Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 09, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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, $0.001 par value per share | |
Trading Symbol | PIRS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 98,851,927 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 32,894 | $ 38,635 |
Short term investments | 11,916 | 20,534 |
Accounts receivable | 1,045 | 5,810 |
Assets held for sale, property and equipment | 2,098 | 0 |
Operating lease right-of-use assets, current | 1,984 | 0 |
Prepaid expenses and other current assets | 9,152 | 8,445 |
Total current assets | 59,089 | 73,424 |
Property and equipment, net | 0 | 16,992 |
Operating lease right-of-use assets, non-current | 0 | 3,705 |
Other non-current assets | 287 | 1,369 |
Total assets | 59,376 | 95,490 |
Current liabilities: | ||
Accounts payable | 2,816 | 4,154 |
Operating lease liabilities, current | 12,292 | 859 |
Accrued expenses and other current liabilities | 12,764 | 10,746 |
Deferred revenues, current portion | 994 | 20,824 |
Total current liabilities | 28,866 | 36,583 |
Deferred revenue, net of current portion | 0 | 18,734 |
Operating lease liabilities, non-current | 0 | 12,244 |
Total liabilities | 28,866 | 67,561 |
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 99 | 74 |
Additional paid-in capital | 341,130 | 318,530 |
Accumulated other comprehensive loss | (339) | (254) |
Accumulated deficit | (310,380) | (290,421) |
Total stockholders’ equity | 30,510 | 27,929 |
Total liabilities and stockholders’ equity | $ 59,376 | $ 95,490 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | ||||
Customer revenue | $ 15,569 | $ 5,112 | $ 37,665 | $ 19,760 |
Collaboration revenue | 3,951 | 258 | 3,846 | 296 |
Total revenue | 19,520 | 5,370 | 41,511 | 20,056 |
Operating expenses | ||||
Research and development | 9,595 | 13,589 | 37,347 | 39,602 |
General and administrative | 6,839 | 3,949 | 14,526 | 12,409 |
Asset impairment | 14,893 | 0 | 14,893 | 0 |
Total operating expenses | 31,327 | 17,538 | 66,766 | 52,011 |
Loss from operations | (11,807) | (12,168) | (25,255) | (31,955) |
Other income (expense) | ||||
Interest income | 549 | 241 | 1,396 | 370 |
Grant income | 0 | 1,468 | 3,612 | 4,782 |
Other income (loss) | 506 | 723 | 288 | 1,628 |
Net loss | (10,752) | (9,736) | (19,959) | (25,175) |
Other comprehensive income loss: | ||||
Foreign currency translation | (204) | (31) | (159) | (387) |
Unrealized gain on available-for-sale securities | 2 | (70) | 74 | 82 |
Comprehensive loss | $ (10,954) | $ (9,837) | $ (20,044) | $ (25,480) |
Net loss per share | ||||
Basic and diluted (in dollars per share) | $ (0.11) | $ (0.13) | $ (0.23) | $ (0.34) |
Weighted average number of common shares outstanding | ||||
Basic and diluted (in shares) | 98,852 | 74,397 | 87,093 | 74,080 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 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, 2021 | 16 | 72,222 | |||||||||||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 72 | $ 0 | $ 306,998 | $ 829 | $ (257,144) | $ 50,755 | ||||||||||||||
Net loss | 0 | 0 | 0 | 0 | 0 | (25,175) | (25,175) | ||||||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (387) | 0 | (387) | ||||||||||||||
Unrealized loss on investments | 0 | 0 | 0 | 0 | 82 | 0 | 82 | ||||||||||||||
Stock based compensation expense | 0 | 0 | 0 | 3,453 | 0 | 0 | 3,453 | ||||||||||||||
Issuance of common stock (in shares) | 0 | 2,069 | |||||||||||||||||||
Issuance of common stock | $ 0 | $ 2 | $ 0 | $ 6,838 | $ 0 | $ 0 | $ 6,840 | ||||||||||||||
Unrealized gain on investments | $ 0 | $ 0 | 0 | 0 | 82 | 0 | 82 | ||||||||||||||
Issuance of common stock resulting from exercise of stock options (in shares) | 0 | 46 | |||||||||||||||||||
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 | 69 | |||||||||||||||||||
Issuance of common stock resulting from purchase of employee stock purchase plan shares | $ 0 | $ 0 | 0 | 104 | 0 | 0 | 104 | ||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 16 | 74,406 | |||||||||||||||||||
Balance at Sep. 30, 2022 | $ 0 | $ 74 | $ 0 | $ 317,488 | $ 524 | $ (282,319) | $ 35,767 | ||||||||||||||
Balance (in shares) at Jun. 30, 2022 | 16 | 74,257 | |||||||||||||||||||
Balance at Jun. 30, 2022 | $ 0 | $ 74 | 0 | 316,249 | 625 | (272,583) | 44,365 | ||||||||||||||
Net loss | 0 | 0 | 0 | 0 | 0 | (9,736) | (9,736) | ||||||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (31) | 0 | (31) | ||||||||||||||
Unrealized loss on investments | 0 | 0 | 0 | 0 | (70) | 0 | (70) | ||||||||||||||
Stock based compensation expense | 0 | 0 | 0 | 974 | 0 | 0 | 974 | ||||||||||||||
Issuance of common stock (in shares) | 0 | 149 | |||||||||||||||||||
Issuance of common stock | $ 0 | $ 0 | 0 | 265 | 0 | 0 | 265 | ||||||||||||||
Unrealized gain on investments | $ 0 | $ 0 | 0 | 0 | (70) | 0 | (70) | ||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 16 | 74,406 | |||||||||||||||||||
Balance at Sep. 30, 2022 | $ 0 | $ 74 | $ 0 | $ 317,488 | $ 524 | $ (282,319) | $ 35,767 | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 16 | 74,519 | |||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 74 | 0 | 318,530 | (254) | (290,421) | 27,929 | ||||||||||||||
Net loss | 0 | 0 | 0 | 0 | 0 | (19,959) | (19,959) | ||||||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (159) | 0 | (159) | ||||||||||||||
Unrealized loss on investments | 0 | 0 | 0 | 0 | 74 | 0 | 74 | ||||||||||||||
Stock based compensation expense | 0 | 0 | 0 | 2,898 | 0 | 0 | 2,898 | ||||||||||||||
Issuance of common stock (in shares) | 0 | 24,261 | |||||||||||||||||||
Issuance of common stock | $ 0 | $ 24 | $ 0 | $ 19,651 | $ 0 | $ 0 | $ 19,675 | ||||||||||||||
Unrealized gain on investments | $ 0 | $ 0 | 0 | 0 | 74 | 0 | 74 | ||||||||||||||
Issuance of common stock resulting from purchase of employee stock purchase plan shares (in shares) | 0 | 72 | |||||||||||||||||||
Issuance of common stock resulting from purchase of employee stock purchase plan shares | $ 0 | $ 1 | 0 | 51 | 0 | 0 | 52 | ||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 16 | 98,852 | |||||||||||||||||||
Balance at Sep. 30, 2023 | $ 0 | $ 99 | 0 | 341,130 | (339) | (310,380) | 30,510 | ||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 16 | 98,852 | |||||||||||||||||||
Balance at Jun. 30, 2023 | $ 0 | $ 99 | 0 | 340,164 | (137) | (299,628) | 40,498 | ||||||||||||||
Net loss | 0 | 0 | 0 | 0 | 0 | (10,752) | (10,752) | ||||||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | (204) | 0 | (204) | ||||||||||||||
Unrealized loss on investments | 0 | 0 | 0 | 0 | 2 | 0 | 2 | ||||||||||||||
Stock based compensation expense | 0 | 0 | 0 | 966 | 0 | 0 | 966 | ||||||||||||||
Unrealized gain on investments | $ 0 | $ 0 | 0 | 0 | 2 | 0 | 2 | ||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 16 | 98,852 | |||||||||||||||||||
Balance at Sep. 30, 2023 | $ 0 | $ 99 | $ 0 | $ 341,130 | $ (339) | $ (310,380) | $ 30,510 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
At the Market Offering [Member] | ||
Stock issuance costs | $ 0.7 | $ 0.3 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||
Net loss | $ (19,959) | $ (25,175) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,102 | 2,195 |
Right-of-use asset (accretion) amortization | (98) | 0 |
Stock-based compensation | 2,898 | 3,453 |
Asset impairment | 14,893 | 0 |
Realized investment (losses) gains | (53) | (299) |
Other non-cash transactions | (129) | 216 |
Changes in operating assets and liabilities | (33,804) | (27,389) |
Net cash used in operating activities | (34,150) | (46,999) |
Investing activities: | ||
Purchases of property and equipment | (184) | (1,052) |
Proceeds from maturity of investments | 24,007 | 21,900 |
Purchases of investments | (15,270) | (43,191) |
Net cash provided by (used in) investing activities | 8,553 | (22,343) |
Financing activities: | ||
Proceeds from exercise of stock options | 0 | 95 |
Proceeds from employee stock purchase plan | 52 | 104 |
Proceeds from issuance of common stock resulting from ATM sales, net of $0.7 million and $0.3 million in transaction costs, respectively | 19,729 | 6,922 |
Net cash provided by financing activities | 19,781 | 7,121 |
Effect of exchange rate change on cash and cash equivalents | 75 | (7,120) |
Net decrease in cash and cash equivalents | (5,741) | (69,341) |
Cash and cash equivalents at beginning of period | 38,635 | 117,764 |
Cash and cash equivalents at end of period | 32,894 | 48,423 |
Supplemental cash flow disclosures: | ||
Net unrealized gain on investments | 74 | 82 |
Property and equipment included in accounts payable | $ 0 | $ 31 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Stock issuance costs | $ 0.7 | $ 0.3 |
Note 1 - Corporate Information
Note 1 - Corporate Information | 9 Months Ended |
Sep. 30, 2023 | |
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. Pieris’ clinical pipeline includes an inhaled Anticalin protein targeting connective tissue growth factor to treat idiopathic pulmonary fibrosis, an immuno-oncology, or IO, bispecific targeting 4 1BB L1, 4 1BB CD228, 4 1BB GPC3, The Company has historically been subject to risks common to companies in the biotechnology industry, including but not may third Strategic Update and Reduction in Force On July 18, 2023, one 2a 343 Also on July 18, 2023, third 2023, second 2024 Going Concern Uncertainties As of September 30, 2023 three September 30, 2023 2022 September 30, 2023 As part of the Company's decision to explore strategic transactions, the Company implemented a plan to limit a substantial portion of its research, development and clinical projects, including stopping future investments in PRS- 220 2a 400, 344/S095012 Further investments in these or other programs could be reevaluated in the future if the Company is successfully able to consummate strategic transactions or collaborations, licensing arrangements, or public or private equity financings. Furthermore, the Company expects to devote substantial time and resources to exploring strategic transactions that the board of directors believes will maximize stockholder value. Despite devoting significant efforts to identify and evaluate potential strategic transactions, there can be no not not no no may 12 10 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2—Summary 10 December 31, 2022 no nine September 30, 2023 Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments, and disclosures considered necessary for a fair presentation of interim period results have been included. Interim results for the three nine September 30, 2023 not may December 31, 2023 10 December 31, 2022 March 31, 2023. Basis of Presentation and Use of Estimates The accompanying condensed consolidated financial statements of Pieris Pharmaceuticals, Inc. and its wholly-owned subsidiaries were prepared in accordance with U.S. GAAP. The condensed 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 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 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. 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 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 (see Note 5 An entity may 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. 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 If the criteria in ASC 360 Property, Plant and Equipment not no 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 assesses 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. 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 condensed 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) in the condensed consolidated statements of operations. Leases In accordance with ASU No. 2016 2, 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 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 Recent Accounting Pronouncements Adopted 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 January 1, 2023 The Company has considered other recent accounting pronouncements and concluded that they are either not not |
Note 3 - Revenue
Note 3 - Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue General The Company has not The Company recognized revenue from the following strategic partnerships and other license agreements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Seagen $ 9,179 $ 155 $ 14,088 $ 3,074 AstraZeneca 3,909 4,404 8,399 9,026 Servier 3,951 258 3,846 5,223 Genentech — 553 12,697 2,733 Boston Pharmaceuticals 2,481 — 2,481 — Total Revenue $ 19,520 $ 5,370 $ 41,511 $ 20,056 As of September 30, 2023 Research, Development, Regulatory & Commercial Milestones Sales Milestones Seagen $ 759 $ 450 Servier 103 95 Boston Pharmaceuticals 85 265 Total potential milestone payments $ 947 $ 810 Strategic Partnerships Genentech On May 19, 2021, Under the terms of the Genentech Agreement, the Company was responsible for discovery and preclinical development of two April May 2023, no $12.5 three June 30, 2023. Genentech still has an option to select additional programs with the payment of a $10 million fee per additional program. If Genentech exercises its option to start additional programs, the Company would be eligible to receive additional milestone payments, as well as tiered royalty payments on net sales, subject to certain standard reductions and offsets. Genentech’s options to nominate two additional collaboration targets of their choosing is subject to the legal availability of the target to be researched. Boston Pharmaceuticals On April 24, 2021, 342/BOS 342, 4 1BB/GPC3 TM (antibody-Anticalin fusion) protein. Under the terms of the BP Agreement, Boston Pharmaceuticals exclusively licensed worldwide rights to PRS- 342/BOS 342. 342/BOS 342 The amounts allocated to the performance obligations did not 342/BOS 342. fourth 2021, one 2021 no August 2023, first 1/2 342/BOS 342 Seagen On February 8, 2018, Under the terms of the Seagen Agreements, the companies agreed to pursue multiple antibody-Anticalin 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 such 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 were 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 on a straight-line basis over the anticipated research term for all research programs. As of September 30, 2023 On March 24, 2021, HER2 HER2 2 August 2022 second Under the Second Seagen Amendment, Pieris’ option to co-develop and co-commercialize the second one 4 2 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 Under the Seagen Agreements, the Company is eligible to receive other 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. With the exception of the previously discussed achieved milestone, 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 In January 2023, first 606 no December 31, 2022 December 31, 2022. In September 2023, no The effect of the September 30, 2023 two As of September 30, 2023 AstraZeneca On May 2, 2017, June 10, 2017, 1976. In addition to elarekibep (formerly known as PRS- 060/AZD1402 June 30, 2023, three first 2022, third second 2023. no third June 30, 2023. On July 17, 2023, October 15, 2023. 13 September 30, 2023 third 2023. no The Company incurred $1.6 million of third 606, 340. three September 30, 2023 nine September 30, 2023 three nine September 30, 2022 Servier In 2017, In the first 2022, 352/S095025, fourth 2022, 352/S095025 not four In July 2023, 344/S095012, 4 1BB/PD L1 344/S095012 344/S095012 344/S095012, September 30, 2023 no 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 three nine September 30, 2023 three nine September 30, 2023 |
Note 4 - Grant Income
Note 4 - Grant Income | 9 Months Ended |
Sep. 30, 2023 | |
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 June 2021) The Bavarian Grant provides partial reimbursement for qualifying research and development activities on PRS- 220, 1 December 2023 ( February 2024). may 220, December 2023. may 220 may |
Note 5 - Cash, Cash Equivalents
Note 5 - Cash, Cash Equivalents and Investments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 5. Cash, cash equivalents and investments As of September 30, 2023 December 31, 2022 2 September 30, 2023 December 31, 2022 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) September 30, 2023 Money market funds, included in cash equivalents $ 27,653 $ 27,653 $ — $ — Investments - US treasuries 11,916 11,916 — — Total $ 39,569 $ 39,569 $ — $ — 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 $ — 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 September 30, 2023 Investments at September 30, 2023 Contractual maturity (in days) Amortized Cost Unrealized gains Unrealized losses Fair Value Investments US treasuries 3-101 $ 11,915 $ 1 $ — $ 11,916 Total $ 11,915 $ 1 $ — $ 11,916 The Company recorded no realized gains or losses and $0.1 million in realized losses from the maturity of available-for-sale securities during the three nine September 30, 2023 three nine September 30, 2022 As of September 30, 2023 no |
Note 6 - Assets Held for Sale,
Note 6 - Assets Held for Sale, Property and Equipment | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Assets Held for Sale and Property, Plant and Equipment Disclosure [Text Block] | 6. Assets Held for Sale, Property and Equipment As of December 31, 2022 December 31, 2022 Laboratory furniture and equipment $ 11,970 Office furniture and equipment 1,861 Computer equipment 364 Leasehold improvements 12,444 Property and equipment, cost 26,639 Accumulated depreciation (9,647 ) Property and equipment, net $ 16,992 As of September 30, 2023 September 30, 2023 Laboratory furniture and equipment $ 1,887 Office furniture and equipment 211 Assets held for sale, property and equipment $ 2,098 At the end of the third 2023, September 30, 2023 third first 2024. The Company recorded impairment charges totaling $14.9 million, of which $1.8 million related to impairment of its right-of-use asset under the Hallbergmoos Lease (see Note 10 3 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 9 Months Ended |
Sep. 30, 2023 | |
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): September 30, December 31, 2023 2022 Compensation expense $ 8,735 $ 3,015 Research and development fees 1,971 5,758 Accrued accounts payable 1,348 1,245 Other current liabilities 575 483 Accrued license obligations 135 245 Total $ 12,764 $ 10,746 The compensation expense line item in the above table includes both severance and retention costs associated with the Company's recently announced corporate restructuring. The Company recognized restructuring expenses consisting of one three nine September 30, 2023. second 2024. |
Note 8 - Net Income (Loss) Per
Note 8 - Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Net Income (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. As of September 30, 2023 2022 |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 9. Stockholders Equity The Company had 300,000,000 shares authorized and 98,851,927 and 74,519,103 shares of common stock issued and outstanding as of September 30, 2023 December 31, 2022 The Company had 10,000,000 shares authorized and 15,617 shares of preferred stock issued and outstanding as of September 30, 2023 December 31, 2022 • Series A Convertible, 85 shares issued and outstanding at September 30, 2023 December 31, 2022 • Series B Convertible, 4,026 shares issued and outstanding at September 30, 2023 December 31, 2022 • Series C Convertible, 3,506 shares issued and outstanding at September 30, 2023 December 31, 2022 • Series D Convertible, 3,000 shares issued and outstanding at September 30, 2023 December 31, 2022 • Series E Convertible, 5,000 shares issued and outstanding at September 30, 2023 December 31, 2022 2020 At the 2020 2020 2020 2020 2020 2020 2019 2019 no 2019 2020 2019 2020 At the 2021 June 25, 2021, first 2020 2020 2022 June 22, 2022, second 2020 2020 2023 June 21, 2023, third 2020 2020 2023 At the 2023 2023 2023 2023 2023 Open Market Sales Agreements In August 2021, may 3 August 2021. November 2022, may For the nine September 30, 2023 the Company sold 24.3 million shares for gross proceeds of $20.3 million under the ATM program at an average stock price of $0.84 per share. For the nine September 30, 2022 , the Company sold 2.1 million shares for gross proceeds of $7.2 million under the ATM Program at an average stock price of $ 3.46 per share. |
Note 10 - Leases
Note 10 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 10. Leases In August 2015, not December 31, 2022. In October 2018, May 2019 February 2020. Monthly base rent for the initial 105,000 square feet of the leased property, including parking spaces, totaled approximately $0.2 million per month. In addition to the base rent, Pieris Pharmaceuticals GmbH was also responsible for certain administrative and operational costs in accordance with the Hallbergmoos Lease. Pieris Pharmaceuticals GmbH provided a security deposit of $0.8 million as required by the Hallbergmoos Lease. The Company serves as a guarantor for the Hallbergmoos Lease. The Hallbergmoos Lease included $11.5 million of tenant improvements allowance for normal tenant improvements, for which construction began in March 2019. third September 30, 2023, The following table summarizes operating lease costs included in operating expenses (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease costs $ 280 $ 314 $ 862 $ 943 Variable lease costs (1) 98 148 476 446 Total lease cost $ 378 $ 462 $ 1,338 $ 1,389 ( 1 The following table summarizes the weighted-average remaining lease term and discount rate: As of September 30, 2023 Weighted-average remaining lease term (years) 8.8 Weighted-average discount rate 10.5 % Cash paid for amounts included in the measurement of the lease liabilities were $0.5 million for both the three September 30, 2023 2022 nine September 30, 2023 2022 As of September 30, 2023 Total 2023 $ 522 2024 2,087 2025 2,087 2026 2,087 2027 2,087 Thereafter 9,565 Total undiscounted lease payments 18,435 Less: present value adjustment (6,142 ) Present value of lease liabilities $ 12,293 Not October 2024 October 2024 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments, and disclosures considered necessary for a fair presentation of interim period results have been included. Interim results for the three nine September 30, 2023 not may December 31, 2023 10 December 31, 2022 March 31, 2023. |
Use of Estimates, Policy [Policy Text Block] | Basis of Presentation and Use of Estimates The accompanying condensed consolidated financial statements of Pieris Pharmaceuticals, Inc. and its wholly-owned subsidiaries were prepared in accordance with U.S. GAAP. The condensed 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 |
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 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. 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 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 (see Note 5 An entity may 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. 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 If the criteria in ASC 360 Property, Plant and Equipment not no |
Revenue [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 assesses 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. |
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 condensed 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) in the condensed consolidated statements of operations. |
Lessee, Leases [Policy Text Block] | Leases In accordance with ASU No. 2016 2, 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 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Adopted 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 January 1, 2023 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) | 9 Months Ended |
Sep. 30, 2023 | |
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) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Seagen $ 9,179 $ 155 $ 14,088 $ 3,074 AstraZeneca 3,909 4,404 8,399 9,026 Servier 3,951 258 3,846 5,223 Genentech — 553 12,697 2,733 Boston Pharmaceuticals 2,481 — 2,481 — Total Revenue $ 19,520 $ 5,370 $ 41,511 $ 20,056 |
Revenue From Contract With Customer, Milestone Payments [Table Text Block] | Research, Development, Regulatory & Commercial Milestones Sales Milestones Seagen $ 759 $ 450 Servier 103 95 Boston Pharmaceuticals 85 265 Total potential milestone payments $ 947 $ 810 |
Note 5 - Cash, Cash Equivalen_2
Note 5 - Cash, Cash Equivalents and Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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) September 30, 2023 Money market funds, included in cash equivalents $ 27,653 $ 27,653 $ — $ — Investments - US treasuries 11,916 11,916 — — Total $ 39,569 $ 39,569 $ — $ — 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 $ — |
Debt Securities, Available-for-Sale [Table Text Block] | Contractual maturity (in days) Amortized Cost Unrealized gains Unrealized losses Fair Value Investments US treasuries 3-101 $ 11,915 $ 1 $ — $ 11,916 Total $ 11,915 $ 1 $ — $ 11,916 |
Note 6 - Assets Held for Sale_2
Note 6 - Assets Held for Sale, Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 Laboratory furniture and equipment $ 11,970 Office furniture and equipment 1,861 Computer equipment 364 Leasehold improvements 12,444 Property and equipment, cost 26,639 Accumulated depreciation (9,647 ) Property and equipment, net $ 16,992 |
Disclosure of Long-Lived Assets Held-for-Sale [Table Text Block] | September 30, 2023 Laboratory furniture and equipment $ 1,887 Office furniture and equipment 211 Assets held for sale, property and equipment $ 2,098 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, 2023 2022 Compensation expense $ 8,735 $ 3,015 Research and development fees 1,971 5,758 Accrued accounts payable 1,348 1,245 Other current liabilities 575 483 Accrued license obligations 135 245 Total $ 12,764 $ 10,746 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease costs $ 280 $ 314 $ 862 $ 943 Variable lease costs (1) 98 148 476 446 Total lease cost $ 378 $ 462 $ 1,338 $ 1,389 As of September 30, 2023 Weighted-average remaining lease term (years) 8.8 Weighted-average discount rate 10.5 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Total 2023 $ 522 2024 2,087 2025 2,087 2026 2,087 2027 2,087 Thereafter 9,565 Total undiscounted lease payments 18,435 Less: present value adjustment (6,142 ) Present value of lease liabilities $ 12,293 |
Note 1 - Corporate Information
Note 1 - Corporate Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jul. 18, 2023 | Dec. 31, 2022 | May 31, 2013 | |
Reduction in Workforce, Percentage | 70% | ||||||
Reduction in Workforce, Cost | $ 6,800 | $ 6,800 | |||||
Cash, Cash Equivalents, and Short-Term Investments | 44,800 | 44,800 | |||||
Net Income (Loss) Attributable to Parent | (10,752) | $ (9,736) | (19,959) | $ (25,175) | |||
Retained Earnings (Accumulated Deficit) | $ (310,380) | $ (310,380) | $ (290,421) | ||||
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) | Sep. 30, 2023 |
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 | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
May 19, 2021 USD ($) | Apr. 24, 2021 USD ($) | Mar. 24, 2021 USD ($) $ / shares shares | Feb. 08, 2018 USD ($) | Sep. 30, 2023 USD ($) | Jan. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2017 | Jan. 01, 2019 USD ($) | May 02, 2017 USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 17,100 | $ 38,700 | |||||||||||||||
Contract with Customer, Liability, Current | $ 994 | 994 | $ 994 | 994 | $ 20,824 | ||||||||||||
Increase (Decrease) in Contract with Customer, Liability | 0 | 0 | |||||||||||||||
Amendment of the Second Seagen Amendment [Member] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,000 | ||||||||||||||||
Genentech [Member] | |||||||||||||||||
Number Of Initial Research Programs | 2 | ||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 12,500 | ||||||||||||||||
Revenue from Contract with Customer, Collaboration Fee On Additional Program | $ 10,000 | ||||||||||||||||
Number Of Optional Additional Research Programs | 2 | ||||||||||||||||
Seattle Genetics Inc. [Member] | |||||||||||||||||
Number of Performance Obligations | 3 | ||||||||||||||||
Amended Collaboration Agreement, Resale of Stock, Period (Day) | 60 days | ||||||||||||||||
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 | |||||||||||||||
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 | ||||||||||||||||
Number of Performance Obligations | 6 | ||||||||||||||||
Revenue, Remaining Performance Obligation, Amount | 1,000 | 1,000 | 1,000 | 1,000 | |||||||||||||
Seattle Genetics Inc. [Member] | Other Arrangement [Member] | |||||||||||||||||
Number of Research Programs | 2 | ||||||||||||||||
Seattle Genetics Inc. [Member] | Up-front Payment Arrangement [Member] | |||||||||||||||||
Contract with Customer, Liability, Total | $ 1,200,000 | ||||||||||||||||
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned | $ 4,900 | ||||||||||||||||
Seattle Genetics Inc. [Member] | Platform Technology License [Member] | |||||||||||||||||
Number of Performance Obligations | 3 | ||||||||||||||||
Number of Target Programs | 3 | ||||||||||||||||
Seattle Genetics Inc. [Member] | Antibody Target Swap [Member] | |||||||||||||||||
Number of Performance Obligations | 2 | ||||||||||||||||
Seattle Genetics Inc. [Member] | Governance Committee Participation [Member] | |||||||||||||||||
Number of Performance Obligations | 1 | ||||||||||||||||
Seattle Genetics Inc. [Member] | Collaborative Arrangement [Member] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 5,000 | 5,000 | |||||||||||||||
Contract with Customer, Liability, Current | 1,000 | 1,000 | 1,000 | 1,000 | |||||||||||||
Astra Zeneca A B [Member] | |||||||||||||||||
Capitalized Contract Cost, Net, Total | 100 | 100 | 100 | 100 | |||||||||||||
Capitalized Contract Cost, Amortization | $ 200 | 300 | $ 300 | ||||||||||||||
Astra Zeneca A B [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||||||
Capitalized Contract Cost, Net, Total | $ 1,600 | ||||||||||||||||
Capitalized Contract Cost, Gross | $ 1,100 | ||||||||||||||||
Astra Zeneca A B [Member] | License and Collaboration Agreement [Member] | |||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | 4,000 | $ 9,700 | |||||||||||||||
Contract with Customer, Liability, Current | 3,500 | 3,500 | 3,500 | 3,500 | |||||||||||||
Astra Zeneca A B [Member] | License and Collaboration Agreement [Member] | Maximum [Member] | |||||||||||||||||
Number of Collaboration Products | 4 | ||||||||||||||||
Astra Zeneca A B [Member] | License and Collaboration Agreement [Member] | Minimum [Member] | |||||||||||||||||
Number of Collaboration Products | 2 | ||||||||||||||||
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | |||||||||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 4,900 | ||||||||||||||||
Number of Programs | 4 | ||||||||||||||||
Number of Novel Proteins | 1 | ||||||||||||||||
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | License and Collaboration Agreement [Member] | |||||||||||||||||
Contract with Customer, Liability, Current | $ 4,700 | $ 4,700 | $ 4,700 | $ 4,700 | |||||||||||||
Number of Programs | 5 | ||||||||||||||||
License [Member] | Genentech [Member] | |||||||||||||||||
Contract with Customer, Liability, Total | $ 20,000 | ||||||||||||||||
License [Member] | B P Assets X I I Inc [Member] | Exclusive Product License Agreement [Member] | |||||||||||||||||
Contract with Customer, Liability, Total | $ 10,000 | ||||||||||||||||
Revenue from Contract with Customer, Contribution Towards Manufacturing Activities | $ 4,000 | ||||||||||||||||
License [Member] | Seattle Genetics Inc. [Member] | Up-front Payment Arrangement [Member] | |||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 30,000 |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total revenue | $ 19,520 | $ 5,370 | $ 41,511 | $ 20,056 |
Seattle Genetics Inc. [Member] | ||||
Total revenue | 9,179 | 155 | 14,088 | 3,074 |
Astra Zeneca A B [Member] | ||||
Total revenue | 3,909 | 4,404 | 8,399 | 9,026 |
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | ||||
Total revenue | 3,951 | 258 | 3,846 | 5,223 |
Genentech [Member] | ||||
Total revenue | 0 | 553 | 12,697 | 2,733 |
Boston Pharmaceuticals [Member] | ||||
Total revenue | $ 2,481 | $ 0 | $ 2,481 | $ 0 |
Note 3 - Revenue - Potential Mi
Note 3 - Revenue - Potential Milestone Payments Received (Details) - Collaborative Arrangement [Member] $ in Millions | Sep. 30, 2023 USD ($) |
Research And Development Milestone Payments [Member] | |
milestone | $ 947 |
Research And Development Milestone Payments [Member] | Seattle Genetics Inc. [Member] | |
milestone | 759 |
Research And Development Milestone Payments [Member] | Servier Developed Collaboration Products [Member] | |
milestone | 103 |
Research And Development Milestone Payments [Member] | Boston Pharmaceuticals [Member] | |
milestone | 85 |
Sales Milestone Payments [Member] | |
milestone | 810 |
Sales Milestone Payments [Member] | Seattle Genetics Inc. [Member] | |
milestone | 450 |
Sales Milestone Payments [Member] | Servier Developed Collaboration Products [Member] | |
milestone | 95 |
Sales Milestone Payments [Member] | Boston Pharmaceuticals [Member] | |
milestone | $ 265 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | $ 0 | $ 200 | $ (100) | $ 300 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value | $ 11,916 | |
Total | 39,569 | $ 38,152 |
Fair Value, Inputs, Level 1 [Member] | ||
Total | 39,569 | 22,087 |
Fair Value, Inputs, Level 2 [Member] | ||
Total | 0 | 16,065 |
Fair Value, Inputs, Level 3 [Member] | ||
Total | 0 | 0 |
Money Market Funds [Member] | ||
Money market funds, included in cash equivalents | 27,653 | 17,618 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds, included in cash equivalents | 27,653 | 17,618 |
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 | 11,916 | 3,573 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 11,916 | 3,573 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | $ 0 | 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) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Amortized cost | $ 11,915 | |
Unrealized gains | 1 | |
Unrealized losses | 0 | |
Fair Value | 11,916 | |
US Treasury Securities [Member] | ||
Amortized cost | 11,915 | |
Unrealized gains | 1 | |
Unrealized losses | 0 | |
Fair Value | $ 11,916 | $ 3,573 |
US Treasury Securities [Member] | Minimum [Member] | ||
Contractual Maturity Period (Day) | 3 days | |
US Treasury Securities [Member] | Maximum [Member] | ||
Contractual Maturity Period (Day) | 101 days |
Note 6 - Assets Held for Sale_3
Note 6 - Assets Held for Sale, Property and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Asset Impairment Charges | $ 14,893 | $ 0 | $ 14,893 | $ 0 |
Long-Lived Assets Held-for-Sale, Net Book Value | 2,098 | $ 2,098 | ||
Office and Laboratory Space [Member] | Hallbergmoos Germany [Member] | ||||
Operating Lease, Impairment Loss | $ 1,800 |
Note 6 - Assets Held for Sale_4
Note 6 - Assets Held for Sale, Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property and equipment, cost | $ 26,639 | |
Accumulated depreciation | (9,647) | |
Property and equipment, net | $ 0 | 16,992 |
Laboratory Equipment [Member] | ||
Property and equipment, cost | 11,970 | |
Office Equipment [Member] | ||
Property and equipment, cost | 1,861 | |
Computer Equipment [Member] | ||
Property and equipment, cost | 364 | |
Leasehold Improvements [Member] | ||
Property and equipment, cost | $ 12,444 |
Note 6 - Assets Held for Sale_5
Note 6 - Assets Held for Sale, Property and Equipment - Summary of Assets Held for Sale (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Net Book Value | $ 2,098 |
Laboratory Furniture and Equipment [Member] | |
Net Book Value | 1,887 |
Office Furniture and Equipment [Member] | |
Net Book Value | $ 211 |
Note 7 - Accrued Expenses (Deta
Note 7 - Accrued Expenses (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
One-time Cash Severance Payment and Other Employee Related Costs [Member] | ||
Restructuring Costs | $ 6.8 | $ 6.8 |
Note 7 - Accrued Expenses - Acc
Note 7 - Accrued Expenses - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Compensation expense | $ 8,735 | $ 3,015 |
Research and development fees | 1,971 | 5,758 |
Accrued accounts payable | 1,348 | 1,245 |
Other current liabilities | 575 | 483 |
Accrued license obligations | 135 | 245 |
Total | $ 12,764 | $ 10,746 |
Note 8 - Net Income (Loss) Pe_2
Note 8 - Net Income (Loss) Per Share (Details Textual) - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 41 | 38.8 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | ||||||||
Jun. 21, 2023 | Jun. 22, 2022 | Jun. 25, 2021 | Nov. 30, 2022 | Aug. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | |
Common Stock, Shares Authorized (in shares) | 300,000,000 | 300,000,000 | ||||||||
Common Stock, Shares, Issued (in shares) | 98,851,927 | 74,519,103 | ||||||||
Common Stock, Par or Stated Value Per Share (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, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 15,617 | 15,617 | ||||||||
Common Stock, Shares, Outstanding (in shares) | 98,851,927 | 74,519,103 | ||||||||
Jefferies L L C [Member] | At the Market Offering [Member] | ||||||||||
Sale of Stock, Authorized Amount | $ 75 | $ 50 | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 24,300,000 | 2,100,000 | ||||||||
Stock Issued During Period, Value, Issued for Services | $ 20.3 | $ 7.2 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.84 | $ 3.46 | ||||||||
Employee Director And Consultant Equity Incentive Plan2020 [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 3,500,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,579,678 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 6,000,000 | 3,000,000 | 2,250,000 | |||||||
The 2023 Employee Stock Purchase Plan [Member] | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 750,000 | |||||||||
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 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 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Feb. 29, 2020 USD ($) ft² | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2019 USD ($) | Aug. 31, 2015 ft² | |
Operating Lease, Payments | $ 0.5 | $ 0.5 | $ 1.6 | $ 1.6 | |||
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 | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 12 years 6 months | ||||||
Lessee, Operating Lease, Monthly Rent Expense | $ 0.2 | ||||||
Security Deposit | $ 0.8 | ||||||
Tenant Improvements | $ 11.5 | ||||||
Operating Lease, Impairment Loss | 1.8 | ||||||
Lessee, Operating Lease, Lease Not yet Commenced, Amount | $ 3.9 | $ 3.9 |
Note 10 - Leases - Operating Le
Note 10 - Leases - Operating Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Operating lease costs | $ 280 | $ 314 | $ 862 | $ 943 | |
Variable lease costs (1) | [1] | 98 | 148 | 476 | 446 |
Total lease cost | $ 378 | $ 462 | $ 1,338 | $ 1,389 | |
Weighted-average remaining lease term (years) (Year) | 8 years 9 months 18 days | 8 years 9 months 18 days | |||
Weighted-average discount rate | 10.50% | 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 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023 | $ 522 |
2024 | 2,087 |
2025 | 2,087 |
2026 | 2,087 |
2027 | 2,087 |
Thereafter | 9,565 |
Total undiscounted lease payments | 18,435 |
Less: present value adjustment | (6,142) |
Present value of lease liabilities | $ 12,293 |