SCHEDULE: Van Herk Boosts ProQR Stake to 14.6%

Van Herk Investments B.V. and its affiliates have increased their beneficial ownership in ProQR Therapeutics N.V. to 14.6% through recent open market purchases.

Summary

• Van Herk Investments B.V. and its affiliated entities (the "Reporting Persons") have filed Amendment No. 4 to their Schedule 13D regarding their ownership in ProQR Therapeutics N.V.
• Between October 3, 2025, and February 5, 2026, Van Herk Investments B.V. acquired an additional 1,054,560 Ordinary Shares of ProQR Therapeutics N.V.
• The aggregate cost for these recent acquisitions was $2,154,236.73, funded from VHI's general working capital.
• The Reporting Persons now beneficially own a total of 15,384,250 Ordinary Shares, representing 14.6% of ProQR Therapeutics N.V.'s outstanding shares.
• This percentage is based on 105,345,192 ordinary shares outstanding as of September 30, 2025, as reported in the Issuer's Form 6-K filed on November 6, 2025.
• The purpose of the transaction remains for investment, with the Reporting Persons reserving the right to engage with management, propose changes, or adjust their holdings.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant investor is increasing their stake and signaling potential active engagement, which could drive value. However, the investor's flexibility to sell or short shares introduces a degree of uncertainty.

Positives

• Increased stake by a significant investor (Van Herk) could signal confidence in ProQR Therapeutics N.V.'s long-term prospects.
• The investor group explicitly states intentions to potentially engage with management and the board, suggesting active oversight or strategic input.

Risks

• The Reporting Persons retain the flexibility to sell some or all of their Ordinary Shares, which could exert downward pressure on the stock price if a large block is sold.
• They may engage in short selling or hedging transactions with respect to the Ordinary Shares, which could also negatively impact the stock price.
• The possibility of proposals concerning changes to capitalization, ownership structure, or board composition could lead to uncertainty or conflict within the company.

Future Outlook

The Reporting Persons intend to continuously review their investment in ProQR Therapeutics N.V. and may take various actions, including purchasing or selling additional shares, engaging with management and the board, proposing changes to corporate structure, or engaging in hedging activities.

Industry Context

StockSavvy.ai notes that an increased stake by a significant investor like Van Herk, particularly with stated intentions to potentially engage with management, often signals a belief in undervalued assets or a desire to influence strategic direction within the biotechnology sector. This could be a precursor to more active shareholder engagement or a strategic partnership, common in the evolving biotech landscape where capital and expertise are critical.

Comparison to Industry Standards

• A 14.6% stake is a substantial minority position, often sufficient to exert significant influence in corporate governance, especially in companies without a dominant founder or institutional block.
• Compared to typical passive institutional investments, Van Herk's explicit declaration of potential actions, including board changes and business combinations, aligns more with activist investor profiles seen in the biotech industry, such as those observed with Carl Icahn's involvement in various companies or Baker Bros. Advisors' significant stakes in numerous biotech firms.
• The acquisition of additional shares, even if relatively small in absolute terms (1 million shares), reinforces the investor's commitment and could be interpreted as a vote of confidence, similar to how major pharmaceutical companies often increase stakes in smaller biotech partners before full acquisitions.

Stakeholder Impact

• Shareholders: Could benefit from potential active engagement by a significant investor leading to strategic improvements or increased oversight. Conversely, large sales by this investor could negatively impact share price.
• Management/Board: May face increased scrutiny or proposals for strategic changes from the Van Herk group.

Next Steps

• Reporting Persons will continue to review their investment in ProQR Therapeutics N.V.
• Potential future actions include engaging in communications with management and the board of directors of the Issuer.
• Potential discussions with other stockholders of the Issuer or other third parties about the Issuer and the Reporting Persons' investment, including potential business combinations or dispositions.
• Possible recommendations or proposals to the Issuer concerning changes to capitalization, ownership structure, board structure (including board composition), or suggestions for improving financial and/or operational performance.
• Further purchases or sales of Ordinary Shares, or engaging in short selling, hedging, or similar derivative transactions with respect to the Ordinary Shares.

Key Dates

Recommendation

The increased stake by Van Herk Investments B.V. and its affiliates, coupled with their stated intent to potentially engage actively with ProQR Therapeutics N.V.'s management and board, suggests a belief in the company's underlying value or potential for strategic improvement. This could be a positive catalyst. However, the filing also explicitly states the investor's flexibility to sell shares, engage in short selling, or propose significant corporate changes, which introduces uncertainty. Given these balanced factors, a "hold" recommendation is appropriate, advising investors to monitor the nature and outcome of any future engagement between Van Herk and ProQR.

Keywords

ProQR Therapeutics, Van Herk Investments, Schedule 13D, Beneficial Ownership, Equity Stake, Biotechnology Investment, Shareholder Activism, N71542109