2021 Q1 Form 10-Q Financial Statement

#000158364821000023 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $15.63M $13.26M
YoY Change 17.89% 55.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.130M $4.360M
YoY Change -5.28% -11.56%
% of Gross Profit
Research & Development $16.56M $12.76M
YoY Change 29.82% -10.76%
% of Gross Profit
Depreciation & Amortization $630.0K $339.0K
YoY Change 85.84% 104.22%
% of Gross Profit
Operating Expenses $20.69M $17.12M
YoY Change 20.89% -10.98%
Operating Profit -$5.059M -$3.856M
YoY Change 31.2% -63.91%
Interest Expense $3.000K $319.0K
YoY Change -99.06% -36.96%
% of Operating Profit
Other Income/Expense, Net $884.0K -$60.00K
YoY Change -1573.33% -64.91%
Pretax Income -$4.170M -$3.600M
YoY Change 15.83% -65.21%
Income Tax
% Of Pretax Income
Net Earnings -$4.200M -$3.600M
YoY Change 16.67% -65.21%
Net Earnings / Revenue -26.87% -27.15%
Basic Earnings Per Share -$0.07
Diluted Earnings Per Share -$0.07 -$65.21K
COMMON SHARES
Basic Shares Outstanding 56.30M shares 55.21M shares
Diluted Shares Outstanding 56.30M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.80M $86.80M
YoY Change -23.04% -21.66%
Cash & Equivalents $66.84M $47.43M
Short-Term Investments $39.30M
Other Short-Term Assets $5.600M $4.300M
YoY Change 30.23% -32.81%
Inventory
Prepaid Expenses
Receivables $15.81M $7.267M
Other Receivables $0.00 $0.00
Total Short-Term Assets $88.27M $98.37M
YoY Change -10.27% -20.85%
LONG-TERM ASSETS
Property, Plant & Equipment $20.51M $20.34M
YoY Change 0.83% 315.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.213M $1.887M
YoY Change 70.27% -7.04%
Total Long-Term Assets $27.51M $25.40M
YoY Change 8.32% 34.46%
TOTAL ASSETS
Total Short-Term Assets $88.27M $98.37M
Total Long-Term Assets $27.51M $25.40M
Total Assets $115.8M $123.8M
YoY Change -6.45% -13.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.467M $3.500M
YoY Change -0.94% -6.12%
Accrued Expenses $9.562M $6.939M
YoY Change 37.8% -24.71%
Deferred Revenue $17.24M $10.04M
YoY Change 71.6% -64.36%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.27M $20.48M
YoY Change 47.76% -50.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $53.50M
YoY Change -100.0% 198048.15%
Total Long-Term Liabilities $0.00 $53.50M
YoY Change -100.0% 198048.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.27M $20.48M
Total Long-Term Liabilities $0.00 $53.50M
Total Liabilities $77.55M $73.97M
YoY Change 4.84% -29.48%
SHAREHOLDERS EQUITY
Retained Earnings -$215.6M -$177.8M
YoY Change 21.28% 19.55%
Common Stock $253.6M $228.8M
YoY Change 10.84% 19.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.24M $49.81M
YoY Change
Total Liabilities & Shareholders Equity $115.8M $123.8M
YoY Change -6.45% -13.55%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$4.200M -$3.600M
YoY Change 16.67% -65.21%
Depreciation, Depletion And Amortization $630.0K $339.0K
YoY Change 85.84% 104.22%
Cash From Operating Activities -$12.14M -$15.13M
YoY Change -19.78% 0.15%
INVESTING ACTIVITIES
Capital Expenditures $28.00K $1.927M
YoY Change -98.55% 1492.56%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.340M
YoY Change -100.0% -145.0%
Cash From Investing Activities -$28.00K $414.0K
YoY Change -106.76% -107.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $9.693M $0.00
YoY Change
NET CHANGE
Cash From Operating Activities -$12.14M -$15.13M
Cash From Investing Activities -$28.00K $414.0K
Cash From Financing Activities $9.693M $0.00
Net Change In Cash -$3.601M -$14.83M
YoY Change -75.72% -34.88%
FREE CASH FLOW
Cash From Operating Activities -$12.14M -$15.13M
Capital Expenditures $28.00K $1.927M
Free Cash Flow -$12.17M -$17.06M
YoY Change -28.68% 12.01%

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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.
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5815000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20512000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22046000 USD
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3466000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1220000 USD
CY2021Q1 pirs Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
2066000 USD
CY2020Q4 pirs Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
2001000 USD
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1479000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2759000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
987000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1030000 USD
CY2021Q1 pirs Accrued License Obligations Current
AccruedLicenseObligationsCurrent
799000 USD
CY2020Q4 pirs Accrued License Obligations Current
AccruedLicenseObligationsCurrent
358000 USD
CY2021Q1 pirs Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
429000 USD
CY2020Q4 pirs Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
128000 USD
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
336000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
235000 USD
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9562000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7731000 USD
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38600000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34900000 shares
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
59718989 shares
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
59718989 shares
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
56002815 shares
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
56002815 shares
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
14429 shares
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
14429 shares
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
14429 shares
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
14429 shares
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
50000000.0 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
377000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
404000 USD
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
182000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
188000 USD
CY2021Q1 us-gaap Lease Cost
LeaseCost
559000 USD
CY2020Q1 us-gaap Lease Cost
LeaseCost
592000 USD
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y2M12D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.105
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
700000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1910000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2349000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2314000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2314000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2314000 USD
CY2021Q1 pirs Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
15236000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
26437000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
26437000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 USD

Files In Submission

Name View Source Status
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