$PIRS
Pieris Pharmaceuticals Inc

2017 Q1 Form 10-K Financial Statement

#000119312517102052 Filed on March 30, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2015 Q4 2015
Revenue $1.343M $2.140M $2.932M
YoY Change 7.73% -34.76% -45.35%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.990M $1.760M $8.370M
YoY Change 102.54% -38.46% 20.26%
% of Gross Profit
Research & Development $5.360M $2.940M $8.245M
YoY Change 46.47% 26.18% 47.22%
% of Gross Profit
Depreciation & Amortization $100.0K $80.00K $307.9K
YoY Change 5.8% -11.11% -16.1%
% of Gross Profit
Operating Expenses $9.349M $4.700M $16.61M
YoY Change 66.14% -9.44% 32.23%
Operating Profit -$8.006M -$13.68M
YoY Change 82.76% 90.06%
Interest Expense $0.00 -$180.0K -$184.6K
YoY Change -92.0% -106.96%
% of Operating Profit
Other Income/Expense, Net $12.00K $10.00K $10.91K
YoY Change -94.54% -100.41%
Pretax Income -$7.994M -$2.740M -$13.85M
YoY Change 92.11% -34.29% 40.66%
Income Tax $0.00 $160.0K $203.9K
% Of Pretax Income
Net Earnings -$7.994M -$2.900M -$14.06M
YoY Change 92.11% -30.46% 42.73%
Net Earnings / Revenue -595.23% -135.51% -479.5%
Basic Earnings Per Share
Diluted Earnings Per Share -$185.6K -$72.83K -$408.8K
COMMON SHARES
Basic Shares Outstanding 43.06M shares 39.76M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.20M $29.30M $29.30M
YoY Change 76.92% 58.38% 58.38%
Cash & Equivalents $55.24M $29.35M $29.30M
Short-Term Investments
Other Short-Term Assets $3.500M $2.300M $2.300M
YoY Change -2.78% 90.54% 76.92%
Inventory
Prepaid Expenses
Receivables $39.01K $0.00
Other Receivables $0.00
Total Short-Term Assets $58.76M $31.66M $31.70M
YoY Change 68.52% 59.86% 60.1%
LONG-TERM ASSETS
Property, Plant & Equipment $2.993M $2.163M $2.200M
YoY Change 35.41% 5.39% 4.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $126.2K $126.8K $100.0K
YoY Change -1.43%
Total Long-Term Assets $3.119M $2.290M $2.300M
YoY Change 33.39% 11.56% 9.52%
TOTAL ASSETS
Total Short-Term Assets $58.76M $31.66M $31.70M
Total Long-Term Assets $3.119M $2.290M $2.300M
Total Assets $61.88M $33.95M $34.00M
YoY Change 66.31% 55.32% 55.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.317M $1.059M $1.100M
YoY Change 95.12% -18.57% -15.38%
Accrued Expenses $2.959M $1.739M $1.700M
YoY Change 27.43% 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 $11.44M $2.798M $2.800M
YoY Change 76.13% -20.45% -20.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $42.09K $23.85K $0.00
YoY Change 5.9% -92.86% -100.0%
Total Long-Term Liabilities $42.09K $23.85K $0.00
YoY Change 5.9% -92.86% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.44M $2.798M $2.800M
Total Long-Term Liabilities $42.09K $23.85K $0.00
Total Liabilities $43.84M $2.822M $2.800M
YoY Change 337.12% -26.73% -28.21%
SHAREHOLDERS EQUITY
Retained Earnings -$110.7M -$79.87M
YoY Change 31.69% 21.36%
Common Stock $130.1M $112.3M
YoY Change 15.55% 383324.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.04M $31.13M $31.10M
YoY Change
Total Liabilities & Shareholders Equity $61.88M $33.95M $34.00M
YoY Change 66.31% 55.32% 55.25%

Cashflow Statement

Concept 2017 Q1 2015 Q4 2015
OPERATING ACTIVITIES
Net Income -$7.994M -$2.900M -$14.06M
YoY Change 92.11% -30.46% 42.73%
Depreciation, Depletion And Amortization $100.0K $80.00K $307.9K
YoY Change 5.8% -11.11% -16.1%
Cash From Operating Activities $25.77M -$2.500M -$12.71M
YoY Change 1169.46% -12600.0% 150.69%
INVESTING ACTIVITIES
Capital Expenditures $179.0K -$350.0K $620.7K
YoY Change 163.55% 34.62% 132.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$180.0K -$350.0K -$620.0K
YoY Change 157.14% 34.62% 129.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $25.76M
YoY Change 115.36%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 10.00K 24.62M
YoY Change -99.94% 21.1%
NET CHANGE
Cash From Operating Activities 25.77M -2.500M -12.71M
Cash From Investing Activities -180.0K -350.0K -620.0K
Cash From Financing Activities 0.000 10.00K 24.62M
Net Change In Cash 25.59M -2.840M 11.29M
YoY Change 1205.61% -116.13% -24.68%
FREE CASH FLOW
Cash From Operating Activities $25.77M -$2.500M -$12.71M
Capital Expenditures $179.0K -$350.0K $620.7K
Free Cash Flow $25.59M -$2.150M -$13.33M
YoY Change 1204.28% -867.86% 149.76%

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CY2016 dei Entity Registrant Name
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PIERIS PHARMACEUTICALS, INC.
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10-K
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0001583648
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DocumentPeriodEndDate
2016-12-31
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EntityWellKnownSeasonedIssuer
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2016
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AmendmentFlag
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0
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CurrentFiscalYearEndDate
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CY2016 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8890886
CY2016 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> <b>Concentration of Credit Risk and Other Risks and Uncertainties</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> Financial instruments that subject Pieris to concentrations of credit risk include cash and cash equivalents and accounts receivable. Pieris maintains cash with various major financial institutions. Pieris had no cash equivalents as of December&#xA0;31, 2016 and 2015. 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, 2016. 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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> As of December&#xA0;31, 2016 and December&#xA0;31, 2015, Pieris is not exposed to significant credit risks from accounts receivable. 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&#x2019;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; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> 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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CY2016 us-gaap Depreciation
Depreciation
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FY
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CY2016 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
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EntityVoluntaryFilers
No
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-0.007 pure
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0
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2320
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300000
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119501
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3752400
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IncomeTaxesPaid
161970
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1360274
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2060797
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-228878
CY2016 us-gaap Operating Expenses
OperatingExpenses
28589689
CY2016 us-gaap Net Income Loss
NetIncomeLoss
-22799164
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-22637194
CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-559671
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-228878
CY2016 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
58651
CY2016 us-gaap License And Services Revenue
LicenseAndServicesRevenue
2735794
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-8724628
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-13912568
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1019665
CY2016 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-49437
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
-22759015
CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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15221021
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
580639
CY2016 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
5900000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-22637196
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
161970
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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-14387934
CY2016 us-gaap Lease Expiration Date1
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2022-02-27
CY2016 us-gaap Impairment Of Long Lived Assets Held For Use
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0
CY2016 us-gaap Proceeds From Sale Of Property Plant And Equipment
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20968
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0208 pure
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> 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, liabilities, revenues and expenses and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates are used for, but are not limited to, revenue recognition, deferred tax assets, liabilities and valuation allowances, fair value of stock options and various accruals. Management evaluates its estimates on an ongoing basis. Actual results and outcomes could differ materially from management&#x2019;s estimates, judgments, and assumptions.</p> </div>
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.029 pure
CY2016 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.7600 pure
CY2016 us-gaap Revenue Recognition Milestone Method Milestone
RevenueRecognitionMilestoneMethodMilestone
Pieris aggregates milestones into four categories (i) research milestones, (ii) development milestones, (iii) commercial milestones and (iv) sales milestones.
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
1.00
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
5654803
CY2016 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
15221021
CY2016 dei Trading Symbol
TradingSymbol
PIRS
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19698803
CY2016 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0113 pure
CY2016 pirs Commencement Date Of Lease
CommencementDateOfLease
2015-08-27
CY2016 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
1439513
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
1905256
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.7490 pure
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41713223 shares
CY2016 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
1655367
CY2016 pirs Property And Equipment Included In Accounts Payable
PropertyAndEquipmentIncludedInAccountsPayable
21706
CY2016 pirs Proceeds From Issuance Of Common And Preferred Stock
ProceedsFromIssuanceOfCommonAndPreferredStock
15221021
CY2016 pirs Effective Income Tax Rate Reconciliation Withholding Tax
EffectiveIncomeTaxRateReconciliationWithholdingTax
-0.007 pure
CY2016 pirs Antidilutive Securities Excluded From Calculation Of Earnings Per Share Value
AntidilutiveSecuritiesExcludedFromCalculationOfEarningsPerShareValue
8200000

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