Pieris Pharmaceuticals Inc. (NASDAQ: PIRS) stock plunged by 5.75% at last close while the PIRS stock price declines by 1.17% in the after-hours trading session. Pieris is a clinical-stage biotechnology firm that develops medications that influence local biology to improve clinical treatment outcomes by combining top protein engineering skills with a thorough understanding of the molecular causes of disease.
PIRS stock’ Financial Highlights
Pieris Pharmaceuticals announced its financial results for the third quarter of 2021. Given below is the summary:
- For the third quarter of 2021, R&D expenses were $18.9 million, relative to $11.8 million for the third quarter of 2020.
- For the third quarter of 2021, G&A expenses were $4.1 million, compared to $4.1 million for the same period in 2020. G&A departments continue to strategically leverage spending to serve the Company’s overall requirements, therefore there were no noteworthy changes in spending categories.
- PRS-220 program costs that qualified for reimbursement under the Bavarian grant announced in June 2021 resulted in $1.8 million in other income for the third quarter of 2021.
- The net loss for the third quarter of 2021 was $16.5 million, or $(0.24) per share, relative to a net loss of $14.3 million, or $(0.26) per share, for the quarter ended September 30, 2020.
- The company’s cash and cash equivalents for the third quarter of 2021 were $125.1 million, compared to a cash and cash equivalents balance of $70.4 million for the year ended December 31, 2020.
Business Outlook
The company has provided the following updates:
- Part 1a of the PRS-060/AZD1402 phase 2a research was completed with dosing.
- In the phase 2 investigation of cinrebafusp alfa, dosing will commence this quarter.
- PRS-344/ S095012 received regulatory permission in many countries for a phase 1/2 trial.
- PRS-220 preclinical data was presented at ERS; clinical trials are expected to begin in 2022.
- Initiated the Seagen collaboration’s second costim bispecific initiative.
- With Genentech, I started respiratory and ophthalmology programs.
- Thomas Bures has been promoted to CFO, and Ahmed Mousa has been promoted to CBO.
