$PIRS
PIERIS PHARMACEUTICALS, INC.

2022 Q4 Form 10-Q Financial Statement

#000143774922026023 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $5.846M $5.370M
YoY Change -30.76% 32.36%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.985M $3.949M
YoY Change -2.45% -4.43%
% of Gross Profit
Research & Development $13.38M $13.59M
YoY Change -12.87% -28.24%
% of Gross Profit
Depreciation & Amortization $575.0K $767.0K
YoY Change -5.58% 26.15%
% of Gross Profit
Operating Expenses $17.37M $17.54M
YoY Change -10.68% -23.98%
Operating Profit -$12.17M
YoY Change -36.0%
Interest Expense $351.0K $241.0K
YoY Change -5950.0% 5925.0%
% of Operating Profit
Other Income/Expense, Net -$325.0K $723.0K
YoY Change -185.98% 6.64%
Pretax Income -$8.102M -$9.736M
YoY Change -15.0% -41.12%
Income Tax
% Of Pretax Income
Net Earnings -$8.102M -$9.700M
YoY Change -15.0% -41.21%
Net Earnings / Revenue -138.59% -180.63%
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$0.11 -$130.9K
COMMON SHARES
Basic Shares Outstanding 74.41M 74.41M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.17M $69.82M
YoY Change -49.76% -44.16%
Cash & Equivalents $38.64M $48.42M
Short-Term Investments $20.53M $21.40M
Other Short-Term Assets $8.445M $7.908M
YoY Change 28.97% 32.93%
Inventory
Prepaid Expenses
Receivables $5.810M $829.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $73.42M $78.56M
YoY Change -42.47% -42.93%
LONG-TERM ASSETS
Property, Plant & Equipment $16.99M $15.90M
YoY Change -11.14% -18.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.369M $1.307M
YoY Change -52.86% -55.69%
Total Long-Term Assets $22.07M $20.60M
YoY Change -14.92% -22.36%
TOTAL ASSETS
Total Short-Term Assets $73.42M $78.56M
Total Long-Term Assets $22.07M $20.60M
Total Assets $95.49M $99.16M
YoY Change -37.82% -39.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.154M $3.641M
YoY Change -51.75% 2.22%
Accrued Expenses $11.12M $11.38M
YoY Change -25.02% -42.18%
Deferred Revenue $20.82M $18.50M
YoY Change -17.09% -30.06%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.58M $33.52M
YoY Change -27.65% -32.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $30.98M $29.88M
YoY Change
Total Long-Term Liabilities $30.98M $29.88M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $36.58M $33.52M
Total Long-Term Liabilities $30.98M $29.88M
Total Liabilities $67.56M $63.40M
YoY Change -34.28% -42.54%
SHAREHOLDERS EQUITY
Retained Earnings -$290.4M -$282.3M
YoY Change 12.93% 14.01%
Common Stock $74.00K $74.00K
YoY Change -99.98% -99.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.93M $35.77M
YoY Change
Total Liabilities & Shareholders Equity $95.49M $99.16M
YoY Change -37.82% -39.6%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$8.102M -$9.700M
YoY Change -15.0% -41.21%
Depreciation, Depletion And Amortization $575.0K $767.0K
YoY Change -5.58% 26.15%
Cash From Operating Activities -$12.93M -$8.778M
YoY Change 18.17% -39.4%
INVESTING ACTIVITIES
Capital Expenditures -$11.00K -$34.00K
YoY Change -96.78% -90.29%
Acquisitions
YoY Change
Other Investing Activities $1.096M $5.504M
YoY Change
Cash From Investing Activities $1.107M $5.470M
YoY Change -423.68% -1662.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 93.00K 282.0K
YoY Change -98.1% -98.71%
NET CHANGE
Cash From Operating Activities -12.93M -8.778M
Cash From Investing Activities 1.107M 5.470M
Cash From Financing Activities 93.00K 282.0K
Net Change In Cash -11.73M -3.026M
YoY Change 83.76% -142.73%
FREE CASH FLOW
Cash From Operating Activities -$12.93M -$8.778M
Capital Expenditures -$11.00K -$34.00K
Free Cash Flow -$12.92M -$8.744M
YoY Change 21.88% -38.13%

Facts In Submission

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NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
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us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
96000 usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6922000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
33522000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7121000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
54616000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
117764000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
70436000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
48423000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
125052000 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
82000 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
31000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 usd
CY2022Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
69800000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-9700000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-16500000 usd
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
-36200000 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-282300000 usd
us-gaap Use Of Estimates
UseOfEstimates
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, expenses and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates are used for, but are <em style="font: inherit;">not</em> limited to, revenue recognition; deferred tax assets, deferred tax liabilities and valuation allowances; determination of the incremental borrowing rate to calculate right-of-use assets and lease liabilities; beneficial conversion features; fair value of stock options, preferred stock, and warrants; and prepaid and accrued clinical trial expenses. Management evaluates its estimates on an ongoing basis. Actual results and outcomes could differ materially from management’s estimates, judgments and assumptions.
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Concentration of Credit Risk and Off-Balance Sheet Risk</b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company has <em style="font: inherit;">no</em> financial instruments with off-balance sheet risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. Financial instruments that subject Pieris to concentrations of credit risk include cash and cash equivalents, investments, and accounts receivable. The Company’s cash, cash equivalents, and investments are held in accounts with financial institutions that management believes are creditworthy. The Company’s investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimize the exposure to concentration of credit risk. The Company has <em style="font: inherit;">not</em> experienced any credit losses in such accounts and does <em style="font: inherit;">not</em> believe it is exposed to any significant credit risk on these funds. Accounts receivable primarily consist of amounts due under strategic partnership and other license agreements with major multi-national pharmaceutical companies for which the Company does <em style="font: inherit;">not</em> obtain collateral.</p>
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
600000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1600000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1900000 usd
CY2022Q3 us-gaap Revenues
Revenues
5370000 usd
CY2021Q3 us-gaap Revenues
Revenues
4057000 usd
us-gaap Revenues
Revenues
20056000 usd
us-gaap Revenues
Revenues
22975000 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1049000 usd
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
581000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
393000 usd
CY2022Q3 pirs Accrued Collaboration Costs Current
AccruedCollaborationCostsCurrent
0 usd
CY2017Q2 pirs Number Of Technology Licenses
NumberOfTechnologyLicenses
5 pure
CY2022Q3 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
0 usd
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5300000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
19500000 usd
CY2021Q2 us-gaap Grants Receivable
GrantsReceivable
17000000.0 usd
CY2022Q3 pirs Cash Equivalents And Investments
CashEquivalentsAndInvestments
46583000 usd
CY2021Q4 pirs Cash Equivalents And Investments
CashEquivalentsAndInvestments
56885000 usd
CY2022Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
21318000 usd
CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
126000 usd
CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
44000 usd
CY2022Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
21400000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
200000 usd
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
300000 usd
CY2021Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2021Q4 pirs Accrued Collaboration Costs Current
AccruedCollaborationCostsCurrent
1610000 usd
CY2022Q3 pirs Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
11382000 usd
CY2021Q4 pirs Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
16836000 usd
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24216000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26839000 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8319000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7717000 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15897000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19122000 usd
CY2022Q3 pirs Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
5036000 usd
CY2021Q4 pirs Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
5682000 usd
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3248000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3581000 usd
CY2022Q3 pirs Accrued License Obligations Current
AccruedLicenseObligationsCurrent
131000 usd
CY2021Q4 pirs Accrued License Obligations Current
AccruedLicenseObligationsCurrent
1541000 usd
CY2022Q3 pirs Accrued Accounts Payable Current
AccruedAccountsPayableCurrent
1560000 usd
CY2021Q4 pirs Accrued Accounts Payable Current
AccruedAccountsPayableCurrent
2980000 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
826000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38800000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36700000
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
74406253
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
72222661
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
15617
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
314000 usd
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
370000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
943000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1126000 usd
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
148000 usd
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
198000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
446000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
562000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
462000 usd
CY2021Q3 us-gaap Lease Cost
LeaseCost
568000 usd
us-gaap Lease Cost
LeaseCost
1389000 usd
us-gaap Lease Cost
LeaseCost
1688000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y9M18D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.105 pure
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
500000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
545000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1934000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1934000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1934000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1934000 usd
CY2022Q3 pirs Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
10797000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
19078000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6861000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
12217000 usd

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