SCHEDULE: Van Herk Group Boosts ProQR Therapeutics Stake to 12.6%

Van Herk Investments B.V. and its affiliates have increased their beneficial ownership in ProQR Therapeutics N.V. to 12.6% through recent open market purchases.

Summary

• Van Herk Investments B.V. and its affiliated entities (the "Reporting Persons") have filed an Amendment No. 2 to their Schedule 13D, disclosing an increased stake in ProQR Therapeutics N.V.
• The Reporting Persons now beneficially own an aggregate of 13,274,690 ordinary shares, representing 12.6% of ProQR Therapeutics N.V.'s outstanding shares.
• This percentage is based on 105,344,052 ordinary shares issued and outstanding as of June 30, 2025, as reported by ProQR Therapeutics N.V. in its Form 6-K on August 7, 2025.
• Between August 20, 2025, and September 3, 2025, Van Herk Investments B.V. acquired an additional 1,072,500 ordinary shares in open market transactions.
• The aggregate net amount for these recent purchases was $2,401,687.56, funded by Van Herk Investments B.V.'s general working capital.
• The Reporting Persons state their investment is for investment purposes in the ordinary course of business and they intend to review their investment continuously.
• They may engage with management and the board, discuss with other stockholders, make recommendations on capitalization, ownership, board structure, or potential business combinations, and may buy or sell additional shares.

Sentiment

Score: 7

Explanation: The increased stake by a significant investor group suggests confidence in the company's prospects, but the explicit mention of potential activist actions and the flexibility to sell shares introduces a degree of uncertainty and potential for future volatility.

Positives

• A significant investor group, Van Herk Investments, has increased its stake, signaling continued confidence in ProQR Therapeutics N.V.'s long-term prospects.
• The acquisition of an additional 1,072,500 shares demonstrates a tangible commitment to the investment.
• The stated intent to engage with management and the board could lead to strategic improvements or value creation initiatives for the company.

Negatives

• The filing indicates the potential for activist investor actions, including proposals for changes to capitalization, ownership, or board structure, which could lead to management distraction or strategic shifts.
• The Reporting Persons explicitly state they may sell some or all of their shares, or engage in short selling or hedging, which introduces uncertainty regarding future share price movements.

Risks

• Potential for activist investor pressure on ProQR Therapeutics N.V.'s management and board, which could lead to strategic disagreements or changes.
• Uncertainty regarding the Reporting Persons' future actions, including potential sales of shares, short selling, or other derivative transactions that could impact share price.
• The investment strategy of the Reporting Persons may not align with the interests of all other shareholders.

Future Outlook

The Reporting Persons intend to continuously review their investment in ProQR Therapeutics N.V. and may take various actions, including engaging with management and the board, discussing with other stockholders, making recommendations on corporate structure or performance, and adjusting their shareholdings through purchases, sales, or derivative transactions.

Industry Context

The increased stake by a significant investor group in a biotechnology company like ProQR Therapeutics N.V. suggests a belief in the company's long-term potential or an opportunity for strategic influence. Such an increase can sometimes precede activist campaigns aimed at unlocking shareholder value, which is a common trend in the biotech sector where companies often face R&D challenges and need strategic direction.

Comparison to Industry Standards

• An ownership stake of 12.6% is substantial and typically grants an investor significant influence, often exceeding the threshold for passive investment and indicating potential for active engagement, similar to activist positions taken by funds like Starboard Value or Elliott Management in other biotech or pharmaceutical companies.
• The stated intentions, including potential recommendations on capitalization, ownership structure, and board composition, align with common strategies employed by activist investors seeking to drive change in underperforming or undervalued companies.

Stakeholder Impact

• Shareholders: Potential for increased share price volatility due to investor actions; possibility of strategic changes or value creation initiatives if the investor engages actively; potential for dilution if new shares are issued as part of a strategic change.
• Management/Board: Increased scrutiny and potential pressure from a significant shareholder; need to engage in discussions and potentially respond to proposals.
• Employees: Potential for strategic shifts or business combinations could impact employment, though not directly stated.

Next Steps

• Reporting Persons will continue to review their investment in ProQR Therapeutics N.V.
• Potential future engagement with ProQR Therapeutics N.V. management and board of directors.
• Possible discussions with other stockholders or third parties regarding the Issuer.
• Consideration of recommendations or proposals concerning capitalization, ownership structure, board composition, or business combinations.
• Potential future purchases or sales of ProQR Therapeutics N.V. ordinary shares, or engagement in hedging/derivative transactions.

Key Dates

Recommendation

The increased stake by Van Herk Investments signals a positive long-term view from a significant investor, which could be a catalyst for value creation. However, the explicit mention of potential activist actions and the flexibility to sell shares introduces uncertainty. Investors should hold to observe how the relationship between Van Herk and ProQR Therapeutics N.V. evolves and what specific actions, if any, are proposed or taken, before making further investment decisions.

Keywords

ProQR Therapeutics N.V., Van Herk Investments, Schedule 13D, Shareholder Activism, Biotechnology Investment, Equity Stake, N71542109, Ordinary Shares, Netherlands Investment