2020 Q4 Form 10-Q Financial Statement

#000158364820000061 Filed on November 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $1.880M $2.939M $17.27M
YoY Change -89.11% -80.58% 251.73%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.670M $4.120M $4.480M
YoY Change -18.08% -14.88% -1.75%
% of Gross Profit
Research & Development $10.62M $11.82M $14.12M
YoY Change -24.79% -10.51% 8.62%
% of Gross Profit
Depreciation & Amortization $690.0K $750.0K $260.0K
YoY Change 165.38% 368.75% 62.5%
% of Gross Profit
Operating Expenses $14.29M $15.94M $18.60M
YoY Change -23.17% -11.68% 5.92%
Operating Profit -$13.00M
YoY Change 346.09%
Interest Expense $10.00K $55.00K $380.0K
YoY Change -97.37% -85.41% -19.15%
% of Operating Profit
Other Income/Expense, Net -$1.830M -$1.339M $180.0K
YoY Change -1116.67% 2334.55% -45.45%
Pretax Income -$14.24M -$14.28M -$770.0K
YoY Change 1749.35% 450.93% -93.5%
Income Tax $160.0K $0.00
% Of Pretax Income
Net Earnings -$14.40M -$14.30M -$770.0K
YoY Change 1770.13% 451.7% -93.41%
Net Earnings / Revenue -765.96% -486.56% -4.46%
Basic Earnings Per Share -$0.26
Diluted Earnings Per Share -$257.1K -$0.26 -$14.50K
COMMON SHARES
Basic Shares Outstanding 55.97M shares 54.34M shares 54.98M shares
Diluted Shares Outstanding 54.34M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.40M $82.60M $104.2M
YoY Change -32.44% -4.18% -18.66%
Cash & Equivalents $70.44M $66.89M $62.26M
Short-Term Investments $0.00 $15.80M $41.90M
Other Short-Term Assets $3.600M $3.100M $4.100M
YoY Change -12.2% -35.42% -10.87%
Inventory
Prepaid Expenses
Receivables $1.706M $2.944M $6.787M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $75.72M $88.66M $115.0M
YoY Change -34.16% -9.51% -15.05%
LONG-TERM ASSETS
Property, Plant & Equipment $22.05M $21.40M $19.50M
YoY Change 13.04% 94.36% 286.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.309M $1.993M $3.146M
YoY Change 5.18% -74.35% 245.71%
Total Long-Term Assets $29.29M $27.07M $26.08M
YoY Change 12.29% 44.14% 337.72%
TOTAL ASSETS
Total Short-Term Assets $75.72M $88.66M $115.0M
Total Long-Term Assets $29.29M $27.07M $26.08M
Total Assets $105.0M $115.7M $141.1M
YoY Change -25.58% -0.88% -0.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.787M $2.154M $5.803M
YoY Change -69.21% -60.38% 73.22%
Accrued Expenses $7.731M $7.488M $9.944M
YoY Change -22.25% 4.44% 9.11%
Deferred Revenue $12.63M $10.05M $11.26M
YoY Change 12.18% -63.13% -68.39%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.15M $19.69M $27.00M
YoY Change -17.99% -50.59% -43.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.000K $52.30M $0.00
YoY Change 332.88% -100.0%
Total Long-Term Liabilities $6.000K $52.30M $0.00
YoY Change 332.88% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.15M $19.69M $27.00M
Total Long-Term Liabilities $6.000K $52.30M $0.00
Total Liabilities $73.98M $72.03M $89.75M
YoY Change -17.56% -25.05% -11.5%
SHAREHOLDERS EQUITY
Retained Earnings -$211.4M -$197.0M -$174.2M
YoY Change 21.37% 13.61% 18.43%
Common Stock $242.7M $241.5M $227.5M
YoY Change 6.68% 24.0% 19.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.03M $43.69M $51.35M
YoY Change
Total Liabilities & Shareholders Equity $105.0M $115.7M $141.1M
YoY Change -25.58% -0.88% -0.17%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income -$14.40M -$14.30M -$770.0K
YoY Change 1770.13% 451.7% -93.41%
Depreciation, Depletion And Amortization $690.0K $750.0K $260.0K
YoY Change 165.38% 368.75% 62.5%
Cash From Operating Activities -$13.42M -$7.570M -$13.98M
YoY Change -4.01% -40.16% 54.3%
INVESTING ACTIVITIES
Capital Expenditures -$580.0K $840.0K -$1.170M
YoY Change -50.43% -450.0% 105.26%
Acquisitions
YoY Change
Other Investing Activities $15.43M $17.51M -$710.0K
YoY Change -2273.24% 301.61% -84.73%
Cash From Investing Activities $14.85M $18.35M -$1.880M
YoY Change -889.89% 345.39% -63.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 9.620M 31.67M
YoY Change -99.75% 4272.73% 316600.0%
NET CHANGE
Cash From Operating Activities -13.42M -7.570M -13.98M
Cash From Investing Activities 14.85M 18.35M -1.880M
Cash From Financing Activities 80.00K 9.620M 31.67M
Net Change In Cash 1.510M 20.40M 15.81M
YoY Change -90.45% -345.49% -210.79%
FREE CASH FLOW
Cash From Operating Activities -$13.42M -$7.570M -$13.98M
Capital Expenditures -$580.0K $840.0K -$1.170M
Free Cash Flow -$12.84M -$8.410M -$12.81M
YoY Change 0.23% -32.23% 50.88%

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pirs Property And Equipment Included In Accounts Payable
PropertyAndEquipmentIncludedInAccountsPayable
370000 USD
pirs Property And Equipment Included In Accounts Payable
PropertyAndEquipmentIncludedInAccountsPayable
198000 USD
CY2020Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
82600000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
218000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
105000 USD
us-gaap Proceeds From Repayment Of Loans By Employee Stock Ownership Plans
ProceedsFromRepaymentOfLoansByEmployeeStockOwnershipPlans
145000 USD
us-gaap Proceeds From Repayment Of Loans By Employee Stock Ownership Plans
ProceedsFromRepaymentOfLoansByEmployeeStockOwnershipPlans
178000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9624000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10040000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
501000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2708000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-2526000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4630000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-28799000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62260000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
74867000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66890000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46068000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-319000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
469000 USD
us-gaap Use Of Estimates
UseOfEstimates
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.
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
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.
CY2019Q3 us-gaap Revenues
Revenues
15132000 USD
us-gaap Revenues
Revenues
29009000 USD
us-gaap Net Income Loss
NetIncomeLoss
-24698000 USD
us-gaap Depreciation
Depreciation
367000 USD
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
315000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4260000 USD
us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
0 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-90000 USD
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
18827000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-38493000 USD
CY2020Q3 pirs Additions To Contract With Customer Liability
AdditionsToContractWithCustomerLiability
0 USD
pirs Additions To Contract With Customer Liability
AdditionsToContractWithCustomerLiability
1600000 USD
CY2020Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
600000 USD
CY2020Q3 us-gaap Revenues
Revenues
2939000 USD
CY2019Q3 us-gaap Revenues
Revenues
15132000 USD
us-gaap Revenues
Revenues
27446000 USD
us-gaap Revenues
Revenues
29009000 USD
CY2017Q2 pirs Number Of Technology Licenses
NumberOfTechnologyLicenses
5 lease_agreement
CY2017Q1 pirs Number Of Separate Performance Obligations
NumberOfSeparatePerformanceObligations
1 performance_obligation
CY2020Q3 pirs Cash Equivalents And Investments
CashEquivalentsAndInvestments
70660000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
14300000 USD
CY2019Q4 pirs Cash Equivalents And Investments
CashEquivalentsAndInvestments
89278000 USD
CY2020Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
16069000 USD
CY2020Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000 USD
CY2020Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
321000 USD
CY2020Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
15750000 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-200000 USD
CY2019Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
100000 USD
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
200000 USD
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26287000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23069000 USD
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4892000 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3567000 USD
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21395000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19502000 USD
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1275000 USD
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4251000 USD
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2656000 USD
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2870000 USD
CY2020Q3 pirs Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
1833000 USD
CY2019Q4 pirs Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
1048000 USD
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
934000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
733000 USD
CY2020Q3 pirs Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
126000 USD
CY2019Q4 pirs Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
522000 USD
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
664000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
520000 USD
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7488000 USD
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9944000 USD
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37300000 shares
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21700000 shares
CY2019Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2020Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2020Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
55970580 shares
CY2020Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
55970580 shares
CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
55212437 shares
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
55212437 shares
CY2019Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2020Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
14429 shares
CY2020Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
14429 shares
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
11429 shares
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
11429 shares
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
us-gaap Lease Cost
LeaseCost
1670000 USD
CY2019Q4 pirs Sale Of Stock Number Of Shares Per Unit
SaleOfStockNumberOfSharesPerUnit
1 shares
CY2019Q4 pirs Sale Of Stock Number Of Warrants Per Unit
SaleOfStockNumberOfWarrantsPerUnit
1 shares
CY2019Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
50000000.0 USD
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
360000 USD
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
419000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
1134000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
1060000 USD
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
192000 USD
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
71000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
536000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
207000 USD
CY2020Q3 us-gaap Lease Cost
LeaseCost
552000 USD
CY2019Q3 us-gaap Lease Cost
LeaseCost
490000 USD
us-gaap Lease Cost
LeaseCost
1267000 USD
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y8M12D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.105
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
600000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
1500000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
628000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2513000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2344000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2309000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2309000 USD
CY2020Q3 pirs Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
17512000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
27615000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11254000 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
16361000 USD

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