$PIRS
Pieris Pharmaceuticals Inc

2015 Q1 Form 10-K Financial Statement

#000119312515109883 Filed on March 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014
Revenue $217.6K $3.280M $5.365M
YoY Change -84.15% -56.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.390M $2.860M $6.960M
YoY Change 191.46% 182.93%
% of Gross Profit
Research & Development $1.525M $2.330M $5.600M
YoY Change 24.69% -40.5%
% of Gross Profit
Depreciation & Amortization $78.12K $90.00K $367.0K
YoY Change -18.24% -4.6%
% of Gross Profit
Operating Expenses $3.919M $5.190M $12.56M
YoY Change 220.5% 33.48%
Operating Profit -$3.701M -$7.198M
YoY Change 451.44% -1399.73%
Interest Expense $4.170K -$2.250M $2.655M
YoY Change -96.18% 437.46%
% of Operating Profit
Other Income/Expense, Net $769.00 $0.00 -$2.652M
YoY Change 31.9% 443.8%
Pretax Income -$3.705M -$4.170M -$9.850M
YoY Change 375.01% -14980.03%
Income Tax $0.00 $0.00 -$18.00
% Of Pretax Income
Net Earnings -$3.705M -$4.170M -$9.850M
YoY Change 375.02% -14980.0%
Net Earnings / Revenue -1702.38% -127.13% -183.59%
Basic Earnings Per Share
Diluted Earnings Per Share -$125.7K -$64.48K -$336.4K
COMMON SHARES
Basic Shares Outstanding 29.43M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q4 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.20M $18.50M $18.50M
YoY Change 400.0%
Cash & Equivalents $13.17M $18.47M $18.50M
Short-Term Investments
Other Short-Term Assets $1.276M $1.207M $1.300M
YoY Change 168.4% 116.67%
Inventory
Prepaid Expenses $507.4K $109.3K
Receivables $0.00
Other Receivables
Total Short-Term Assets $14.97M $19.81M $19.80M
YoY Change 310.87% 312.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.786M $2.052M $2.100M
YoY Change -15.81% -12.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change
Total Long-Term Assets $1.809M $2.052M $2.100M
YoY Change -16.46% -16.0%
TOTAL ASSETS
Total Short-Term Assets $14.97M $19.81M $19.80M
Total Long-Term Assets $1.809M $2.052M $2.100M
Total Assets $16.77M $21.86M $21.90M
YoY Change 200.37% 200.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.500M $1.300M $1.300M
YoY Change 333.33%
Accrued Expenses $413.4K $986.6K $1.000M
YoY Change 76.3% 66.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.300M $1.300M
YoY Change 550.0%
Total Short-Term Liabilities $2.251M $3.517M $3.500M
YoY Change 98.93% 94.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $300.0K $334.0K $300.0K
YoY Change -25.0%
Total Long-Term Liabilities $300.0K $334.0K $300.0K
YoY Change -93.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.251M $3.517M $3.500M
Total Long-Term Liabilities $300.0K $334.0K $300.0K
Total Liabilities $2.547M $3.851M $3.900M
YoY Change -42.45% -41.79%
SHAREHOLDERS EQUITY
Retained Earnings -$69.51M -$65.81M
YoY Change 17.6%
Common Stock $29.43K $29.28K
YoY Change 147.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.23M $18.01M $18.00M
YoY Change
Total Liabilities & Shareholders Equity $16.77M $21.86M $21.90M
YoY Change 200.37% 200.0%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014
OPERATING ACTIVITIES
Net Income -$3.705M -$4.170M -$9.850M
YoY Change 375.02% -14980.0%
Depreciation, Depletion And Amortization $78.12K $90.00K $367.0K
YoY Change -18.24% -4.6%
Cash From Operating Activities -$3.720M $20.00K -$5.070M
YoY Change 785.71% 64.61%
INVESTING ACTIVITIES
Capital Expenditures $40.65K -$260.0K $267.4K
YoY Change 2199.1% 440.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$40.00K -$260.0K -$270.0K
YoY Change 440.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.96M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.000M 17.85M 20.33M
YoY Change 6060.61%
NET CHANGE
Cash From Operating Activities -3.720M 20.00K -5.070M
Cash From Investing Activities -40.00K -260.0K -270.0K
Cash From Financing Activities -1.000M 17.85M 20.33M
Net Change In Cash -4.760M 17.61M 14.99M
YoY Change 1033.33% -635.36%
FREE CASH FLOW
Cash From Operating Activities -$3.720M $20.00K -$5.070M
Capital Expenditures $40.65K -$260.0K $267.4K
Free Cash Flow -$3.761M $280.0K -$5.337M
YoY Change 791.64% 70.55%

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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
PIERIS PHARMACEUTICALS, INC.
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Trading Symbol
TradingSymbol
PIRS
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3248413
CY2014 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
Yes
CY2014 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
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NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-5065701
CY2014 us-gaap Revenue Recognition Milestone Method Milestone
RevenueRecognitionMilestoneMethodMilestone
The Company aggregates milestones into three categories (i) research milestones, (ii) development milestones and (iii) commercial milestones.
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2014 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
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P8M
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2519500 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0177 pure
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Use of Estimates</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses in the financial statements and disclosures in the accompanying notes. Actual results and outcomes could differ materially from management&#x2019;s estimates, judgments and assumptions.</p> </div>
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13872390 shares
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
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ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
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0 shares
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.00
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001583648
CY2014 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.71
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.3400 pure
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CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
11963188
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543926
CY2014 us-gaap Revenue From Grants
RevenueFromGrants
830408
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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113176
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IncreaseDecreaseInRestrictedCash
-70026
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51651
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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7137214
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentration of Credit Risk and Other Risks and Uncertainties</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Financial instruments that subject the Company to concentrations of credit risk include cash and cash equivalents and trade accounts receivable. The Company maintains cash and cash equivalents with various major financial institutions. The Company maintains deposits and owns money market funds only in highly rated financial institutions to minimize the credit risk from the financial institutions. Management periodically reviews the credit standing of these financial institutions and believes that the Company is not exposed to significant credit risk from the institutions in which those deposits are held and through which money-market funds are owned at December&#xA0;31, 2014 and 2013.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> As of December&#xA0;31, 2014, the Company has no trade accounts receivable. See Note 4 <i>Revenue</i>, for additional information regarding the Company&#x2019;s collaboration agreements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company relies on third parties to conduct preclinical and clinical studies. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, the Company may not be able to obtain regulatory approval for the Company&#xB4;s drug candidates and the Company&#x2019;s business could be substantially impacted. Furthermore, the Company is exposed to the risks associated with third parties formulating and manufacturing its preclinical and clinical drug supplies and any approved product candidates. The development and commercialization of any of its drug candidates could be stopped, delayed or made less profitable if those third parties fail to provide the Company with sufficient quantities of such drug candidate or fail to do so at acceptable quality levels, including in accordance with applicable regulatory requirements and prices.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In line with such third-party risk, the Company depends significantly on the Research and Licensing Agreement (or the &#x201C;TUM License Agreement&#x201D;) with Technische Universit&#xE4;t M&#xFC;nchen ( &#x201C;TUM&#x201D; or &#x201C;Technical University Munich&#x201D;), under which certain intellectual property rights are exclusively licensed to the Company. In the event that the TUM License Agreement is terminated by TUM, the Company would be significantly hampered in its efforts to develop and commercialize, as well as to sub-license, the drug candidates covered by such exclusive license.</p> </div>
CY2014 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
3184988
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
113176
CY2014 us-gaap Repayments Of Debt
RepaymentsOfDebt
181515
CY2014 us-gaap License And Services Revenue
LicenseAndServicesRevenue
473039
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-9849982
CY2014 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
4380906
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
-7198257
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ComprehensiveIncomeNetOfTax
-9736788
CY2014 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
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876619
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NonoperatingIncomeExpense
-2651725
CY2014 us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
2236581
CY2014 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3002
CY2014 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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113176
CY2014 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
4380906
CY2014 us-gaap Revenues
Revenues
5365054
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
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267406
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-9849964
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InterestPaid
71757
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-465385
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571382
CY2014 us-gaap Increase Decrease In Prepaid Expense
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58239
CY2014 us-gaap Increase Decrease In Other Current Assets
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911289
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571382
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-6102
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InterestExpense
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7342077
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5600421
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IncreaseDecreaseInIncomeTaxes
47940
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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14784829
CY2014 us-gaap Fair Value Adjustment Of Warrants
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664064
CY2014 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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-136997
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CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-18
CY2014 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
268621
CY2014 us-gaap Depreciation
Depreciation
366979
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
20333850
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11963188
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
438797
CY2014 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
420337
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-267406
CY2014 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
664064
CY2014 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-18
CY2014 us-gaap Costs And Expenses
CostsAndExpenses
12563312
CY2014 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
7307952
CY2014 us-gaap Paid In Kind Interest
PaidInKindInterest
2589025
CY2014 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1210100
CY2014 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-215914
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6962891
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
571382
CY2014 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-4811972
CY2014 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
1115987
CY2014 pirs Warrant Exercisable Period
WarrantExercisablePeriod
P5Y
CY2014 pirs Preferred Stock Issued During Period Value New Issues
PreferredStockIssuedDuringPeriodValueNewIssues
7342077
CY2014 pirs Issuance Of Warrants
IssuanceOfWarrants
664064
CY2014 pirs Investors Preference Description
InvestorsPreferenceDescription
The Securities Purchase Agreement also contains certain anti-dilution provisions. Those anti-dilution provisions provide that if the Company issue and sell equity securities or equity-linked or related securities at a purchase price per share of lower than $2.00 within the 180-day period following December 17, 2014, each Investor in the Private Placement shall be entitled to receive such number of additional shares of the Company's common stock as they would have received had such lower purchase price per share been applicable in the Private Placement.

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