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Pieris Pharmaceuticals
Pieris Pharmaceuticals (PIRS) investor relations material
Pieris Pharmaceuticals has been delisted
Pieris Pharmaceuticals Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary13 Nov, 2024
Executive summary
Pieris Pharmaceuticals is transitioning from R&D to a strategic transaction, highlighted by a pending merger with Palvella Therapeutics, which will result in Palvella shareholders owning approximately 82% of the combined company and Pieris shareholders 18% on a pro forma basis, subject to adjustments and approvals.
All proprietary R&D activities have been discontinued, and the company is focused on maximizing milestone payments from partnered immuno-oncology programs with Pfizer and Boston Pharmaceuticals.
The company implemented significant cost-saving measures, including workforce reductions and asset sales, to extend its cash runway into at least 2027.
Financial highlights
Net loss for Q3 2024 was $2.9 million, a significant improvement from $10.8 million in Q3 2023; net loss for the nine months ended September 30, 2024 was $11.4 million, down from $20.0 million in the prior year period.
Revenue for Q3 2024 was $0, compared to $19.5 million in Q3 2023; revenue for the nine months ended September 30, 2024 was $53, down from $41.5 million in the prior year period, reflecting the wind-down of collaboration obligations.
Cash and cash equivalents as of September 30, 2024 were $19.4 million, compared to $17.4 million at year-end 2023.
Accumulated deficit as of September 30, 2024 was $326.3 million.
Outlook and guidance
Current cash is expected to fund limited operations for at least the next 12 months; further capital needs may arise depending on the outcome of the merger and milestone achievements.
If the merger is not completed, alternatives include continuing as a milestone-focused entity, seeking another strategic transaction, or dissolving and liquidating assets.
CVR payment likelihood assessment
Milestone impact on 2027 cash runway
Describe Palvella's ongoing business post-merger
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Pieris Pharmaceuticals
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Frequently asked questions
Pieris Pharmaceuticals Inc. is a clinical-stage biotechnology company focused on the discovery and development of Anticalin-based therapies, which are engineered proteins designed to treat respiratory diseases, cancer, and other conditions. The company’s proprietary Anticalin platform allows for the creation of novel biologics that target specific disease pathways. Pieris is developing a pipeline of therapies for immuno-oncology, asthma, and other respiratory conditions, working both independently and through collaborations with pharmaceutical partners. The company is headquartered in Boston, Massachusetts, and its shares are listed on the Nasdaq.
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