Business Updates
Earlier this month, ProQR announced its participation in the Foundation Fighting Blindness “My Retina Tracker Program”, a collaborative, open access program providing no-cost genetic testing and genetic counseling for individuals in the U.S. with a clinical diagnosis of an IRD such as LCA and Usher syndrome.
In October 2019, the Company closed an underwritten public offering of 9,090,909 ordinary shares at a price of $5.50 per share, excluding full exercise of underwriters’ option to purchase 1,363,636 additional ordinary shares for total gross proceeds of $57.5 million. Net proceeds totaled approximately €48.6 million. With the addition of this capital ProQR’s operations are expected to be funded into 2022.
In April 2019, the Company appointed to the Supervisory Board Bart Filius, Chief Operating Officer and Chief Financial Officer at Galapagos NV and Theresa Heggie, Senior Vice President, Head of Canada, Europe, Middle East and Africa at Alnylam Pharmaceuticals.
Financial Highlights
At December 31, 2019, ProQR held cash and cash equivalents of €112.0 million, compared to €105.6 million at December 31, 2018. The increase in cash was primarily from a public offering in October of which the net proceeds totaled €48.6 million. Net cash used in operating activities during the three month period and full year ended December 31, 2019 was €12.0 million and €44.0 million respectively, compared to €9.1 million and €28.5 million for the same period last year.
Research and development costs increased to €13.9 million for the quarter ended December 31, 2019 from €9.5 million for the same period in 2018. Research and development costs for the year ended December 31, 2019 were €46.5 million, compared to €29.5 million for the same period in 2018.
General and administrative costs decreased to €3.9 million for the quarter ended December 31, 2019 from €4.6 million for the same period in 2018. General and administrative costs for the year ended December 31, 2019 were €12.9 million, compared to €12.5 million for the same period in 2018.
Net loss for the three month period ended December 31, 2019 was €18.6 million or €0.39 per diluted share, compared to a €13.0 million loss or €0.33 per diluted share for the same period in 2018. Net loss for the year ended December 31, 2019 was €56.7 million or €1.38 per diluted share, compared to €37.1 million, or €1.08 per diluted share for the same period ended December 31, 2018. For further financial information for the period ended December 31, 2019, please refer to the financial statements at the end of this release.