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Pieris Pharmaceuticals (PIRS) investor relations material
Pieris Pharmaceuticals Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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