$PIRS
Pieris Pharmaceuticals Inc

2023 Q1 Form 10-K Financial Statement

#000143774923008834 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.936M $5.846M $25.90M
YoY Change -82.38% -30.76% -17.56%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.023M $3.985M $16.39M
YoY Change -8.13% -2.45% -1.2%
% of Gross Profit
Research & Development $13.42M $13.38M $52.98M
YoY Change -4.56% -12.87% -20.51%
% of Gross Profit
Depreciation & Amortization $605.0K $575.0K $2.770M
YoY Change -28.4% -5.58% 15.42%
% of Gross Profit
Operating Expenses $17.45M $17.37M $69.38M
YoY Change -5.41% -10.68% -16.66%
Operating Profit -$15.51M -$43.47M
YoY Change 108.01% -16.12%
Interest Expense $357.0K $351.0K $721.0K
YoY Change -12000.0% -5950.0% 17925.0%
% of Operating Profit
Other Income/Expense, Net -$57.00K -$325.0K $1.303M
YoY Change -124.89% -185.98% -45.8%
Pretax Income -$13.18M -$8.102M -$33.28M
YoY Change 158.44% -15.0% -27.24%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$13.20M -$8.102M -$33.30M
YoY Change 158.82% -15.0% -27.13%
Net Earnings / Revenue -681.82% -138.59% -128.56%
Basic Earnings Per Share -$0.18 -$0.45
Diluted Earnings Per Share -$0.18 -$0.11 -$0.45
COMMON SHARES
Basic Shares Outstanding 74.52M 74.41M 74.17M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.38M $59.17M $59.17M
YoY Change -51.75% -49.76% -49.76%
Cash & Equivalents $39.74M $38.64M $38.64M
Short-Term Investments $8.637M $20.53M $20.53M
Other Short-Term Assets $11.07M $8.445M $8.445M
YoY Change 12.54% 28.97% 28.97%
Inventory
Prepaid Expenses
Receivables $1.055M $5.810M $5.810M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $60.51M $73.42M $73.42M
YoY Change -45.86% -42.47% -42.47%
LONG-TERM ASSETS
Property, Plant & Equipment $16.71M $16.99M $20.70M
YoY Change -11.37% -11.14% -10.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.251M $1.369M $1.369M
YoY Change -53.2% -52.86% -52.86%
Total Long-Term Assets $21.75M $22.07M $22.07M
YoY Change -14.24% -14.92% -14.92%
TOTAL ASSETS
Total Short-Term Assets $60.51M $73.42M $73.42M
Total Long-Term Assets $21.75M $22.07M $22.07M
Total Assets $82.26M $95.49M $95.49M
YoY Change -40.01% -37.82% -37.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.833M $4.154M $4.154M
YoY Change 29.74% -51.75% -51.75%
Accrued Expenses $9.764M $11.12M $11.12M
YoY Change -17.66% -25.02% -25.02%
Deferred Revenue $26.69M $20.82M
YoY Change 27.61% -17.09%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $42.88M $36.58M $36.58M
YoY Change 8.59% -27.65% -27.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $23.93M $30.98M $30.98M
YoY Change -45.85% -40.71%
Total Long-Term Liabilities $23.93M $30.98M $30.98M
YoY Change -45.85% -40.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.88M $36.58M $36.58M
Total Long-Term Liabilities $23.93M $30.98M $30.98M
Total Liabilities $66.80M $67.56M $67.56M
YoY Change -20.16% -34.28% -34.28%
SHAREHOLDERS EQUITY
Retained Earnings -$303.6M -$290.4M
YoY Change 15.79% 12.93%
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 $15.46M $27.93M $27.93M
YoY Change
Total Liabilities & Shareholders Equity $82.26M $95.49M $95.49M
YoY Change -40.01% -37.82% -37.82%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$13.20M -$8.102M -$33.30M
YoY Change 158.82% -15.0% -27.13%
Depreciation, Depletion And Amortization $605.0K $575.0K $2.770M
YoY Change -28.4% -5.58% 15.42%
Cash From Operating Activities -$11.00M -$12.93M -$59.93M
YoY Change -51.44% 18.17% 682.4%
INVESTING ACTIVITIES
Capital Expenditures $48.00K -$11.00K $1.041M
YoY Change -87.66% -96.78% 9.69%
Acquisitions
YoY Change
Other Investing Activities $11.95M $1.096M -$20.20M
YoY Change -172.17%
Cash From Investing Activities $11.90M $1.107M -$21.24M
YoY Change -170.23% -423.68% 2137.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.922M
YoY Change -81.87%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 93.00K $7.214M
YoY Change -100.0% -98.1% -87.8%
NET CHANGE
Cash From Operating Activities -$11.00M -12.93M -$59.93M
Cash From Investing Activities $11.90M 1.107M -$21.24M
Cash From Financing Activities $0.00 93.00K $7.214M
Net Change In Cash $1.107M -11.73M -$79.13M
YoY Change -103.25% 83.76% -267.19%
FREE CASH FLOW
Cash From Operating Activities -$11.00M -$12.93M -$59.93M
Capital Expenditures $48.00K -$11.00K $1.041M
Free Cash Flow -$11.04M -$12.92M -$60.97M
YoY Change -52.05% 21.88% 608.25%

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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.
CY2022 us-gaap Concentration Risk Credit Risk
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<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 minimizes 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>
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ex_451890.htm Edgar Link pending
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