2019 Q4 Form 10-Q Financial Statement

#000158364819000075 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $17.27M $15.13M $8.345M
YoY Change 251.73% 81.33% 112.5%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.480M $4.840M $4.750M
YoY Change -1.75% 1.89% 66.67%
% of Gross Profit
Research & Development $14.12M $13.21M $11.40M
YoY Change 8.62% 15.88% 82.15%
% of Gross Profit
Depreciation & Amortization $260.0K $160.0K $130.0K
YoY Change 62.5% 23.08% 116.67%
% of Gross Profit
Operating Expenses $18.60M $18.05M $16.15M
YoY Change 5.92% 11.75% 77.25%
Operating Profit -$2.914M -$7.804M
YoY Change -62.66% 50.54%
Interest Expense $380.0K $377.0K $504.0K
YoY Change -19.15% -25.2%
% of Operating Profit
Other Income/Expense, Net $180.0K -$55.00K $1.147M
YoY Change -45.45% -104.8% -166.34%
Pretax Income -$770.0K -$2.592M -$6.153M
YoY Change -93.5% -57.87% -10.99%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$770.0K -$2.592M -$6.153M
YoY Change -93.41% -57.87% -12.83%
Net Earnings / Revenue -4.46% -17.13% -73.73%
Basic Earnings Per Share
Diluted Earnings Per Share -$14.50K -$52.48K -$113.7K
COMMON SHARES
Basic Shares Outstanding 54.98M shares 49.39M shares 54.03M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.2M $86.20M $137.3M
YoY Change -18.66% -37.22% 52.73%
Cash & Equivalents $62.26M $46.07M $89.48M
Short-Term Investments $41.90M $40.20M $47.80M
Other Short-Term Assets $4.100M $4.800M $4.200M
YoY Change -10.87% 14.29% 50.0%
Inventory
Prepaid Expenses
Receivables $6.787M $6.952M $5.338M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $115.0M $97.97M $146.8M
YoY Change -15.05% -33.28% 54.13%
LONG-TERM ASSETS
Property, Plant & Equipment $19.50M $11.01M $4.687M
YoY Change 286.25% 134.86% 35.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $3.146M $7.770M $121.0K
YoY Change 245.71% 6321.49% -6.4%
Total Long-Term Assets $26.08M $18.78M $4.808M
YoY Change 337.72% 290.56% 34.12%
TOTAL ASSETS
Total Short-Term Assets $115.0M $97.97M $146.8M
Total Long-Term Assets $26.08M $18.78M $4.808M
Total Assets $141.1M $116.8M $151.7M
YoY Change -0.17% -23.02% 53.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.803M $5.436M $2.693M
YoY Change 73.22% 101.86% 3.51%
Accrued Expenses $9.944M $7.170M $5.981M
YoY Change 9.11% 19.88% 17.28%
Deferred Revenue $11.26M $27.24M
YoY Change -68.39%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.00M $39.85M $40.59M
YoY Change -43.83% -1.84% 3.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $12.08M $32.00K
YoY Change -100.0% 37656.25% -26.37%
Total Long-Term Liabilities $0.00 $12.08M $32.00K
YoY Change -100.0% 37656.25% -26.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.00M $39.85M $40.59M
Total Long-Term Liabilities $0.00 $12.08M $32.00K
Total Liabilities $89.75M $96.11M $101.4M
YoY Change -11.5% -5.21% 7.52%
SHAREHOLDERS EQUITY
Retained Earnings -$174.2M -$173.4M -$135.4M
YoY Change 18.43% 28.08% 5.93%
Common Stock $227.5M $194.7M $188.7M
YoY Change 19.76% 3.2% 39.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.35M $20.64M $50.26M
YoY Change
Total Liabilities & Shareholders Equity $141.1M $116.8M $151.7M
YoY Change -0.17% -23.02% 53.4%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$770.0K -$2.592M -$6.153M
YoY Change -93.41% -57.87% -12.83%
Depreciation, Depletion And Amortization $260.0K $160.0K $130.0K
YoY Change 62.5% 23.08% 116.67%
Cash From Operating Activities -$13.98M -$12.65M -$14.36M
YoY Change 54.3% -11.91% -140.8%
INVESTING ACTIVITIES
Capital Expenditures -$1.170M -$240.0K -$320.0K
YoY Change 105.26% -25.0% 10.34%
Acquisitions
YoY Change
Other Investing Activities -$710.0K $4.360M $53.72M
YoY Change -84.73% -91.88%
Cash From Investing Activities -$1.880M $4.120M $53.40M
YoY Change -63.98% -92.28% -18513.79%
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 31.67M 220.0K 270.0K
YoY Change 316600.0% -18.52% -86.7%
NET CHANGE
Cash From Operating Activities -13.98M -12.65M -14.36M
Cash From Investing Activities -1.880M 4.120M 53.40M
Cash From Financing Activities 31.67M 220.0K 270.0K
Net Change In Cash 15.81M -8.310M 39.31M
YoY Change -210.79% -121.14% 6.42%
FREE CASH FLOW
Cash From Operating Activities -$13.98M -$12.65M -$14.36M
Capital Expenditures -$1.170M -$240.0K -$320.0K
Free Cash Flow -$12.81M -$12.41M -$14.04M
YoY Change 50.88% -11.61% -139.56%

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CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
910000 USD
CY2019Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7770000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2030000 USD
CY2018Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-506000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
1096000 USD
CY2019Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
374000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
377000 USD
CY2019Q3 us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent
100000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent
100000 USD
CY2018Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
27000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
546000 USD
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1636000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1908000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-506000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1096000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
374000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
377000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
27000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
546000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1636000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1908000 USD
CY2018Q3 us-gaap Other Income
OtherIncome
0 USD
us-gaap Other Income
OtherIncome
91000 USD
CY2019Q3 us-gaap Other Income
OtherIncome
0 USD
us-gaap Other Income
OtherIncome
0 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
27000 USD
CY2019Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
12082000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
376000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-90000 USD
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1147000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1472000 USD
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-55000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-203000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
67015000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
48762000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1133000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
178000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
314000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
105000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1286000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
7907 shares
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4574000 USD
CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4778000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5290000 USD
CY2019Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
50000000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
47207000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
64490000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
61767000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
983000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
218000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
0 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8415000 USD
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14397000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5049000 USD
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11008000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11401000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28492000 USD
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13211000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
40880000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-147066000 USD
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-173405000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-148707000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7873000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22541000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
14498000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
26966000 USD
CY2018Q3 us-gaap Revenues
Revenues
8345000 USD
us-gaap Revenues
Revenues
24187000 USD
CY2019Q3 us-gaap Revenues
Revenues
15132000 USD
us-gaap Revenues
Revenues
29009000 USD
CY2018Q4 us-gaap Security Deposit
SecurityDeposit
800000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3665000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4260000 USD
CY2018Q4 us-gaap Short Term Investments
ShortTermInvestments
53240000 USD
CY2019Q3 us-gaap Short Term Investments
ShortTermInvestments
40175000 USD
CY2018Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
132000 USD
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
313000 USD
CY2019Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
100000 USD
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
105000 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
178000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
47207000 USD
CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
144000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
983000 USD
CY2019Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
121000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
218000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
11522000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
55315000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
50261000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
39935000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
19485000 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
20642000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
38294000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
1096000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
469000 USD
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
54089000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52721000 shares
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49353000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49805000 shares
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>

Files In Submission

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