December 31, 2017 | ||||
| 1,000 | 1,000 | ||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 38,001 | 48,099 | |||
| Prepayments and other receivables | 965 | 2,064 | |||
| Social securities and other taxes | 993 | 396 | |||
| Total current assets | 39,959 | 50,559 | |||
| Property, plant and equipment | 2,269 | 2,505 | |||
| Intangible assets | 39 | 39 | |||
| Total assets | 42,267 | 53,103 | |||
| Equity and liabilities | |||||
| Equity | |||||
| Equity attributable to owners of the Company | 29,549 | 39,363 | |||
| Non-controlling interests | (96 | ) | (38 | ) | |
| Total equity | 29,453 | 39,325 | |||
| Current liabilities | |||||
| Borrowings | 2,000 | 1,960 | |||
| Trade payables | 147 | 546 | |||
| Social securities and other taxes | 6 | 1,019 | |||
| Pension premiums | |||||
| Deferred income | 347 | 347 | |||
| Other current liabilities | 4,587 | 4,622 | |||
| Total current liabilities | 7,087 | 8,494 | |||
| Borrowings | 5,727 | 5,284 | |||
| Total liabilities | 12,814 | 13,778 | |||
| Total equity and liabilities | 42,267 | 53,103 |
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 ended March 31, | |||||
| 2018 | 2017 | ||||
| 1,000 | 1,000 | ||||
| Other income | 499 | 393 | |||
| Research and development costs | (7,685 | ) | (8,030 | ) | |
| General and administrative costs | (2,672 | ) | (2,304 | ) | |
| Total operating costs | (10,357 | ) | (10,334 | ) | |
| Operating result | (9,858 | ) | (9,941 | ) | |
| Finance income and expense | (859 | ) | (537 | ) | |
| Result before corporate income taxes | (10,717 | ) | (10,478 | ) | |
| Income taxes | (2 | ) | |||
| Result for the period | (10,717 | ) | (10,480 | ) | |
| Other comprehensive income | (26 | ) | 2 | ||
| Total comprehensive income (attributable to owners of the Company) | (10,743 | ) | (10,478 | ) | |
| Result attributable to | |||||
| Owners of the Company | (10,659 | ) | (10,480 | ) | |
| Non-controlling interests | (58 | ) | |||
| (10,717 | ) | (10,480 | ) | ||
| Share information | |||||
| Weighted average number of shares outstanding(1) | 31,921,865 | 23,473,221 | |||
| Earnings per share attributable to the equity holders of the Company (expressed in Euro per share) | |||||
| Basic loss per share (1) | (0.34 | ) | (0.45 | ) | |
| Diluted loss per share (1) | (0.34 | ) | (0.45 | ) |
(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 | ZERNIKEDREEF 9 | 2333 CK LEIDEN | THE NETHERLANDS | +31 88 166 7000 | WWW.PROQR.COM
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 | 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 | ||||||||||||
| Balance at January 1, 2017 | 23,346,856 | 934 | 123,597 | 4,353 | (15 | ) | (75,733 | ) | 53,136 | 53,136 | |||||||||
| Result for the period | (10,480 | ) | (10,480 | ) | (10,480 | ) | |||||||||||||
| Other comprehensive income | 2 | 2 | 2 | ||||||||||||||||
| Recognition of share-based payments | 927 | 927 | 927 | ||||||||||||||||
| Issue of ordinary shares | 518,162 | 21 | 2,130 | 2,151 | 2,151 | ||||||||||||||
| Share options exercised | 127 | 0 | 1 | 1 | 1 | ||||||||||||||
| Balance at March 31, 2017 | 23,865,145 | 955 | 125,728 | 5,280 | (13 | ) | (86,213 | ) | 45,737 | 45,737 | |||||||||
| Balance at January 1, 2018 | 36,425,014 | 1,457 | 148,763 | 8,377 | 136 | (119,370 | ) | 39,363 | (38 | ) | 39,325 | ||||||||
| Result for the period | (10,659 | ) | (10,659 | ) | (58 | ) | (10,717 | ) | |||||||||||
| Other comprehensive income | (26 | ) | |||||||||||||||||
| Recognition of share-based payments | 871 | ||||||||||||||||||
| Balance at March 31, 2018 | 36,425,014 | 1,457 | 148,763 | 9,248 | 110 | (130,029 | ) | 29,549 | (96 | ) | 29,453 |
PROQR THERAPEUTICS N.V.
Unaudited Condensed Consolidated Statement of Cash Flows
| Three month period ended March 31, | |||||
| 2018 | 2017 | ||||
| 1,000 | 1,000 | ||||
| Cash flows from operating activities | |||||
| Net result | (10,717 | ) | (10,480 | ) | |
| Adjustments for: | |||||
| Depreciation | 240 | 268 | |||
| Share-based compensation | 871 | 927 | |||
| Financial income and expenses | 859 | 537 | |||
| Net foreign exchange gain / (loss) | (26 | ) | 2 | ||
| Changes in working capital | (936 | ) | (93 | ) | |
| Cash used in operations | (9,709 | ) | (8,839 | ) | |
| Corporate income tax paid | (2 | ) | |||
| Interest received/(paid) | (1 | ) | 58 | ||
| Net cash used in operating activities | (9,710 | ) | (8,783 | ) | |
| Cash flow from investing activities | |||||
| Purchases of intangible assets | |||||
| Purchases of property, plant and equipment | (4 | ) | (45 | ) | |
| Net cash used in investing activities | (4 | ) | (45 | ) | |
| Cash flow from financing activities | |||||
| Proceeds from issuance of shares, net of transaction costs | 2,151 | ||||
| Proceeds from exercise of share options | 1 | ||||
| Proceeds from borrowings | 101 | ||||
| Proceeds from convertible loans | 200 | ||||
| Net cash generated by financing activities | 301 | 2,152 | |||
| Net increase/(decrease) in cash and cash equivalents | (9,413 | ) | (6,676 | ) | |
| Currency effect cash and cash equivalents | (685 | ) | (413 | ) | |
| Cash and cash equivalents, at beginning of the period | 48,099 | 59,200 | |||
| Cash and cash equivalents at the end of the period | 38,001 | 52,111 |