Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 28, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001583648 | ||
Entity Registrant Name | PIERIS PHARMACEUTICALS, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-37471 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 30-0784346 | ||
Entity Address, Address Line One | 225 Franklin Street, 26th Floor | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02110 | ||
City Area Code | 857 | ||
Local Phone Number | 246-8998 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | PIRS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 114,087,344 | ||
Entity Common Stock, Shares Outstanding | 74,519,103 | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Boston, Massachusetts |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 38,635 | $ 117,764 |
Short term investments | 20,534 | 0 |
Accounts receivable | 5,810 | 3,313 |
Prepaid expenses and other current assets | 8,445 | 6,548 |
Total current assets | 73,424 | 127,625 |
Property and equipment, net | 16,992 | 19,122 |
Operating lease right-of-use assets | 3,705 | 3,909 |
Other non-current assets | 1,369 | 2,904 |
Total assets | 95,490 | 153,560 |
Current liabilities: | ||
Accounts payable | 4,154 | 8,609 |
Accrued expenses and other current liabilities | 11,605 | 16,836 |
Deferred revenues, current portion | 20,824 | 25,116 |
Total current liabilities | 36,583 | 50,561 |
Deferred revenue, net of current portion | 18,734 | 38,403 |
Operating lease liabilities | 12,244 | 13,841 |
Total liabilities | 67,561 | 102,805 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Convertible preferred stock, $0.001 par value per share, 10,000,000 shares authorized and 15,617 shares issued and outstanding at December 21, 2022 and 2021 | 0 | 0 |
Common stock, $0.001 par value per share, 300,000,000 shares authorized and 74,519,103 and 72,222,661 shares issued and outstanding at December 21, 2022 and 2021, respectively | 74 | 72 |
Additional paid-in capital | 318,530 | 306,998 |
Accumulated other comprehensive income | (254) | 829 |
Accumulated deficit | (290,421) | (257,144) |
Total stockholders’ equity | 27,929 | 50,755 |
Total liabilities and stockholders’ equity | $ 95,490 | $ 153,560 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued (in shares) | 15,617 | 15,617 |
Preferred Stock, Shares Outstanding (in shares) | 15,617 | 15,617 |
Common Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized (in shares) | 300,000,000 | 300,000,000 |
Common Stock, Shares, Issued (in shares) | 74,519,103 | 72,222,661 |
Common Stock, Shares, Outstanding (in shares) | 74,519,103 | 72,222,661 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | ||
Customer revenue | $ 25,469 | $ 27,940 |
Collaboration revenue | 433 | 3,478 |
Total revenue | 25,902 | 31,418 |
Operating expenses | ||
Research and development | 52,982 | 66,656 |
General and administrative | 16,394 | 16,593 |
Total operating expenses | 69,376 | 83,249 |
Loss from operations | (43,474) | (51,831) |
Other income (expense) | ||
Interest income | 721 | 4 |
Grant income | 8,173 | 3,685 |
Other income | 1,303 | 2,404 |
Net loss | (33,277) | (45,738) |
Other comprehensive (loss) income: | ||
Foreign currency translation | (1,010) | 1,124 |
Unrealized (loss) gain on available-for-sale securities | (73) | 0 |
Comprehensive loss | $ (34,360) | $ (44,614) |
Net loss per share | ||
Basic and diluted (in dollars per share) | $ (0.45) | $ (0.71) |
Weighted average number of common shares outstanding | ||
Basic and diluted (in shares) | 74,172 | 64,547 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Conversion of Preferred Stock [Member] Preferred Stock [Member] | Conversion of Preferred Stock [Member] Common Stock [Member] | Conversion of Preferred Stock [Member] Receivables from Stockholder [Member] | Conversion of Preferred Stock [Member] Additional Paid-in Capital [Member] | Conversion of Preferred Stock [Member] AOCI Attributable to Parent [Member] | Conversion of Preferred Stock [Member] Retained Earnings [Member] | Conversion of Preferred Stock [Member] | Conversion of Series E Preferred Stock [Member] Preferred Stock [Member] | Conversion of Series E Preferred Stock [Member] Common Stock [Member] | Conversion of Series E Preferred Stock [Member] Receivables from Stockholder [Member] | Conversion of Series E Preferred Stock [Member] Additional Paid-in Capital [Member] | Conversion of Series E Preferred Stock [Member] AOCI Attributable to Parent [Member] | Conversion of Series E Preferred Stock [Member] Retained Earnings [Member] | Conversion of Series E Preferred Stock [Member] | At the Market Offering [Member] Preferred Stock [Member] | At the Market Offering [Member] Common Stock [Member] | At the Market Offering [Member] Receivables from Stockholder [Member] | At the Market Offering [Member] Additional Paid-in Capital [Member] | At the Market Offering [Member] AOCI Attributable to Parent [Member] | At the Market Offering [Member] Retained Earnings [Member] | At the Market Offering [Member] | Private Placement [Member] Preferred Stock [Member] | Private Placement [Member] Common Stock [Member] | Private Placement [Member] Receivables from Stockholder [Member] | Private Placement [Member] Additional Paid-in Capital [Member] | Private Placement [Member] AOCI Attributable to Parent [Member] | Private Placement [Member] Retained Earnings [Member] | Private Placement [Member] | Preferred Stock [Member] | Common Stock [Member] | Receivables from Stockholder [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 14,000 | 56,003,000 | |||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 56 | $ 0 | $ 242,672 | $ (295) | $ (211,406) | $ 31,027 | ||||||||||||||||||||||||||||
Net loss | 0 | 0 | 0 | 0 | 0 | (45,738) | (45,738) | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | 1,124 | 0 | 1,124 | ||||||||||||||||||||||||||||
Stock based compensation expense | $ 0 | $ 0 | 0 | 5,215 | 0 | 0 | 5,215 | ||||||||||||||||||||||||||||
Issuance of common stock resulting from exercise of stock options (in shares) | 0 | 482,000 | |||||||||||||||||||||||||||||||||
Issuance of common stock resulting from exercise of stock options | $ 0 | $ 0 | 0 | 1,024 | 0 | 0 | $ 1,024 | ||||||||||||||||||||||||||||
Issuance of common stock resulting from purchase of employee stock purchase plan shares (in shares) | 0 | 64,000 | 64,257 | ||||||||||||||||||||||||||||||||
Issuance of common stock resulting from purchase of employee stock purchase plan shares | $ 0 | $ 0 | 0 | 165 | 0 | 0 | $ 165 | ||||||||||||||||||||||||||||
Issuance of common stock resulting from exercise of warrants (in shares) | 0 | 1,391,000 | |||||||||||||||||||||||||||||||||
Issuance of common stock resulting from exercise of warrants | $ 0 | $ 1 | 0 | 836 | 0 | 0 | 837 | ||||||||||||||||||||||||||||
Issuance of common stock resulting from conversion of preferred stock (in shares) | (4,000) | (5,000,000) | |||||||||||||||||||||||||||||||||
Issuance of common stock resulting from conversion of preferred stock | $ 0 | $ 0 | $ (4) | $ 0 | $ 0 | $ 0 | $ 0 | $ (5) | $ 0 | $ 5 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||
Issuance of common stock resulting from conversion of stock (in shares) | 3,812,000 | 5,000 | |||||||||||||||||||||||||||||||||
Issuance of common stock resulting from conversion of preferred stock (in shares) | 4,000 | ||||||||||||||||||||||||||||||||||
Issuance of common stock (in shares) | 0 | 8,180,000 | 0 | 7,290,000 | |||||||||||||||||||||||||||||||
Issuance of common stock | $ 0 | $ 8 | $ 0 | $ 38,180 | $ 0 | $ 0 | $ 38,188 | $ 0 | $ 8 | $ 0 | $ 18,905 | $ 0 | $ 0 | $ 18,913 | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 16,000 | 72,222,000 | |||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 72 | $ 0 | $ 306,998 | $ 829 | $ (257,144) | $ 50,755 | 50,755 | |||||||||||||||||||||||||||
Net loss | 0 | 0 | 0 | 0 | 0 | (33,277) | (33,277) | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (1,010) | 0 | (1,010) | ||||||||||||||||||||||||||||
Stock based compensation expense | 0 | 0 | 0 | 4,402 | 0 | 0 | 4,402 | ||||||||||||||||||||||||||||
Issuance of common stock resulting from exercise of stock options | $ 0 | $ 0 | 0 | 95 | 0 | 0 | $ 95 | ||||||||||||||||||||||||||||
Issuance of common stock resulting from purchase of employee stock purchase plan shares (in shares) | 0 | 182,000 | 181,466 | ||||||||||||||||||||||||||||||||
Issuance of common stock resulting from purchase of employee stock purchase plan shares | $ 0 | $ 0 | 0 | 197 | 0 | 0 | $ 197 | ||||||||||||||||||||||||||||
Issuance of common stock resulting from exercise of warrants (in shares) | 0 | 46,000 | |||||||||||||||||||||||||||||||||
Issuance of common stock (in shares) | 0 | 2,069,000 | |||||||||||||||||||||||||||||||||
Issuance of common stock | $ 0 | $ 2 | 0 | 6,838 | 0 | 0 | 6,840 | ||||||||||||||||||||||||||||
Unrealized loss on investments | $ 0 | $ 0 | 0 | 0 | (73) | 0 | (73) | ||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 16,000 | 74,519,000 | |||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 74 | $ 0 | $ 318,530 | $ (254) | $ (290,421) | $ 27,929 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
At the Market Offering [Member] | ||
Stock issuance costs | $ 1.5 | |
Private Placement [Member] | ||
Stock issuance costs | $ 0.1 | |
Stock issuance costs | $ 0.3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | ||
Net loss | $ (33,277) | $ (45,738) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,770 | 2,459 |
Right-of-use asset (accretion) amortization | 10 | (91) |
Stock-based compensation | 4,402 | 5,215 |
Realized investment gains | (376) | 0 |
Other non-cash transactions | (91) | (30) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,624) | (1,813) |
Prepaid expenses and other assets | (1,358) | (3,154) |
Deferred revenue | (20,185) | 19,555 |
Accounts payable | (4,208) | 7,049 |
Accrued expenses and other current liabilities | (4,005) | 9,876 |
Lease liabilities | (990) | (988) |
Net cash used in operating activities | (59,932) | (7,660) |
Investing activities: | ||
Purchases of property and equipment | (1,041) | (949) |
Proceeds from maturity of investments | 28,200 | 0 |
Purchases of investments | (48,395) | 0 |
Net cash used in investing activities | (21,236) | (949) |
Financing activities: | ||
Proceeds from exercise of stock options | 95 | 1,024 |
Proceeds from exercise of warrants | 0 | 837 |
Proceeds from employee stock purchase plan | 197 | 165 |
Proceeds from Issuance of Private Placement | 0 | 18,913 |
Proceeds from issuance of common stock resulting from ATM sales, net of $1.2 million in transaction costs | 6,922 | 38,188 |
Net cash provided by financing activities | 7,214 | 59,127 |
Effect of exchange rate change on cash and cash equivalents | (5,175) | (3,190) |
Net increase (decrease) in cash and cash equivalents | (79,129) | 47,328 |
Cash and cash equivalents at beginning of period | 117,764 | 70,436 |
Cash and cash equivalents at end of period | 38,635 | 117,764 |
Supplemental cash flow disclosures: | ||
Net unrealized loss on investments | (73) | 0 |
Property and equipment included in accounts payable | $ 193 | $ 237 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
At the Market Offering [Member] | Common Stock [Member] | ||
Stock issuance costs | $ 1.2 | $ 1.2 |
Note 1 - Corporate Information
Note 1 - Corporate Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Corporate Information Pieris Pharmaceuticals, Inc., was founded in May 2013, 2001 December 2014. December 31, 2022 Pieris’ clinical pipeline includes elarekibep, formerly referred to as PRS- 060/AZD1402, 4Rα 220, 344/S095012 L1 4 1BB. The Company’s core Anticalin technology and platform was developed in Germany, and the Company has partnership arrangements with several major multi-national pharmaceutical companies. The Company is subject to risks common to companies in the biotechnology industry, including but not may third The future success of the Company is dependent on its ability to identify and develop its product candidates, expand its corporate infrastructure and ultimately upon its ability to attain profitable operations. The Company has devoted substantially all of its financial resources and efforts to research and development and general and administrative expenses to support such research and development. The Company has several research and development programs underway in varying stages of development, and it expects that these programs will continue to require increasing amounts of cash for development, conducting clinical trials, and testing and manufacturing of product material. Cash necessary to fund operations will increase significantly over the next several years as the Company continues to conduct these activities necessary to pursue governmental regulatory approval of clinical-stage programs and other product candidates. Going Concern Uncertainties As of December 31, 2022 December 31, 2022 2021 December 31, 2022 The Company plans to raise additional capital to fulfill its operating and capital requirements through public or private equity financings, utilization of its current “at the market offering” program, or ATM Program, strategic collaborations, licensing arrangements, government grants and/or the achievement of milestones under its collaborative agreements. The funding requirements of the Company’s operating plans, however, are based on estimates that are subject to risks and uncertainties and may no may If the Company is unable to obtain additional funding on acceptable terms when needed, the Company will defer or limit a substantial portion of its research, development and clinical projects, reduce discretionary expenditures and other fixed or variable personnel costs to alleviate the substantial doubt as to the Company’s ability to continue as a going concern. The Company’s budget and operating plan for 2023, not 220 400, 2 220 400, 2a 12 10 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying consolidated financial statements of Pieris Pharmaceuticals, Inc. and its wholly-owned subsidiaries were prepared in accordance with U.S. GAAP. The consolidated financial statements include the accounts of all subsidiaries. All intercompany balances and transactions have been eliminated. The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates are used for, but are not Foreign Currency Translation The financial statements of the Company’s foreign subsidiaries are translated from local currency into reporting currency, which is U.S. dollars, using the current exchange rate at the balance sheet date for assets and liabilities, and the weighted average exchange rate prevailing during the period for revenues and expenses. The functional currency for Pieris’ foreign subsidiaries is considered to be the local currency for each entity and, accordingly, translation adjustments for these subsidiaries are included in accumulated other comprehensive loss within stockholders’ equity. Realized and unrealized gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are reflected as other (expense) income, net in the consolidated statements of operations. Foreign currency gains and losses on available-for-sale investment transactions are recorded to other comprehensive income (loss) on the Company's balance sheet per Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 830, Foreign Currency Matters. Cash, Cash Equivalents and Investments The Company determines the appropriate classification of its investments at the time of purchase. All liquid investments with original maturities of 90 320, Investments Debt and Equity Securities Available-for-sale investments are recorded at fair value, with unrealized gains or losses included in accumulated other comprehensive income (loss) on the Company’s balance sheets. Realized gains and losses are determined using the specific identification method and are included as a component of other income (expense). The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not not Concentration of Credit Risk and Off-Balance Sheet Risk The Company has no not not not Fair Value Measurement The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement and Disclosures 820, not one three • Level 1 • Level 2 not • Level 3 To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. Financial instruments measured at fair value on a recurring basis include cash equivalents and investments, if any ( Note 6 An entity may not Fair Values of Financial Instruments The fair value of cash, accounts receivable, and accounts payable approximates the carrying value of these financial instruments because of the short-term nature of any maturities. The Company determines the estimated fair values of other financial instruments, using available market information and valuation methodologies, primarily input from independent third Accounts Receivable Accounts receivable are recorded net of allowances for doubtful accounts and represent amounts due from strategic partners. The Company monitors and evaluates collectability of receivables on an ongoing basis and considers whether an allowance for doubtful accounts is necessary. The Company determined that no December 31, 2022 2021 not Property and Equipment Property and equipment are recorded at acquisition cost, less accumulated depreciation and impairment. Depreciation on property and equipment is calculated using the straight-line method over the remaining estimated useful lives of the assets. Maintenance and repairs to these assets are charged to expenses as occurred. Substantially all of the Company's fixed assets are located in Germany. The estimated useful life of the different groups of property and equipment is as follows: Asset Classification Estimated useful life (in years) Leasehold improvements shorter of useful life or remaining life of the lease Laboratory furniture and equipment 8-14 Office furniture and equipment 5-13 Computer and equipment 3 - 7 Impairment of Long-lived Assets The Company reviews its long-lived assets to be held and used for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not none Revenue Recognition Pieris has entered into several licensing agreements with collaboration partners for the development of Anticalin therapeutics against a variety of targets. The terms of these agreements provide for the transfer of multiple goods or services which may may no Collaborative Arrangements The Company considers the nature and contractual terms of an arrangement and assess whether the arrangement involves a joint operating activity pursuant to which it is an active participant and exposed to significant risks and rewards with respect to the arrangement. If the Company is an active participant and exposed to the significant risks and rewards with respect to the arrangement, it accounts for these arrangements pursuant to ASC 808, Collaborative Arrangements 808, not Revenue from Contracts with Customers In accordance with ASC 606, five 1 2 3 4 5 The Company evaluates all promised goods and services within a customer contract and determines which of such goods and services are separate performance obligations. This evaluation includes an assessment of whether the good or service is capable of being distinct and whether the good or service is separable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own or whether the required expertise is readily available. Licensing arrangements are analyzed to determine whether the promised goods or services, which often include licenses, research and development services and governance committee services, are distinct or whether they must be accounted for as part of a combined performance obligation. If the license is considered not Certain contracts contain optional and additional items, which are considered marketing offers and are accounted for as separate contracts with the customer if such option is elected by the customer, unless the option provides a material right which would not The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. A contract may not If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price among the performance obligations on a relative standalone selling price basis unless a portion of the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct good or service that forms part of a single performance obligation. The Company allocates the transaction price based on the estimated standalone selling price of the underlying performance obligations or in the case of certain variable consideration to one may one When a performance obligation is satisfied, revenue is recognized for the amount of the transaction price, excluding estimates of variable consideration that are constrained, that is allocated to that performance obligation on a relative standalone selling price basis. 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. For performance obligations consisting of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company will recognize revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. Revenue recognized under an arrangement involving a participant that is a customer is presented as Customer Revenue. Milestones and Royalties The Company aggregates milestones into four first There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has thus determined that all research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Commercial milestones and sales royalties are determined by sales or usage-based thresholds and will be accounted for under the royalty recognition constraint as constrained variable consideration. The Company calculates the maximum amount of potential milestones achievable under each collaboration agreement and discloses such potential future milestones for all current collaborations using such a maximum calculation. Contract Balances The Company recognizes a contract asset when the Company transfers goods or services to a customer before the customer pays consideration or before payment is due, excluding any amounts presented as a receivable (i.e., accounts receivable). A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. The contract liabilities (i.e., deferred revenue) primarily relate to contracts where the Company has received payment but has not In the event of an early termination of a collaboration agreement, any contract liabilities would be recognized in the period in which all Company obligations under the agreement have been fulfilled. Costs to Obtain and Fulfill a Contract with a Customer Certain costs to obtain customer contracts, including success-based fees paid to third 340, Other Assets and Deferred Costs 340. Research and Development 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 and clinical costs, contract services, consulting, depreciation and amortization expense, and other related costs. Costs associated with acquired technology, in the form of upfront fees or milestone payments, are charged to research and development expense as incurred. Income Taxes The Company applies ASC Topic 740 Income Taxes not not The Tax Cuts and Jobs Act (TCJA) subjects a U.S. shareholder to tax on global-intangible low tax income (GILTI) earned by certain foreign subsidiaries. The Company has made an accounting policy election to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. Stock-based Compensation The Company measures share-based payments in accordance with ASC Topic 718, Stock Compensation 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. Due to the limited operating history of the Company as a public entity and a lack of company specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry, and with historical share price information sufficient to meet the expected term of the stock-based awards. The Company computes historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Due to the lack of Company specific historical option activity, the Company has estimated the expected term of its employee stock options using the “simplified” method, whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. The expected term for non-employee awards is the remaining contractual term of the option. The risk-free interest rates are based on the U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The Company has never paid, and does not All excess tax benefits and tax deficiencies are recorded as income tax expense or benefit in the Company's statement of operations and comprehensive loss. For the years ended December 31, 2022 2021 not Government Grants The Company recognizes grants from governmental agencies when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. The Company evaluates the conditions of each grant as of each reporting period to evaluate whether the Company has reached reasonable assurance of meeting the conditions of each grant arrangement and that it is expected that the grant will be received as a result of meeting the necessary conditions. Grants are recognized in the consolidated statements of operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, grant income related to research and development costs is recognized as such expenses are incurred. Grant income is included as a separate caption within Other income (expense), net in the consolidated statements of operations. Leases The Company accounts for leases pursuant to ASC 842 Leases (Topic 842 842. The Company determines if an arrangement is a lease at inception. The Company’s contracts are determined to contain a lease within the scope of ASC 842 1 no 2 3 not 12 not not At the commencement date, operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of future lease payments over the expected lease term. The Company’s lease agreements do not may The Company typically only includes an initial lease term in its assessment of a lease agreement. Options to renew a lease are not not Assumptions made by the Company at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not Contingencies Accruals are recorded for loss contingencies when it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that has been accrued previously. Considering facts known at the time of the assessment, the Company determines whether potential losses are considered reasonably possible or probable and whether they are estimable. Based upon this assessment, the Company carries out an evaluation of disclosure requirements and considers possible accruals in the financial statements. Segment Reporting Operating segments are identified as components of an enterprise where separate discrete financial information is evaluated by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company operates as a single segment dedicated to the discovery and development of biotechnological applications and the Company’s chief operating decision maker, or CODM, makes decisions based on the Company as a whole. The Company has determined that its CODM is its Chief Executive Officer. Earnings per Share Basic earnings per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted earnings per share attributable to common stockholders is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share attributable to common stockholders' calculation, preferred stock, stock options, unvested restricted stock, and warrants are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders, as their effect would be anti-dilutive for all periods presented. Therefore, basic and diluted net loss per share were the same for all periods presented. Recent Accounting Pronouncements Not In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13. 2016 13 Subsequently, in November 2018, No. 2018 19, Codification Improvements to Topic 326, November 2019, No. 2019 11, Codification Improvements to Topic 326, 2016 13. November 2019 No. 2019 10, Financial Instruments-Credit Losses (Topic 326 815 842 2016 13 three 2016 13 December 15, 2022 not The Company has considered other recent accounting pronouncements and concluded that they are either not not |
Note 3 - Revenue
Note 3 - Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue General The Company has not During the years ended December 31, 2022 2021 Year Ended December 31, 2022 2021 AstraZeneca $ 9,117 $ 18,919 Seagen 8,287 768 Servier 5,359 4,070 Genentech 3,139 1,950 Boston Pharmaceuticals — 5,711 Total Revenue $ 25,902 $ 31,418 Under the Company´s existing strategic partnerships and other license agreements, the Company could receive the following potential milestone payments (in millions) as of December 31, 2022 Research, Development, Regulatory & Commercial Milestones Sales Milestones AstraZeneca $ 702 $ 3,925 Servier 20 — Seagen 759 450 Boston Pharmaceuticals 88 265 Genentech 834 600 Total potential milestone payments $ 2,403 $ 5,240 Strategic Partnerships Genentech On May 19, 2021, may Under the terms of the Genentech Agreement, the Company will be responsible for discovery and preclinical development of two two Unless earlier terminated, the term of the Genentech Agreement continues until no may not not 9 first first While the Genentech Agreement allows for up to four research programs, only two research programs are initially identified and committed in the Genentech Agreement. To reach a total of up to four research programs, the Company has granted Genentech options to nominate an additional two collaboration targets of their choosing, subject to the legal availability of the target to be researched. Genentech will have three no The arrangement with Genentech provides for the transfer of the following goods or services: (i) exclusive research and commercial license for the collaboration programs, (ii) a non-exclusive platform improvement license, (iii) research and development services, (iv) participation in a governance committee, and (v) replacement target options on the first Management evaluated all of the promised goods or services within the contract and determined which such goods and services were separate performance obligations. The Company determined that the licenses granted, at arrangement inception, should be combined with the research and development services to be provided for the related target programs as they are not third not not As a result, management concluded there were five separate performance obligations at the inception of the Genentech Agreement: (i) two combined performance obligations, each comprised of an exclusive research and commercial license, a non-exclusive platform improvement license, and research and development services for the first first The Company allocated consideration to the performance obligations based on the relative proportion of their standalone selling prices. The Company developed standalone selling prices for licenses by applying a risk adjusted, net present value, estimate of future potential cash flows approach, which included the cost of obtaining research and development services at arm’s length from a third The transaction price at inception is comprised of fixed consideration of $20.0 million in upfront fees and was allocated to each of the performance obligations based on the relative proportion of their standalone selling prices. The amounts allocated to the performance obligations for the two research programs will be recognized on a proportional performance basis through the completion of each respective estimated research term of the individual research programs. The amounts allocated to the material right for the target options will be recognized either at the time the material right expires or, if exercised, on a proportional performance basis over the estimated research term for that program along with any remaining deferred revenue associated with the replacement target. The amounts allocated to the participation on the committee will be recognized on a straight-line basis over the anticipated research term for all research programs. As of December 31, 2022 Under the Genentech Agreement, the Company is eligible to receive various research, development, commercial and sales milestones. There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has determined that all other research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not As of December 31, 2022 Boston Pharmaceuticals On April 24, 2021, 342, 4 1BB/GPC3 Under the terms of the BP Agreement, Boston Pharmaceuticals exclusively licensed worldwide rights to PRS- 342. 342 The term of the BP Agreement ends upon the expiration of all of Boston Pharmaceuticals’ payment obligations thereunder. The BP Agreement may nine may may may The Company does not The arrangement with Boston Pharmaceuticals provides for the transfer of the following: (i) exclusive license of PRS- 342, Management evaluated all of the promised goods or services within the BP Agreement and determined which such goods and services were separate performance obligations. The Company determined that the licenses granted, at arrangement inception, should be combined with the transfer of know-how, materials and the product cell line license. Boston Pharmaceuticals could not As a result, management concluded there was only one The amounts allocated to the performance obligations did not 342. fourth 2021. December 31, 2021, no Seagen On February 8, 2018, Under the terms of the Seagen Agreements, the companies will pursue multiple Anticalin-antibody fusion proteins during the research phase. The Seagen Agreements provide Seagen a base option to select up to three programs for further development. Prior to the initiation of a pivotal trial, the Company may second may The Seagen Platform License grants Seagen a non-exclusive license to certain intellectual property related to the Anticalin platform technology. Upon signing the Seagen Agreements, Seagen paid the Company a $30.0 million upfront fee and an additional $4.9 million was estimated to be paid for research and development services as reimbursement to the Company through the end of the research term. In addition, the Company may The term of each of the Seagen Agreements ends upon the expiration of all of Seagen's payment obligations under each agreement. The Seagen Collaboration Agreement may may may may may may The Company determined that the Seagen Agreements should be combined and evaluated as a single arrangement under ASC 606 Management evaluated all of the promised goods or services within the contract and determined which such goods and services were separate performance obligations. The Company determined that the licenses granted, at arrangement inception, should be combined with the research and development services to be provided for the related antibody target programs as they are not third not not As a result, management concluded there are six separate performance obligations at the inception of the Seagen Agreements: (i) three combined performance obligations, each comprised of a non-exclusive platform technology license, a co-exclusive candidate research license, and research and development services for the first first second no The Company allocated consideration to the performance obligations based on the relative proportion of their standalone selling prices. The Company developed standalone selling prices for licenses by applying a risk adjusted, net present value, estimate of future potential cash flows approach, which included the cost of obtaining research and development services at arm’s length from a third The transaction price at inception is comprised of fixed consideration of $30.0 million in upfront fees and variable consideration of $4.9 million of estimated research and development services to be reimbursed as research and development occurs through the research term. The $30.0 million upfront fee, which represents the fixed consideration in the transaction price, was allocated to each of the performance obligations based on the relative proportion of their standalone selling prices. The $4.9 million in variable consideration related to the research and development services is allocated specifically to the three target program performance obligations based upon the budgeted services for each program The amounts allocated to the performance obligations for the three research programs will be recognized on a proportional performance basis through the completion of each respective estimated research term of the individual research programs. The amounts allocated to the material right for the antibody target swap option will be recognized either at the time the material right expires, or if exercised, on a proportional performance basis over the estimated research term for that program. The amounts allocated to the participation on each of the committees will be recognized straight-line over the anticipated research term for all research programs. As of December 31, 2022 In June 2020, second third first December 31, 2020. June 2020. On March 24, 2021, HER2 HER2 IHC2 IHC1 2 second Specifically, under the Second Seagen Amendment, Pieris’ option to co-develop and co-commercialize the second 4 2 1933, may 606 The Company has concluded that the Combination Study Agreement is within the scope of ASC 808, two 808 not may 730, Research and Development no In the second 2022, second Under the Seagen Agreements, the Company is eligible to receive various research, development, commercial and sales milestones. There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has thus determined that all research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not In January 2023, first 606 no December 31, 2022 December 31, 2022 As of December 31, 2022 AstraZeneca On May 2, 2017, June 10, 2017, 1976. In addition to the Company’s lead inhaled drug candidate, PRS- 060/AZD1402, 1 2a 2a The term of each of the AstraZeneca Agreements ends upon the expiration of all of AstraZeneca’s payment obligations under such agreement. The AstraZeneca Collaboration Agreement may may may not not may may may At inception, AstraZeneca is granted the following licenses: (i) research and development license for the AstraZeneca Lead Product, (ii) commercial license for the AstraZeneca Lead Product, (iii) individual research licenses for each of the four AstraZeneca Collaboration Products, (iv) individual commercial licenses for each of the four AstraZeneca Collaboration Products, and (v) individual non-exclusive platform technology licenses for the AstraZeneca Lead Product and the four AstraZeneca Collaboration Products. AstraZeneca will be granted individual development licenses for each of the four AstraZeneca Collaboration Products upon completion of the initial discovery of Anticalin proteins. The collaboration will be managed on an overall basis by a Joint Steering Committee, or JSC, formed by an equal number of representatives from the Company and AstraZeneca. In addition to the JSC, the AstraZeneca Collaboration Agreement also requires each party to designate an alliance manager to facilitate communication and coordination of the parties' activities under the agreement, and further requires participation of both parties on a joint development committee, or JDC, and a commercialization committee. The responsibilities of these committees vary, depending on the stage of development and commercialization of each product. Under the AstraZeneca Agreements, the Company received an upfront, non-refundable payment of $45.0 million. In addition, the Company will receive payments to conduct a phase 1 may The Company determined that the AstraZeneca Agreements should be combined and evaluated as a single arrangement under ASC 606 1 x 2a may Management evaluated all of the promised goods or services within the contract and determined which such goods and services were separate performance obligations. The Company determined that the licenses granted for the AstraZeneca Lead Product at the inception of the arrangement should be combined with the research services related to the AstraZeneca Lead Product and the licenses granted for the AstraZeneca Collaboration Products should be combined with the research services for the AstraZeneca Collaboration Products, as the licenses are not third not not 1 2a 1 2a not As a result, management concluded that there were 16 performance obligations: (i) combined performance obligation comprised of a non-exclusive platform technology license, research and development license, and commercial licenses for the AstraZeneca Lead Product and research services for the AstraZeneca Lead Product, (ii) combined performance obligation comprised of development and manufacturing services, and technology transfer services for the AstraZeneca Lead Product, (iii) committee participation, (iv-vii) four combined performance obligations each comprised of a non-exclusive platform technology license, research licenses, and research services for each AstraZeneca Collaboration Product (viii-xi) four performance obligations comprised of a material right to acquire the development licenses granted for the AstraZeneca Collaboration Products, (xii-xv) four performance obligations comprised of the commercial licenses granted for the AstraZeneca Collaboration Products and (xvi) phase 2a The Company allocated consideration to the performance obligations based on the relative proportion of their standalone selling prices. The Company developed standalone selling prices for licenses and corresponding research services by applying a risk adjusted, net present value, estimate of future potential cash flow approach, which included the cost of obtaining research services at arm’s length from a third The Company developed its standalone selling price for committee participation by using management’s estimate of the anticipated participation hours multiplied by a market rate for comparable participants. The Company developed its standalone selling price for the commercial licenses and material rights granted on the development licenses by probability weighting multiple cash flow scenarios using the income approach. The transaction price was comprised of fixed consideration of $45.0 million in upfront fees and variable consideration of (i) $14.2 million in estimated phase 1 1 December 2017, 2a 1 1 2a The amounts allocated to the license performance obligation for the AstraZeneca Lead Product and the four performance obligations for the four research licenses for AstraZeneca Collaboration Products will be recognized on a proportional performance basis as the activities are conducted over the life of the arrangement. The amounts allocated to the performance obligation for phase 1 2a 2a five December 31, 2022 Additionally, the Company evaluated payments required to be made between both parties as a result of the shared development costs of the AstraZeneca Lead Product and the two AstraZeneca Collaboration Products for which the Company has a co-development option. The Company will classify payments made as a reduction of revenue and will classify payments received as revenue, in the period they are earned. Under the AstraZeneca Agreements, the Company is eligible to receive various research, development, commercial and sales milestones. There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has thus determined that all research and development milestones, other than the phase 1 December 2017 606, not On March 29, 2021, 1 No. 1 May 2, 2017 2 No. 2 May 2, 2017, No. 1 September 14, 2020, 060/AZD1402 In connection with the Amended Collaboration Agreement, the Company and AstraZeneca entered into a Subscription Agreement pursuant to which the Company agreed to issue to AstraZeneca, and AstraZeneca agreed to acquire from the Company, 3,584,230 shares of the Company’s common stock for a total purchase price of $10.0 million, or $2.79 per share, in a private placement transaction pursuant to Section 4 2 1933, April 1, 2021 606 Also in March 2021, 2a 060/AZD1402. 606 no 2a December 31, 2021. In January 2022, not In August 2022, May 2, 2017, two December 2023 third As of December 31, 2022 The Company incurred $1.6 million of third 606, 340. December 31, 2022 December 31, 2022 2021 Servier On January 4, 2017, Five committed programs were initially defined, which may may 332, three The Co-Development Collaboration Products may may At inception, Servier was granted the following licenses: (i) development license for the Initial Lead, (ii) commercial license for the Initial Lead, (iii) individual research licenses for each of the four four The Servier Agreements are managed on an overall basis by a joint executive committee, or 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 Servier Collaboration Agreement requires the participation of both parties on: (i) a JSC, (ii) a JDC, (iii) a joint intellectual property committee, or JIPC, and (iv) a joint research committee, or JRC. The responsibilities of these committees vary, depending on the stage of development and commercialization of the Collaboration Products. For the Initial Lead and Co-Development Collaboration Products, the Company and Servier are responsible for an agreed upon percent of the shared costs required to develop the products through commercialization. In the event that the Company fails to exercise its option to co-develop the Co-Development Collaboration Products, Servier has the right to continue with the development and will be responsible for all costs required to develop the products through commercialization. Under the Servier Agreements, the Company received an upfront, non-refundable payment of €30.0 four €3.8 The initial research collaboration term, as it relates to the Initial Lead and Collaboration Products, shall continue for three years from the effective date of the Servier agreements, and may two one The term of each Servier Agreement ends upon the expiration of all of Servier’s payment obligations under such Servier Agreement. The Servier Agreements may 12 180 may not may may February 2020, 12 12 February 2021. As the Company and Servier are considered to be active participants in the Servier Agreements and are exposed to significant risks and rewards, certain units of account within the Servier Agreements are within the scope of ASC 808. five four four may Management evaluated all of the promised goods or services within the contract and determined which goods and services were separate performance obligations. The Company determined that the licenses granted at the inception of the Servier collaboration, should be combined with the research and development services to be provided for the Initial Lead and Collaboration Products, over the term of the Servier Agreements, as such licenses are not third not not As a result, management concluded that there are 10 performance obligations at the inception of the Servier Agreements. The following performance obligations are within the scope of ASC 808: one 606: The Company allocated consideration to the performance obligations based on the relative proportion of their standalone selling prices. The Company developed its standalone selling prices for licenses by applying a risk adjusted, net present value, estimate of future potential cash flows approach, which included the cost of obtaining research and development services at arm’s length from a third The Company developed its estimate of standalone selling price for committee participation by using management’s estimate of the anticipated participation hours multiplied by a market rate for comparable participants. The Company developed its estimate of standalone selling price for the material rights granted on the development and commercial licenses granted for the Collaboration Products by probability weighting multiple cash flow scenarios using the income approach. The transaction price at inception is comprised of the fixed upfront fee of €30.0 The amounts allocated to the performance obligation for the Initial Lead and the four performance obligations for the four research and development licenses for Collaboration Products 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 Servier Agreements for the Initial Lead and each of the Co-Development Collaboration Products may December 31, 2022 Additionally, the Company evaluated payments required to be made between both parties as a result of the shared development costs of the Initial Lead and Collaboration Products. The Company will classify payments made as a reduction of revenue and will classify payments received as revenue, in the period they are earned. Under the Servier Agreements the Company is eligible to receive various research, development, commercial, and sales milestones. There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has thus determined that all research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not In September 2019, 332, 1 3 not 332 In February 2020, March 2020, 60 March 2020 2020. 344/S095012, 4 1BB/PD L1 352, In the first 2022, 352/S095025 , fourth 2022, 352/S095025 As of December 31, 2022 The Company incurred costs to obtain the contract with Servier. Upon adoption of ASC 606, third 340. December 31, 2022 December 31, 2022 December 31, 2021 Contract Balances The Company receives payments from its collaboration partners based on payments established in each contract. Upfront payments and fees are recorded as deferred revenue upon receipt or when due until such time as the Company satisfies its performance obligations under each arrangement. A contract asset is a conditional right to consideration in exchange for goods or services that the Company has transferred to a customer. Amounts are recorded as accounts receivable when the Company’s right is unconditional. There were no additions to deferred revenue during the year ended December 31, 2022 December 31, 2022 |
Note 4 - Grant Income
Note 4 - Grant Income | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Government Assistance [Text Block] | 4. Grant Income One of the Company's proprietary respiratory assets is PRS- 220, June 2021, €14.2 2 19 The Bavarian Grant provides partial reimbursement for qualifying research and development activities on PRS- 220, 1 August 2023, may 220, August 2023. |
Note 5 - Cash, Cash Equivalents
Note 5 - Cash, Cash Equivalents and Investments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 5. Cash, Cash Equivalents and Investments As of December 31, 2022 December 31, 2021 2 December 31, 2022 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2022 Money market funds, included in cash equivalents $ 17,618 $ 17,618 $ — $ — Investments - US treasuries 3,573 3,573 — — Investments - Foreign treasuries 896 896 — — Investments - Asset-backed securities 499 — 499 — Investments - Corporate bonds 15,566 — 15,566 — Total $ 38,152 $ 22,087 $ 16,065 $ — Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2021 Money market funds, included in cash equivalents $ 56,885 $ 56,885 $ — $ — Total $ 56,885 $ 56,885 $ — $ — Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third third not December 31, 2022 Investments at December 31, 2022 Contractual maturity (in days) Amortized Cost Unrealized gains Unrealized losses Fair Value Investments US treasuries 47 110 $ 3,575 $ — $ (2 ) $ 3,573 Foreign treasuries 74 899 — (3 ) 896 Asset-backed securities 15 500 — (1 ) 499 Corporate bonds 5 228 15,633 — (67 ) 15,566 Total $ 20,607 $ — $ (73 ) $ 20,534 The Company recorded realized gains from the maturity of available-for-sale securities of $0.4 million for the year ended December 31, 2022 no December 31, 2021 As of December 31, 2022 no |
Note 6 - Property and Equipment
Note 6 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and Equipment, Net Property and equipment are summarized as follows (in thousands): Years Ended December 31, 2022 2021 Laboratory furniture and equipment $ 11,970 $ 11,354 Office furniture and equipment 1,861 1,959 Computer equipment 364 396 Leasehold improvements 12,444 13,130 Property and equipment, cost 26,639 26,839 Accumulated depreciation (9,647 ) (7,717 ) Property and equipment, net $ 16,992 $ 19,122 Depreciation expense was $2.3 million and $2.4 million for the years ended December 31, 2022 2021 no |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. Accrued Expenses Accrued expenses and other current liabilities consisted of the following (in thousands): Years Ended December 31, 2022 2021 Research and development fees $ 5,758 $ 5,682 Compensation expense 3,015 3,581 Accrued license obligations 245 1,541 Accrued accounts payable 1,245 2,980 Lease liabilities 859 1,049 Other current liabilities 483 393 Collaboration cost-sharing obligation — 1,610 Total $ 11,605 $ 16,836 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income Taxes The Company reported a loss before income taxes consisting of the following (in thousands): Years Ended December 31, 2022 2021 Domestic $ (11,765 ) $ (11,312 ) Foreign (21,512 ) (34,426 ) Loss before income taxes $ (33,277 ) $ (45,738 ) The components of the provision for income taxes are as follows (in thousands): Years Ended December 31, 2022 2021 Current: Federal $ — $ — State — — Foreign — — Total current — — Deferred: Federal — — State — — Foreign — — Total deferred — — Provision for income taxes $ — $ — The reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows: 2022 2021 Federal income tax rate 21.0 % 21.0 % Foreign rate differential 5.0 % 5.6 % State tax, net of federal benefit 2.0 % 1.2 % Share-based awards compensation (2.2 )% (3.5 )% Permanent items 0.3 % (0.2 )% Provision to return — % 3.3 % Other 1.0 % — % Credits 1.2 % — % Change in valuation allowance (28.3 )% (27.4 )% Effective income tax rate — % — % The components of deferred tax assets and liabilities related to net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income taxes purposes were as follows (in thousands): Years Ended December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 54,845 $ 49,280 Share-based awards compensation 3,112 2,739 Accrued expenses 216 323 R&D Credits 413 — Depreciation and other 384 384 Unrealized foreign currency 359 256 Capitalized R&D 952 — Accrued Expenses — — Lease liability 3,541 4,022 Total deferred tax assets 63,822 57,004 Deferred tax liabilities: Right-of-use asset (3,270 ) (3,729 ) Accrued expenses — (68 ) Total deferred tax liabilities (3,270 ) (3,797 ) Less: valuation allowance: (60,552 ) (53,207 ) Net deferred tax asset $ — $ — The Company operates in multiple jurisdictions. Accordingly, the Company files U.S. federal and state income tax returns as well as returns in multiple foreign jurisdictions. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not not not December 31, 2022 The cumulative amount of earnings of our foreign subsidiaries are expected to be permanently invested in the foreign subsidiaries. Deferred taxes have not not The increase in the valuation allowance of deferred tax assets of $7.3 million for the year ended December 31, 2022 As of December 31, 2022 December 31, 2017 2037 not 2035. 382 may may may 382 1986 may 382 December 31, 2020. 382 February 2018. 382; not February 2018 not 382, may 2019 may 2014 2017; not As of December 31, 2022 may $1.2 60% not may may The Company accounts for uncertain tax positions pursuant to ASC 740, Income Taxes not December 31, 2022 December 31, 2021 On December 22, 2017, January 1, 2022, no five 15 December 31, 2022 The following table sets forth a reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding the impact of interest and penalties, for the years ended December 31, 2022 Unrecognized tax benefits at December 31, 2021 $ 5,665 Currency translation adjustment (302 ) Unrecognized tax benefits at December 31, 2022 $ 5,363 The Company does not 12 |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Stockholders equity The Company had 300,000,000 shares authorized and 74,519,103 and 72,222,661shares of common stock issued and outstanding as of December 31, 2022 December 31, 2021 The Company had 10,000,000 shares authorized and 15,617 shares of preferred stock issued and outstanding as of December 31, 2022 2021 • Series A Convertible, 85 shares issued and outstanding at December 31, 2022 2021 • Series B Convertible, 4,026 shares issued and outstanding at December 31, 2022 2021 • Series C Convertible, 3,506 shares issued and outstanding at December 31, 2022 2021 • Series D Convertible, 3,000 shares issued and outstanding at both December 31, 2022 2021 • Series E Convertible, 5,000 shares issued and outstanding at December 31, 2022 2021 Common Stock Each share of the Company’s common stock is entitled to one vote and all shares rank equally as to voting and other matters. Dividends may Preferred Stock The Company has issued multiple series (Series A through E) of preferred stock to certain entities affiliated with Biotechnology Value Fund, L.P., or BVF. In each case, each share Preferred Stock is convertible into 1,000 shares of the Company's common stock (subject to adjustment as provided in the Certificate of Designation for each series) at any time at the option of the holder, provided that the holder is prohibited from converting the Preferred Stock into shares of the Company's common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 9.99% of the total number of shares of Common Stock then issued and outstanding, or the Beneficial Ownership Limitation. The holder may not Series A, Series B, Series C, Series D and Series E Preferred Stock rank senior to the Company’s common stock; senior to any class or series of capital stock of the Company created after the designation of and specifically ranking by its terms as junior to the five five five five For each series of Preferred Stock, the Company designated the requisite number of shares of its authorized and unissued preferred stock as a specific series of Preferred Stock and filed a Certificate of Designation with the Nevada Secretary of State. Shares of Preferred Stock generally have no Series A Preferred Stock In June 2016, 2016 2016 2016 2016 Series B Preferred Stock On January 30, 2019, Series C and 2019 In November 2019, one one one If (i) the initial public disclosure of the phase 2a 060/AZD1402 2a 0.05 0.05 one 10 three 60 may five not Upon issuance, each Series C Preferred Share included an embedded beneficial conversion feature as the market price of the Company’s Common Stock on the date of issuance of the Series C convertible preferred stock was $3.43 per share. As a result, the Company recorded the intrinsic value of the beneficial conversion feature of $2.8 million as a discount on the Series C convertible preferred stock at issuance. As the Series C Preferred Shares are immediately convertible upon issuance and do not Series D Preferred Stock Conversion On March 31, 2020, April 1, 2020, Series E Preferred Stock Conversion On May 20, 2021, Open Market Sales Agreement In August 2019, may 2019 August 2021, 2019 second 2021 may November 2022, 2021 may 2021 3 August 2021. December 31, 2022 2021ATM December 31, 2021 |
Note 10 - Net Loss Per Share
Note 10 - Net Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Net Loss per Share Basic net loss per share is calculated by dividing net income (loss) by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, preferred stock, stock options, and warrants are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive for all periods presented. Therefore, basic and diluted net loss per share were the same for all periods presented. For the years ended December 31, 2022 2021 |
Note 11 - Stock and Employee Be
Note 11 - Stock and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. Stock and Employee Benefit Plans Employee, Director and Consultant Equity Incentive Plans At the Annual Shareholder Meeting, held on June 23, 2020, 2020 2020 2020 2020 2020 2019 2019 no 2019 2020 2020 2019 2021 June 25, 2021, first 2020 2020 2020 2022 June 22, 2022, second 2020 2020 2020 The 2020 2020 may 2014, 2016, 2018 2019 The Company’s stock options have a maximum term of 10 years from the date of grant. Stock options granted may The Company estimates the fair value of each stock award on the grant date using the Black-Scholes option-pricing model based on the following assumptions: Years Ended December 31, 2022 2021 Risk free interest rate 1.43% - 3.39% 0.46% - 1.20% Expected term (in years) 5.5 - 5.73 5.31 - 5.73 Dividend yield — — Expected volatility 79.9% - 81.1% 75.0% - 81.7% The weighted-average fair value of the 3,075,282 and 3,182,696 options granted during the years ended December 31, 2022 2021 December 31, 2022 2020 The following table summarizes stock option activity for employees and non-employees: Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Life (in years) (in thousands) Outstanding, December 31, 2021 11,475,713 $ 3.35 $ 11,310 Granted 3,075,282 2.88 — Exercised 46,233 2.07 66 Canceled 1,031,396 3.80 17 Outstanding, December 31, 2022 13,473,366 $ 3.21 6.31 $ — Vested or expected to vest, December 31, 2022 13,473,366 $ 3.21 6.31 $ — Exercisable, December 31, 2022 9,096,001 $ 3.38 5.16 $ — Periodically, the Company grants inducement options, which are awards outside of approved stock option plans, and which are material awards to the executive officers or other personnel entering senior leadership roles with the Company. The terms of inducement option awards were substantially the same as those issued under our 2020 Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Life (in years) (in thousands) Outstanding, December 31, 2021 660,000 $ 4.01 $ 108 Granted — $ — $ — Canceled or Expired 360,000 $ 3.48 $ — Outstanding, December 31, 2022 300,000 $ 4.65 6.66 $ — Vested or expected to vest, December 31, 2022 300,000 $ 4.65 6.66 $ — Exercisable, December 31, 2022 243,750 $ 4.65 6.66 $ — Employee Stock Purchase Plans The 2018 two six June December. 2018 December 31, 2022 2021 2018 Years Ended December 31, 2022 2021 Risk free interest rate 1.62% - 4.60% 0.04% - 0.10% Expected term (in years) 0.5 0.5 Dividend yield — — Expected volatility 53.46% - 70.17% 60.46% - 131.21% Total Stock-based Compensation Expense Total stock-based compensation expense is recorded in operating expenses based upon the functional responsibilities of the individuals holding the respective options as follows (in thousands): Years Ended December 31, 2022 2021 Research and development $ 1,905 $ 2,274 General and administrative 2,497 2,941 Total stock-based compensation $ 4,402 $ 5,215 As of December 31, 2022 |
Note 12 - License Agreement
Note 12 - License Agreement | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
License and Transfer Agreement [Text Block] | 12. License Agreement TUM License The Company and the Technical University of Munich, or TUM, initiated discussions in the second 2018 not may |
Note 13 - Leases
Note 13 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 13. Leases The Company entered into a sublease to lease approximately 3,950 square feet in Boston, Massachusetts which expired on December 31, 2022. In October 2018, February 2020. Under the Hallbergmoos Lease, Pieris GmbH rents approximately 105,000 square feet. An additional approximately 22,300 square feet is expected to be delivered by the lessor by October 2024. first The Hallbergmoos Lease provides for an initial rental term of 12.5 years which commenced in February 2020 not may may not Monthly base rent for the 105,000 square feet of the leased property, including parking spaces, totals approximately $0.2 million per month, which amount shall be adjusted starting on the second The Hallbergmoos Lease included $11.5 million of tenant improvements allowance for normal tenant improvements which was incurred prior to commencing the lease. The Company capitalized the leasehold incentives which are included in Property and equipment, net on the Consolidated Balance Sheet and are amortized on a straight-line basis over the shorter of the useful life or the remaining lease term. The following table summarizes operating lease costs included in operating expenses (in thousands): Year Ended December 31, 2022 2021 Operating lease costs $ 1,356 $ 1,483 Variable lease costs (1) 737 739 Total lease cost $ 2,093 $ 2,222 ( 1 The following table summarizes the weighted-average remaining lease term and discount rate: As of December 31, 2022 Weighted-average remaining lease term (years) 9.6 Weighted-average discount rate 10.5% Cash paid for amounts included in the measurement of the lease liabilities were $2.4 million and $2.6 million for the year ended December 31, 2022 2021 As of December 31, 2022 Total 2023 $ 2,116 2024 2,116 2025 2,116 2026 2,116 2027 2,116 Thereafter 9,699 Total undiscounted lease payments 20,279 Less: present value adjustment (7,176 ) Present value of lease liabilities $ 13,103 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Use of Estimates The accompanying consolidated financial statements of Pieris Pharmaceuticals, Inc. and its wholly-owned subsidiaries were prepared in accordance with U.S. GAAP. The consolidated financial statements include the accounts of all subsidiaries. All intercompany balances and transactions have been eliminated. |
Use of Estimates, Policy [Policy Text Block] | The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates are used for, but are not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The financial statements of the Company’s foreign subsidiaries are translated from local currency into reporting currency, which is U.S. dollars, using the current exchange rate at the balance sheet date for assets and liabilities, and the weighted average exchange rate prevailing during the period for revenues and expenses. The functional currency for Pieris’ foreign subsidiaries is considered to be the local currency for each entity and, accordingly, translation adjustments for these subsidiaries are included in accumulated other comprehensive loss within stockholders’ equity. Realized and unrealized gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are reflected as other (expense) income, net in the consolidated statements of operations. Foreign currency gains and losses on available-for-sale investment transactions are recorded to other comprehensive income (loss) on the Company's balance sheet per Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 830, Foreign Currency Matters. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Investments The Company determines the appropriate classification of its investments at the time of purchase. All liquid investments with original maturities of 90 320, Investments Debt and Equity Securities Available-for-sale investments are recorded at fair value, with unrealized gains or losses included in accumulated other comprehensive income (loss) on the Company’s balance sheets. Realized gains and losses are determined using the specific identification method and are included as a component of other income (expense). The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Off-Balance Sheet Risk The Company has no not not not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement and Disclosures 820, not one three • Level 1 • Level 2 not • Level 3 To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. Financial instruments measured at fair value on a recurring basis include cash equivalents and investments, if any ( Note 6 An entity may not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments The fair value of cash, accounts receivable, and accounts payable approximates the carrying value of these financial instruments because of the short-term nature of any maturities. The Company determines the estimated fair values of other financial instruments, using available market information and valuation methodologies, primarily input from independent third |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable are recorded net of allowances for doubtful accounts and represent amounts due from strategic partners. The Company monitors and evaluates collectability of receivables on an ongoing basis and considers whether an allowance for doubtful accounts is necessary. The Company determined that no December 31, 2022 2021 not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at acquisition cost, less accumulated depreciation and impairment. Depreciation on property and equipment is calculated using the straight-line method over the remaining estimated useful lives of the assets. Maintenance and repairs to these assets are charged to expenses as occurred. Substantially all of the Company's fixed assets are located in Germany. The estimated useful life of the different groups of property and equipment is as follows: Asset Classification Estimated useful life (in years) Leasehold improvements shorter of useful life or remaining life of the lease Laboratory furniture and equipment 8-14 Office furniture and equipment 5-13 Computer and equipment 3 - 7 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets The Company reviews its long-lived assets to be held and used for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not none |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Pieris has entered into several licensing agreements with collaboration partners for the development of Anticalin therapeutics against a variety of targets. The terms of these agreements provide for the transfer of multiple goods or services which may may no Collaborative Arrangements The Company considers the nature and contractual terms of an arrangement and assess whether the arrangement involves a joint operating activity pursuant to which it is an active participant and exposed to significant risks and rewards with respect to the arrangement. If the Company is an active participant and exposed to the significant risks and rewards with respect to the arrangement, it accounts for these arrangements pursuant to ASC 808, Collaborative Arrangements 808, not Revenue from Contracts with Customers In accordance with ASC 606, five 1 2 3 4 5 The Company evaluates all promised goods and services within a customer contract and determines which of such goods and services are separate performance obligations. This evaluation includes an assessment of whether the good or service is capable of being distinct and whether the good or service is separable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own or whether the required expertise is readily available. Licensing arrangements are analyzed to determine whether the promised goods or services, which often include licenses, research and development services and governance committee services, are distinct or whether they must be accounted for as part of a combined performance obligation. If the license is considered not Certain contracts contain optional and additional items, which are considered marketing offers and are accounted for as separate contracts with the customer if such option is elected by the customer, unless the option provides a material right which would not The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. A contract may not If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price among the performance obligations on a relative standalone selling price basis unless a portion of the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct good or service that forms part of a single performance obligation. The Company allocates the transaction price based on the estimated standalone selling price of the underlying performance obligations or in the case of certain variable consideration to one may one When a performance obligation is satisfied, revenue is recognized for the amount of the transaction price, excluding estimates of variable consideration that are constrained, that is allocated to that performance obligation on a relative standalone selling price basis. 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. For performance obligations consisting of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company will recognize revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. Revenue recognized under an arrangement involving a participant that is a customer is presented as Customer Revenue. Milestones and Royalties The Company aggregates milestones into four first There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has thus determined that all research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Commercial milestones and sales royalties are determined by sales or usage-based thresholds and will be accounted for under the royalty recognition constraint as constrained variable consideration. The Company calculates the maximum amount of potential milestones achievable under each collaboration agreement and discloses such potential future milestones for all current collaborations using such a maximum calculation. Contract Balances The Company recognizes a contract asset when the Company transfers goods or services to a customer before the customer pays consideration or before payment is due, excluding any amounts presented as a receivable (i.e., accounts receivable). A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. The contract liabilities (i.e., deferred revenue) primarily relate to contracts where the Company has received payment but has not In the event of an early termination of a collaboration agreement, any contract liabilities would be recognized in the period in which all Company obligations under the agreement have been fulfilled. Costs to Obtain and Fulfill a Contract with a Customer Certain costs to obtain customer contracts, including success-based fees paid to third 340, Other Assets and Deferred Costs 340. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development 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 and clinical costs, contract services, consulting, depreciation and amortization expense, and other related costs. Costs associated with acquired technology, in the form of upfront fees or milestone payments, are charged to research and development expense as incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company applies ASC Topic 740 Income Taxes not not The Tax Cuts and Jobs Act (TCJA) subjects a U.S. shareholder to tax on global-intangible low tax income (GILTI) earned by certain foreign subsidiaries. The Company has made an accounting policy election to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation The Company measures share-based payments in accordance with ASC Topic 718, Stock Compensation 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. Due to the limited operating history of the Company as a public entity and a lack of company specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry, and with historical share price information sufficient to meet the expected term of the stock-based awards. The Company computes historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Due to the lack of Company specific historical option activity, the Company has estimated the expected term of its employee stock options using the “simplified” method, whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. The expected term for non-employee awards is the remaining contractual term of the option. The risk-free interest rates are based on the U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The Company has never paid, and does not All excess tax benefits and tax deficiencies are recorded as income tax expense or benefit in the Company's statement of operations and comprehensive loss. For the years ended December 31, 2022 2021 not |
Government Assistance [Policy Text Block] | Government Grants The Company recognizes grants from governmental agencies when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. The Company evaluates the conditions of each grant as of each reporting period to evaluate whether the Company has reached reasonable assurance of meeting the conditions of each grant arrangement and that it is expected that the grant will be received as a result of meeting the necessary conditions. Grants are recognized in the consolidated statements of operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, grant income related to research and development costs is recognized as such expenses are incurred. Grant income is included as a separate caption within Other income (expense), net in the consolidated statements of operations. |
Lessee, Leases [Policy Text Block] | Leases The Company accounts for leases pursuant to ASC 842 Leases (Topic 842 842. The Company determines if an arrangement is a lease at inception. The Company’s contracts are determined to contain a lease within the scope of ASC 842 1 no 2 3 not 12 not not At the commencement date, operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of future lease payments over the expected lease term. The Company’s lease agreements do not may The Company typically only includes an initial lease term in its assessment of a lease agreement. Options to renew a lease are not not Assumptions made by the Company at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies Accruals are recorded for loss contingencies when it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that has been accrued previously. Considering facts known at the time of the assessment, the Company determines whether potential losses are considered reasonably possible or probable and whether they are estimable. Based upon this assessment, the Company carries out an evaluation of disclosure requirements and considers possible accruals in the financial statements. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting Operating segments are identified as components of an enterprise where separate discrete financial information is evaluated by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company operates as a single segment dedicated to the discovery and development of biotechnological applications and the Company’s chief operating decision maker, or CODM, makes decisions based on the Company as a whole. The Company has determined that its CODM is its Chief Executive Officer. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Basic earnings per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted earnings per share attributable to common stockholders is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share attributable to common stockholders' calculation, preferred stock, stock options, unvested restricted stock, and warrants are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders, as their effect would be anti-dilutive for all periods presented. Therefore, basic and diluted net loss per share were the same for all periods presented. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Not In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13. 2016 13 Subsequently, in November 2018, No. 2018 19, Codification Improvements to Topic 326, November 2019, No. 2019 11, Codification Improvements to Topic 326, 2016 13. November 2019 No. 2019 10, Financial Instruments-Credit Losses (Topic 326 815 842 2016 13 three 2016 13 December 15, 2022 not The Company has considered other recent accounting pronouncements and concluded that they are either not not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Life [Table Text Block] | Asset Classification Estimated useful life (in years) Leasehold improvements shorter of useful life or remaining life of the lease Laboratory furniture and equipment 8-14 Office furniture and equipment 5-13 Computer and equipment 3 - 7 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2022 2021 AstraZeneca $ 9,117 $ 18,919 Seagen 8,287 768 Servier 5,359 4,070 Genentech 3,139 1,950 Boston Pharmaceuticals — 5,711 Total Revenue $ 25,902 $ 31,418 |
Revenue From Contract With Customer, Milestone Payments [Table Text Block] | Research, Development, Regulatory & Commercial Milestones Sales Milestones AstraZeneca $ 702 $ 3,925 Servier 20 — Seagen 759 450 Boston Pharmaceuticals 88 265 Genentech 834 600 Total potential milestone payments $ 2,403 $ 5,240 |
Note 5 - Cash, Cash Equivalen_2
Note 5 - Cash, Cash Equivalents and Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2022 Money market funds, included in cash equivalents $ 17,618 $ 17,618 $ — $ — Investments - US treasuries 3,573 3,573 — — Investments - Foreign treasuries 896 896 — — Investments - Asset-backed securities 499 — 499 — Investments - Corporate bonds 15,566 — 15,566 — Total $ 38,152 $ 22,087 $ 16,065 $ — Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2021 Money market funds, included in cash equivalents $ 56,885 $ 56,885 $ — $ — Total $ 56,885 $ 56,885 $ — $ — |
Debt Securities, Available-for-Sale [Table Text Block] | Contractual maturity (in days) Amortized Cost Unrealized gains Unrealized losses Fair Value Investments US treasuries 47 110 $ 3,575 $ — $ (2 ) $ 3,573 Foreign treasuries 74 899 — (3 ) 896 Asset-backed securities 15 500 — (1 ) 499 Corporate bonds 5 228 15,633 — (67 ) 15,566 Total $ 20,607 $ — $ (73 ) $ 20,534 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Years Ended December 31, 2022 2021 Laboratory furniture and equipment $ 11,970 $ 11,354 Office furniture and equipment 1,861 1,959 Computer equipment 364 396 Leasehold improvements 12,444 13,130 Property and equipment, cost 26,639 26,839 Accumulated depreciation (9,647 ) (7,717 ) Property and equipment, net $ 16,992 $ 19,122 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | Years Ended December 31, 2022 2021 Research and development fees $ 5,758 $ 5,682 Compensation expense 3,015 3,581 Accrued license obligations 245 1,541 Accrued accounts payable 1,245 2,980 Lease liabilities 859 1,049 Other current liabilities 483 393 Collaboration cost-sharing obligation — 1,610 Total $ 11,605 $ 16,836 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2022 2021 Domestic $ (11,765 ) $ (11,312 ) Foreign (21,512 ) (34,426 ) Loss before income taxes $ (33,277 ) $ (45,738 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2022 2021 Current: Federal $ — $ — State — — Foreign — — Total current — — Deferred: Federal — — State — — Foreign — — Total deferred — — Provision for income taxes $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 Federal income tax rate 21.0 % 21.0 % Foreign rate differential 5.0 % 5.6 % State tax, net of federal benefit 2.0 % 1.2 % Share-based awards compensation (2.2 )% (3.5 )% Permanent items 0.3 % (0.2 )% Provision to return — % 3.3 % Other 1.0 % — % Credits 1.2 % — % Change in valuation allowance (28.3 )% (27.4 )% Effective income tax rate — % — % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years Ended December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 54,845 $ 49,280 Share-based awards compensation 3,112 2,739 Accrued expenses 216 323 R&D Credits 413 — Depreciation and other 384 384 Unrealized foreign currency 359 256 Capitalized R&D 952 — Accrued Expenses — — Lease liability 3,541 4,022 Total deferred tax assets 63,822 57,004 Deferred tax liabilities: Right-of-use asset (3,270 ) (3,729 ) Accrued expenses — (68 ) Total deferred tax liabilities (3,270 ) (3,797 ) Less: valuation allowance: (60,552 ) (53,207 ) Net deferred tax asset $ — $ — |
Summary of Income Tax Contingencies [Table Text Block] | Unrecognized tax benefits at December 31, 2021 $ 5,665 Currency translation adjustment (302 ) Unrecognized tax benefits at December 31, 2022 $ 5,363 |
Note 11 - Stock and Employee _2
Note 11 - Stock and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2022 2021 Risk free interest rate 1.43% - 3.39% 0.46% - 1.20% Expected term (in years) 5.5 - 5.73 5.31 - 5.73 Dividend yield — — Expected volatility 79.9% - 81.1% 75.0% - 81.7% Years Ended December 31, 2022 2021 Risk free interest rate 1.62% - 4.60% 0.04% - 0.10% Expected term (in years) 0.5 0.5 Dividend yield — — Expected volatility 53.46% - 70.17% 60.46% - 131.21% |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Life (in years) (in thousands) Outstanding, December 31, 2021 11,475,713 $ 3.35 $ 11,310 Granted 3,075,282 2.88 — Exercised 46,233 2.07 66 Canceled 1,031,396 3.80 17 Outstanding, December 31, 2022 13,473,366 $ 3.21 6.31 $ — Vested or expected to vest, December 31, 2022 13,473,366 $ 3.21 6.31 $ — Exercisable, December 31, 2022 9,096,001 $ 3.38 5.16 $ — Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value Options Price Life (in years) (in thousands) Outstanding, December 31, 2021 660,000 $ 4.01 $ 108 Granted — $ — $ — Canceled or Expired 360,000 $ 3.48 $ — Outstanding, December 31, 2022 300,000 $ 4.65 6.66 $ — Vested or expected to vest, December 31, 2022 300,000 $ 4.65 6.66 $ — Exercisable, December 31, 2022 243,750 $ 4.65 6.66 $ — |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended December 31, 2022 2021 Research and development $ 1,905 $ 2,274 General and administrative 2,497 2,941 Total stock-based compensation $ 4,402 $ 5,215 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2022 2021 Operating lease costs $ 1,356 $ 1,483 Variable lease costs (1) 737 739 Total lease cost $ 2,093 $ 2,222 As of December 31, 2022 Weighted-average remaining lease term (years) 9.6 Weighted-average discount rate 10.5% |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Total 2023 $ 2,116 2024 2,116 2025 2,116 2026 2,116 2027 2,116 Thereafter 9,699 Total undiscounted lease payments 20,279 Less: present value adjustment (7,176 ) Present value of lease liabilities $ 13,103 |
Note 1 - Corporate Information
Note 1 - Corporate Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | May 31, 2013 | |
Cash, Cash Equivalents, and Short-Term Investments, Total | $ 59,200 | ||
Net Income (Loss) Attributable to Parent, Total | (33,277) | $ (45,738) | |
Retained Earnings (Accumulated Deficit), Total | $ (290,421) | $ (257,144) | |
Pieris Pharmaceuticals GmbH [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment, Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Laboratory Equipment [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 8 years |
Laboratory Equipment [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 14 years |
Office Equipment [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 5 years |
Office Equipment [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 13 years |
Computer Equipment [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 7 years |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) $ / shares in Units, $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
May 19, 2021 USD ($) | Apr. 24, 2021 USD ($) | Apr. 01, 2021 USD ($) $ / shares shares | Mar. 24, 2021 USD ($) $ / shares shares | Feb. 08, 2018 USD ($) | May 02, 2017 USD ($) | Jan. 04, 2017 | Jan. 31, 2023 USD ($) | Aug. 31, 2022 USD ($) | Jan. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Feb. 29, 2020 | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2020 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2017 EUR (€) | Jan. 01, 2019 USD ($) | |
Contract with Customer, Liability, Current | $ 20,824 | $ 20,824 | $ 25,116 | ||||||||||||||||||||
Contract with Customer, Liability, Noncurrent | 18,734 | 18,734 | 38,403 | ||||||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 20,400 | ||||||||||||||||||||||
Number of Technology Licenses | 5 | ||||||||||||||||||||||
Revenues, Total | 25,902 | 31,418 | |||||||||||||||||||||
Increase (Decrease) in Contract with Customer, Liability | 0 | ||||||||||||||||||||||
Genentech [Member] | |||||||||||||||||||||||
Number Of Initial Research Programs | 2 | ||||||||||||||||||||||
Number Of Optional Additional Research Programs | 2 | ||||||||||||||||||||||
Revenue from Contract with Customer, Collaboration Fee On Additional Program | $ 10,000 | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Notice Period Within Material Breach (Day) | 90 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Advance Notice Period Before First Commercial Sale (Day) | 90 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Advance Notice Period After First Commercial Sale (Day) | 180 days | ||||||||||||||||||||||
Number of Research Programs | 4 | ||||||||||||||||||||||
Number of Performance Obligations | 2 | ||||||||||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 12,600 | 12,600 | |||||||||||||||||||||
Revenues, Total | 3,139 | 1,950 | |||||||||||||||||||||
Genentech [Member] | License and Collaboration Agreement [Member] | |||||||||||||||||||||||
Number of Performance Obligations | 5 | ||||||||||||||||||||||
Genentech [Member] | Platform Technology License [Member] | |||||||||||||||||||||||
Number of Performance Obligations | 2 | ||||||||||||||||||||||
Genentech [Member] | Governance Committee Participation [Member] | |||||||||||||||||||||||
Number of Performance Obligations | 1 | ||||||||||||||||||||||
Seattle Genetics Inc. [Member] | |||||||||||||||||||||||
Number of Performance Obligations | 3 | ||||||||||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 17,100 | 17,100 | |||||||||||||||||||||
Contract with Customer, Liability, Current | 11,600 | 11,600 | |||||||||||||||||||||
Contract with Customer, Liability, Noncurrent | 2,900 | 2,900 | |||||||||||||||||||||
Amended Collaboration Agreement, Resale of Stock, Period (Day) | 60 days | ||||||||||||||||||||||
Revenues, Total | 8,287 | 768 | |||||||||||||||||||||
Seattle Genetics Inc. [Member] | Private Placement [Member] | |||||||||||||||||||||||
Contract with Customer, Liability, Total | $ 3,300 | ||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | shares | 3,706,174 | ||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 13,000 | ||||||||||||||||||||||
Sale of Stock, Price Per Share (in dollars per share) | $ / shares | $ 3.51 | ||||||||||||||||||||||
Sale of Stock, Fair Value, Price Per Share (in dollars per share) | $ / shares | $ 2.61 | ||||||||||||||||||||||
Seattle Genetics Inc. [Member] | License and Collaboration Agreement [Member] | |||||||||||||||||||||||
Number of Research Programs | 3 | 3 | |||||||||||||||||||||
Number of Performance Obligations | 6 | ||||||||||||||||||||||
Revenue from Contract with Customer, Period After Effective Date Agreements May Be Terminated (Month) | 12 months | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Advance Notice Period (Day) | 90 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Advance Notice Period If Marketing Approval Obtained (Day) | 180 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Notice Period Upon Material Breach (Day) | 90 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination, Additional Notice Period Upon Material Breach (Day) | 90 days | ||||||||||||||||||||||
Number Of Licenses | 3 | ||||||||||||||||||||||
Number Of Swap Options | 2 | ||||||||||||||||||||||
Seattle Genetics Inc. [Member] | Platform Technology License [Member] | |||||||||||||||||||||||
Number of Performance Obligations | 3 | ||||||||||||||||||||||
Number of Target Programs | 3 | ||||||||||||||||||||||
Seattle Genetics Inc. [Member] | Governance Committee Participation [Member] | |||||||||||||||||||||||
Number of Performance Obligations | 1 | ||||||||||||||||||||||
Seattle Genetics Inc. [Member] | Other Arrangement [Member] | |||||||||||||||||||||||
Number of Research Programs | 2 | ||||||||||||||||||||||
Seattle Genetics Inc. [Member] | Up-front Payment Arrangement [Member] | |||||||||||||||||||||||
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned | $ 4,900 | ||||||||||||||||||||||
Seattle Genetics Inc. [Member] | Up-front Payment Arrangement [Member] | Sales Milestone Payments [Member] | |||||||||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 1,500 | $ 4,200 | |||||||||||||||||||||
Collaborative Arrangement Allocable Arrangement Consideration Allocation | $ 5,000 | ||||||||||||||||||||||
Seattle Genetics Inc. [Member] | Antibody Target Swap [Member] | |||||||||||||||||||||||
Number of Performance Obligations | 2 | ||||||||||||||||||||||
Seattle Genetics Inc. [Member] | Collaborative Arrangement [Member] | |||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,000 | ||||||||||||||||||||||
Seattle Genetics Inc. [Member] | Collaborative Arrangement [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 5,000 | ||||||||||||||||||||||
Astra Zeneca A B [Member] | |||||||||||||||||||||||
Contract with Customer, Liability, Total | 700 | 700 | |||||||||||||||||||||
Research Collaboration Agreement Period (Year) | 5 years | ||||||||||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 7,500 | 7,500 | |||||||||||||||||||||
Contract with Customer, Liability, Current | 500 | 500 | |||||||||||||||||||||
Contract with Customer, Liability, Noncurrent | 6,900 | 6,900 | |||||||||||||||||||||
Amended Collaboration Agreement, Resale of Stock, Period (Day) | 60 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Allocable Arrangement Consideration Allocation | $ 5,000 | $ 4,700 | |||||||||||||||||||||
Revenues, Total | $ 13,000 | 9,117 | 18,919 | ||||||||||||||||||||
Number of Discovery Programs Discontinued | 1 | ||||||||||||||||||||||
Capitalized Contract Cost, Net, Total | $ 1,600 | 200 | 200 | ||||||||||||||||||||
Capitalized Contract Cost, Gross | $ 1,100 | ||||||||||||||||||||||
Capitalized Contract Cost, Amortization | 300 | 300 | |||||||||||||||||||||
Astra Zeneca A B [Member] | Private Placement [Member] | |||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | shares | 3,584,230 | ||||||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 10,000 | ||||||||||||||||||||||
Sale of Stock, Price Per Share (in dollars per share) | $ / shares | $ 2.79 | ||||||||||||||||||||||
Sale of Stock, Fair Value, Price Per Share (in dollars per share) | $ / shares | $ 2.60 | ||||||||||||||||||||||
Astra Zeneca A B [Member] | License and Collaboration Agreement [Member] | |||||||||||||||||||||||
Number of Performance Obligations | 16 | ||||||||||||||||||||||
Revenue from Contract with Customer, Period After Effective Date Agreements May Be Terminated (Month) | 12 months | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Advance Notice Period (Day) | 90 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Advance Notice Period If Marketing Approval Obtained (Day) | 180 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Notice Period Upon Material Breach (Day) | 180 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination, Additional Notice Period Upon Material Breach (Day) | 180 days | ||||||||||||||||||||||
Number of Novel Proteins | 4 | ||||||||||||||||||||||
Agreement Termination Notice Period Upon Of Breach Of Payment Obligations (Day) | 30 days | ||||||||||||||||||||||
Remaining Performance Obligation, Estimated Term (Month) | 12 months | ||||||||||||||||||||||
Astra Zeneca A B [Member] | License and Collaboration Agreement [Member] | Minimum [Member] | |||||||||||||||||||||||
Number of Collaboration Products | 2 | ||||||||||||||||||||||
Astra Zeneca A B [Member] | License and Collaboration Agreement [Member] | Maximum [Member] | |||||||||||||||||||||||
Number of Collaboration Products | 4 | ||||||||||||||||||||||
Number of Programs | 2 | ||||||||||||||||||||||
Number of Research Licenses | 4 | ||||||||||||||||||||||
Astra Zeneca A B [Member] | Up-front Payment Arrangement [Member] | |||||||||||||||||||||||
Revenue from Contract with Customer, Allocable Arrangement Consideration Allocation | $ 45,000 | ||||||||||||||||||||||
Astra Zeneca A B [Member] | Up-front Payment Arrangement [Member] | Sales Milestone Payments [Member] | |||||||||||||||||||||||
Revenue from Contract with Customer, Allocable Arrangement Consideration Allocation | 12,500 | ||||||||||||||||||||||
Astra Zeneca A B [Member] | Up-front Payment Arrangement [Member] | Estimated Development And Manufacturing Services [Member] | |||||||||||||||||||||||
Revenue from Contract with Customer, Allocable Arrangement Consideration Allocation | 14,200 | ||||||||||||||||||||||
Astra Zeneca A B [Member] | Up-front Payment Arrangement [Member] | Estimated Phase 2a Services [Member] | |||||||||||||||||||||||
Revenue from Contract with Customer, Allocable Arrangement Consideration Allocation | 4,700 | ||||||||||||||||||||||
Astra Zeneca A B [Member] | Additional Other Research Services [Member] | |||||||||||||||||||||||
Revenue from Contract with Customer, Allocable Arrangement Consideration Allocation | $ 4,700 | ||||||||||||||||||||||
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | |||||||||||||||||||||||
Number of Performance Obligations | 10 | 10 | |||||||||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 5,000 | 5,000 | |||||||||||||||||||||
Contract with Customer, Liability, Current | 900 | 900 | |||||||||||||||||||||
Contract with Customer, Liability, Noncurrent | 4,100 | 4,100 | |||||||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 4,900 | $ 7,100 | |||||||||||||||||||||
Number of Novel Proteins | 1 | 1 | |||||||||||||||||||||
Number of Programs | 5 | 3 | 3 | ||||||||||||||||||||
Revenues, Total | 5,359 | 4,070 | |||||||||||||||||||||
Capitalized Contract Cost, Net, Total | 0 | 0 | |||||||||||||||||||||
Capitalized Contract Cost, Amortization | 100 | 100 | |||||||||||||||||||||
Number Of Separate Performance Obligations | 2 | ||||||||||||||||||||||
Number of Combined Performance Obligations | 2 | ||||||||||||||||||||||
Research Term ,Extension Period (Year) | 12 years | ||||||||||||||||||||||
Number Of Preclinical Stage Programs | 2 | ||||||||||||||||||||||
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||||||||||||
Capitalized Contract Cost, Net, Total | $ 500 | ||||||||||||||||||||||
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | License and Collaboration Agreement [Member] | |||||||||||||||||||||||
Number of Performance Obligations | 4 | ||||||||||||||||||||||
Number of Collaboration Products | 2 | ||||||||||||||||||||||
Number of Programs | 5 | 5 | |||||||||||||||||||||
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | Collaborative Arrangement [Member] | |||||||||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 4,300 | € 3.8 | |||||||||||||||||||||
Number of Collaboration Products | 4 | ||||||||||||||||||||||
Number Of Separate Performance Obligations | 2 | ||||||||||||||||||||||
Number of Combined Performance Obligations | 2 | ||||||||||||||||||||||
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | Collaborative Arrangement [Member] | Minimum [Member] | |||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Notice Period Upon Material Breach (Day) | 90 days | 90 days | |||||||||||||||||||||
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | Collaborative Arrangement [Member] | Maximum [Member] | |||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Notice Period Upon Material Breach (Day) | 120 days | 120 days | |||||||||||||||||||||
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | Co-Development Collaboration Product Collaboration [Member] | |||||||||||||||||||||||
Number of Collaboration Products | 1 | ||||||||||||||||||||||
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | Servier Developed Collaboration Products [Member] | |||||||||||||||||||||||
Number of Collaboration Products | 1 | ||||||||||||||||||||||
License [Member] | Genentech [Member] | |||||||||||||||||||||||
Contract with Customer, Liability, Total | $ 20,000 | ||||||||||||||||||||||
Contract with Customer, Liability, Current | 7,800 | 7,800 | |||||||||||||||||||||
Contract with Customer, Liability, Noncurrent | $ 4,800 | $ 4,800 | |||||||||||||||||||||
License [Member] | B P Assets X I I Inc [Member] | |||||||||||||||||||||||
Revenue, Remaining Performance Obligation, Amount | $ 6,000 | ||||||||||||||||||||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 4,000 | ||||||||||||||||||||||
License [Member] | B P Assets X I I Inc [Member] | Exclusive Product License Agreement [Member] | |||||||||||||||||||||||
Contract with Customer, Liability, Total | 10,000 | ||||||||||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 10,000 | ||||||||||||||||||||||
Revenue from Contract with Customer, Contribution Towards Manufacturing Activities | $ 4,000 | ||||||||||||||||||||||
Revenue from Contract with Customer, Period After Effective Date Agreements May Be Terminated (Month) | 9 months | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Advance Notice Period (Day) | 60 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Advance Notice Period If Marketing Approval Obtained (Day) | 120 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Notice Period Upon Material Breach (Day) | 180 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination Notice Period, Non-Payment Of Undisputed Amounts (Day) | 60 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Termination, Additional Notice Period Upon Material Breach (Day) | 180 days | ||||||||||||||||||||||
Revenue from Contract with Customer, Agreement Obligation Cost | $ 4,000 | ||||||||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 5,700 | ||||||||||||||||||||||
License [Member] | Seattle Genetics Inc. [Member] | Up-front Payment Arrangement [Member] | |||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 30,000 | ||||||||||||||||||||||
License [Member] | Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | Up-front Payment Arrangement [Member] | |||||||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 32,000 | € 30 | |||||||||||||||||||||
Research And Development Services [Member] | Genentech [Member] | |||||||||||||||||||||||
Research Collaboration Agreement Period (Year) | 3 years | ||||||||||||||||||||||
Research And Development Services [Member] | Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | |||||||||||||||||||||||
Number of Development Milestones | 3 | 3 |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total revenue | $ 25,902 | $ 31,418 | |
Astra Zeneca A B [Member] | |||
Total revenue | $ 13,000 | 9,117 | 18,919 |
Seattle Genetics Inc. [Member] | |||
Total revenue | 8,287 | 768 | |
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | |||
Total revenue | 5,359 | 4,070 | |
Genentech [Member] | |||
Total revenue | 3,139 | 1,950 | |
Boston Pharmaceuticals [Member] | |||
Total revenue | $ 0 | $ 5,711 |
Note 3 - Revenue - Potential Mi
Note 3 - Revenue - Potential Milestone Payments Received (Details) - Collaborative Arrangement [Member] $ in Millions | Dec. 31, 2022 USD ($) |
Research And Development Milestone Payments [Member] | |
milestone | $ 2,403 |
Research And Development Milestone Payments [Member] | Astra Zeneca A B [Member] | |
milestone | 702 |
Research And Development Milestone Payments [Member] | Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | |
milestone | 20 |
Research And Development Milestone Payments [Member] | Seattle Genetics Inc. [Member] | |
milestone | 759 |
Research And Development Milestone Payments [Member] | Boston Pharmaceuticals [Member] | |
milestone | 88 |
Research And Development Milestone Payments [Member] | Genentech [Member] | |
milestone | 834 |
Sales Milestone Payments [Member] | |
milestone | 5,240 |
Sales Milestone Payments [Member] | Astra Zeneca A B [Member] | |
milestone | 3,925 |
Sales Milestone Payments [Member] | Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | |
milestone | 0 |
Sales Milestone Payments [Member] | Seattle Genetics Inc. [Member] | |
milestone | 450 |
Sales Milestone Payments [Member] | Boston Pharmaceuticals [Member] | |
milestone | 265 |
Sales Milestone Payments [Member] | Genentech [Member] | |
milestone | $ 600 |
Note 4 - Grant Income (Details
Note 4 - Grant Income (Details Textual) - Jun. 30, 2021 € in Millions, $ in Millions | USD ($) | EUR (€) |
Grants Receivable | $ 17 | € 14.2 |
Note 5 - Cash, Cash Equivalen_3
Note 5 - Cash, Cash Equivalents and Investments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss), Total | $ 400 | $ 0 |
Note 5 - Cash, Cash Equivalen_4
Note 5 - Cash, Cash Equivalents and Investments - Cash Equivalents and Investments Carried at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value | $ 20,534 | |
Total | 38,152 | $ 56,885 |
Fair Value, Inputs, Level 1 [Member] | ||
Total | 22,087 | 56,885 |
Fair Value, Inputs, Level 2 [Member] | ||
Total | 16,065 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Total | 0 | 0 |
Money Market Funds [Member] | ||
Money market funds, included in cash equivalents | 17,618 | 56,885 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds, included in cash equivalents | 17,618 | 56,885 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market funds, included in cash equivalents | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market funds, included in cash equivalents | 0 | $ 0 |
US Treasury Securities [Member] | ||
Fair value | 3,573 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value | 3,573 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value | 0 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value | 0 | |
Debt Security, Government, Non-US [Member] | ||
Fair value | 896 | |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value | 896 | |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value | 0 | |
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value | 0 | |
Asset-Backed Securities [Member] | ||
Fair value | 499 | |
Asset-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value | 0 | |
Asset-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value | 499 | |
Asset-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value | 0 | |
Corporate Bond Securities [Member] | ||
Fair value | 15,566 | |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value | 0 | |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value | 15,566 | |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value | $ 0 |
Note 5 - Cash, Cash Equivalen_5
Note 5 - Cash, Cash Equivalents and Investments - Investments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Amortized cost | $ 20,607 |
Unrealized gains | 0 |
Unrealized losses | (73) |
Fair value | 20,534 |
US Treasury Securities [Member] | |
Amortized cost | 3,575 |
Unrealized gains | 0 |
Unrealized losses | (2) |
Fair value | $ 3,573 |
US Treasury Securities [Member] | Minimum [Member] | |
Contractual Maturity Period (Day) | 47 days |
Debt Security, Government, Non-US [Member] | |
Contractual Maturity Period (Day) | 74 days |
Amortized cost | $ 899 |
Unrealized gains | 0 |
Unrealized losses | (3) |
Fair value | $ 896 |
Asset-Backed Securities [Member] | |
Contractual Maturity Period (Day) | 15 days |
Amortized cost | $ 500 |
Unrealized gains | 0 |
Unrealized losses | (1) |
Fair value | 499 |
Corporate Bond Securities [Member] | |
Amortized cost | 15,633 |
Unrealized gains | 0 |
Unrealized losses | (67) |
Fair value | $ 15,566 |
Corporate Bond Securities [Member] | Maximum [Member] | |
Contractual Maturity Period (Day) | 228 days |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Total | $ 2.3 | $ 2.4 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property and equipment, cost | $ 26,639 | $ 26,839 |
Accumulated depreciation | (9,647) | (7,717) |
Property and equipment, net | 16,992 | 19,122 |
Laboratory Equipment [Member] | ||
Property and equipment, cost | 11,970 | 11,354 |
Office Equipment [Member] | ||
Property and equipment, cost | 1,861 | 1,959 |
Computer Equipment [Member] | ||
Property and equipment, cost | 364 | 396 |
Leasehold Improvements [Member] | ||
Property and equipment, cost | $ 12,444 | $ 13,130 |
Note 7 - Accrued Expenses - Acc
Note 7 - Accrued Expenses - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Research and development fees | $ 5,758 | $ 5,682 |
Compensation expense | 3,015 | 3,581 |
Accrued license obligations | 245 | 1,541 |
Accrued accounts payable | 1,245 | 2,980 |
Other current liabilities | 483 | 393 |
Collaboration cost-sharing obligation | 0 | 1,610 |
Total | 11,605 | 16,836 |
Accrued Liabilities and Other Current Liabilities [Member] | ||
Lease liabilities | $ 859 | $ 1,049 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 7,300 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | $ 0 |
Deferred Tax Assets, Capitalized Research and Development | 952 | $ 0 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 38,600 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Open Tax Year | 2019 2020 2021 2022 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 42,400 | |
Open Tax Year | 2019 2020 2021 2022 | |
Foreign Tax Authority [Member] | ||
Open Tax Year | 2014 2015 2016 2017 | |
Foreign Tax Authority [Member] | Corporate Income Tax [Member] | ||
Operating Loss Carryforwards | $ 163,300 | |
Foreign Tax Authority [Member] | Trade Tax [Member] | ||
Operating Loss Carryforwards | $ 160,400 |
Note 8 - Income Taxes - Schedul
Note 8 - Income Taxes - Schedule of Income Before Income Tax Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Domestic | $ (11,765) | $ (11,312) |
Foreign | (21,512) | (34,426) |
Loss before income taxes | $ (33,277) | $ (45,738) |
Note 8 - Income Taxes - Sched_2
Note 8 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Foreign, tax expense | 0 | 0 |
Total current | 0 | 0 |
Federal, deferred | 0 | 0 |
State, deferred | 0 | 0 |
Foreign, deferred | 0 | 0 |
Total deferred | 0 | 0 |
Provision for income taxes | $ 0 | $ 0 |
Note 8 - Income Taxes - Sched_3
Note 8 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal income tax rate | 21% | 21% |
Foreign rate differential | 5% | 5.60% |
State tax, net of federal benefit | 2% | 1.20% |
Share-based awards compensation, tax rate | (2.20%) | (3.50%) |
Permanent items | 0.30% | (0.20%) |
Provision to return | 0% | 3.30% |
Other | 1% | 0% |
Credits | 1.20% | 0% |
Change in valuation allowance | (28.30%) | (27.40%) |
Effective income tax rate | 0% | 0% |
Note 8 - Income Tax - Schedule
Note 8 - Income Tax - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Net operating loss carryforwards | $ 54,845 | $ 49,280 |
Share-based awards compensation, tax assets | 3,112 | 2,739 |
Accrued expenses, tax assets | 216 | 323 |
R&D Credits | 413 | 0 |
Depreciation and other | 384 | 384 |
Unrealized foreign currency | 359 | 256 |
Capitalized R&D | 952 | 0 |
Lease liability | 3,541 | 4,022 |
Total deferred tax assets | 63,822 | 57,004 |
Right-of-use asset | (3,270) | (3,729) |
Accrued expenses | 0 | (68) |
Total deferred tax liabilities | (3,270) | (3,797) |
Less: valuation allowance: | (60,552) | (53,207) |
Net deferred tax asset | $ 0 | $ 0 |
Note 8 - Income Taxes - Summary
Note 8 - Income Taxes - Summary of Income Tax Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Unrecognized tax benefits at December 31, 2021 | $ 5,665 |
Currency translation adjustment | (302) |
Unrecognized tax benefits at December 31, 2022 | $ 5,363 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Jun. 22, 2022 shares | Jun. 25, 2021 shares | May 20, 2021 $ / shares shares | Apr. 01, 2020 shares | Jan. 30, 2019 shares | Nov. 30, 2022 USD ($) | Aug. 31, 2021 USD ($) $ / shares | Nov. 30, 2019 USD ($) $ / shares shares | Aug. 31, 2019 USD ($) | Jun. 30, 2016 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Common Stock, Shares Authorized (in shares) | 300,000,000 | 300,000,000 | ||||||||||
Common Stock, Shares, Issued (in shares) | 74,519,103 | 72,222,661 | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||||||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | ||||||||||
Preferred Stock, Shares Issued (in shares) | 15,617 | 15,617 | ||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 15,617 | 15,617 | ||||||||||
Proceeds from Issuance of Private Placement | $ | $ 0 | $ 18,913 | ||||||||||
Proceeds from Issuance of Common Stock | $ | $ 50,000 | $ 6,922 | $ 38,188 | |||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 74,519,103 | 72,222,661 | ||||||||||
Jefferies L L C [Member] | ||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||||||||||
Conversion of Common Stock into Series E Preferred Stock [Member] | ||||||||||||
Conversion of Stock, Shares Converted (in shares) | 5,000,000 | |||||||||||
Conversion of Stock, Shares Issued (in shares) | 5,000 | |||||||||||
Employee Director And Consultant Equity Incentive Plan2020 [Member] | ||||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 3,000 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 3,000,000 | 2,250,000 | 3,000,000 | |||||||||
Securities Purchase Agreement [Member] | ||||||||||||
Preferred Stock, Shares Issued (in shares) | 4,963 | |||||||||||
Partners' Capital Account, Units, Sold in Private Placement (in shares) | 8,188,804 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 2.015 | |||||||||||
Proceeds from Issuance of Private Placement | $ | $ 16,500 | |||||||||||
Proceeds From Issuance Of Private Placement Net | $ | $ 15,300 | |||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 3,225,804 | |||||||||||
At the Market Offering [Member] | ||||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 2,100,000 | 8,200,000 | ||||||||||
At the Market Offering [Member] | Jefferies L L C [Member] | ||||||||||||
Sale of Stock, Price Per Share (in dollars per share) | $ / shares | $ 3.46 | $ 4.85 | ||||||||||
Sale of Stock, Authorized Amount | $ | $ 75,000 | $ 50,000 | ||||||||||
Sale of Stock, Consideration Received on Transaction | $ | $ 7,200 | $ 39,700 | ||||||||||
Common Stock [Member] | ||||||||||||
Number Of Votes Per Share | 1 | |||||||||||
Common Stock [Member] | Stock Exchange Shares from Existing Shareholders [Member] | ||||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 5,000,000 | |||||||||||
Preferred Stock [Member] | Preferred Share Exchange [Member] | ||||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 5,000 | |||||||||||
Series A Preferred Stock [Member] | ||||||||||||
Preferred Stock, Shares Issued (in shares) | 85 | 85 | ||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 85 | 85 | ||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Preferred Stock, Shares Issued (in shares) | 4,026 | 4,026 | ||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 4,026 | 4,026 | ||||||||||
Series C Preferred Stock [Member] | ||||||||||||
Preferred Stock, Shares Issued (in shares) | 3,506 | 3,506 | ||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 3,506 | 3,506 | ||||||||||
Series C Preferred Stock [Member] | Preferred Share Exchange [Member] | ||||||||||||
Sale of Stock, Price Per Share (in dollars per share) | $ / shares | $ 3.43 | |||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ | $ 2,800 | |||||||||||
Series C Preferred Stock [Member] | Private Placement [Member] | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 0.001 | |||||||||||
Proceeds From Issuance Of Private Placement Net | $ | $ 31,000 | |||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 9,014,960 | |||||||||||
Sale of Stock, Price Per Share (in dollars per share) | $ / shares | $ 3.55 | |||||||||||
Sale of Stock, Consideration Received Per Transaction | $ | $ 32,000 | |||||||||||
Stock Issued During Period, Shares, Conversion of Units (in shares) | 1 | |||||||||||
Sale of Stock, Number of Warrants, Per Unit (in shares) | 1 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 7.10 | |||||||||||
Convertible Preferred Stock, Weighted Average Stock Price, Percent | 3% | |||||||||||
Series C Preferred Stock [Member] | Private Placement [Member] | Maximum [Member] | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||
Series D Preferred Stock [Member] | ||||||||||||
Preferred Stock, Shares Issued (in shares) | 3,000 | 3,000 | ||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 3,000 | 3,000 | ||||||||||
Series E Preferred Stock [Member] | ||||||||||||
Preferred Stock, Shares Issued (in shares) | 5,000 | 5,000 | ||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 5,000 | 5,000 | ||||||||||
Series A Through E [Member] | Preferred Stock [Member] | ||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 1,000 | |||||||||||
Convertible Preferred Stock, Common Stock Ownership Limit, Percent | 9.99% | |||||||||||
Convertible Preferred Stock, Beneficial Ownership Limitation, Percent | 19.99% | |||||||||||
Convertible Preferred Stock, Beneficial Ownership Limitation, Notice Period Before Increase (Year) | 61 years |
Note 10 - Net Loss Per Share (D
Note 10 - Net Loss Per Share (Details Textual) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 38.4 | 36.8 |
Note 11 - Stock and Employee _3
Note 11 - Stock and Employee Benefit Plans (Details Textual) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Jun. 22, 2022 shares | Jun. 25, 2021 shares | Apr. 01, 2020 shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | Jun. 23, 2020 shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 3,075,282 | 3,182,696 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 1.96 | $ 2.04 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 181,466 | 64,257 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 7 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 5 months 26 days | |||||
Executive Officers and Management [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 0.2 | |||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 500,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent | 85% | |||||
Share-Based Compensation Arrangement by Share-based Payment Award, Number of Purchase Periods | 2 | |||||
Share Based Compensation Arrangement by Sharebased Payment Award, Purchase Period (Year) | 6 years | |||||
Employee Director And Consultant Equity Incentive Plan2020 [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 8,750,000 | 5,750,000 | 3,500,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 3,000,000 | 2,250,000 | 3,000,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 3,075,282 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 4,314,513 |
Note 11 - Stock and Employee _4
Note 11 - Stock and Employee Benefit Plans - Schedule of Share-based Payment Award, Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||
Risk free interest rate, minimum | 1.43% | 0.46% |
Risk free interest rate, maximum | 3.39% | 1.20% |
Dividend yield | 0% | 0% |
Expected volatility, minimum | 79.90% | 75% |
Expected volatility, maximum | 81.10% | 81.70% |
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||
Expected term (in years) (Year) | 5 years 6 months | 5 years 3 months 21 days |
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||
Expected term (in years) (Year) | 5 years 8 months 23 days | 5 years 8 months 23 days |
Employee Stock [Member] | ||
Risk free interest rate, minimum | 1.62% | 0.04% |
Risk free interest rate, maximum | 4.60% | 0.10% |
Expected term (in years) (Year) | 6 months | 6 months |
Dividend yield | 0% | 0% |
Expected volatility, minimum | 53.46% | 60.46% |
Expected volatility, maximum | 70.17% | 131.21% |
Note 11 - Stock and Employee _5
Note 11 - Stock and Employee Benefit Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Granted, balance (in shares) | 3,075,282 | 3,182,696 |
Executive Officers and Management [Member] | ||
Outstanding, balance (in shares) | 660,000 | |
Outstanding, exercise price (in dollars per share) | $ 4.01 | |
Outstanding, intrinsic value | $ 108 | |
Granted, balance (in shares) | 0 | |
Granted, exercise price (in dollars per share) | $ 0 | |
Granted, intrinsic value | $ 0 | |
Canceled, balance (in shares) | 360,000 | |
Canceled, exercise price (in dollars per share) | $ 3.48 | |
Canceled, intrinsic value | $ 0 | |
Outstanding, balance (in shares) | 300,000 | 660,000 |
Outstanding, exercise price (in dollars per share) | $ 4.65 | $ 4.01 |
Outstanding, contractual life (Year) | 6 years 7 months 28 days | |
Outstanding, intrinsic value | $ 0 | $ 108 |
Vested or expected to vest, balance (in shares) | 300,000 | |
Vested or expected to vest, exercise price (in dollars per share) | $ 4.65 | |
Vested or expected to vest, contractual life (Year) | 6 years 7 months 28 days | |
Vested or expected to vest, intrinsic value | $ 0 | |
Exercisable, balance (in shares) | 243,750 | |
Exercisable, exercise price (in dollars per share) | $ 4.65 | |
Exercisable, contractual life (Year) | 6 years 7 months 28 days | |
Exercisable, intrinsic value | $ 0 | |
Employee Director And Consultant Equity Incentive Plan2020 [Member] | ||
Outstanding, balance (in shares) | 11,475,713 | |
Outstanding, exercise price (in dollars per share) | $ 3.35 | |
Outstanding, intrinsic value | $ 11,310 | |
Granted, balance (in shares) | 3,075,282 | |
Granted, exercise price (in dollars per share) | $ 2.88 | |
Granted, intrinsic value | $ 0 | |
Issuance of common stock resulting from exercise of stock options (in shares) | 46,233 | |
Exercised, exercise price (in dollars per share) | $ 2.07 | |
Exercised, intrinsic value | $ 66 | |
Canceled, balance (in shares) | 1,031,396 | |
Canceled, exercise price (in dollars per share) | $ 3.80 | |
Canceled, intrinsic value | $ 17 | |
Outstanding, balance (in shares) | 13,473,366 | 11,475,713 |
Outstanding, exercise price (in dollars per share) | $ 3.21 | $ 3.35 |
Outstanding, contractual life (Year) | 6 years 3 months 21 days | |
Outstanding, intrinsic value | $ 0 | $ 11,310 |
Vested or expected to vest, balance (in shares) | 13,473,366 | |
Vested or expected to vest, exercise price (in dollars per share) | $ 3.21 | |
Vested or expected to vest, contractual life (Year) | 6 years 3 months 21 days | |
Vested or expected to vest, intrinsic value | $ 0 | |
Exercisable, balance (in shares) | 9,096,001 | |
Exercisable, exercise price (in dollars per share) | $ 3.38 | |
Exercisable, contractual life (Year) | 5 years 1 month 28 days | |
Exercisable, intrinsic value | $ 0 |
Note 11 - Stock and Employee _6
Note 11 - Stock and Employee Benefit Plans - Schedule of Employee Service Share-based Compensation Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based payment arrangement expense | $ 4,402 | $ 5,215 |
Research and Development Expense [Member] | ||
Share-based payment arrangement expense | 1,905 | 2,274 |
General and Administrative Expense [Member] | ||
Share-based payment arrangement expense | $ 2,497 | $ 2,941 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Feb. 29, 2020 USD ($) ft² | Feb. 29, 2020 USD ($) ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2019 USD ($) | Aug. 31, 2015 ft² | |
Operating Lease, Payments | $ | $ 2.4 | $ 2.6 | ||||
Hallbergmoos Germany [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 12 years 6 months | 12 years 6 months | ||||
Hallbergmoos Germany [Member] | Leases Expected to be Delivered by October 2024 [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 22,300 | 22,300 | ||||
Hallbergmoos Germany [Member] | Leases with First Right of Refusal for Additional Area [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 13,400 | 13,400 | ||||
Sublease Office Space [Member] | Boston Massachusetts [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 3,950 | |||||
Office and Laboratory Space [Member] | Hallbergmoos Germany [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 105,000 | 105,000 | ||||
Number of Agreement Extension Options | 2 | |||||
Lessee, Operating Lease, Renewal Term (Month) | 60 months | 60 months | ||||
Lessee, Operating Lease, Monthly Rent Expense | $ | $ 0.2 | |||||
Security Deposit | $ | $ 0.8 | $ 0.8 | ||||
Tenant Improvements | $ | $ 11.5 |
Note 13 - Leases - Operating Le
Note 13 - Leases - Operating Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating lease costs | $ 1,356 | $ 1,483 | |
Variable lease costs (1) | [1] | 737 | 739 |
Total lease cost | $ 2,093 | $ 2,222 | |
Weighted-average remaining lease term (years) (Year) | 9 years 7 months 6 days | ||
Weighted-average discount rate | 10.50% | ||
[1]Variable lease costs include certain additional charges for operating costs, including insurance, maintenance, taxes, utilities, and other costs incurred, which are billed based on both usage and as a percentage of the Company’s share of total square footage. |
Note 13 - Leases - Maturities o
Note 13 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 2,116 |
2024 | 2,116 |
2025 | 2,116 |
2026 | 2,116 |
2027 | 2,116 |
Thereafter | 9,699 |
Total undiscounted lease payments | 20,279 |
Less: present value adjustment | (7,176) |
Present value of lease liabilities | $ 13,103 |