0001583648-22-000065 | 10-Q | XBRL Viewer | Pieris Pharmaceuticals INC

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-37471
Entity Registrant Name	PIERIS PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	30-0784346
Entity Address, Address Line One	255 State Street,
Entity Address, Address Line Two	9th Floor
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Country	US
Entity Address, Postal Zip Code	02109
City Area Code	857
Local Phone Number	246-8998
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	PIRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,406,253
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001583648
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 54,257	$ 117,764
Short term investments	26,679	0
Accounts receivable	1,264	3,313
Prepaid expenses and other current assets	8,704	6,548
Total current assets	90,904	127,625
Property and equipment, net	17,430	19,122
Operating lease right-of-use assets	3,617	3,909
Other non-current assets	2,358	2,904
Total assets	114,309	153,560
Current liabilities:
Accounts payable	1,898	8,609
Accrued expenses and other current liabilities	10,785	16,836
Deferred revenues, current portion	22,863	25,116
Total current liabilities	35,546	50,561
Deferred revenue, net of current portion	22,063	38,403
Operating lease liabilities	12,335	13,841
Total liabilities	69,944	102,805
Stockholders’ equity:
Preferred stock	0	0
Common stock	74	72
Additional paid-in capital	316,249	306,998
Accumulated other comprehensive income	625	829
Accumulated deficit	(272,583)	(257,144)
Total stockholders’ equity	44,365	50,755
Total liabilities and stockholders’ equity	$ 114,309	$ 153,560

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Customer revenue	$ 3,468	$ 2,540	$ 14,647	$ 17,406
Collaboration revenue	230	745	39	1,512
Total revenue	3,698	3,285	14,686	18,918
Operating expenses
Research and development	11,947	15,800	26,013	32,362
General and administrative	4,081	4,246	8,460	8,376
Total operating expenses	16,028	20,046	34,473	40,738
Loss from operations	(12,330)	(16,761)	(19,787)	(21,820)
Other income (expense)
Interest income	132	3	129	6
Grant income	1,184	796	3,314	796
Other income	676	464	905	1,348
Net loss	(10,338)	(15,498)	(15,439)	(19,670)
Other comprehensive income (loss):
Foreign currency translation	(499)	40	(356)	529
Unrealized gain on available-for-sale securities	171	0	152	0
Comprehensive loss	$ (10,666)	$ (15,458)	$ (15,643)	$ (19,141)
Net loss per share
Basic (in dollars per share)	$ (0.14)	$ (0.25)	$ (0.21)	$ (0.33)
Diluted (in dollars per share)	$ (0.14)	$ (0.25)	$ (0.21)	$ (0.33)
Weighted average number of common shares outstanding
Basic (in shares)	74,125	61,905	73,919	59,116
Diluted (in shares)	74,125	61,905	73,919	59,116

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	At the market offering	Private placement	Preferred shares	Common shares	Common shares At the market offering	Common shares Private placement	ATM proceeds receivable	Additional paid-in capital	Additional paid-in capital At the market offering	Additional paid-in capital Private placement	Accumulated other comprehensive income (loss)	Accumulated deficit
Balance at beginning of period (in shares) at Dec. 31, 2020				14,000
Balance at beginning of period (in shares) at Dec. 31, 2020					56,003,000
Balance at beginning of period at Dec. 31, 2020	$ 31,027			$ 0	$ 56			$ 0	$ 242,672			$ (295)	$ (211,406)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(19,670)												(19,670)
Foreign currency translation adjustment	529											529
Unrealized gain (loss) on investments	0
Stock based compensation expense	2,525								2,525
Issuance of common stock resulting from exercise of stock options (in shares)					139,000
Issuance of common stock resulting from exercise of stock options	292								292
Issuance of common stock resulting from purchase of employee stock purchase plan shares (in shares)					40,000
Issuance of common stock resulting from purchase of employee stock purchase plan shares	96								96
Issuance of common stock resulting from exercise of warrants (in shares)					1,391,000
Issuance of common stock resulting from exercise of warrants	837				$ 1				836
Issuance of common stock resulting from conversion of preferred stock (in shares)				(4,000)	3,812,000
Issuance of common stock resulting from conversion of preferred stock	0				$ 4				(4)
Preferred stock conversion (Series E) (in shares)				5,000	(5,000,000)
Preferred stock conversion (Series E)	0				$ (5)				5
Issuance of common stock pursuant to offering (in shares)						3,004,000	7,290,000
Issuance of common stock pursuant to offering		$ 12,172	$ 18,913			$ 3	$ 8			$ 12,169	$ 18,905
Balance at end of period (in shares) at Jun. 30, 2021				16,000
Balance at end of period (in shares) at Jun. 30, 2021					66,679,000
Balance at end of period at Jun. 30, 2021	46,721			$ 0	$ 67			0	277,496			234	(231,076)
Balance at beginning of period (in shares) at Mar. 31, 2021				14,000
Balance at beginning of period (in shares) at Mar. 31, 2021					59,719,000
Balance at beginning of period at Mar. 31, 2021	38,236			$ 0	$ 60			0	253,560			194	(215,578)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(15,498)												(15,498)
Foreign currency translation adjustment	40											40
Unrealized gain (loss) on investments	0
Stock based compensation expense	1,326								1,326
Issuance of common stock resulting from exercise of stock options (in shares)					129,000
Issuance of common stock resulting from exercise of stock options	272								272
Issuance of common stock resulting from purchase of employee stock purchase plan shares (in shares)					40,000
Issuance of common stock resulting from purchase of employee stock purchase plan shares	96								96
Issuance of common stock resulting from exercise of warrants (in shares)					1,391,000
Issuance of common stock resulting from exercise of warrants	837				$ 1				836
Issuance of common stock resulting from conversion of preferred stock (in shares)				(4,000)	3,812,000
Issuance of common stock resulting from conversion of preferred stock	0				$ 4				(4)
Preferred stock conversion (Series E) (in shares)				5,000	(5,000,000)
Preferred stock conversion (Series E)	0				$ (5)				5
Issuance of common stock pursuant to offering (in shares)						3,004,000	3,584,000
Issuance of common stock pursuant to offering		12,172	$ 9,240			$ 3	$ 4			12,169	$ 9,236
Balance at end of period (in shares) at Jun. 30, 2021				16,000
Balance at end of period (in shares) at Jun. 30, 2021					66,679,000
Balance at end of period at Jun. 30, 2021	$ 46,721			$ 0	$ 67			0	277,496			234	(231,076)
Balance at beginning of period (in shares) at Dec. 31, 2021	15,617			16,000
Balance at beginning of period (in shares) at Dec. 31, 2021	72,222,661				72,222,000
Balance at beginning of period at Dec. 31, 2021	$ 50,755			$ 0	$ 72			0	306,998			829	(257,144)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(15,439)												(15,439)
Foreign currency translation adjustment	(356)											(356)
Unrealized gain (loss) on investments	152											152
Stock based compensation expense	2,479								2,479
Issuance of common stock resulting from exercise of stock options (in shares)					46,000
Issuance of common stock resulting from exercise of stock options	95								95
Issuance of common stock resulting from purchase of employee stock purchase plan shares (in shares)					69,000
Issuance of common stock resulting from purchase of employee stock purchase plan shares	$ 104								104
Issuance of common stock pursuant to offering (in shares)						1,920,000
Issuance of common stock pursuant to offering		6,575				$ 2				6,573
Balance at end of period (in shares) at Jun. 30, 2022	15,617			16,000
Balance at end of period (in shares) at Jun. 30, 2022	74,257,587				74,257,000
Balance at end of period at Jun. 30, 2022	$ 44,365			$ 0	$ 74			0	316,249			625	(272,583)
Balance at beginning of period (in shares) at Mar. 31, 2022				16,000
Balance at beginning of period (in shares) at Mar. 31, 2022					74,098,000
Balance at beginning of period at Mar. 31, 2022	53,450			$ 0	$ 74				314,668			953	(262,245)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(10,338)												(10,338)
Foreign currency translation adjustment	(499)											(499)
Unrealized gain (loss) on investments	171											171
Stock based compensation expense	1,301								1,301
Issuance of common stock resulting from exercise of stock options (in shares)					3,000
Issuance of common stock resulting from exercise of stock options	10								10
Issuance of common stock resulting from purchase of employee stock purchase plan shares (in shares)					69,000
Issuance of common stock resulting from purchase of employee stock purchase plan shares	$ 104								104
Issuance of common stock pursuant to offering (in shares)						88,000
Issuance of common stock pursuant to offering		$ 166								$ 166
Balance at end of period (in shares) at Jun. 30, 2022	15,617			16,000
Balance at end of period (in shares) at Jun. 30, 2022	74,257,587				74,257,000
Balance at end of period at Jun. 30, 2022	$ 44,365			$ 0	$ 74			$ 0	$ 316,249			$ 625	$ (272,583)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Payments of stock issuance costs		$ 0.3
At the market offering
Payments of stock issuance costs	$ 0.4	$ 0.3	$ 0.4
Private placement
Payments of stock issuance costs	$ 0.1		$ 0.1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net loss	$ (15,439)	$ (19,670)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation and amortization	1,428	1,242
Right-of-use asset (accretion) amortization	(5)	(48)
Stock-based compensation	2,479	2,525
Realized investment gains	40	0
Other non-cash transactions	214	(14)
Changes in operating assets and liabilities	(26,938)	33,733
Net cash (used in) operating activities	(38,221)	17,768
Investing activities:
Purchases of property and equipment	(1,018)	(257)
Proceeds from maturity of investments	4,850	0
Purchases of investments	(31,645)	0
Net cash (used in) investing activities	(27,813)	(257)
Financing activities:
Proceeds from exercise of stock options	95	292
Proceeds from exercise of warrants	0	837
Proceeds from employee stock purchase plan	104	96
Proceeds from issuance of common stock from private placement, net of issuance costs	0	18,913
Proceeds from issuance of common stock resulting from ATM sales, net of $0.3 million in transaction costs	6,640	12,172
Net cash provided by financing activities	6,839	32,310
Effect of exchange rate change on cash and cash equivalents	(4,312)	(1,160)
Net decrease in cash and cash equivalents	(63,507)	48,661
Cash and cash equivalents at beginning of period	117,764	70,436
Cash and cash equivalents at end of period	54,257	119,097
Supplemental cash flow disclosures:
Net unrealized gain on investments	152	0
Property and equipment included in accounts payable	$ 15	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Statement of Cash Flows [Abstract]
Payments of stock issuance costs	$ 0.3

Corporate Information	6 Months Ended
Corporate Information	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Corporate Information	Corporate Information Pieris Pharmaceuticals, Inc. was founded in May 2013, and acquired 100% interest in Pieris Pharmaceuticals GmbH (formerly Pieris AG, a German company that was founded in 2001) in December 2014. Pieris Pharmaceuticals, Inc. and its wholly-owned subsidiaries, hereinafter collectively Pieris, or the Company, is a clinical-stage biopharmaceutical company that discovers and develops Anticalin-based drugs to target validated disease pathways in unique and transformative ways. Pieris’ corporate headquarters is located in Boston, Massachusetts and its research facility is located in Hallbergmoos, Germany. Pieris’ clinical pipeline includes an inhaled IL-4Rα antagonist Anticalin protein to treat moderate-to-severe asthma and an immuno-oncology, or IO, bispecific targeting 4-1BB and HER2. The Company’s core Anticalin technology and platform was developed in Germany, and the Company has partnership arrangements with several major multi-national pharmaceutical companies. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, the need for additional capital, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval and reimbursement for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development of technological innovations by competitors, reliance on third-party manufacturers and the ability to transition from pilot-scale production to large-scale manufacturing of products. As of June 30, 2022, cash, cash equivalents, and investments were $80.9 million. For the three months ended June 30, 2022 and 2021, the Company’s net loss was $10.3 million and $15.5 million. For the six months ended June 30, 2022 and 2021, the Company's net loss was $15.4 million and $19.7 million The Company has incurred net losses since inception and had an accumulated deficit of $272.6 million as of June 30, 2022. Net losses and negative cash flows from operations have had, and will continue to have, an adverse effect on the Company’s stockholders’ equity and working capital. The Company expects to continue to incur operating losses for at least the next several years. The future success of the Company is dependent on its ability to identify and develop its product candidates, expand its corporate infrastructure and ultimately upon its ability to attain profitable operations. The Company has devoted substantially all of its financial resources and efforts to research and development and general and administrative expenses to support such research and development. The Company has several research and development programs underway in varying stages of development, and it expects that these programs will continue to require increasing amounts of cash for development, conducting clinical trials, and testing and manufacturing of product material. Cash necessary to fund operations will increase significantly over the next several years as the Company continues to conduct these activities necessary to pursue governmental regulatory approval of clinical-stage programs and other product candidates. The Company plans to raise additional capital to fulfill its operating and capital requirements through public or private equity financings, utilization of its current “at the market offering” program, or ATM Program, strategic collaborations, licensing arrangements, government grants and/or the achievement of milestones under its collaborative agreements. The funding requirements of the Company’s operating plans, however, are based on estimates that are subject to risks and uncertainties and may change as a result of many factors currently unknown. Although management continues to pursue these funding plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. Until such time that the Company can generate substantial product revenues, if ever, the Company expects to finance its cash needs through a combination of equity offerings, debt financings, strategic partnerships, licensing arrangements and government grants. The terms of any future financing may adversely affect the holdings or the rights of the Company’s existing stockholders. The Company believes that its currently available funds will be sufficient to fund the Company’s operations through at least the next twelve months from the issuance of this Quarterly Report on Form 10-Q. The Company’s belief with respect to its ability to fund operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional funding. If the Company is unable to obtain additional funding on acceptable terms when needed, it may be required to defer or limit some or all of its research, development and/or clinical projects.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2—Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. There have been no material additions to the significant accounting policies for the six months ended June 30, 2022.

Unaudited Interim Financial Information

The accompanying unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments, and disclosures considered necessary for a fair presentation of interim period results have been included. Interim results for the three and six months ended June 30, 2022 are not necessarily indicative of results that may be expected for the year ending December 31, 2022. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 2, 2022.

Basis of Presentation and Use of Estimates

The accompanying condensed consolidated financial statements of Pieris Pharmaceuticals, Inc. and its wholly-owned subsidiaries were prepared in accordance with U.S. GAAP. The condensed consolidated financial statements include the accounts of all subsidiaries. All intercompany balances and transactions have been eliminated.

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates are used for, but are not limited to, revenue recognition; deferred tax assets, deferred tax liabilities and valuation allowances; determination of the incremental borrowing rate to calculate right-of-use assets and lease liabilities; beneficial conversion features; fair value of stock options, preferred stock, and warrants; and prepaid and accrued clinical trial expenses. Management evaluates its estimates on an ongoing basis. Actual results and outcomes could differ materially from management’s estimates, judgments and assumptions.

Cash, Cash Equivalents and Investments

The Company determines the appropriate classification of its investments at the time of purchase. All liquid investments with original maturities of 90 days or less from the purchase date and for which there is an active market are considered to be cash equivalents. The Company’s investments are comprised of money market, asset backed securities, government treasuries and corporate bonds that are classified as available-for-sale in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 320, Investments—Debt and Equity Securities. The Company classifies investments available to fund current operations as current assets on its balance sheets.

Available-for-sale investments are recorded at fair value, with unrealized gains or losses included in accumulated other comprehensive loss on the Company’s balance sheets. Realized gains and losses are determined using the specific identification method and are included as a component of other income.

The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. To determine whether an impairment is other-than temporary, the Company considers its intent to sell or whether it is more likely than not that the Company will be required to sell the investment before recovery of the investment’s amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, the severity and the duration of the impairment and changes in value subsequent to period end.

Concentration of Credit Risk and Off-Balance Sheet Risk

The Company has no financial instruments with off-balance sheet risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. Financial instruments that subject Pieris to concentrations of credit risk include cash and cash equivalents, investments, and accounts receivable. The Company’s cash, cash equivalents, and investments are held in accounts with financial institutions that management believes are creditworthy. The Company’s investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimize the exposure to concentration of credit risk. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. Accounts receivable primarily consist

of amounts due under strategic partnership and other license agreements with major multi-national pharmaceutical companies for which the Company does not obtain collateral.

Fair Value Measurement

The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement and Disclosures, established a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the financial instrument and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported or disclosed fair value of the financial instruments and is not a measure of the investment credit quality. Fair value measurements are classified and disclosed in one of the following three categories:

•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.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Financial instruments measured at fair value on a recurring basis include cash equivalents and investments (see Note 4).

An entity may elect to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected will be reported in net loss. The Company did not elect to measure any additional financial instruments or other items at fair value.

Property and Equipment

Property and equipment are recorded at acquisition cost, less accumulated depreciation and impairment. Depreciation on property and equipment is calculated using the straight-line method over the remaining estimated useful lives of the assets. Maintenance and repairs to these assets are charged to expenses as occurred. The estimated useful life of the different groups of property and equipment is as follows:


Asset Classification						Estimated useful life (in years)
Leasehold improvements						shorter of useful life or remaining life of the lease
Laboratory furniture and equipment						8 - 14
Office furniture and equipment						5 - 13
Computer and equipment						3 - 7

Revenue Recognition

Pieris has entered into several licensing agreements with collaboration partners for the development of Anticalin therapeutics against a variety of targets. The terms of these agreements provide for the transfer of multiple goods or services which may include: (i) licenses, or options to obtain licenses, to Pieris’ Anticalin technology and/or specific programs and (ii) research and development activities to be performed on behalf of or with a collaborative partner. Payments to Pieris under these agreements may include upfront fees (which include license and option fees), payments for research and development activities, payments based upon the achievement of certain milestones, and royalties on product sales. There are no performance, cancellation, termination or refund provisions in any of the arrangements that could result in material financial consequences to Pieris. As the

Company's intellectual property assets are considered to be located in Germany, the Company records all consolidated revenue in its subsidiary, Pieris Pharmaceuticals, GmbH.

Collaborative Arrangements

The Company considers the nature and contractual terms of an arrangement and assesses whether the arrangement involves a joint operating activity pursuant to which it is an active participant and exposed to significant risks and rewards with respect to the arrangement. If the Company is an active participant and exposed to the significant risks and rewards with respect to the arrangement, it accounts for these arrangements pursuant to ASC 808, Collaborative Arrangements, or ASC 808, and applies a systematic and rational approach to recognize revenue. The Company classifies payments received as revenue and payments made as a reduction of revenue in the period in which they are earned. Revenue recognized under a collaborative arrangement involving a participant that is not a customer is presented as Collaboration Revenue in the Statement of Operations.

Revenue from Contracts with Customers

In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for these goods and services. To achieve this core principle, the Company applies the following five steps: 1) identify the customer contract; 2) identify the contract’s performance obligations; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations; and 5) recognize revenue when or as a performance obligation is satisfied.

The Company evaluates all promised goods and services within a customer contract and determines which of such goods and services are separate performance obligations. This evaluation includes an assessment of whether the good or service is capable of being distinct and whether the good or service is separable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own or whether the required expertise is readily available.

Licensing arrangements are analyzed to determine whether the promised goods or services, which often include licenses, research and development services and governance committee services, are distinct or whether they must be accounted for as part of a combined performance obligation. If the license is considered not to be distinct, the license would then be combined with other promised goods or services as a combined performance obligation. If the Company is involved in a governance committee, it assesses whether its involvement constitutes a separate performance obligation. When governance committee services are determined to be separate performance obligations, the Company determines the fair value to be allocated to this promised service.

Certain contracts contain optional and additional items, which are considered marketing offers and are accounted for as separate contracts with the customer if such option is elected by the customer, unless the option provides a material right which would not be provided without entering into the contract. An option that is considered a material right is accounted for as a separate performance obligation.

The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. A contract may contain variable consideration, including potential payments for both milestone and research and development services. For certain potential milestone payments, the Company estimates the amount of variable consideration by using the most likely amount method. In making this assessment, the Company evaluates factors such as the clinical, regulatory, commercial and other risks that must be overcome to achieve the milestone. Each reporting period the Company re-evaluates the probability of achievement of such variable consideration and any related constraints. Pieris will include variable consideration, without constraint, in the transaction price to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. For potential research and development service payments, the Company estimates the amount of variable consideration by using the expected value method, including any approved budget updates arising from additional research or development services.

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price among the performance obligations on a relative standalone selling price basis unless a portion of the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct good or service that forms part of a single performance obligation.

The Company allocates the transaction price based on the estimated standalone selling price of the underlying performance obligations or, in the case of certain variable consideration, to one or more performance obligations. The Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company utilizes key assumptions to determine the stand-alone selling price, which may include other comparable transactions, pricing considered in negotiating the transaction and the estimated costs to complete the respective performance obligation. Certain variable consideration is allocated specifically to one or more performance obligations in a contract when the terms of the variable consideration relate to the satisfaction of the performance obligation and the resulting amounts allocated to each performance obligation are consistent with the amount the Company would expect to receive for each performance obligation.

When a performance obligation is satisfied, revenue is recognized for the amount of the transaction price, excluding estimates of variable consideration that are constrained, that is allocated to that performance obligation on a relative standalone selling price basis. Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement.

For performance obligations consisting of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company will recognize revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license.

Revenue recognized under an arrangement involving a participant that is a customer is presented as Customer Revenue.

Milestones and Royalties

The Company aggregates milestones into four categories: (i) research milestones, (ii) development milestones, (iii) commercial milestones, and (iv) sales milestones. Research milestones are typically achieved upon reaching certain success criteria as defined in each agreement related to developing an Anticalin protein against the specified target. Development milestones are typically reached when a compound reaches a defined phase of clinical research or passes such phase, or upon gaining regulatory approvals. Commercial milestones are typically achieved when an approved pharmaceutical product reaches the status for commercial sale, including regulatory approval. Sales milestones are certain defined levels of net sales by the licensee, such as when a product first achieves global sales or annual sales of a specified amount.

There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has thus determined that all research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not occur. For revenues from research and development milestones, payments will be recognized consistent with the recognition pattern of the performance obligation to which they relate.

For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Commercial milestones and sales royalties are determined by sales or usage-based thresholds and will be accounted for under the royalty recognition constraint as constrained variable consideration.

The Company calculates the maximum amount of potential milestones achievable under each collaboration agreement and discloses such potential future milestones for all current collaborations using such a maximum calculation.

Contract Balances

The Company recognizes a contract asset when the Company transfers goods or services to a customer before the customer pays consideration or before payment is due, excluding any amounts presented as a receivable (i.e., accounts receivable). A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. The contract liabilities (i.e., deferred revenue) primarily relate to contracts where the Company has received payment but has not yet satisfied the related performance obligations.

In the event of an early termination of a collaboration agreement, any contract liabilities would be recognized in the period in which all Company obligations under the agreement have been fulfilled.

Costs to Obtain and Fulfill a Contract with a Customer

Certain costs to obtain customer contracts, including success-based fees paid to third-party service providers, and costs to fulfill customer contracts are capitalized in accordance with FASB ASC 340, Other Assets and Deferred Costs, or ASC 340. These costs are amortized to expense on a systemic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. The Company will expense the amortization of costs to obtain customer contracts to general and administrative expense and costs to fulfill customer contracts to research and development expense.

Government Grants

The Company recognizes grants from governmental agencies when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. The Company evaluates the conditions of each grant as of each reporting period to evaluate whether the Company has reached reasonable assurance of meeting the conditions of each grant arrangement and that it is expected that the grant will be received as a result of meeting the necessary conditions. Grants are recognized in the consolidated statements of operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, grant income related to research and development costs is recognized as such expenses are incurred. Grant income is included as a separate caption within Other income (expense), net in the consolidated statements of operations.

Leases

In accordance with ASU No. 2016-2, Leases (Topic 842), or ASC 842, and for each of the Company’s leases, the following is recognized: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term for all leases (with the exception of short-term leases) at the commencement date.

The Company determines if an arrangement is a lease at inception. The Company’s contracts are determined to contain a lease within the scope of ASC 842 when all of the following criteria based on the specific circumstances of the arrangement are met: (1) there is an identified asset for which there are no substantive substitution rights; (2) the Company has the right to obtain substantially all of the economic benefits from the identified asset; and (3) the Company has the right to direct the use of the identified asset.

At the commencement date, operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of future lease payments over the expected lease term. The Company’s lease agreements do not provide an implicit rate. As a result, the Company utilizes an estimated incremental borrowing rate to discount lease payments, which is based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term and based on observable market data points. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or lease incentives received. Operating lease cost is recognized over the expected term on a straight-line basis.

The Company typically only includes an initial lease term in its assessment of a lease agreement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. The expected lease term includes noncancellable lease periods and, when applicable, periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option, as well as periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option.

Assumptions made by the Company at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not included in the original lease and when lease payments increase commensurate with the standalone price for the additional right of use. When a lease modification results in a separate contract, it is accounted for in the same manner as a new lease.

Recent Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements, or ASU 2016-13. ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. The new standard requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value, and requires the reversal of previously recognized credit losses if fair value increases. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset.

Subsequently, in November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies codification and corrects unintended application of the guidance. In November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarifies or addresses specific issues about certain aspects of ASU 2016-13. In November 2019 the FASB also issued ASU No. 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, which delays the effective date of ASU 2016-13 by three years for certain smaller reporting companies such as the Company. The guidance in ASU 2016-13 is effective for the Company for financial statements issued for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, with early adoption permitted. The Company is still evaluating the impact of the adoption of this standard.

The Company has considered other recent accounting pronouncements and concluded that they are either not applicable to the business or that the effect is not expected to be material to the unaudited condensed consolidated financial statements as a result of future adoption.

Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

General

The Company has not generated revenue from product sales. The Company has generated revenue from contracts with customers and revenue from collaboration agreements, which include upfront payments for licenses or options to obtain licenses, payments for research and development services and milestone payments.

The Company recognized revenue from the following strategic partnerships and other license agreements (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Seagen	$	2,607	$	338	$	2,919	$	704
AstraZeneca	(130)		2,202		4,623		16,702
Servier	230		745		4,964		1,512

Genentech	991		—		2,180		—
Total Revenue	$	3,698	$	3,285	$	14,686	$	18,918

Under the Company’s existing strategic partnerships and other license agreements, the Company could receive the following potential milestone payments (in millions):


	Research, Development, Regulatory & Commercial Milestones		Sales Milestones
AstraZeneca	$	900	$	4,100
Servier	125		94
Seagen	754		450
Boston Pharmaceuticals	88		265
Genentech	834		600
Total potential milestone payments	$	2,701	$	5,509

Strategic Partnerships

Genentech

On May 19, 2021, the Company and Genentech, Inc., or Genentech, entered into a Research Collaboration and License Agreement, or the Genentech Agreement, to discover, develop and commercialize locally delivered respiratory and ophthalmology therapies that leverage the Company’s proprietary Anticalin technology. Upon signing the Genentech Agreement, Genentech paid the Company a $20 million upfront fee. In addition, the Company may be eligible to receive up to approximately $1.4 billion in additional milestone payments across multiple programs, as well as tiered royalty payments on net sales at percentages ranging from the mid-single to low double-digits, subject to certain standard reductions and offsets.

Under the terms of the Genentech Agreement, the Company is responsible for discovery and preclinical development of two initial programs. The Company is responsible for research activities following target nomination through the late-stage research go decision. The parties will then collaborate on drug candidate characterization until the development go decision. After the development go decision, Genentech will be responsible for pursuing the preclinical and clinical development of each program, and thereafter, the commercialization efforts. Each party is responsible for the costs incurred to perform their respective responsibilities. Genentech has an option to expand the collaboration to encompass two additional programs with the payment of a $10 million fee per additional program. If Genentech exercises its option to start additional programs, payment to the Company of additional fees, milestone payments and royalties would result.

Unless earlier terminated, the term of the Genentech Agreement continues until no royalty or other payment obligations are or will become due under the Genentech Agreement. The Genentech Agreement may be terminated (i) by either party based on insolvency or breach by the other party and such insolvency proceeding is not dismissed or such breach is not cured within 90 days; or (ii) after nine months from the effective date of the Genentech Agreement, by Genentech as a whole or on a product-by-product and/or country-by-country basis upon 90 days' prior written notice before the first commercial sale of a product or upon 180 days' prior written notice after the first commercial sale of a product.

While the Genentech Agreement allows for up to four research programs, only two research programs are initially identified and committed in the Genentech Agreement. To reach a total of up to four research programs, the Company has granted Genentech options to nominate two additional collaboration targets of their choosing, subject to the legal availability of the target to be researched. Genentech will have three years after the effective date to nominate the subsequent targets. The Company has also granted Genentech options to replace any of the collaboration targets identified with another target. However, at no point will there be more than four identified collaboration targets for which there are ongoing research programs.

The arrangement with Genentech provides for the transfer of the following goods or services: (i) exclusive research and commercial license for the collaboration programs, (ii) a non-exclusive platform improvement license, (iii) research and development services, (iv) participation in a governance committee, and (v) replacement target options on the first two programs upon a screening failure which were assessed as material rights.

intellectual property and knowledge required to perform the services, and Genentech could not benefit from the licenses without the corresponding services. The Company determined that the participation in the governance committees was distinct as the services could be performed by an outside party.

As a result, management concluded there were five separate performance obligations at the inception of the Genentech Agreement: (i) two combined performance obligations, each comprised of an exclusive research and commercial license, a non-exclusive platform improvement license, and research and development services for the first two Genentech programs, (ii) two performance obligations each comprised of a material right for a target swap option for the first two Genentech programs, and (iii) one performance obligation comprised of participation on the governance committee.

The Company allocated consideration to the performance obligations based on the relative proportion of their standalone selling prices. The Company developed standalone selling prices for licenses by applying a risk adjusted, net present value, estimate of future potential cash flows approach, which included the cost of obtaining research and development services at arm’s length from a third-party provider, as well as internal full-time equivalent costs to support these services. The Company developed the standalone selling price for committee participation by using management’s estimate of the anticipated participation hours multiplied by a market rate for comparable participants.

The transaction price at inception is comprised of fixed consideration of $20.0 million in upfront fees and was allocated to each of the performance obligations based on the relative proportion of their standalone selling prices. The amounts allocated to the performance obligations for the two research programs will be recognized on a proportional performance basis through the completion of each respective estimated research term of the individual research programs. The amounts allocated to the material right for the target options will be recognized either at the time the material right expires or, if exercised, on a proportional performance basis over the estimated research term for that program along with any remaining deferred revenue associated with the replacement target. The amounts allocated to the participation on the committee will be recognized on a straight-line basis over the anticipated research term for all research programs. As of June 30, 2022, there was $13.2 million of aggregate transaction price allocated to remaining performance obligations.

Under the Genentech Agreement, the Company is eligible to receive various research, development, commercial and sales milestones. There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has determined that all other research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not occur.

As of June 30, 2022, there were $7.6 million and $5.6 million of current and non-current deferred revenue, respectively, related to the Genentech Agreement.

Boston Pharmaceuticals

On April 24, 2021, the Company and BP Asset XII, Inc., or Boston Pharmaceuticals, a subsidiary of Boston Pharma Holdings, LLC, entered into an Exclusive Product License Agreement, or the BP Agreement, to develop PRS-342, a 4-1BB/GPC3 preclinical immuno-oncology Anticalin-antibody bispecific fusion protein.

Under the terms of the BP Agreement, Boston Pharmaceuticals exclusively licensed worldwide rights to PRS-342. The Company received an upfront payment of $10.0 million and is further entitled to receive up to $352.5 million in development, regulatory and sales-based milestone payments, tiered royalties up to low double-digits on sales of PRS-342 and a percentage of consideration received by Boston Pharmaceuticals in the event of a sublicense of a program licensed under the BP Agreement or a change of control of Boston Pharmaceuticals. The Company will also contribute up to $4.0 million toward manufacturing activities.

The term of the BP Agreement ends upon the expiration of all of Boston Pharmaceuticals’ payment obligations thereunder. The BP Agreement may be terminated by Boston Pharmaceuticals in its entirety for convenience beginning nine months after its effective date upon 60 days’ notice or, for any program under the BP Agreement which has received marketing approval, upon 120 days’ notice. If any program is terminated by Boston Pharmaceuticals, the Company will have full rights to continue such program. The BP Agreement may also be terminated by Boston Pharmaceuticals or the Company for an uncured material breach by the other party upon 180 days’ notice (60 days in the case of non-payment of undisputed amounts due and payable), subject to extension for an additional 180 days in certain cases and subject, in all cases, to dispute resolution procedures. The Agreement may also be terminated due to the other party’s insolvency. The Company may also terminate the BP Agreement if Boston Pharmaceuticals challenges the validity of any patents licensed under the BP Agreement, subject to certain exceptions.

The Company does not have any obligations to assist in the research and development efforts of Boston Pharmaceuticals under the BP Agreement. However, the Company has an obligation to fund up to $4.0 million in costs, including out-of-pocket costs incurred by Boston Pharmaceuticals, in connection with the manufacture of products under the BP Agreement. The arrangement with Boston Pharmaceuticals provides for the transfer of the following: (i) exclusive license of PRS-342, (ii) non-exclusive Pieris platform license, (iii) initial know-how, (iv) product cell line license, and (v) materials (as each such term is defined under the BP Agreement).

Management evaluated all of the promised goods or services within the BP Agreement and determined which such goods and services were separate performance obligations. The Company determined that the licenses granted, at arrangement inception, should be combined with the transfer of know-how, materials and the product cell line license. Boston Pharmaceuticals could not benefit from the exclusive and non-exclusive licenses without the corresponding transfer of know-how and materials.

As a result, management concluded there was only one combined performance obligation. The transaction price at inception is comprised of fixed consideration of $10.0 million in upfront fees, offset by $4.0 million in consideration payable to Boston Pharmaceuticals to reimburse them for expected out-of-pocket manufacturing costs, for a total transaction price of $6.0 million. Management has assessed the forms of variable consideration within the BP Agreement and concluded that the payments are either constrained by the royalty recognition constraint or because management has assessed the most likely amount associated with the payments as zero.

The amounts allocated to the performance obligations did not meet the criteria to be recognized over time on a proportional performance basis and thus will be recognized at a point in time. The Company determined that the performance obligation will be fully satisfied when all of the deliverables in the combined performance obligation are transferred to Boston Pharmaceuticals as that is the point at which Boston Pharmaceuticals can fully use and benefit from the license to PRS-342. The Company transferred all such deliverables to Boston Pharmaceuticals in the fourth quarter of 2021. As of December 31, 2021, the Company had recognized the full transaction price, or $5.7 million, as revenue and there is no remaining deferred revenue.

Seagen

On February 8, 2018, the Company entered into a license and collaboration agreement, or the Seagen Collaboration Agreement, and a non-exclusive Anticalin platform technology license agreement, or the Seagen Platform License, and together with the Seagen Collaboration Agreement, the Seagen Agreements, with Seagen Inc. (formerly Seattle Genetics, Inc.), or Seagen, pursuant to which the parties will develop multiple targeted bispecific IO treatments for solid tumors and blood cancers.

Under the terms of the Seagen Agreements, the companies will pursue multiple antibody-Anticalin fusion proteins during the research phase. The Seagen Agreements provide Seagen a base option to select up to three programs for further development. Prior to the initiation of a pivotal trial, the Company may opt into global co-development and U.S. commercialization of the second program and share in global costs and profits on an equal basis. Seagen will solely develop, fund and commercialize the other two programs. Seagen may also decide to select additional candidates from the initial research phase for further development in return for the payment to the Company of additional fees, milestone payments and royalties.

The Seagen Platform License grants Seagen a non-exclusive license to certain intellectual property related to the Anticalin platform technology.

Upon signing the Seagen Agreements, Seagen paid the Company a $30.0 million upfront fee and an additional $4.9 million was estimated to be paid for research and development services as reimbursement to the Company through the end of the research term. In addition, the Company may receive tiered royalties on net sales up to the low double-digits and up to $1.2 billion in total success-based research, development, commercial and sales milestones payments across the product candidates, depending on the successful development and commercialization of those candidates. If Seagen exercises its option to select additional candidates from the initial research phase for further development, payment to Pieris of additional fees, milestone payments and royalties would result.

The term of each of the Seagen Agreements ends upon the expiration of all of Seagen’s payment obligations under each such agreement. The Seagen Collaboration Agreement may be terminated by Seagen on a product-by-product basis for convenience beginning 12 months after its effective date upon 90 days’ notice or, for any program where a pivotal study has been initiated, upon 180 days’ notice. Any program may be terminated at Seagen’s option. If any program is terminated by Seagen after a predefined preclinical stage, the Company will have full rights to continue such program. If any program is terminated by Seagen prior to such predefined preclinical stage, the Company will have the right to continue to develop such program, but will be obligated to offer a co-development option to Seagen for such program. The Seagen Collaboration Agreement may also be terminated by Seagen or the Company for an uncured material breach by the other party upon 90 days’ notice, subject to extension for an additional 90 days if the material breach relates to diligence obligations and subject, in all cases, to dispute

resolution procedures. The Seagen Collaboration Agreement may also be terminated due to the other party’s insolvency and may in certain instances, including for reasons of safety, be terminated on a product-by-product basis. Each party may also terminate the Seagen Agreements if the other party challenges the validity of any patents licensed under the Seagen Agreements, subject to certain exceptions. The Seagen Platform License will terminate upon termination of the Seagen Collaboration Agreement, whether in its entirety or on a product-by-product basis.

The Company determined that the Seagen Agreements should be combined and evaluated as a single arrangement under ASC 606 as they were executed on the same date. The arrangement with Seagen provides for the transfer of the following goods or services: (i) three candidate research licenses that each consist of a non-exclusive platform technology license, a co-exclusive candidate research license, and research and development services, (ii) research, development and manufacturing services associated with each candidate research license, (iii) participation on various governance committees, and (iv) two antibody target swap options which were assessed as material rights.

Management evaluated all of the promised goods or services within the contract and determined which such goods and services were separate performance obligations. The Company determined that the licenses granted, at arrangement inception, should be combined with the research and development services to be provided for the related antibody target programs as they are not capable of being distinct. A third party would not be able to provide the research and development services due to the specific nature of the intellectual property and knowledge required to perform the services, and Seagen could not benefit from the licenses without the corresponding services. The Company determined that the participation on the various governance committees was distinct as the services could be performed by an outside party.

As a result, management concluded there were six separate performance obligations at the inception of the Seagen Agreements: (i) three combined performance obligations, each comprised of a non-exclusive platform technology license, a co-exclusive candidate research license, and research and development services for the first three approved Seagen antibody target programs, (ii) two performance obligations each comprised of a material right for an antibody target swap option for the first and the second approved Seagen antibody target for no additional consideration, and (iii) one performance obligation comprised of the participation on the various governance committees.

The transaction price at inception is comprised of fixed consideration of $30.0 million in upfront fees and variable consideration of $4.9 million of estimated research and development services to be reimbursed as research and development occurs through the research term. The $30.0 million upfront fee, which represents the fixed consideration in the transaction price, was allocated to each of the performance obligations based on the relative proportion of their standalone selling prices. The $4.9 million in variable consideration related to the research and development services is allocated specifically to the three target program performance obligations based upon the budgeted services for each program.

The amounts allocated to the performance obligations for the three research programs will be recognized on a proportional performance basis through the completion of each respective estimated research term of the individual research programs. The amounts allocated to the material right for the antibody target swap option will be recognized either at the time the material right expires or, if exercised, on a proportional performance basis over the estimated research term for that program. The amounts allocated to the participation on each of the committees will be recognized on a straight-line basis over the anticipated research term for all research programs. As of June 30, 2022, there was $17.2 million of aggregate transaction price allocated to remaining performance obligations. In addition, as of June 30, 2022 both target swap options have expired and these performance obligations are complete.

In June 2020, Seagen and the Company entered into amendments to the Seagen Agreements, or together, the Amendment. The Amendment extended the deadline for Seagen to nominate a second and third antibody target. As a result of the Amendment, which completed the obligations under the research term for the first antibody target, the Company recorded as revenue $4.2 million, which was previously recorded as deferred revenue, for the year ended December 31, 2020. The Company also recorded $5.0 million of milestone revenue due from Seagen during the quarter ended June 30, 2020, as it was no longer deemed probable that a significant reversal of revenue would occur, and the remaining performance obligations on first antibody target were completed.

On March 24, 2021, the Company announced that Seagen made a strategic equity investment in Pieris, and that the companies had entered into a combination study agreement, or the Combination Study Agreement, to evaluate the safety and efficacy of combining Pieris’ cinrebafusp alfa with Seagen’s tucatinib, a small-molecule tyrosine kinase HER2 inhibitor, for the treatment of gastric cancer patients expressing lower HER2 levels. Enrollment into the phase 2 study was ceased in August 2022 as part of a strategic pipeline prioritization. The companies have also entered into an Amended and Restated License and Collaboration Agreement, or the Second Seagen Amendment, in which their existing IO collaboration agreement has been amended relating to joint development and commercial rights for the second program in the alliance. In connection with the agreements described above, the Company and Seagen also entered into a subscription agreement, or the Seagen Subscription Agreement.

Under the Second Seagen Amendment, Pieris’ option to co-develop and co-commercialize the second of three programs in the collaboration has been converted to a co-promotion option of one of the three programs in the United States, with Seagen solely responsible for the development and overall commercialization of that program. Pieris will also be entitled to increased royalties from that program in the event that it chooses to exercise the co-promotion option. In connection with the Seagen Subscription Agreement, the Company agreed to issue to Seagen, and Seagen agreed to acquire from the Company, 3,706,174 shares of the Company’s common stock for a total purchase price of $13.0 million, or $3.51 per share, in a private placement transaction pursuant to Section 4(a)(2) of the Securities Act. The Seagen Subscription Agreement includes a provision to the effect that Seagen may ask the Company to file a registration statement to register the resale of the shares issued to Seagen, at any time beginning on the date that is 60 calendar days from the date of issuance of the shares. The Company assessed the ASC 606 implications of the Seagen Subscription Agreement and concluded that the fair value of the shares on a per share basis was $2.61 per share as of the transaction date. This resulted in a premium paid for the shares of $3.3 million, all of which was recorded in deferred revenue upon contract execution and allocated to the remaining performance obligations.

The Company has concluded that the Combination Study Agreement is within the scope of ASC 808, which defines collaborative arrangements and addresses the presentation of the transactions between the two parties in the income statement and related disclosures. However, ASC 808 does not provide guidance on the recognition of consideration exchanged or accounting for the obligations that may arise between the parties. The Company has concluded that ASC 730, Research and Development, should be applied by analogy. There is no financial statement impact for the Combination Study Agreement as the value of the drug supply received from Seagen is offset against the drug supply cost.

Under the Seagen Agreements, the Company is eligible to receive other various research, development, commercial and sales milestones. There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. With the exception of the previously discussed achieved milestone, the Company has determined that all other research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not occur.

As of June 30, 2022, there were $9.3 million and $5.2 million of current and non-current deferred revenue, respectively, related to the Seagen Agreements.

AstraZeneca

On May 2, 2017, the Company entered into a license and collaboration agreement, or the AstraZeneca Collaboration Agreement, and a non-exclusive Anticalin platform technology license agreement, or AstraZeneca Platform License, and together with the AstraZeneca Collaboration Agreement, the AstraZeneca Agreements, with AstraZeneca AB, or AstraZeneca, which became effective on June 10, 2017, following expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Under the AstraZeneca Agreements, the parties will advance several novel inhaled Anticalin proteins.

In addition to the Company’s lead inhaled drug candidate, PRS-060/AZD1402, or the AstraZeneca Lead Product, the Company and AstraZeneca agreed to collaborate, under the original terms of the AstraZeneca Collaboration Agreement, to progress four additional novel Anticalin proteins against undisclosed targets for respiratory diseases, or the AstraZeneca Collaboration Products, and together with the AstraZeneca Lead Product, the AstraZeneca Products. The Company is responsible for advancing the AstraZeneca Lead Product through its phase 1 study, with the associated costs funded by AstraZeneca. The parties will collaborate thereafter to conduct a phase 2a study in asthma patients, with AstraZeneca continuing to fund development costs. After the availability of topline data from a phase 2a study, Pieris has the option to co-develop the AstraZeneca Lead Product and also has a separate option to co-commercialize the AstraZeneca Lead Product in the United States. For the AstraZeneca Collaboration Products, the Company will be responsible for the initial discovery of the novel Anticalin proteins, after which AstraZeneca will take the lead on continued development of the AstraZeneca Collaboration Products. The Company retained the option to co-develop two of the four AstraZeneca Collaboration Products beginning at a predefined preclinical stage and would also have the option to co-commercialize these two programs in the United States, while AstraZeneca will be responsible for development and commercialization of the other programs worldwide.

The term of each of the AstraZeneca Agreements ends upon the expiration of all of AstraZeneca’s payment obligations under such agreement. The AstraZeneca Collaboration Agreement may be terminated by AstraZeneca in its entirety for convenience beginning 12 months after its effective date upon 90 days’ notice or, if the Company has obtained marketing approval for the marketing and sale of a product, upon 180 days’ notice. Each program may be terminated at AstraZeneca’s option; if any program is terminated by AstraZeneca, the Company will have full rights to such program. The AstraZeneca Collaboration Agreement may also be terminated by AstraZeneca or the Company for material breach upon 180 days’ notice of a material breach (or 30 days with respect to payment breach), provided that the applicable party has not cured such breach by the permitted cure period (including an additional 180 days if the breach is not susceptible to cure during the initial 180-day period) and dispute resolution procedures specified in the agreement have been followed. The AstraZeneca Collaboration Agreement may also be terminated due to the other party’s insolvency and may in certain instances be terminated on a product-by-product and/or country-by-country basis. Each party may also terminate an AstraZeneca Agreement if the other party challenges the validity of patents related to certain intellectual property licensed under such AstraZeneca Agreement, subject to certain exceptions for infringement suits, acquisitions and newly-acquired licenses. The AstraZeneca Platform License will terminate upon termination of the AstraZeneca Collaboration Agreement, on a product-by-product and/or country-by-country basis.

At inception, AstraZeneca is granted the following licenses: (i) research and development license for the AstraZeneca Lead Product, (ii) commercial license for the AstraZeneca Lead Product, (iii) individual research licenses for each of the four AstraZeneca Collaboration Products, (iv) individual commercial licenses for each of the four AstraZeneca Collaboration Products, and (v) individual non-exclusive platform technology licenses for the AstraZeneca Lead Product and the four AstraZeneca Collaboration Products. AstraZeneca will be granted individual development licenses for each of the four AstraZeneca Collaboration Products upon completion of the initial discovery of Anticalin proteins.

The collaboration will be managed on an overall basis by a Joint Steering Committee, or JSC, formed by an equal number of representatives from the Company and AstraZeneca. In addition to the JSC, the AstraZeneca Collaboration Agreement also requires each party to designate an alliance manager to facilitate communication and coordination of the parties’ activities under the agreement, and further requires participation of both parties on a joint development committee, or JDC, and a commercialization committee. The responsibilities of these committees vary, depending on the stage of development and commercialization of each product.

Under the AstraZeneca Agreements, the Company received an upfront, non-refundable payment of $45.0 million. In addition, the Company will receive payments to conduct a phase 1 clinical study for the AstraZeneca Lead Product. The Company is also eligible to receive research, development, commercial, sales milestone payments and royalty payments. The Company may receive tiered royalties on sales of potential products commercialized by AstraZeneca and for co-developed products, gross margin share on worldwide sales equal to the Company’s level of committed investment.

The Company determined that the AstraZeneca Agreements should be combined and evaluated as a single arrangement under ASC 606 as they were executed on the same date. The arrangement with AstraZeneca, including the impact of any modifications, provides for the transfer of the following goods and services: (i) five non-exclusive platform technology licenses, (ii) research and development license for the AstraZeneca Lead Product, (iii) commercial license for the AstraZeneca Lead Product, (iv) development and manufacturing services for the AstraZeneca Lead Product (or the phase 1 services), (v) technology transfer services for the AstraZeneca Lead Product, (vi) research services related to the AstraZeneca Lead Product, (vii) participation on each of the committees, (viii) four research licenses for the AstraZeneca Collaboration Products, (ix) four commercial licenses for the AstraZeneca Collaboration Products, (x) research services for the AstraZeneca Collaboration Products and (xi) certain phase 2a services for the AstraZeneca Lead Product. Additionally, as the development licenses on the four AstraZeneca Collaboration Products may be granted at a discount in the future, the Company determined such discounts should be assessed as material rights at inception.

Management evaluated all of the promised goods or services within the contract and determined which such goods and services

were separate performance obligations. The Company determined that the licenses granted for the AstraZeneca Lead Product at the inception of the arrangement should be combined with the research services related to the AstraZeneca Lead Product and that the licenses granted for the AstraZeneca Collaboration Products should be combined with the research services for the AstraZeneca Collaboration Products, as the licenses are not capable of being distinct. A third party would not be able to provide the research and development services, due to the specific nature of the intellectual property and knowledge required to perform the services, and AstraZeneca could not benefit from the licenses without the corresponding services. The Company also determined that each of the phase 1 services and the phase 2a services for the AstraZeneca Lead Product were distinct and that the participation on the various committees was also distinct, as all of the phase 1 services, phase 2a services and the committee services could be performed by an outside party. The Company determined that the commercial licenses for the AstraZeneca Collaboration Products granted at the inception of the arrangement should be combined with the development licenses for the

AstraZeneca Collaboration Products as the company would not benefit from the commercial license without the ability to develop each product.

As a result, management concluded that there were 16 performance obligations: (i) combined performance obligation comprised of a non-exclusive platform technology license, research and development license, and commercial licenses for the AstraZeneca Lead Product and research services for the AstraZeneca Lead Product, (ii) combined performance obligation comprised of development and manufacturing services, and technology transfer services for the AstraZeneca Lead Product, (iii) committee participation, (iv-vii) four combined performance obligations each comprised of a non-exclusive platform technology license, research licenses, and research services for each AstraZeneca Collaboration Product, (viii-xi) four performance obligations comprised of a material right to acquire the development licenses granted for the AstraZeneca Collaboration Products, (xii-xv) four performance obligations comprised of the commercial licenses granted for the AstraZeneca Collaboration Products and (xvi) phase 2a services.

The Company allocated consideration to the performance obligations based on the relative proportion of their standalone selling prices. The Company developed standalone selling prices for licenses and corresponding research services by applying a risk adjusted, net present value, estimate of future potential cash flow approach, which included the cost of obtaining research services at arm’s length from a third-party provider, as well as internal full-time equivalent costs to support these services. The Company developed its standalone selling price for development and manufacturing services and technology transfer services for the AstraZeneca Lead Product using estimated internal and external costs to be incurred.

The Company developed its standalone selling price for committee participation by using management’s estimate of the anticipated participation hours multiplied by a market rate for comparable participants.

The Company developed its standalone selling price for the commercial licenses and material rights granted on the development licenses by probability weighting multiple cash flow scenarios using the income approach.

The transaction price was comprised of fixed consideration of $45.0 million in upfront fees and variable consideration of (i) $14.2 million in estimated phase 1 services, (ii) $12.5 million in milestone payments achieved upon the initiation of a phase 1 study in December 2017, and (iii) $4.7 million in estimated phase 2a services. The $45.0 million upfront fee, which represents the fixed consideration in the transaction price, was allocated to each of the performance obligations based on the relative proportion of their standalone selling prices. Variable consideration of $14.2 million is related to the phase 1 services and will be allocated entirely to the performance obligation to which they relate. Variable consideration of $12.5 million related to the phase 1 trial milestone was allocated by relative selling price to the combined performance obligation comprised of a non-exclusive platform technology license, research and development license and commercial licenses for the AstraZeneca Lead Product and research services for the AstraZeneca Lead Product, and the combined performance obligation comprised of development and manufacturing services and technology transfer services for the AstraZeneca Lead Product performance obligations. Variable consideration of $4.7 million for phase 2a services was allocated specifically to the related performance obligation.

The amounts allocated to the license performance obligation for the AstraZeneca Lead Product and the four performance obligations for the four research licenses for AstraZeneca Collaboration Products will be recognized on a proportional performance basis as the activities are conducted over the life of the arrangement. The amounts allocated to the performance obligation for phase 1 services, technology transfer services for the AstraZeneca Lead Product will be recognized on a proportional performance basis over the estimated term of development through phase 2a study. The amounts allocated to the performance obligation for phase 2a services for the AstraZeneca Lead Product will be recognized on a proportionate performance basis over an estimated term of 12 months. The amounts allocated to the performance obligation for participation on each of the committees will be recognized on a straight-line basis over the expected term of development of the AstraZeneca Lead Product and the AstraZeneca Collaboration Products. The term of performance is approximately five years. The amounts allocated to the four performance obligations for the material rights to acquire a development license and the four performance obligations for commercial licenses for the AstraZeneca Collaboration Products will be recognized upon exercise of the specific material right and delivery of each of the development licenses. As of June 30, 2022, there was $12.0 million of aggregate transaction price allocated to remaining performance obligations.

Additionally, the Company evaluated payments required to be made between both parties as a result of the shared development costs of the AstraZeneca Lead Product and the two AstraZeneca Collaboration Products for which the Company has a co-development option. The Company will classify payments made as a reduction of revenue and will classify payments received as revenue in the period they are earned.

Under the AstraZeneca Agreements, the Company is eligible to receive various research, development, commercial and sales milestones. There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has thus determined that all research and development milestones, other than the phase 1 initiation milestone achieved in December 2017 and included in the impact of adoption of ASC 606, will be constrained until it is deemed probable that a significant revenue reversal will not occur.

On March 29, 2021, the Company and AstraZeneca entered into (1) Amendment No. 1 to the Non-exclusive Anticalin® Platform License Agreement dated May 2, 2017, and (2) Amendment No. 2 to the License and Collaboration Agreement dated May 2, 2017, as previously amended by Amendment No. 1 dated September 14, 2020, collectively, the Amended Collaboration Agreement. Under the Amended Collaboration Agreement, the parties agreed to restructure certain commercial economics for the AZD1402/PRS-060 program by increasing potential sales milestones and reducing potential sales royalties, while fundamentally maintaining the overall value split between AstraZeneca and the Company.

In connection with the Amended Collaboration Agreement, the Company and AstraZeneca entered into a subscription agreement, or the AstraZeneca Subscription Agreement, pursuant to which the Company agreed to issue to AstraZeneca, and AstraZeneca agreed to acquire from the Company, 3,584,230 shares of the Company’s common stock for a total purchase price of $10.0 million, or $2.79 per share, in a private placement transaction pursuant to Section 4(a)(2) of the Securities Act. The AstraZeneca Subscription Agreement closed on April 1, 2021 and included a requirement that the Company file a registration statement to register the resale of the shares issued to AstraZeneca within 60 calendar days of the issuance of the shares. The Company assessed the payment under ASC 606 and concluded that the fair value of the shares on a per share basis was $2.60 per share as of the transaction date. This resulted in a premium paid for the shares of $0.7 million, which was added to the deferred revenue balance and will be recognized over time in line with our revenue recognition pattern for all remaining performance obligations.

Also in March 2021, the Company earned a $13.0 million milestone from AstraZeneca related to the initiation of the phase 2a study for PRS-060/AZD1402. The Company assessed the milestone payment under ASC 606 and determined that there no longer existed a constraint on the milestone as the performance obligation related to the phase 2a study was fully satisfied. Therefore, the Company realized the full $13.0 million as milestone revenue during the quarter ended March 31, 2021.

In January 2022, the Company and AstraZeneca jointly discontinued one discovery-stage program, as they were not able to validate an exploratory target. Approximately $4.7 million of revenue was recorded related to a material right performance obligation that ceased with the discontinuation of this program.

In August 2022, the Company and AstraZeneca entered into another amendment of the License and Collaboration Agreement dated May 2, 2017, and extended the research term for two discovery-stage programs through December 2023. Pieris retains co-development and U.S. co-commercialization options for both of those programs. As a result of this amendment, the Company and AstraZeneca jointly agreed to discontinue a third discovery-stage program.

As of June 30, 2022, there were $5.1 million and $6.9 million of current and non-current deferred revenue, respectively, related to the AstraZeneca Agreements.

The Company incurred $1.6 million of third-party success fees to obtain the contract with AstraZeneca. Upon adoption of ASC 606, the Company capitalized $1.1 million in accordance with ASC 340. As of June 30, 2022, the remaining balance of the asset recognized from transaction costs to obtain the AstraZeneca contract was $0.4 million. Amortization during the three months ended June 30, 2022 and 2021 was de minimis, respectively. Amortization during the six months ended June 30, 2022 and 2021 was $0.2 million and de minimis, respectively.

Servier

In 2017, the Company entered into a license and collaboration agreement, or Servier Collaboration Agreement, and a non-exclusive Anticalin platform license agreement, or Servier Platform License, and together with the Servier Collaboration Agreement, the Servier Agreements, with Les Laboratoires Servier and Institut de Recherches Internationales Servier, or Servier, pursuant to which the Company and Servier agreed to initially pursue five bispecific therapeutic programs. The intention of the collaboration and defined programs was to combine antibodies from the Servier portfolio with one or more Anticalin proteins based on the Company’s proprietary platform to generate innovative IO bispecific drug candidates, or the Collaboration Products.

Each party is responsible for an agreed upon percentage of shared costs, as set forth in the budget for the collaboration plan, and as further discussed below.

Since inception, three of the five initially committed programs have been discontinued, including the Initial Lead. The Company does not presently intend to continue development of the three discontinued programs but retains full rights to advance the development and commercialization of those products on a world-wide basis in the future. The parties continue to advance the development of two programs. The Company is co-developing PRS-344/S095012, a 4-1BB/PD-L1 bispecific, and retains commercial rights in the United States. PRS-344/S095012, may be jointly developed, according to a collaboration plan, through marketing approval from the FDA or the European Medicines Agency. Servier has worldwide rights to PRS-352/S095025, a preclinical bispecific antibody-Anticalin fusion protein comprising an PD-L1-targeting antibody genetically fused to Anticalin proteins specific for OX40, and is responsible for further development of the Collaboration Product.

The Servier Agreements are managed on an overall basis by a joint executive committee, or JEC, formed by an equal number of members from the Company and Servier. Decisions by the JEC will be made by consensus; however, in the event of a disagreement, each party will have final decision-making authority as it relates to the applicable territory in which such party has commercialization rights for the applicable product. In addition to the JEC, the Servier Collaboration Agreement requires the participation of both parties on: (i) a JSC, (ii) a JDC, (iii) a joint intellectual property committee, or JIPC, and (iv) a joint research committee, or JRC. The responsibilities of these committees vary, depending on the stage of development and commercialization of the Collaboration Products.

Under the Servier Agreements, the Company received an upfront, non-refundable payment of €30.0 million (approximately $32.0 million). Additionally, the Company has achieved three developmental milestones under PRS-344/S095012 totaling €3.3 million (approximately $3.7 million) all of which became billable on their respective achievement dates.

The term of each Servier Agreement ends upon the expiration of all of Servier’s payment obligations under such Servier Agreement. The Servier Agreements may be terminated by Servier or the Company for material breach upon 90 days’ or 120 days’ notice under the Servier Collaboration Agreement and the Servier Platform License, respectively, provided that the applicable party has not cured such breach by the applicable 90-day or 120-day permitted cure period, and dispute resolution procedures specified in the applicable Servier Agreement have been followed. The Servier Agreements may also be terminated due to the other party’s insolvency or for a safety issue and may in certain instances be terminated on a product-by-product and/or country-by-country basis. The Servier Platform License will terminate upon termination of the Servier Collaboration Agreement, on a product-by-product and/or country-by-country basis.

As the Company and Servier are considered to be active participants in the Servier Agreements and are exposed to significant risks and rewards, certain units of account within the Servier Agreements are within the scope of ASC 808.

Upon signing the Servier Agreements, management evaluated all of the promised goods or services within the contract and determined which goods and services were separate performance obligations. Of the initial 10 performance obligations identified at the inception of the Servier Agreements, only three are still ongoing as of June 30, 2022. The following performance obligations are the remaining active performance obligations that are within the scope of ASC 808:

•one performance obligation comprised of a combined non-exclusive platform technology license, research license and research and development services for PRS-344/S095012,

•one performance obligation comprised of participation in the various governance committees, and

•one performance obligation comprised of the development and commercial licenses granted for PRS-344/S095012 (and corresponding discounts) upon the achievement of specified preclinical activities, resulting in a material right.

Revenue recognized associated with these performance obligations are presented as Collaboration Revenue within the Statement of Operations.

The following performance obligation is within the scope of ASC 606: the development and commercial licenses granted for PRS-352/S095012 (and corresponding discounts) upon the achievement of specified preclinical activities, resulting in a material right. Revenue recognized associated with this performance obligation is presented as Customer Revenue within the Statement of Operations. The final revenue amount related to this performance obligation was recognized during the three months ended March 31, 2022 and thus the performance obligation is now considered complete.

The transaction price at inception is comprised of the fixed upfront fee of €30.0 million (approximately $32.0 million) and was allocated to the performance obligations based on the relative proportion of their standalone selling prices.

The amounts allocated to the performance obligation for the research and development licenses for PRS-344/S095012 are being recognized on a proportional performance basis as the activities are conducted over the life of the arrangement. The term of the performance for PRS-344/S095012 is through approval of certain regulatory bodies; a period which could be many years. The amount allocated to the performance obligation for participation on each of the committees will be recognized on a straight-line basis over the anticipated performance period over the entirety of the arrangement with Servier. The amount allocated to the one remaining performance obligation for the material right to acquire development and commercial licenses for PRS-344/S095012 is granted in the future is being recognized over time upon delivery of the license through marketing approval. As of June 30, 2022, there was $5.3 million of aggregate transaction price allocated to remaining performance obligations under the Servier Agreements.

Additionally, the Company evaluated payments required to be made between both parties as a result of the shared development costs of the Initial Lead and Collaboration Products. The Company will classify payments made as a reduction of revenue and will classify payments received as revenue, in the period they are earned.

Under the Servier Agreements, the Company is eligible to receive various research, development, commercial and sales milestones as well as tiered royalties up to low double digits on the sales of commercialized products in the Servier territories. There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has thus determined that research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not occur.

During the six months ended June 30, 2022, the Company satisfied the performance obligation related to the material right for PRS-352/S095025, which led to point-in-time recognition of revenue for $4.9 million of revenue previously deferred.

As of June 30, 2022, there were $0.9 million and $4.4 million of current and non-current deferred revenue, respectively, related to the Servier Agreements.

The Company incurred costs to obtain the contract with Servier. Upon adoption of ASC 606, the Company capitalized $0.5 million of third-party service fees in accordance with ASC 340. As of June 30, 2022, the remaining balance of the asset recognized from costs to obtain the Servier contract was de minimis. Amortization during the three months ended June 30, 2022 and 2021 was de minimis, respectively. Amortization during the six months ended June 30, 2022 and 2021 were $0.1 million and de minimis, respectively.

Contract Balances

The Company receives payments from its collaboration partners based on payments established in each contract. Upfront payments and fees are recorded as deferred revenue upon receipt or when due until such time as the Company satisfies its performance obligations under each arrangement. A contract asset is a conditional right to consideration in exchange for goods or services that the Company has transferred to a customer. Amounts are recorded as accounts receivable when the Company’s right is unconditional.

There were no additions to deferred revenue during the three and six months ended June 30, 2022. Reductions to deferred revenue were $3.7 million and $14.3 million for the three and six months ended June 30, 2022, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Grant Income	6 Months Ended
Grant Income	Jun. 30, 2022
Receivables [Abstract]
Grant Income	Grant Income One of the Company's proprietary respiratory assets is PRS-220, an oral inhaled Anticalin protein targeting connective tissue growth factor, or CTGF, and it is being developed as a local treatment for idiopathic pulmonary fibrosis. In June 2021, the Company was selected to receive a €14.2 million (approximately $17.0 million) grant from the Bavarian Ministry of Economic Affairs, Regional Development and Energy (the Bavarian Grant) supporting research and development for post-acute sequelae of SARS-CoV-2 infection (PASC) pulmonary fibrosis, or PASC-PF, also known as post-COVID-19 syndrome pulmonary fibrosis, or “long COVID”. The Bavarian Grant provides partial reimbursement for qualifying research and development activities on PRS-220, including drug manufacturing costs, activities and costs to support an IND filing, and phase 1 clinical trials costs. The Bavarian Grant provides reimbursement of qualifying costs incurred through August 2023, which follows the expected development timeline of this program. Qualifying costs incurred may exceed the annual grant funding thresholds. If the Company receives any proceeds from the sale of or licensing income from PRS-220, the funds available for reimbursement will be reduced proportionally if they are obtained prior to August 2023. The Company is required to communicate such proceeds in each case with the request to draw down the funds.

Cash, cash equivalents and investments

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Cash, cash equivalents and investments

As of June 30, 2022, cash, cash equivalents and investments comprised funds in depository, money market accounts, U.S. treasury securities, asset-backed securities and corporate bonds. As of December 31, 2021, cash equivalents were comprised of only money market accounts. The following table presents the cash equivalents and investments carried at fair value in accordance with the hierarchy defined in Note 2 at June 30, 2022 and December 31, 2021.


	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
June 30, 2022
Money market funds, included in cash equivalents	$	25,188	$	25,188	$	—	$	—
Investments - US treasuries	4,541		4,541		—		—
Investments - Asset-backed securities	1,846		—		1,846		—
Investments - Corporate bonds	20,292		—		20,292		—
Total	$	51,867	$	29,729	$	22,138	$	—


	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
December 31, 2021
Money market funds, included in cash equivalents	$	56,885	$	56,885	$	—	$	—



Total	$	56,885	$	56,885	$	—	$	—

Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. The Company validates the prices provided by its third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources, as needed. After completing its validation procedures, the Company did not adjust any fair value measurements provided by the pricing services as of June 30, 2022.

Investments at June 30, 2022 consist of the following (in thousands):


	Contractual maturity (in days)	Amortized Cost		Unrealized gains		Unrealized losses		Fair Value
Investments
US treasuries	7-98	$	4,512	$	32	$	(3)	$	4,541
Asset-backed securities	46-199	1,825		25		(3)		1,847
Corporate bonds	11-261	20,190		134		(33)		20,291
Total		$	26,527	$	191	$	(39)	$	26,679

The Company did record de minimis realized gains from the maturity of available-for-sale securities during the three and six months ended June 30, 2022 and recorded no realized gains or losses from the maturity of available-for-sale securities during the three and six months ended June 30, 2021.

As of June 30, 2022, there were no investments with a fair value that was significantly lower than the amortized cost basis or any investments that had been in an unrealized loss position for a significant period.

Property and equipment, net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment are summarized as follows (in thousands):


	June 30,		December 31,
	2022		2021
Laboratory furniture and equipment	$	11,378	$	11,354
Office furniture and equipment	1,814		1,959
Computer equipment	369		396
Leasehold improvements	12,114		13,130
Property and equipment, cost	25,675		26,839
Accumulated depreciation	(8,245)		(7,717)
Property and equipment, net	$	17,430	$	19,122

Accrued Expenses

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Research and development fees	$	4,457	$	5,682
Compensation expense	2,462		3,581
Accrued license obligations	1,338		1,541
Accrued accounts payable	1,004		2,980
Lease liabilities	914		1,049
Other current liabilities	610		393
Collaboration cost-sharing obligation	—		1,610

Total	$	10,785	$	16,836

Net Loss per Share	6 Months Ended
Net Loss per Share	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share Basic net loss per share is calculated by dividing net income loss by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, preferred stock, stock options and warrants are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive for all periods presented. Therefore, basic and diluted net loss per share were the same for all periods presented. As of June 30, 2022 and 2021, and as calculated using the treasury stock method, approximately 39.6 million and 36.5 million of weighted average shares, respectively, were excluded from the calculation of diluted weighted average shares outstanding as their effect was antidilutive.

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The Company had 300,000,000 shares authorized and 74,257,587 and 72,222,661 shares of common stock issued and outstanding as of June 30, 2022 and December 31, 2021, respectively, with a par value of $0.001 per share. The Company had 10,000,000 shares authorized and 15,617 shares of preferred stock issued and outstanding as of June 30, 2022 and December 31, 2021. Preferred stock has a par value of $0.001 per share, and consists of the following: •Series A Convertible, 85 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively. •Series B Convertible, 4,026 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively. •Series C Convertible, 3,506 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively. •Series D Convertible, 3,000 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively. •Series E Convertible, 5,000 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively. 2020 Employee, Director and Consultant Equity Incentive Plan At the 2020 Annual Meeting of Stockholders, the Company's stockholders approved the 2020 Employee, Director and Consultant Equity Incentive Plan, or the 2020 Plan. The 2020 Plan permits the Company to issue up to 3,500,000 shares of common stock pursuant to awards granted under the 2020 Plan. Upon approval of the 2020 Plan, the 2019 Employee, Director and Consultant Equity Incentive Plan, or the 2019 Plan, was terminated; all unissued options were canceled and no additional awards will be made thereunder. All outstanding awards under the 2019 Plan will remain in effect and any awards forfeited from the outstanding awards will be allocated back into the 2020 Plan. There were approximately 1,579,678 shares remaining and available for grant under the 2019 Plan that terminated upon original approval of the 2020 Plan. At the 2021 Annual Meeting of Stockholders, held on June 25, 2021, the Company’s stockholders approved the first amendment to the 2020 Plan to add 2,250,000 shares for issuance under the 2020 Plan. At the 2022 Annual Meeting of Stockholders held on June 22, 2022, the Company’s stockholders approved a second amendment to the 2020 Plan to add 3,000,000 shares of common stock for issuance under the 2020 Plan. Series E Preferred Stock Conversion On May 20, 2021, the Company and certain entities affiliated with Biotechnology Value Fund, or BVF, entered into an exchange agreement pursuant to which, BVF exchanged an aggregate of 5,000,000 shares of the Company’s common stock owned by BVF for an aggregate of 5,000 shares of Series E Preferred Stock. The Company designated 5,000 shares of its authorized and unissued preferred stock as Series E Preferred Stock and filed a Certificate of Designation of Series E Convertible Preferred Stock of Pieris Pharmaceuticals, Inc., or the Series E Certificate of Designation, with the Nevada Secretary of State. Open Market Sales Agreements In August 2021, the Company established an ATM offering program, or the ATM Program, under a sales agreement with Jefferies LLC, pursuant to which the Company may offer and sell shares of its common stock from time to time, up to an aggregate amount of gross sales proceeds of $50.0 million. The ATM Program is offered under a shelf registration statement on Form S-3 that was filed with and declared effective by the SEC in August 2021. For the six months ended June 30, 2022, the Company sold 1.9 million shares for gross proceeds of $6.9 million under the ATM program at an average stock price of $3.57.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

The Company currently leases office space in Boston, Massachusetts. In August 2015, the Company entered into a sublease to lease approximately 3,950 square feet. In July 2021, the Company extended the lease for this office space for an additional 10 months through December 31, 2022.

In October 2018, Pieris GmbH entered into a new lease for office and laboratory space located in Hallbergmoos, Germany, or the Hallbergmoos Lease. Pieris GmbH moved its operations, formerly conducted in Freising, Germany, to the Hallbergmoos facility in February 2020.

Under the Hallbergmoos Lease, Pieris GmbH will rent approximately 105,000 square feet, of which approximately 98,400 square feet were delivered by the lessor in February 2020 and approximately 5,100 square feet were delivered by the lessor in May 2020. An additional approximately 22,300 square feet is expected to be delivered by the lessor by October 2024. Pieris GmbH has a first right of refusal to lease an additional approximate 13,400 square feet.

The Hallbergmoos Lease provides for an initial rental term of 12.5 years which commenced in February 2020 when the leased property was delivered to Pieris GmbH. Pieris GmbH also has an option to extend the Hallbergmoos Lease for two additional 60-month periods. The Company is not reasonably certain to exercise the option to extend the lease expiration beyond its current expiration date. Pieris GmbH may sublease space within the leased property with lessor’s consent, which may not be unreasonably withheld.

Monthly base rent for the initial 105,000 square feet of the leased property, including parking spaces, will total approximately $0.2 million per month. In addition to the base rent, Pieris GmbH is also responsible for certain administrative and operational costs in accordance with the Hallbergmoos Lease. Pieris GmbH provided a security deposit of $0.8 million as required by the Hallbergmoos Lease. The Company will serve as a guarantor for the Hallbergmoos Lease.

The Hallbergmoos Lease included $11.5 million of tenant improvements allowance for normal tenant improvements, for which construction began in March 2019. The Company capitalized the leasehold incentives which are included in Property and equipment, net on the Condensed Consolidated Balance Sheet and are amortized on a straight-line basis over the shorter of the useful life or the remaining lease term. The lease incentive allowance was also factored in as a reduction to the right-of-use asset upon the adoption of ASC 842.

The following table summarizes operating lease costs included in operating expenses (in thousands):


	Three Months Ended June 30,
	2022		2021
Operating lease costs	$	331	$	379
Variable lease costs (1)	165		181
Total lease cost	$	496	$	560
(1) Variable lease costs include certain additional charges for operating costs, including insurance, maintenance, taxes, utilities, and other costs incurred, which are billed based on both usage and as a percentage of the Company’s share of total square footage.

The following table summarizes the weighted-average remaining lease term and discount rate:


	As of June 30, 2022
Weighted-average remaining lease term (years)	10.0
Weighted-average discount rate	10.5	%

Cash paid for amounts included in the measurement of the lease liabilities were $0.6 million and $0.6 million, respectively, for the three months ended June 30, 2022 and 2021. For the six months ended June 30, 2022 and 2021, cash paid for amounts included in the measurement of the lease liabilities were $1.1 million and $1.3 million, respectively.

As of June 30, 2022, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):


	Total
2022	$	1,152
2023	2,059
2024	2,059
2025	2,059
2026	2,059
Thereafter	11,494
Total undiscounted lease payments	20,882
Less: present value adjustment	(7,632)
Present value of lease liabilities	$	13,250

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Cash, Cash Equivalents and Investments

Concentration of Credit Risk and Off-Balance Sheet Risk

Fair Value Measurement

•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.

Financial instruments measured at fair value on a recurring basis include cash equivalents and investments (see Note 4).

Property and Equipment


Asset Classification						Estimated useful life (in years)
Leasehold improvements						shorter of useful life or remaining life of the lease
Laboratory furniture and equipment						8 - 14
Office furniture and equipment						5 - 13
Computer and equipment						3 - 7

Revenue Recognition

Company's intellectual property assets are considered to be located in Germany, the Company records all consolidated revenue in its subsidiary, Pieris Pharmaceuticals, GmbH.

Collaborative Arrangements

Revenue from Contracts with Customers

Revenue recognized under an arrangement involving a participant that is a customer is presented as Customer Revenue.

Milestones and Royalties

Contract Balances

In the event of an early termination of a collaboration agreement, any contract liabilities would be recognized in the period in which all Company obligations under the agreement have been fulfilled.

Costs to Obtain and Fulfill a Contract with a Customer

Government Grants

Leases

Recent Accounting Pronouncements Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Property and Equipment, Useful Lives

The estimated useful life of the different groups of property and equipment is as follows:


Asset Classification						Estimated useful life (in years)
Leasehold improvements						shorter of useful life or remaining life of the lease
Laboratory furniture and equipment						8 - 14
Office furniture and equipment						5 - 13
Computer and equipment						3 - 7

Property and equipment are summarized as follows (in thousands):


	June 30,		December 31,
	2022		2021
Laboratory furniture and equipment	$	11,378	$	11,354
Office furniture and equipment	1,814		1,959
Computer equipment	369		396
Leasehold improvements	12,114		13,130
Property and equipment, cost	25,675		26,839
Accumulated depreciation	(8,245)		(7,717)
Property and equipment, net	$	17,430	$	19,122

Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Recognized Revenues From Strategic Partnerships and Other License Agreements

The Company recognized revenue from the following strategic partnerships and other license agreements (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Seagen	$	2,607	$	338	$	2,919	$	704
AstraZeneca	(130)		2,202		4,623		16,702
Servier	230		745		4,964		1,512

Genentech	991		—		2,180		—
Total Revenue	$	3,698	$	3,285	$	14,686	$	18,918

Schedule of Potential Milestone Payments

Under the Company’s existing strategic partnerships and other license agreements, the Company could receive the following potential milestone payments (in millions):


	Research, Development, Regulatory & Commercial Milestones		Sales Milestones
AstraZeneca	$	900	$	4,100
Servier	125		94
Seagen	754		450
Boston Pharmaceuticals	88		265
Genentech	834		600
Total potential milestone payments	$	2,701	$	5,509

Cash, cash equivalents and investments (Tables)

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Schedule of Cash Equivalents and Investments Carried at Fair Value

The following table presents the cash equivalents and investments carried at fair value in accordance with the hierarchy defined in Note 2 at June 30, 2022 and December 31, 2021.


	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
June 30, 2022
Money market funds, included in cash equivalents	$	25,188	$	25,188	$	—	$	—
Investments - US treasuries	4,541		4,541		—		—
Investments - Asset-backed securities	1,846		—		1,846		—
Investments - Corporate bonds	20,292		—		20,292		—
Total	$	51,867	$	29,729	$	22,138	$	—


	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
December 31, 2021
Money market funds, included in cash equivalents	$	56,885	$	56,885	$	—	$	—



Total	$	56,885	$	56,885	$	—	$	—

Schedule of Cash Equivalents and Investments

Investments at June 30, 2022 consist of the following (in thousands):


	Contractual maturity (in days)	Amortized Cost		Unrealized gains		Unrealized losses		Fair Value
Investments
US treasuries	7-98	$	4,512	$	32	$	(3)	$	4,541
Asset-backed securities	46-199	1,825		25		(3)		1,847
Corporate bonds	11-261	20,190		134		(33)		20,291
Total		$	26,527	$	191	$	(39)	$	26,679

Property and equipment, net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The estimated useful life of the different groups of property and equipment is as follows:


Asset Classification						Estimated useful life (in years)
Leasehold improvements						shorter of useful life or remaining life of the lease
Laboratory furniture and equipment						8 - 14
Office furniture and equipment						5 - 13
Computer and equipment						3 - 7

Property and equipment are summarized as follows (in thousands):


	June 30,		December 31,
	2022		2021
Laboratory furniture and equipment	$	11,378	$	11,354
Office furniture and equipment	1,814		1,959
Computer equipment	369		396
Leasehold improvements	12,114		13,130
Property and equipment, cost	25,675		26,839
Accumulated depreciation	(8,245)		(7,717)
Property and equipment, net	$	17,430	$	19,122

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Research and development fees	$	4,457	$	5,682
Compensation expense	2,462		3,581
Accrued license obligations	1,338		1,541
Accrued accounts payable	1,004		2,980
Lease liabilities	914		1,049
Other current liabilities	610		393
Collaboration cost-sharing obligation	—		1,610

Total	$	10,785	$	16,836

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Operating Lease Costs, Lease Term and Discount Rate

The following table summarizes operating lease costs included in operating expenses (in thousands):


	Three Months Ended June 30,
	2022		2021
Operating lease costs	$	331	$	379
Variable lease costs (1)	165		181
Total lease cost	$	496	$	560
(1) Variable lease costs include certain additional charges for operating costs, including insurance, maintenance, taxes, utilities, and other costs incurred, which are billed based on both usage and as a percentage of the Company’s share of total square footage.

The following table summarizes the weighted-average remaining lease term and discount rate:


	As of June 30, 2022
Weighted-average remaining lease term (years)	10.0
Weighted-average discount rate	10.5	%

Maturities of Operating Lease Liabilities

As of June 30, 2022, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):


	Total
2022	$	1,152
2023	2,059
2024	2,059
2025	2,059
2026	2,059
Thereafter	11,494
Total undiscounted lease payments	20,882
Less: present value adjustment	(7,632)
Present value of lease liabilities	$	13,250

Corporate Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	May 31, 2013
Business Acquisition [Line Items]
Cash, cash equivalents and investments	$ 80,900		$ 80,900
Net loss	10,338	$ 15,498	15,439	$ 19,670
Accumulated deficit	$ 272,583		$ 272,583		$ 257,144
Pieris Pharmaceuticals GmbH
Business Acquisition [Line Items]
Ownership interest acquired (as a percent)						100.00%

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment, Useful Lives (Details)	6 Months Ended
	Jun. 30, 2022
Laboratory furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	8 years
Laboratory furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	14 years
Office furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Office furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	13 years
Computer and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Computer and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years

Revenue - Revenue From Licensing Agreements and Strategic Partnerships (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue		$ 3,698	$ 3,285	$ 14,686	$ 18,918
Seagen
Disaggregation of Revenue [Line Items]
Total revenue		2,607	338	2,919	704
AstraZeneca
Disaggregation of Revenue [Line Items]
Total revenue	$ 13,000	(130)	2,202	4,623	16,702
Servier
Disaggregation of Revenue [Line Items]
Total revenue		230	745	4,964	1,512
Genentech
Disaggregation of Revenue [Line Items]
Total revenue		$ 991	$ 0	$ 2,180	$ 0

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Revenue - Potential Milestone Payments (Details) - Strategic Partnerships and Other License Agreements $ in Millions	Jun. 30, 2022 USD ($)
Research, Development, Regulatory & Commercial Milestones
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	$ 2,701
Research, Development, Regulatory & Commercial Milestones \| AstraZeneca
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	900
Research, Development, Regulatory & Commercial Milestones \| Servier
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	125
Research, Development, Regulatory & Commercial Milestones \| Seagen
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	754
Research, Development, Regulatory & Commercial Milestones \| Boston Pharmaceuticals
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	88
Research, Development, Regulatory & Commercial Milestones \| Genentech
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	834
Sales Milestones
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	5,509
Sales Milestones \| AstraZeneca
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	4,100
Sales Milestones \| Servier
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	94
Sales Milestones \| Seagen
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	450
Sales Milestones \| Boston Pharmaceuticals
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	265
Sales Milestones \| Genentech
Revenue Recognition, Milestone Method [Line Items]
Total potential milestone payments	$ 600

Revenue - Narrative (Details) $ / shares in Units, € in Millions																	1 Months Ended		3 Months Ended			6 Months Ended			12 Months Ended
	May 19, 2021 USD ($)	May 19, 2021 USD ($)	May 19, 2021 USD ($) program	May 19, 2021 USD ($) research_program	May 19, 2021 USD ($) obligation	Apr. 24, 2021 USD ($)	Apr. 01, 2021 USD ($) $ / shares shares	Mar. 24, 2021 USD ($) program $ / shares shares	Feb. 08, 2018 USD ($) program obligation license swap_option	May 02, 2017 USD ($)	May 02, 2017 USD ($)	May 02, 2017 USD ($) program	May 02, 2017 USD ($) obligation	May 02, 2017 USD ($) license	May 02, 2017 USD ($) protein	May 02, 2017 USD ($) lease_agreement	Jan. 31, 2022 USD ($) program	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2022 USD ($) obligation	Jun. 30, 2022 EUR (€) obligation	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2017 USD ($) program obligation	Dec. 31, 2017 EUR (€) program obligation	Jan. 01, 2019 USD ($)	May 02, 2017 obligation	May 02, 2017 product
Disaggregation of Revenue [Line Items]
Deferred revenues, current portion																			$ 22,863,000			$ 22,863,000			$ 25,116,000
Deferred revenue, net of current portion																			22,063,000			22,063,000			38,403,000
Revenue recognized from contract with customer																			3,700,000			14,300,000
Number of technology licenses \| lease_agreement																5
Total revenue																			3,698,000	$ 3,285,000		14,686,000		$ 18,918,000
Additions to deferred revenue																			0			0
Genentech
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, variable consideration amount	$ 1,400,000,000	$ 1,400,000,000	$ 1,400,000,000	$ 1,400,000,000	$ 1,400,000,000
Number of initial research programs			2	2
Fee on additional program		10,000,000
Number of optional additional research programs \| program			2
Termination notice period within material breach	90 days
Before first commercial sale	90 days
After first commercial sale	180 days
Number of research programs \| program			4
Remaining performance obligation																			13,200,000			13,200,000
Total revenue																			991,000	0		2,180,000		0
Genentech \| License fees
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 20,000,000	$ 20,000,000	$ 20,000,000	$ 20,000,000	$ 20,000,000
Deferred revenues, current portion																			7,600,000			7,600,000
Deferred revenue, net of current portion																			5,600,000			5,600,000
Genentech \| Research and Development Services
Disaggregation of Revenue [Line Items]
Research collaboration agreement term	3 years
Boston Pharmaceuticals \| License fees
Disaggregation of Revenue [Line Items]
Remaining performance obligation						$ 6,000,000
Contract with customer asset, after allowance for credit loss						4,000,000
Seagen
Disaggregation of Revenue [Line Items]
Number of performance obligations \| obligation									3
Remaining performance obligation																			17,200,000			17,200,000
Deferred revenues, current portion																			9,300,000			9,300,000
Deferred revenue, net of current portion																			5,200,000			5,200,000
Resale of stock period								60 days
Total revenue																			2,607,000	338,000		2,919,000		704,000
AstraZeneca
Disaggregation of Revenue [Line Items]
Deferred revenue																			700,000			700,000
Research collaboration agreement term										5 years
Remaining performance obligation																			12,000,000			12,000,000
Deferred revenues, current portion																			5,100,000			5,100,000
Deferred revenue, net of current portion																			6,900,000			6,900,000
Revenue recognized from contract with customer																	$ 4,700,000
Resale of stock period							60 days
Total revenue																		$ 13,000,000	(130,000)	2,202,000		4,623,000		16,702,000
Number of discovery programs discontinued \| program																	1
Amortization of capitalized contract costs																						200,000
Servier
Disaggregation of Revenue [Line Items]
Number of performance obligations \| obligation																											10	10
Remaining performance obligation																			5,300,000			5,300,000
Deferred revenues, current portion																			900,000			900,000
Deferred revenue, net of current portion																			4,400,000			4,400,000
Revenue recognized from contract with customer																						4,900,000
Total revenue																			230,000	$ 745,000		4,964,000		1,512,000
Amortization of capitalized contract costs																						$ 100,000		$ 100,000
Number of programs \| program																											3	3
Number of novel proteins \| program																											1	1
Number of separate performance obligations \| obligation																						3	3
Servier \| Research and Development Services
Disaggregation of Revenue [Line Items]
Number of development programs \| obligation																											2	2
Number of development milestones \| obligation																											3	3
Exclusive Product License Agreement \| Boston Pharmaceuticals \| License fees
Disaggregation of Revenue [Line Items]
Deferred revenue						10,000,000
Revenue, remaining performance obligation, variable consideration amount						352,500,000
Contribution on manufacturing (up to)						$ 4,000,000
Period after effective date agreements may be terminated						9 months
Contract termination advance notice period						60 days
Agreement termination advance notice period if marketing approval obtained						120 days
Agreement termination notice period upon material breach by the Company						180 days
Agreement termination notice period due to non-payment of undisputed amounts						60 days
Contract termination due to material breach, additional notice period if the breach is not susceptible						180 days
Collaborative arrangement, agreement obligation cost						$ 4,000,000
Revenue recognized from contract with customer																									$ 5,700,000
License and Collaboration Agreement \| Genentech
Disaggregation of Revenue [Line Items]
Number of performance obligations \| obligation					5
License and Collaboration Agreement \| Seagen
Disaggregation of Revenue [Line Items]
Number of research programs \| program								3	3
Number of performance obligations \| obligation									6
Period after effective date agreements may be terminated									12 months
Contract termination advance notice period									90 days
Agreement termination advance notice period if marketing approval obtained									180 days
Agreement termination notice period upon material breach by the Company									90 days
Contract termination due to material breach, additional notice period if the breach is not susceptible									90 days
Number of licenses \| license									3
Number of swap options \| swap_option									2
License and Collaboration Agreement \| AstraZeneca
Disaggregation of Revenue [Line Items]
Number of performance obligations \| obligation													16
Period after effective date agreements may be terminated										12 months
Contract termination advance notice period										90 days
Agreement termination advance notice period if marketing approval obtained										180 days
Agreement termination notice period upon material breach by the Company										180 days
Contract termination due to material breach, additional notice period if the breach is not susceptible										180 days
Agreement termination notice period upon breach of payment obligations by the Company										30 days
Period of license performance obligation										12 months
Number of novel proteins \| protein															4
License and Collaboration Agreement \| Servier
Disaggregation of Revenue [Line Items]
Number of programs \| program																											5	5
Other arrangement \| Seagen
Disaggregation of Revenue [Line Items]
Number of research programs \| program									2
Platform technology license \| Genentech
Disaggregation of Revenue [Line Items]
Number of performance obligations \| obligation					2
Platform technology license \| Seagen
Disaggregation of Revenue [Line Items]
Number of performance obligations \| obligation									3
Number of target programs \| program									3
Strategic Partnerships and Other License Agreements \| Servier
Disaggregation of Revenue [Line Items]
Revenue recognized from contract with customer																						$ 3,700,000	€ 3.3
Antibody target swap \| Genentech
Disaggregation of Revenue [Line Items]
Number of performance obligations \| obligation					2
Antibody target swap \| Seagen
Disaggregation of Revenue [Line Items]
Number of performance obligations \| obligation									2
Governance committee participation \| Genentech
Disaggregation of Revenue [Line Items]
Number of performance obligations \| obligation					1
Governance committee participation \| Seagen
Disaggregation of Revenue [Line Items]
Number of performance obligations \| obligation									1
Upfront Payment \| Boston Pharmaceuticals \| License fees
Disaggregation of Revenue [Line Items]
Remaining performance obligation						$ 10,000,000
Upfront Payment \| Seagen
Disaggregation of Revenue [Line Items]
Deferred revenue									$ 1,200,000,000
Research and development services									4,900,000
Upfront Payment \| Seagen \| License fees
Disaggregation of Revenue [Line Items]
Revenue									$ 30,000,000
Upfront Payment \| AstraZeneca
Disaggregation of Revenue [Line Items]
Allocable arrangement consideration											$ 45,000,000
Upfront Payment \| Servier \| License fees
Disaggregation of Revenue [Line Items]
Revenue																											$ 32,000,000	€ 30.0
Additional other research services \| AstraZeneca
Disaggregation of Revenue [Line Items]
Allocable arrangement consideration											4,700,000
Estimated Development and Manufacturing Services \| Upfront Payment \| AstraZeneca
Disaggregation of Revenue [Line Items]
Allocable arrangement consideration											14,200,000
Milestone Payments \| Upfront Payment \| Seagen
Disaggregation of Revenue [Line Items]
Revenue recognized from contract with customer																										$ 4,200,000
Allocable arrangement consideration																					$ 5,000,000
Milestone Payments \| Upfront Payment \| AstraZeneca
Disaggregation of Revenue [Line Items]
Allocable arrangement consideration											12,500,000
Estimated Phase 2a Services \| Upfront Payment \| AstraZeneca
Disaggregation of Revenue [Line Items]
Allocable arrangement consideration											4,700,000
Minimum \| License and Collaboration Agreement \| AstraZeneca
Disaggregation of Revenue [Line Items]
Number of collaboration products \| product																															2
Minimum \| Strategic Partnerships and Other License Agreements \| Servier
Disaggregation of Revenue [Line Items]
Agreement termination notice period upon material breach by the Company																											90 days	90 days
Maximum \| License and Collaboration Agreement \| AstraZeneca
Disaggregation of Revenue [Line Items]
Number of collaboration products																														4	4
Number of research licenses														4		4
Number of programs \| program												2
Maximum \| Strategic Partnerships and Other License Agreements \| Servier
Disaggregation of Revenue [Line Items]
Agreement termination notice period upon material breach by the Company																											120 days	120 days
Accounting Standards Update 2014-09 \| AstraZeneca
Disaggregation of Revenue [Line Items]
Capitalized contract cost, net										$ 1,600,000	$ 1,600,000	$ 1,600,000	$ 1,600,000	$ 1,600,000	$ 1,600,000	$ 1,600,000			$ 400,000			$ 400,000
Capitalized contract cost in accordance with ASC 340																													$ 1,100,000
Accounting Standards Update 2014-09 \| Servier
Disaggregation of Revenue [Line Items]
Capitalized contract cost, net																													$ 500,000
Private placement \| Seagen
Disaggregation of Revenue [Line Items]
Deferred revenue								$ 3,300,000
Shares of stock sold (in shares) \| shares								3,706,174
Shares of stock sold, net consideration								$ 13,000,000
Shares of stock sold, price (USD per share) \| $ / shares								$ 3.51
Fair value of stock (in dollars per share) \| $ / shares								$ 2.61
Private placement \| AstraZeneca
Disaggregation of Revenue [Line Items]
Shares of stock sold (in shares) \| shares							3,584,230
Shares of stock sold, net consideration							$ 10,000,000
Shares of stock sold, price (USD per share) \| $ / shares							$ 2.79
Fair value of stock (in dollars per share) \| $ / shares							$ 2.60

Grant Income (Details) - Jun. 30, 2021 € in Millions, $ in Millions	USD ($)	EUR (€)
Receivables [Abstract]
Grants receivable	$ 17.0	€ 14.2

Cash, cash equivalents and investments - Cash Equivalents and Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 51,867	$ 56,885
Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	29,729	56,885
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	22,138	0
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash equivalents	25,188	56,885
Money market funds \| Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash equivalents	25,188	56,885
Money market funds \| Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash equivalents	0	0
Money market funds \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash equivalents	0	$ 0
U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	4,541
U.S. treasuries \| Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	4,541
U.S. treasuries \| Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
U.S. treasuries \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,846
Asset-backed securities \| Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Asset-backed securities \| Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,846
Asset-backed securities \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	20,292
Corporate bonds \| Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Corporate bonds \| Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	20,292
Corporate bonds \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0

Cash, cash equivalents and investments - Investments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 26,527
Unrealized gains	191
Unrealized losses	(39)
Fair Value	26,679
US treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	4,512
Unrealized gains	32
Unrealized losses	(3)
Fair Value	$ 4,541
US treasuries \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual maturity (in days)	7 days
US treasuries \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual maturity (in days)	98 days
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 1,825
Unrealized gains	25
Unrealized losses	(3)
Fair Value	$ 1,847
Asset-backed securities \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual maturity (in days)	46 days
Asset-backed securities \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual maturity (in days)	199 days
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 20,190
Unrealized gains	134
Unrealized losses	(33)
Fair Value	$ 20,291
Corporate bonds \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual maturity (in days)	11 days
Corporate bonds \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual maturity (in days)	261 days

Property and equipment, net - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 25,675	$ 26,839
Accumulated depreciation	(8,245)	(7,717)
Property and equipment, net	17,430	19,122
Laboratory furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	11,378	11,354
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	1,814	1,959
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	369	396
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 12,114	$ 13,130

Accrued Expenses - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued expenses
Research and development fees	$ 4,457	$ 5,682
Compensation expense	2,462	3,581
Accrued license obligations	1,338	1,541
Accrued accounts payable	1,004	2,980
Lease liabilities	914	1,049
Other current liabilities	610	393
Collaboration cost-sharing obligation	0	1,610
Total	$ 10,785	$ 16,836
Operating lease, liability, current, statement of financial position [extensible list]	Total	Total

Net Loss per Share - Narrative (Details) - shares shares in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Weighted average shares excluded from the calculation of diluted weighted average shares outstanding (in shares)	39.6	36.5

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 22, 2022	Jun. 25, 2021	May 20, 2021	Aug. 31, 2021	Jun. 30, 2022	Dec. 31, 2020	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					300,000,000			300,000,000
Common stock, shares issued (in shares)					74,257,587			72,222,661
Common stock, shares outstanding (in shares)					74,257,587			72,222,661
Par value of common stock (USD per share)					$ 0.001			$ 0.001
Preferred stock, shares authorized (in shares)					10,000,000			10,000,000
Preferred stock, shares issued (in shares)					15,617			15,617
Preferred stock, shares outstanding (in shares)					15,617			15,617
Par value of preferred stock (USD per share)					$ 0.001			$ 0.001
At the market offering \| Jefferies LLC
Class of Stock [Line Items]
Shares of stock sold (in shares)					1,900,000
Sale of stock, authorized amount				$ 50.0
Shares of stock sold, net consideration					$ 6.9
Shares of stock sold, price (USD per share)					$ 3.57
Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)					74,257,000	56,003,000	74,098,000	72,222,000	66,679,000	59,719,000
Common Stock \| Stock exchange, shares from existing shareholders
Class of Stock [Line Items]
Shares of stock sold (in shares)			5,000,000
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)					16,000	14,000	16,000	16,000	16,000	14,000
2020 Plan
Class of Stock [Line Items]
Shares of stock authorized pursuant to the 2020 Plan (in shares)						3,500,000
Additional shares authorized (in shares)	3,000,000	2,250,000
2019 Plan
Class of Stock [Line Items]
Shares of stock terminated under the 2019 Plan (in shares)						1,579,678
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)					85			85
Preferred stock, shares outstanding (in shares)					85			85
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)					4,026
Preferred stock, shares outstanding (in shares)					4,026			4,026
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)					3,506			3,506
Preferred stock, shares outstanding (in shares)					3,506			3,506
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)					3,000			3,000
Preferred stock, shares outstanding (in shares)					3,000			3,000
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)					5,000			5,000
Preferred stock, shares outstanding (in shares)					5,000			5,000
Series E Preferred Stock \| Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			5,000
Series E Preferred Stock \| Preferred Stock \| Preferred share exchange
Class of Stock [Line Items]
Shares of stock sold (in shares)			5,000

Leases - Narrative (Details) $ in Millions	1 Months Ended			3 Months Ended		6 Months Ended
Leases - Narrative (Details) $ in Millions	May 31, 2020 ft²	Feb. 29, 2020 USD ($) ft²	Aug. 31, 2015 ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft² extension_option	Jun. 30, 2021 USD ($)	Jul. 31, 2021	Mar. 31, 2019 USD ($)
Loss Contingencies [Line Items]
Lease liabilities \| $				$ 0.6	$ 0.6	$ 1.1	$ 1.3
Boston, Massachusetts
Loss Contingencies [Line Items]
Area of leased property (square feet)			3,950
Lease renewal term								10 months
Hallbergmoos, Germany
Loss Contingencies [Line Items]
Area of leased property (square feet)		105,000
Lease renewal term				60 months		60 months
Lease term		12 years 6 months
Number of agreement extension options \| extension_option						2
Rent expense \| $		$ 0.2
Security deposit \| $		$ 0.8
Tenant improvements \| $									$ 11.5
Hallbergmoos, Germany \| Leases expected to be delivered by February 2020
Loss Contingencies [Line Items]
Area of leased property (square feet)		98,400
Hallbergmoos, Germany \| Leases expected to be delivered by May 2020
Loss Contingencies [Line Items]
Area of leased property (square feet)	5,100
Hallbergmoos, Germany \| Leases expected to be delivered by October 2024
Loss Contingencies [Line Items]
Area of leased property (square feet)						22,300
Hallbergmoos, Germany \| Leases with first right of refusal for additional area
Loss Contingencies [Line Items]
Area of leased property (square feet)						13,400

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease costs	$ 331	$ 379
Variable lease costs	165	181
Total lease cost	$ 496	$ 560

Leases - Summary of the Lease Term and Discount Rate (Details)	Jun. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	10 years
Weighted-average discount rate	10.50%

Leases - Maturities of the Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
2022	$ 1,152
2023	2,059
2024	2,059
2025	2,059
2026	2,059
Thereafter	11,494
Total undiscounted lease payments	20,882
Less: present value adjustment	(7,632)
Present value of lease liabilities	$ 13,250