$PIRS
Pieris Pharmaceuticals Inc

2019 Q1 Form 10-K Financial Statement

#000158364819000011 Filed on March 18, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2017 Q4 2017
Revenue $8.545M $18.15M $25.28M
YoY Change 105.8% 564.84% 333.46%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.930M $6.390M $17.58M
YoY Change 13.33% 189.14% 97.75%
% of Gross Profit
Research & Development $14.30M $5.270M $22.29M
YoY Change 80.14% -23.84% 13.13%
% of Gross Profit
Depreciation & Amortization $166.0K $100.0K $400.0K
YoY Change 23.88% -44.44% 0.0%
% of Gross Profit
Operating Expenses $19.23M $11.66M $39.87M
YoY Change 56.48% 27.71% 39.45%
Operating Profit -$10.68M -$14.59M
YoY Change 31.31% -35.88%
Interest Expense $506.0K $150.0K $152.0K
YoY Change 55.69% 7500.0%
% of Operating Profit
Other Income/Expense, Net -$171.0K $990.0K -$2.102M
YoY Change -81.06% 9800.0% -1851.67%
Pretax Income -$10.35M $7.630M -$16.54M
YoY Change 18.75% -219.22% -26.92%
Income Tax $0.00 $140.0K $1.103M
% Of Pretax Income 1.83%
Net Earnings -$10.35M $7.490M -$17.65M
YoY Change 18.75% -214.18% -22.6%
Net Earnings / Revenue -121.1% 41.27% -69.82%
Basic Earnings Per Share
Diluted Earnings Per Share -$203.5K $167.0K -$401.8K
COMMON SHARES
Basic Shares Outstanding 49.15M shares 44.79M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2017 Q4 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.8M $72.60M $72.60M
YoY Change -30.58% 146.94% 146.94%
Cash & Equivalents $52.09M $37.88M $37.90M
Short-Term Investments $58.70M $34.80M $34.80M
Other Short-Term Assets $6.400M $1.600M $1.600M
YoY Change 100.0% -51.52% -51.52%
Inventory
Prepaid Expenses
Receivables $7.128M $15.55M $15.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $124.3M $89.79M $89.80M
YoY Change -25.17% 174.81% 174.62%
LONG-TERM ASSETS
Property, Plant & Equipment $4.893M $4.034M $4.000M
YoY Change 10.08% 78.18% 73.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.900M $9.900M
YoY Change
Other Assets $2.030M $130.0K $100.0K
YoY Change 1461.54% 3.17% 0.0%
Total Long-Term Assets $18.89M $14.09M $14.10M
YoY Change 163.91% 489.37% 487.5%
TOTAL ASSETS
Total Short-Term Assets $124.3M $89.79M $89.80M
Total Long-Term Assets $18.89M $14.09M $14.10M
Total Assets $143.2M $103.9M $103.9M
YoY Change -17.35% 196.26% 196.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.728M $2.452M $2.500M
YoY Change 92.76% 2.77% 4.17%
Accrued Expenses $9.216M $6.170M $4.900M
YoY Change 40.1% 65.9% 32.43%
Deferred Revenue $28.18M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.13M $45.78M $45.80M
YoY Change -24.9% 446.24% 445.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $27.00K $37.00K $46.60M
YoY Change -27.03% -21.28% 3006.67%
Total Long-Term Liabilities $27.00K $37.00K $46.60M
YoY Change -27.03% -21.28% 3006.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.13M $45.78M $45.80M
Total Long-Term Liabilities $27.00K $37.00K $46.60M
Total Liabilities $104.9M $92.35M $92.40M
YoY Change -14.41% 838.94% 842.86%
SHAREHOLDERS EQUITY
Retained Earnings -$148.7M -$120.3M
YoY Change 15.25% 17.19%
Common Stock $191.3M $136.5M
YoY Change 3.01% 5.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.16M $11.52M $11.50M
YoY Change
Total Liabilities & Shareholders Equity $143.2M $103.9M $103.9M
YoY Change -17.35% 196.26% 196.01%

Cashflow Statement

Concept 2019 Q1 2017 Q4 2017
OPERATING ACTIVITIES
Net Income -$10.35M $7.490M -$17.65M
YoY Change 18.75% -214.18% -22.6%
Depreciation, Depletion And Amortization $166.0K $100.0K $400.0K
YoY Change 23.88% -44.44% 0.0%
Cash From Operating Activities -$15.11M -$4.700M $49.75M
YoY Change -148.21% -30.16% -445.75%
INVESTING ACTIVITIES
Capital Expenditures $121.0K -$810.0K $1.950M
YoY Change -70.77% 211.54% 248.21%
Acquisitions
YoY Change
Other Investing Activities -$5.200M -$43.94M -$43.93M
YoY Change -34.01% -219800.0% -219750.0%
Cash From Investing Activities -$5.316M -$44.75M -$45.88M
YoY Change -35.9% 18545.83% 8091.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 600.0K $4.090M
YoY Change -100.0% -73.13%
NET CHANGE
Cash From Operating Activities -$15.11M -4.700M $49.75M
Cash From Investing Activities -$5.316M -44.75M -$45.88M
Cash From Financing Activities $0.00 600.0K $4.090M
Net Change In Cash -$22.77M -48.85M $7.969M
YoY Change -131.79% 600.86% 2851.48%
FREE CASH FLOW
Cash From Operating Activities -$15.11M -$4.700M $49.75M
Capital Expenditures $121.0K -$810.0K $1.950M
Free Cash Flow -$15.23M -$3.890M $47.80M
YoY Change -149.24% -39.88% -419.76%

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CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentration of Credit Risk and Off-Balance Sheet Risk</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has no financial instruments with off&#8209;balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that subject the Company to concentrations of credit risk include cash and cash equivalents, investments, and accounts receivable. The Company&#8217;s cash, cash equivalents, and investments are held in accounts with financial institutions that management believes are creditworthy. The Company&#8217;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. These amounts, at times, may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not 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 not obtain collateral.</font></div><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font></div></div>
CY2018 us-gaap Revenue Recognition Deferred Revenue
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Incremental Direct Costs</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Incremental direct costs incurred related to the acquisition or origination of a customer contract in a transaction that results in the deferral of revenue are recorded to the statement of operations as incurred.</font></div></div>
CY2018 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the financial statements in accordance with 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, deferred tax 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&#8217;s estimates, judgments, and assumptions.</font></div></div>

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