Financial Performance - Total revenue for the three months ended June 30, 2024, was $0, compared to $20,055,000 for the same period in 2023, representing a decrease of 100%[15] - Customer revenue for the six months ended June 30, 2024, was $6,000, compared to $22,096,000 for the same period in 2023, a decline of 99.73%[15] - Net loss for the three months ended June 30, 2024, was $3,590,000, compared to a net income of $3,976,000 for the same period in 2023[15] - Basic net loss per share for the three months ended June 30, 2024, was $(2.76), compared to earnings of $3.63 per share for the same period in 2023[15] - The company experienced a comprehensive loss of $3,680,000 for the three months ended June 30, 2024, compared to a comprehensive income of $4,265,000 for the same period in 2023[15] - For the six months ended June 30, 2024, the net loss was $8.482 million, compared to a net loss of $9.207 million for the same period in 2023, indicating a 7.9% improvement in losses[22] - The company has an accumulated deficit of $323.4 million as of June 30, 2024, and expects to continue incurring operating losses for the foreseeable future[30] Operating Expenses - Total operating expenses for the three months ended June 30, 2024, were $4,177,000, down from $17,992,000 in the same period in 2023, a reduction of 76.8%[15] - Research and development expenses for the three months ended June 30, 2024, were $751,000, significantly lower than $14,328,000 for the same period in 2023, a decrease of 94.76%[15] - General and administrative expenses for the three months ended June 30, 2024, were $3,426,000, slightly down from $3,664,000 in the same period in 2023, a decrease of 6.5%[15] - Stock-based compensation expense for the six months ended June 30, 2024, was $893,000, down from $1.932 million for the same period in 2023[22] - The company reported a total lease cost of $30,000 for the six months ended June 30, 2024, compared to $962,000 for the same period in 2023[110] Cash and Investments - Cash and cash equivalents at the end of the period were $19.731 million, down from $44.938 million at the end of June 30, 2023[22] - The company reported a net cash used in operating activities of $8.476 million for the six months ended June 30, 2024, compared to $24.427 million for the same period in 2023, reflecting a significant reduction in cash burn[22] - As of June 30, 2024, cash, cash equivalents, and investments totaled $14.1 million, an increase from $13.2 million as of December 31, 2023[92] - The company had $19.7 million in cash, cash equivalents, and investments, with a total accumulated deficit of $323.4 million[177] Strategic Initiatives - The company expects to extend its cash runway into at least 2027 with new strategies and cost-saving measures, aiming to maximize potential milestones from partnered assets[27] - The company has discontinued all research and development efforts and is reducing discretionary expenditures to maximize potential milestones from partnered programs with Pfizer and Boston Pharmaceuticals[31] - The company engaged Stifel, Nicolaus & Company, Incorporated to explore strategic transactions, including mergers and acquisitions, following the discontinuation of a key study[25] - The company announced a new strategy on March 27, 2024, aimed at extending its cash runway into at least 2027 while maximizing potential milestones from partnered assets, with potential aggregate milestones of up to $55 million[176] Mergers and Acquisitions - On July 23, 2024, the company entered into a merger agreement with Palvella Therapeutics, with Palvella becoming a wholly-owned subsidiary of the company[28] - The merger agreement includes a termination fee of $1.0 million payable by Pieris and $2.0 million payable by Palvella under specified circumstances[121] - The merger values Palvella at $95 million and Pieris at $21 million, with adjustments based on Pieris' net cash at closing[135] - Upon closing of the merger, pre-merger Pieris stockholders are expected to own approximately 18% of the combined company, while pre-merger Palvella stockholders are expected to own approximately 82%[116] Revenue Recognition - The company has not generated revenue from product sales but has generated revenue from contracts with customers, including upfront payments and milestone payments[70] - The Company recognized revenue of approximately $10.1 million for the delivery on its performance obligations related to two programs for the year ended December 31, 2023[79] - The Company received a $2.5 million milestone payment in August 2023 for the first patient dosed in the Phase 1/2 study of PRS-342/BOS-342[76] - Potential milestone payments from existing strategic partnerships total $844 million for research, development, regulatory, and commercial milestones, and $715 million for sales milestones[71] Workforce and Cost Management - The company incurred approximately $7.5 million in severance costs and related termination benefits in 2023 due to a workforce reduction of approximately 70%[26] - The company incurred severance and benefits costs totaling $3.63 million for the three months ended June 30, 2024, with cash payments of $801,000 during the same period[98] - The company has taken measures to preserve cash, including significant workforce reductions and terminating all research and development activities[177][187] Regulatory and Compliance - The company is currently subject to SEC regulations limiting the amount of funds it can raise through primary public offerings, which is capped at one-third of the aggregate market value of its non-affiliate shares[106] - The company is focused on maintaining its Nasdaq listing and ensuring shares issued in connection with the merger are approved for listing prior to closing[28]

Group 1 - Halper Sadeh LLC is investigating Kellanova's sale to Mars, Incorporated for $83.50 per share in cash for potential violations of federal securities laws and breaches of fiduciary duties to shareholders [1] - Pieris Pharmaceuticals' merger with Palvella Therapeutics is noted, with pre-merger Pieris shareholders expected to own approximately 18% of the combined company [2] - The firm may seek increased consideration for shareholders, additional disclosures, and other relief on behalf of shareholders [3] Group 2 - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options at no charge [4] - Halper Sadeh LLC represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [4]

Group 1 - Monteverde & Associates PC is investigating Pieris Pharmaceuticals, Inc. regarding its proposed merger with Palvella Therapeutics, Inc. [1] - Under the merger agreement, Pieris shareholders are expected to own approximately 18% of the combined company [1] - Monteverde & Associates PC has been recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report [1] Group 2 - The firm has a successful track record in recovering money for shareholders and litigating class actions [2] - Monteverde & Associates PC operates from the Empire State Building in New York City [2] - The firm emphasizes the importance of legal representation and encourages potential clients to inquire about their experience and success rates [2]

Core Viewpoint - Ademi LLP is investigating Pieris for potential breaches of fiduciary duty and other legal violations related to its merger transaction with Palvella [1][3]. Transaction Details - Pieris will issue shares of common stock to pre-merger Palvella stockholders in exchange for the cancellation of Palvella's capital stock, resulting in Palvella becoming a wholly-owned subsidiary of Pieris [2]. - Post-merger, pre-merger Pieris stockholders are expected to own approximately 18% of the combined company, while pre-merger Palvella stockholders are expected to own approximately 82%, subject to adjustments and additional shares from a concurrent private placement [2]. - Pieris pre-merger stockholders will receive a contingent value right (CVR) for potential payments from proceeds under existing partnership agreements with Pfizer and Boston Pharmaceuticals [2]. Investigation Focus - The investigation is centered on the conduct of Pieris' board of directors and their fulfillment of fiduciary duties to all shareholders [3]. - Concerns have been raised regarding the transaction agreement, which allegedly imposes significant penalties on Pieris for accepting competing bids, potentially limiting shareholder value [5]. - Pieris insiders are expected to receive substantial benefits as part of the change of control arrangements [5].

Pieris Pharmaceuticals (NASDAQ:PIRS) stock is rocketing higher on Wednesday after announcing a merger agreement with Palvella Therapeutics. Pieris Pharmaceuticals and Palvella Therapeutics will enact an all-stock transfer for this merger. That will result in Pieris Pharmaceuticals issuing shares of PIRS stock to Palvella stockholders. This will cancel out those investors shares of capital stock of Palvella. Pieris Pharmaceuticals notes that after the merger, 18% of the combined company will belong to pre-me ...

Avacta Group plc London, England; July 8, 2024; Avacta Group plc (AIM: AVCT), a life sciences company developing innovative, targeted cancer treatments and powerful diagnostics, today announced the appointment of Darlene Deptula-Hicks, MBA as a Non-Executive Director of the Company's Board of Directors, effective 26 June 2024. Ms. Deptula-Hicks is a highly accomplished financial executive with decades of experience working with and advising private and public life sciences companies. "Avacta is at a pivotal ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37471 PIERIS PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) Nevada 30-0784346 ( ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission file number: 001-37471 PIERIS PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) Nevada EIN 30-0784346 (State or other jurisdiction of incorporation or organization) FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECUR ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 27, 2024 PIERIS PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) Nevada 001-37471 30-0784346 (State or other jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) Registrant's telephone number, including area code: 857-246-89 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37471 PIERIS PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) Nevada 30-07843 ...