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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015
Document And Entity Information [Abstract]
Document Type	S-1
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Trading Symbol	PIRS
Entity Registrant Name	PIERIS PHARMACEUTICALS, INC.
Entity Central Index Key	0001583648
Entity Filer Category	Smaller Reporting Company

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 13,167,036	$ 18,474,211	$ 3,689,382
Restricted cash		0	72,497
Trade accounts receivable		0	481,810
Other current assets	1,275,714	1,207,072	449,733
Prepaid expenses	507,390	109,332	60,477
Income tax receivable	15,232	14,810	66,479
Total current assets	14,965,372	19,805,425	4,820,378
Property and equipment, net	1,785,789	2,052,221	2,437,677
Deferred tax asset	23,541	26,522	18,877
Total assets	16,774,702	21,884,168	7,276,932
Current liabilities:
Trade accounts payable	1,539,706	1,260,015	278,008
Accrued expenses	413,395	743,866	559,629
Other current liabilities	274,255	242,755	160,484
Bank loan, including accrued interest, current portion		1,270,605	206,490
Deferred revenues, current portion			544,562
Deferred tax liabilities	23,541	26,522	18,877
Total current liabilities	2,250,897	3,543,763	1,768,051
Accrued expenses, non-current	296,452	333,988	379,942
Convertible stockholder loan, including accrued interest, net of current portion			3,098,502
Bank loan, including accrued interest, net of current portion			1,445,430
Total liabilities	2,547,349	3,877,751	6,691,925
Stockholders' equity
Common stock	29,430	29,280	11,829
Preferred stock
Additional paid-in capital	85,155,534	84,627,283	57,608,337
Receivable from issuance of shares			(121,801)
Accumulated other comprehensive loss	(1,445,829)	(843,097)	(956,274)
Accumulated deficit	(69,511,782)	(65,807,048)	(55,957,084)
Total stockholders' equity	14,227,353	18,006,417	585,007
Total liabilities and stockholders' equity	$ 16,774,702	$ 21,884,168	$ 7,276,932

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2015	Dec. 31, 2014	Dec. 16, 2014	Dec. 05, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001			$ 0.001
Common stock, shares authorized	300,000,000	300,000,000			300,000,000
Common stock, shares issued	29,429,522	29,279,522			11,828,974
Common stock, outstanding	29,429,522	29,279,522		13,863,647	11,828,974
Preferred stock, par value		$ 0.001	$ 0.001		$ 0.001
Preferred stock, shares authorized		10,000,000	10,000,000		10,000,000
Preferred stock, shares issued		0			0
Preferred stock, shares outstanding		0			0

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Revenue	$ 217,621	$ 1,372,879	$ 5,365,054	$ 12,427,292
Operating costs and expenses
Research and development	(1,524,631)	(1,222,745)	(5,600,421)	(9,411,856)
General and administrative	(2,394,323)	(821,351)	(6,962,891)	(2,461,610)
Costs and expenses	(3,918,954)	(2,044,096)	(12,563,312)	(11,873,466)
Income (loss) from operations	(3,701,333)	(671,217)	(7,198,257)	553,826
Other income (expense)
Interest expense	(4,170)	(109,289)	(2,654,727)	(493,937)
Other income, net	769	583	3,002	6,307
Nonoperating Income (Expense), Total			(2,651,725)	(487,630)
Income (loss) before income taxes	(3,704,734)	(779,923)	(9,849,982)	66,196
Income tax benefit		18	18
Net income (loss)	$ (3,704,734)	$ (779,905)	$ (9,849,964)	$ 66,196
Net income (loss) per share Basic and diluted	$ (0.13)	$ (0.07)	$ (0.71)	$ 0.01
Weighted average number of common shares outstanding Basic and diluted	29,292,855	11,828,974	13,872,390	11,828,974

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (3,704,734)	$ (779,905)	$ (9,849,964)	$ 66,196
Other comprehensive loss
Foreign currency translation adjustments	(602,732)	(3,627)	113,176	23,109
Total other comprehensive income (loss), after tax	(602,732)	(3,627)	113,176	23,109
Comprehensive income (loss)	$ (4,307,466)	$ (783,532)	$ (9,736,788)	$ 89,305

- Definition

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

+ References + Details

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Private Placement [Member]	Common Stock [Member]	Common Stock [Member] Private Placement [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Private Placement [Member]	Receivable From Issuance of Shares [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2012	$ 495,702		$ 11,829		$ 57,608,337		$ (121,801)	$ (979,383)	$ (56,023,280)
Beginning Balance shares at Dec. 31, 2012			11,828,974
Net income (loss)	66,196								66,196
Foreign currency translation adjustment	23,109							23,109
Ending Balance at Dec. 31, 2013	585,007		$ 11,829		57,608,337		(121,801)	(956,274)	(55,957,084)
Ending Balance shares at Dec. 31, 2013			11,828,974
Net income (loss)	(9,849,964)								(9,849,964)
Foreign currency translation adjustment	113,176							113,176
Beneficial conversion feature	2,236,581				2,236,581
Series C Shares Conversion	4,380,906		$ 5,009		4,254,096		$ 121,801
Series C Shares Conversion, shares			5,008,870
Issuance of Series C Cash Shares net $76,367 in offering costs	7,342,077		$ 5,662		7,336,414
Issuance of Series C Cash Shares net $76,367 in offering costs, shares			5,662,167
Issuance of Common Stock net $1,595,832 in offering costs		$ 11,963,188		$ 6,780		$ 11,956,408
Issuance of Common stock, shares				6,779,510
Stock-based compensation expense	571,382				571,382
Issuance of Warrants	664,064				664,064
Ending Balance at Dec. 31, 2014	18,006,417		$ 29,280		$ 84,627,283			$ (843,097)	$ (65,807,048)
Ending Balance shares at Dec. 31, 2014			29,279,522
Net income (loss)	(3,704,734)
Ending Balance at Mar. 31, 2015	$ 14,227,353

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical)	Dec. 31, 2014 USD ($)
Offering cost	$ 1,595,832
Common Stock [Member]
Offering cost	1,595,832
Additional Paid-in Capital [Member]
Offering cost	1,595,832
Receivable From Issuance of Shares [Member]
Offering cost	1,595,832
Accumulated Other Comprehensive Loss [Member]
Offering cost	1,595,832
Accumulated Deficit [Member]
Offering cost	1,595,832
Series C Preferred Stock [Member]
Offering cost	76,367
Series C Preferred Stock [Member] \| Common Stock [Member]
Offering cost	76,367
Series C Preferred Stock [Member] \| Additional Paid-in Capital [Member]
Offering cost	76,367
Series C Preferred Stock [Member] \| Receivable From Issuance of Shares [Member]
Offering cost	76,367
Series C Preferred Stock [Member] \| Accumulated Other Comprehensive Loss [Member]
Offering cost	76,367
Series C Preferred Stock [Member] \| Accumulated Deficit [Member]
Offering cost	$ 76,367

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	$ (3,704,734)	$ (779,905)	$ (9,849,964)	$ 66,196
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	78,117	95,549	366,979	384,677
Stock-based compensation	217,335		571,382
Warrants issued in Private Placement			664,064
Non-cash interest expense		82,230	2,589,025	414,269
Non-cash Restricted shares	311,066
Other	(127,482)
Changes in operating assets and liabilities:
Restricted cash		911	70,026	114,260
Trade accounts receivable		479,677	465,385	(337,483)
Prepaid expenses	(408,218)	(46,627)	(58,239)	1,049
Other assets	(317,073)	(260,096)	(911,289)	691,681
Trade accounts payable	440,649	370,122	1,115,987	(549,405)
Accrued and other liabilities	(208,047)	(410,902)	(136,997)	(3,846,904)
Income taxes	(2,184)	50,564	47,940	(14,822)
Net cash used in operations	(3,720,571)	(418,477)	(5,065,701)	(3,076,482)
Cash flows from investing activities:
Purchase of property and equipment	(40,648)	(1,768)	(267,406)	(49,471)
Net cash used in investing activities	(40,648)	(1,768)	(267,406)	(49,471)
Cash flows from financing activities:
Issuance of Common Stock, net of issuance costs			11,963,188
Issuance of Preferred Stock-series C, net of issuance costs			7,342,077
Proceeds from convertible stockholder loan			1,210,100	327,210
Repayment of debt	(1,000,323)		(181,515)
Net cash provided by (used in) financing activities	(1,000,323)		20,333,850	327,210
Effect of exchange rate change on cash and cash equivalents	(545,633)	742	(215,914)	161,047
Net increase (decrease) in cash and cash equivalents	(5,307,175)	(419,503)	14,784,829	(2,637,696)
Cash and cash equivalents at beginning of period	18,474,211	3,689,382	3,689,382	6,327,078
Cash and cash equivalents at end of period	13,167,036	3,269,879	18,474,211	3,689,382
Supplemental cash flow disclosures:
Cash paid for interest	4,224	27,059	71,757	79,668
Cash received (paid from) for income taxes	$ (422)	$ (18)	51,651	$ 17,413
Noncash investing and Financing Activities:
Conversion from debt to equity			$ 4,380,906

Corporate Information	3 Months Ended	12 Months Ended
Corporate Information	Mar. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Corporate Information	1. Corporate Information Pieris Pharmaceuticals, Inc. is a holding company incorporated in May 2013 under the name Marika Inc. On December 17, 2014 Pieris AG (a German company which was founded in 2001 by Prof. Dr. Arne Skerra, Professor at the Technical University of Munich, Germany, and Claus Schalper) became a wholly owned subsidiary of Pieris Pharmaceuticals, Inc., pursuant the Acquisition (described below). The registered office of Pieris Pharmaceuticals, Inc. and the corporate headquarters and research facility of Pieris AG are located in Freising-Weihenstephan, Germany. Pieris Australia Pty Ltd., a wholly owned subsidiary of Pieris AG, was formed on February 14, 2014 to conduct research and development in Australia. On December 17, 2014, Pieris Pharmaceuticals, Inc., Pieris AG, and the former stockholders of Pieris AG entered into an acquisition agreement, or the Acquisition Agreement. Pursuant to the Acquisition Agreement, on December 17, 2014, the stockholders of Pieris AG contributed all of their equity interests in Pieris AG to Pieris Pharmaceuticals, Inc. in exchange for shares of Pieris Pharmaceuticals, Inc. common stock, which resulted in Pieris AG becoming a wholly owned subsidiary of Pieris Pharmaceuticals, Inc. (the “Acquisition”). Upon the closing of the Acquisition, Pieris Pharmaceuticals, Inc. ceased to be a “shell company” under applicable rules of the SEC. For more information on the acquisition, please refer to Note 3 Acquisition of the consolidated financial statements as of December 31, 2014 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. On December 17, 2014, Pieris Pharmaceuticals, Inc. entered into a securities purchase agreement, or the Securities Purchase Agreement, with certain accredited investors (the “Investors”) providing for the issuance and sale to such Investors of an aggregate of 6,779,510 shares of our common stock in a private placement offering conducted through a series of closings occurring on December 17, 18 and 23, 2014, at a purchase price per share of $2.00 and for aggregate gross proceeds of approximately $13.56 million (the “Private Placement”). Northland Securities, Inc. and Katalyst Securities, LLC served as co-exclusive placement agents (the “Placement Agents”) for the Private Placement. At the closings of the Private Placement we issued to the Placement Agents and their designees, warrants (the “Placement Warrants”), to acquire up to 542,360 shares of our common stock at an exercise price of $2.00 per share. Each of the Placement Warrants is exercisable at any time at the option of the holder until the five-year anniversary of its date of issuance. Pieris Pharmaceuticals, Inc. and its consolidated subsidiaries (the “Company”) is a clinical-stage biopharmaceutical company dedicated to the discovery and development of the Anticalin^® class of biotherapeutics for patients with diseases in which the Company believes there is high unmet medical need. The Company´s core Anticalin^® technology and platform was developed in Germany, and the Company has partnership arrangements with major multi-national pharmaceutical companies headquartered in the U.S., Europe and Japan and with regional pharmaceutical companies headquartered in India.	1. Corporate Information Pieris Pharmaceuticals, Inc. was founded in May 2013 and is a holding company. On December 17, 2014 Pieris AG (a German company which was founded in 2001 by Prof. Dr. Arne Skerra, Professor at the Technical University of Munich, Germany, and Claus Schalper) became a wholly owned subsidiary of Pieris Pharmaceuticals, Inc., which was previously named Marika Inc. pursuant to a share exchange transaction (the “Acquisition”). For further information on the Acquisition refer to Note 3 Acquisition. The registered office of Pieris Pharmaceuticals, Inc. and the corporate headquarters and research facility of Pieris AG are located in Freising-Weihenstephan, Germany. Pieris Australia Pty Ltd., a wholly owned subsidiary of Pieris AG, was formed on February 14, 2014 to conduct research and development in Australia. Pieris Pharmaceuticals, Inc. and its consolidated subsidiaries (the “Company”) is a clinical-stage biopharmaceutical company dedicated to the discovery and development of their Anticalin^® class of biotherapeutics for patients with diseases in which the Company believes there is high unmet medical need. The Company’s core Anticalin^® technology and platform was developed in Germany, and the Company has partnership arrangements with major multi-national pharmaceutical companies headquartered in the U.S., Europe and Japan and with regional pharmaceutical companies headquartered in India.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Consolidation

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All significant intercompany balances and transactions have been eliminated in the consolidation.

Use of Estimates

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 and liabilities, the reported amounts of revenues and expenses in the financial statements and disclosures in the accompanying notes. Actual results and outcomes could differ materially from management’s estimates, judgments and assumptions.

Foreign Currency Translation

The Company’s reporting currency is U.S. dollars. During the years ended December 31, 2014 and 2013, the Company had operations in Germany with a functional currency of the euro, in Australia with a functional currency of the Australian dollar and in the U.S. with a functional currency of the U.S. dollar. All amounts in the financial statements where the functional currency is not the U.S. dollar are translated into U.S. dollar equivalents at exchange rates as follows:

•

assets and liabilities at period-end rates;

•

income statement accounts at average exchange rates for the period; and

•

components of equity at historical rates.

Gains and losses from translation of the financial statements into U.S. dollars are recorded in stockholders’ equity as a component of other comprehensive loss. Realized and unrealized gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are reflected as general and administrative expenses in the Statements of Operations.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash on deposit in banks and other cash invested temporarily in money-market funds that are highly liquid and have an original maturity of less than 90 days at the date of purchase.

The Company held $0 and $72,497 in restricted cash as of December 31, 2014 and 2013, respectively. Such bank balances in 2013 related to prepayments received by the Company pursuant to EU grants under the EUROCALIN program (see Note 4 Revenue). These amounts were restricted to cover future obligations to members of the EUROCALIN consortium; they were not available for use by the Company.

Fair Value of Financial Instruments

ASC Topic 820 Fair Value Measurement defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the 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.

The Company’s cash equivalents consist of highly liquid money market funds and are measured at fair value on a recurring basis. These funds are classified as Level 1 in the fair value hierarchy because they are valued using quoted prices for the periods ended December 31, 2014 and 2013. The carrying amounts of $4,800,573 and $3,307,520 as of December 31, 2014 and December 31, 2013, respectively, equal the fair value of the cash equivalents.

The Company’s other financial instruments include debt instruments (bank loan) and are classified as Level 2 within the fair value hierarchy. The fair value of these instruments was determined using the discounted cash flow method based on contractual cash flows and the current rate at which debt with similar terms could be issued. The fair values for these debt instruments approximated carrying values as of December 31, 2014 and 2013.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that subject the Company to concentrations of credit risk include cash and cash equivalents and trade accounts receivable. The Company maintains cash and cash equivalents with various major financial institutions. The Company maintains deposits and owns money market funds only in highly rated financial institutions to minimize the credit risk from the financial institutions. Management periodically reviews the credit standing of these financial institutions and believes that the Company is not exposed to significant credit risk from the institutions in which those deposits are held and through which money-market funds are owned at December 31, 2014 and 2013.

As of December 31, 2014, the Company has no trade accounts receivable. See Note 4 Revenue, for additional information regarding the Company’s collaboration agreements.

The Company relies on third parties to conduct preclinical and clinical studies. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, the Company may not be able to obtain regulatory approval for the Company´s drug candidates and the Company’s business could be substantially impacted. Furthermore, the Company is exposed to the risks associated with third parties formulating and manufacturing its preclinical and clinical drug supplies and any approved drug candidates. The development and commercialization of any of its drug candidates could be stopped, delayed or made less profitable if those third parties fail to provide the Company with sufficient quantities of such drug candidate or fail to do so at acceptable quality levels, including in accordance with applicable regulatory requirements and prices.

In line with such third-party risk, the Company depends significantly on the Research and Licensing Agreement (or the “TUM License Agreement”) with Technische Universität München “TUM” or “Technical University Munich”), under which certain intellectual property rights are exclusively licensed to the Company. In the event that the TUM License Agreement is terminated by TUM, the Company would be significantly hampered in its efforts to develop and commercialize, as well as to sub-license, the drug candidates covered by such exclusive license.

Trade Accounts Receivable

Trade accounts receivable are recorded net of allowances for doubtful accounts and represent amounts due from third parties and collaboration partners. Management monitors and evaluates collectability of receivables on an ongoing basis and considers whether an allowance for doubtful accounts is necessary. Management determined that no such reserve is needed as of December 31, 2014 and 2013. Historically, the Company has not had collectability issues with third parties and collaboration partners.

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


Asset Classification	Estimated useful life (in years)
Leasehold improvements		5 - 13
Laboratory equipment		1 - 14
Office and computer equipment		1 - 15

Impairment of Long-lived Assets

The Company reviews its long-lived assets to be held and used for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. In performing an impairment review, the Company estimates undiscounted cash flows from products that are covered by these assets. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than the carrying amount of the asset. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value. No such impairments were recorded during the years ended December 31, 2014 or 2013.

Revenue Recognition

The Company has entered into several licensing and development agreements with collaboration partners for the development of Anticalin^® therapeutics against a variety of targets in diseases and conditions. The terms of these agreements contain multiple elements and deliverables, which may include (i) licenses, or options to obtain licenses, to the Company’s Anticalin technology and (ii) research activities to be performed on behalf of the collaborative partner. Payments to the Company under these agreements may include upfront fees (which include license and option fees), payments for research 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 the Company. The Company follows the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605-25, Revenue Recognition—Multiple-Element Arrangements and ASC Topic 605-28, Revenue Recognition—Milestone Method in accounting for these agreements.

Multiple-Element Arrangements

When evaluating multiple-element arrangements, the Company identifies the deliverables included within the agreement and evaluates which deliverables represent separate units of accounting based whether the delivered element has stand-alone value to the collaborator or if the arrangement includes a general right of return for delivered items.

The consideration received is allocated among the separate units of accounting using the relative selling price method, and the applicable revenue recognition criteria are applied to each of the separate units of accounting. The Company has used best estimate of selling price methodology to estimate the selling price for licenses and options to acquire additional licenses to its proprietary technology because the Company does not have Vendor Specific Objective Evidence or Third Party Evidence of selling price for these deliverables. To determine the estimated selling price of a license to its proprietary technology, the Company considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements, terms of previous collaborative agreements, similar agreements entered into by third parties, market opportunity, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the license. In validating the Company’s best estimate of selling price, the Company evaluates whether changes in the key assumptions used to determine the best estimate of selling price will have a significant effect on the allocation of arrangement consideration among multiple deliverables.

The Company typically receives upfront, nonrefundable payments when licensing its intellectual property in conjunction with a research and development agreement. In determining the units of accounting, management evaluates whether the license has stand-alone value from the undelivered elements to the collaborative partner based on the consideration of the relevant facts and circumstances for each arrangement. Factors considered in this determination include the stage of development of the license delivered, research capabilities of the partner and the availability of Anticalin^® technology research expertise in the general marketplace.

When management believes the license to its intellectual property does not have stand-alone value from the other deliverables to be provided in the arrangement, the Company generally recognizes revenue attributable to the license on a straight-line basis over the Company’s contractual or estimated performance period, which is typically the term of the Company’s research and development obligations. When management believes the license to its intellectual property has stand-alone value, the Company recognizes revenue attributed to the license upon delivery. The periods over which revenue should be recognized are subject to estimates by management and may change over the course of the research and development agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.

The accounting treatment for options granted to collaborators is dependent upon the nature of the option granted to the collaborative partner. Options are considered substantive if, at the inception of an agreement, the Company is at risk as to whether the collaborative partner will choose to exercise the options to secure additional licenses. Factors that are considered in evaluating whether options are substantive include the overall objective of the arrangement, the benefit the collaborator might obtain from the agreement without exercising the options, the cost to exercise the options relative to the total upfront consideration, and the additional financial commitments or economic penalties imposed on the collaborator as a result of exercising the options.

In arrangements where options to obtain additional licenses are considered substantive, the Company determines whether the optional licenses are priced at a significant and incremental discount. If the prices include a significant and incremental discount, the option is considered a deliverable in the arrangement. However, if not priced at a discount, the elements included in the arrangement are considered to be only the non-contingent elements. When a collaborator exercises an option to acquire an additional license, the exercise fee that is attributed to the additional license and any incremental discount allocated at inception are recognized in a manner consistent with the treatment of up-front payments for licenses (i.e., license and research services). In the event an option expires un-exercised, any incremental discounts deferred at the inception of the arrangement are recognized into revenue upon expiration. For options that are non-substantive, the additional licenses to which the options pertain are considered deliverables upon inception of the arrangement, and the Company applies the multiple-element revenue recognition criteria to determine accounting treatment. All of the Company’s agreements with options have been determined to include substantive options.

Payments or reimbursements resulting from the Company’s research and development efforts in multi-element arrangements in which the Company´s research and development efforts are considered deliverable are recognized as the services are performed and are presented on a gross basis so long as there is persuasive evidence of an arrangement, the fee is fixed or determinable, and collection of the related receivable is reasonably assured. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets.

Milestone Payments and Royalties

At the inception of each agreement that includes milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment.

The Company aggregates milestones into three categories (i) research milestones, (ii) development milestones and (iii) commercial 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 or 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.

For revenues from research and development milestone payments, if the milestones are deemed substantive and the milestone payments are nonrefundable, such amounts are recognized entirely upon successful accomplishment of the milestones. Milestones that are not considered substantive are accounted for as license payments and recognized on a straight-line basis over the period of performance. To date, the Company has determined all milestones are substantive. Revenues from commercial milestone payments are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met. Royalty payments are recognized in revenues based on the timing of royalty payments earned in accordance with the agreements, which typically is the period when the relevant sales occur, assuming all other revenue recognition criteria are met.

Government Grants

Government grants are recognized when there is reasonable assurance that all conditions will be complied with and the grant will be received. As the government grants generally represent subsidies for specified activities, they are recognized when earned as revenue from grants.

Funds received that are not related to research and development expenses that have already been incurred, such as the EUROCALIN grant, are recorded as deferred revenue until such time that the related expenses have been incurred by the Company or by one of the other members of the EUROCALIN consortium. At the time eligible expenses are incurred, the applicable portion of deferred revenue according to the respective funding rates is recorded as revenue from grants.

Research and Development

Research and development costs are charged to expense as incurred. Research and development expenses consist of expenses incurred in performing research and development activities which are directly attributable to the creation of the Company´s Anticalin^® class of biotherapeutics, including salaries and benefits; overhead expenses, including facilities expenses; materials and supplies; preclinical expenses; clinical trial and related clinical manufacturing expenses; depreciation of equipment; contract services; and other outside expenses. Legal fees incurred for patent application costs have been charged to expense and reported in research and development expenses.

Income Taxes

The Company applies ASC 740—Income Taxes, which established financial accounting and reporting requirements for the effects of income taxes that result from the Company’s activities during the current and preceding years. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating losses and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted statutory tax rates expected to apply to taxable income in the jurisdictions and years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Where the Company determines that it is more likely than not that some portion or all of the deferred tax assets will not be realized in the future, the deferred tax assets are reduced by a valuation allowance.

Share-based Payments

The Company measures share-based payments in accordance with ASC Topic 718, Compensation—Stock Compensation. Determining the appropriate fair value model and related assumptions requires judgment, including estimating share price volatility and expected terms of the awards. For employee options, the fair value measurement date is generally on the date of grant and the related compensation expense is recognized on a straight-line basis over the requisite period of the awards, less expense for estimated forfeitures.

The Company utilizes the Black-Scholes model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes model, require the input of subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility, expected life of the award and forfeitures.

The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has not paid dividends to its stockholders since its inception and does not plan to pay cash dividends in the foreseeable future. Therefore, the Company has assumed an expected dividend rate of zero.

Expected volatility rates are based on historical volatility of the common stock of comparable publicly traded entities, and other factors due to the lack of historic information of the Company´s common stock. The expected life of stock-based options is the period of time for which the stock-based options are expected to be outstanding. Given the lack of historic exercise data, the expected life is determined using the “simplified method” which is defined as the midpoint between the vesting date and the end of the contractual term. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company assesses the forfeiture rate on an annual basis and revises the rate when deemed necessary. Refer to Note 9 Stock-Based Compensation, for further information.

Warrants to Purchase Common Stock

Outstanding warrants are standalone instruments that are not puttable or mandatorily redeemable by the holder and are classified as equity awards. The Company measures the fair value of the awards using the Black-Scholes option pricing model as of the measurement date using assumptions that are based on the individual characteristics of the warrants on the valuation date, as well as assumptions for future events, expected volatility, expected life, yield, and risk-free interest rate. Issued warrants are recorded at fair value as a reduction in additional paid-in capital of the common stock issued. Refer to Note 10 Warrants for further information.

Contingencies

Accruals are recorded for loss contingencies when it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that has been accrued previously. Considering facts known at the time of the assessment, the Company determines whether potential losses are considered reasonably possible or probable and whether they are estimable. Based upon this assessment, the Company carries out an evaluation of disclosure requirements and considers possible accruals in the financial statements.

Segment Reporting

Operating segments are identified as components of an enterprise where separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and asses performance. The Company operates as a single segment dedicated to the discovery and development of biotechnological applications and accordingly, views its operations and manages its business in one operating segment.

Basic and Diluted Earnings per Share

Basic and diluted income (loss) per common share have been computed by dividing the income (losses) applicable to common stock by the weighted average number of common shares outstanding. The Company’s basic and fully diluted earnings per share (“EPS”) calculations are the same because the increased number of shares that would be included in the diluted calculation from assumed exercise of stock equivalents would be anti-dilutive to the net loss in 2014 and there were no stock equivalents granted in 2013.

Adoption of New Accounting Standards

In February 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”). Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of Accumulated Other Comprehensive Income (“AOCI”) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 became effective for non emerging growth companies for reporting periods beginning after December 15, 2012. For the Company, ASU 2013-02 became effective on January 1, 2014 and its adoption did not have an effect on the Company’s consolidated financial statements.

In February 2013, the FASB issued ASU No. 2013-04, “Liabilities (Topic 405)—Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date” (“ASU 2013-04”). The amendments in this update provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this update also requires an entity to disclose the nature and amount of the obligation as well as other information about such obligations. The requirements of ASU 2013-04 became effective for non emerging growth companies for reporting periods beginning after December 15, 2013. For the Company, ASU 2013-04 became effective on January 1, 2014 and its adoption did not have an effect on the Company’s consolidated financial statements.

New Accounting Standards Not Yet Adopted

In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” (“ASU 2013-05”). The amendments in ASU 2013-05 provide guidance on releasing Cumulative Translation Adjustments (“CTA”) when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, these amendments provide guidance on the release of CTA in partial sales of equity method investments and in step acquisitions. For public entities, the amendments are effective on a prospective basis for fiscal years and interim reporting periods within those years, beginning after December 15, 2013 and for periods beginning after December 15, 2014 for non-public companies and emerging growth companies. The amendments should be applied prospectively to de-recognition events occurring after the effective date. Prior periods should not be adjusted and early adoption is permitted. For the Company, ASU 2013-05 will become effective on January 1, 2015 and the Company does not expect these provisions to have a material impact on the Company’s consolidated financial statements.

In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”) (a consensus of the FASB Emerging Issues Task Force), which requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (“NOL”) carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when:

•

the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction; and

•

the entity intends to use the deferred tax asset for that purpose.

The ASU does not require new disclosures and is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013 for public companies and for periods beginning after December 15, 2014 for non-public companies and emerging growth companies. Early adoption and retrospective application are permitted. For the Company, ASU 2013-11 will become effective on January 1, 2015, and the Company is in the processes of evaluating of the impact the adoption will have on its consolidated financial statements.

In May 2014 the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 affects contracts with customers to transfer goods or services or contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. ASU 2014-09 will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (e.g., assets within the scope of Topic 360, Property, Plant, and Equipment, and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement in ASU 2014-09.

The core principle of the guidance is that an entity should recognize revenue consistent with the performance obligation to transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

For the Company, ASU 2014-09 will become effective for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early application is not permitted. The Company is in the process of evaluating the impact the adoption will have on the consolidated financial statements.

In June 2014 the FASB issued ASU No. 2014-12 “Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period” (“ASU 2014-12”).

The amendments in ASU 2014-12 apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target (for example, an initial public offering or a profitability target) could be achieved and still be eligible to vest in the award if and when the performance target is achieved.

For all entities, the amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The effective date is the same for both public entities and all other entities.

Entities may apply the amendments in this Update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. The Company is still evaluating the impact of the adoption of ASU 2014-12 on the consolidated financial statements.

In January 2015 the FASB issued ASU No. 2015-01 “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (“ASU 2015-01”).

The amendments in ASU 2015-01 eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement—Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. This guidance is effective for the Company for annual periods ending after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company is currently assessing the expected impact, if any, that ASU 2015-01 will have on the consolidated financial statements.

In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). The amendments in ASU 2015-02 are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). This guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December, 15, 2017. The Company is currently evaluating the impact of ASU 2015-02 will have on the consolidated financial statements.

The Company has considered other recent accounting pronouncements and concluded that they are either not applicable to the business, or that no material effect is expected on the consolidated financial statements as a result of future adoption.

Acquisition	12 Months Ended
Acquisition	Dec. 31, 2014
Business Combinations [Abstract]
Acquisition	3. Acquisition On December 17, 2014, Pieris AG, the Company (formerly known as Marika Inc.) and the former shareholders of Pieris AG entered into an Acquisition Agreement (the “Acquisition Agreement”). Pursuant to the Acquisition Agreement, the former shareholders of Pieris AG contributed all of their equity interests in Pieris AG in exchange for 20,000,000 shares of the Company´s common stock, which resulted in Pieris AG becoming a wholly owned subsidiary of the Company (the “Acquisition”). Upon the closing of the Acquisition and prior to the closing of the December 2014 private placement financing, the former stockholders of Pieris AG collectively owned approximately 89% of outstanding shares of the Company´s common stock. On December 5, 2014, Pieris Pharmaceuticals, Inc. completed a 2.272727-for-1 forward split of its common stock in the form of a share dividend, with the result that 6,100,000 shares of common stock outstanding immediately prior to the stock split became 13,863,647 shares of common stock outstanding immediately thereafter. Effective as of December 16, 2014, Pieris Pharmaceuticals, Inc. amended and restated its Articles of Incorporation to, among other things, change its name from Marika Inc. to “Pieris Pharmaceuticals, Inc.” and increase its authorized capital stock from 75,000,000 shares of common stock, par value $0.001 per share, to 300,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of “blank check” preferred stock, par value $0.001 per share. On December 17, 2014, Pieris Pharmaceuticals, Inc. transferred its pre-Acquisition assets and liabilities to its former majority stockholder, Aleksandrs Sviks, in exchange for the surrender by him and cancellation of 11,363,635 shares of Pieris Pharmaceuticals, Inc. common stock. In accordance with FASB, ASC Section 805 entitled “Business Combinations,” Marika Inc. does not meet the definition of a business as it is a non-operating shell company. As a result, the Acquisition has been accounted for as a reverse-merger and recapitalization. Pieris AG is the acquirer for financial reporting purposes and Pieris Pharmaceuticals, Inc. is the acquired company. Consequently, the assets and liabilities and the operations reflected in the historical financial statements prior to the Acquisition are those of Pieris AG and are recorded at the historical cost basis of Pieris AG, and the consolidated financial statements after completion of the Acquisition include the assets and liabilities and results of operations of the combined Company. Share capital prior to the closing of the Acquisition has been retroactively adjusted to reflect the legal capital of Pieris Pharmaceuticals, Inc.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

Revenues

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenues

3. Revenues

General

Pieris Pharmaceuticals, Inc. has not generated revenues from product sales. Pieris Pharmaceuticals, Inc. has generated revenues pursuant to (i) license and collaboration agreements, which include upfront payments for licenses or options to obtain licenses, payments for research and development services and milestone payments, and (ii) government grants.

Collaborations and Other Agreements

Allergan, Inc.

In August 2009, pursuant to an agreement with Allergan, Inc. (“Allergan”), the Company granted Allergan a worldwide exclusive license to develop and commercialize certain drug candidates for the treatment and prevention of ocular diseases. Allergan is responsible for the research, development, manufacturing and commercialization of any products resulting from the license. The Company received a non-refundable upfront payment of $10 million upon execution of the contract in 2009 and is entitled to receive up to an aggregate of $13 million in milestone payments upon the achievement of certain commercial milestones or patents granted to the Company by the United States Patent and Trademark Office that cover a product licensed to Allergan.

At the inception of the agreement, the Company recognized revenues from the upfront license payment because, based on the stage of development of the licensed product delivered and the development capabilities of Allergan, the Company determined that the license had standalone value. Through March 31, 2015, none of the milestones had been achieved and, as such, the Company has not recognized milestone-related revenues.

Daiichi Sankyo Co., Ltd.

In May 2011, the Company entered into an agreement with Daiichi Sankyo Co., Ltd. (“Daiichi Sankyo”), under which Pieris AG will use its proprietary Anticalin^® scaffold technology to identify drug candidates against certain targets selected by Daiichi Sankyo, with further development and commercialization performed by Daiichi Sankyo. For any targets selected by Daiichi Sankyo, the Company granted an exclusive, worldwide license for the research, development and commercialization of drug candidates identified by the Company. The Company has handed over further development responsibility for the two collaboration projects to Daiichi Sankyo, which handovers occurred in March 2013 and June 2014.

Upon execution of the agreement, Daiichi Sankyo paid the Company a non-refundable upfront payment in the amount of $10.1 million in consideration for the licenses, and for each licensed product, the Company is entitled to receive potential milestone payments of $87.6 million, plus royalties on the commercial sales of any commercial products. The total milestones are categorized as follows: research milestones—$2.5 million; development milestones—$36.0 million; commercial milestones—$48.3 million; additional diagnostic milestones of $0.7 million. At the inception of the agreement, these milestones were determined to be substantive as there was substantial uncertainty the milestones would be achieved, they would require substantial performance from the entity, and the consideration was reasonable relative to other deliverables. The agreement includes provisions for the Company to provide research services funded by Daiichi Sankyo at agreed upon full-time employee rates during the initial identification and research period.

In accordance with the guidance in ASC 605-25, the Company identified the licenses and research funding as deliverables at the inception of the arrangement. The Company has determined that the licenses and research services provided by the Company represent one unit of accounting because, based on the stage of development of the licensed product, the research services provided by the Company to identify drug candidates using the Company’s proprietary Anticalin^® technology against Daiichi Sankyo’s selected targets were necessary before the licenses would have any standalone value. Therefore, the total arrangement consideration was recognized over the estimated period of substantial involvement, which was determined to be the period during the Company was required to provide research services to discover drug candidates against targets identified. The Company estimated this period would be approximately two years. The Company reassesses the estimated term at the end of each reporting period.

The Company has not recognized any milestone payments as revenue for the three months ended March 31, 2015 and 2014 respectively. In general, milestones could not be achieved solely upon the passage of time. For revenue recognition purposes, management determined these milestones to be substantive in accordance with applicable accounting guidance related to milestone revenue. Substantive uncertainty existed at the inception of the arrangement as to whether the milestones would be achieved because of the numerous variables, such as the high rate of failure inherent in research and development activities and the uncertainty involved with obtaining regulatory approval. For the three months ended March 31, 2015, the Company did not recognized any revenues related to the Daiichi Sankyo Collaboration and for the three months ended March 31, 2014, the Company recognized $0.7 million in revenues. None of the revenue was related to the achievement of milestones.

Sanofi-Aventis and Sanofi-Pasteur

In September 2010, the Company entered into an agreement with Sanofi-Aventis and Sanofi Pasteur (“Sanofi”), under which the Company agreed to apply its proprietary Anticalin^® technology to identify drug candidates against certain targets selected by Sanofi, with further development and commercialization performed by Sanofi. The agreement included the initial identification of two targets by Sanofi, with options to select up to four additional targets. For any targets selected by Sanofi, the Company granted an exclusive, worldwide license for the research, development and commercialization of drug candidates identified by the Company. In addition to the two initial targets selected by Sanofi, Sanofi exercised one of the four options and received a license. The remaining three options expired unexercised.

Upon execution of the agreement, Sanofi paid the Company an upfront payment of $4.9 million in consideration for licenses on the first two targets and options to select an additional four licenses on other targets (with each option requiring an additional upfront payment upon exercise). Additionally, for each licensed product, the Company is entitled to receive milestone payments up to $49.6 million, plus royalties on the sales of any commercial products. The total milestones are categorized as follows: research milestones—$1.8 million; development milestones—$28.5 million; commercial milestones—$19.3 million. At the inception of the agreement, these milestones were determined to be substantive because (i) there was substantial uncertainty the milestones would be achieved, (ii) they would require substantial performance from the entity, and (iii) the consideration was reasonable relative to other deliverables. The agreement included provisions for the Company to provide research services funded by Sanofi at agreed upon full-time employee equivalent rates during the initial identification and research period.

In accordance with the guidance in ASC 605-25, the Company identified the licenses, options to obtain additional licenses and research funding as deliverables at the inception of the arrangement. The options were considered to be substantive at the inception of the agreement. Factors considered in determining the options were substantive were whether (i) Sanofi could obtain the overall objective of the agreement without exercising any options, (ii) Sanofi was able to obtain value from the initial licenses obtained without exercising any options, (iii) the cost to exercise the options was significant relative to the total upfront payment of $4.9 million for two licenses and four options, and (iv) exercising the option created additional financial commitments for Sanofi or imposed economic penalties on Sanofi.

The Company has determined that, for each program selected by Sanofi, the license and research services provided by the Company represent one unit of accounting because, based on the stage of development of the licensed product, the research services provided by the Company to identify drug candidates using the Company’s proprietary Anticalin technology against Sanofi’s selected targets were necessary before the licenses would have any standalone value.

The estimated selling prices for the licenses in the agreement are the Company’s best estimate of selling price and were determined based on market conditions and entity-specific factors such as considerations of preclinical and clinical testing results and the Company’s pricing practices and pricing objectives. The estimated selling price of research services are the Company’s best estimate of selling price and are determined based on market conditions and entity-specific factors such as internal cost considerations and the Company’s pricing practices and pricing objectives.

At inception, the total arrangement consideration of $8.1 million (which comprises the $4.9 million upfront payment and the expected fees for the research services to be provided under the remainder of the arrangement) was allocated to the deliverables based on the relative selling price method as follows: $3.5 million to the licenses, $1.4 million to the four options to acquire additional licenses and $3.2 million to the estimated research services to be provided. As the license and research services were determined to be one unit of accounting, the consideration allocated to each license is recognized over the period of substantial involvement, which was determined to be the period during the Company was required to provide research services to discover drug candidates against targets identified, approximately two years. The Company reassesses the estimated term at the end of each reporting period. At the end of 2012, the Company determined that the required research term for one of the initial terms would extend to a period of 40 months, and management updated the estimated required service period to amortize the remaining deferred upfront payment over the new term. Two of the four options expired un-exercised in 2011, and as a result the Company recognized $0.7 million of revenue upon expiration. The option term for the remaining two options was extended to February 2013, and Sanofi exercised one option to obtain an additional license. For the exercised option, the allocated consideration of $0.27 million for the option and the $1.1 million payment of the exercise price of the option were deferred and amortized over the expected required service period of approximately two years. The program covered by the exercised option was terminated in December 2013, and accordingly, the Company recognized the remaining deferred revenue upon termination. The remaining option expired in February 2013 and the allocated consideration of $0.35 million was recognized into revenue at the time of expiration.

The Company has not recognized any milestone payments as revenue for the three months ended March 31, 2015. The Company has recognized a milestone payment of $0.3 million as revenue for the three months ended March 31, 2014. The milestone payment was based on successful in vivo studies. The milestone could not be achieved solely upon the passage of time. For revenue recognition purposes, management determined this milestone to be substantive in accordance with applicable accounting guidance related to milestone revenue. Substantive uncertainty existed at the inception of the arrangement as to whether the milestone would be achieved because of the numerous variables, such as the high rate of failure inherent in research and development activities and the uncertainty involved with obtaining regulatory approval. Therefore, the payment was recognized in its entirety as revenue in the three months ended March 31, 2014 when the research milestone was reached.

For the three months ended March 31, 2015, the Company did not recognized any revenues related to the Sanofi collaboration and for the three months ended March 31, 2014, the Company recognized $0.5 million in revenues, of which $0.3 million related to the achievement of milestones.

4. Revenue

General

The Company has not generated revenue from product sales. The Company has generated revenue pursuant to (i) license and collaboration agreements, which include upfront payments for licenses or options to obtain licenses, payments for research and development services and milestone payments, and (ii) government grants, which are shown in the table below for periods specified:


	Years ended December 31,
	2014		2013
License fees	$	473,039	$	5,159,425
Research and development services		876,619		3,591,855
Milestone payments		3,184,988		1,128,630
Government grants		830,408		2,547,382

Total Revenue	$	5,365,054	$	12,427,292

Revenue from two collaboration partners and from one government grant exceeded 10% of total revenue, amounting to $2,981,992, $1,354,861 and $714,388, respectively, in the year ended December 31, 2014 and $5,573,441 $4,168,278 and $2,430,358, respectively, in the year ended December 31, 2013.

Collaborations and Other Agreements

Allergan Inc.

In August 2009, pursuant to an agreement with Allergan Inc. (“Allergan”), the Company granted Allergan a worldwide exclusive license to develop and commercialize certain drug candidates for the treatment and prevention of ocular diseases. Allergan is responsible for the research, development, manufacturing and commercialization of any products resulting from the license. The Company received a non-refundable upfront payment of $10 million upon execution of the contract in 2009 and is entitled to receive up to an aggregate of $13 million in milestone payments upon the achievement of certain commercial milestones or patents granted to the Company by the United States Patent and Trademark Office that cover a product licensed to Allergan.

At the inception of the agreement, the Company recognized revenue from the upfront license payment because, based on the stage of development of the licensed product delivered and the development capabilities of Allergan, the Company determined that the license had standalone value. Through December 31, 2014, none of the milestones had been achieved and, as such, the Company has not recognized milestone-related revenues from the collaboration agreement with Allergan.

Daiichi Sankyo Co., Ltd.

In May 2011, the Company entered into an agreement with Daiichi Sankyo Co., Ltd. (“Daiichi Sankyo”), under which the Company will use its proprietary Anticalin^® scaffold technology to identify drug candidates against certain targets selected by Daiichi Sankyo, with further development and commercialization performed by Daiichi Sankyo. For any targets selected by Daiichi Sankyo, the Company granted an exclusive, worldwide license for the research, development and commercialization of drug candidates identified by the Company. In March 2013 and June 2014, the Company transferred further development responsibility for the two collaboration projects to Daiichi Sankyo.

Upon execution of the agreement, Daiichi Sankyo paid the Company a non-refundable upfront payment in the amount of $10.1 million in consideration for the licenses, and for each licensed product the Company is entitled to receive potential milestone payments of $98.7 million, plus royalties on the commercial sales of any commercial products. The total milestones are categorized as follows: research milestones of $2.8 million; development milestones of $40.5 million; commercial milestones of $54.5 million; additional diagnostic milestones of $0.9 million. At the inception of the agreement, these milestones were determined to be substantive as there was substantial uncertainty the milestones would be achieved, they would require substantial performance from the entity, and the consideration was reasonable relative to other deliverables. The agreement includes provisions for the Company to provide research services funded by Daiichi Sankyo at agreed upon full-time employee rates during the initial identification and research period.

In accordance with the guidance in ASC 605-25, the Company identified the licenses and research funding as deliverables at the inception of the arrangement. The Company has determined that the licenses and research services provided by the Company represent one unit of accounting because, based on the stage of development of the licensed product the research services provided by the Company to identify drug candidates using the Company’s proprietary Anticalin^® technology against Daiichi Sankyo’s selected targets were necessary before the licenses would have any standalone value. Therefore, the total arrangement consideration was recognized over the estimated period of substantial involvement, which was determined to be the period during which the Company was required to provide research services to discover drug candidates against targets identified. The Company estimated that this period would be approximately two years. For the year ended December 31, 2014, the Company recognized $3.0 million in revenues related to the Daiichi Sankyo collaboration, of which $2.3 million related to the achievement of milestones. For the year ended December 31, 2013, the Company recognized $5.6 million in revenues, of which $1.1 million related to the achievement of milestones.

The milestone payments in 2014 are based on successful in vitro and in vivo studies and for the initiation on a toxicity study in non-human primates. The milestone payments in 2013 resulted from the achievement of a success milestone, the hand-over of a collaboration project to Daiichi Sankyo. The milestones could not be achieved solely upon the passage of time. For revenue recognition purposes, management determined these milestones to be substantive in accordance with applicable accounting guidance related to milestone revenue. Substantive uncertainty existed at the inception of the arrangements as to whether the milestones would be achieved because of the numerous variables, such as the high rate of failure inherent in research and development activities and the uncertainty involved with obtaining regulatory approval. Therefore, each of the milestone payments were recognized in their entirety as revenues during the respective years ended December 31, 2014 and 2013 in which they were received.

Sanofi-Aventis and Sanofi-Pasteur

In September 2010, the Company entered into an agreement with the Sanofi Group (formerly Sanofi-Aventis and Sanofi Pasteur, and collectively, “Sanofi”), under which the Company agreed to apply its proprietary Anticalin^® technology to identify drug candidates against certain targets selected by Sanofi, with further development and commercialization performed by Sanofi. The agreement included the initial identification of two targets by Sanofi, with options to select up to four additional targets. For any targets selected by Sanofi, the Company granted an exclusive, worldwide license for the research, development and commercialization of drug candidates identified by the Company In addition to the two initial targets selected by Sanofi, Sanofi exercised one of the four options and received a license. The remaining three options expired unexercised.

Upon execution of the agreement, Sanofi paid the Company an upfront payment of $4.9 million in consideration for licenses on the first two targets and options to select an additional four licenses on other targets (with each option requiring an additional upfront payment upon exercise). Additionally, for each licensed product, the Company is entitled to receive milestone payments up to $55.9 million, plus royalties on the sales of any commercial products. The total milestones are categorized as follows: research milestones of $2.1 million; development milestones of $32.1 million; and commercial milestones of $21.8 million. At the inception of the agreement, these milestones were determined to be substantive because (i) there was substantial uncertainty the milestones would be achieved, (ii) they would require substantial performance from the entity, and (iii) the consideration was reasonable relative to other deliverables. The agreement includes provisions for the Company to provide research services funded by Sanofi at agreed upon full-time employee equivalent rates during the initial identification and research period.

In accordance with the guidance in ASC 605-25, the Company identified the licenses, options to obtain additional licenses and research funding as deliverables at the inception of the arrangement. The options were considered to be substantive at the inception of the agreement. Factors considered in determining the options were substantive were whether (i) Sanofi could obtain the overall objective of the agreement without exercising any options, (ii) Sanofi was able to obtain value from the initial licenses obtained without exercising any options, (iii) the cost to exercise the options was significant to the total upfront payment of $4.9 million for two licenses and four options, and (iv) exercising the option created additional financial commitments for Sanofi or imposed economic penalties on Sanofi.

The Company has determined that, for each program selected by Sanofi, the license and research services provided by the Company represent one unit of accounting because, based on the stage of development of the licensed product, the research services provided by the Company to identify drug candidates using the Company’s proprietary Anticalin^® technology against Sanofi’s selected targets were necessary before the licenses would have any standalone value.

At inception, the total arrangement consideration of $8.1 million (which comprises the $4.9 million upfront payment and the expected fees for the research services to be provided under the remainder of the arrangement) was allocated to the deliverables based on the relative selling price method as follows: $3.5 million to the licenses, $1.4 million to the four options to acquire additional licenses and $3.2 million to the estimated research services to be provided. As the license and research services were determined to be one unit of accounting, the consideration allocated to each license is recognized over the period of substantial involvement, which was determined to be the period during which the Company was required to provide research services to discover drug candidates against targets identified, approximately two years. The Company reassessed the estimated term at the end of each reporting period. At the end of 2012, the Company determined that the required research term for one of the initial terms would extend to a period of 40 months, and management updated the estimated required service period to amortize the remaining deferred upfront payment over the new term. Two of the four options expired un-exercised in 2011, and as a result the Company recognized $0.7 million of revenue upon expiration. The option term for the remaining two options was extended to February 2013, and Sanofi exercised one option to obtain an additional license. For the exercised option, the allocated consideration of $0.35 million for the option and the $1.4 million payment of the exercise price were deferred and amortized over the expected required service period of approximately two years. The program covered by the exercised option was terminated in December 2013, and accordingly, the Company recognized the remaining deferred revenue upon termination. The remaining option expired in February 2013 and the allocated consideration of $0.35 million was recognized into revenue at the time of expiration.

For the years ended December 31, 2014 and 2013, the Company recognized $1.4 million and $4.2 million, respectively, related to the Sanofi collaboration. In 2014, $0.9 million was recognized related to the achievement of milestones. The milestone payments in 2014 result from a positive review of a broad range of in vitro, in vivo and chemistry, manufacturing and control (“CMC”) data. No milestones had been achieved through December 31, 2013.

Stelis BioPharma

The Company entered into an agreement with Stelis BioPharma Private Limited (“Stelis”) on November 21, 2013, pursuant to which, the Company collaborates with Stelis in the development of certain Anticalin^® drug candidates, primarily for use in the treatment, palliation or prevention of ophthalmology-related diseases. Both parties may establish a joint venture for further development and commercialization of one or more such products in the future. The Company granted Stelis a royalty-free, co-exclusive license within a specified field. Stelis is responsible for further developing the chosen candidates and taking them through certain development stages and bears all related expenses.

The license granted refers to products (Anticalin^® proteins) which have already been researched and developed by the Company independently before the arrangement with Stelis.

No payments have been received under this agreement, and thus, no revenues have been recognized.

Cadila Healthcare Limited

On October 7, 2013, the Company entered into an agreement with Cadila Healthcare Limited (“Zydus”), under which the Company granted to Zydus an exclusive, royalty-bearing license to use, sell, and import/export certain Anticalin^® drug products, including the right to grant sublicenses in a specified territory. Zydus also received a co-exclusive royalty-free license to research, develop and produce a product in the specified territory as well as to conduct research and manufacture a product in specified field, as long as such activities are solely the development or commercialization in Zydus’ territory as defined in the agreement. The Company received under the agreement a non-exclusive, royalty-free, world-wide license to exploit know-how and intellectual property that was made available to Zydus before October 7, 2013. Both parties agreed upon several milestone payments as well as a sharing of out-licensing revenue.

No payments have been received under this agreement, and thus, no revenues have been recognized.

Other Arrangement

The Company entered into a materials transfer agreement, which is effective as of January 14, 2013. Under this arrangement the partner tests certain Company Anticalin^® proteins with certain proprietary materiel, conducts certain purification and characterization studies on the resulting combined products and subsequent preclinical studies. The Company produces and supplies Anticalin proteins and receives research reports from the partner. Each party is otherwise responsible for its own costs and expenses. The Company recognized research and development services revenue of $138,091 in the year ended December 31, 2013 under this arrangement. No revenues were recognized under this agreement for the year ended December 31, 2014.

Government Grants

BioCluster m4

In 2011 the Company applied for a government grant from the German Federal Ministry for Education and Research for the project “Spitzencluster m4, Cooperation personalized medicine: ‘Preclinical development of PRS-110 an Anticalin^® targeted against c-Met as a monovalent antagonist in the field of oncology (PM18).’” The funding rate amounts 40% of the actual costs incurred, with an aggregate cap of $1,375,017 for the approval period from February 1, 2012 to September 30, 2014. The amounts received are non-refundable, and the grant funds may only be claimed for costs incurred within the approval period.

The payments are received quarterly in arrears based on expenses already incurred. The Company received $116,020 and $117,023 for the years ended December 31, 2014 and 2013, respectively, which was recorded as grant revenue.

Seventh Research Framework Program (“FP7”)—Collaborative Project “EUROCALIN—European consortium for antiCALINs as next generation high-affinity protein therapeutics” (“EUROCALIN”)

EUROCALIN is a program that started in August 2011 with the objective of developing and producing new high-affinity protein scaffolds for therapeutic use. The focus is on the development of non-immunoglobulin protein scaffolds as alternatives to antibodies and oligo-nucleotides. The grant involves a consortium of ten companies and universities in Europe and was initiated for a collaboration focused on attaining and completing initial clinical development of a novel Anticalin^® therapeutic. The consortium is seeking to develop, manufacture and clinically test an Anticalin specific for hepcidin. The program is a small molecule enhancers (“SME”) targeted project, which is funded by the European Union (“EU”) in the amount of $7,260,600 and also includes a respective funding rate of approximately 64% of the eligible costs occurred in connection with the research project. All payments received from the EU in connection with the grant are non-refundable. Under this grant agreement, the Company is the coordinator. The EU has scheduled three tranches of payments. The first tranche (pre-financing) was received as of December 7, 2011 and the second tranche as of August 4, 2013. The third tranche will be received upon completion of the program. The Company, as the coordinator, receives all payments from the grant. The other members of the consortium are entitled to payments based on submission of invoices of eligible costs. The Company pays the other members of the consortium based on the eligible costs.

The Company has received the following amounts:


	Years ended December 31,
	2014		2013
Amounts received	$	–	$	2,915,559
Revenue from grant	$	714,388	$	2,430,358

The following balance sheet items relate to the FP7 agreement:


	December 31,
	2014		2013
Other current assets (receivables from FP7 grant)	$	857,489	$	261,568
Cash (restricted cash)	$	–	$	72,497
Deferred revenue	$	–	$	69,444

Property and Equipment, net

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment, net

5. Property and Equipment, net

Property and equipment are summarized as follows:


	December 31,
	2014			2013
Leasehold improvements	$	50,791		$	57,779
Laboratory equipment		3,840,368			4,093,704
Office and computer equipment		343,835			389,368

Property and equipment at cost		4,234,994			4,540,852

Accumulated depreciation		(2,182,773	)		(2,103,175	)

Property and equipment, net	$	2,052,221		$	2,437,677

Accumulated depreciation for each asset group is summarized as follows:


	Years ended December 31,
	2014		2013
Leasehold improvements	$	41,606	$	37,904
Laboratory equipment		1,886,807		1,845,098
Office and computer equipment		254,360		220,172

Total accumulated depreciation	$	2,182,773	$	2,103,175

Depreciation expense was $366,979 and $384,677 for the years ended December 31, 2014 and 2013, respectively. There were no other changes in accumulated depreciation other than foreign currency impact.

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

The income tax benefits are as follows:


	Years ended December 31,
	2014		2013
Current	$	18	$	–
Total income tax benefit	$	18	$	–

The applicable U.S. statutory federal income tax rate was 34.00% for the year ended December 31, 2014. The applicable German statutory federal income tax rate was 29.13% for the year ended December 31, 2013 and December 31, 2014. The principal differences between income taxes computed at the U.S. statutory tax rate for the year ended December 31, 2014 and at the German statutory tax rate for the year ended December 31, 2013 and the respective effective tax rate are as follows:


	Years ended December 31,
	2014			2013
Income tax expense (benefit) at the statutory federal income tax rate	$	(3,348,994	)	$	19,280
Decrease in allowances on deferred tax assets	$	(4,811,972	)	$	(37,210	)
Differences local / Group tax rate		420,337			–
Nondeductible expenses		438,797			17,930
Correction of net operating loss carryforwards		7,307,952			–
Other		(6,102	)		–
Total income tax expense (benefit)	$	18		$	–

The components of deferred tax assets and liabilities related to net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income taxes purposes were as follows:


	December 31,
	2014		2013
Deferred tax assets
Net operating loss carryforwards	$	9,951,666	$	16,859,179
Deferred revenue		–		138,378
Equity issuance cost		–		102,935
Bank loan		12,653		23,014
Intercompany Loan Australia		1,129		–

Total deferred tax assets		9,965,448		17,123,506

Valuation allowance		9,916,553		17,053,767

Net deferred tax assets		48,895		69,739
Deferred tax liabilities
Useful life adjustment fixed assets		30,646		54,303
Adjustment accruals		8,811		15,436
Prepaid expenses		9,438		–

Total deferred tax liabilities		48,895		69,739

Net deferred tax asset/(liability)	$	–	$	–

The decrease in the valuation allowance of deferred tax assets is influenced by a foreign currency effect.

As of December 31, 2014 and 2013, the Company had net operating loss carryforwards on German corporate income tax of $34,168,814 and $57,795,357, respectively, and on trade tax of $34,168,814 and $56,420,412, respectively. The operating loss carryforwards generated are subject to restrictions under German tax law. These regulations may limit the future use of operating loss carryforwards if there is a change in ownership. As a result of the Acquisition, the Company has lost $22,915,150 of the unused German corporate income tax loss carryforwards and $21,582,596 of the unused German corporate trade tax loss carryforwards existing or realized at the time of the Acquisition.

Management of the Company has evaluated the evidence bearing upon the realizability of its deferred tax assets, including the Company’s history of operating losses, and has concluded that it is more likely than not that the Company may not realize the benefit of its deferred tax assets. Accordingly, the deferred tax assets have been fully reserved to the extent not offset by deferred tax liabilities at December 31, 2014 and 2013. The valuation allowance decreased by $7,137,214 during the year ended December 31, 2014 primarily as a result of the forfeiture of the net operating loss carryforwards. As there are currently no significant uncertain tax positions, no liability for unrecognized tax positions have been recognized. The Company files tax returns in the U.S., Germany and Australia. In Germany the Company is generally no longer subject to tax examinations for years prior to 2013.

Tax field audit

On July 11, 2014, a tax field audit for the years 2010 to 2012 in accordance with §193 paragraph 1 AO under German law was announced by the tax office Freising. The tax field audit took place in July 2014. The results of the audit lead to a reduction of the Company’s net operating loss carryforwards on German corporate income tax by a total of $619,820 and a reduction of the Company´s net operating loss carryforwards on German corporate trade tax by a total of $644,795 for the years under the tax audit.

Debt

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt

5. Debt

TBG Loan

As of April 3, 2014, the Company and tbg Technologie-Beteiligungs-Gesellschaft mbH (“TBG”), the subsidiary of KfW Bank, Frankfurt (“KfW”), signed a repayment agreement concerning the Company´s repayment of its liabilities to TBG outstanding at December 31, 2013 in a total amount of €1.2 million ($1.29 million). The principal amount bore interest at a rate of 10.53%. Under the repayment agreement, the Company has agreed to a payment schedule pursuant to which it will make semi-annual payments until 2016. On December 11, 2014, the Company and TBG entered into an accelerated repayment agreement in respect of the claims of TBG against the Company. Pursuant to terms of the accelerated repayment agreement, conditioned upon closing of the Acquisition, the Company was obligated to pay €1,050,000 ($1.13 million), the outstanding amount under the repayment agreement, in two tranches as follows: €600,000 ($644,460) plus accrued interest on January 31, 2015 and €450,000 ($483,345) on March 31, 2015. The outstanding principal amount for the first and the second tranches, net of capital gain tax withheld, was repaid in full in the first quarter ending March 31, 2015 and such next payment was €931,312 ($1,000,323). The capital gain tax withheld in the amount of €118,688 ($127,482) was reported in other current liabilities in the unaudited condensed consolidated balance sheet as of March 31, 2015. The capital gain tax was paid on April 9, 2015 and with that the TBG loan was repaid in full.

7. Debt

Convertible Stockholder Loans

On November 12, 2012, the Company and several of its stockholders entered into an unsecured Convertible Stockholder Loan Agreement, which was subsequently amended in March 2014 (the “2012 Bridge Loan”). There were no outstanding principal or accrued interest balances under the 2012 Bridge Loan as of December 31, 2014 due to the conversion to equity as discussed below. The outstanding principal and accrued interest balance under the 2012 Bridge Loan as of December 31, 2013 was $2,753,200 and $345,302, respectively. The 2012 Bridge Loan specified a maturity date of December 31, 2015 and an interest rate of 12% per year through December 31, 2013 and a rate of 18% per year subsequent to December 31, 2013.

On April 14, 2014, the Company entered into a second bridge loan agreement (the “2014 Bridge Loan” and together with the 2012 Bridge Loan, the “Bridge Loans”) with certain of its stockholders pursuant to which the Company received a commitment for financing in the aggregate amount of €2,000,000 ($2,420,200). The 2014 Bridge Loan included two tranches of available financing: (i) Tranche A of €1,500,000 ($1,815,150) and (ii) Tranche B of €500,000 ($605,050). In June 2014, the Company borrowed 67% of Tranche A, or €1,000,000 ($1,210,100). There were no outstanding principal or accrued interest balances under the 2014 Bridge Loan as of December 31, 2014 due to the conversion to equity as discussed below. Loan amounts outstanding under the 2014 Bridge Loan accrued interest at a rate of 12% per year and had a maturity date of December 31, 2015, after which the loan amounts would accrue interest at a rate of 18% per year.

The Bridge Loans did not contain financial or non-financial covenants. During the fourth quarter of 2014, the investors in the Bridge Loans exercised their option to convert all of the outstanding principal and interest amounts under the Bridge Loan into shares. For more information refer to Note 8 Stockholders´ Equity. In 2014, $2,236,581 was recognized for a beneficial conversion feature related to the Bridge Loans within interest expense and additional paid in capital.

In accordance with the Bridge Loans, the Company recognized interest expense of $326,429 and $317,014 for the years ended as of December 31, 2014 and 2013, respectively. No principal or interest payments were made for the Bridge Loans in 2014 or 2013.

Four significant stockholders of the Company—Orbimed Private Investments III, LP, Gilde Europe Food & Agribusiness Fund B.V., The Global Life Science Ventures Funds (consists of The Global Life Science Venture Funds II GmbH & Co. KG, i.L. and The Global Life Science Venture Funds II Limited Partnership) and Coöperative AAC LS U.A. (Forbion B.V.)—are among the investors in Bridge Loans.

The Company recorded related-party interest expense concerning the Bridge Loan in the amounts set forth in the table below:


	Years ended December 31,
	2014		2013
Orbimed Private Investments III, LP	$	63,955	$	78,411
The Global Life Science Ventures Funds		57,709		70,131
Gilde Europe Food & Agribusiness Fund B.V.		54,158		67,083
Coöperative AAC LS U.A. (Forbion B.V.)		28,288		34,930

Sum of related-party interest expense relating to the Convertible Bridge Loan	$	204,110	$	250,556

Unsecured Bank Loan

In May 2003, the Company signed an unsecured loan agreement (the “Bank Loan”) under a silent partnership agreement with Technologie-Beteiligungs-Gesellschaft (“TBG”), a minority interest stockholder. On April 3, 2014 the Company and TBG signed a repayment agreement concerning the Company’s repayment of its liabilities to TBG outstanding at December 31, 2013 in a total amount of €1.2 million ($1.65 million). The principal amount bears interest at a rate of 10.53%. Under the repayment agreement, the Company agreed to a payment schedule pursuant to which it would make semi-annual payments until 2016; however, on December 11, 2014, the Company and TBG entered into an accelerated repayment agreement. Pursuant to terms of the accelerated repayment agreement, conditioned upon closing of the Acquisition, the Company was obligated to pay €1,050,000 ($1.27 million), the outstanding amount under the repayment agreement, in two tranches as follows: €600,000 ($726,060) plus accrued interest on January 31, 2015 and €450,000 ($544,545) on March 31, 2015. Upon full payment of the accelerated repayment amount of €1,050,000 ($1.27 million), all claims of the Company and TBG against each other from or in connection with the silent partnership agreement dated May 13, 2003 and the repayment agreement entered into on April 3, 2014, were considered settled and repaid in full.

As of December 31, 2014 and 2013 outstanding principal under the Bank Loan was $726,060 and $1,032,450, respectively. Principal payments in an amount of $181,515 were made in 2014. No principal payments were made for in 2013. The key terms of the Bank Loan are as follows:

•

The original maturity date of the Bank Loan was December 31, 2013.

•

Interest at 8% per year was required to be paid on a semi-annual basis, which resulted in interest expense of $79,668, in 2013. In accordance with the repayment agreement dated April 3, 2014, interest at 10.53% was required to be paid on a semi-annual basis, which resulted in interest expense of $71,757 in 2014. The amounts reflected on the balance sheets in other current liabilities totaled $19,117 and $20,649 as of December 31, 2014 and 2013, respectively.

•

A repayment fee of 30% and an additional interest premium of 6% (effective beginning June 2008) of the loan amount was due when the principal was paid, which resulted in total interest expense of $97,255 in 2013. Under the repayment agreement dated April 3, 2014, no additional interest expenses were recognized for 2014. The amounts reflected on the balance sheets in Bank Loan include accrued interest of $544,545 and $619,470 as of December 31, 2014 and 2013, respectively.

•

12% per year of the German GAAP net income, adjusted for certain items per the Bank Loan, is payable to TBG. As the adjusted German GAAP net income amounts for the Company were negative for all years, no amounts were recorded for this provision.

•

There are no financial or non-financial covenants.

The following table summarizes the Company´s financial obligations for the next five years and thereafter as of December 31, 2014:


	2015		2016		2017		2018		2019		Thereafter		Total
Bank loan, including accrued interest	$	1,270,605	$	–	$	–	$	–	$	–	$	–	$	1,270,605

Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stockholders' Equity

8. Stockholders´ Equity

Common Stock

The Company has authorized 300,000,000 shares of common stock, par value $0.001 per share. As of December 31, 2014 there were 29,279,522 shares of common stock issued and outstanding. As a result of the Acquisition, the equity structure of the Pieris AG was retroactively adjusted using the exchange ratio established pursuant to the Acquisition Agreement to reflect the number of shares of the Company issued in the Acquisition. The retroactively adjusted shares as of December 31, 2013 were equivalent to 11,828,974 shares of common stock of the Company.

Each share of the Company´s common stock is entitled to one vote and all shares rank equally as to voting and other matters.

Dividends may be declared and paid on the common stock from funds legally available therefor, if, as and when determined by the Board of Directors.

Preferred Stock

The Company has authorized 10,000,000 shares of “blank check” preferred stock, par value $0.001 per share. There were no shares of preferred stock issued and outstanding during each of the years ended December 2014 and 2013. Shares of preferred stock may be issued in one or more series at such time or times and for such consideration as the Board of Directors may determine.

2014 Series C Financing

During the fourth quarter of 2014 and prior to the Acquisition, the Company completed a financing round and issued the equivalent of 10,671,037 shares of common stock. This financing included an issuance of the equivalent of 5,662,167 shares of common stock for aggregate cash proceeds of $7,442,897. Additionally, outstanding principal and interest related to the Bridge Loans ($4,380,906) was converted for the equivalent of 5,008,870 shares of common stock.

Acquisition

Immediately following the closing of the Acquisition, the Company´s outstanding shares of common stock (on a fully diluted basis) were as follows:

•

former holders of Pieris AG’s capital stock held an aggregate of 20,000,000 shares of the Company´s common stock;

•

holders of Marika Inc.’s common stock prior to the closing of the Acquisition hold an aggregate of 2,500,012 shares of the Company’s common stock;

•

3,200,000 shares of common stock were reserved for issuance under the 2014 Employee, Director and Consultant Equity Incentive Plan of Pieris Pharmaceuticals, Inc. (the “Pieris Plan”) As of December 31, 2014, options to purchase 2,519,500 shares of the Company´s common stock have been issued under the Pieris Plan to executive officers, directors, employees and consultants. As a result of such grants, 680,500 shares of the Company´s common stock are available for future issuance under the Pieris Plan.

Private Placement

On December 17, 2014, subsequent to the Acquisition, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accredited investors (the “Investors”) providing for the issuance and sale to such Investors of an aggregate of 6,779,510 shares of the Company´s common stock in a private placement offering conducted through a series of closings occurring in December 2014, at a purchase price per share of $2.00 and for aggregate gross proceeds to the Company of $13.6 million (the “Private Placement”). After deducting for placement agent and other fees and expenses, the aggregate net proceeds from the Private Placement were $12.0 million. Northland Securities, Inc. and Katalyst Securities, LLC served as co-exclusive placement agents (the “Placement Agents”) for the Private Placement.

The Securities Purchase Agreement also contains certain anti-dilution provisions. Those anti-dilution provisions provide that if the Company issues and sells equity securities or equity-linked or related securities at a purchase price per share of lower than $2.00 within the 180-day period following December 17, 2014, each Investor in the Private Placement shall be entitled to receive such number of additional shares of the Company´s common stock as they would have received had such lower purchase price per share been applicable in the Private Placement.

At the closings of the Private Placement the Company issued to the Placement Agents and their designees, warrants (the Placement Warrants) to acquire up to 542,360 shares of its common stock at an exercise price of $2.00 per share. Each of the Placement Warrants is exercisable at any time at the option of the holder until the five-year anniversary of its date of issuance. For more information refer to Note 10 Warrants.

As result of the Acquisition and the Private Placement the Company has 29,279,522 shares of common stock issued and outstanding with a share capital of $29,280 as of December 31, 2014.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Paragraph d
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
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-Article 3

+ Details

Stock-based compensation

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based compensation

6. Stock-based compensation

In December 2014, the Board of Directors and stockholders of Pieris Pharmaceuticals, Inc. adopted the 2014 Employee, Director and Consultant Equity Incentive Plan (the “Pieris Plan”), which became effective upon closing of the Acquisition. The Pieris Plan is intended to encourage ownership of common stock by the Company´s employees and directors and certain of their consultants, including employees of Pieris AG, in order to attract and retain such people, to induce them to work for the benefit of the Company and to provide additional incentive for them to promote the Company´s success. The Pieris Plan reserves 3,200,000 shares of the Company´s common stock for issuance. In addition, the Pieris Plan provides for an “evergreen” provision whereby the number of shares of the Company´s common stock reserved for issuance under the Pieris Plan shall be automatically increased on January 1 of each of year commencing in fiscal 2016 by the lesser of (i) 1,000,000 shares, (ii) 4% of the number of shares of the Company´s common stock outstanding on such date, and (iii) such other amount determined by the Compensation committee of the Board of Directors. As of March 31, 2015, options to purchase 1,430,000 shares of the Company´s common stock are outstanding under the Pieris Plan to its executive officers and directors, all of which were granted in the fourth quarter of 2014. In addition, options to purchase 1,114,500 shares are outstanding under the Pieris Plan to other employees and consultants. 25,000 of these shares were granted during the first quarter of 2015 and 1,089,500 were granted during the fourth quarter of 2014. As a result of such grants, 655,500 of the Company´s common stock remain available for future issuances under the Pieris Plan.

Stock options granted under the Pieris Plan may be either incentive stock options (“ISOs”), or nonqualified stock options. The Board of Directors determines who will receive options, the vesting periods (which are generally three years) and the exercise prices. Options have a maximum term of ten years. The exercise price of stock options granted under the Pieris Plan must be at least equal to the fair market value of the common stock on the date of grant. The Pieris Plan become effective in December 2014, therefore there was no stock-based compensation expense in the three months ended March 31, 2014.

Total stock-based compensation expense, related to all share-based awards under the Pieris Plan to executive officers, directors, employees and consultants recognized for the three months ended March 31, 2015, was comprised of the following:


	Three months ended March 31, 2015
Research and Development	$	51,038
General and administrative		166,297

Total stock-option expense	$	217,335

The fair value of option grants was estimated using the Black-Scholes model. The following table describes the weighted-average assumptions used for calculating the value of options granted for the three months ended March 31, 2015:


	Three months ended March 31, 2015
Dividend yield		0.0	%
Expected volatility		75.1	%
Weighted average risk-free interest rate		1.66	%
Expected term		5.8 years

A summary of the Company´s stock option activity and related information is as follows:


	Number of shares		Weighted- Average Exercise Price		Weighted- Average Contractual Life
Outstanding at December 31, 2014		2,519,500	$	2.00		5.6-5.8 years
Options granted		25,000	$	2.85		5.8 years
Options exercised		–		–		–
Options canceled or expired		–		–		–
Outstanding at March 31, 2015		2,544,500	$	2.01		5.6-5.8 years
Vested or expected to vest at March 31, 2015		598,396	$	2.00		–
Exercisable at March 31, 2015		598,396	$	2.00		–

The weighted-average grant date fair value for awards granted during the three months ended March 31, 2015 was $46,442. There were no options exercised during the three months ended March 31, 2015 and 2014. 174,646 shares were vested in the three months ended March 31, 2015.

The unrecognized share-based compensation expense related to employee stock option awards at March 31, 2015, is $2,414,729, which will be recognized over a weighted-average service period of 2.75 years. The weighted-average service period of the 25,000 granted during the first quarter of 2015 is 3 years.

9. Stock-Based Compensation

In December 2014, the Board of Directors and stockholders adopted the Pieris Plan, which became effective upon closing of the Acquisition. The Pieris Plan is intended to encourage ownership of common stock by the Company´s employees and directors and certain of their consultants, including employees of Pieris AG, in order to attract and retain such people, to induce them to work for the benefit of the Company and to provide additional incentive for them to promote the Company´s success. The Pieris Plan reserves 3,200,000 shares of the Company´s common stock for issuance. In addition the Pieris Plan provides for an “evergreen” provision whereby the number of shares of the Company´s common stock reserved for issuance under the Pieris Plan shall be automatically increased on January 1 of each of year commencing in fiscal 2016 by the lesser of (i) 1,000,000 shares, (ii) 4% of the number of shares of the Company´s common stock outstanding on such date, and (iii) such other amount determined by the Compensation committee of the Board of Directors. As of December 31, 2014, options to purchase 1,430,000 shares of the Company’s common stock have been granted under the Pieris Plan to its executive officers and directors, and options to purchase 1,089,500 shares have been granted under the Pieris Plan to other employees and consultants. Expenses to consultants totaled $131,984 and are recognized in general and administrative expense. As a result of such grants, 680,500 shares of the Company’s common stock remain available for future issuances under the Pieris Plan.

Stock options granted under the Pieris Plan may be either incentive stock options (“ISOs”), or nonqualified stock options. The Board of Directors determines who will receive options, the vesting periods (which are generally three years) and the exercise prices. Options have a maximum term of ten years. The exercise price of stock options granted under the Pieris Plan must be at least equal to the fair market value of the common stock on the date of grant. Total stock-based compensation expense, related to all share-based awards under the Pieris Plan to executive officers, directors, employees and consultants recognized during the year ended 2014, was comprised of the following:


	December 31, 2014
Research and Development	$	7,623
General and administrative		563,759

Total stock-option expense	$	571,382


	2014
Dividend yield		0.0	%
Expected volatility		74.66	%
Weighted average risk-free interest rate		1.77	%
Expected term		5.6-5.8 years

A summary of the Company’s stock option activity and related information is as follows:

Number of
shares

Weighted-Average
Exercise Price

Weighted-Average
Contractual Life

Outstanding at December 31, 2013

–

Options granted

2,519,500

2.00

5.6-5.8 years

Options exercised

–

Options canceled or expired

–

Outstanding at December 31, 2014

2,519,500

2.00

5.6-5.8 years

Vested or expected to vest at December 31, 2014

423,750

2.00

–

Exercisable at December 31, 2014

–

The weighted-average grant date fair value for awards granted during the year ended December 31, 2014 was $3,248,413. There were no options exercised during the years ended December 31, 2014 and 2013. The total fair value of shares vested in the year ended December 31, 2014 was approximately $543,926. No shares were vested in the year ended December 31, 2013.

The unrecognized share-based compensation expense related to employee stock option awards at December 31, 2014, is $2,588,411, which will be recognized over a weighted-average service period of 3 years.

Warrants

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Warrants

8. Warrants

In connection with the Private Placement in December 2014, the Company issued the Placement Warrants to acquire a combined up to 542,360 shares of its common stock at an exercise price of two dollars per share ($2.00) to the Placement Agents and their designees during December 2014. The Placement Warrants are exercisable at any time at the option of the holder until the five year anniversary of its date of issuance. The number of shares of common stock issuable upon the exercise of each Placement Warrant is adjustable in the event of certain stock dividends, stock splits, combinations of shares and similar transactions. Upon exercise, the aggregate exercise price of the warrants issued are payable by the holders in cash.

The Company estimated the fair value of the Placement Warrants as of the grant date to be $664,064 and recognized the full amount in general and administrative expense for the year ended December 31, 2014.

10. Warrants

In connection with the Private Placement, the Company issued the Placement Warrants to acquire a combined up to 542,360 shares of its common stock at an exercise price of two dollars per share ($2.00) to the Placement Agents and their designees. The Placement Warrants are exercisable at any time at the option of the holder until the five year anniversary of its date of issuance. The number of shares of common stock issuable upon the exercise of each Placement Warrant is adjustable in the event of certain stock dividends, stock splits, combinations of shares and similar transactions. Upon exercise, the aggregate exercise price of the warrants issued are payable by the holders in cash.

Pursuant to ASC 815-15 and ASC 815-40, the fair value of the Placement Warrants was recorded as equity awards on the grant dates. The Placement Warrants were valued at their grant dates using the Black-Scholes pricing model and the following weighted average assumptions:


	December 31, 2014
Dividend yield		0.00	%
Expected volatility		74.66	%
Weighted average risk-free interest rate		1.61	%
Expected term (years)		5.00

Accrued Expenses

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Accrued Expenses

11. Accrued Expenses

Accrued expenses consist of the following:


	December
	2014		2013
Accrued expenses
Accrued expenses bonus payments	$	252,953	$	137,660
Accrued expenses severance payments		–		319,031
Payroll related accruals		79,939		90,549
Accrued professional fees		403,451		–
Other accrued expenses		7,523		12,389

Total amount of accrued expenses		743,866		559,629

Accrued expenses non-current
Reserve for litigation with TUM		327,937		373,059
Accrued expenses Restoration		6,051		6,883
Total amount of accrued expenses non-current		333,988		379,942

Total amount of accrued expenses	$	1,077,854	$	939,571

Related-Party Transactions

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Related-Party Transactions

4. Related-Party Transactions

Research and License Agreement with Technische Universität München (“TUM”)

On July 4, 2003, the Company entered into a research and licensing agreement with TUM, which was subsequently renewed and, on July 26, 2007, superseded and replaced. The agreement established a joint research effort led by Prof. Arne Skerra, Chair of Biological Chemistry of TUM, to optimize Anticalin technologies for use in therapeutic, prophylactic and diagnostic applications and as research reagents, and to gain fundamental insights in lipocalin scaffolds. Prof. Dr. Skerra was a member of Pieris AG’s supervisory board when the parties entered into such agreement. The Company provided certain funding for TUM research efforts performed under the agreement.

As a result of research efforts to date under the agreement, the Company holds a worldwide exclusive license under its license agreement with TUM to multiple patents and patent applications, including an exclusive license to an issued U.S. patent, which patent will expire in 2027 (subject to a possible term adjustment period). Pieris AG also holds an exclusive license to an issued U.S. patent No. 8,420,051, which patent is expected to expire in 2029. The Company bears the costs of filing, prosecution and maintenance of patents assigned or licensed to the Company under the agreement.

As consideration for the assigned patents and licenses above, the Company is required to pay certain development milestones to TUM. The Company also is obliged to pay low-single-digit royalties, including annual minimum royalties, on sales of such products incorporating patented technologies. If the Company grants licenses or sublicenses to those patents to third parties, the Company will be obliged to pay a percentage of the resulting revenue to TUM. The Company´s payment obligations are reduced by the Company´s proportionate contribution to a joint invention. Payment obligations terminate on expiration or annulment of the last patent covered by the agreement. The Company can terminate the licenses to any or all licensed patents upon specified advance notice to TUM. TUM may terminate the license provisions of the agreement only for cause. Termination of the agreement does not terminate the rights in patents assigned to the Company.

The Company has incurred the following expenses related to TUM (excluding value added taxes):


	Three months ended March 31,
	2015		2014
Transfer of licenses and protective rights	$	14,057	$	17,131

Total expenses incurred with TUM	$	14,057	$	17,131

The Company has recorded $291,081 and $373,357 as of March 31, 2015 and 2014, respectively, related to the amounts due under the research and license agreement (see Note 9 Commitments and Contingencies).

The part of the agreement requiring the Company to make payments for research conducted by TUM expired in February 2013 with no further obligations by Pieris AG.

Consulting Contract between Prof. Dr. Arne Skerra and Pieris AG

In 2001, the Company entered into a Consulting Agreement with Prof. Dr. Arne Skerra, pursuant to which Prof. Dr. Arne Skerra provides advice regarding the use of new proteins, in particular Anticalin proteins and antibodies, for the purpose of research and development. The Consulting Agreement has an unlimited term but can be terminated by the Company upon three months’ notice with effect from the end of a month and by Prof. Dr. Arne Skerra upon one year’s notice with effect from the end of a year. Under the Consulting Agreement, the Company incurred and paid to Prof. Dr. Skerra consulting fees of $5,623 and $6,853 for the three months ended March 31, 2015 and 2014, respectively.

12. Related-Party Transactions

Research and License Agreement with Technische Universität München

On July 4, 2003, the Company entered into the TUM License Agreement, which was subsequently renewed and, on July 26, 2007, superseded and replaced. The agreement established a joint research effort led by Prof. Arne Skerra, Chair of Biological Chemistry of TUM, to optimize Anticalin^® technologies for use in therapeutic, prophylactic and diagnostic applications and as research reagents, and to gain fundamental insights in lipocalin scaffolds. Prof. Dr. Skerra was a member of the Company’s supervisory board when the parties entered into such agreement and during the period covered by the consolidated financial statements in this report. The Company provided certain funding for TUM research efforts performed under the agreement.

As a result of research efforts to date under the agreement, the Company holds a worldwide exclusive license under its license agreement with TUM to multiple patents and patent applications, including an exclusive license to an issued U.S. patent, which patent will expire in 2027 (subject to a possible term adjustment period). The Company also holds an exclusive license to an issued U.S. patent No. 8,420,051, which patent is expected to expire in 2029. The Company bears the costs of filing, prosecution and maintenance of patents assigned or licensed to the Company under the agreement.

As consideration for the assigned patents and licenses above, the Company is required to pay certain development milestones to TUM. The Company is also obliged to pay low-single-digit royalties, including annual minimum royalties, on sales of such products incorporating patented technologies. If the Company grants licenses or sublicenses to those patents to third parties, the Company will be obliged to pay a percentage of the resulting revenue to TUM. The Company´s payment obligations are reduced by the Company´s proportionate contribution to a joint invention. Payment obligations terminate on expiration or annulment of the last patent covered by the agreement. The Company can terminate the licenses to any or all licensed patents upon specified advance notice to TUM. TUM may terminate the license provisions of the agreement only for cause. Termination of the agreement does not terminate the rights in patents assigned to the Company.

The Company has incurred the following expenses related to TUM (excluding value added taxes):


	Years ended December 31,
	2014		2013
Transfer of licenses and protective rights	$	66,461	$	66,390
Research		–		22,573

Total expenses incurred with TUM	$	66,461	$	88,963

The Company has recorded $327,937 and $373,059 as of December 31, 2014 and 2013, respectively, related to the amounts due under the TUM License Agreement (see Note 13 Commitments and Contingencies).

The part of the agreement requiring the Company to make payments for research conducted by TUM expired in February 2013 with no further obligations by the Company.

EUROCALIN/FP7 Government Grant

TUM is a member of the EUROCALIN consortium and thus is entitled to receive payments under the grant agreement for research activities. Research activities are carried out by Prof. Dr. Skerra, who was a member of the Company’s supervisory board when the parties entered into such agreement and during the period covered by the financial statements in this report. The government grant agreement with FP7 is further discussed in Note 4 Revenue.

Consulting Contract between Prof. Dr. Arne Skerra and the Company

In 2001, the Company entered into a Consulting Agreement with Prof. Dr. Skerra, pursuant to which Prof. Dr. Skerra provides advice regarding the use of new proteins, in particular Anticalin^® proteins and antibodies, for the purpose of research and development. The Consulting Agreement has an unlimited term but can be terminated by the Company upon three months’ notice with effect from the end of a month and by Prof. Dr. Skerra upon one year’s notice with effect from the end of a year. Under the Consulting Agreement, the Company incurred and paid to Prof. Dr. Skerra consulting fees of $26,593 and $26,556 for the years ended December 31, 2014 and 2013, respectively.

Convertible Stockholder Loan

Four significant stockholders of the Company—Orbimed Private Investments III, LP, Gilde Europe Food & Agribusiness Fund B.V., The Global Life Science Ventures Funds (consists of The Global Life Science Venture Funds II GmbH & Co. KG, i-L. and The Global Life Science Venture Funds II Limited Partnership) and Coöperative AAC LS U.A. (Forbion B.V.)—participated as investors in the Bridge Loans as related parties. The Bridge Loans are further discussed in Note 7 Debt.

Receivables from Issuance of Shares

In connection with the issuance of nominal stock, payments of the share premium into additional paid in capital were deferred. Amounts were deferred for Claus Schalper and Prof. Dr. Skerra among others. During 2008 through July 31, 2013, Mr. Schalper was the Chief Financial Officer of Pieris AG, and since August 1, 2013, has served as a consultant to Pieris Operating. During 2001 and through October 10, 2014, Prof. Dr. Skerra was the deputy chairman of Pieris AG’s supervisory board. In connection with the consummation of the Acquisition, the Company waived all deferred payment claims against the aforementioned stockholders

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Commitments and Contingencies

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Arbitration

On March 20, 2014, the Company instituted arbitration proceedings, or the TUM Arbitration, against Technische Universität München, or Munich Technical University and hereafter TUM, to address issues regarding the calculation of payments due from the Company to TUM under the Company´s Research and Licensing Agreement with TUM, as amended, or the TUM License Agreement. Pursuant to the terms of the TUM License Agreement, the arbitration is proceeding in Munich, Germany and governed by German law, in accordance with the arbitration rules of the Deutsche Institution für Schiedsgerichtsbarkeit.

On July 4, 2003, or the Effective Date, the Company and TUM entered into the TUM License Agreement, as superseded and replaced on July 26, 2007, under which TUM has exclusively licensed, or in some cases assigned, to the Company certain intellectual property and know-how that has become part of the Anticalin^® proprietary technologies. In return, the Company agreed to pay to TUM certain annual license fees, milestones and royalties for its own proprietary drug development and sales, as well as an variable fee as a function of out-licensing revenues, or the Out-License Fee, where such Out-License Fees are creditable against annual license payments to TUM.

As required by the TUM License Agreement, the Company provided to TUM its calculation of the Out-License Fee owed by the Company to TUM for the period beginning on the Effective Date and ending on December 31, 2012, the Dispute Period, in the amount of $0.4 million excluding value-added tax. TUM has asserted that, under the TUM License Agreement, the Out-License Fee due to TUM for the Dispute Period amounts to $3.4 million excluding value-added tax in the aggregate and has threatened to terminate the TUM License Agreement if the Out-License Fee is not paid. We believe that if TUM sought to terminate the license agreement for cause as a result of this dispute, it would potentially face wrongful termination claims for substantial damages if the arbitral tribunal in the TUM Arbitration sides with Pieris in its final decision regarding the proper amount of the Out-License Fee, but we can provide no assurance regarding the timing, nature or consequences of such decision. The Company instituted the TUM Arbitration to request the arbitration tribunal to hold that the Company’s calculation of the payments owed to TUM is accurate and shall govern all current and future payments due in respect of the Out-License Fee under the TUM License Agreement. The Company has reserved a liability on its balance sheet in respect of such payment in the amount of €271,000 ($327,937). An adverse ruling in the TUM Arbitration could have a material adverse effect on the Company’s results of operations and financial condition.

In April 2014, TUM argued to the arbitrators that it is not the proper party to be sued under the action for a declaratory arbitration decision brought by the Company in relation to the Research and Licensing Agreement, and that instead, it is the Free State of Bavaria that is the proper respondent to the action. The Company has responded that TUM has capacity to be sued in relation to any disputes arising from and regarding contractual provisions of the Research and Licensing Agreement and is thus also the proper respondent in the action. In accordance with the arbitration rules of the Deutsche Institution für Schiedsgerichtsbarkeit, each party to the arbitration proceeding has appointed one arbitrator and the party-named arbitrators collectively selected the third arbitrator as the chairman of the arbitration panel.

On December 1, 2014, TUM filed its statement of defense, maintaining its earlier calculation of the Out-License Fee. On December 23, 2014, TUM filed a counterclaim in the amount of €2,529,400 ($3,060,827) to suspend the statute of limitations on its claims. On January 12, 2015, the Company filed a reply brief in response to TUM’s defense.

The arbitration panel held its first hearing in Munich, Germany on January 20, 2015, however the arbitration panel did not come to a conclusion on whether TUM is the proper respondent in the action or on the merits of the case. The panel had previously indicated that it will first decide the issue of whether TUM is the proper respondent in this action. The panel resolved that the value in dispute for both parties’ claims and counterclaims would be fixed at €3,500,000 ($4,235,350), as the calculation of the outstanding Out-Licensing Fee also impacts future payments. On March 3, 2015, the Company submitted a reply brief responding to TUM’s statement of defense and counterclaim. On March 31, 2015, TUM submitted a rebuttal brief.

The panel requested that both the Company and TUM indicate to the panel by April 27, 2015 whether proceedings should be stayed as a result of settlement negotiations. On April 27, 2015, the Company submitted a reply brief requesting proceedings to continue without disruption and moving for leave to comment on TUM’s latest submission in another brief to rebut TUM’s latest arguments. Following an approved extension by the panel for TUM’s submission, TUM submitted its proposal on May 4, 2015, requesting the panel to conduct a mediation hearing and assist the parties to negotiate a settlement. On May 8, 2015, the arbitration tribunal set June 1, 2015 as the deadline for final briefs and offered to schedule another oral hearing in mid-June for the purpose of supporting further settlement negotiations if the parties are in favor of holding a hearing.

13. Commitments and Contingencies

Licensing Commitments

The Company has license agreements with two parties under which the Company is obliged to pay annual license fees. One agreement is between IBA GmbH and the Company which requires annual license payments of $36,303 and relates to licenses for Strep-tag technology that represent tool technologies and which are used for research purposes only. The agreement expires in 2024.

Another license agreement exists between TUM and the Company (see Note 12 Related-Party Transactions). Under this agreement, the Company is obliged to pay an annual license fee of $60,505 to TUM. The agreement expires in 2027.

The table below shows the annual license fee commitments under the two agreements as of December 31, 2014:


	License payments
2015	$	96,808
2016		96,808
2017		96,808
2018		96,808
2019		96,808
Thereafter		665,555

Total minimum license payments	$	1,149,595

Leases

The Company leases office and laboratory space in Freising, Germany. The lease has a defined termination date and can be cancelled with a notification period of eight months at the end of each quarter.

The Company’s contractual commitments of the non-cancellable portion under this operating lease as of December 31, 2014 are as follows:


	Total
2015	$	176,190

Rent expense under the Company’s operating lease was $268,621 and $289,991 for the years ended December 31, 2014 and 2013, respectively. Rent expense of $72,600 and $72,498 was recognized as General and Administrative expenses and $217,799 and $217,493 was recognized as Research and Development expenses in the income statement for the years ended December 31, 2014 and 2013, respectively.

TUM Arbitration

Under the TUM License Agreement, the Company is required to make payments to TUM based on the Company’s revenues generated from entering into sub-licensing agreements with any third party with respect to University Inventions and/or Joint Inventions (each as defined in the TUM License Agreement). These revenues include upfront license payments as well as milestone payments received by the Company from third parties. The Company has signed six such sub-licensing agreements between 2004 and 2012 (the period under dispute), under which it has recorded revenues. The Company acknowledges an obligation to TUM; however, the parties disagree regarding the amount due.

On March 20, 2014, the Company instituted arbitration proceedings against TUM to address issues regarding the calculation of payments due from the Company to TUM under TUM License Agreement. Under the agreement, TUM has exclusively licensed, or in some cases assigned, to the Company certain intellectual property and know-how that has become part of the Anticalin^® proprietary technologies. In return, the Company agreed to pay to TUM certain annual license fees, milestones and royalties for its own proprietary drug development and sales, as well as a variable fee as a function of out-licensing revenues (the “Out-License Fee”), where such Out-License Fee is creditable against annual license payments to TUM. As required by the agreement, the Company provided to TUM its calculation of the Out-License Fee for the period beginning July 4, 2003 and ending on December 31, 2012 in the amount of €0.3 million ($0.3 million) excluding value-added tax. TUM has asserted that the Out-License Fee for this period amounts to €2.5 million ($3.0 million) excluding value-added tax and has threatened to terminate the license agreement if the Out-License Fee is not paid. The Company instituted arbitration to request confirmation that The Company’s calculation of the payments owed to TUM is accurate and will govern all current and future payments due in respect of the Out-License Fee under the agreement.

In April 2014, TUM argued to the arbitrators that it is not the proper party to be sued under the action for a declaratory arbitration decision brought by the Company in relation to the TUM Licensing Agreement, and that instead, it is the Free State of Bavaria that is the proper respondent to the action. The Company has responded that TUM has capacity to be sued in relation to any disputes arising from and regarding contractual provisions of the TUM Licensing Agreement and is thus also the proper respondent in the action. In accordance with the arbitration rules of the Deutsche Institution für Schiedsgerichtsbarkeit, each party to the arbitration proceeding has appointed one arbitrator and the party-named arbitrators collectively selected the third arbitrator as the chairman of the arbitration panel. The Company has estimated the probable loss and recorded the amount as a liability on its balance sheet as of December 31, 2014 and 2013 of $327,937 and $373,059 respectively. The Company has concluded that the potential of a loss above the estimated probable loss is remote, however it is possible additional losses may occur.

Subsequent Events	3 Months Ended	12 Months Ended
Subsequent Events	Mar. 31, 2015	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events Sponsored Research Agreement On May 14, 2015, the Company and the Board of Trustees of the Leland Stanford Junior University (“Stanford”) entered into a sponsored research agreement under which Stanford agreed to perform certain research activities. In return, the Company agreed to pay Stanford the total costs of such research activities. The Company is currently evaluating the financial impact of this agreement.	14. Subsequent Events TUM Arbitration On January 12, 2015, the Company filed a reply brief in response to TUM’s defense. The arbitration panel held its first hearing in Munich, Germany on January 20, 2015, however the arbitration panel did not come to a conclusion on whether TUM is the proper respondent in the action or on the merits of the case. The panel had previously indicated that it will first decide the issue of whether TUM is the proper respondent in this action. The panel resolved that the value in dispute for both parties’ claims and counterclaims would be fixed at € 3.5 million ($4.2 million), as the calculation of the outstanding Out-Licensing Fee also impacts future payments. The Company submitted a reply brief responding to TUM’s defense and counterclaim to the panel on March 3, 2015. TUM must submit a rebuttal brief by March 31, 2015. The Company believes the amount in dispute is without merit and such subsequent events does not impact the probable loss accrued for as of December 31, 2014.

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies The following is a summary of the significant accounting policies consistently applied in the preparation of the accompanying condensed consolidated financial statements. Basis of Consolidation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. All significant intercompany balances and transactions have been eliminated in the consolidation. Certain information and footnotes normally included in financial statement prepared in accordance with U.S. GAAP have been omitted pursuant to the Securities and Exchange Commission rules and regulations. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete annual consolidated financial statements. In the opinion of management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of Pieris Pharmaceuticals, Inc.’s unaudited interim consolidated financial statements have been included. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or any future period. Use of estimates The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses in the financial statements and disclosures in the accompanying notes. Actual results and outcomes could differ materially from management´s estimates, judgments and assumptions. Segment Reporting Pieris Pharmaceuticals, Inc. operates as a single segment dedicated to the discovery and development of biotechnological applications and the Company’s chief operating decision maker (CODM) makes decisions based on the Company as a whole. Accordingly, Pieris Pharmaceuticals, Inc. operates and makes decisions as one reporting unit. Milestone Payments and Royalties At the inception of each agreement that includes milestone payments, Pieris Pharmaceuticals, Inc. evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. Pieris Pharmaceuticals, Inc. evaluates factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. Pieris Pharmaceuticals, Inc. aggregates milestones into three categories (i) research milestones, (ii) development milestones and (iii) commercial 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 or 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. For revenues from research and development milestone payments, if the milestones are deemed substantive and the milestone payments are nonrefundable, such amounts are recognized entirely upon successful accomplishment of the milestones. Milestones that are not considered substantive are accounted for as license payments and recognized on a straight-line basis over the period of performance. To date, Pieris Pharmaceuticals, Inc. has determined all milestones are substantive. Revenues from commercial milestone payments are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met. Royalty payments are recognized in revenues based on the timing of royalty payments earned in accordance with the agreements; which typically is the period when the relevant sales occur, assuming all other revenue recognition criteria are met. Fair Value Measurement ASC Topic 820 Fair Value Measurement defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pieris Pharmaceuticals, Inc. applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the 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. Pieris Pharmaceuticals, Inc.’s cash equivalents consist of highly liquid money market funds and are measured at fair value on a recurring basis. These funds are classified as Level 1 in the fair value hierarchy because they are valued using quoted prices for the periods ended March 31, 2015 and December 31, 2014. The carrying amounts of $471,011 and $ 4,800,573 as of March 31, 2015 and December 31, 2014, respectively, equal the fair value of the cash equivalents. The Company’s other financial instruments include debt instruments and are classified as Level 2 within the fair value hierarchy. The fair value of these instruments was determined using the discounted cash flow method based on contractual cash flows and the current rate at which debt with similar terms could be issued. The fair values for these debt instruments approximated carrying values as of March 31, 2015 and December 31, 2014. Income taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating losses and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted statutory tax rates expected to apply to taxable income in the jurisdictions and years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Based on the level of historical operating results and projections for the taxable income for the future, the Company has determined that it is more likely than not that the deferred tax assets will not be realized. Accordingly, the Company has recorded a valuation allowance to reduce deferred tax assets to the same amount as deferred tax liabilities and determines an effective tax rate of zero percent. Recent Accounting Pronouncements In January 2015, the FASB issued ASU No. 2015-01, “Income Statement—Extraordinary and Unusual items” (ASU 2015-01). The amendments in ASU 2015-01 eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement—Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The company is currently evaluating the impact of this new standard. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (ASU 2015-02). The amendments in ASU 2015-02 are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). This guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December, 15, 2017. The company is currently evaluating the impact of this new standard. Pieris Pharmaceuticals, Inc. 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.

Consulting Shares	3 Months Ended
Consulting Shares	Mar. 31, 2015
Equity [Abstract]
Consulting Shares	7. Consulting Shares On March 6, 2015, the Company entered into an independent consulting agreement (the “Consulting Agreement”) with the Del Mar Consulting Group, Inc. and Alex Partners, LLC (the “Consultants”), pursuant to which the Company issued 150,000 shares of its common stock (par value $0.01 per share) to the Consultants (the “Consulting Shares”). The Company agreed to retain the Consultants to provide investor relations consulting to the Company for a period commencing on March 6, 2015 (the “Commencement Date”) and ending thirteen months after the Commencement Date (such period, the “Term”). The shares issued in connection with the Consulting Agreement were deemed to be exempt from registration in reliance upon Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving any public offering. The terms of the Consulting Agreement state, that the Company has the right to terminate this agreement at any time during the Term of the Consulting Agreement, upon providing Consultants ten days´ written notice of Company´s intention to terminate or immediately upon notice in the event of a breach of this agreement by either consultant. If the Company delivers notice to terminate this agreement for any reason within one hundred eighty days (180) following the effective date (the “Return Date”), then each Consultant will promptly return and surrender to the Company forty percent (40%) of the number of Consulting Shares issued to it. Therefore 60,000 of these shares are subject to certain forfeiture provisions within 180 days following the date of entry into the Consulting Agreement. The Company, using the Black-Scholes method, estimated the fair value of the 90,000 non-cancellable Consulting Shares to be $284,400 based on the closing price per share of $3.16 as quoted on the OTCQB tier of the OTC Markets Group Inc., or the OTCQB, on the grant date, March 6, 2015. The Company estimated the fair value of the 60,000 cancellable Consulting Shares to be $192,000 based on the closing price per share of $3.20 as quoted on the OTCQB on the interim financial reporting date, March 31, 2015. Therefore, the Company estimated the total fair value of the Consulting Shares to be $476,400 and recognized the 90,000 non-cancellable Consulting Shares, or sixty percent (60%) of the Consulting Shares in an amount of $284,400, as general and administrative expense for the three months ended March 31, 2015. The remaining forty percent (40%), or 60,000 Consulting Shares in the amount of $192,000, will be recognized as general and administrative expenses with an offsetting credit to equity either (i) on a straight-line basis over 180 days until the date when the Company´s option to terminate the Consulting Agreement and exercise its option to cancel forty percent (40%) of the Consulting Shares, or (ii) in the event of an earlier termination by the Company, at the applicable termination date. Therefore the Company recognized expenses in connection with the Consulting Shares of $311,067 for the three months ended March 31, 2015 in general and administrative expenses, including $284,400 for the non-cancellable Consulting Shares and $26,667 for the cancellable shares.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Accounting Policies [Abstract]

Basis of Consolidation

Basis of Consolidation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. All significant intercompany balances and transactions have been eliminated in the consolidation. Certain information and footnotes normally included in financial statement prepared in accordance with U.S. GAAP have been omitted pursuant to the Securities and Exchange Commission rules and regulations. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete annual consolidated financial statements.

In the opinion of management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of Pieris Pharmaceuticals, Inc.’s unaudited interim consolidated financial statements have been included. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or any future period.

Basis of Consolidation

Use of Estimates

Use of estimates

The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses in the financial statements and disclosures in the accompanying notes. Actual results and outcomes could differ materially from management´s estimates, judgments and assumptions.

Use of Estimates

Foreign Currency Translation

Foreign Currency Translation

•

assets and liabilities at period-end rates;

•

income statement accounts at average exchange rates for the period; and

•

components of equity at historical rates.

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

Fair Value Measurement

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.

Pieris Pharmaceuticals, Inc.’s cash equivalents consist of highly liquid money market funds and are measured at fair value on a recurring basis. These funds are classified as Level 1 in the fair value hierarchy because they are valued using quoted prices for the periods ended March 31, 2015 and December 31, 2014. The carrying amounts of $471,011 and $ 4,800,573 as of March 31, 2015 and December 31, 2014, respectively, equal the fair value of the cash equivalents.

The Company’s other financial instruments include debt instruments and are classified as Level 2 within the fair value hierarchy. The fair value of these instruments was determined using the discounted cash flow method based on contractual cash flows and the current rate at which debt with similar terms could be issued. The fair values for these debt instruments approximated carrying values as of March 31, 2015 and December 31, 2014.

Fair Value of Financial Instruments

Concentration of Credit Risk and Other Risks and Uncertainties

Concentration of Credit Risk and Other Risks and Uncertainties

As of December 31, 2014, the Company has no trade accounts receivable. See Note 4 Revenue, for additional information regarding the Company’s collaboration agreements.

Trade Accounts Receivable

Trade Accounts Receivable

Property and Equipment

Property and Equipment


Asset Classification	Estimated useful life (in years)
Leasehold improvements		5 - 13
Laboratory equipment		1 - 14
Office and computer equipment		1 - 15

Impairment of Long-lived Assets

Impairment of Long-lived Assets

Revenue Recognition

Revenue Recognition

Multiple-Element Arrangements

Multiple-Element Arrangements

Milestone Payments and Royalties

Milestone Payments and Royalties

At the inception of each agreement that includes milestone payments, Pieris Pharmaceuticals, Inc. evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. Pieris Pharmaceuticals, Inc. evaluates factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment.

Pieris Pharmaceuticals, Inc. aggregates milestones into three categories (i) research milestones, (ii) development milestones and (iii) commercial 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 or 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.

For revenues from research and development milestone payments, if the milestones are deemed substantive and the milestone payments are nonrefundable, such amounts are recognized entirely upon successful accomplishment of the milestones. Milestones that are not considered substantive are accounted for as license payments and recognized on a straight-line basis over the period of performance. To date, Pieris Pharmaceuticals, Inc. has determined all milestones are substantive. Revenues from commercial milestone payments are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met. Royalty payments are recognized in revenues based on the timing of royalty payments earned in accordance with the agreements; which typically is the period when the relevant sales occur, assuming all other revenue recognition criteria are met.

Milestone Payments and Royalties

Government Grants

Government Grants

Research and Development

Research and Development

Income Taxes

Income taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating losses and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted statutory tax rates expected to apply to taxable income in the jurisdictions and years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Based on the level of historical operating results and projections for the taxable income for the future, the Company has determined that it is more likely than not that the deferred tax assets will not be realized. Accordingly, the Company has recorded a valuation allowance to reduce deferred tax assets to the same amount as deferred tax liabilities and determines an effective tax rate of zero percent.

Income Taxes

Share-based Payments

Share-based Payments

Warrants to Purchase Common Stock

Warrants to Purchase Common Stock

Contingencies

Contingencies

Segment Reporting

Segment Reporting

Pieris Pharmaceuticals, Inc. operates as a single segment dedicated to the discovery and development of biotechnological applications and the Company’s chief operating decision maker (CODM) makes decisions based on the Company as a whole. Accordingly, Pieris Pharmaceuticals, Inc. operates and makes decisions as one reporting unit.

Segment Reporting

Basic and Diluted Earnings per Share

Basic and Diluted Earnings per Share

Adoption of New Accounting Standards

Recent Accounting Pronouncements

In January 2015, the FASB issued ASU No. 2015-01, “Income Statement—Extraordinary and Unusual items” (ASU 2015-01). The amendments in ASU 2015-01 eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement—Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The company is currently evaluating the impact of this new standard.

In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (ASU 2015-02). The amendments in ASU 2015-02 are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). This guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December, 15, 2017. The company is currently evaluating the impact of this new standard.

Pieris Pharmaceuticals, Inc. 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.

Adoption of New Accounting Standards

New Accounting Standards Not Yet Adopted

New Accounting Standards Not Yet Adopted

•

the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction; and

•

the entity intends to use the deferred tax asset for that purpose.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Property And Equipment Estimated 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		5 - 13
Laboratory equipment		1 - 14
Office and computer equipment		1 - 15

Revenues (Tables)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue from Product Sales


	Years ended December 31,
	2014		2013
License fees	$	473,039	$	5,159,425
Research and development services		876,619		3,591,855
Milestone payments		3,184,988		1,128,630
Government grants		830,408		2,547,382

Total Revenue	$	5,365,054	$	12,427,292

Revenue Received

The Company has received the following amounts:


	Years ended December 31,
	2014		2013
Amounts received	$	–	$	2,915,559
Revenue from grant	$	714,388	$	2,430,358

Balance Sheet Items Related to FP7 Agreement

The following balance sheet items relate to the FP7 agreement:


	December 31,
	2014		2013
Other current assets (receivables from FP7 grant)	$	857,489	$	261,568
Cash (restricted cash)	$	–	$	72,497
Deferred revenue	$	–	$	69,444

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property Plant and Equipment and Accumulated Depreciation

Property and equipment are summarized as follows:


	December 31,
	2014			2013
Leasehold improvements	$	50,791		$	57,779
Laboratory equipment		3,840,368			4,093,704
Office and computer equipment		343,835			389,368

Property and equipment at cost		4,234,994			4,540,852

Accumulated depreciation		(2,182,773	)		(2,103,175	)

Property and equipment, net	$	2,052,221		$	2,437,677

Accumulated depreciation for each asset group is summarized as follows:


	Years ended December 31,
	2014		2013
Leasehold improvements	$	41,606	$	37,904
Laboratory equipment		1,886,807		1,845,098
Office and computer equipment		254,360		220,172

Total accumulated depreciation	$	2,182,773	$	2,103,175

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Tax Benefits

The income tax benefits are as follows:


	Years ended December 31,
	2014		2013
Current	$	18	$	–
Total income tax benefit	$	18	$	–

Principal Differences Between Income Taxes Computed at U.S. Statutory Tax Rate and German Statutory Tax Rate and Respective Effective Tax Rate


	Years ended December 31,
	2014			2013
Income tax expense (benefit) at the statutory federal income tax rate	$	(3,348,994	)	$	19,280
Decrease in allowances on deferred tax assets	$	(4,811,972	)	$	(37,210	)
Differences local / Group tax rate		420,337			–
Nondeductible expenses		438,797			17,930
Correction of net operating loss carryforwards		7,307,952			–
Other		(6,102	)		–
Total income tax expense (benefit)	$	18		$	–

Components of Deferred Tax Assets and Liabilities


	December 31,
	2014		2013
Deferred tax assets
Net operating loss carryforwards	$	9,951,666	$	16,859,179
Deferred revenue		–		138,378
Equity issuance cost		–		102,935
Bank loan		12,653		23,014
Intercompany Loan Australia		1,129		–

Total deferred tax assets		9,965,448		17,123,506

Valuation allowance		9,916,553		17,053,767

Net deferred tax assets		48,895		69,739
Deferred tax liabilities
Useful life adjustment fixed assets		30,646		54,303
Adjustment accruals		8,811		15,436
Prepaid expenses		9,438		–

Total deferred tax liabilities		48,895		69,739

Net deferred tax asset/(liability)	$	–	$	–

Debt (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Financial Obligations

The following table summarizes the Company´s financial obligations for the next five years and thereafter as of December 31, 2014:


	2015		2016		2017		2018		2019		Thereafter		Total
Bank loan, including accrued interest	$	1,270,605	$	–	$	–	$	–	$	–	$	–	$	1,270,605

Bridge Loan [Member]

The Company recorded related-party interest expense concerning the Bridge Loan in the amounts set forth in the table below:


	Years ended December 31,
	2014		2013
Orbimed Private Investments III, LP	$	63,955	$	78,411
The Global Life Science Ventures Funds		57,709		70,131
Gilde Europe Food & Agribusiness Fund B.V.		54,158		67,083
Coöperative AAC LS U.A. (Forbion B.V.)		28,288		34,930

Sum of related-party interest expense relating to the Convertible Bridge Loan	$	204,110	$	250,556

Stock-based compensation (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Total Stock-Based Compensation Expense Related to Share-Based Awards under the Pieris Plan


	Three months ended March 31, 2015
Research and Development	$	51,038
General and administrative		166,297

Total stock-option expense	$	217,335

Total stock-based compensation expense, related to all share-based awards under the Pieris Plan to executive officers, directors, employees and consultants recognized during the year ended 2014, was comprised of the following:


	December 31, 2014
Research and Development	$	7,623
General and administrative		563,759

Total stock-option expense	$	571,382

Schedule of Weighted-Average Assumptions Used for Calculating Value of Options Granted


	Three months ended March 31, 2015
Dividend yield		0.0	%
Expected volatility		75.1	%
Weighted average risk-free interest rate		1.66	%
Expected term		5.8 years


	2014
Dividend yield		0.0	%
Expected volatility		74.66	%
Weighted average risk-free interest rate		1.77	%
Expected term		5.6-5.8 years

Schedule of Information Regarding Stock Option Activity

A summary of the Company´s stock option activity and related information is as follows:


	Number of shares		Weighted- Average Exercise Price		Weighted- Average Contractual Life
Outstanding at December 31, 2014		2,519,500	$	2.00		5.6-5.8 years
Options granted		25,000	$	2.85		5.8 years
Options exercised		–		–		–
Options canceled or expired		–		–		–
Outstanding at March 31, 2015		2,544,500	$	2.01		5.6-5.8 years
Vested or expected to vest at March 31, 2015		598,396	$	2.00		–
Exercisable at March 31, 2015		598,396	$	2.00		–

A summary of the Company’s stock option activity and related information is as follows:

Number of
shares

Weighted-Average
Exercise Price

Weighted-Average
Contractual Life

Outstanding at December 31, 2013

–

Options granted

2,519,500

2.00

5.6-5.8 years

Options exercised

–

Options canceled or expired

–

Outstanding at December 31, 2014

2,519,500

2.00

5.6-5.8 years

Vested or expected to vest at December 31, 2014

423,750

2.00

–

Exercisable at December 31, 2014

–

Warrants (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Summary of Placement Warrants Valuation Using Black-Scholes Pricing Model

The Placement Warrants were valued at their grant dates using the Black-Scholes pricing model and the following weighted average assumptions:


	December 31, 2014
Dividend yield		0.00	%
Expected volatility		74.66	%
Weighted average risk-free interest rate		1.61	%
Expected term (years)		5.00

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

11. Accrued Expenses

Accrued expenses consist of the following:


	December
	2014		2013
Accrued expenses
Accrued expenses bonus payments	$	252,953	$	137,660
Accrued expenses severance payments		–		319,031
Payroll related accruals		79,939		90,549
Accrued professional fees		403,451		–
Other accrued expenses		7,523		12,389

Total amount of accrued expenses		743,866		559,629

Accrued expenses non-current
Reserve for litigation with TUM		327,937		373,059
Accrued expenses Restoration		6,051		6,883
Total amount of accrued expenses non-current		333,988		379,942

Total amount of accrued expenses	$	1,077,854	$	939,571

Related-Party Transactions (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Related Party Expenses

The Company has incurred the following expenses related to TUM (excluding value added taxes):


	Three months ended March 31,
	2015		2014
Transfer of licenses and protective rights	$	14,057	$	17,131

Total expenses incurred with TUM	$	14,057	$	17,131

The Company has incurred the following expenses related to TUM (excluding value added taxes):


	Years ended December 31,
	2014		2013
Transfer of licenses and protective rights	$	66,461	$	66,390
Research		–		22,573

Total expenses incurred with TUM	$	66,461	$	88,963

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Contractual Commitments of the non-cancellable Portion

The Company’s contractual commitments of the non-cancellable portion under this operating lease as of December 31, 2014 are as follows:


	Total
2015	$	176,190

License Agreement [Member]

Schedule of minimum license fee commitment

The table below shows the annual license fee commitments under the two agreements as of December 31, 2014:


	License payments
2015	$	96,808
2016		96,808
2017		96,808
2018		96,808
2019		96,808
Thereafter		665,555

Total minimum license payments	$	1,149,595

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2015 USD ($) Segment	Dec. 31, 2014 USD ($) Segment	Dec. 31, 2013 USD ($) shares
Summary Of Significant Accounting Policies [Line Items]
Restricted cash		$ 0	$ 72,497
Trade accounts receivable		0	481,810
Allowance for doubtful accounts		0	0
Impairments loss		$ 0	$ 0
Milestones arrangement, categories description	Pieris Pharmaceuticals, Inc. aggregates milestones into three categories (i) research milestones, (ii) development milestones and (iii) commercial milestones.	The Company aggregates milestones into three categories (i) research milestones, (ii) development milestones and (iii) commercial milestones.
Number of Operating segment \| Segment	1	1
Stock equivalents granted \| shares			0
Effective tax rate	0.00%
Fair Value, Inputs, Level 1 [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash and Cash Equivalents, Fair Value	$ 471,011	$ 4,800,573	$ 3,307,520

Summary of Significant Accounting Policies - Property and Equipment Useful Life (Detail)	12 Months Ended
	Dec. 31, 2014
Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated Lives	5 years
Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated Lives	13 years
Laboratory Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated Lives	1 year
Laboratory Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated Lives	14 years
Office and Computer Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated Lives	1 year
Office and Computer Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated Lives	15 years

Acquisition - Additional Information (Detail)			12 Months Ended
Acquisition - Additional Information (Detail)	Dec. 17, 2014 shares	Dec. 05, 2014 shares	Dec. 31, 2013 $ / shares shares	Mar. 31, 2015 $ / shares shares	Dec. 31, 2014 $ / shares shares	Dec. 16, 2014 $ / shares shares
Business Acquisition [Line Items]
Stock split ratio		2.272727
Common stock, shares outstanding		13,863,647	11,828,974	29,429,522	29,279,522
Common stock, shares authorized			300,000,000	300,000,000	300,000,000
Common stock, par value \| $ / shares			$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized			10,000,000		10,000,000	10,000,000
Preferred stock, par value \| $ / shares			$ 0.001		$ 0.001	$ 0.001
Pre-acquisition shares transferred and canceled	11,363,635
Scenario, Previously Reported
Business Acquisition [Line Items]
Common stock, shares outstanding		6,100,000
Pieris AG [Member]
Business Acquisition [Line Items]
Aggregate shares issued upon acquisition	20,000,000		11,828,974
Percentage of former stockholders ownership	89.00%
Common stock, shares outstanding	20,000,000
Minimum [Member]
Business Acquisition [Line Items]
Common stock, shares authorized						75,000,000
Common stock, par value \| $ / shares						$ 0.001
Maximum [Member]
Business Acquisition [Line Items]
Common stock, shares authorized						300,000,000
Common stock, par value \| $ / shares						$ 0.001

Revenue - Revenue from Product Sales (Detail) - USD ($)	3 Months Ended		12 Months Ended
Revenue - Revenue from Product Sales (Detail) - USD ($)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
License fees			$ 473,039	$ 5,159,425
Research and development services			876,619	3,591,855
Milestone payments			3,184,988	1,128,630
Government grants			830,408	2,547,382
Total Revenue	$ 217,621	$ 1,372,879	$ 5,365,054	$ 12,427,292

Revenues - Additional Information (Detail)	1 Months Ended				3 Months Ended		12 Months Ended
Revenues - Additional Information (Detail)	Aug. 31, 2011 USD ($) Tranches	May 31, 2011 USD ($)	Sep. 30, 2010 USD ($)	Aug. 31, 2009 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Feb. 28, 2013 USD ($)
Deferred Revenue Arrangement [Line Items]
Revenue					$ 217,621	$ 1,372,879	$ 5,365,054	$ 12,427,292
Collaboration agreement, license revenue							473,039	5,159,425
Collaboration agreement, milestone payments							3,184,988	1,128,630
Research and development services revenue							876,619	3,591,855
Revenues from product sales					0
BIO Cluster M4 [Member]
Deferred Revenue Arrangement [Line Items]
Grant received							$ 116,020	117,023
Funding rate							40.00%
Seventh Research Framework Program (FP7 Agreement) [Member]
Deferred Revenue Arrangement [Line Items]
Grant received								2,915,559
Seventh Research Framework Program (FP7 Agreement) [Member] \| European Union [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments	$ 7,260,600
Funding rate	64.00%
Tranches of payments \| Tranches	3
Maximum [Member] \| BIO Cluster M4 [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments							$ 1,375,017
Collaborative Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					0	300,000
Other Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Research and development services revenue							0	138,091
Collaboration Partner One [Member] \| Sales Revenue, Net [Member] \| Revenue From Partners [Member]
Deferred Revenue Arrangement [Line Items]
Revenue							2,981,992	5,573,441
Collaboration Partner Two [Member] \| Sales Revenue, Net [Member] \| Revenue From Partners [Member]
Deferred Revenue Arrangement [Line Items]
Revenue							1,354,861	4,168,278
Government Grant [Member] \| Sales Revenue, Net [Member] \| Revenue From Partners [Member]
Deferred Revenue Arrangement [Line Items]
Revenue							714,388	2,430,358
Allergan Inc [Member] \| Collaborative Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					0
Allergan Inc [Member] \| Collaborative Arrangement [Member] \| Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					$ 13,000,000		$ 13,000,000
Allergan Inc [Member] \| Collaborative Arrangement [Member] \| Upfront Payment Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, license revenue				$ 10,000,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Research collaboration agreement, estimated period					2 years		2 years
Collaboration agreement, revenue recognized					$ 0	700,000	$ 3,000,000	5,600,000
Collaboration agreement, milestone payments							2,300,000	1,100,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member] \| Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					87,600,000		98,700,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member] \| Maximum [Member] \| Research Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					2,500,000		2,800,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member] \| Maximum [Member] \| Development Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					36,000,000		40,500,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member] \| Maximum [Member] \| Commercial Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					48,300,000		54,500,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member] \| Maximum [Member] \| Additional Diagnostic Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					700,000		900,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member] \| Upfront Payment Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, license revenue		$ 10,100,000
Sanofi [Member] \| Collaborative Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, revenue recognized					$ 0	500,000	1,400,000	4,200,000
Collaboration agreement, milestone payments						$ 300,000	$ 900,000	$ 0
Description of factors in determining milestones substantive					Factors considered in determining the options were substantive were whether (i) Sanofi could obtain the overall objective of the agreement without exercising any options, (ii) Sanofi was able to obtain value from the initial licenses obtained without exercising any options, (iii) the cost to exercise the options was significant relative to the total upfront payment of $4.9 million for two licenses and four options, and (iv) exercising the option created additional financial commitments for Sanofi or imposed economic penalties on Sanofi.		Factors considered in determining the options were substantive were whether (i) Sanofi could obtain the overall objective of the agreement without exercising any options, (ii) Sanofi was able to obtain value from the initial licenses obtained without exercising any options, (iii) the cost to exercise the options was significant relative to the total upfront payment of $4.9 million for two licenses and four options, and (iv) exercising the option created additional financial commitments for Sanofi or imposed economic penalties on Sanofi.
Collaborative arrangement, consideration			$ 8,100,000
Sanofi [Member] \| Collaborative Arrangement [Member] \| Expired Option Agreement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, revenue recognized										$ 700,000
Sanofi [Member] \| Collaborative Arrangement [Member] \| Options Exercised [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, revenue recognized									$ 350,000
Collaborative arrangement, consideration					$ 270,000						$ 350,000
Sanofi [Member] \| Collaborative Arrangement [Member] \| Options, Exercised Price [Member]
Deferred Revenue Arrangement [Line Items]
Collaborative arrangement, consideration					1,100,000						$ 1,400,000
Sanofi [Member] \| Collaborative Arrangement [Member] \| Licenses [Member]
Deferred Revenue Arrangement [Line Items]
Collaborative arrangement, consideration			3,500,000
Sanofi [Member] \| Collaborative Arrangement [Member] \| Options to Acquire Additional Licenses [Member]
Deferred Revenue Arrangement [Line Items]
Collaborative arrangement, consideration			1,400,000
Sanofi [Member] \| Collaborative Arrangement [Member] \| Research Services [Member]
Deferred Revenue Arrangement [Line Items]
Research collaboration agreement, estimated period									2 years
Collaborative arrangement, consideration			3,200,000
Sanofi [Member] \| Collaborative Arrangement [Member] \| Research Services [Member] \| Extension Term [Member]
Deferred Revenue Arrangement [Line Items]
Research collaboration agreement, estimated period									40 months
Sanofi [Member] \| Collaborative Arrangement [Member] \| Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					49,600,000		$ 55,900,000
Sanofi [Member] \| Collaborative Arrangement [Member] \| Maximum [Member] \| Research Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					1,800,000		2,100,000
Sanofi [Member] \| Collaborative Arrangement [Member] \| Maximum [Member] \| Development Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					28,500,000		32,100,000
Sanofi [Member] \| Collaborative Arrangement [Member] \| Maximum [Member] \| Commercial Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments					$ 19,300,000		$ 21,800,000
Sanofi [Member] \| Collaborative Arrangement [Member] \| Upfront Payment Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, license revenue			$ 4,900,000

Revenue - Revenue Received (Detail) - USD ($)	12 Months Ended
Revenue - Revenue Received (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenue from grant	$ 830,408	$ 2,547,382
Seventh Research Framework Program (FP7 Agreement) [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Amounts received		2,915,559
Revenue from grant	$ 714,388	$ 2,430,358

Revenue - Balance Sheet Items Related to FP7 Agreement (Detail) - USD ($)	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Other current assets (receivables from FP7 grant)	$ 1,275,714	$ 1,207,072	$ 449,733
Cash (restricted cash)		0	72,497
Deferred revenue			544,562
Seventh Research Framework Program (FP7 Agreement) [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Other current assets (receivables from FP7 grant)		$ 857,489	261,568
Cash (restricted cash)			72,497
Deferred revenue			$ 69,444

Property and Equipment, Net - Summary of Property and Equipment (Detail) - USD ($)	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property and equipment at cost		$ 4,234,994	$ 4,540,852
Accumulated depreciation		(2,182,773)	(2,103,175)
Property and equipment, net	$ 1,785,789	2,052,221	2,437,677
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment at cost		50,791	57,779
Accumulated depreciation		(41,606)	(37,904)
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment at cost		3,840,368	4,093,704
Accumulated depreciation		(1,886,807)	(1,845,098)
Office and Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment at cost		343,835	389,368
Accumulated depreciation		$ (254,360)	$ (220,172)

Property and Equipment, Net - Property and Equipment Accumulated Depreciation (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ 2,182,773	$ 2,103,175
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	41,606	37,904
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	1,886,807	1,845,098
Office and Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ 254,360	$ 220,172

Property and Equipment, Net - Property and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 78,117	$ 95,549	$ 366,979	$ 384,677

Income Taxes - Income Tax Benefits (Detail) - USD ($)	3 Months Ended	12 Months Ended
Income Taxes - Income Tax Benefits (Detail) - USD ($)	Mar. 31, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Current		$ 18
Total income tax benefit	$ 18	$ 18

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Applicable statutory tax rate	34.00%
Increase in valuation allowance	$ 7,137,214
Liability for unrecognized tax positions	$ 0
Germany [Member]
Income Taxes [Line Items]
Applicable statutory tax rate	29.13%	29.13%
Operating loss carryforward reductions during period	$ 619,820
Germany [Member] \| Corporate Income Tax [Member]
Income Taxes [Line Items]
Operating loss carryforward	34,168,814	$ 57,795,357
Decrease in unrecognized tax benefits resulting from acquisitions	22,915,150
Germany [Member] \| Trade Tax [Member]
Income Taxes [Line Items]
Operating loss carryforward	34,168,814	$ 56,420,412
Decrease in unrecognized tax benefits resulting from acquisitions	21,582,596
Operating loss carryforward reductions during period	$ 644,795

Income Taxes - Principal Differences Between Income Taxes Computed at U.S. Statutory Tax Rate and German Statutory Tax Rate and Respective Effective Tax Rate (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at the statutory federal income tax rate		$ (3,348,994)	$ 19,280
Decrease in allowances on deferred tax assets		(4,811,972)	(37,210)
Differences local / Group tax rate		420,337
Nondeductible expenses		438,797	$ 17,930
Correction of net operating loss carryforwards		7,307,952
Other		(6,102)
Total income tax expense (benefit)	$ 18	$ 18

Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets
Net operating loss carryforwards	$ 9,951,666	$ 16,859,179
Deferred revenue		138,378
Equity issuance cost		102,935
Bank loan	12,653	23,014
Intercompany Loan Australia	1,129
Total deferred tax assets	9,965,448	17,123,506
Valuation allowance	9,916,553	17,053,767
Net deferred tax assets	48,895	69,739
Deferred tax liabilities
Useful life adjustment fixed assets	30,646	54,303
Adjustment accruals	8,811	15,436
Prepaid expenses	9,438
Total deferred tax liabilities	48,895	69,739
Net deferred tax asset/(liability)	$ 0	$ 0

Debt - Additional Information (Detail)		1 Months Ended		3 Months Ended			12 Months Ended
Debt - Additional Information (Detail)	Dec. 11, 2014 USD ($) Tranches	Jun. 30, 2014 USD ($)	Jun. 30, 2014 EUR (€)	Mar. 31, 2015 USD ($)	Mar. 31, 2015 EUR (€)	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Mar. 31, 2015 EUR (€)	Jan. 31, 2015 USD ($)	Jan. 31, 2015 EUR (€)	Dec. 11, 2014 EUR (€)	Apr. 14, 2014 USD ($)	Apr. 14, 2014 EUR (€)	Apr. 03, 2014 USD ($)	Apr. 03, 2014 EUR (€)
Debt Instrument [Line Items]
Beneficial conversion feature recognized							$ 2,236,581
Interest expense				$ 4,170		$ 109,289	2,654,727	$ 493,937
Bridge Loan [Member]
Debt Instrument [Line Items]
Principal or interest payments							0	0
Bridge Loan [Member] \| Unsecured Debt Including Accrued Interest [Member]
Debt Instrument [Line Items]
Outstanding principal on unsecured convertible stockholder loan							0	2,753,200
Accrued interest								$ 345,302
Unsecured Debt Including Accrued Interest [Member] \| Bridge Loan [Member]
Debt Instrument [Line Items]
Interest rate		12.00%	12.00%					12.00%
Loan maturity date		Dec. 31, 2015	Dec. 31, 2015					Dec. 31, 2015
Aggregate borrowing capacity													$ 2,420,200	€ 2,000,000
Interest expense							326,429	$ 317,014
Unsecured Debt Including Accrued Interest [Member] \| Bridge Loan [Member] \| Tranche A [Member]
Debt Instrument [Line Items]
Aggregate borrowing capacity													1,815,150	1,500,000
Borrowed amount		$ 1,210,100	€ 1,000,000
Debt instrument, percentage of debt redeemed		67.00%	67.00%
Unsecured Debt Including Accrued Interest [Member] \| Bridge Loan [Member] \| Tranche B [Member]
Debt Instrument [Line Items]
Aggregate borrowing capacity													$ 605,050	€ 500,000
Unsecured Debt Including Accrued Interest [Member] \| Bridge Loan [Member] \| After Maturity Period [Member]
Debt Instrument [Line Items]
Interest rate		18.00%	18.00%					18.00%
Unsecured Debt Including Accrued Interest [Member] \| 2014 Bridge Loan [Member]
Debt Instrument [Line Items]
Outstanding principal on unsecured convertible stockholder loan							0
Tbg [Member]
Debt Instrument [Line Items]
Amount of repayment to TBG outstanding	$ 1,130,000											€ 1,050,000			$ 1,650,000	€ 1,200,000
Principal amount, interest rate															10.53%	10.53%
Repayment agreement description				Under the repayment agreement, the Company has agreed to a payment schedule pursuant to which it will make semi-annual payments until 2016.	Under the repayment agreement, the Company has agreed to a payment schedule pursuant to which it will make semi-annual payments until 2016.
Number of tranches \| Tranches	2
Capital gain tax withheld				$ 127,482	€ 118,688
Repayment amount of debt				1,000,323					€ 931,312
Tbg [Member] \| Bank Loan [Member]
Debt Instrument [Line Items]
Principal or interest payments							181,515	$ 0
Tbg [Member] \| Scenario, Previously Reported
Debt Instrument [Line Items]
Amount of repayment to TBG outstanding	$ 1,270,000														$ 1,290,000
Tbg [Member] \| Unsecured Debt Including Accrued Interest [Member]
Debt Instrument [Line Items]
Outstanding principal on bank loan							$ 726,060	$ 1,032,450
Tbg [Member] \| Unsecured Debt Including Accrued Interest [Member] \| Bank Loan [Member]
Debt Instrument [Line Items]
Interest rate							10.53%	8.00%
Loan maturity date							Dec. 31, 2013
Interest expense							$ 71,757	$ 79,668
Repayment agreement description							12% per year of the German GAAP net income, adjusted for certain items per the Bank Loan, is payable to TBG.
Accrued interest balances							$ 544,545	619,470
Repayment fee rate							30.00%
Additional interest premium							6.00%
Interest expense including repayment fee and additional interest premium							$ 0	97,255
Tbg [Member] \| Unsecured Debt Including Accrued Interest [Member] \| Bank Loan [Member] \| Other Current Liabilities [Member]
Debt Instrument [Line Items]
Accrued interest balances							$ 19,117	$ 20,649
Tbg [Member] \| Repayment Agreement [Member]
Debt Instrument [Line Items]
Repayment agreement description							Under the repayment agreement, the Company agreed to a payment schedule pursuant to which it would make semi-annual payments until 2016
Tbg [Member] \| Tranche One, Payment Due Jan 31, 2015 [Member]
Debt Instrument [Line Items]
Amount of repayment to TBG outstanding	726,060											600,000
Tbg [Member] \| Tranche Two, Payment Due March 31, 2015 [Member]
Debt Instrument [Line Items]
Amount of repayment to TBG outstanding	$ 544,545											€ 450,000
Tbg [Member] \| Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Amount of repayment to TBG outstanding										$ 644,460	€ 600,000
Tbg [Member] \| Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Amount of repayment to TBG outstanding				$ 483,345					€ 450,000

Debt - Related Party Interest Expense Concerning Bridge Loan (Detail) - Bridge Loan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Short-term Debt [Line Items]
Interest expense related party	$ 204,110	$ 250,556
Orbimed Private Investments III, LP [Member]
Short-term Debt [Line Items]
Interest expense related party	63,955	78,411
Global Life Science Ventures Funds [Member]
Short-term Debt [Line Items]
Interest expense related party	57,709	70,131
Gilde Europe Food & Agribusiness Fund B.V [Member]
Short-term Debt [Line Items]
Interest expense related party	54,158	67,083
Forbion B.V [Member]
Short-term Debt [Line Items]
Interest expense related party	$ 28,288	$ 34,930

Debt - Summary of Financial Obligations (Detail) - Tbg [Member] - Bank Loan [Member]	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
2015	$ 1,270,605
2016
2017
2018
2019
Thereafter
Total	$ 1,270,605

Stockholders' Equity - Additional Information (Detail) - USD ($)			3 Months Ended		12 Months Ended
	Dec. 23, 2014	Dec. 17, 2014	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 16, 2014	Dec. 05, 2014
Schedule Of Stockholders Equity [Line Items]
Common stock, shares authorized			300,000,000	300,000,000	300,000,000	300,000,000
Common stock, par value			$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued			29,429,522	29,279,522	29,279,522	11,828,974
Common stock, outstanding			29,429,522	29,279,522	29,279,522	11,828,974		13,863,647
Preferred stock, shares authorized				10,000,000	10,000,000	10,000,000	10,000,000
Preferred stock, par value				$ 0.001	$ 0.001	$ 0.001	$ 0.001
Preferred stock issued				0	0	0
Preferred stock, shares outstanding				0	0	0
Aggregate cash proceeds from issuance of shares					$ 7,342,077
Shares issued under options plan			25,000		2,519,500
Common stock			$ 29,430	$ 29,280	$ 29,280	$ 11,829
Exercise price of warrants	$ 2			$ 2.00	$ 2.00
Investors preference description					The Securities Purchase Agreement also contains certain anti-dilution provisions. Those anti-dilution provisions provide that if the Company issue and sell equity securities or equity-linked or related securities at a purchase price per share of lower than $2.00 within the 180-day period following December 17, 2014, each Investor in the Private Placement shall be entitled to receive such number of additional shares of the Company's common stock as they would have received had such lower purchase price per share been applicable in the Private Placement.
2014 Incentive Plan [Member]
Schedule Of Stockholders Equity [Line Items]
Common stock reserved for issuance		3,200,000
Shares issued under options plan		2,519,500
Common stock available for grant		680,500
Private Placement [Member]
Schedule Of Stockholders Equity [Line Items]
Stock issued	6,779,510
Sales of common stock, price per share	$ 2.00
Proceeds from sale of stock	$ 13,560,000
Proceeds from sale of stock	$ 12,000,000
Post Acquisition [Member]
Schedule Of Stockholders Equity [Line Items]
Common stock, shares issued				29,279,522	29,279,522
Common stock, outstanding				29,279,522	29,279,522
Common stock				$ 29,280	$ 29,280
Common Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Aggregate shares issued upon acquisition	542,360
Common Stock [Member] \| Private Placement [Member]
Schedule Of Stockholders Equity [Line Items]
Stock issued					6,779,510
Marika Inc. [Member]
Schedule Of Stockholders Equity [Line Items]
Common stock, outstanding		2,500,012
Pieris AG [Member]
Schedule Of Stockholders Equity [Line Items]
Common stock, outstanding		20,000,000
Aggregate shares issued upon acquisition		20,000,000				11,828,974
Series C Preferred Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Preferred stock issued		10,671,037		5,662,167	5,662,167
Aggregate cash proceeds from issuance of shares				$ 7,442,897
Convertible stockholder loans, including accrued interest				$ 4,380,906
Converted series c preferred shares				5,008,870

Stock-based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Mar. 24, 2015
Stock Based Compensation [Line Items]
Number of shares, Options granted	25,000		2,519,500
General and administrative expense recognized	$ 217,335		$ 571,382
Share-based payment award, award vesting period	3 years		3 years
Maximum term of stock options	10 years		10 years
Weighted average grant date fair value	$ 46,442		$ 3,248,413
Number of shares, Options exercised	0	0	0	0
Total fair value of shares vested			$ 543,926
Options vested	598,396		423,750	0
Unrecognized share-based compensation expense	$ 2,414,729		$ 2,588,411
Recognized weighted average service period	2 years 9 months		3 years
Options vested	174,646
First Quarter Of Two Thousand Fifteen [Member]
Stock Based Compensation [Line Items]
Recognized weighted average service period	3 years
General and Administrative [Member]
Stock Based Compensation [Line Items]
General and administrative expense recognized	$ 166,297		$ 563,759
Pieris Plan [Member]
Stock Based Compensation [Line Items]
Common stock reserved for issuance			3,200,000		3,200,000
Share-based compensation description	(i) 1,000,000 shares, (ii) 4% of the number of shares of the Company’s common stock outstanding on such date, and (iii) such other amount determined by the administrator. As of December 31, 2014, options to purchase 1,430,000 shares of the Company’s common stock have been issued under the Pieris Plan to their executive officers and directors, and options to purchase 1,089,500 shares have been issued under the Pieris Plan to other employees and consultants.		(i) 1,000,000 shares, (ii) 4% of the number of shares of the Company’s common stock outstanding on such date, and (iii) such other amount determined by the administrator. As of December 31, 2014, options to purchase 1,430,000 shares of the Company’s common stock have been issued under the Pieris Plan to their executive officers and directors, and options to purchase 1,089,500 shares have been issued under the Pieris Plan to other employees and consultants.
Common stock available for grant	655,500		680,500
Pieris Plan [Member] \| Executive Officers And Directors [Member]
Stock Based Compensation [Line Items]
Number of shares, Options granted			1,430,000
Pieris Plan [Member] \| Executive Officers And Directors [Member] \| Fourth Quarter Of Two Thousand Fourteen [Member]
Stock Based Compensation [Line Items]
Number of shares, Options granted	1,430,000
Pieris Plan [Member] \| Employees and Consultants [Member]
Stock Based Compensation [Line Items]
Number of shares, Options granted			1,089,500
Pieris Plan [Member] \| Employees and Consultants [Member] \| Fourth Quarter Of Two Thousand Fourteen [Member]
Stock Based Compensation [Line Items]
Number of shares, Options granted	1,089,500
Pieris Plan [Member] \| Employees and Consultants [Member] \| First Quarter Of Two Thousand Fifteen [Member]
Stock Based Compensation [Line Items]
Number of shares, Options granted	25,000
Pieris Plan [Member] \| Consultant [Member] \| General and Administrative [Member]
Stock Based Compensation [Line Items]
General and administrative expense recognized			$ 131,984

Stock-based Compensation - Schedule of Total Stock-Based Compensation Expense Related to Share-Based Awards under the Pieris Plan (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-option expense	$ 217,335	$ 571,382
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-option expense	51,038	7,623
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-option expense	$ 166,297	$ 563,759

Stock-based Compensation - Schedule of Weighted-Average Assumptions Used for Calculating Value of Options Granted (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract]
Dividend yield	0.00%	0.00%
Expected volatility	75.10%	74.66%
Weighted average risk-free interest rate	1.66%	1.77%
Expected term	5 years 9 months 18 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract]
Expected term		5 years 7 months 6 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract]
Expected term		5 years 9 months 18 days

Stock-based Compensation - Schedule of Information Regarding Stock Option Activity (Detail) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Outstanding at beginning balance	2,519,500
Number of shares, Options granted	25,000		2,519,500
Number of shares, Options exercised	0	0	0	0
Number of shares, Options canceled or expired	0		0
Number of shares, Outstanding at ending balance	2,544,500		2,519,500
Number of shares, Vested or expected to vest	598,396		423,750	0
Number of shares, Exercisable	598,396
Weighted-Average Exercise Price, Outstanding at beginning balance	$ 2.00
Weighted-Average Exercise Price, Options granted	2.85		$ 2.00
Weighted-Average Exercise Price, Options exercised	0		0
Weighted-Average Exercise Price, Options canceled or expired	0		0
Weighted-Average Exercise Price, Outstanding ending balance	2.01		2.00
Weighted-Average Exercise Price, Vested or expected to vest	2.00		$ 2.00
Weighted-Average Exercise Price, Exercisable	$ 2.00
Weighted-Average Contractual Life, Options granted	5 years 9 months 18 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Contractual Life, Options granted			5 years 7 months 6 days
Weighted-Average Contractual Life, Outstanding	5 years 7 months 6 days		5 years 7 months 6 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Contractual Life, Options granted			5 years 9 months 18 days
Weighted-Average Contractual Life, Outstanding	5 years 9 months 18 days		5 years 9 months 18 days

Warrants - Additional Information (Detail) - USD ($)		1 Months Ended	12 Months Ended
Warrants - Additional Information (Detail) - USD ($)	Dec. 23, 2014	Dec. 31, 2014	Dec. 31, 2014
Equity [Abstract]
Number of common stock purchased		542,360	542,360
Exercise price of warrants	$ 2	$ 2.00	$ 2.00
Warrant exercisable period	5 years	5 years	5 years
Warrant expense recognized			$ 664,064

Warrants - Summary of Placement Warrants Valuation Using Black-Scholes Pricing Model (Detail) - Warrant [Member]	12 Months Ended
	Dec. 31, 2014
Class of Warrant or Right [Line Items]
Dividend yield	0.00%
Expected volatility	74.66%
Weighted average risk-free interest rate	1.61%
Expected term (years)	5 years

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($)	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accrued expenses
Accrued expenses bonus payments		$ 252,953	$ 137,660
Accrued expenses severance payments			319,031
Payroll related accruals		79,939	90,549
Accrued professional fees		403,451
Other accrued expenses		7,523	12,389
Total amount of accrued expenses	$ 413,395	743,866	559,629
Accrued expenses non-current
Reserve for litigation with TUM		327,937	373,059
Accrued expenses Restoration		6,051	6,883
Total amount of accrued expenses non-current	$ 296,452	333,988	379,942
Total amount of accrued expenses		$ 1,077,854	$ 939,571

Related Party Transaction - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Consulting Agreement [Member]
Related Party Transaction [Line Items]
Consulting agreement fees paid to Prof. Dr. Skerra	$ 5,623	$ 6,853	$ 26,593	$ 26,556
Patent No. 8,420,051 [Member]
Related Party Transaction [Line Items]
Expected patent expiration year	2029
TUM [Member]
Related Party Transaction [Line Items]
Patent expiration year	2027		2027
TUM [Member] \| License Agreement [Member]
Related Party Transaction [Line Items]
Contingent accrual liability for research and licensing agreement	$ 291,081	$ 373,357	$ 327,937	$ 373,059

Related-Party Transactions - Related Party Expenses (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Research	$ 1,524,631	$ 1,222,745	$ 5,600,421	$ 9,411,856
TUM [Member]
Related Party Transaction [Line Items]
Transfer of licenses and protective rights	14,057	17,131	66,461	66,390
Research				22,573
Total expenses	$ 14,057	$ 17,131	$ 66,461	$ 88,963

Commitments and Contingencies - Additional Information (Detail)			3 Months Ended			12 Months Ended
	Dec. 23, 2014 USD ($)	Dec. 23, 2014 EUR (€)	Mar. 31, 2015 USD ($)	Mar. 31, 2015 EUR (€)	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($) Sublease	Dec. 31, 2013 USD ($)	Mar. 31, 2015 EUR (€)	Dec. 31, 2014 EUR (€) Sublease
Loss Contingencies [Line Items]
Notification period						8 months
Rent expense						$ 268,621	$ 289,991
Number of sub lease agreements \| Sublease						6			6
Counterclaim amount filed	$ 3,060,827	€ 2,529,400
Claims and counterclaims amount			$ 4,235,350	€ 3,500,000
License Agreement [Member] \| IBA GmbH [Member]
Loss Contingencies [Line Items]
Annual license payment						$ 36,303
Agreement expiration date						2024
License Agreement [Member] \| TUM [Member]
Loss Contingencies [Line Items]
Annual license payment						$ 60,505
Agreement expiration date						2027
Out License Fee [Member]
Loss Contingencies [Line Items]
Out-License Fee amount			400,000			$ 300,000			€ 300,000
General and Administrative [Member]
Loss Contingencies [Line Items]
Rent expense						72,600	72,498
Research and Development [Member]
Loss Contingencies [Line Items]
Rent expense						217,799	217,493
TUM [Member]
Loss Contingencies [Line Items]
Annual license payment			14,057		$ 17,131	66,461	66,390
TUM [Member] \| Out License Fee [Member]
Loss Contingencies [Line Items]
Out-License Fee amount			3,400,000			3,000,000			€ 2,500,000
Reserved liability			327,937					€ 271,000
TUM [Member] \| License Agreement [Member]
Loss Contingencies [Line Items]
Amount of loss contingency liability			$ 291,081		$ 373,357	$ 327,937	$ 373,059

Commitments and Contingencies - Annual License Fee Commitments (Detail) - License Agreement [Member]	Dec. 31, 2014 USD ($)
2015	$ 96,808
2016	96,808
2017	96,808
2018	96,808
2019	96,808
Thereafter	665,555
Total minimum license payments	$ 1,149,595

Commitments and Contingencies - Contractual Commitment Under Operating Lease (Detail)	Dec. 31, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2015	$ 176,190

Subsequent Events - Additional Information (Detail)	Jan. 12, 2015 USD ($)	Jan. 12, 2015 EUR (€)	Dec. 23, 2014 USD ($)	Dec. 23, 2014 EUR (€)
Subsequent Event [Line Items]
Counterclaim amount filed			$ 3,060,827	€ 2,529,400
Subsequent Event
Subsequent Event [Line Items]
Counterclaim amount filed	$ 4,200,000	€ 3,500,000

Corporate Information - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 23, 2014	Dec. 31, 2014	Dec. 31, 2014
Organization And Description Of Business [Line Items]
Exercise price of warrants	$ 2	$ 2.00	$ 2.00
Warrant exercisable period	5 years	5 years	5 years
Private Placement [Member]
Organization And Description Of Business [Line Items]
Stock issued	6,779,510
Sales of common stock, price per share	$ 2.00
Proceeds from sale of stock	$ 13,560
Common Stock [Member]
Organization And Description Of Business [Line Items]
Aggregate shares issued upon acquisition	542,360
Common Stock [Member] \| Private Placement [Member]
Organization And Description Of Business [Line Items]
Stock issued			6,779,510

Consulting Shares - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 06, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Common stock, shares issued	29,429,522		29,279,522	11,828,974
Common stock par value of issued shares	$ 0.001		$ 0.001	$ 0.001
Consulting Agreement [Member]
Related Party Transaction [Line Items]
Common stock, shares issued		150,000
Common stock par value of issued shares		$ 0.01
Agreement termination notice period	180 days
Termination agreement percentage of shares returned	40.00%
Shares subject to forfeiture	60,000
Estimated fair value of non-cancellable shares, Shares	90,000
Estimated fair value of non-cancellable shares, Value	$ 284,400
Estimated fair value cancellable shares, Shares	60,000
Estimated fair value of cancellable shares, Value	$ 192,000
Estimated fair value of consulting shares	476,400
General and administrative expense recognized in consulting shares	$ 311,067
Percentage of consulting shares recognizable as general and administrative expense	60.00%
Percentage of consulting shares recognizable as general and administrative expense offsetting credit to equity	40.00%
Consulting Agreement [Member] \| Non Cancellable Shares [Member]
Related Party Transaction [Line Items]
Share price	$ 3.16
General and administrative expense recognized in consulting shares	$ 284,400
Consulting Agreement [Member] \| Cancellable Shares [Member]
Related Party Transaction [Line Items]
Share price	$ 3.20
General and administrative expense recognized in consulting shares	$ 26,667