2019 Q3 Form 10-Q Financial Statement

#000158364819000051 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $15.13M $5.332M $11.69M
YoY Change 81.33% -54.39% 530.92%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.840M $4.190M $4.780M
YoY Change 1.89% -12.34% 9.89%
% of Gross Profit
Research & Development $13.21M $13.37M $9.155M
YoY Change 15.88% 46.07% 69.66%
% of Gross Profit
Depreciation & Amortization $160.0K $40.00K $150.0K
YoY Change 23.08% -73.33% 36.36%
% of Gross Profit
Operating Expenses $18.05M $17.56M $13.93M
YoY Change 11.75% 26.04% 43.0%
Operating Profit -$2.914M -$12.23M -$2.243M
YoY Change -62.66% 445.25% -71.58%
Interest Expense $377.0K $449.0K $662.0K
YoY Change -25.2% -32.18%
% of Operating Profit
Other Income/Expense, Net -$55.00K $23.00K $1.230M
YoY Change -104.8% -98.13% -189.13%
Pretax Income -$2.592M -$11.76M -$351.0K
YoY Change -57.87% 3249.86% -96.21%
Income Tax $0.00 $0.00 -$148.0K
% Of Pretax Income
Net Earnings -$2.592M -$11.76M -$203.0K
YoY Change -57.87% 5692.12% -97.99%
Net Earnings / Revenue -17.13% -220.52% -1.74%
Basic Earnings Per Share
Diluted Earnings Per Share -$52.48K -$239.0K -$3.705K
COMMON SHARES
Basic Shares Outstanding 49.39M shares 49.17M shares 53.97M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.20M $99.70M $151.0M
YoY Change -37.22% -33.97% 200.2%
Cash & Equivalents $46.07M $54.90M $50.58M
Short-Term Investments $40.20M $44.80M $100.4M
Other Short-Term Assets $4.800M $4.600M $3.100M
YoY Change 14.29% 48.39% -20.51%
Inventory
Prepaid Expenses
Receivables $6.952M $7.174M $2.559M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $97.97M $111.5M $156.6M
YoY Change -33.28% -28.82% 52.42%
LONG-TERM ASSETS
Property, Plant & Equipment $11.01M $7.888M $4.597M
YoY Change 134.86% 71.59% 49.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $700.0K
YoY Change
Other Assets $7.770M $11.49M $129.0K
YoY Change 6321.49% 8806.98% 0.62%
Total Long-Term Assets $18.78M $19.38M $5.426M
YoY Change 290.56% 257.13% 68.86%
TOTAL ASSETS
Total Short-Term Assets $97.97M $111.5M $156.6M
Total Long-Term Assets $18.78M $19.38M $5.426M
Total Assets $116.8M $130.8M $162.0M
YoY Change -23.02% -19.25% 52.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.436M $4.031M $3.174M
YoY Change 101.86% 27.0% -31.69%
Accrued Expenses $7.170M $8.491M $4.562M
YoY Change 19.88% 86.12% -28.17%
Deferred Revenue $27.24M $28.41M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.85M $40.93M $52.33M
YoY Change -1.84% -21.79% 46.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.08M $12.32M $37.00K
YoY Change 37656.25% 33189.19% -13.68%
Total Long-Term Liabilities $12.08M $12.32M $37.00K
YoY Change 37656.25% 33189.19% -13.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.85M $40.93M $52.33M
Total Long-Term Liabilities $12.08M $12.32M $37.00K
Total Liabilities $96.11M $111.4M $106.7M
YoY Change -5.21% 4.36% 10.44%
SHAREHOLDERS EQUITY
Retained Earnings -$173.4M -$170.8M -$129.2M
YoY Change 28.08% 32.18% 7.03%
Common Stock $194.7M $193.0M $187.1M
YoY Change 3.2% 3.14% 41.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.64M $19.49M $55.32M
YoY Change
Total Liabilities & Shareholders Equity $116.8M $130.8M $162.0M
YoY Change -23.02% -19.25% 52.92%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$2.592M -$11.76M -$203.0K
YoY Change -57.87% 5692.12% -97.99%
Depreciation, Depletion And Amortization $160.0K $40.00K $150.0K
YoY Change 23.08% -73.33% 36.36%
Cash From Operating Activities -$12.65M -$10.73M -$8.990M
YoY Change -11.91% 19.35% 37.88%
INVESTING ACTIVITIES
Capital Expenditures -$240.0K -$930.0K -$400.0K
YoY Change -25.0% 132.5% -40.3%
Acquisitions
YoY Change
Other Investing Activities $4.360M $13.85M -$48.37M
YoY Change -91.88% -128.63% -483800.0%
Cash From Investing Activities $4.120M $12.92M -$48.77M
YoY Change -92.28% -126.49% 7289.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 220.0K 280.0K 70.00K
YoY Change -18.52% 300.0% -95.21%
NET CHANGE
Cash From Operating Activities -12.65M -10.73M -8.990M
Cash From Investing Activities 4.120M 12.92M -48.77M
Cash From Financing Activities 220.0K 280.0K 70.00K
Net Change In Cash -8.310M 2.470M -57.69M
YoY Change -121.14% -104.28% 908.57%
FREE CASH FLOW
Cash From Operating Activities -$12.65M -$10.73M -$8.990M
Capital Expenditures -$240.0K -$930.0K -$400.0K
Free Cash Flow -$12.41M -$9.800M -$8.590M
YoY Change -11.61% 14.09% 46.84%

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us-gaap Research And Development Expense
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q2 us-gaap Revenues
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StockholdersEquity
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StockholdersEquity
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us-gaap Unrealized Gain Loss On Investments
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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52025000 shares
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;">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 Pieris 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>
us-gaap Use Of Estimates
UseOfEstimates
<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;">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 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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