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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Nevada
|
|
30-0784346
|
(State or other jurisdiction of
incorporation or organization)
|
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(I.R.S. Employer
Identification No.)
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|
|
255 State Street, 9th Floor
Boston, MA
United States
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02109
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(Address of principal executive offices)
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(Zip Code)
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Title of Each Class
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Trading Symbol
|
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Name of Each Exchange on Which Registered
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Common Stock, $0.001 par value per share
|
|
PIRS
|
|
The Nasdaq Capital Market
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Large accelerated filer
|
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☐
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Accelerated filer
|
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ý
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|||
Non-accelerated filer
|
|
☐
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Smaller reporting company
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ý
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Emerging growth company
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ý
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Page
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September 30
|
|
December 31,
|
||||
|
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
46,068
|
|
|
$
|
74,867
|
|
Short term investments
|
|
40,175
|
|
|
53,240
|
|
||
Accounts receivable
|
|
6,952
|
|
|
2,701
|
|
||
Prepaid expenses and other current assets
|
|
4,778
|
|
|
4,574
|
|
||
Total current assets
|
|
97,973
|
|
|
135,382
|
|
||
Property and equipment, net
|
|
11,008
|
|
|
5,049
|
|
||
Other non-current assets
|
|
7,770
|
|
|
910
|
|
||
Total assets
|
|
$
|
116,751
|
|
|
$
|
141,341
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
5,436
|
|
|
$
|
3,350
|
|
Accrued expenses and other current liabilities
|
|
7,170
|
|
|
9,114
|
|
||
Deferred revenues, current portion
|
|
27,242
|
|
|
35,612
|
|
||
Total current liabilities
|
|
39,848
|
|
|
48,076
|
|
||
Deferred revenue, net of current portion
|
|
44,179
|
|
|
53,303
|
|
||
Other long-term liabilities
|
|
12,082
|
|
|
27
|
|
||
Total liabilities
|
|
96,109
|
|
|
101,406
|
|
||
Stockholders’ equity:
|
|
|
|
|
||||
Preferred stock, $0.001 par value per share, 10,000,000 shares authorized at September 30, 2019 and December 31, 2018, respectively
|
|
|
|
|
||||
Series A Convertible, 2,907 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
|
|
—
|
|
|
—
|
|
||
Series B Convertible, 5,000 shares issued and outstanding at September 30, 2019. No shares issued and outstanding at December 31, 2018.
|
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value per share, 300,000,000 shares authorized and 49,392,706 and 54,151,219 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
|
|
49
|
|
|
54
|
|
||
Additional paid-in capital
|
|
194,695
|
|
|
189,929
|
|
||
Accumulated other comprehensive loss
|
|
(697
|
)
|
|
(2,982
|
)
|
||
Accumulated deficit
|
|
(173,405
|
)
|
|
(147,066
|
)
|
||
Total stockholders’ equity
|
|
20,642
|
|
|
39,935
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
116,751
|
|
|
$
|
141,341
|
|
|
|
Three Months Ended September 30
|
|
Nine Months Ended September 30
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
|
$
|
15,132
|
|
|
$
|
8,345
|
|
|
$
|
29,009
|
|
|
$
|
24,187
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
||||||||
Research and development
|
|
13,211
|
|
|
11,401
|
|
|
40,880
|
|
|
28,492
|
|
||||
General and administrative
|
|
4,835
|
|
|
4,748
|
|
|
13,956
|
|
|
13,878
|
|
||||
Total operating expenses
|
|
18,046
|
|
|
16,149
|
|
|
54,836
|
|
|
42,370
|
|
||||
Loss from operations
|
|
(2,914
|
)
|
|
(7,804
|
)
|
|
(25,827
|
)
|
|
(18,183
|
)
|
||||
Interest income
|
|
377
|
|
|
504
|
|
|
1,332
|
|
|
1,491
|
|
||||
Other income (expense), net
|
|
(55
|
)
|
|
1,147
|
|
|
(203
|
)
|
|
1,472
|
|
||||
Loss before income taxes
|
|
(2,592
|
)
|
|
(6,153
|
)
|
|
(24,698
|
)
|
|
(15,220
|
)
|
||||
Income tax benefit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148
|
)
|
||||
Net loss
|
|
$
|
(2,592
|
)
|
|
$
|
(6,153
|
)
|
|
$
|
(24,698
|
)
|
|
$
|
(15,072
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation
|
|
1,636
|
|
|
27
|
|
|
1,908
|
|
|
546
|
|
||||
Unrealized (loss) gain on available-for-sale securities
|
|
374
|
|
|
(506
|
)
|
|
377
|
|
|
1,096
|
|
||||
Comprehensive (loss) income
|
|
$
|
(582
|
)
|
|
$
|
(6,632
|
)
|
|
$
|
(22,413
|
)
|
|
$
|
(13,430
|
)
|
Net loss per share
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
|
$
|
(0.05
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.50
|
)
|
|
$
|
(0.29
|
)
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
|
49,353
|
|
|
54,089
|
|
|
49,805
|
|
|
52,721
|
|
|
|
Series A convertible
preferred shares
|
|
Series B convertible
preferred shares
|
|
Common shares
|
|
Additional
paid-in
capital
|
|
Accumulated
other
comprehensive
loss
|
|
Accumulated
deficit
|
|
Total Stockholders' equity
|
|||||||||||||||||||||||
|
|
No. of
shares
|
|
Share
capital
|
|
No. of
shares
|
|
Share
capital
|
|
No. of
shares
|
|
Share
capital
|
|
||||||||||||||||||||||||
Balance as of June 30, 2018
|
|
2,907
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
54,008
|
|
|
$
|
54
|
|
|
$
|
187,066
|
|
|
$
|
(2,574
|
)
|
|
$
|
(129,231
|
)
|
|
$
|
55,315
|
|
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,153
|
)
|
|
(6,153
|
)
|
|||||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
|||||||
Unrealized gains/(losses) on investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(506
|
)
|
|
—
|
|
|
(506
|
)
|
|||||||
Stock based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,302
|
|
|
—
|
|
|
—
|
|
|
1,302
|
|
|||||||
Issuance of common stock resulting from exercise of stock options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
144
|
|
|
—
|
|
|
—
|
|
|
144
|
|
|||||||
Issuance of common stock resulting from exercise of warrants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|
—
|
|
|
132
|
|
|
—
|
|
|
—
|
|
|
132
|
|
|||||||
Balance as of September 30, 2018
|
|
2,907
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
54,150
|
|
|
$
|
54
|
|
|
$
|
188,644
|
|
|
$
|
(3,053
|
)
|
|
$
|
(135,384
|
)
|
|
$
|
50,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance as of June 30, 2019
|
|
2,907
|
|
|
$
|
—
|
|
|
5,000
|
|
|
—
|
|
|
49,262
|
|
|
$
|
49
|
|
|
$
|
192,956
|
|
|
$
|
(2,707
|
)
|
|
$
|
(170,813
|
)
|
|
$
|
19,485
|
|
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,592
|
)
|
|
(2,592
|
)
|
|||||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,636
|
|
|
—
|
|
|
1,636
|
|
|||||||
Unrealized gains/(losses) on investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
374
|
|
|
—
|
|
|
374
|
|
|||||||
Stock based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,518
|
|
|
—
|
|
|
—
|
|
|
1,518
|
|
|||||||
Issuance of common stock resulting from exercise of stock options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
—
|
|
|
121
|
|
|||||||
Issuance of common stock resulting from exercise of warrants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|||||||
Balance as of September 30, 2019
|
|
2,907
|
|
|
$
|
—
|
|
|
5,000
|
|
|
$
|
—
|
|
|
49,393
|
|
|
$
|
49
|
|
|
$
|
194,695
|
|
|
$
|
(697
|
)
|
|
$
|
(173,405
|
)
|
|
$
|
20,642
|
|
|
|
Series A convertible
preferred shares
|
|
Series B convertible
preferred shares
|
|
Common shares
|
|
Additional
paid-in
capital
|
|
Accumulated
other
comprehensive
loss
|
|
Accumulated
deficit
|
|
Total stockholders' equity
|
|||||||||||||||||||||||
|
|
No. of
shares
|
|
Share
capital
|
|
No. of
shares
|
|
Share
capital
|
|
No. of
shares
|
|
Share
capital
|
|
||||||||||||||||||||||||
Balance as of December 31, 2017
|
|
4,963
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
45,017
|
|
|
$
|
45
|
|
|
$
|
136,484
|
|
|
$
|
(4,695
|
)
|
|
$
|
(120,312
|
)
|
|
$
|
11,522
|
|
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,072
|
)
|
|
(15,072
|
)
|
|||||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
546
|
|
|
—
|
|
|
546
|
|
|||||||
Unrealized gains/(losses) on investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,096
|
|
|
—
|
|
|
1,096
|
|
|||||||
Stock based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,666
|
|
|
—
|
|
|
—
|
|
|
3,666
|
|
|||||||
Issuance of common stock resulting from exercise of stock options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
595
|
|
|
1
|
|
|
982
|
|
|
—
|
|
|
—
|
|
|
983
|
|
|||||||
Issuance of common stock resulting from exercise of warrants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
157
|
|
|
—
|
|
|
313
|
|
|
—
|
|
|
—
|
|
|
313
|
|
|||||||
Issuance of common stock net $3,374 in offering costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,325
|
|
|
6
|
|
|
47,201
|
|
|
—
|
|
|
—
|
|
|
47,207
|
|
|||||||
Preferred stock conversion
|
|
(2,056
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,056
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Balance as of September 30, 2018
|
|
2,907
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
54,150
|
|
|
$
|
54
|
|
|
$
|
188,644
|
|
|
$
|
(3,053
|
)
|
|
$
|
(135,384
|
)
|
|
$
|
50,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance as of December 31, 2018
|
|
2,907
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
54,151
|
|
|
$
|
54
|
|
|
$
|
189,929
|
|
|
$
|
(2,982
|
)
|
|
$
|
(147,066
|
)
|
|
$
|
39,935
|
|
|
Change in Retained Earnings from adoption of ASC 606
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,641
|
)
|
|
(1,641
|
)
|
|||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,698
|
)
|
|
(24,698
|
)
|
|||||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,908
|
|
|
—
|
|
|
1,908
|
|
|||||||
Unrealized gains/(losses) on investments, net of $0.1 million of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
377
|
|
|
—
|
|
|
377
|
|
|||||||
Stock based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,260
|
|
|
—
|
|
|
—
|
|
|
4,260
|
|
|||||||
Issuance of common stock resulting from exercise of stock options
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
111
|
|
|
—
|
|
|
218
|
|
|
—
|
|
|
—
|
|
|
218
|
|
|||||||
Issuance of common stock from employee stock purchase plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
178
|
|
|
—
|
|
|
—
|
|
|
178
|
|
|||||||
Issuance of common stock resulting from exercise of warrants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|
—
|
|
|
105
|
|
|||||||
Preferred stock conversion
|
|
—
|
|
|
—
|
|
|
5,000
|
|
|
—
|
|
|
(5,000
|
)
|
|
(5
|
)
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Balance as of September 30, 2019
|
|
2,907
|
|
|
$
|
—
|
|
|
5,000
|
|
|
$
|
—
|
|
|
49,393
|
|
|
$
|
49
|
|
|
$
|
194,695
|
|
|
$
|
(697
|
)
|
|
$
|
(173,405
|
)
|
|
$
|
20,642
|
|
|
|
Nine Months Ended September 30
|
||||||
|
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
|
||||
Net loss
|
|
$
|
(24,698
|
)
|
|
$
|
(15,072
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation
|
|
367
|
|
|
405
|
|
||
Stock-based compensation
|
|
4,260
|
|
|
3,665
|
|
||
Deferred rent expense
|
|
853
|
|
|
—
|
|
||
Other
|
|
90
|
|
|
(376
|
)
|
||
Changes in operating assets and liabilities
|
|
(19,365
|
)
|
|
19,370
|
|
||
Net cash (used in) provided by operating activities
|
|
(38,493
|
)
|
|
7,992
|
|
||
Investing activities:
|
|
|
|
|
||||
Purchases of property and equipment
|
|
(1,286
|
)
|
|
(1,133
|
)
|
||
Proceeds from maturity of investments
|
|
61,767
|
|
|
64,490
|
|
||
Purchases of investments
|
|
(48,762
|
)
|
|
(67,015
|
)
|
||
Net cash provided by (used in) investing activities
|
|
11,719
|
|
|
(3,658
|
)
|
||
Financing activities:
|
|
|
|
|
||||
Proceeds from exercise of stock options
|
|
218
|
|
|
983
|
|
||
Proceeds from exercise of warrants
|
|
105
|
|
|
314
|
|
||
Proceeds from employee stock purchase plan
|
|
178
|
|
|
—
|
|
||
Issuance of common stock, net of issuance costs
|
|
—
|
|
|
47,207
|
|
||
Net cash provided by financing activities
|
|
501
|
|
|
48,504
|
|
||
Effect of exchange rate change on cash and cash equivalents
|
|
(2,526
|
)
|
|
(1,234
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
|
(28,799
|
)
|
|
51,604
|
|
||
Cash and cash equivalents at beginning of period
|
|
74,867
|
|
|
37,878
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
46,068
|
|
|
$
|
89,482
|
|
Supplemental cash flow disclosures:
|
|
|
|
|
||||
Cash paid for income taxes
|
|
$
|
—
|
|
|
$
|
902
|
|
Net unrealized gain on investments
|
|
$
|
469
|
|
|
$
|
1,096
|
|
Property and equipment included in accounts payable
|
|
$
|
198
|
|
|
$
|
222
|
|
•
|
Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
|
•
|
Level 2 utilizes quoted market prices in markets that are not active, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency.
|
•
|
Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.
|
|
|
As Reported, December 31, 2018
|
|
ASC 606 Adjustment
|
|
Adjusted, January 1, 2019
|
||||||
Consolidated Balance Sheet Data (in thousands):
|
|
|
|
|
|
|
||||||
Prepaid expenses and other current assets
|
|
$
|
4,574
|
|
|
$
|
716
|
|
|
$
|
5,290
|
|
Other non-current assets
|
|
910
|
|
|
1,120
|
|
|
2,030
|
|
|||
Total Assets
|
|
$
|
141,341
|
|
|
$
|
1,836
|
|
|
$
|
143,177
|
|
Deferred revenue, net of current portion
|
|
$
|
53,303
|
|
|
$
|
3,477
|
|
|
$
|
56,780
|
|
Total Liabilities
|
|
101,406
|
|
|
3,477
|
|
|
104,883
|
|
|||
Accumulated deficit
|
|
(147,066
|
)
|
|
(1,641
|
)
|
|
(148,707
|
)
|
|||
Total stockholders' equity
|
|
39,935
|
|
|
(1,641
|
)
|
|
38,294
|
|
|||
Total liabilities and stockholders' equity
|
|
$
|
141,341
|
|
|
$
|
1,836
|
|
|
$
|
143,177
|
|
|
|
September 30, 2019
|
||||||||||
|
|
As Reported, ASC 606
|
|
Adjustments
|
|
Adjusted Balance, ASC 605
|
||||||
Condensed Consolidated Balance Sheet Data (in thousands):
|
|
|
|
|
|
|
||||||
Prepaids and other current assets
|
|
$
|
4,778
|
|
|
$
|
(646
|
)
|
|
$
|
4,132
|
|
Other non-current assets
|
|
7,770
|
|
|
(808
|
)
|
|
6,962
|
|
|||
Total Assets
|
|
$
|
116,751
|
|
|
$
|
(1,454
|
)
|
|
$
|
115,297
|
|
Deferred revenues, current portion
|
|
27,242
|
|
|
9,774
|
|
|
37,016
|
|
|||
Deferred revenue, net of current portion
|
|
44,179
|
|
|
(10,384
|
)
|
|
33,795
|
|
|||
Total Liabilities
|
|
96,109
|
|
|
(610
|
)
|
|
95,499
|
|
|||
Accumulated Deficit
|
|
(173,405
|
)
|
|
(844
|
)
|
|
(174,249
|
)
|
|||
Total stockholders' equity
|
|
20,642
|
|
|
(844
|
)
|
|
19,798
|
|
|||
Total liabilities and stockholders' equity
|
|
$
|
116,751
|
|
|
$
|
(1,454
|
)
|
|
$
|
115,297
|
|
|
|
Three Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||||||||
|
|
As Reported, ASC 606
|
|
Adjustments
|
|
Adjusted Balance, ASC 605
|
|
As Reported, ASC 606
|
|
Adjustments
|
|
Adjusted Balance, ASC 605
|
||||||||||||
Condensed Consolidated Statement of Operations Data (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue
|
|
$
|
15,132
|
|
|
$
|
(2,195
|
)
|
|
$
|
12,937
|
|
|
$
|
29,009
|
|
|
$
|
(2,717
|
)
|
|
$
|
26,292
|
|
General and administrative expenses
|
|
4,835
|
|
|
(191
|
)
|
|
4,644
|
|
|
13,956
|
|
|
(303
|
)
|
|
13,653
|
|
||||||
Loss from operations
|
|
(2,914
|
)
|
|
(2,386
|
)
|
|
(5,300
|
)
|
|
(25,827
|
)
|
|
(3,020
|
)
|
|
(28,847
|
)
|
||||||
Loss before income taxes
|
|
(2,592
|
)
|
|
(2,386
|
)
|
|
(4,978
|
)
|
|
(24,698
|
)
|
|
(3,020
|
)
|
|
(27,718
|
)
|
||||||
Net loss
|
|
$
|
(2,592
|
)
|
|
$
|
(2,386
|
)
|
|
$
|
(4,978
|
)
|
|
$
|
(24,698
|
)
|
|
$
|
(3,020
|
)
|
|
$
|
(27,718
|
)
|
Comprehensive loss
|
|
$
|
(582
|
)
|
|
$
|
(2,386
|
)
|
|
$
|
(2,968
|
)
|
|
$
|
(22,413
|
)
|
|
$
|
(3,020
|
)
|
|
$
|
(25,433
|
)
|
|
Three Months Ended September 30
|
|
Nine Months Ended September 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue from contracts with customers
|
$
|
14,498
|
|
|
$
|
7,873
|
|
|
$
|
26,966
|
|
|
$
|
22,541
|
|
Collaboration revenue (ASC 808)
|
634
|
|
|
472
|
|
|
2,043
|
|
|
1,555
|
|
||||
Other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
91
|
|
||||
Total Revenue
|
$
|
15,132
|
|
|
$
|
8,345
|
|
|
$
|
29,009
|
|
|
$
|
24,187
|
|
|
Three Months Ended September 30
|
|
Nine Months Ended September 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Seattle Genetics
|
$
|
576
|
|
|
$
|
1,788
|
|
|
$
|
2,005
|
|
|
$
|
4,519
|
|
AstraZeneca
|
2,903
|
|
|
5,905
|
|
|
12,811
|
|
|
14,841
|
|
||||
Servier
|
11,653
|
|
|
652
|
|
|
14,193
|
|
|
3,279
|
|
||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
1,548
|
|
||||
Total Revenue
|
$
|
15,132
|
|
|
$
|
8,345
|
|
|
$
|
29,009
|
|
|
$
|
24,187
|
|
|
Research, Development & Commercial Milestones
|
|
Sales Milestones
|
||||
Seattle Genetics
|
$
|
769
|
|
|
$
|
450
|
|
AstraZeneca
|
1,111
|
|
|
960
|
|
||
Servier
|
778
|
|
|
688
|
|
||
Total potential milestone payments
|
$
|
2,658
|
|
|
$
|
2,098
|
|
|
Total
|
Quoted prices in active markets (Level 1)
|
Significant other observable inputs (Level 2)
|
Significant unobservable inputs
(Level 3)
|
||||||||
September 30, 2019
|
|
|
|
|
||||||||
Money market funds, included in cash equivalents
|
$
|
14,525
|
|
$
|
14,525
|
|
$
|
—
|
|
$
|
—
|
|
Investments - U.S. treasuries
|
3,699
|
|
3,699
|
|
—
|
|
—
|
|
||||
Investments - Asset-backed securities
|
8,444
|
|
—
|
|
8,444
|
|
—
|
|
||||
Investments - Corporate bonds
|
28,032
|
|
—
|
|
28,032
|
|
—
|
|
||||
Total
|
$
|
54,700
|
|
$
|
18,224
|
|
$
|
36,476
|
|
$
|
—
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
||||||||
Money market funds, included in cash equivalents
|
$
|
7,791
|
|
$
|
7,791
|
|
$
|
—
|
|
$
|
—
|
|
Corporate bonds, included in cash equivalents
|
10,910
|
|
—
|
|
10,910
|
|
—
|
|
||||
Investments - U.S. treasuries
|
7,518
|
|
7,518
|
|
—
|
|
—
|
|
||||
Investments - Asset-backed securities
|
5,758
|
|
—
|
|
5,758
|
|
—
|
|
||||
Investments - Corporate bonds
|
39,964
|
|
—
|
|
39,964
|
|
—
|
|
||||
Total
|
$
|
71,941
|
|
$
|
15,309
|
|
$
|
56,632
|
|
$
|
—
|
|
|
Contractual maturity
(in days) |
Amortized Cost
|
Unrealized gains
|
Unrealized losses
|
Fair Value
|
||||||||
Investments
|
|
|
|
|
|
||||||||
U.S. treasuries
|
138-167
|
$
|
3,631
|
|
$
|
68
|
|
$
|
—
|
|
$
|
3,699
|
|
Asset-backed securities
|
46-198
|
8,374
|
|
70
|
|
—
|
|
8,444
|
|
||||
Corporate bonds
|
7-270
|
27,842
|
|
190
|
|
—
|
|
28,032
|
|
||||
Total
|
|
$
|
39,847
|
|
$
|
328
|
|
$
|
—
|
|
$
|
40,175
|
|
|
September 30
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||||
Laboratory equipment/furniture
|
$
|
8,062
|
|
|
$
|
7,431
|
|
Office and computer equipment
|
702
|
|
|
661
|
|
||
Leasehold improvements
|
5,633
|
|
|
323
|
|
||
Property and equipment, at cost
|
14,397
|
|
|
8,415
|
|
||
Accumulated depreciation
|
(3,389
|
)
|
|
(3,366
|
)
|
||
Property and equipment, net
|
$
|
11,008
|
|
|
$
|
5,049
|
|
|
September 30
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||||
Accrued license obligations
|
$
|
60
|
|
|
$
|
2,523
|
|
Compensation expense
|
2,430
|
|
|
2,380
|
|
||
Professional fees
|
1,815
|
|
|
1,945
|
|
||
Research and development fees
|
1,405
|
|
|
943
|
|
||
Audit and tax fees
|
424
|
|
|
378
|
|
||
Other current liabilities
|
1,036
|
|
|
945
|
|
||
Total
|
$
|
7,170
|
|
|
$
|
9,114
|
|
•
|
senior to all of the Company's common stock;
|
•
|
senior to any class or series of capital stock of the Company created after the designation of the Series B Preferred Stock specifically ranking by its terms junior to the Series B Preferred Stock, or the Junior Securities;
|
•
|
on parity with all shares of Series A Preferred Stock and any class or series of capital stock of the Company created after the designation of the Series B Preferred Stock specifically ranking by its terms on parity with the Series B Preferred Stock, or the Parity Securities; and
|
•
|
junior to any class or series of capital stock of the Company created after the designation of the Series B Preferred Stock specifically ranking by its terms senior to the Series B Preferred Stock, or the Senior Securities;
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
•
|
PRS-060, our lead respiratory program partnered with AstraZeneca, is a drug candidate that antagonizes IL-4Rα, thereby inhibiting IL-4 and IL-13, two cytokines known to be key mediators in the inflammatory cascade that drive the pathogenesis of asthma and other inflammatory diseases. We are sponsoring the phase 1 studies and AstraZeneca is funding the costs. AstraZeneca will conduct and fund the phase 2a study, after which we will have separate options to co-develop and co-commercialize PRS-060/AZD1402 in the United States.
|
•
|
We are developing additional respiratory drug candidates beyond PRS-060/AZD1402, within and outside of the AstraZeneca alliance. The AstraZeneca alliance includes four programs beyond PRS-060/AZD1402, the targets and disease areas for which are undisclosed. We retain co-development and co-commercialization rights to two out of those four programs and initiated an additional discovery-stage respiratory program in our alliance with AstraZeneca in the prior quarter, bringing the total number of active programs to four; AstraZeneca may initiate one additional program within the alliance. We also initiated an additional proprietary respiratory discovery-stage program and continue to advance the two proprietary discovery-stage programs initiated in 2018.
|
•
|
PRS-343, our lead IO program, is a fusion protein comprising a HER2-targeting antibody genetically linked to 4-1BB-targeting Anticalin proteins. PRS-343 is designed to drive tumor-localized T-cell activation through tumor-targeted drug clustering mediated by HER2 expressed on tumor cells. This program was the first bispecific T-cell costimulatory agonist to enter clinical development.
|
•
|
We are also developing additional IO drug candidates that are multispecific Anticalin-based fusion proteins designed to engage immunomodulatory targets, comprising a variety of multifunctional biotherapeutics, including PRS-344, a bispecific antibody-Anticalin fusion protein comprising an PD-L1-targeting antibody genetically fused to Anticalin proteins specific for 4-1BB. PRS-344 is being developed as part of our IO collaboration with Servier.
|
•
|
PRS-080 is an Anticalin protein that binds to hepcidin, a natural regulator of iron in the blood. PRS-080 is designed to target hepcidin for the treatment of functional iron deficiency in anemic patients with chronic kidney disease, or CKD, particularly in end-stage renal disease patients requiring dialysis.
|
•
|
PRS-060/AZD1402 was tested in a nebulized formulation in 54 healthy volunteers at nominal dose levels ranging from 0.25 mg to 400 mg in a phase 1 single ascending dose, or SAD, study; the drug candidate was safe and well-tolerated in the volunteers in that study. Data from the PRS-060/AZD1402 phase 1 SAD study was presented at the American Thoracic Society International Conference in May 2019 showing that (i) PRS-060/AZD1402 was well tolerated when given as a single inhaled or intravenous doses to healthy volunteers; (ii) there was systemic target engagement (as measured by pSTAT6 inhibition); and (iii) the overall profile of PRS-060/AZD1402 in the phase 1 SAD study supports its further development as an inhaled drug for the treatment of asthma. We presented interim data from the PRS-060/AZD1402 phase 1 MAD study at the 2019 European Respiratory Society International Congress in October 2019 and reported that PRS-060/AZD1402 was safe and well-tolerated at all doses, led to a statistically significant reduction in FeNO, a validated biomarker for eosinophilic airway inflammation, and showed dose-dependent systemic target engagement in patients with mild asthma and elevated levels of FeNO (≥ 35ppb). During the treatment period, 30 patients were randomized to receive delivered doses of PRS-060/AZD1402 ranging from 2 mg to 60 mg (5 mg to 150 mg administered through a nebulizer (nominal dose)) twice a day for nine consecutive days and one final dose on the 10th day, and 12 patients were randomized to receive placebo at the same intervals. Statistically significant and pronounced inhibition of FeNO relative to placebo was observed at all doses. When comparing the 20mg PRS-060/AZD1402 powered cohort (n=12) to placebo, the primary statistical analysis using the emax model demonstrated a 36% relative reduction in FeNO (p-value <0.0001). Systemic target engagement was dose-dependent and closely aligned with systemic exposure of the drug, consistent with results of the phase 1 SAD study. No systemic target engagement and minimal systemic exposure was observed at the 2mg dose, suggesting that local target engagement by the drug may be sufficient to reduce airway inflammation, as evidenced by FeNO reduction at that 2mg dose level. Following these reported results, AstraZeneca and Pieris are preparing to move into a phase 2a study in moderate-to-severe asthmatics in 2020.
|
•
|
We presented interim data from the study at a late-breaking presentation at the Society for Immunotherapy of Cancer (SITC) annual meeting on November 9, 2019. We reported that PRS-343 was well tolerated and had a favorable safety profile at all doses and schedules tested, demonstrated anti-tumor activity in a heavily pre-treated patient population across multiple tumor types and showed a potent increase in CD8+ T cell numbers in the tumor microenvironment of responders, indicative of 4-1BB agonism on T cells. Pieris continues to enroll patients in that study at higher dose cohorts and plans to initiate an expansion trial of the drug candidate next year. We also continue to enroll the dose-escalation phase 1 study of PRS-343 in combination with atezolizumab and intend to report initial data from the study at our R&D day on November 19, 2019 in New York.
|
•
|
For our other IO drug candidates and programs, we are conducting activities relating to candidate identification, optimization and preclinical evaluation. We achieved two preclinical milestones in connection with the PRS-344 program, one in December 2018 and another in February 2019, triggering two milestone payments from Servier, and intend to file an IND for the drug candidate in the first half of 2020. We also executed our option to opt-into co-development and United States commercialization of PRS-344 during the first quarter of 2019. In September 2019, Servier notified us of its decision to discontinue co-development of PRS-332, a PD-1-LAG-3 bispecific that served as the initial development program under the Pieris-Servier alliance, for strategic reasons. We do not presently intend to continue development of PRS-332 but retain full rights to advance the development and commercialization of the product on a world-wide basis. Servier’s termination of the co-development of the PRS-332 program does not impact the remainder of the Pieris-Servier alliance and the parties continue to advance PRS-344 through IND-enabling activities. The Pieris-Servier alliance includes three additional programs beyond PRS-344, all of which are in active preclinical development.
|
•
|
We completed dosing for the phase 2a study of PRS-080 in anemic, hemodialysis-dependent CKD patients in 2018 and data from that study was presented at the 24th European Hematology Association Congress in June 2019 showing that: (i) PRS-080 was safe and well tolerated at both 4 mg/kg and 8 mg/kg treatment dose levels; (ii) no treatment-related adverse events (AEs) or serious adverse events (SAEs) were observed in the study; (iii) PRS-080 therapy yielded robust iron mobilization with increases in both serum iron and TSAT; (iv) peak iron concentrations were higher in the 8 mg/kg treatment group; and (v) while there was no clear difference in hemoglobin (Hb) values between placebo and PRS-080 in 4 mg/kg treatment group over the course of treatment, preliminary evidence of Hb response with separation of Hb values between placebo and PRS-080 was shown in the 8 mg/kg treatment group during the treatment period. We plan to share final data from the phase 2a study with ASKA in the fourth quarter of 2019, at which point ASKA will decide whether to exercise its option to develop and commercialize PRS-080 in Japan and other Asian territories. Additionally, we plan to share the dataset with other parties for potential partnerships outside of the ASKA territories.
|
•
|
internal recurring costs, such as personnel-related costs (salaries, employee benefits, equity compensation and other costs), materials and supplies, facilities and maintenance costs; and
|
•
|
fees paid to external parties who provide us with contract services, such as preclinical testing, manufacturing and related testing and clinical trial activities.
|
|
|
Three Months Ended September 30
|
|
Nine Months Ended September 30
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues
|
|
$
|
15,132
|
|
|
$
|
8,345
|
|
|
$
|
29,009
|
|
|
$
|
24,187
|
|
|
|
|
|
|
|
|
|
|
||||||||
Research and development expenses
|
|
13,211
|
|
|
11,401
|
|
|
40,880
|
|
|
28,492
|
|
||||
General and administrative expenses
|
|
4,835
|
|
|
4,748
|
|
|
13,956
|
|
|
13,878
|
|
||||
Total operating expenses
|
|
18,046
|
|
|
16,149
|
|
|
54,836
|
|
|
42,370
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
377
|
|
|
504
|
|
|
1,332
|
|
|
1,491
|
|
||||
Other income (expense), net
|
|
(55
|
)
|
|
1,147
|
|
|
(203
|
)
|
|
1,472
|
|
||||
Loss before income taxes
|
|
(2,592
|
)
|
|
(6,153
|
)
|
|
(24,698
|
)
|
|
(15,220
|
)
|
||||
Provision for income tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148
|
)
|
||||
Net loss
|
|
$
|
(2,592
|
)
|
|
$
|
(6,153
|
)
|
|
$
|
(24,698
|
)
|
|
$
|
(15,072
|
)
|
|
|
Three Months Ended September 30
|
|
|
||||||||
|
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
||||||
Revenue from contracts with customers
|
|
$
|
14,498
|
|
|
$
|
7,873
|
|
|
$
|
6,625
|
|
Collaboration revenue (ASC 808)
|
|
634
|
|
|
472
|
|
|
162
|
|
|||
Total Revenue
|
|
$
|
15,132
|
|
|
$
|
8,345
|
|
|
$
|
6,787
|
|
•
|
The $6.6 million increase in revenue from contracts with customers in the three months ended September 30, 2019 compared to the three months ended September 30, 2018 relates to higher amounts of Servier revenue recorded upon the termination of the co-development of PRS-332 by Servier for strategic reasons. This increase was partially offset by lower levels of activities with respect to our collaboration agreements with both Seattle Genetics and AstraZeneca .
|
|
|
Nine Months Ended September 30
|
|
|
||||||||
|
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
||||||
Revenue from contract with customers
|
|
$
|
26,966
|
|
|
$
|
22,541
|
|
|
$
|
4,425
|
|
Collaboration revenue (ASC 808)
|
|
2,043
|
|
|
1,555
|
|
|
488
|
|
|||
Other
|
|
—
|
|
|
91
|
|
|
(91
|
)
|
|||
Total Revenue
|
|
$
|
29,009
|
|
|
$
|
24,187
|
|
|
$
|
4,822
|
|
•
|
The $4.4 million increase in revenues from license fees in the nine months ended September 30, 2019 compared to the nine months ended September 30, 2018 primarily relates to higher amounts of Servier revenue recorded upon termination of the co-development of PRS-332 by Servier for strategic reasons partially offset by lower activity levels with respect to our collaboration agreement with Seattle Genetics and AstraZeneca.
|
•
|
The $0.5 million increase in collaboration revenues in the nine months ended September 30, 2019 compared to the nine months ended September 30, 2018 relates to increased research and development activities under our collaboration with Servier.
|
|
|
Three Months Ended September 30
|
|
|
||||||||
|
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
||||||
Respiratory
|
|
$
|
3,241
|
|
|
$
|
2,371
|
|
|
$
|
870
|
|
Immuno-oncology
|
|
4,102
|
|
|
4,225
|
|
|
(123
|
)
|
|||
Anemia
|
|
80
|
|
|
288
|
|
|
(208
|
)
|
|||
Other R&D activities
|
|
5,788
|
|
|
4,517
|
|
|
1,271
|
|
|||
Total
|
|
$
|
13,211
|
|
|
$
|
11,401
|
|
|
$
|
1,810
|
|
•
|
The $0.9 million increase for our respiratory programs period-over-period is due primarily to our ongoing GMP activities for phase 2a readiness for PRS-060. We also incurred higher pre-clinical and lab supply expenses as we continue investing in our other proprietary and partnered programs in 2019 compared to 2018;
|
•
|
The $0.1 million decrease in our immuno-oncology program spending period-over-period is due primarily to a slightly lower spending on our preclinical IO programs on a period-over-period basis;
|
•
|
The $0.2 million decrease for our anemia program, PRS-080, period-over-period is mainly due to lower clinical costs as the phase 2a study was largely completed earlier in 2019; and
|
•
|
The $1.3 million increase in other research and development activities expenses is mainly due to higher personnel expenses, including bonus and stock compensation, due to an overall increase in headcount, and an increase in allocated facility costs due to higher non-cash rent charges for the new Hallbergmoos facility that is being prepared for occupancy.
|
|
|
Nine Months Ended September 30
|
|
|
||||||||
|
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
||||||
Respiratory
|
|
$
|
9,168
|
|
|
$
|
5,672
|
|
|
$
|
3,496
|
|
Immuno-oncology
|
|
13,950
|
|
|
8,789
|
|
|
5,161
|
|
|||
Anemia
|
|
302
|
|
|
1,592
|
|
|
(1,290
|
)
|
|||
Other R&D activities
|
|
17,460
|
|
|
12,439
|
|
|
5,021
|
|
|||
Total
|
|
$
|
40,880
|
|
|
$
|
28,492
|
|
|
$
|
12,388
|
|
•
|
The $3.5 million increase for our respiratory programs period-over-period is due primarily to increases to our ongoing CMC costs incurred for phase 2a readiness for PRS-060 offset by slightly lower clinical costs as the phase 1 SAD study was completed earlier in 2019. We also incurred higher pre-clinical and lab supply expenses as we initiated and were working on more proprietary and partnered respiratory programs in 2019 compared to 2018;
|
•
|
The $5.2 million increase in our immuno-oncology program spending period-over-period is due primarily to an increase in clinical trials costs incurred for PRS-343 and drug product manufacturing for PRS-343, PRS-344 and other proprietary programs;
|
•
|
The $1.3 million decrease for our anemia program, PRS-080, period-over-period is mainly due to lower clinical costs as the phase 2a study wound down in 2019 compared to the same period in 2018; and
|
•
|
The $5.0 million increase in other research and development activities expenses is mainly due to higher personnel expenses, including bonus and stock compensation, due to an overall increase in headcount, an increase in recruiting costs, and an increase in allocated facility costs due to higher non-cash rent charges for the new Hallbergmoos facility that is being prepared for occupancy.
|
|
|
Nine Months Ended September 30
|
||||
|
|
2019
|
|
2018
|
||
Net cash (used in) provided by operating activities
|
|
(38,493
|
)
|
|
7,992
|
|
Net cash provided by (used in) investing activities
|
|
11,719
|
|
|
(3,658
|
)
|
Net cash provided by financing activities
|
|
501
|
|
|
48,504
|
|
•
|
the scope, rate of progress, results and cost of our clinical studies, preclinical testing and other related activities;
|
•
|
the cost of manufacturing clinical supplies and establishing commercial supplies of our drug candidates and any products that we may develop;
|
•
|
the number and characteristics of drug candidates that we pursue;
|
•
|
the cost, timing and outcomes of regulatory approvals;
|
•
|
the cost and timing of establishing sales, marketing and distribution capabilities;
|
•
|
the terms and timing of any collaborative, licensing and other arrangements that we may establish;
|
•
|
the timing, receipt and amount of sales, profit sharing or royalties, if any, from our potential products;
|
•
|
the cost of preparing, filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; and
|
•
|
the extent to which we acquire or invest in businesses, products or technologies, although we currently have no commitments or agreements relating to any of these types of transactions.
|
•
|
Any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and financial statements, commonly known as an “auditor discussion and analysis.”
|
•
|
A requirement to hold a non-binding advisory stockholder vote on executive compensation or any golden parachute payments not previously approved by stockholders.
|
•
|
A requirement to comply with the requirement of auditor attestation of management’s assessment of internal control over financial reporting, which is required for other public reporting companies by Section 404 of the Sarbanes-Oxley Act of 2002, as amended.
|
•
|
An opportunity for reduced disclosure obligations regarding executive compensation in its periodic and annual reports, including without limitation exemption from the requirement to provide a compensation discussion and analysis describing compensation practices and procedures.
|
•
|
An opportunity for reduced financial statement disclosure in registration statements, which must include two years of audited financial statements rather than the three years of audited financial statements that are required for other public reporting companies.
|
Exhibit
Number
|
|
Exhibit Description
|
|
|
Incorporated by
Reference herein
from Form or
Schedule
|
|
Filing Date
|
|
SEC File /
Registration
Number
|
|
|
|
|
|
|
|
|
|
|
|
Certificate of Designation of Series C Convertible Preferred Stock.
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amended and Restated Bylaws of the Registrant, as amended.
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Form of Warrant to purchase Common Stock.
|
|
|
Form 8-K (Exhibit 10.2)
|
|
November 4, 2019
|
|
001-37471
|
|
|
|
|
|
|
|
|
|
|
|
|
Open Market Sale Agreement, dated as of August 9, 2019, by and between Pieris Pharmaceuticals, Inc. and Jefferies LLC.
|
|
|
Form 10-Q (Exhibit 10.1)
|
|
August 9, 2018
|
|
001-37471
|
|
|
|
|
|
|
|
|
|
|
|
|
Managing Director Services Agreement by and between Pieris Pharmaceuticals GmbH and Hitto Kaufmann, PhD., dated February 20, 2019.
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Qualified Stock Option Agreement by and between the Registrant and Hitto Kaufmann, Ph.D., dated as of August 30, 2019.
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement, dated November 2, 2019, by and among the Company and the Investors named therein.
|
|
|
Form 8-K (Exhibit 10.1)
|
|
November 4, 2019
|
|
001-37471
|
|
|
|
|
|
|
|
|
|
|
|
|
PIERIS PHARMACEUTICALS, INC.
|
||
|
|
|
|
November 12, 2019
|
By:
|
|
/s/ Stephen S. Yoder
|
|
|
|
Stephen S. Yoder
|
|
|
|
Chief Executive Officer and President
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
November 12, 2019
|
By:
|
|
/s/ Thomas Bures
|
|
|
|
Thomas Bures
|
|
|
|
Vice President, Finance and Treasurer
|
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
/s/ Stephen S. Yoder
|
|
Stephen S. Yoder
|
|
Title:
|
Chief Executive Officer and President (principal executive officer)
|
/s/ Thomas Bures
|
|
Thomas Bures
|
|
Title:
|
Vice President, Finance and Treasurer (principal financial officer and principal accounting officer)
|
Dated: November 12, 2019
|
/s/ Stephen S. Yoder
|
|
|
Stephen S. Yoder
|
|
|
Title:
|
Chief Executive Officer and President
|
|
|
(principal executive officer)
|
Dated: November 12, 2019
|
/s/ Thomas Bures
|
|
|
Thomas Bures
|
|
|
Title:
|
Vice President, Finance and Treasurer
|
|
|
(principal financial officer and principal accounting officer)
|