Pieris Pharmaceuticals, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Pieris Pharmaceuticals, Inc. filed its 2023 10-K, detailing financial positions as of year-end 2023.</b>

AI Summary

PIERIS PHARMACEUTICALS, INC. (PVLA) filed a Annual Report (10-K) with the SEC on March 29, 2024. Pieris Pharmaceuticals, Inc. reported total assets of $98,935,025 as of December 31, 2023. The company's total debt was $74,519,103 as of December 31, 2023. Revenue figures for the fiscal year ending December 31, 2023, were not explicitly detailed in the provided snippet. The filing covers the fiscal year ending December 31, 2023. Pieris Pharmaceuticals, Inc. is incorporated in Nevada.

Why It Matters

For investors and stakeholders tracking PIERIS PHARMACEUTICALS, INC., this filing contains several important signals. This filing provides a comprehensive overview of Pieris Pharmaceuticals' financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including assets and debt, offers insights into the company's capital structure and its ability to manage financial obligations.

Risk Assessment

Risk Level: medium — PIERIS PHARMACEUTICALS, INC. shows moderate risk based on this filing. The company's financial position, with significant debt relative to assets, suggests potential financial risk that warrants careful investor consideration.

Analyst Insight

Investors should closely examine the company's debt management strategies and revenue generation plans in light of its current financial structure.

Financial Highlights

total Assets

98,935,025

total Debt

74,519,103

Key Numbers

• 98,935,025 — Total Assets (As of December 31, 2023)
• 74,519,103 — Total Debt (As of December 31, 2023)
• 10,000,000 — Preferred Stock (As of December 31, 2023)
• 15,617 — Common Stock (As of December 31, 2023)

Key Players & Entities

• PIERIS PHARMACEUTICALS, INC. (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240329 (date) — FILED AS OF DATE
• NV (jurisdiction) — STATE OF INCORPORATION
• 225 FRANKLIN STREET (address) — BUSINESS ADDRESS
• BOSTON (location) — BUSINESS ADDRESS CITY
• MA (location) — BUSINESS ADDRESS STATE
• 02110 (postal_code) — BUSINESS ADDRESS ZIP

FAQ

Risk Factors

• Financial Position [medium — financial]: The company's financial statements as of December 31, 2023, show total assets of $98,935,025 and total debt of $74,519,103.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-03-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share PIRS The Nasdaq Stock Mar
• $0 — ed on the closing price on that date of $0.17, was $ 11,222,444 . As of March 26
• $ — ndicated, all references to "dollars," "$," "US
  quot; or "U.S. dollars" are to the l
• $1.1038 b — ng the noon buying rate of 1.00 to U.S. $1.1038 based on Thomson Reuters as of December 3
• $13.0 million — mon stock for a total purchase price of $13.0 million in a private placement transaction. In
• $20 million — titled to aggregate milestones of up to $20 million upon first patient dosed in the phase 2
• $55 million — ent, and aggregated milestones of up to $55 million upon first patient dosed in pivotal cli
• $5.0 million — 1 study of SGN-BB228, which triggered a $5.0 million payment from Pfizer to us. Pfizer prese
• $2.5 million — (HCC), for which the Company received a $2.5 million milestone payment and is entitled to re
• $350 million — entitled to receive up to approximately $350 million in potential development, regulatory an

Filing Documents

• pirs20231231_10k.htm (10-K) — 1746KB
• ex_646252.htm (EX-10.45) — 23KB
• ex_646253.htm (EX-10.46) — 83KB
• ex_646254.htm (EX-10.62) — 8KB
• ex_646255.htm (EX-10.65) — 55KB
• ex_646256.htm (EX-10.66) — 116KB
• ex_646257.htm (EX-10.67) — 10KB
• ex_599469.htm (EX-21.1) — 3KB
• ex_599470.htm (EX-23.1) — 16KB
• ex_599471.htm (EX-31.1) — 8KB
• ex_599472.htm (EX-31.2) — 8KB
• ex_599473.htm (EX-32.1) — 5KB
• ex_599474.htm (EX-32.2) — 5KB
• ex_646258.htm (EX-97) — 29KB
• ex_646254img001.jpg (GRAPHIC) — 3KB
• pirs20221231_10kimg001.jpg (GRAPHIC) — 5KB
• pirs20221231_10kimg002.jpg (GRAPHIC) — 8KB
• 0001437749-24-010123.txt (&nbsp;) — 7898KB
• pirs-20231231.xsd (EX-101.SCH) — 64KB
• pirs-20231231_cal.xml (EX-101.CAL) — 53KB
• pirs-20231231_def.xml (EX-101.DEF) — 453KB
• pirs-20231231_lab.xml (EX-101.LAB) — 397KB
• pirs-20231231_pre.xml (EX-101.PRE) — 484KB
• pirs20231231_10k_htm.xml (XML) — 1008KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 28

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 46

Cybersecurity

Item 1C. Cybersecurity 46

Properties

Item 2. Properties 47

Legal Proceedings

Item 3. Legal Proceedings 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 48

[Reserved]

Item 6. [Reserved] 48

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 49

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 59

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 59

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 59

Controls and Procedures

Item 9A. Controls and Procedures 59

Other Information

Item 9B. Other Information 59

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 59 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 60

Executive Compensation

Item 11. Executive Compensation 60

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 60

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 60 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 61

Form 10-K Summary

Item 16. Form 10-K Summary 65 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This annual report on Form 10-K for the year ended December 31, 2023, or this Annual Report on Form 10-K, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that involve risks and uncertainties, principally in the sections titled "Business," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." All statements other than statements of historical fact contained in this Annual Report on Form 10-K, including statements regarding future events, our ability to maximize capture of future milestones payments, our workforce reduction and related restructuring activities, our future financial and operating performance, anticipated timing and amounts of milestone and other payments under collaboration agreements, business strategy and plans, objectives of management for future operations, timing and outcome of legal and other proceedings and our ability to finance our operations are forward-looking statements. We have attempted to identify forward-looking statements by using terms such as including "anticipates," "approach," "believes," "can," "contemplate," "continue," "look forward," "ongoing," "could," "estimates," "expects," "intends," "may," "appears," "suggests," "future," "likely," "goal," "plans," "potential," "possibly," "projects," "predicts," "seek," "should," "target," "would" or "will" and other similar words or expressions or the negative of these terms or other comparable terminology. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. These statements are only predictions and involve known and unknown risks and uncertainties and other factors that may cause our or our industry's actual results, levels of activity, pe

BUSINESS

BUSINESS Corporate History General Pieris Pharmaceuticals, Inc. was incorporated in the State of Nevada in May 2013 under the name "Marika Inc." Pieris Pharmaceuticals, Inc. began operating the business of Pieris Pharmaceuticals GmbH, or Pieris GmbH, through a reverse acquisition on December 17, 2014. Pieris GmbH (formerly Pieris AG, a German company which was founded in 2001) continues as an operating subsidiary of Pieris Pharmaceuticals, Inc.; Pieris Pharmaceuticals, Inc. is the sole stockholder of Pieris GmbH. Pieris Pharmaceuticals, Inc.'s corporate headquarters is located at 225 Franklin Street, 26th Floor, Boston, Massachusetts 02110. The office of Pieris GmbH is located in Hallbergmoos, Germany. Pieris Australia Pty Ltd., a wholly-owned subsidiary of Pieris GmbH, was formed on February 14, 2014 to conduct research and development activities in Australia. Pieris Pharmaceuticals Securities Corporation, a wholly-owned subsidiary of Pieris Pharmaceuticals, Inc., was formed on December 14, 2016 to buy, sell, deal in, or hold securities on its own behalf and not as a broker, and engages in its activities exclusively for investment purposes. Business Overview The Company is a biotechnology company that historically discovered and developed Anticalin protein-based drugs to target validated disease pathways in unique and transformative ways. On March 27, 2024, the Company implemented measures to maximize its ability to collect potential milestones from its clinical pipeline of partnered drug candidates and maintain its capability to consider other strategic options. The Company's clinical pipeline consists of immuno-oncology, or IO, bispecifics in partnership with collaborators, including S095012 (also referred to as PRS-344) targeting PD-L1 and 4-1BB, SGN-BB228 (also referred to as PRS-346) targeting CD228 and 4-1BB, and BOS-342 (also referred to as PRS-342) targeting GPC3 and 4-1BB. Proprietary to the Company, Anticalin proteins are a novel class of therap

View Full Filing

View this 10-K filing on SEC EDGAR