BOSTON, MA / ACCESSWIRE / November 10, 2020 / Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS), a clinical-stage biotechnology company advancing novel biotherapeutics through its proprietary Anticalin® technology platform for respiratory diseases, cancer, and other indications, today announced that members of the management team will participate in the following upcoming investor conferences:
Jefferies Virtual London Healthcare Conference
Tuesday, November 17, 2020 at 3:50PM GMT. A webcast of the Company's fireside chat will be available at this link.
3rd Annual Evercore ISI HealthCONx Conference
Tuesday, December 1, 2020 at 3:30PM EST. A webcast of the Company's fireside chat will be available at this link.
About Pieris Pharmaceuticals:
Pieris is a clinical-stage biotechnology company that discovers and develops Anticalin protein-based drugs to target validated disease pathways in a unique and transformative way. Our pipeline includes inhalable Anticalin proteins to treat respiratory diseases and immuno-oncology multi-specifics tailored for the tumor microenvironment. Proprietary to Pieris, Anticalin proteins are a novel class of therapeutics validated in the clinic and by partnerships with leading pharmaceutical companies, including AstraZeneca, Seagen, and Servier. Anticalin® is a registered trademark of Pieris. For more information, visit www.pieris.com.
Forward Looking Statements:
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, the FDA's views as to, and outcome of, the additional in-use and compatibility study for PRS-343 as requested by the FDA; whether data from patients enrolled to date will be sufficient to inform the recommended phase 2 dose for the Company's planned proof of concept study of PRS-343 in gastric cancer; the expected timing and potential outcomes of the reporting by the Company of key clinical data from its programs, references to novel technologies and methods and our business and product development plans, including the advancement of our proprietary and co-development programs into and through the clinic and the expected timing for reporting data, making IND filings or achieving other milestones related to our programs, including PRS-060/AZD1402, PRS-343, PRS-344, and PRS-352 and the expected timing of the initiation of the next stage of PRS-343's development in gastric cancer. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, our ability to raise the additional funding we will need to continue to pursue our business and product development plans; the inherent uncertainties associated with developing new products or technologies and operating as a development stage company; our ability to develop, complete clinical trials for, obtain approvals for and commercialize any of our product candidates, including our ability to recruit and enroll patients in our studies; our ability to address the requests of the FDA, including with respect to the additional in-use and compatibility study for PRS-343, and the resolution of the partial clinical hold relating to that drug candidate; competition in the industry in which we operate; delays or disruptions due to COVID-19; and market conditions. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents we file with the SEC available at www.sec.gov, including without limitation the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and the Company's Quarterly Reports on Form 10-Q.
Investor Relations Contact:
Pieris Pharmaceuticals, Inc.
Maria Kelman
Director of Investor Relations
+1 857 362 9635
kelman@pieris.com
PIERIS PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
| September 30, 2020 | December 31, 2019 | |||||||
| Assets: | ||||||||
| Cash and cash equivalents | $ | 66,890 | $ | 62,260 | ||||
| Short term investments | 15,750 | 41,894 | ||||||
| Accounts receivable | 2,944 | 6,787 | ||||||
| Prepaid expenses and other current assets | 3,074 | 4,072 | ||||||
| Total current assets | 88,658 | 115,013 | ||||||
| Property and equipment, net | 21,395 | 19,502 | ||||||
| Operating lease right-of-use assets | 3,678 | 3,436 | ||||||
| Other non-current assets | 1,993 | 3,146 | ||||||
| Total Assets | $ | 115,724 | $ | 141,097 | ||||
| Liabilities and stockholders' equity: | ||||||||
| Accounts payable | $ | 2,154 | $ | 5,803 | ||||
| Accrued expenses | 7,488 | 9,944 | ||||||
| Deferred revenue, current portion | 10,045 | 11,256 | ||||||
| Total current liabilities | 19,687 | 27,003 | ||||||
| Deferred revenue, net of current portion | 36,919 | 47,258 | ||||||
| Operating lease liabilities | 15,427 | 15,484 | ||||||
| Total Liabilities | 72,033 | 89,745 | ||||||
| Total stockholders' equity | 43,691 | 51,352 | ||||||
| Total liabilities and stockholders' equity | $ | 115,724 | $ | 141,097 | ||||
PIERIS PHARMACEUTICALS, INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Revenues | $ | 2,939 | $ | 15,132 | $ | 27,446 | $ | 29,009 | ||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 11,822 | 13,211 | 35,913 | 40,880 | ||||||||||||
| General and administrative | 4,116 | 4,835 | 13,043 | 13,956 | ||||||||||||
| Total operating expenses | 15,938 | 18,046 | 48,956 | 54,836 | ||||||||||||
| Loss from operations | (12,999 | ) | (2,914 | ) | (21,510 | ) | (25,827 | ) | ||||||||
| Interest income | 55 | 377 | 503 | 1,332 | ||||||||||||
| Other expense | (1,339 | ) | (55 | ) | (1,823 | ) | (203 | ) | ||||||||
| Loss before income taxes | (14,283 | ) | (2,592 | ) | (22,830 | ) | (24,698 | ) | ||||||||
| Net loss | $ | (14,283 | ) | $ | (2,592 | ) | $ | (22,830 | ) | $ | (24,698 | ) | ||||
| Basic and diluted net loss per share | $ | (0.26 | ) | $ | (0.05 | ) | $ | (0.42 | ) | $ | (0.50 | ) | ||||
| Basic and diluted weighted average shares outstanding | 54,340 | 49,353 | 53,976 | 49,805 | ||||||||||||
SOURCE: Pieris Pharmaceuticals, Inc.
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