$PIRS
PIERIS PHARMACEUTICALS, INC.

2020 Q1 Form 10-Q Financial Statement

#000158364820000026 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $13.26M $8.545M
YoY Change 55.19% 105.8%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.360M $4.930M
YoY Change -11.56% 13.33%
% of Gross Profit
Research & Development $12.76M $14.30M
YoY Change -10.76% 80.14%
% of Gross Profit
Depreciation & Amortization $339.0K $166.0K
YoY Change 104.22% 23.88%
% of Gross Profit
Operating Expenses $17.12M $19.23M
YoY Change -10.98% 56.48%
Operating Profit -$3.856M -$10.68M
YoY Change -63.91% 31.31%
Interest Expense $319.0K $506.0K
YoY Change -36.96% 55.69%
% of Operating Profit
Other Income/Expense, Net -$60.00K -$171.0K
YoY Change -64.91% -81.06%
Pretax Income -$3.600M -$10.35M
YoY Change -65.21% 18.75%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.600M -$10.35M
YoY Change -65.21% 18.75%
Net Earnings / Revenue -27.15% -121.1%
Basic Earnings Per Share
Diluted Earnings Per Share -$65.21K -$203.5K
COMMON SHARES
Basic Shares Outstanding 55.21M shares 49.15M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.80M $110.8M
YoY Change -21.66% -30.58%
Cash & Equivalents $47.43M $52.09M
Short-Term Investments $39.30M $58.70M
Other Short-Term Assets $4.300M $6.400M
YoY Change -32.81% 100.0%
Inventory
Prepaid Expenses
Receivables $7.267M $7.128M
Other Receivables $0.00 $0.00
Total Short-Term Assets $98.37M $124.3M
YoY Change -20.85% -25.17%
LONG-TERM ASSETS
Property, Plant & Equipment $20.34M $4.893M
YoY Change 315.78% 10.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.887M $2.030M
YoY Change -7.04% 1461.54%
Total Long-Term Assets $25.40M $18.89M
YoY Change 34.46% 163.91%
TOTAL ASSETS
Total Short-Term Assets $98.37M $124.3M
Total Long-Term Assets $25.40M $18.89M
Total Assets $123.8M $143.2M
YoY Change -13.55% -17.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.500M $3.728M
YoY Change -6.12% 92.76%
Accrued Expenses $6.939M $9.216M
YoY Change -24.71% 40.1%
Deferred Revenue $10.04M $28.18M
YoY Change -64.36%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.48M $41.13M
YoY Change -50.19% -24.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $53.50M $27.00K
YoY Change 198048.15% -27.03%
Total Long-Term Liabilities $53.50M $27.00K
YoY Change 198048.15% -27.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.48M $41.13M
Total Long-Term Liabilities $53.50M $27.00K
Total Liabilities $73.97M $104.9M
YoY Change -29.48% -14.41%
SHAREHOLDERS EQUITY
Retained Earnings -$177.8M -$148.7M
YoY Change 19.55% 15.25%
Common Stock $228.8M $191.3M
YoY Change 19.62% 3.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.81M $30.16M
YoY Change
Total Liabilities & Shareholders Equity $123.8M $143.2M
YoY Change -13.55% -17.35%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$3.600M -$10.35M
YoY Change -65.21% 18.75%
Depreciation, Depletion And Amortization $339.0K $166.0K
YoY Change 104.22% 23.88%
Cash From Operating Activities -$15.13M -$15.11M
YoY Change 0.15% -148.21%
INVESTING ACTIVITIES
Capital Expenditures $1.927M $121.0K
YoY Change 1492.56% -70.77%
Acquisitions
YoY Change
Other Investing Activities $2.340M -$5.200M
YoY Change -145.0% -34.01%
Cash From Investing Activities $414.0K -$5.316M
YoY Change -107.79% -35.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$15.13M -$15.11M
Cash From Investing Activities $414.0K -$5.316M
Cash From Financing Activities $0.00 $0.00
Net Change In Cash -$14.83M -$22.77M
YoY Change -34.88% -131.79%
FREE CASH FLOW
Cash From Operating Activities -$15.13M -$15.11M
Capital Expenditures $1.927M $121.0K
Free Cash Flow -$17.06M -$15.23M
YoY Change 12.01% -149.24%

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<div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><span 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; 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 various accruals. Management evaluates its estimates on an ongoing basis. Actual results and outcomes could differ materially from management’s estimates, judgments and assumptions.</span></div>
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<div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company has no 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 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.</span></div>
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CY2020Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
39333000 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
200000 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24015000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23069000 USD
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3671000 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3567000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20344000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19502000 USD
CY2019Q4 pirs Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
522000 USD
CY2020Q1 pirs Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
444000 USD
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1688000 USD
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4251000 USD
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1502000 USD
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2870000 USD
CY2020Q1 pirs Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
1942000 USD
CY2019Q4 pirs Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
1048000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
851000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
733000 USD
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
512000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
520000 USD
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6939000 USD
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9944000 USD
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34900000 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21600000 shares
CY2020Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2020Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
55212477 shares
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
55212437 shares
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
11429 shares
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q4 pirs Saleof Stock Numberof Shares Per Unit
SaleofStockNumberofSharesPerUnit
1 shares
CY2019Q4 pirs Saleof Stock Numberof Warrants Per Unit
SaleofStockNumberofWarrantsPerUnit
1 shares
CY2019Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
50000000.0 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
404000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
224000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
188000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
68000 USD
CY2020Q1 us-gaap Lease Cost
LeaseCost
592000 USD
CY2019Q1 us-gaap Lease Cost
LeaseCost
292000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y1M6D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.105
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1781000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2369000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2200000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2165000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2165000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
16421000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
27101000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11326000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
15775000 USD

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