2021 Q4 Form 10-Q Financial Statement

#000158364821000047 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $8.443M $4.057M $1.880M
YoY Change 349.1% 38.04% -89.11%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.085M $4.132M $3.670M
YoY Change 11.31% 0.29% -18.08%
% of Gross Profit
Research & Development $15.36M $18.94M $10.62M
YoY Change 44.6% 60.18% -24.79%
% of Gross Profit
Depreciation & Amortization $609.0K $608.0K $690.0K
YoY Change -11.74% -18.93% 165.38%
% of Gross Profit
Operating Expenses $19.44M $23.07M $14.29M
YoY Change 36.05% 44.74% -23.17%
Operating Profit -$19.01M
YoY Change 46.26%
Interest Expense -$6.000K $4.000K $10.00K
YoY Change -160.0% -92.73% -97.37%
% of Operating Profit
Other Income/Expense, Net $378.0K $678.0K -$1.830M
YoY Change -120.66% -150.63% -1116.67%
Pretax Income -$9.532M -$16.54M -$14.24M
YoY Change -33.06% 15.8% 1749.35%
Income Tax $160.0K
% Of Pretax Income
Net Earnings -$9.532M -$16.50M -$14.40M
YoY Change -33.81% 15.38% 1770.13%
Net Earnings / Revenue -112.9% -406.7% -765.96%
Basic Earnings Per Share -$0.24
Diluted Earnings Per Share -$132.1K -$0.24 -$257.1K
COMMON SHARES
Basic Shares Outstanding 72.06M shares 67.73M shares 55.97M shares
Diluted Shares Outstanding 67.73M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $117.8M $125.1M $70.40M
YoY Change 67.28% 51.39% -32.44%
Cash & Equivalents $117.8M $125.1M $70.44M
Short-Term Investments $0.00
Other Short-Term Assets $6.548M $5.949M $3.600M
YoY Change 81.89% 91.9% -12.2%
Inventory
Prepaid Expenses
Receivables $3.313M $6.646M $1.706M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $127.6M $137.6M $75.72M
YoY Change 68.55% 55.26% -34.16%
LONG-TERM ASSETS
Property, Plant & Equipment $19.12M $19.61M $22.05M
YoY Change -13.26% -8.33% 13.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.904M $2.950M $3.309M
YoY Change -12.24% 48.02% 5.18%
Total Long-Term Assets $25.94M $26.54M $29.29M
YoY Change -11.45% -1.95% 12.29%
TOTAL ASSETS
Total Short-Term Assets $127.6M $137.6M $75.72M
Total Long-Term Assets $25.94M $26.54M $29.29M
Total Assets $153.6M $164.2M $105.0M
YoY Change 46.23% 41.88% -25.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.609M $3.562M $1.787M
YoY Change 381.76% 65.37% -69.21%
Accrued Expenses $14.83M $19.69M $7.731M
YoY Change 91.86% 162.89% -22.25%
Deferred Revenue $25.12M $26.45M $12.63M
YoY Change 98.91% 163.31% 12.18%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $50.56M $49.70M $22.15M
YoY Change 128.32% 152.43% -17.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $6.000K
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $6.000K
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.56M $49.70M $22.15M
Total Long-Term Liabilities $0.00 $0.00 $6.000K
Total Liabilities $102.8M $110.3M $73.98M
YoY Change 38.96% 53.17% -17.56%
SHAREHOLDERS EQUITY
Retained Earnings -$257.1M -$247.6M -$211.4M
YoY Change 21.64% 25.68% 21.37%
Common Stock $307.1M $302.7M $242.7M
YoY Change 26.51% 25.34% 6.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.76M $53.85M $31.03M
YoY Change
Total Liabilities & Shareholders Equity $153.6M $164.2M $105.0M
YoY Change 46.23% 41.88% -25.58%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$9.532M -$16.50M -$14.40M
YoY Change -33.81% 15.38% 1770.13%
Depreciation, Depletion And Amortization $609.0K $608.0K $690.0K
YoY Change -11.74% -18.93% 165.38%
Cash From Operating Activities -$10.94M -$14.48M -$13.42M
YoY Change -18.45% 91.33% -4.01%
INVESTING ACTIVITIES
Capital Expenditures -$342.0K -$350.0K -$580.0K
YoY Change -41.03% -141.67% -50.43%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $15.43M
YoY Change -100.0% -100.0% -2273.24%
Cash From Investing Activities -$342.0K -$350.0K $14.85M
YoY Change -102.3% -101.91% -889.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.901M 21.92M 80.00K
YoY Change 6026.25% 127.82% -99.75%
NET CHANGE
Cash From Operating Activities -10.94M -14.48M -13.42M
Cash From Investing Activities -342.0K -350.0K 14.85M
Cash From Financing Activities 4.901M 21.92M 80.00K
Net Change In Cash -6.385M 7.082M 1.510M
YoY Change -522.85% -65.28% -90.45%
FREE CASH FLOW
Cash From Operating Activities -$10.94M -$14.48M -$13.42M
Capital Expenditures -$342.0K -$350.0K -$580.0K
Free Cash Flow -$10.60M -$14.13M -$12.84M
YoY Change -17.43% 68.06% 0.23%

Facts In Submission

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us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
14792000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3284000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-32479000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2148000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
0 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
67687000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
41178000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-607000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
24361000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
858000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
271000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
837000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
96000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
145000 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
18913000 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1200000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1800000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
33522000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9624000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
54226000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10040000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-2287000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2708000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
54616000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4630000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
70436000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62260000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
125052000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66890000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0 USD
CY2021Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
125100000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-319000 USD
pirs Property And Equipment Included In Accounts Payable
PropertyAndEquipmentIncludedInAccountsPayable
0 USD
pirs Property And Equipment Included In Accounts Payable
PropertyAndEquipmentIncludedInAccountsPayable
370000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-16500000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-14300000 USD
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-247600000 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.
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
27861000 USD
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.
CY2021Q3 us-gaap Revenues
Revenues
4057000 USD
CY2020Q3 us-gaap Revenues
Revenues
2939000 USD
us-gaap Revenues
Revenues
22975000 USD
us-gaap Revenues
Revenues
27446000 USD
CY2017Q2 pirs Number Of Technology Licenses
NumberOfTechnologyLicenses
5 leaseAgreement
CY2017Q1 pirs Number Of Separate Performance Obligations
NumberOfSeparatePerformanceObligations
1 performanceObligation
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
100000 USD
CY2021Q3 pirs Additions To Contract With Customer Liability
AdditionsToContractWithCustomerLiability
1500000 USD
pirs Additions To Contract With Customer Liability
AdditionsToContractWithCustomerLiability
31600000 USD
CY2021Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1900000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3500000 USD
CY2021Q3 us-gaap Grants Receivable
GrantsReceivable
14200000 EUR
CY2021Q3 us-gaap Grants Receivable
GrantsReceivable
17000000 USD
CY2021Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
34900000 USD
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
64000000 USD
CY2021Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 USD
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-200000 USD
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26903000 USD
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7290000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5815000 USD
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19613000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22046000 USD
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2732000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1220000 USD
CY2021Q3 pirs Accrued Collaboration Costs Current
AccruedCollaborationCostsCurrent
2543000 USD
CY2020Q4 pirs Accrued Collaboration Costs Current
AccruedCollaborationCostsCurrent
0 USD
CY2021Q3 pirs Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
8422000 USD
CY2020Q4 pirs Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
2001000 USD
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2914000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2759000 USD
CY2021Q3 pirs Accrued License Obligations Current
AccruedLicenseObligationsCurrent
1655000 USD
CY2020Q4 pirs Accrued License Obligations Current
AccruedLicenseObligationsCurrent
358000 USD
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1032000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1030000 USD
CY2021Q3 pirs Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
165000 USD
CY2020Q4 pirs Accrued Tax Audit And Legal Fees
AccruedTaxAuditAndLegalFees
128000 USD
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
222000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
235000 USD
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
19685000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7731000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36700000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37300000 shares
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
56002815 shares
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
71504630 shares
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
71504630 shares
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
56002815 shares
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
15617 shares
CY2021Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
15617 shares
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
14429 shares
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
14429 shares
CY2021Q3 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
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
370000 USD
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
360000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
1126000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
1134000 USD
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
198000 USD
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
192000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
562000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
536000 USD
CY2021Q3 us-gaap Lease Cost
LeaseCost
568000 USD
CY2020Q3 us-gaap Lease Cost
LeaseCost
552000 USD
us-gaap Lease Cost
LeaseCost
1688000 USD
us-gaap Lease Cost
LeaseCost
1670000 USD
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y8M12D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.105
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
600000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
1900000 USD
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
600000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
1500000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
624000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2527000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2288000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2288000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2288000 USD
CY2021Q3 pirs Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
15065000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
25080000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9604000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
15476000 USD

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