Wed, Nov 13, 9:06 PM (248 days ago)
For the quarter ending September 30, 2024, Pieris Pharmaceuticals, Inc. (PIRS) reported no revenue, a significant decrease from $19.5 million in Q3 2023. The net loss narrowed to $2.9 million from $10.8 million year-over-year, reflecting a strategic shift to conserve cash and discontinue R&D activities. Total operating expenses fell sharply to $3.1 million from $31.3 million, driven by reduced R&D costs which dropped to $446,000 from $9.6 million, and G&A expenses which decreased to $3.6 million from $6.8 million. Cash and equivalents rose to $19.4 million from $17.4 million as of December 31, 2023, bolstered by asset sales. The company anticipates further cash preservation measures to extend its runway into 2027. Future revenue potential includes up to $15 million in milestones from partnered programs currently in development. Pieris is in the process of merging with Palvella Therapeutics, which may impact its operational strategy and financial health. The merger is expected to close in Q4 2024, pending stockholder approval.