Pieris Pharmaceuticals (PIRS) investor relations material

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.