17. Investments in Financial Assets

Investment in financial assets consist of the Company’s investment in Phoenicis Therapeutics Inc. (“Phoenicis”) and Yarrow Biotechnology Inc. (“Yarrow”).

ProQR holds a 3.9% interest in Phoenicis. As at June 30, 2025, the investment amounts to € nil (December 31, 2024: € nil). Phoenicis discontinued its operations during the quarter ended September 30, 2024.

ProQR holds a 5.1% interest in Yarrow. As at June 30, 2025, the fair value of the Yarrow financial asset amounted to € nil (December 31, 2024: € nil).