ProQR Therapeutics Reports Positive Phase 1 Data for AX-0810
ProQR Therapeutics announced positive target engagement data from its ongoing Phase 1 clinical study evaluating AX-0810, the company's first investigational Axiomer RNA editing oligonucleotide, or EON, in healthy volunteers. Axiomer is the company's proprietary RNA editing technology platform. AX-0810 is an Axiomer RNA EON which aims to reduce toxic bile acid accumulation in the liver, the underlying driver of cholestatic liver diseases including biliary atresia, and has the potential to be disease modifying. Data from ongoing Phase 1 study of AX-0810 in healthy volunteers demonstrated dose-dependent target engagement on all key biomarkers in the evaluable 3 mg/kg and 6 mg/kg cohorts. AX-0810 demonstrated up to 8-fold change in total bile acids in serum, exceeding the 2-fold threshold identified by the company as a meaningful indicator of NTCP modulation, along with concordant readouts of bile acid profile and TUDCA markers. Favorable safety and tolerability profile has been observed with AX-0810 to date, with no serious adverse events or pruritus reported; pharmacokinetic findings to date support sustained target engagement, including a half-life of eight weeks. The NTCP biomarker findings support the advancement of next-generation candidate AX-0811 and future clinical studies in biliary atresia. ProQR expects to submit a Clinical Trial Application in mid-2026 for AX-0811 and anticipates initial human clinical data in healthy volunteers by year-end 2026. The company has selected biliary atresia as the initial indication for Phase 2 development of AX-0810 or AX-0811. The company expects to report initial clinical data from the trial in the first half of 2027.
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- Offering Overview: ProQR Therapeutics announced the completion of an underwritten registered direct offering of 27,624,810 ordinary shares at $1.1 per share, with gross proceeds estimated at $50 million, indicating an urgent need for financing amid market pressures.
- Strategic Partnership Agreement: Concurrently, the company entered into a purchase agreement with strategic partner Eli Lilly for 5,100,780 ordinary shares, expected to generate $9.2 million, aimed at strengthening collaboration and funding future research initiatives.
- Use of Proceeds: ProQR plans to allocate the proceeds from this offering to fund research and clinical development of current or additional pipeline candidates, as well as for working capital, capital expenditures, and other general corporate purposes, highlighting the company's commitment to R&D.
- Market Reaction Analysis: Despite a significant drop of over 20% in share price on Thursday, closing at $1.44, shares showed a slight recovery in pre-market trading to $1.57, reflecting a complex market reaction and cautious investor sentiment regarding the company's future prospects.
- Offering Size: ProQR Therapeutics has priced a registered direct offering of 27.6 million ordinary shares at $1.81 per share, aiming to raise approximately $50 million in gross proceeds before expenses to support its research and clinical development initiatives.
- Strategic Partnership: Existing shareholder Eli Lilly has agreed to purchase 5.1 million ordinary shares at the same price, valued at about $9.2 million, which will help Lilly maintain its pro rata beneficial ownership and further solidify their strategic partnership.
- Use of Proceeds: ProQR plans to utilize the proceeds from both transactions, along with its existing cash, to fund research, clinical development, working capital, capital expenditures, and other general corporate purposes, ensuring the company's ongoing operations and growth.
- Market Reaction: Following the financing announcement, ProQR shares rose by 1.48% in premarket trading, indicating a positive market response to the company's financing plans, which may enhance investor confidence.
- Clinical Trial Results: ProQR Therapeutics announced that its Phase 1 trial for AX-0810, involving 22 healthy volunteers, demonstrated a favorable safety and tolerability profile, with no serious adverse events reported, indicating the therapy's potential in liver disease treatment.
- Mechanism of Action: AX-0810 modulates NTCP, a bile acid transporter, resulting in up to an eight-fold increase in serum bile acids, significantly exceeding the predefined two-fold threshold, which confirms its effectiveness as a novel therapeutic target.
- Market Potential: The data supports ProQR's advancement of its NTCP franchise, including AX-0810 and its sister therapy, particularly targeting biliary atresia, a cholestatic liver disease, suggesting promising future market opportunities.
- Strategic Partnerships: ProQR has formed a partnership with Ginkgo as part of its AI strategy, aimed at accelerating drug development and market entry, thereby enhancing its competitive position in the biotech sector.
- Clinical Trial Progress: ProQR Therapeutics N.V. has enrolled 33 healthy volunteers in its Phase 1 study of AX-0810, with 24 receiving the treatment, demonstrating good safety and tolerability, indicating potential for future research.
- Biomarker Results: In the 3 mg/kg and 6 mg/kg cohorts, AX-0810 resulted in up to an 8-fold increase in total bile acids in serum, exceeding the company's predefined target of 2-fold, showcasing effective NTCP modulation and potential new avenues for treating liver-related diseases.
- Increased Urinary Excretion: The administration of AX-0810 led to statistically significant increases in urinary excretion of conjugated bile acids, suggesting that the drug may lower toxic bile acid concentrations in the body through NTCP modulation, thereby improving liver health.
- Future Development Plans: ProQR intends to submit a Clinical Trial Application for AX-0811 in mid-2026 and anticipates initial human clinical data by the end of 2026, reflecting the company's ongoing investment and commitment to research in the NTCP space.

- Dose-Dependent Target Engagement: AX-0810 demonstrated up to an 8-fold increase in total bile acids in serum at 3 mg/kg and 6 mg/kg doses, exceeding the company's 2-fold threshold for meaningful NTCP modulation, indicating potential new treatment avenues for cholestatic liver diseases like biliary atresia.
- Favorable Safety and Tolerability: To date, AX-0810 has shown no serious adverse events or pruritus in the clinical trial, reflecting a favorable safety profile, while pharmacokinetic data indicate a sustained target engagement with an 8-week half-life, enhancing its clinical applicability.
- Biomarker Findings Support Further Research: The biomarker results from AX-0810 support the advancement of the next-generation candidate AX-0811, which has shown significant cholestasis reduction in animal models, with a Clinical Trial Application expected in mid-2026, broadening the prospects for NTCP-targeted therapies.
- Future Development Plans: ProQR intends to conduct an investigator-initiated trial in pediatric biliary atresia in China, with initial clinical data anticipated in the first half of 2027, marking a significant step towards addressing unmet medical needs with AX-0810 and AX-0811 in Phase 2 development.
- Financing Size: ProQR Therapeutics announced the pricing of 27,624,310 ordinary shares at $1.81 each, expecting gross proceeds of approximately $50 million, indicating strong market demand for its RNA therapies.
- Strategic Partnership: ProQR has entered into a share purchase agreement with Eli Lilly, allowing Lilly to purchase 5,100,780 shares at the same offering price, thereby maintaining its ownership stake and reinforcing their strategic partnership.
- Use of Proceeds: The proceeds from this offering will primarily fund research and clinical development of existing and new pipeline candidates, reflecting the company's proactive investment strategy for future product development.
- Underwriter Lineup: BofA Securities, Evercore ISI, and Cantor are acting as joint lead bookrunning managers for the offering, demonstrating market confidence in ProQR, with the financing expected to close on June 26, 2026.







