$PIRS
Pieris Pharmaceuticals Inc

2016 Q1 Form 10-K Financial Statement

#000119312516514870 Filed on March 23, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015
Revenue $1.247M $2.140M $2.932M
YoY Change 472.85% -34.76% -45.35%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.970M $1.760M $8.370M
YoY Change -17.57% -38.46% 20.26%
% of Gross Profit
Research & Development $3.659M $2.940M $8.245M
YoY Change 140.02% 26.18% 47.22%
% of Gross Profit
Depreciation & Amortization $94.52K $80.00K $307.9K
YoY Change 21.0% -11.11% -16.1%
% of Gross Profit
Operating Expenses $5.627M $4.700M $16.61M
YoY Change 43.59% -9.44% 32.23%
Operating Profit -$4.381M -$13.68M
YoY Change 18.35% 90.06%
Interest Expense $0.00 -$180.0K -$184.6K
YoY Change -100.0% -92.0% -106.96%
% of Operating Profit
Other Income/Expense, Net $219.6K $10.00K $10.91K
YoY Change 28459.17% -100.41%
Pretax Income -$4.161M -$2.740M -$13.85M
YoY Change 12.32% -34.29% 40.66%
Income Tax $0.00 $160.0K $203.9K
% Of Pretax Income
Net Earnings -$4.161M -$2.900M -$14.06M
YoY Change 12.32% -30.46% 42.73%
Net Earnings / Revenue -333.78% -135.51% -479.5%
Basic Earnings Per Share
Diluted Earnings Per Share -$104.4K -$72.83K -$408.8K
COMMON SHARES
Basic Shares Outstanding 39.83M shares 39.76M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.20M $29.30M $29.30M
YoY Change 136.36% 58.38% 58.38%
Cash & Equivalents $31.19M $29.35M $29.30M
Short-Term Investments
Other Short-Term Assets $3.600M $2.300M $2.300M
YoY Change 182.19% 90.54% 76.92%
Inventory
Prepaid Expenses
Receivables $70.26K $0.00
Other Receivables $0.00
Total Short-Term Assets $34.87M $31.66M $31.70M
YoY Change 132.98% 59.86% 60.1%
LONG-TERM ASSETS
Property, Plant & Equipment $2.210M $2.163M $2.200M
YoY Change 23.78% 5.39% 4.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $128.0K $126.8K $100.0K
YoY Change
Total Long-Term Assets $2.338M $2.290M $2.300M
YoY Change 29.24% 11.56% 9.52%
TOTAL ASSETS
Total Short-Term Assets $34.87M $31.66M $31.70M
Total Long-Term Assets $2.338M $2.290M $2.300M
Total Assets $37.21M $33.95M $34.00M
YoY Change 121.79% 55.32% 55.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.700M $1.059M $1.100M
YoY Change 13.33% -18.57% -15.38%
Accrued Expenses $2.322M $1.739M $1.700M
YoY Change 461.7% 76.3% 70.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $6.498M $2.798M $2.800M
YoY Change 188.68% -20.45% -20.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $39.74K $23.85K $0.00
YoY Change -86.75% -92.86% -100.0%
Total Long-Term Liabilities $39.74K $23.85K $0.00
YoY Change -86.75% -92.86% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.498M $2.798M $2.800M
Total Long-Term Liabilities $39.74K $23.85K $0.00
Total Liabilities $10.03M $2.822M $2.800M
YoY Change 293.71% -26.73% -28.21%
SHAREHOLDERS EQUITY
Retained Earnings -$84.03M -$79.87M
YoY Change 20.88% 21.36%
Common Stock $112.6M $112.3M
YoY Change 382621.51% 383324.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.18M $31.13M $31.10M
YoY Change
Total Liabilities & Shareholders Equity $37.21M $33.95M $34.00M
YoY Change 121.79% 55.32% 55.25%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015
OPERATING ACTIVITIES
Net Income -$4.161M -$2.900M -$14.06M
YoY Change 12.32% -30.46% 42.73%
Depreciation, Depletion And Amortization $94.52K $80.00K $307.9K
YoY Change 21.0% -11.11% -16.1%
Cash From Operating Activities $2.030M -$2.500M -$12.71M
YoY Change -154.57% -12600.0% 150.69%
INVESTING ACTIVITIES
Capital Expenditures $67.92K -$350.0K $620.7K
YoY Change 67.09% 34.62% 132.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$70.00K -$350.0K -$620.0K
YoY Change 75.0% 34.62% 129.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.76M
YoY Change 115.36%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 10.00K 24.62M
YoY Change -100.0% -99.94% 21.1%
NET CHANGE
Cash From Operating Activities 2.030M -2.500M -12.71M
Cash From Investing Activities -70.00K -350.0K -620.0K
Cash From Financing Activities 0.000 10.00K 24.62M
Net Change In Cash 1.960M -2.840M 11.29M
YoY Change -141.18% -116.13% -24.68%
FREE CASH FLOW
Cash From Operating Activities $2.030M -$2.500M -$12.71M
Capital Expenditures $67.92K -$350.0K $620.7K
Free Cash Flow $1.962M -$2.150M -$13.33M
YoY Change -152.17% -867.86% 149.76%

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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Concentration of Credit Risk and Other Risks and Uncertainties</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Financial instruments that subject Pieris to concentrations of credit risk include cash and cash equivalents and trade accounts receivable. Pieris maintains cash and cash equivalents with various major financial institutions. Pieris maintains deposits and owns money market funds only in highly rated financial institutions to minimize the credit risk from the financial institutions. There were no money market funds held at December&#xA0;31, 2015. Management periodically reviews the credit standing of these financial institutions and believes that Pieris 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.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> As of December&#xA0;31, 2015 and December&#xA0;31, 2014, respectively, Pieris has no trade accounts receivable. See Note 4&#xA0;<i>Revenue</i>, for additional information regarding Pieris&#x2019;s collaboration agreements.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Pieris 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, Pieris may not be able to obtain regulatory approval for Pieris&#xB4;s drug candidates and Pieris&#x2019;s business could be substantially impacted. Furthermore, Pieris 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 Pieris 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; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> In line with such third-party risk, Pieris 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 Pieris. In the event that the TUM License Agreement is terminated by TUM, Pieris 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>
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CY2015 dei Entity Current Reporting Status
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CY2015 dei Entity Registrant Name
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PIERIS PHARMACEUTICALS, INC.
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CY2015 dei Trading Symbol
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CY2015 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2015 us-gaap Current State And Local Tax Expense Benefit
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CY2015 us-gaap Proceeds From Stock Options Exercised
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CY2015 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2015 us-gaap Current Federal Tax Expense Benefit
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2015 us-gaap Depreciation
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CY2015 pirs Commencement Date Of Lease
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CY2015 pirs Effective Income Tax Rate Reconciliation Withholding Tax
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CY2015 pirs Warrant Exercisable Period
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CY2015 pirs Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Remaining Contractual Term2 Exercised
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CY2015 pirs Effective Income Tax Rate Reconciliation Deferred Tax Adjustments
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CY2015 pirs Non Cash Consulting Shares
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CY2015 pirs Antidilutive Securities Excluded From Calculation Of Earnings Per Share Value
AntidilutiveSecuritiesExcludedFromCalculationOfEarningsPerShareValue
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