Persistent free cash flow deficits are evident, with quarterly outflows frequently exceeding $10 million, further exacerbated by a cumulative retained earnings deficit of $479.4 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -48.04M | -50.71M | -36.39M | 21.55M | -68.51M | -26.01M | -47.06M | -43.97M | -30.68M | -34.95M | -34.22M | -24.23M | -14.46M | -2.33M |
| Operating CF Margin % | - | -331.89% | -192.5% | 330.8% | -1906.18% | -1948.46% | -4573.38% | -2274.7% | -620.97% | 2285.87% | -1499.61% | -257.6% | -4618.85% | - |
| Operating CF Growth % | -210.09% | -39.33% | -268.89% | 131.45% | -163.37% | 44.73% | -7.03% | -43.31% | 12.21% | -2.13% | -41.22% | -67.61% | -519.94% | - |
| Net Income | -45.62M | -40.52M | -27.76M | -27.73M | -64.2M | -60.8M | -46.61M | -56.75M | -37.09M | -43.52M | -39.12M | -20.83M | -12.13M | -3.25M |
| Depreciation & Amortization | 2.72M | 2.6M | 2.76M | 2.51M | 2.52M | 2.33M | 2.35M | 2.05M | 992K | 1.06M | 1.25M | 480K | 126K | 24K |
| Stock-Based Compensation | 2.03M | 0 | 2.54M | 3.11M | 2.87M | 6.22M | 7.84M | 9.11M | 3.22M | 4.02M | 2.45M | 1.21M | 646K | 41K |
| Deferred Taxes | 18K | 0 | -197K | -78K | 96K | 117K | 124K | 132K | 102K | 145K | 236K | 441K | 142K | 13K |
| Other Non-Cash Items | 3.3M | 3.94M | -474K | -5.21M | -4.8M | 1.11M | -5.29M | -210K | 792K | 3.17M | -470K | -6.17M | -4.33M | 14K |
| Working Capital Changes | -10.48M | -16.73M | -13.26M | 48.96M | -4.99M | 25.01M | -5.47M | 1.69M | 1.29M | 164K | 1.43M | 637K | 1.09M | 829K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -955.79K | -979.74K | -4.07M | 4.28M | -702K | -425K | -924K | -580K | -312K | -121K | -2.54M | -1.32M | -1.23M | -137K |
| Capital Expenditures | -955.79K | -979.74K | -1.42M | -1.37M | -708K | -484K | -924K | -580K | -312K | -121K | -2.54M | -1.32M | -1.23M | -137K |
| CapEx % of Revenue | 7.11% | 6.41% | 7.5% | 21.05% | 19.7% | 36.25% | 89.8% | 30.01% | 6.31% | -7.91% | 111.26% | 14.07% | 393.93% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -2.65M | 5.65M | 6K | 59K | 0 | 0 | 0 | 0 | 0 | -28K | 0 | 0 |
| Cash from Financing | -1.63M | -1.76M | 70.28M | -2.27M | -30.89M | 136.83M | 14.5M | 50.2M | 88.65M | 26.64M | 357K | 1.62M | 119.88M | 6.35M |
| Debt Issued (Net) | -1.64M | -1.91M | -1.58M | -2.63M | -45.05M | 26.84M | 13.77M | 1.46M | 1.4M | 951K | 355K | 1.61M | 1.63M | 3.33M |
| Equity Issued (Net) | 1.71K | 66.28K | 71.64M | 0 | 14.12M | 108.48M | 0 | 48.55M | 84.19M | 25.68M | 0 | 0 | 118.25M | 3.02M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.85K | 75.19K | 223K | 354K | 34K | 1.52M | 735K | 193K | 870K | 4K | 2K | 14K | 0 | 0 |
| Net Change in Cash | -53.17M | -39.3M | 30.48M | 24.15M | -92.75M | 111.69M | -36.11M | 6.37M | 57.48M | -11.1M | -35.66M | -17.87M | 108.61M | 3.88M |
| Free Cash Flow | -48.99M | -51.69M | -37.81M | 20.18M | -69.22M | -26.5M | -47.98M | -44.55M | -30.99M | -35.07M | -36.76M | -25.56M | -15.69M | -2.47M |
| FCF Margin % | -364.47% | -338.31% | -200.01% | 309.75% | -1925.88% | -1984.72% | -4663.17% | -2304.71% | -627.28% | 2293.79% | -1610.87% | -271.67% | -5012.78% | - |
| FCF Growth % | -29.04% | -36.7% | -287.4% | 129.15% | -161.23% | 44.78% | -7.71% | -43.74% | 11.63% | 4.59% | -43.84% | -62.88% | -535.48% | - |
| FCF per Share | -0.47 | -0.49 | -0.46 | 0.25 | -0.97 | -0.41 | -0.96 | -1.09 | -0.91 | -1.38 | -1.57 | -1.09 | -0.71 | -0.11 |
| FCF Conversion (FCF/Net Income) | 1.07x | 1.25x | 1.31x | -0.77x | 1.06x | 0.43x | 1.01x | 0.77x | 0.83x | 0.80x | 0.88x | 1.16x | 1.19x | 0.72x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High clinical milestone dependency
According to quarterly financial data, ProQR's operating cash flow consistently trails net income, with OCF/NI ratios frequently exceeding 1.0, suggesting that reported losses are being exacerbated by significant cash outflows related to the company's intensive research and development activities rather than non-cash accounting adjustments.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are a direct reflection of actual cash consumption. Investors should monitor this relationship, as the inability to generate positive operating cash flow suggests that the business model remains entirely dependent on external financing to sustain its current R&D trajectory.
As reported in financial statements, ProQR's free cash flow remains deeply negative, with quarterly outflows often exceeding $10 million, highlighting a structural inability to self-fund operations through its current collaboration-based revenue model while maintaining the high overhead required for the Axiomer platform development.
The consistent negative FCF trajectory underscores the company's status as a capital-consuming entity rather than a self-sustaining business. This trend warrants further investigation into how long the current cash position can support these burn rates before additional dilutive capital raises become a necessity.
Based on reported figures, working capital changes have been highly erratic, with significant quarterly swings such as the $9.2 million outflow in 2024Q1, which suggests that the timing of milestone-related receivables and payables creates unpredictable liquidity pressures for the firm's limited cash reserves.
These fluctuations in working capital appear to be driven by the lumpy nature of milestone payments from partners like Eli Lilly. The lack of a stable working capital cycle implies that the company's short-term liquidity is highly sensitive to the timing of contract execution and partner payment schedules.
As evidenced by the quarterly cash flow statements, stock-based compensation (SBC) provides a non-cash buffer that obscures the true economic cost of talent acquisition, with figures reaching over $1 million in 2025Q3, effectively masking the full extent of the company's operational cash burn.
While SBC is a standard tool for biotech firms to preserve cash, it represents a real economic cost to shareholders through dilution. Analysts should adjust for these non-cash expenses to understand the true underlying cash burn rate required to maintain the company's specialized laboratory workforce.
Quick answers to the most common questions about buying PRQR stock.
ProQR Therapeutics N.V. (PRQR) generated $-50.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ProQR Therapeutics N.V. (PRQR) reported negative free cash flow of $51.7M in 2025, indicating capital requirements exceeded cash from operations.
ProQR Therapeutics N.V. (PRQR) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.