Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PIRS | |
Entity Registrant Name | PIERIS PHARMACEUTICALS, INC. | |
Entity Central Index Key | 1,583,648 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 43,068,790 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 55,241,957 | $ 29,355,528 |
Accounts receivable | 39,013 | 57,582 |
Prepaid expenses and other current assets | 3,475,013 | 3,259,503 |
Total current assets | 58,755,983 | 32,672,613 |
Property and equipment, net | 2,993,005 | 2,264,477 |
Other non-current assets | 126,193 | 125,741 |
Total assets | 61,875,181 | 35,062,831 |
Current liabilities: | ||
Accounts payable | 3,317,122 | 2,386,183 |
Accrued expenses and other current liabilities | 2,958,877 | 3,719,457 |
Deferred revenues, current portion | 5,168,614 | 2,274,514 |
Total current liabilities | 11,444,613 | 8,380,154 |
Deferred revenue, net of current portion | 32,352,662 | 1,409,483 |
Other long-term liabilities | 42,086 | 46,667 |
Total liabilities | 43,839,361 | 9,836,304 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value per share, 4,963 shares authorized and 4,963 and 4,963 issued and outstanding at March 31, 2017 and December 31, 2016 | 5 | 5 |
Common stock, $0.001 par value per share, 300,000,000 shares authorized and 43,058,827 and 43,058,827 issued and outstanding at March 31, 2017 and December 31, 2016 | 43,059 | 43,059 |
Additional paid-in capital | 130,101,961 | 129,349,768 |
Accumulated other comprehensive loss | (1,450,617) | (1,501,452) |
Accumulated deficit | (110,658,588) | (102,664,853) |
Total stockholders' equity | 18,035,820 | 25,226,527 |
Total liabilities and stockholders' equity | $ 61,875,181 | $ 35,062,831 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 4,963 | 4,963 |
Preferred Stock, shares issued | 4,963 | 4,963 |
Preferred Stock, outstanding | 4,963 | 4,963 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 43,058,827 | 43,058,827 |
Common stock, outstanding | 43,058,827 | 43,058,827 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Revenue | $ 1,343,300 | $ 1,246,644 |
Operating expenses: | ||
Research and development | 5,359,956 | 3,659,435 |
General and administrative | 3,988,880 | 1,967,883 |
Total operating expenses | 9,348,836 | 5,627,318 |
Loss from operations: | (8,005,536) | (4,380,674) |
Interest income, net | 100 | |
Other income (expense), net | 11,701 | 219,620 |
Loss before income taxes | (7,993,735) | (4,161,054) |
Provision for income tax | 0 | 0 |
Net Loss | $ (7,993,735) | $ (4,161,054) |
Net loss per share Basic and diluted | $ (0.19) | $ (0.10) |
Weighted average number of shares outstanding Basic and diluted | 43,063,790 | 39,833,023 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (7,993,735) | $ (4,161,054) |
Other comprehensive income/(loss) components: | ||
Foreign currency translation | 50,834 | (163,340) |
Total other comprehensive income/(loss) | 50,834 | (163,340) |
Comprehensive loss | $ (7,942,901) | $ (4,324,394) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities: | ||
Net loss | $ (7,993,735) | $ (4,161,054) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 100,348 | 94,521 |
Stock-based compensation | 752,193 | 368,383 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 19,328 | (68,870) |
Prepaid expenses and other assets | (81,149) | (1,185,384) |
Deferred Revenue | 33,516,454 | 5,838,737 |
Accounts payable | 263,025 | 597,189 |
Accrued expenses and other current liabilities | (805,903) | 543,037 |
Net cash provided by operating activities | 25,770,561 | 2,026,559 |
Investing activities: | ||
Purchase of property and equipment | (179,066) | (67,919) |
Net cash used in investing activities | (179,066) | (67,919) |
Financing activities: | ||
Net cash used in financing activities | 0 | 0 |
Effect of exchange rate change on cash and cash equivalents | 294,934 | (119,236) |
Net increase in cash and cash equivalents | 25,886,429 | 1,839,403 |
Cash and cash equivalents at beginning of year | 29,355,528 | 29,349,124 |
Cash and cash equivalents at end of year | 55,241,957 | $ 31,188,527 |
Supplemental cash flow disclosures: | ||
Property and equipment included in accounts payable | $ 613,406 |
Interim Consolidated Financial
Interim Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Consolidated Financial Statements | 1. Interim Consolidated Financial Statements The accompanying unaudited interim condensed consolidated financial statements of Pieris Pharmaceuticals, Inc. (“Pieris” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. All significant intercompany balances and transactions have been eliminated in the consolidation. Certain information and footnotes normally included in financial statement prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, the statements do not include all of the information and notes required by U.S. GAAP for complete annual consolidated financial statements. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related footnotes that appear in the Annual Report on Form 10-K In the opinion of management, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited condensed consolidated financial statements for the year ending December 31, 2016, and all adjustments, including normal recurring adjustments, considered necessary for the fair presentation of the Company’s unaudited interim consolidated financial statements have been included. The results of operations, for the three months ended March 31, 2017, are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or any future period. Use of estimates The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues, and expenses in the financial statements and disclosures in the accompanying notes. Significant estimates are used for, but are not limited to, revenue recognition, deferred tax assets, liabilities and valuation allowances, fair value of stock options and various accruals. Management evaluates its estimates on an ongoing basis. Actual results and outcomes could differ materially from management’s estimates, judgments and assumptions. |
Critical Accounting Policies
Critical Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Critical Accounting Policies | 2. Critical Accounting Policies Research and development expenses Research and development expenses are charged to the statement of operations as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries and benefits, facilities costs, pre-clinical Revenue Recognition Pieris has entered into several licensing and development agreements with collaboration partners for the development of Anticalin ® 605-25, Revenue Recognition—Multiple-Element Arrangements 605-28, Revenue Recognition—Milestone Method Multiple-Element Arrangements When evaluating multiple-element arrangements, Pieris identifies the deliverables included within the agreement and evaluates which deliverables represent separate units of accounting based on whether the delivered element has stand-alone value to the customer or if the arrangement includes a general right of return for delivered items. The consideration received is allocated among the separate units of accounting using the relative selling price method, and the applicable revenue recognition criteria are applied to each of the separate units of accounting. Pieris has used best estimate of selling price (“BESP”) methodology to estimate the selling price for licenses and options to acquire additional licenses to its proprietary technology because Pieris does not have vendor specific objective evidence (“VSOE”) or third party evidence (“TPE”) of selling price for these deliverables. To determine the estimated selling price of a license to its proprietary technology, Pieris considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements, terms of previous collaborative agreements, similar agreements entered into by third parties, market opportunity, estimated development costs, probability of success, and the time needed to commercialize a product candidate pursuant to the license. In validating Pieris’ best estimate of selling price, Pieris evaluates whether changes in the key assumptions used to determine the best estimate of selling price will have a significant effect on the allocation of arrangement consideration among multiple deliverables. Multiple element arrangements, such as license and development arrangements, are analyzed to determine whether the deliverables, which often include a license and performance obligations such as research and steering committee services, can be separated or whether they must be accounted for as a single unit of accounting in accordance with U.S. GAAP. The Company recognizes up-front If the Company is involved in a steering committee as part of a multiple element arrangement, the Company assesses whether its involvement constitutes a performance obligation or a right to participate. Steering committee services that are determined to be performance obligations, are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which the Company expects to complete its aggregate performance obligations. The Company recognizes arrangement consideration allocated to each unit of accounting when all of the revenue recognition criteria in ASC 605 are satisfied for that particular unit of accounting. Whenever the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue will be recognized. Revenue will be recognized using either a relative performance or straight-line method. The Company recognizes revenue using the proportional performance method provided the Company can reasonably estimate the level of effort required to complete its performance obligations under an arrangement and such performance obligations are provided on a best-effort basis. Full-time equivalents are typically used as the measure of performance. Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement. The accounting treatment for options granted to collaborators is dependent upon the nature of the option granted to the collaborative partner. Options are considered substantive if, at the inception of an agreement, Pieris is at risk as to whether the collaborative partner will choose to exercise the options to secure additional goods or services. Factors that are considered in evaluating whether options are substantive include the overall objective of the arrangement, the benefit the collaborator might obtain from the agreement without exercising the options, the cost to exercise the options relative to the total upfront consideration, and the additional financial commitments or economic penalties imposed on the collaborator as a result of exercising the options. In arrangements where options to obtain additional deliverables are considered substantive, Pieris determines whether the optional licenses are priced at a significant and incremental discount. If the prices include a significant and incremental discount, the option is considered a deliverable in the arrangement. However, if not priced at a discount, the elements included in the arrangement are considered to be only the non-contingent up-front i.e. un-exercised, non-substantive, Payments or reimbursements resulting from Pieris’ research and development efforts in multi-element arrangements, in which Pieris’ research and development efforts are considered deliverable, are recognized as the services are performed and are presented on a gross basis so long as there is persuasive evidence of an arrangement, the fee is fixed or determinable, and collection of the related receivable is reasonably assured. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets. Milestone Payments and Royalties At the inception of each agreement that includes milestone payments, Pieris evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether: (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. Pieris evaluates factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. Pieris aggregates milestones into four categories: (i) research milestones, (ii) development milestones, (iii) commercial milestones and (iv) sales milestones. Research milestones are typically achieved upon reaching certain success criteria as defined in each agreement related to developing an Anticalin protein against the specified target. Development milestones are typically reached when a compound reaches a defined phase of clinical research or passes such phase, or upon gaining regulatory approvals. Commercial milestones are typically achieved when an approved pharmaceutical product reaches the status for commercial sale or certain defined levels of net sales by the licensee, such as when a product first achieves global sales or annual sales of a specified amount. Sales milestones are typically achieved when an approved pharmaceutical product exceed net sales as defined in each agreement. For revenues from research, development, and sales milestone payments, if the milestones are deemed substantive and the milestone payments are nonrefundable, such amounts are recognized entirely upon successful accomplishment of the milestones. Milestones that are not considered substantive are accounted for as license payments and recognized on a straight-line basis over the period of performance. Revenues from commercial milestone payments are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met. Royalty payments are recognized in revenues based on the timing of royalty payments earned in accordance with the agreements, which typically is the period when the relevant sales occur, assuming all other revenue recognition criteria are met. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenues | 3. Revenues General Pieris has not generated revenues from product sales to date. Pieris has generated revenues from: (i) license and collaboration agreements, which include upfront payments for licenses or options to obtain licenses, payments for research and development services and milestone payments and (ii) government grants. F.Hoffmann-La In December 2015, the Company entered into a Research Collaboration and License Agreement (the “Roche Agreement”) with F.Hoffmann- La Roche Ltd. and Hoffmann- La Roche Inc., (“Roche”), for the research, development, and commercialization of Anticalin ® pre-clinical Roche has paid $6.5 million of an upfront payment for the research collaboration. Additionally, Roche will pay Pieris for research services provided by Pieris in conjunction with the research program. Roche will also pay Pieris for certain milestones relating to development, regulatory, and sales milestones as they are achieved. As of March 31, 2017 and March 31, 2016, deferred revenue, related to Roche collaboration, is $3.1 million and $6.0 million, respectively. Pieris recorded $1.0 million and $1.2 million in revenue for the three months ended March 31, 2017 and March 31, 2016, respectively, related to the recognition of the upfront payment associated with the portion of the research services performed during the period as well as the value of research services provided by Pieris in connection with the ongoing research program. The Company identified the research and commercial licenses, performance of R&D services, and participation in the joint research committee as deliverables under the Roche Agreement. For revenue recognition purposes, management has determined that there are two units of accounting at the inception of the agreement representing (i) the research and commercial licenses and the performance of R&D services which do not have standalone value, and (ii) the participation in the joint research committee. In addition to the upfront payment, under the Roche Agreement, the Company is eligible to receive research funding, development and regulatory, and sales based milestone payments up to approximately $406.5 million, plus royalties on future sales of any commercial products. The total potential milestones are categorized as follows: development and regulatory milestones—$282.7 million; and sales milestones—$119.9 million. Management has determined that the development milestones are not substantive because they do not relate solely to past performance of the Company and the Company’s involvement in the achievement is limited to progress reports and other updates. Non-substantive Les Laboratoires Servier and Institut de Recherches Internationales Servier On January 4, 2017, Pieris entered into a License and Collaboration Agreement (“Collaboration Agreement”), and Non-Exclusive PRS-332 PD-1-targeting PRS-332 Four additional committed programs have been defined, which may combine antibodies from the Servier portfolio with one or more Anticalin proteins based on Pieris’ proprietary platform to generate innovative immuno-oncology bispecific drug candidates. The collaboration may be expanded by up to three additional therapeutic programs. Pieris has the option to co-develop PRS-332 (“Co-Development Co-Development At inception, Servier is granted the following licenses: (i) development license for the Lead Product, (ii) commercial license for the Lead Product, (iii) individual research licenses for each of the four collaboration programs, and (iv) individual non-exclusive Co-Development The Agreements will be managed on an overall basis by a joint executive committee (“JEC”) formed by an equal number of members from the Company and Servier. Decisions by the JEC will be made by consensus, however, in the event of a disagreement, each party will have final-decision making authority as it relates to the applicable territory in which such party has commercialization rights for the applicable product. In addition to the JEC, the Collaboration Agreement, also requires the participation of both parties on: (i) a joint steering committee (“JSC”), (ii) a joint development committee (“JDC”), (iii) a joint intellectual property committee (“JIPC”), and (iv) a joint research committee (“JRC”). The responsibilities of these committees vary, depending on the stage of development and commercialization of each of the Lead Product and collaboration programs. For the Lead Product and Co-Development co-develop Under the Agreements, the Company received an upfront, non-refundable one-year The Company accounted for the Agreements, as a multiple element arrangement under ASC 605-25. non-exclusive Management considered whether any of the deliverables could be considered separate units of accounting. The Company determined that the licenses granted at the inception of the arrangement did not have standalone value from the research and development services to be provided for the Lead Product and collaboration programs, over the term of the Agreements, due to the specific nature of the intellectual property and knowledge required to perform the services. The Company determined that the participation on the various committees did have standalone value as the services could be performed by an outside party. As a result, management concluded that there were fourteen units of accounting at the inception of the agreement: (i) combined unit of accounting representing a non-exclusive non-exclusive The Company determined that neither VSOE nor TPE is available for any of the units of accounting identified at the inception of the arrangement. Accordingly, the selling price of each unit of accounting was developed using management’s BESP. The Company developed their best estimate of selling price for licenses by applying a risk adjusted, net present value, of estimate of future potential cash flow approach, which included the cost of obtaining research and development services at arm’s length from a third-party provider, as well as internal full time equivalent costs to support these services. The Company developed the BESP for committee participation by using management’s best estimate of the anticipated participation hours multiplied by a market rate for comparable participants. The Company developed the best estimate of selling price for the discounts granted on the licenses by probability weighting multiple cash flow scenarios using the income approach. Allocable arrangement consideration at inception is comprised of the upfront fee of €30.0 million (approximately $32.0 million) and was allocated among the separate units of accounting using the relative selling price method as follows (i) combined unit of accounting for the Lead Product: (ii) four units of accounting for the collaboration programs, (iii) one unit of accounting representing participation in each of the committees, and (iv) four units of accounting representing the discount on development and commercial licenses granted in the future. The amounts allocated to the combined unit of accounting for the Lead Product and four units of accounting for the collaboration programs will be recognized on a proportional performance basis as the activities are conducted over the life of the arrangement. The term of the performance at inception of the agreement for the Lead Product and each of the co-developed Additionally, the Company evaluated payments required to be made between both parties as a result of the shared development costs of the Lead Product and Co-Development Under the agreement the Company is eligible to receive various development and regulatory and sales milestones. Management determined that certain of the development and regulatory milestones which may be received under the Servier Agreements are substantive when the Company is involved in the development and commercialization of the applicable product. Payments related to the achievement of such milestones, if any, will be recognized as revenue when the milestone is achieved. Total potential substantive development and regulatory milestones are up to €163.0 million. Development and regulatory milestones are deemed non-substantive if they are based solely on the performance of another party. Non-substantive milestones will be treated as contingent revenue and will be recognized when achieved to the extent the Company has no remaining performance obligations under the arrangement. Milestone payments earned upon the achievement of sales events will be recognized when earned. Total potential non-substantive development and regulatory milestones are up to €406.0 million and sales milestones are up to €515.0 million. The Company will recognize royalty revenue in the period of sale of the related product(s), based on the underlying contract terms, provided that the reported sales are reliably measurable and the Company has no remaining performance obligations, assuming all other revenue recognition criteria are met. Pieris recorded $0.3 million in revenue for the three months ended March 31, 2017, with respect to the Agreements with Servier. Research and development expense incurred by the Company in relation to its performance under the agreement for the three months ended March, 31, 2017 was $0.5 million. As of March 31, 2017, there is $2.9 million and $28.9 million of deferred revenue and non-current ASKA Pharmaceutical Co. Ltd. On February 27, 2017 the Company entered into an Exclusive Option Agreement (the “Agreement”) with ASKA Pharmaceutical Co., Ltd. (“ASKA”) to grant ASKA an option to acquire (1) a non-exclusive PRS-080, ASKA has paid $2.75 million of an upfront option payment. Pieris is obliged to use commercially reasonable efforts to complete the Phase 2a Study for PRS-080 “Break-Up Pieris has an obligation to use all reasonable commercial efforts to complete the Phase 2a Study for the Licensed Product and to submit to ASKA in writing the final results of said study. Failure to do so would result in a significant contractual penalty. The completed Phase 2a Study represents a deliverable under the arrangement. As the arrangement only contains one deliverable, there is only one unit of accounting to be considered at the inception of the contract. The total allocable arrangement consideration at inception is $2.75 million and this is allocated to the single unit of accounting. The Company noted that while the completion of the Phase 2a trial requires the completion of a number of actions, the finalization of the data and evaluation of results is of such significance that the value of the Phase 2a Study Results is realized at this point. As a result, the Company will recognize revenue for this unit of accounting upon delivery of the Phase 2a Study Results to ASKA. Therefore, no revenue in connection with this arrangement was recognized in the three months ended March 31, 2017. As of March 31, 2017, there is $2.75 million of non-current deferred revenue related to the Company’s option agreement with ASKA. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 4. Net Loss per Share Basic net loss per share was determined by dividing net loss by the weighted average shares outstanding during the period. Diluted net loss per share was determined by dividing net loss by diluted weighted average shares outstanding. Diluted weighted average shares reflect the dilutive effect, if any, of common stock options based on the treasury stock method. For all financial statement periods presented the number of basic and diluted weighted average shares outstanding remained the same as an increase in the number of shares of common stock equivalents for the periods presented would be antidilutive. For the three months ended March 31, 2017 and 2016, approximately 11.2 million and 3.5 million weighted average shares, subject to stock options and warrants, respectively, as calculated using the treasury stock method, were excluded from the calculation of diluted weighted average shares outstanding as their effect was antidilutive. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 5. Fair Value Measurement ASC Topic 820 Fair Value Measurement Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 utilizes quoted market prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. For the periods presented in these interim financial statements, Pieris has no cash equivalents and debt instruments as of each balance sheet date presented. All other current assets and current liabilities on our consolidated balance sheets approximate their respective carrying amounts. |
Accrued expenses
Accrued expenses | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued expenses | 6. Accrued expenses The Company has recorded the following accrued expenses as of March 31, 2017 and December 31, 2016, respectively: March 31, December 31, 2017 2016 Accrued expenses Accrued compensation expense $ 844,786 $ 1,198,448 Accrued professional fees 782,203 867,969 Accrued R&D fees 777,573 1,040,321 Accrued audit and tax fees 374,548 454,931 Accrued other 179,767 157,788 Total accrued expenses $ 2,958,877 $ 3,719,457 |
Stock-based compensation
Stock-based compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation | 7. Stock-based compensation 2014 Stock Plan Pieris granted 1,068,881 options to employees, consultants, and directors under its 2014 Employee, Director, and Consultant Equity Incentive Plan, (the “2014 Plan”) during the three months ended March 31, 2016. The 2014 Plan was terminated on June 28, 2016 when the Company adopted its 2016 Employee, Director and Consultant Equity Incentive Plan, (the “2016 Plan”). Therefore, no options were granted for the three months ended March 31, 2017 under the 2014 Plan. 2016 Stock Plan In June 2016, the Company adopted the 2016 Plan which provides for the grant of stock options, restricted and unrestricted stock awards, and other stock-based awards to employees of the Company, non-employee The Company granted 1,140,338 options to employees and directors under the 2016 Plan during the three months ended March 31, 2017. No options were granted under the 2016 Plan during the three months ended March 31, 2016. As of March 31, 2017, there were 2,201,828 shares available for future grant under the 2016 Plan. The shares available for future grant under the 2016 Plan include 217,530 shares which were forfeited under the 2016 Plan and 90,000 shares which were forfeited under the 2014 Plan. These forfeited shares were added back to the 2016 Plan. Stock-based compensation expense was $0.8 million and $0.4 million for the three months ended March 31, 2017 and 2016, respectively. Total stock-based compensation expense was recorded to operating expenses based upon the functional responsibilities of the individuals holding the respective options as follows: Three months ended 2017 2016 Research and development $ 166,611 $ 126,441 General and administrative 585,581 241,942 Total stock-based compensation $ 752,193 $ 368,383 There were no options exercised during the three months ended March 31, 2017 and 2016, respectively. The Company uses the Black-Scholes option pricing model to determine the estimated fair value for stock-based awards. Option-pricing models require the input of various subjective assumptions, including the option’s expected life, expected dividend yield, price volatility, risk free interest rate, and forfeitures of the underlying stock. Accordingly, the weighted-average fair value of the options granted was $1.31 and $1.00 for the three months ended March 31, 2017 and 2016, respectively. The calculation was based on the following assumptions: Three months ended March 31, 2017 2016 Risk free interest rate 2.04%-2.16% 1.35%-1.61% Expected term 5.0 – 5.7 years 5.0 – 5.7 years Dividend yield — — Expected volatility 75.09%-75.13% 75.53%-76.00% Option-pricing models require the input of various subjective assumptions, including the option´s expected life and the price volatility of the underlying stock. Pieris’ estimated expected stock price volatility is based on the average volatilities of other guideline companies in the same industry. Pieris’ expected term of options granted during the three months ended March 31, 2017 and 2016, respectively was derived using the SEC’s simplified method. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company’s stock options have a maximum term of ten years from the date of grant. Stock options granted under the 2016 Plan may be either incentive stock options (“ISOs”), or nonqualified stock options (“NQSOs”). The exercise price of stock options granted under the 2016 Plan must be at least equal to the fair market value of the common stock on the date of grant. |
Liquidity and Going Concern
Liquidity and Going Concern | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity and Going Concern | 8. Liquidity and Going Concern The Company believes its cash of $55.2 million as of March 31, 2017 and the $57.5 million to be received from the AstraZeneca subsequent to March 31, 2017 will be sufficient to fund the Company’s current operating plan for at least twelve months from the date of filing. The Company may need to raise additional funds in order to execute the current operating plan in the future. There can be no assurance that the Company will be able to obtain future additional debt, equity financing, or generate product revenue or revenues from collaborative partners, on terms acceptable to the Company, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial condition. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 9. Recent Accounting Pronouncements Adopted standards for current period In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, No. 2014-15 No. 2014-15 Standards not yet adopted In May 2014, the FASB issued ASU No. 2014-09, 2014-09”). 2015-14, 2014-09; No. 2016-08, 2014-09; No. 2016-10, 2014-09; No. 2016-12, 2014-09 The Revenue ASUs provide an accounting standard for a single comprehensive model for use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for interim and annual periods beginning after December 15, 2017, with an option to early adopt for interim and annual periods beginning after December 15, 2016. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (the full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). We currently anticipate adoption of the new standard effective January 1, 2018 under the modified retrospective method. The Company is in the process of determining the impact of the Revenue Recognition ASUs on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. Under the amendments in ASU 2016-02 lessees will be required to recognize (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term for all leases (with the exception of short-term leases) at the commencement date. This guidance is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact the adoption of this standard will have on its financial statements and related disclosures. Pieris has considered other recent accounting pronouncements and concluded that they are either not applicable to the business, or that the effect is not expected to be material to the unaudited condensed consolidated financial statements as a result of future adoption. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events License and Collaboration Agreement and Non-Exclusive Anticalin Platform Technology License Agreement with AstraZeneca On May 2, 2017, the Company and wholly-owned subsidiaries Pieris Pharmaceuticals GmbH and Pieris Australia Pty Ltd. entered into a License and Collaboration Agreement (the “AstraZeneca Collaboration Agreement”) and a Non-Exclusive ® ® candidate, PRS-060. Under the Agreements, Pieris and AstraZeneca will pursue up to five therapeutic programs, including PRS-060, first-in-class IL-4R a up-front and up-front PRS-060 mid-teens, co-developed co-developed Pieris will be responsible for advancing PRS-060 co-develop co-commercialize co-develop pre-defined co-commercialize The term of each Agreement ends upon the expiration of all of AstraZeneca’s payment obligations under such Agreement. The AstraZeneca Collaboration Agreement may be terminated by AstraZeneca in its entirety for convenience beginning 12 months after its effective date upon 90 days’ notice or, if Pieris has obtained marketing approval for the marketing and sale of a product, 180 days’ notice. Each program may be terminated at AstraZeneca’s option; if any program is terminated by AstraZeneca, Pieris will have full rights to such program. The AstraZeneca Collaboration Agreement may also be terminated by AstraZeneca or Pieris for material breach upon 180 days’ notice of a material breach (or 30 days with respect to payment breach), provided that the applicable party has not cured such breach by the permitted cure period (including an additional 180 days if the breach is not susceptible to cure during the initial 180-day product-by-product country-by-country product-by-product country-by-country The Agreements are conditioned upon the expiration or early termination of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Pieris’ Collaboration Agreement with Daiichi Sankyo. In May 2011, the Company entered into a definitive collaboration research and technology licensing agreement with Daiichi Sankyo, under which we agreed to use our proprietary Anticalin ® The first therapeutic comprises an Anticalin protein targeting PCSK9, DS-9001a. Daiichi Sankyo completed a Phase 1 single dose study in healthy subjects for DS-9001a in December 2016. Due to strategic and commercial reasons related to the market for PCSK9 inhibitors, Daiichi Sankyo provided notice to Pieris on May 8, 2017 of its termination of the DS-9001a program. |
Interim Consolidated Financia17
Interim Consolidated Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of estimates | Use of estimates The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues, and expenses in the financial statements and disclosures in the accompanying notes. Significant estimates are used for, but are not limited to, revenue recognition, deferred tax assets, liabilities and valuation allowances, fair value of stock options and various accruals. Management evaluates its estimates on an ongoing basis. Actual results and outcomes could differ materially from management’s estimates, judgments and assumptions. |
Research and development expenses | Research and development expenses Research and development expenses are charged to the statement of operations as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries and benefits, facilities costs, pre-clinical |
Revenue Recognition | Revenue Recognition Pieris has entered into several licensing and development agreements with collaboration partners for the development of Anticalin ® 605-25, Revenue Recognition—Multiple-Element Arrangements 605-28, Revenue Recognition—Milestone Method |
Multiple-Element Arrangements | Multiple-Element Arrangements When evaluating multiple-element arrangements, Pieris identifies the deliverables included within the agreement and evaluates which deliverables represent separate units of accounting based on whether the delivered element has stand-alone value to the customer or if the arrangement includes a general right of return for delivered items. The consideration received is allocated among the separate units of accounting using the relative selling price method, and the applicable revenue recognition criteria are applied to each of the separate units of accounting. Pieris has used best estimate of selling price (“BESP”) methodology to estimate the selling price for licenses and options to acquire additional licenses to its proprietary technology because Pieris does not have vendor specific objective evidence (“VSOE”) or third party evidence (“TPE”) of selling price for these deliverables. To determine the estimated selling price of a license to its proprietary technology, Pieris considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements, terms of previous collaborative agreements, similar agreements entered into by third parties, market opportunity, estimated development costs, probability of success, and the time needed to commercialize a product candidate pursuant to the license. In validating Pieris’ best estimate of selling price, Pieris evaluates whether changes in the key assumptions used to determine the best estimate of selling price will have a significant effect on the allocation of arrangement consideration among multiple deliverables. Multiple element arrangements, such as license and development arrangements, are analyzed to determine whether the deliverables, which often include a license and performance obligations such as research and steering committee services, can be separated or whether they must be accounted for as a single unit of accounting in accordance with U.S. GAAP. The Company recognizes up-front If the Company is involved in a steering committee as part of a multiple element arrangement, the Company assesses whether its involvement constitutes a performance obligation or a right to participate. Steering committee services that are determined to be performance obligations, are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which the Company expects to complete its aggregate performance obligations. The Company recognizes arrangement consideration allocated to each unit of accounting when all of the revenue recognition criteria in ASC 605 are satisfied for that particular unit of accounting. Whenever the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue will be recognized. Revenue will be recognized using either a relative performance or straight-line method. The Company recognizes revenue using the proportional performance method provided the Company can reasonably estimate the level of effort required to complete its performance obligations under an arrangement and such performance obligations are provided on a best-effort basis. Full-time equivalents are typically used as the measure of performance. Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement. The accounting treatment for options granted to collaborators is dependent upon the nature of the option granted to the collaborative partner. Options are considered substantive if, at the inception of an agreement, Pieris is at risk as to whether the collaborative partner will choose to exercise the options to secure additional goods or services. Factors that are considered in evaluating whether options are substantive include the overall objective of the arrangement, the benefit the collaborator might obtain from the agreement without exercising the options, the cost to exercise the options relative to the total upfront consideration, and the additional financial commitments or economic penalties imposed on the collaborator as a result of exercising the options. In arrangements where options to obtain additional deliverables are considered substantive, Pieris determines whether the optional licenses are priced at a significant and incremental discount. If the prices include a significant and incremental discount, the option is considered a deliverable in the arrangement. However, if not priced at a discount, the elements included in the arrangement are considered to be only the non-contingent up-front i.e. un-exercised, non-substantive, Payments or reimbursements resulting from Pieris’ research and development efforts in multi-element arrangements, in which Pieris’ research and development efforts are considered deliverable, are recognized as the services are performed and are presented on a gross basis so long as there is persuasive evidence of an arrangement, the fee is fixed or determinable, and collection of the related receivable is reasonably assured. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets. |
Milestone Payments and Royalties | Milestone Payments and Royalties At the inception of each agreement that includes milestone payments, Pieris evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether: (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. Pieris evaluates factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. Pieris aggregates milestones into four categories: (i) research milestones, (ii) development milestones, (iii) commercial milestones and (iv) sales milestones. Research milestones are typically achieved upon reaching certain success criteria as defined in each agreement related to developing an Anticalin protein against the specified target. Development milestones are typically reached when a compound reaches a defined phase of clinical research or passes such phase, or upon gaining regulatory approvals. Commercial milestones are typically achieved when an approved pharmaceutical product reaches the status for commercial sale or certain defined levels of net sales by the licensee, such as when a product first achieves global sales or annual sales of a specified amount. Sales milestones are typically achieved when an approved pharmaceutical product exceed net sales as defined in each agreement. For revenues from research, development, and sales milestone payments, if the milestones are deemed substantive and the milestone payments are nonrefundable, such amounts are recognized entirely upon successful accomplishment of the milestones. Milestones that are not considered substantive are accounted for as license payments and recognized on a straight-line basis over the period of performance. To date, Pieris has determined all milestones are substantive. Revenues from commercial milestone payments are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met. Royalty payments are recognized in revenues based on the timing of royalty payments earned in accordance with the agreements, which typically is the period when the relevant sales occur, assuming all other revenue recognition criteria are met. |
Recent Pronouncements | Adopted standards for current period In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, No. 2014-15 No. 2014-15 Standards not yet adopted In May 2014, the FASB issued ASU No. 2014-09, 2014-09”). 2015-14, 2014-09; No. 2016-08, 2014-09; No. 2016-10, 2014-09; No. 2016-12, 2014-09 The Revenue ASUs provide an accounting standard for a single comprehensive model for use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for interim and annual periods beginning after December 15, 2017, with an option to early adopt for interim and annual periods beginning after December 15, 2016. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (the full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). We currently anticipate adoption of the new standard effective January 1, 2018 under the modified retrospective method. The Company is in the process of determining the impact of the Revenue Recognition ASUs on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. Under the amendments in ASU 2016-02 lessees will be required to recognize (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term for all leases (with the exception of short-term leases) at the commencement date. This guidance is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact the adoption of this standard will have on its financial statements and related disclosures. Pieris has considered other recent accounting pronouncements and concluded that they are either not applicable to the business, or that the effect is not expected to be material to the unaudited condensed consolidated financial statements as a result of future adoption. |
Accrued expenses (Tables)
Accrued expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | The Company has recorded the following accrued expenses as of March 31, 2017 and December 31, 2016, respectively: March 31, December 31, 2017 2016 Accrued expenses Accrued compensation expense $ 844,786 $ 1,198,448 Accrued professional fees 782,203 867,969 Accrued R&D fees 777,573 1,040,321 Accrued audit and tax fees 374,548 454,931 Accrued other 179,767 157,788 Total accrued expenses $ 2,958,877 $ 3,719,457 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense | Total stock-based compensation expense was recorded to operating expenses based upon the functional responsibilities of the individuals holding the respective options as follows: Three months ended 2017 2016 Research and development $ 166,611 $ 126,441 General and administrative 585,581 241,942 Total stock-based compensation $ 752,193 $ 368,383 |
Schedule of Fair Value Assumptions | The weighted-average fair value of the options granted was $1.31 and $1.00 for the three months ended March 31, 2017 and 2016, respectively. The calculation was based on the following assumptions: Three months ended March 31, 2017 2016 Risk free interest rate 2.04%-2.16% 1.35%-1.61% Expected term 5.0 – 5.7 years 5.0 – 5.7 years Dividend yield — — Expected volatility 75.09%-75.13% 75.53%-76.00% |
Critical Accounting Policies -
Critical Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Milestones arrangement, categories description | Pieris aggregates milestones into four categories (i) research milestones, (ii) development milestones, (iii) commercial milestones and (iv) sales milestones. |
Revenues - Additional Informati
Revenues - Additional Information (Detail) | Feb. 27, 2017USD ($) | Jan. 04, 2017USD ($) | Jan. 04, 2017EUR (€) | May 31, 2017USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) |
Deferred Revenue Arrangement [Line Items] | ||||||||
Revenues from product sales | $ 0 | |||||||
Non-current deferred revenue | 32,352,662 | $ 1,409,483 | ||||||
FHoffmann La Roche Ltd and Hoffmann La Roche Inc [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Deferred revenue | 3,100,000 | $ 6,000,000 | ||||||
FHoffmann La Roche Ltd and Hoffmann La Roche Inc [Member] | Upfront Payment Arrangement [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Collaboration agreement, license upfront payment | $ 6,500,000 | |||||||
FHoffmann La Roche Ltd and Hoffmann La Roche Inc [Member] | Research Services [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Research collaboration agreement, estimated period | 20 months | 20 months | ||||||
Collaboration agreement, revenue recognized | $ 1,000,000 | $ 1,200,000 | ||||||
FHoffmann La Roche Ltd and Hoffmann La Roche Inc [Member] | Research Services [Member] | Extension Term [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Research collaboration agreement, estimated period | 5 years | 5 years | ||||||
FHoffmann La Roche Ltd and Hoffmann La Roche Inc [Member] | Collaborative Arrangement [Member] | Maximum [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Contractual agreement, potential payments | $ 406,500,000 | |||||||
FHoffmann La Roche Ltd and Hoffmann La Roche Inc [Member] | Collaborative Arrangement [Member] | Maximum [Member] | Development Milestones [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Contractual agreement, potential payments | 282,700,000 | |||||||
FHoffmann La Roche Ltd and Hoffmann La Roche Inc [Member] | Collaborative Arrangement [Member] | Maximum [Member] | Sales Milestone Payments [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Contractual agreement, potential payments | 119,900,000 | |||||||
ASKA Pharmaceutical Co Ltd [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Deferred revenue | 2,750,000 | |||||||
Total allocable arrangement consideration | $ 2,750,000 | |||||||
Evaluation Period | 60 days | |||||||
ASKA Pharmaceutical Co Ltd [Member] | Upfront Payment Arrangement [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Upfront option payment | $ 2,750,000 | |||||||
ASKA Pharmaceutical Co Ltd [Member] | Collaborative Arrangement [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Collaboration agreement, milestone payments | 0 | |||||||
Les Laboratoires Servier and Institut de Recherches Internationales Servier [Member] | Upfront Payment Arrangement [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Total allocable arrangement consideration | $ 32,000,000 | € 30,000,000 | ||||||
Les Laboratoires Servier and Institut de Recherches Internationales Servier [Member] | Collaborative Arrangement [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Deferred revenue | 2,900,000 | |||||||
Non-current deferred revenue | 28,900,000 | |||||||
Les Laboratoires Servier and Institut de Recherches Internationales Servier [Member] | Collaborative Arrangement [Member] | Upfront Payment Arrangement [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Collaboration agreement, license upfront payment | $ 32,000,000 | € 30,000,000 | ||||||
Collaboration agreement, revenue recognized | $ 500,000 | |||||||
Les Laboratoires Servier and Institut de Recherches Internationales Servier [Member] | Collaborative Arrangement [Member] | Future Lead Product [Member] | Maximum [Member] | Development Milestones [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Contractual agreement, potential payments | € | 569,000,000 | |||||||
Les Laboratoires Servier and Institut de Recherches Internationales Servier [Member] | Collaborative Arrangement [Member] | Future Lead Product [Member] | Maximum [Member] | Sales Milestone Payments [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Contractual agreement, potential payments | € | 515,000,000 | |||||||
Les Laboratoires Servier and Institut de Recherches Internationales Servier [Member] | Collaborative Arrangement [Member] | Other Programs [Member] | Maximum [Member] | Development Milestones [Member] | Substantive [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Contractual agreement, potential payments | € | 163,000,000 | |||||||
Les Laboratoires Servier and Institut de Recherches Internationales Servier [Member] | Collaborative Arrangement [Member] | Other Programs [Member] | Maximum [Member] | Development Milestones [Member] | Non Substantive [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Contractual agreement, potential payments | € | 406,000,000 | |||||||
Les Laboratoires Servier and Institut de Recherches Internationales Servier [Member] | Collaborative Arrangement [Member] | Other Programs [Member] | Maximum [Member] | Sales Milestone Payments [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Contractual agreement, potential payments | € | 193,000,000 | |||||||
Les Laboratoires Servier and Institut de Recherches Internationales Servier [Member] | Collaborative Arrangement [Member] | Other Programs [Member] | Maximum [Member] | Sales Milestone Payments [Member] | Non Substantive [Member] | ||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||
Contractual agreement, potential payments | € | € 515,000,000 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Stock Compensation Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 11.2 | 3.5 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Debt instruments fair value | $ 0 | $ 0 |
Cash equivalents | $ 0 | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued expenses | ||
Accrued compensation expense | $ 844,786 | $ 1,198,448 |
Accrued professional fees, and other | 782,203 | 867,969 |
Accrued R&D fees | 777,573 | 1,040,321 |
Accrued audit and tax fees | 374,548 | 454,931 |
Accrued other | 179,767 | 157,788 |
Total accrued expenses | $ 2,958,877 | $ 3,719,457 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Stock Based Compensation [Line Items] | ||
Stock based compensation expense | $ 752,193 | $ 368,383 |
Number of shares, Options exercised | 0 | 0 |
Weighted average grant date fair value | $ 1.31 | $ 1 |
2016 Stock Plan [Member] | ||
Stock Based Compensation [Line Items] | ||
Number of shares, Options granted | 0 | |
Stock options vesting period | 4 years | |
Common stock available for grant | 2,201,828 | |
Number of shares, Forfeited | 217,530 | |
Maximum term of stock options | 10 years | |
2016 Stock Plan [Member] | Employees Consultants And Directors [Member] | ||
Stock Based Compensation [Line Items] | ||
Number of shares, Options granted | 1,140,338 | |
2014 Stock Plan [Member] | ||
Stock Based Compensation [Line Items] | ||
Number of shares, Options granted | 0 | |
Number of shares, Forfeited | 90,000 | |
2014 Stock Plan [Member] | Employees Consultants And Directors [Member] | ||
Stock Based Compensation [Line Items] | ||
Number of shares, Options granted | 1,068,881 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense Related to Share-Based Awards Under the Pieris Plan (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-option expense | $ 752,193 | $ 368,383 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-option expense | 166,611 | 126,441 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-option expense | $ 585,581 | $ 241,942 |
Stock-Based Compensation - Sc27
Stock-Based Compensation - Schedule of Weighted-Average Assumptions Used for Calculating Value of Options Granted (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract] | ||
Risk free interest rate | 2.04% | 1.35% |
Risk free interest rate | 2.16% | 1.61% |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 75.09% | 75.53% |
Expected volatility | 75.13% | 76.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract] | ||
Expected term | 5 years | 5 years |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract] | ||
Expected term | 5 years 8 months 12 days | 5 years 8 months 12 days |
Liquidity and Going Concern - A
Liquidity and Going Concern - Additional Information (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Liquidity and Going Concern [Line Items] | ||
Cash | $ 55,241,957 | $ 29,355,528 |
AstraZeneca [Member] | ||
Liquidity and Going Concern [Line Items] | ||
Receivable from counter party | $ 57,500,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - AstraZeneca [Member] | May 02, 2017USD ($)Program | Mar. 31, 2017USD ($) |
Subsequent Event [Line Items] | ||
Contractual agreement, potential payments | $ 57,500,000 | |
License and Collaboration Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Agreement termination description | The Collaboration Agreement may be terminated by AstraZeneca in its entirety for convenience beginning 12 months after its effective date upon 90 days’ notice or, if Pieris has obtained marketing approval for the marketing and sale of a product, 180 days’ notice. Each program may be terminated at AstraZeneca’s option; if any program is terminated by AstraZeneca, Pieris will have full rights to such program. The Collaboration Agreement may also be terminated by AstraZeneca or Pieris for material breach upon 180 days’ notice of a material breach (or 30 days with respect to payment breach), provided that the applicable party has not cured such breach by the permitted cure period (including an additional 180 days if the breach is not susceptible to cure during the initial 180-day period) and dispute resolution procedures specified in the applicable Agreement have been followed. The Collaboration Agreement may also be terminated due to the other party’s insolvency and may in certain instances be terminated on a product-by-product and/or country-by-country basis. Each party may also terminate the agreement if the other party challenges the validity of patents related to certain intellectual property licensed under the Agreements, subject to certain exceptions for infringement suits, acquisitions and newly-acquired licenses. The License Agreement will terminate upon termination of the Collaboration Agreement, on a product-by-product and/or country-by-country basis. | |
License and Collaboration Agreement [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Collaboration agreement, license upfront payment | $ 57,500,000 | |
Number of therapeutic programs | Program | 5 | |
Agreement termination notice period | 90 days | |
Agreement termination notice period upon material breach by the Company | 180 days | |
Agreement termination notice period upon breach of payment obligations by the Company | 30 days | |
Maximum [Member] | License and Collaboration Agreement [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Contractual agreement, potential payments | $ 2,100,000,000 | |
Upfront Payment Arrangement [Member] | License and Collaboration Agreement [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Collaboration agreement, license upfront payment | 45,000,000 | |
Near Term Milestone Payments [Member] | License and Collaboration Agreement [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Collaboration agreement, license upfront payment | $ 12,500,000 |