$PIRS
PIERIS PHARMACEUTICALS, INC.

2017 Q4 Form 10-Q Financial Statement

#000119312517339158 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $18.15M $3.927M $785.0K
YoY Change 564.84% 400.25% 89.34%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.390M $2.850M $2.340M
YoY Change 189.14% 21.79% 4.46%
% of Gross Profit
Research & Development $5.270M $6.259M $4.622M
YoY Change -23.84% 35.42% 125.28%
% of Gross Profit
Depreciation & Amortization $100.0K $60.00K $100.0K
YoY Change -44.44% -40.0% 25.0%
% of Gross Profit
Operating Expenses $11.66M $9.111M $6.963M
YoY Change 27.71% 30.85% 62.14%
Operating Profit -$5.184M -$6.178M
YoY Change -16.09% 59.23%
Interest Expense $150.0K $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $990.0K -$1.729M -$18.24K
YoY Change 9800.0% 9377.61% 845.72%
Pretax Income $7.630M -$6.913M -$6.196M
YoY Change -219.22% 11.57% 59.62%
Income Tax $140.0K $146.0K $0.00
% Of Pretax Income 1.83%
Net Earnings $7.490M -$7.059M -$6.196M
YoY Change -214.18% 13.92% 57.98%
Net Earnings / Revenue 41.27% -179.76% -789.32%
Basic Earnings Per Share
Diluted Earnings Per Share $167.0K -$159.0K -$144.0K
COMMON SHARES
Basic Shares Outstanding 44.79M shares 44.31M shares 43.06M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.60M $89.90M $36.60M
YoY Change 146.94% 145.63% 13.31%
Cash & Equivalents $37.88M $89.92M $36.56M
Short-Term Investments $34.80M
Other Short-Term Assets $1.600M $2.800M $4.600M
YoY Change -51.52% -39.13% 257.97%
Inventory
Prepaid Expenses
Receivables $15.55M $2.537M
Other Receivables $0.00 $0.00
Total Short-Term Assets $89.79M $95.28M $41.14M
YoY Change 174.81% 131.61% 20.46%
LONG-TERM ASSETS
Property, Plant & Equipment $4.034M $3.456M $2.448M
YoY Change 78.18% 41.17% 26.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.900M
YoY Change
Other Assets $130.0K $129.3K $127.6K
YoY Change 3.17% 1.29% 31.42%
Total Long-Term Assets $14.09M $3.585M $2.575M
YoY Change 489.37% 39.2% 25.64%
TOTAL ASSETS
Total Short-Term Assets $89.79M $95.28M $41.14M
Total Long-Term Assets $14.09M $3.585M $2.575M
Total Assets $103.9M $98.86M $43.71M
YoY Change 196.26% 126.16% 20.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.452M $2.602M $4.500M
YoY Change 2.77% -42.18% 309.09%
Accrued Expenses $6.170M $5.100M $2.898M
YoY Change 65.9% 75.96% 180.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.78M $39.04M $9.952M
YoY Change 446.24% 292.27% 343.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $37.00K $43.46K $44.57K
YoY Change -21.28% -2.48% -85.15%
Total Long-Term Liabilities $37.00K $43.46K $44.57K
YoY Change -21.28% -2.48% -85.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.78M $39.04M $9.952M
Total Long-Term Liabilities $37.00K $43.46K $44.57K
Total Liabilities $92.35M $94.30M $12.23M
YoY Change 838.94% 671.06% 379.67%
SHAREHOLDERS EQUITY
Retained Earnings -$120.3M -$127.8M -$96.11M
YoY Change 17.19% 32.98% 24.87%
Common Stock $136.5M $134.8M $128.9M
YoY Change 5.51% 4.6% 324130.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.52M $4.558M $31.48M
YoY Change
Total Liabilities & Shareholders Equity $103.9M $98.86M $43.71M
YoY Change 196.26% 126.16% 20.75%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $7.490M -$7.059M -$6.196M
YoY Change -214.18% 13.92% 57.98%
Depreciation, Depletion And Amortization $100.0K $60.00K $100.0K
YoY Change -44.44% -40.0% 25.0%
Cash From Operating Activities -$4.700M $35.20M -$3.580M
YoY Change -30.16% -1083.24% 1.42%
INVESTING ACTIVITIES
Capital Expenditures -$810.0K -$290.0K -$200.0K
YoY Change 211.54% 45.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$43.94M $0.00
YoY Change -219800.0%
Cash From Investing Activities -$44.75M -$290.0K -$200.0K
YoY Change 18545.83% 45.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 600.0K 2.030M -60.00K
YoY Change -3483.33% -100.23%
NET CHANGE
Cash From Operating Activities -4.700M 35.20M -3.580M
Cash From Investing Activities -44.75M -290.0K -200.0K
Cash From Financing Activities 600.0K 2.030M -60.00K
Net Change In Cash -48.85M 36.94M -3.840M
YoY Change 600.86% -1061.98% -117.41%
FREE CASH FLOW
Cash From Operating Activities -$4.700M $35.20M -$3.580M
Capital Expenditures -$810.0K -$290.0K -$200.0K
Free Cash Flow -$3.890M $35.49M -$3.380M
YoY Change -39.88% -1150.0% 1.5%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of the condensed consolidated 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. 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>
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CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.14
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2341010
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6196203
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
6962967
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-6196203
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-6177960
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
670
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
670
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-18243
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4621957
CY2016Q3 us-gaap Revenues
Revenues
785007
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.7512 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.7490 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0125 pure
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
1.05
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0135 pure
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43063790 shares
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
649948
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7453638
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.16
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0397 pure
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2852357
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6913127
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
145697
CY2017Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
96
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
9111615
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-7058824
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5184411
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-394814
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-394814
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1728812
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6259258
CY2017Q3 us-gaap Revenues
Revenues
3927204
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.7889 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.7734 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0177 pure
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
3.34
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0202 pure
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44387281 shares

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