Pieris Pharmaceuticals, Inc. (PIRS) experienced a downfall of 1.17% in the aftermarket. However, the last trading session concluded at $4.26 with a decline of 5.75%.
Third Quarter 2021 Financial Results
PIRS announced third quarter 2021 financial results on 2nd November 2021. According to the report, cash and cash equivalents came out to be $125.1 million. Cash collected through new and current partnership agreements, including milestone successes and use of the Company’s ATM program, has contributed to the rise since December 2020. Cash spent to support operations during the first nine months of 2021 largely offset this growth. The impact of the Bavarian government funding will be compensated for qualifying program expenditures spent during the PRS-220 development phase. In addition, the Company raised more than $23 million in cash through the ATM program in the third quarter of 2021, which ended September 30, 2021. Lastly, the net loss reported by the company was $16.5 million.
Appointment of Chief Financial Officer & Chief Business Officer
On 6th October 2021, PIRS stated that Thomas Bures has been promoted to Chief Financial Officer and Ahmed Mousa to the position of Chief Business Officer. Mr. Bures joined Pieris as Vice President of Finance in 2017 and is now responsible for all financial concerns within the company, including treasury, tax, financial planning, procurement, and investor relations. He has over 20 years of financial expertise, including more than a decade in the health sciences industry. Mr. Bures graduated from Holy Cross College with a bachelor’s degree in accounting.
Moreover, Mr. Mousa joined Pieris in 2016 as Senior Vice President of Corporate Operations and General Counsel. He will continue to represent as General Counsel and Boston site head, among many other obligations, in conjunction with his business development and strategic planning roles. Mr. Mousa worked at Covington & Burling LLP before joining Pieris. Last but not the least, Mr. Mousa earned bachelor’s degrees in Molecular Biology and Government from Cornell University.
Second Quarter 2021 Financial Results
PIRS reported the second quarter of 2021 financial results on 4th August 2021. The cash and cash equivalents were $119.1 million, compared to $70.4 million for the year ending December 31, 2020. Moreover, cash increased by more than $78.0 million in the first half of 2021. This owed to new and existing partnership agreements as well as strategic utilization of the Company’s ATM program. Cash spent to fund operations in the first half of 2021 largely offset this rise. Last but not the least, G&A expenses were $4.2 million, compared to $4.6 million for the quarter ended June 30, 2020, and net loss was $15.5 million.