ACCESS Newswire
04 Aug 2022, 16:31 GMT+10
COMPANY TO HOST AN INVESTOR CONFERENCE CALL ON THURSDAY, AUGUST 4, 2022 AT 8:00 AM EDT
BOSTON, MA / ACCESSWIRE / August 4, 2022 / Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS), a clinical-stage biotechnology company advancing novel biotherapeutics through its proprietary Anticalin® technology platform for respiratory diseases, cancer, and other indications, reported financial results for the second quarter of 2022 ended June 30, 2022, and provided an update on the Company's recent and anticipated future developments.
'AstraZeneca's deep support of PRS-060/AZD1402 and the Anticalin platform continues and has resulted in thoughtful adjustments to the PRS-060/AZD1402 phase 2a study design, allowing us to enroll patients amidst the challenges presented by COVID-19 precautions, as well as an extension of our research collaboration for two earlier-stage programs,' said Stephen S. Yoder, President and Chief Executive Officer of Pieris. 'Since the PRS-060/AZD1402 phase 2 study will take more time to enroll than originally planned, we have made the difficult but necessary decision to discontinue cinrebafusp alfa (PRS-343), despite showing clear single-agent activity in phase 1 and meaningful clinical benefit in the ongoing phase 2 study in HER2-expressing gastric cancer patients. We will continue the cost-effective development of PRS-344/S095012, our 4-1BB/PD-L1 bispecific co-developed with Servier, and PRS-220, our fully proprietary inhaled CTGF antagonist that has the generous grant support from the Bavarian government, through key clinical readouts over the next twelve months. With a more focused pipeline and co-funding mechanisms in place for our most advanced assets, we are better positioned to deliver on our overall pipeline objectives in 2023, retain a leadership position in both inhaled respiratory medicines and 4-1BB biology, and now project that our cash runway extends into the second quarter of 2024.'
Second Quarter Financial Update:
Cash Position - Cash, cash equivalents, and investments totaled $80.9 million for the quarter ended June 30, 2022, compared to a cash and cash equivalents balance of $117.8 million for the quarter ended December 31, 2021. The decrease is due to funding operations in the first half of 2022. With the wind down of the cinrebafusp alfa phase 2 trials, along with the expectation of modest near-term development milestones, the Company believes operations are sufficiently funded into the second quarter of 2024.
R&D Expense - R&D expenses were $11.9 million for the quarter ended June 30, 2022, compared to $15.8 million for the quarter ended June 30, 2021. The decrease is due to lower program costs, as work related to the Company's sponsored phase 1 trial of PRS-060/AZD1402 was largely complete in 2021, as well as due to lower manufacturing costs across all later-stage respiratory and immuno-oncology programs, lower collaboration license fees, and lower consulting costs. These lower costs were partially offset by higher clinical costs for PRS-344/S095012, higher manufacturing and pre-clinical costs for earlier stage programs, and an increase in personnel costs.
G&A Expense - G&A expenses were $4.1 million for the quarter ended June 30, 2022, compared to $4.2 million for the quarter ended June 30, 2021. The period-over-period decrease was driven primarily by lower professional service costs and lower facilities costs, partially offset by higher travel expenses.
Other Income - For the quarter ended June 30, 2022, $1.2 million of grant income was recorded with respect to PRS-220 compared to $0.8 million for the quarter ended June 30, 2021. The increase is due to higher levels of activity as the Company plans to initiate a phase 1 study for PRS-220 this year.
Net Loss - Net loss was $10.3 million or $(0.14) per share for the quarter ended June 30, 2022, compared to a net loss of $15.5 million or $(0.25) per share for the quarter ended June 30, 2021.
Conference Call:
Pieris management will host a conference call beginning at 8:00 AM EDT on Thursday, August 4, 2022, to discuss the second quarter financial results and provide a corporate update. Individuals can join the call by dialing (800) 285-6670 (Toll Free US & Canada) or (713) 481-1320 (International). Alternatively, a listen-only audio webcast of the call can be accessed here.
For those unable to participate in the conference call or listen to the webcast, a replay will be available on the Investors section of the Company's website, www.pieris.com.
About Pieris Pharmaceuticals:
Pieris is a clinical-stage biotechnology company that combines leading protein engineering capabilities and deep understanding into molecular drivers of disease to develop medicines that drive local biology to produce superior clinical outcomes for patients. Our pipeline includes inhalable Anticalin proteins to treat respiratory diseases and locally-activated bispecifics for immuno-oncology. Proprietary to Pieris, Anticalin proteins are a novel class of therapeutics validated in the clinic and by respiratory and immuno-oncology focused partnerships with leading pharmaceutical companies. For more information, visit www.pieris.com.
Forward-looking Statements:
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, our expected cash runway; the potential for Pieris' development programs such as PRS-060/AZD1402, PRS-344/S095012 and PRS-220 to address our core focus areas such as respiratory diseases and immuno-oncology; the advancement of our proprietary and co-development programs into and through the clinic and the expected timing for reporting data; the receipt of royalty and/or milestone payments provided for in our collaboration agreements; making IND filings or achieving other milestones related to our programs, including PRS-060/AZD1402, PRS-220, PRS-344/S095012, PRS-352/S095025 and PRS-342/BOS-342; the therapeutic potential of our Anticalin platform; our continued progress in the areas of co-stim bispecifics and inhaled therapeutics; and the advancement and funding of our developmental programs generally. Actual results could differ from those projected in any forward-looking statement due to numerous factors. Such factors include, among others, the amounts of anticipated funding actually received for our continued development programs and our actual reductions in spending as compared to anticipated cost reductions; our ability to raise the additional funding we will need to continue to pursue our business and product development plans; the inherent uncertainties associated with developing new products or technologies and operating as a development stage company; our ability to develop, complete clinical trials for, obtain approvals for and commercialize any of our product candidates, including our ability to recruit and enroll patients in our studies; competition in the industry in which we operate; delays or disruptions due to COVID-19 or geopolitical issues, including the conflict in Ukraine; and market conditions. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents we file with the Securities and Exchange Commission available at www.sec.gov, including, without limitation, the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the Company's Quarterly Reports on Form 10-Q.
Investor Relations Contact:
Pieris Pharmaceuticals, Inc.
Maria Kelman
Executive Director, Investor Relations
+1 857 362 9635
[email protected]
PIERIS PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
PIERIS PHARMACEUTICALS, INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
SOURCE: Pieris Pharmaceuticals, Inc.
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