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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2015	Mar. 20, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	PIRS
Entity Registrant Name	PIERIS PHARMACEUTICALS, INC.
Entity Central Index Key	0001583648
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		39,833,023
Entity Public Float			$ 62,342,231

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 29,349,124	$ 18,474,211
Prepaid expenses and other current assets	2,311,385	1,331,214
Total current assets	31,660,509	19,805,425
Property and equipment, net	2,162,771	2,052,221
Other non-current assets	126,781
Total assets	33,950,061	21,857,646
Current liabilities:
Trade accounts payable	1,058,536	1,260,015
Accrued expenses and other current liabilities	1,739,380	986,620
Bank loan, including accrued interest, current portion	0	1,270,605
Total current liabilities	2,797,916	3,517,240
Accrued expenses and other non-current liabilities	23,852	333,988
Total liabilities	2,821,768	3,851,228
Stockholders' equity:
Common stock, $0.001 par value per share, 300,000,000 shares authorized and 39,833,023 and 29,279,522 shares issued and outstanding at December 31, 2015 and 2014	39,833	29,280
Additional paid-in capital	112,226,723	84,627,283
Accumulated other comprehensive loss	(1,272,574)	(843,097)
Accumulated deficit	(79,865,689)	(65,807,048)
Total stockholders' equity	31,128,293	18,006,418
Total liabilities and stockholders' equity	$ 33,950,061	$ 21,857,646

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014	Dec. 05, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	39,833,023	29,279,522
Common stock, outstanding	39,833,023	29,279,522	13,863,647

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Revenue	$ 2,931,931	$ 5,365,054
Operating expenses
Research and development	8,244,751	5,600,421
General and administrative	8,368,215	6,962,891
Total operating expenses	16,612,966	12,563,312
Loss from operations	(13,681,035)	(7,198,258)
Interest expense, net	(184,645)	(2,654,727)
Other income/(expense), net	10,905	3,003
Loss before income taxes	(13,854,775)	(9,849,982)
Provision/(benefit) for income tax	203,866	(18)
Net Loss	$ (14,058,641)	$ (9,849,964)
Net loss per share Basic and diluted	$ (0.41)	$ (0.71)
Weighted average number of common shares outstanding Basic and diluted	34,392,636	13,872,390

Consolidated Statements of Comprehensive Loss - USD ($)	12 Months Ended
Consolidated Statements of Comprehensive Loss - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ 14,058,641	$ 9,849,964
Other comprehensive (loss)/income components:
Foreign currency translation	(429,477)	113,176
Total other comprehensive (loss)/income	(429,477)	113,176
Comprehensive loss	$ 14,488,118	$ 9,736,788

- 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	Common Stock [Member]	Additional Paid-in Capital [Member]	Receivable From Issuance of Shares [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2013	$ 585,007	$ 11,829	$ 57,608,336	$ (121,801)	$ (956,273)	$ (55,957,084)
Beginning Balance shares at Dec. 31, 2013		11,828,975
Net loss	(9,849,964)					(9,849,964)
Foreign currency translation adjustment	113,176				113,176
Beneficial conversion feature	2,236,583		2,236,583
Series C share 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 $100,820 in offering costs	7,342,076	$ 5,662	7,336,414
Issuance of series C cash shares net $100,820 in offering costs,shares		5,662,167
Issuance of Common Stock net $1,595,832 and $2,568,565 in offering costs for December 31, 2015 and 2014	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
Options exercised,shares	0
Ending Balance at Dec. 31, 2014	$ 18,006,418	$ 29,280	84,627,283		(843,097)	(65,807,048)
Ending Balance shares at Dec. 31, 2014		29,279,522
Net loss	(14,058,641)					(14,058,641)
Foreign currency translation adjustment	(429,477)				(429,477)
Issuance of Common Stock net $1,595,832 and $2,568,565 in offering costs for December 31, 2015 and 2014	25,763,960	$ 10,303	25,753,657
Issuance of Common stock, shares		10,302,736
Stock based compensation expense	1,164,633		1,164,633
Issuance of restricted shares	446,400	$ 150	446,250
Issuance of restricted shares,shares		150,000
Issuance of consulting shares	225,000	$ 95	224,905
Issuance of consulting shares,shares		95,765
Options exercised	$ 10,000	$ 5	9,995
Options exercised,shares	5,000	5,000
Ending Balance at Dec. 31, 2015	$ 31,128,293	$ 39,833	$ 112,226,723		$ (1,272,574)	$ (79,865,689)
Ending Balance shares at Dec. 31, 2015		39,833,023

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Offering cost	$ 2,568,565	$ 1,595,832
Common Stock [Member]
Offering cost	2,568,565	1,595,832
Additional Paid-in Capital [Member]
Offering cost	2,568,565	1,595,832
Receivable From Issuance of Shares [Member]
Offering cost	2,568,565	1,595,832
Accumulated Other Comprehensive Loss [Member]
Offering cost	2,568,565	1,595,832
Accumulated Deficit [Member]
Offering cost	$ 2,568,565	1,595,832
Series C Preferred Stock [Member]
Offering cost		100,820
Series C Preferred Stock [Member] \| Common Stock [Member]
Offering cost		100,820
Series C Preferred Stock [Member] \| Additional Paid-in Capital [Member]
Offering cost		100,820
Series C Preferred Stock [Member] \| Receivable From Issuance of Shares [Member]
Offering cost		100,820
Series C Preferred Stock [Member] \| Accumulated Other Comprehensive Loss [Member]
Offering cost		100,820
Series C Preferred Stock [Member] \| Accumulated Deficit [Member]
Offering cost		$ 100,820

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Operating activities:
Net loss	$ (14,058,641)	$ (9,849,964)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	307,906	366,979
Non-cash interest expense		2,589,025
Stock-based compensation	1,164,633	571,382
Non-cash restricted shares	446,400
Non-cash consulting shares	225,000
Warrants issued in Private Placement		664,064
Changes in operating assets and liabilities:
Restricted cash		70,026
Trade accounts receivable		465,385
Prepaid expenses and other assets	(1,256,151)	(921,587)
Trade accounts payable	(90,924)	1,115,987
Accrued expenses and other liabilities	556,297	(136,997)
Net cash used in operating activities	(12,705,480)	(5,065,700)
Investing activities:
Purchase of property and equipment	(620,747)	(267,406)
Net cash used in investing activities	(620,747)	(267,406)
Financing activities:
Proceeds from exercise of options	10,000
Issuance of Common Stock, net of issuance costs	25,763,960	11,963,188
Issuance of Preferred Stock-series C, net of issuance costs		7,342,076
Proceeds from convertible stockholder loan		1,210,100
Repayment of debt	(1,157,940)	(181,515)
Net cash provided by financing activities	24,616,020	20,333,849
Effect of exchange rate change on cash and cash equivalents	(414,880)	(215,914)
Net increase in cash and cash equivalents	10,874,913	14,784,829
Cash and cash equivalents at beginning of year	18,474,211	3,689,382
Cash and cash equivalents at end of year	29,349,124	18,474,211
Supplemental cash flow disclosures:
Cash paid for interest	206,269	71,757
Cash paid for income taxes	$ 203,866
Noncash investing and Financing Activities:
Conversion from debt to equity		$ 4,380,906

Corporate Information

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Corporate Information

1.	Corporate Information

Pieris Pharmaceuticals, Inc. was founded in May 2013 and is a holding company. On December 17, 2014 Pieris Pharmaceuticals GmbH (“Pieris GmbH”) (formerly 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 headquarter is located in Boston, MA and the research facility of Pieris GmbH is located in Freising-Weihenstephan, Germany. Pieris Australia Pty Ltd., a wholly owned subsidiary of Pieris GmbH, was formed on February 14, 2014 to conduct research and development in Australia.

Effective as of August 26, 2015 and with notification from the Amtsgericht München as of September 29, 2015 Pieris AG was transformed to Pieris GmbH as a result of a change in the legal entity, Pieris Pharmaceuticals, Inc. and its consolidated subsidiaries (collectively “Pieris” or the “Company”) is a clinical-stage biopharmaceutical company that discovers and develops Anticalin^® based drugs to target validated disease pathways in a unique and transformative way.

The Company’s pipeline includes, among other programs, an immuno-oncology multi-specific tailored for the tumor micro-environment, an inhaled Anticalin to treat uncontrolled asthma and a half-life-optimized Anticalin to treat anemia.

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, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Consolidation

The accompanying consolidated financial statements of Pieris Pharmaceuticals, Inc. and its wholly owned subsidiaries were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of all subsidiaries. All intercompany balances and transactions have been eliminated.

Reclassifications

For comparability purposes, certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period’s presentation within the consolidated balance sheets and consolidated statements of cash flows.

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, liabilities, revenues and expenses and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates are used for, but are not limited to, revenue recognition, deferred tax assets, liabilities and valuation allowances, fair value of stock options and various accruals. Management evaluates its estimates on an ongoing basis. Actual results and outcomes could differ materially from management’s estimates, judgments and assumptions.

Foreign Currency Translation

The financial statements of Pieris’ foreign subsidiaries are translated from local currency into reporting currency, which is U.S. dollars, using the current exchange rate at the balance sheet date for assets and liabilities, and the average exchange rate prevailing during the period for revenues and expenses. The functional currency for Pieris’ foreign subsidiaries is considered to be the local currency for each entity and, accordingly, translation adjustments for these subsidiaries are included in accumulated other comprehensive loss within stockholders’ equity.

Realized and unrealized gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are reflected as other income (expense), net in the consolidated 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 $17,302 in restricted cash as of December 31, 2015. There was no restricted cash as of December 31, 2014. Such bank balances in 2015 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 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 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.

Cash equivalents recorded by Pieris consist of highly liquid money market funds and are measured at fair value on a recurring basis. These funds are classified as Level 1 because they are valued using quoted prices for the periods ended December 31, 2015 and December 31, 2014. The carrying amounts of zero and $4.8 million as of December 31, 2015 and December 31, 2014, respectively, equal the fair value of the cash equivalents.

The Company’s debt instruments are classified as Level 2. 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. There are no remaining debt instruments as of December 31, 2015. The fair values for these debt instruments approximated carrying values as of December 31, 2014.

All of other current assets and current liabilities on our consolidated balance sheets approximate their respective carrying amounts.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that subject Pieris to concentrations of credit risk include cash and cash equivalents and trade accounts receivable. Pieris maintains cash and cash equivalents with various major financial institutions. Pieris maintains deposits and owns money market funds only in highly rated financial institutions to minimize the credit risk from the financial institutions. There were no money market funds held at December 31, 2015. Management periodically reviews the credit standing of these financial institutions and believes that Pieris 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.

As of December 31, 2015 and December 31, 2014, respectively, Pieris has no trade accounts receivable. See Note 4 Revenue, for additional information regarding Pieris’s collaboration agreements.

Pieris 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, Pieris may not be able to obtain regulatory approval for Pieris´s drug candidates and Pieris’s business could be substantially impacted. Furthermore, Pieris is exposed to the risks associated with third parties formulating and manufacturing its preclinical and clinical drug supplies and any approved product 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 Pieris 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, Pieris 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 Pieris. In the event that the TUM License Agreement is terminated by TUM, Pieris 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, 2015 and 2014 as there were no accounts receivables on the consolidated balance sheets. Historically, Pieris 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. Maintenance and repairs to these assets are charged to expenses as occurred. The estimated useful life of the different groups of property and equipment is as follows:


Asset Classification		Estimated useful life (in years)
Leasehold improvements		shorter of useful life or remaining life of the lease
Laboratory equipment		1 - 14
Office and computer equipment		1 - 15

Impairment of Long-lived Assets

Pieris 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. Pieris evaluates the realizability of its long-lived assets based on profitability and cash flow expectations for the related asset. Any write-downs are treated as permanent reductions in the carrying amount of the assets. Pieris believes that, as of each of the balance sheets presented, none of Pieris’ long-lived assets were impaired.

Revenue Recognition

Pieris 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 Pieris’s Anticalin technology and (ii) research activities to be performed on behalf of the collaborative partner. Payments to Pieris 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 Pieris. Pieris 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, Pieris identifies the deliverables included within the agreement and evaluates which deliverables represent separate units of accounting based on 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. Pieris 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 Pieris 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, Pieris 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 Pieris’s best estimate of selling price, Pieris 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.

Pieris 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, Pieris generally recognizes revenue attributable to the license on a straight-line basis over Pieris’s contractual or estimated performance period, which is typically the term of Pieris’s research and development obligations. When management believes the license to its intellectual property has stand-alone value, Pieris 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 Pieris 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, Pieris 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, Pieris 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 Pieris applies the multiple-element revenue recognition criteria to determine accounting treatment. All of Pieris’s agreements with options have been determined to include substantive options.

Payments or reimbursements resulting from Pieris’s research and development efforts in multi-element arrangements in which Pieris’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, Pieris 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 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 aggregates milestones into four categories (i) research milestones, (ii) development milestones, (iii) commercial milestones and (iv) sales milestones. Research milestones are typically achieved upon reaching certain success criteria as defined in each agreement related to developing an Anticalin^® protein against the specified target. Development milestones are typically reached when a compound reaches a defined phase of clinical research or passes such phase, or upon gaining regulatory approvals. Commercial milestones are typically achieved when an approved pharmaceutical product reaches the status for commercial sale 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. Sales milestones are typically achieved when an approved pharmaceutical product exceed net sales as defined in each agreement.

For revenues from research, development and sales 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 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 Pieris 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 Pieris’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.

From time to time the Company may receive tax credits in the form of cash in our Australian jurisdiction, irrespective of a tax liability. When a tax credit is due to us it is our policy to have that flow through operating expenses in the consolidated statements of operations, as this was where the original expense was recorded.

Stock-based Compensation

Pieris measures share-based payments in accordance with ASC Topic 718, Stock Compensation. Pieris records its stock-based compensation expense over the requisite service period. 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 uses the Black-Scholes option pricing model to determine the estimated fair value for stock-based awards. Option-pricing models require the input of various subjective assumptions, including the option’s expected life, expected dividend yield, price volatility, risk free interest rate and forfeitures of the underlying stock. Accordingly, the weighted-average fair value of the options granted during the years ended December 31, 2015 and 2014 was $1.87 and $1.30, respectively based on the following assumptions:


	Years Ended December 31,
	2015	2014
Risk free interest rate	1.47%-1.89%	1.77%
Expected term	5.0 – 6.1 years	5.6 – 5.8 years
Dividend yield	—	—
Expected volatility	72.65%-75.07%	74.66%

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.

Pieris recorded stock-based compensation expense of $1.2 million and $0.6 million for the years ended December 31, 2015 and 2014, respectively.

Total stock-based compensation expense was recorded in operating expenses based upon the functional responsibilities of the individuals holding the respective options as follows:


	Years Ended December 31,
	2015		2014
Research and development	$	379,066	$	7,623
General and administrative		785,567		563,759

Total stock-based compensation	$	1,164,633	$	571,382

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. Pieris 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 11 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. Pieris 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, Pieris determines whether potential losses are considered reasonably possible or probable and whether they are estimable. Based upon this assessment, Pieris 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. Pieris 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. The Company has determined that it´s CODM is its CEO.

Net Loss per Common Share

Basic net loss per share was determined by dividing net loss by the weighted average common shares outstanding during the period. Diluted net loss per share was determined by dividing net loss by diluted weighted average shares outstanding. Diluted weighted average shares reflect the dilutive effect, if any, of common stock options based on the treasury stock method.

For all financial statement periods presented the number of basic and diluted weighted average shares outstanding was the same because any increase in the number of shares of common stock equivalents for any period presented would be antidilutive based on the net loss for the period.

Shares to be issued upon the exercise of the outstanding options and warrants excluded from the loss per share calculation amounted to 2.6 million for the year ended December 31, 2015 because the awards were anti-dilutive. There were no shares to be issued upon the exercise of the outstanding options and warrants excluded from the loss per share calculation for the year ended December 31, 2014.

Accumulated Other Comprehensive Loss

Changes to accumulated other comprehensive income as of December 31, 2015 were as follows:


	Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income
Balance—December 31, 2013	$	(956,273	)	$	(956,273	)
Current period other comprehensive loss		113,176			113,176
Balance—December 31, 2014		(843,097	)		(843,097	)
Current period other comprehensive loss		(429,477	)		(429,477	)

Balance—December 31, 2015	$	(1,272,574	)	$	(1,272,574	)

Recent Accounting Pronouncements

Adopted Standards for current period

In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”(ASU 2015-17). The amendments in ASU 2015-17 eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company does not believe this ASU will have a material impact on its financial statements. The Company has decided to early adopt ASU 2015-17 as of December 31, 2015 and is reflected in our income tax footnote (refer to Note 6—Income taxes). As a result of the early adoption of ASU 2015-17 the deferred tax assets reported in 2014 were netted. The overall impact to this adoption was not material to the overall financial statements.

Standards not yet adopted

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” (ASU 2014-09) which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for the Company beginning January 1, 2018, and at that time the Company may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the potential impact the adoption of this standard will have on its financial statements and related disclosures.

In June 2015, the FASB issued ASU No. 2015-10, “Technical Corrections and Improvements” (ASU 2015-10). The amendments in ASU 2015-10 represent changes to clarify the FASB Accounting Standards Codification (the “Codification”), correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. In addition, some of the amendments are intended to make the Codification easier to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company does not believe this ASU will have an impact on its financial statements.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. Under the amendments in ASU 2016-02 lessees will be required to recognize (i) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term for all leases (with the exception of short-term leases) at the commencement date. This guidance is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact the adoption of this standard will have on its financial statements and related disclosures.

Pieris 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.

Acquisition

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Acquisition

3.	Acquisition

On December 17, 2014, Pieris, Pieris GmbH and the former shareholders of Pieris GmbH entered into an Acquisition Agreement (the “Acquisition Agreement”). Pursuant to the Acquisition Agreement, the former shareholders of Pieris GmbH contributed all of their equity interests in Pieris GmbH in exchange for 20,000,000 shares of the Company´s common stock, which resulted in Pieris GmbH becoming a wholly owned subsidiary of the Company (the “Acquisition”).

On December 5, 2014, Pieris 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 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 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 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 GmbH is the acquirer for financial reporting purposes and Pieris 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 GmbH and are recorded at the historical cost basis of Pieris GmbH, 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.

- 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Revenue

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue

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.


	Years ended December 31,
	2015		2014
License fees	$	—	$	473,039
Research and development services		5,593		876,619
Milestone payments		2,538,698		3,184,988
Government grants		369,200		830,408
Other Revenues		18,440		—

Total Revenue	$	2,931,931	$	5,365,054

Revenue from two collaboration partners and from one government grant exceeded 10% of total revenue, amounting to $2.0 million, $0.5 million and $0.4 million, respectively, in the year ended December 31, 2015. Revenue from two collaboration partners and from one government grant exceeded 10% of total revenue, amounting to $3.0 million, $1.4 million and $0.7 million, respectively, in the year ended December 31, 2014.

Collaborations and Other Agreements

Daiichi Sankyo Co., Ltd.

In May 2011, Pieris granted an exclusive, worldwide license for the research, development and commercialization of drug candidates identified by the Company for targets selected by Daiichi Sankyo Co., Ltd. (“Daiichi Sankyo”) pursuant to an agreement with Daiichi Sankyo. Under this agreement Pieris will use its proprietary Anticalin^® scaffold technology to identify drug candidates against certain selected targets, with further development and commercialization performed by Daiichi Sankyo.

Daiichi Sankyo has agreed to pay various upfront payments for certain research programs, payments for services provided by Pieris in conjunction with the research programs and certain milestone payments as development milestones are achieved. During the years ended December 31, 2015 and 2014, Pieris recorded revenue of $2.0 million and $3.0 million, respectively. The revenues recorded during the year ended December 31, 2015 were associated with achieving certain milestones within a research program. The revenues recorded during the year ended December 31, 2014 were associated with recognizing the final component of the upfront payment. Pieris provided various services in connection with the ongoing research programs as well as achieved development milestones during the years ended December 31, 2014.

The milestone payments in 2015 and 2014 are based on successful in vitro and in vivo studies and for the initiation on a toxicity study in non-human primates. 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, 2015 and 2014 in which they were received.

Pieris is entitled to receive potential milestone payments of $89.1 million, plus royalties on the commercial sales of any commercial products. The total milestones are categorized as follows: research milestones—$2.6 million; development milestones—$36.5 million; commercial milestones—$49.1 million; additional diagnostic milestones of $0.9 million.

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.

Sanofi has agreed to pay various upfront payments for certain research programs, payments for services provided by Pieris in conjunction with the research programs and certain milestone payments as development milestones are achieved. During the years ended December 31, 2015 and 2014, Pieris recorded revenue of $0.5 million and $1.4 million, respectively. The revenues recorded during the year ended December 31, 2015 were associated with achieving a development milestone within a research program during the period. The revenues recorded during the year ended December 31, 2014 were associated with recognizing the final component of the upfront payment as well as Pieris providing various services in connection with the ongoing research programs including achieving development milestones during the period.

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. The milestone payment in 2015 result from Sanofi´s decision to continue advancing the tetraspecific Anticalin-based program for infectious disease. 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, 2015 and 2014 in which they were received.

The Company is entitled to receive milestone payments up to $50.4 million, plus royalties on the sales of any commercial products. The total milestones are categorized as follows: research milestones—$1.9 million; development milestones—$28.9 million; commercial milestones—$19.6 million.

F.Hoffmann-La Roche Ltd and Hoffmann- La Roche Inc.

On December 8, 2015 the Company entered into a Research Collaboration and License Agreement with F.Hoffmann- La Roche Ltd. and Hoffmann- La Roche Inc., collectively Roche, in cancer immune therapy for the research, development and commercialization of Anticalin-based drug candidates against a predefined, undisclosed target.

The parties will jointly pursue a preclinical research program with respect to the identification and generation of Anticalins that bind to a specific target for an expected period of 20 months, which may be extended under certain circumstances. Roche has the ability to continue exclusivity rights for up to an additional 5 years. During the research term of the agreement, Roche will fund the work to be performed by us pursuant to the research plan. Following the research program, Roche will be responsible for subsequent pre-clinical and clinical development of any product and will have worldwide commercialization rights.

Unless earlier terminated, the term of the agreement continues until no royalty or other payment obligations are or will become due under the agreement. The agreement may be terminated (i) by either party based on insolvency or breach by the other party and such insolvency proceeding is not dismissed or such breach is not cured within 90 days; or (ii) after 15 months from the effective date of the agreement, by Roche as a whole or on a product-by-product and/or country-by-country basis upon 90 days prior written notice before the first commercial sale of a product or upon 180 days prior written notice after the first commercial sale of a product. Roche may also, in its sole discretion, terminate the agreement upon a change of control of Pieris involving a company that develops or commercializes biopharmaceutical products.

Under the terms of the agreement Roche has agreed to pay an upfront payment of $6.5 million, which was received in January 2016, for the research program which will be recognized over the expected performance period, beginning on January 1, 2016. Roche also committed research funding, and the Company may receive development and regulatory-based milestone payments, sales-based milestone payments as well as mid-single-digit to low double-digit royalties on any future product sales. If all milestones and other conditions are met, the total consideration to us could surpass CHF 415 million ($415.7 million), excluding royalties.

Other Collaborations

The Company has entered into several other research and collaboration agreements for which the Company could achieve future milestone payments up to $14.0 million. 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. No milestones or other revenues related to these agreements were recognized during the years ended December 31, 2015 and 2014, respectively.

Government Grants

BioCluster m4

In 2011 Pieris 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 to 40% of the actual costs incurred, with an aggregate cap of $1.4 million 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 recorded $8,654 and $0.1 million for the years ended December 31, 2015 and 2014, 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 $7.3 million 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, Pieris 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 was completed in November 2015 and is currently included in prepaid and other current assets on the consolidated balance sheet as the Company is awaiting final payment. Pieris, 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. Pieris pays the other members of the consortium based on the eligible costs. The Company owes the other member of the consortium an amount of $0.4 million and $0.3 million as of December 31, 2015 and 2014, respectively. Under this program the Company recognized $0.4 million and $0.7 million as revenue from grant during the years ended December 31, 2015 and 2014, respectively.

The following balance sheet items relate to the FP7 agreement:


	Years Ended December 31,
	2015		2014
Other current assets (receivables from FP7 grant)	$	980,936	$	857,489
Cash (restricted cash)	$	17,302	$	—
Accounts payable trade	$	424,441	$	325,864

Property and Equipment, net

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment, net

5.	Property and Equipment, net

Property and equipment are summarized as follows:


	Years Ended December 31,
	2015			2014
Laboratory equipment	$	3,701,517		$	3,840,368
Office and computer equipment		443,562			343,835
Leasehold improvements		304,363			50,791

Property and equipment at cost		4,449,442			4,234,994
Accumulated depreciation		(2,286,671	)		(2,182,773	)

Property and equipment, net	$	2,162,771		$	2,052,221

Depreciation expense was $0.3 million and $0.4 million for the years ended December 31, 2015 and 2014, respectively. There were no other changes in accumulated depreciation other than foreign currency impact.

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

6.	Income Taxes

(Loss) before income taxes consists of the following:


	Years Ended December 31,
	2015			2014
Domestic	$	(7,563,300	)	$	(1,235,446	)
Foreign		(6,291,475	)		(8,614,536	)

Loss before income taxes	$	(13,854,775	)	$	(9,849,982	)

The components of the provision (benefit) for income taxes are as follows:


	Years Ended December 31,
	2015		2014
Current:
Federal	$	—	$	—
State		—		—
Foreign		203,866		(18	)

Total current		203,866		(18	)
Deferred:
Federal		—		—
State		—		—
Foreign		—		—

Total deferred		—		—

Provision (benefit) for income taxes	$	203,866	$	(18	)

The reconciliation of the federal statutory rate to Pieris’s effective tax rate is as follows:


	2015			2014
Federal income tax rate		34.0	%		34.0	%
Foreign rate differential		(2.1	)%		(4.3	)%
State tax, net of federal benefit		3.1			—
Permanent Items: Non-deductible expenses		(1.7	)		(4.5	)
Deferred adjustments		2.9			—
Loss of German NOL’s		(66.0	)		(74.2	)
Withholding tax		(1.5	)		—
Other		—			0.1

Change in valuation allowance		29.8			48.9

Effective income tax rate		(1.5	)%		0.0	%

The Company follows the provisions of FASB ASC 740, “Accounting for Uncertainty in Income Taxes—An Interpretation of FASB No. 109.” FASB ASC 740 provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements in accordance with ASC 740-20. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized upon the adoption of FASB ASC 740 and in subsequent periods. Pieris recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. No uncertain tax positions nor any interest and penalties related to uncertain tax positions were accrued at December 31, 2015 and December 31, 2014.

The Company operates in multiple countries. Accordingly, separate tax filings are required based on jurisdiction. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. Management believes it is more likely than not that the results of future operations will not generate sufficient taxable income in the U.S. or in its foreign jurisdictions to realize the full benefits of its U.S. deferred tax assets. As of December 31, 2015, we continue to maintain a full valuation allowance against all net deferred tax assets.

As of December 31, 2015, the Company has U.S. federal and state tax net operating loss carryforwards of approximately $6.0 million, which expire through 2035. Utilization of the tax net operating loss carryforwards may be limited in any year due to limitations in the Internal Revenue Code. As of December 31, 2015, the Company had Australia tax net operating loss carryforwards of approximately $0.3 million, which will not expire.

As of December 31, 2015, the Company had German corporate income tax and trade tax net operating loss carryforwards of approximately $5.9 million and $5.7 million respectively. Based on German tax law, the losses can be carried forward indefinitely. 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 ownership change Pieris GmbH experienced from the Acquisition and Private Placement in December 2014, the Company believes that it is more likely than not that future use of the net operating loss carryforwards that existed prior to the Acquisition may be limited significantly or forfeited entirely and as such the Company has written them off accordingly during the 2014 and 2015 period. The Company files federal income tax returns as well as returns in multiple foreign jurisdictions. Tax years ended December 31, 2013 or later remain subject to examination by the German tax authorities. Tax years ended December 31, 2014 and later remain subject to examination by the U.S. tax authorities.

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:


	Years Ended December 31,
	2015			2014
Deferred tax assets:
Share based awards compensation	$	692,906		$	—
Accrued expenses		4,201			—
Book accumulated depreciation net of tax		12,276			—
Net operating loss carryforwards		4,147,012			9,951,666
Bank loan		—			12,653
Accrued compensation		129,624			—
Other		10,149			1,129

Total deferred tax assets		4,996,168			9,965,448
Less: valuation allowance:		(4,996,168	)		(9,916,553	)

Net deferred tax asset	$	—		$	48,895
Deferred tax liabilities:
Accrued expenses	$	—		$	(8,811	)
Prepaid expenses		—			(9,438	)
Depreciation		—			(30,646	)

Total deferred tax liabilities		—			(48,895	)

Net deferred taxes	$	—		$	—

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 led 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

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Debt

Debt

Convertible Stockholder Loans

In November 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, 2015 and 2014, respectively, due to the conversion to equity as discussed below. 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, 2015 and 2014, respectively 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, $2.2 million were recognized for a beneficial conversion feature related to the Bridge Loans and was recorded as interest expense in the consolidated statement of operations.

In accordance with the Bridge Loans, the Company recognized interest expense of $326,429 for the year ended December 31, 2014. As the investors in the Bridge Loan exercised their option to convert all of the outstanding principal and interest amounts under the Bridge Loan into shares during the fourth quarter of 2014, no interest expense was recognized for the year ended December 31, 2015. No principal or interest payments were made for the Bridge Loans in 2015.

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,
	2015		2014
Orbimed Private Investments III, LP	$	—	$	63,955
The Global Life Science Ventures Funds		—		57,709
Gilde Europe Food & Agribusiness Fund B.V.		—		54,158
Coöperative AAC LS U.A. (Forbion B.V.)		—		28,288

Total of related-party interest expense relating to the Convertible Bridge Loan	$	—	$	204,110

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. As of April 3, 2014, the Company and 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 ($1.34 million). The principal amount bore interest at a rate of 10.53%. 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 and as stated on the 2014 consolidated balance sheet, 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. The outstanding principal amount for the first and the second tranches net of capital gain tax withheld, was repaid in full in March 2015 and such next payment was €931,312 ($1,027,051). The capital gain tax withheld in the amount of €118,688 ($130,889) was paid on April 9, 2015 and no further amounts are payable in respect of TBG loan.

Stockholders' Equity

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014 there were 39,833,023 and 29,279,522 shares of common stock issued and outstanding, respectively. As a result of the Acquisition, the equity structure of Pieris GmbH 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.

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 2015 and 2014. 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 $7.4 million. Additionally, outstanding principal and interest related to the Bridge Loans of $4.4 million was converted into 5,008,870 shares of common stock.

Acquisition

Immediately following the closing of the Acquisition in December 2014, 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, 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 contained certain anti-dilution provisions. Those anti-dilution provisions provided that if the Company issued and sold 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 would 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. The 180-day period has passed as of December 31, 2015 and no anti-dilution provisions were triggered.

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 11Warrants.

Public Offering

On July 6, 2015 the Company closed a public offering of an aggregate of 9,090,909 shares of the Company´s common stock at a purchase price of $2.75 per share. All shares of common stock were offered by the Company. On July 24, 2015 the underwriters exercised their over-allotment option to purchase 1,211,827 additional shares of the Company’s common stock at the public offering price of $2.75, the sale of which closed on July 28, 2015.

Gross proceeds raised by the Company in the offering, including the exercise of the over-allotment option, were $28.3 million and net of equity issuance costs are $25.8 million. The Company intends to use the net proceeds from the offering to fund research and development, including preclinical and clinical research and development of its drug candidates, working capital and general corporate purposes.

As result of the Acquisition, the Private Placement, the Public Offering and the Consulting Shares (for more information on the Consulting Shares refer to Note 10 Consulting Shares) the Company has 39,833,023 shares of common stock issued and outstanding at December 31, 2015.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2015

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

Stock-Based Compensation

9.	Stock-Based Compensation

In December 2014, the Company adopted the 2014 Employee, Director and Consultant Equity Incentive Plan, (the “Plan”) which provides for the grant of stock options to certain designated employees of the Company, non-employee directors of the Company and certain other persons performing significant services for the Company as designated by the Compensation Committee of the Board of Directors. At December 31, 2015, the number of common shares reserved for issuance under the 2014 plan was 3,200,000. In addition the Plan provides for an “evergreen” provision whereby the number of shares of the Company´s common stock reserved for issuance under the 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. Vesting periods are determined by our Board of Directors; options primarily vest over a three or four year period. As of December 31, 2015, there were 487,671 shares available for future grant under the Plan.

The Company’s stock options have a maximum term of ten years from the date of grant. Stock options granted under the Plan may be either incentive stock options (“ISOs”), or nonqualified stock options. The exercise price of stock options granted under the Plan must be at least equal to the fair market value of the common stock on the date of grant. The Company’s general policy is to issue common shares upon the exercise of stock options.

Cash received from option exercises was $10,000 during the year ending December 31, 2015. There were no option exercises in the year ended December 31, 2014.

Pieris granted 755,329 and 2,519,500 stock options during the years ended December 31, 2015 and 2014, respectively. Of these stock options granted in the 2015 period, an option for 450,000 shares was granted to a newly-hired executive officer subject to certain restrictions on exercise that require the Company´s shareholders to approve an increase in the number of shares authorized under the Plan; if such shareholder approval is not obtained by September 30, 2016, the option will be cancelled and of no further force and affect. This option, therefore, does not have impact on the remaining shares available for future grants currently authorized under the Plan and no compensation expense was recorded in 2015.

The Company granted an option to purchase 500,000 shares outside of the Plan to a newly-hired executive officer that was an inducement option, material to the executive officer entering into employment with the Company during the 2015 period. The compensation expense with this inducement option was $0.1 million and is included in research and development expense for the year ended December 31, 2015.

A summary of the status of the Company’s stock option plans as of December 31, 2015 and changes during the year then ended is as follows:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2014		2,519,500		$	2.00		9.96 years	$	—
Granted		305,329			2.47
Exercised		(5,000	)		2.00				1
Forfeited		(112,500	)		2.00

Outstanding, December 31, 2015		2,707,329		$	2.05		9.17 years	$	741

Vested or expected to vest		2,707,329		$	2.05		9.17 years	$	741

Exercisable, December 31, 2015		1,209,601		$	2.06		9.17 years	$	328

Excluded from the table above is the option to purchase 500,000 shares outside of the Plan granted to a newly-hired executive officer. The weighted-average exercise price of these options amounts to $3.36 with a remaining contractual life of 9.63 years.

Consulting Shares

12 Months Ended

Dec. 31, 2015

Text Block [Abstract]

Consulting Shares

10.

Consulting Shares

Del Mar Consulting Group & Alex Partners

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 restricted 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 Pieris 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 the Company’s intention to terminate or immediately upon notice in the event of a breach of this agreement by either consultant. If the Company had elected to terminate this agreement for any reason within one hundred eighty days (180) following the effective date each Consultant would have been required to promptly surrender to the Company forty percent (40%) of the number of Consulting Shares issued to it.

The Company uses the Black-Scholes model and estimated the fair value of the 90,000 non-cancellable Consulting Shares to be $0.3 million 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 remaining 60,000 shares were then marked to market based on the Black-Scholes model at each reporting period with the expense being recorded in the consolidated statement of operations as general and administrative expenses.

On September 2, 2015, the remainder of the Consulting Shares vested and the remaining expense was recorded based on the fair value of the shares on that date. The Company recorded expense in an amount of $0.4 million for the non-cancellable and cancellable Consulting Shares for the year ended December 31, 2015.

Aquilo Partners

On September 4, 2015 the Company entered into a Letter Agreement (the “Letter Agreement”) with Aquilo Partners, L.P. (“Aquilo Partners”). Aquilo Partners has been engaged by the Company as an advisor.

Upon execution of the Letter Agreement, the Company has recorded a retainer fee of $0.1 million. In addition to the cash retainer fee, the Company issued 27,272 shares of the Company’s common stock equal in value to $0.1 million based on the closing price of $2.75 per share of the Company’s common stock on September 4, 2015, the date of the Letter Agreement. The compensation for Aquilo Partners has been recorded in the consolidated statements of operations as general and administrative expenses for the year ended December 31, 2015.

Trout Capital LLC

On November 20, 2015 the Company entered into an Agreement with Trout Capital LLC for advisory services. Upon execution of this agreement, Trout Capital was entitled to receive a one-time transaction fee. The Company issued 68,493 shares of the Company’s common stock equal in value to $0.2 million based on the closing price of $2.19 per share of the Company’s common stock on November 20, 2015, the date of the agreement. The compensation for Trout Capital LLC has been recorded in the consolidated statements of operations as general and administrative expenses for the year ended December 31, 2015.

Warrants

12 Months Ended

Dec. 31, 2015

Accounting Changes and Error Corrections [Abstract]

Warrants

11.

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.

The Company estimated the fair value of the Placement Warrants as of the grant date to be $0.7 million and recognized the full amount in general and administrative expense for the year ended December 31, 2014. There was no expense associated with the Placement Warrants for the year ended December 31, 2015.

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 and Other Liabilities

12 Months Ended

Dec. 31, 2015

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

12.

Accrued Expenses and Other Liabilities

Accrued expenses consist of the following:


	Years Ended December 31,
	2015		2014
Accrued expenses and other current liabilities
Accrued payroll and benefits	$	704,597	$	416,896
Accrued audit and tax fees		179,223		—
Accrued professional fees		194,790		404,461
Accrued R&D fees		466,076		—
Accrued other		194,694		165,263

Total amount of accrued expenses and other current liabilities		1,739,380		986,620

Accrued expenses and other non-current liabilities
Reserve for litigation TUM		—		327,937
Accrued other, non-current		23,852		6,051

Total amount of accrued expenses and other non-current liabilities		23,852		333,988

Total amount of accrued expenses and other liabilities	$	1,763,232	$	1,320,608

Related-Party Transactions

12 Months Ended

Dec. 31, 2015

Related-Party Transactions

13.

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 was 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 expenses related to TUM in connection with the transfer of licenses and protective rights of $41,791 during the nine month period ended September 30, 2015. Effective as of the fourth quarter of 2015, Pieris no longer deems TUM a related party due to Prof. Dr. Skerra no longer having a supervisory board position in Pieris GmbH or other direct relationship with the Company after the Acquisition. The Company has incurred expenses related to TUM as a related party of $0.1 million for the year ended December 31, 2014.

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. As Pieris AG was transformed to Pieris GmbH the change in legal entity removed the requirement of having a supervisory board; accordingly Prof. Dr. Skerra no longer holds a seat on the supervisory board. The government grant agreement with FP7 is further discussed in Note 4—Revenue.

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 GmbH, and since August 1, 2013, has served as a consultant to Pieris GmbH. During 2001 and through October 10, 2014, Prof. Dr. Skerra was the deputy chairman of Pieris GmbH supervisory board. In connection with the consummation of the Acquisition, the Company waived all deferred payment claims against the aforementioned stockholders.

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 $16,717 during the nine months ended September 30, 2015. As of the fourth quarter of 2015 Pieris no longer deems Prof. Dr. Skerra a related party due to Prof. Dr. Skerra no longer having a supervisory board position in Pieris GmbH or other direct relationship with the Company after the Acquisition. The Company incurred and paid to Prof. Dr. Skerra consulting fees of $26,593 for the year ended December 31, 2014.

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.

- 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

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14.

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 $32,718 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 13 Related-Party Transactions). Under this agreement, the Company is obliged to pay a minimum annual license fee of $0.1 million to TUM. The agreement expires in 2027.

The table below shows the minimum annual license fee commitments under the two agreements as of December 31, 2015:


	License payments
2016	$	87,248
2017		87,248
2018		87,248
2019		87,248
2020		87,248
Thereafter		512,582

Total minimum license payments	$	948,822

Leases

The Company leases office and laboratory space in Freising, Germany. The lease has a defined termination date which is the end of a notification period of eight months at the end of each quarter. On August 27, 2015 the Company entered into an Agreement of Sublease (the “Sublease Agreement”) with Berenberg Capital Markets LLC (the “Sublandlord”). Under the Sublease Agreement, the Sublandlord will sublease to the Company approximately 3,950 square feet in Boston, MA. The term of the lease shall expire on February 27, 2022. The Sublease Agreement provides for free rent for the first two months in addition to scheduled rent increases that are not dependent on future events.

The Company records rent expense on a straight-line basis over the lease term period. For the year ended December 31, 2015, the Company has recognized rent expense in an amount of $18,399 under the Sublease Agreement. Rent expense under the Company’s operating lease for its Freising, Germany based facility was $0.4 million and $0.3 million for the years ended December 31, 2015 and 2014, respectively.

The Company’s contractual commitments of the non-cancellable portion under theses operating leases as of December 31, 2015 are as follows:


	Total
2016	$	318,186
2017		188,009
2018		191,959
2019		195,909
2020		199,859
Thereafter		238,371

Total minimum lease payments	$	1,332,293

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, 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 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 (the “DIS”).

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 undisclosed annual license fees, milestones and royalties for its own proprietary drug development and sales, as well as an undisclosed 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 $0.3 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. The Company believes 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 the Company in its final decision regarding the proper amount of the Out-License Fee, but the Company can provide no assurance regarding the timing, nature or consequences of such decision. The Company commenced the TUM Arbitration to request that the arbitration tribunal 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. 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 €2.5 million ($2.8 million) to suspend the statute of limitations on its claim. The Company has reserved a liability on its balance sheet in respect of such payment in the amount of €0.3 million ($0.3 million). An adverse ruling in the TUM Arbitration could have a material adverse effect on the Company’s results of operations and financial condition.

On November 19, 2015, the Company received notification from the DIS of the arbitration tribunal’s award. In its award, as corrected on January 25, 2016, the tribunal dismissed the Company’s request for declaratory judgment and granted TUM’s counterclaim in an amount of €0.9 million ($0.9 million) of which, $0.6 million is recorded as research and development expense in the consolidated statement of operations for the 2015 period due to a previous liability of $0.3 million recorded for the arbitration settlement as of December 31, 2014. Interest expense of $0.2 million was also included in the settlement and is recorded in the consolidated statement of operations as interest expense, net. The tribunal dismissed the remainder of TUM’s counterclaim.

The Tribunal also ruled that TUM must reimburse the Company in the amount of €0.1 million ($0.1 million) for legal fees incurred and dismissed TUM’s claim for reimbursement of its costs. The Company has decided not to challenge the award and paid the amount as calculated by the arbitration panel. The deadline for filing a motion to set aside the award expired on February 15, 2016.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Basis of Consolidation

Basis of Consolidation

Reclassifications

Reclassifications

Use of Estimates

Use of Estimates

Foreign Currency Translation

Foreign Currency Translation

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.

All of other current assets and current liabilities on our consolidated balance sheets approximate their respective carrying amounts.

Concentration of Credit Risk and Other Risks and Uncertainties

Concentration of Credit Risk and Other Risks and Uncertainties

As of December 31, 2015 and December 31, 2014, respectively, Pieris has no trade accounts receivable. See Note 4 Revenue, for additional information regarding Pieris’s collaboration agreements.

Trade Accounts Receivable

Trade Accounts Receivable

Property and Equipment

Property and Equipment


Asset Classification		Estimated useful life (in years)
Leasehold improvements		shorter of useful life or remaining life of the lease
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

Milestone Payments and Royalties

Government Grants

Research and Development

Research and Development

Income Taxes

Income Taxes

Stock-based Compensation

Stock-based Compensation


	Years Ended December 31,
	2015	2014
Risk free interest rate	1.47%-1.89%	1.77%
Expected term	5.0 – 6.1 years	5.6 – 5.8 years
Dividend yield	—	—
Expected volatility	72.65%-75.07%	74.66%

Pieris recorded stock-based compensation expense of $1.2 million and $0.6 million for the years ended December 31, 2015 and 2014, respectively.

Total stock-based compensation expense was recorded in operating expenses based upon the functional responsibilities of the individuals holding the respective options as follows:


	Years Ended December 31,
	2015		2014
Research and development	$	379,066	$	7,623
General and administrative		785,567		563,759

Total stock-based compensation	$	1,164,633	$	571,382

Warrants to Purchase Common Stock

Warrants to Purchase Common Stock

Contingencies

Contingencies

Segment Reporting

Segment Reporting

Net Loss per Common Share

Net Loss per Common Share

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Changes to accumulated other comprehensive income as of December 31, 2015 were as follows:


	Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income
Balance—December 31, 2013	$	(956,273	)	$	(956,273	)
Current period other comprehensive loss		113,176			113,176
Balance—December 31, 2014		(843,097	)		(843,097	)
Current period other comprehensive loss		(429,477	)		(429,477	)

Balance—December 31, 2015	$	(1,272,574	)	$	(1,272,574	)

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Adopted Standards for current period

Standards not yet adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

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		shorter of useful life or remaining life of the lease
Laboratory equipment		1 - 14
Office and computer equipment		1 - 15

Schedule of Fair Value Assumptions

Accordingly, the weighted-average fair value of the options granted during the years ended December 31, 2015 and 2014 was $2.02 and $1.30, respectively based on the following assumptions:


	Years Ended December 31,
	2015	2014
Risk free interest rate	1.47%-1.89%	1.77%
Expected term	5.0 – 6.1 years	5.6 – 5.8 years
Dividend yield	—	—
Expected volatility	72.65%-75.07%	74.66%

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense was recorded in operating expenses based upon the functional responsibilities of the individuals holding the respective options as follows:


	Years Ended December 31,
	2015		2014
Research and development	$	379,066	$	7,623
General and administrative		785,567		563,759

Total stock-based compensation	$	1,164,633	$	571,382

Schedule of Changes to Accumulated Other Comprehensive Income

Changes to accumulated other comprehensive income as of December 31, 2015 were as follows:


	Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income
Balance—December 31, 2013	$	(956,273	)	$	(956,273	)
Current period other comprehensive loss		113,176			113,176
Balance—December 31, 2014		(843,097	)		(843,097	)
Current period other comprehensive loss		(429,477	)		(429,477	)

Balance—December 31, 2015	$	(1,272,574	)	$	(1,272,574	)

Revenue (Tables)

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue from Product Sales


	Years ended December 31,
	2015		2014
License fees	$	—	$	473,039
Research and development services		5,593		876,619
Milestone payments		2,538,698		3,184,988
Government grants		369,200		830,408
Other Revenues		18,440		—

Total Revenue	$	2,931,931	$	5,365,054

Balance Sheet Items Related to FP7 Agreement

The following balance sheet items relate to the FP7 agreement:


	Years Ended December 31,
	2015		2014
Other current assets (receivables from FP7 grant)	$	980,936	$	857,489
Cash (restricted cash)	$	17,302	$	—
Accounts payable trade	$	424,441	$	325,864

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property Plant and Equipment

Property and equipment are summarized as follows:


	Years Ended December 31,
	2015			2014
Laboratory equipment	$	3,701,517		$	3,840,368
Office and computer equipment		443,562			343,835
Leasehold improvements		304,363			50,791

Property and equipment at cost		4,449,442			4,234,994
Accumulated depreciation		(2,286,671	)		(2,182,773	)

Property and equipment, net	$	2,162,771		$	2,052,221

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes

(Loss) before income taxes consists of the following:


	Years Ended December 31,
	2015			2014
Domestic	$	(7,563,300	)	$	(1,235,446	)
Foreign		(6,291,475	)		(8,614,536	)

Loss before income taxes	$	(13,854,775	)	$	(9,849,982	)

Schedule of Components of Provision (Benefit) for Income Taxes

The components of the provision (benefit) for income taxes are as follows:


	Years Ended December 31,
	2015		2014
Current:
Federal	$	—	$	—
State		—		—
Foreign		203,866		(18	)

Total current		203,866		(18	)
Deferred:
Federal		—		—
State		—		—
Foreign		—		—

Total deferred		—		—

Provision (benefit) for income taxes	$	203,866	$	(18	)

Summary of Reconciliation of U.S. Statutory Rate to Company's Effective Tax Rate

The reconciliation of the federal statutory rate to Pieris’s effective tax rate is as follows:


	2015			2014
Federal income tax rate		34.0	%		34.0	%
Foreign rate differential		(2.1	)%		(4.3	)%
State tax, net of federal benefit		3.1			—
Permanent Items: Non-deductible expenses		(1.7	)		(4.5	)
Deferred adjustments		2.9			—
Loss of German NOL’s		(66.0	)		(74.2	)
Withholding tax		(1.5	)		—
Other		—			0.1

Change in valuation allowance		29.8			48.9

Effective income tax rate		(1.5	)%		0.0	%

Components of Deferred Tax Assets and Liabilities


	Years Ended December 31,
	2015			2014
Deferred tax assets:
Share based awards compensation	$	692,906		$	—
Accrued expenses		4,201			—
Book accumulated depreciation net of tax		12,276			—
Net operating loss carryforwards		4,147,012			9,951,666
Bank loan		—			12,653
Accrued compensation		129,624			—
Other		10,149			1,129

Total deferred tax assets		4,996,168			9,965,448
Less: valuation allowance:		(4,996,168	)		(9,916,553	)

Net deferred tax asset	$	—		$	48,895
Deferred tax liabilities:
Accrued expenses	$	—		$	(8,811	)
Prepaid expenses		—			(9,438	)
Depreciation		—			(30,646	)

Total deferred tax liabilities		—			(48,895	)

Net deferred taxes	$	—		$	—

Debt (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2015		2014
Orbimed Private Investments III, LP	$	—	$	63,955
The Global Life Science Ventures Funds		—		57,709
Gilde Europe Food & Agribusiness Fund B.V.		—		54,158
Coöperative AAC LS U.A. (Forbion B.V.)		—		28,288

Total of related-party interest expense relating to the Convertible Bridge Loan	$	—	$	204,110

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

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

Schedule of Information Regarding Stock Option Plans

A summary of the status of the Company’s stock option plans as of December 31, 2015 and changes during the year then ended is as follows:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2014		2,519,500		$	2.00		9.96 years	$	—
Granted		305,329			2.47
Exercised		(5,000	)		2.00				1
Forfeited		(112,500	)		2.00

Outstanding, December 31, 2015		2,707,329		$	2.05		9.17 years	$	741

Vested or expected to vest		2,707,329		$	2.05		9.17 years	$	741

Exercisable, December 31, 2015		1,209,601		$	2.06		9.17 years	$	328

Warrants (Tables)

12 Months Ended

Dec. 31, 2015

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 and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consist of the following:


	Years Ended December 31,
	2015		2014
Accrued expenses and other current liabilities
Accrued payroll and benefits	$	704,597	$	416,896
Accrued audit and tax fees		179,223		—
Accrued professional fees		194,790		404,461
Accrued R&D fees		466,076		—
Accrued other		194,694		165,263

Total amount of accrued expenses and other current liabilities		1,739,380		986,620

Accrued expenses and other non-current liabilities
Reserve for litigation TUM		—		327,937
Accrued other, non-current		23,852		6,051

Total amount of accrued expenses and other non-current liabilities		23,852		333,988

Total amount of accrued expenses and other liabilities	$	1,763,232	$	1,320,608

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Contractual Commitments of the non-cancellable Portion

The Company’s contractual commitments of the non-cancellable portion under theses operating leases as of December 31, 2015 are as follows:


	Total
2016	$	318,186
2017		188,009
2018		191,959
2019		195,909
2020		199,859
Thereafter		238,371

Total minimum lease payments	$	1,332,293

License Agreement [Member]

Schedule of minimum license fee commitment

The table below shows the minimum annual license fee commitments under the two agreements as of December 31, 2015:


	License payments
2016	$	87,248
2017		87,248
2018		87,248
2019		87,248
2020		87,248
Thereafter		512,582

Total minimum license payments	$	948,822

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 17,302	$ 0
Remaining debt instruments fair value	0
Money market funds held	0
Trade accounts receivable	0	0
Allowance for doubtful accounts	0	$ 0
Impairments loss	$ 0
Milestones arrangement, categories description	Pieris aggregates milestones into four categories (i) research milestones, (ii) development milestones, (iii) commercial milestones and (iv) sales milestones.
Weighted average grant date fair value of options granted	$ 1.87	$ 1.30
Stock based compensation expense	$ 1,164,633	$ 571,382
Anti-dilutive securities excluded from computation of net income loss per share	2,600,000	0
Fair Value, Inputs, Level 1 [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash and Cash Equivalents, Fair Value	$ 0	$ 4,800,000

Summary of Significant Accounting Policies - Property and Equipment Useful Life (Detail)	12 Months Ended
	Dec. 31, 2015
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated Lives	shorter of useful life or remaining life of the lease
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

Summary of Significant Accounting Policies - Schedule of Weighted-Average Assumptions Used for Calculating Value of Options Granted (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract]
Risk free interest rate	1.47%
Risk free interest rate	1.89%
Risk free interest rate		1.77%
Dividend yield	0.00%	0.00%
Expected volatility	72.65%
Expected volatility	75.07%
Expected volatility		74.66%
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	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	6 years 1 month 6 days	5 years 9 months 18 days

Summary of Significant Accounting Policies - Schedule of Total Stock-Based Compensation Expense Related to Share-Based Awards Under the Pieris Plan (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-option expense	$ 1,164,633	$ 571,382
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-option expense	379,066	7,623
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-option expense	$ 785,567	$ 563,759

Summary of Significant Accounting Policies - Schedule of Changes to Accumulated Other Comprehensive Income (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 18,006,418	$ 585,007
Current period other comprehensive loss	(429,477)	113,176
Ending Balance	31,128,293	18,006,418
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(843,097)	(956,273)
Current period other comprehensive loss	(429,477)	113,176
Ending Balance	(1,272,574)	(843,097)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(843,097)	(956,273)
Current period other comprehensive loss	(429,477)	113,176
Ending Balance	$ (1,272,574)	$ (843,097)

Acquisition - Additional Information (Detail)	Dec. 17, 2014 shares	Dec. 05, 2014 shares	Dec. 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	39,833,023	29,279,522
Common stock, shares authorized			300,000,000	300,000,000
Common stock, par value \| $ / shares			$ 0.001	$ 0.001
Preferred stock, shares authorized			10,000,000		10,000,000
Preferred stock, par value \| $ / shares			$ 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 Pharmaceuticals GmbH [Member]
Business Acquisition [Line Items]
Aggregate shares issued upon acquisition	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 - Additional Information (Detail) SFr in Millions	1 Months Ended	12 Months Ended
Revenue - Additional Information (Detail) SFr in Millions	Aug. 31, 2011 USD ($) Tranches	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CHF (SFr)	Dec. 31, 2014 USD ($)
Deferred Revenue Arrangement [Line Items]
Revenues from product sales		$ 0
Revenue		2,931,931		$ 5,365,054
Collaboration agreement, milestone payments		$ 2,538,698		3,184,988
Collaboration agreement, license upfront payment				473,039
BIO Cluster M4 [Member]
Deferred Revenue Arrangement [Line Items]
Funding rate		40.00%	40.00%
Grant received		$ 8,654		100,000
BIO Cluster M4 [Member] \| Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Contractual agreement, potential payments		1,400,000
European Union [Member] \| Seventh Research Framework Program (FP7 Agreement) [Member]
Deferred Revenue Arrangement [Line Items]
Contractual agreement, potential payments	$ 7,300,000
Funding rate	64.00%
Grant received		400,000		700,000
Tranches of payments \| Tranches	3
Amount payable to other members of the consortium		400,000		300,000
Collaborative Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments		0		0
Contractual agreement, potential payments		14,000,000
Sanofi [Member] \| Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Contractual agreement, potential payments		50,400,000
Sanofi [Member] \| Maximum [Member] \| Research Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Contractual agreement, potential payments		1,900,000
Sanofi [Member] \| Maximum [Member] \| Development Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Contractual agreement, potential payments		28,900,000
Sanofi [Member] \| Maximum [Member] \| Commercial Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Contractual agreement, potential payments		19,600,000
Sanofi [Member] \| Collaborative Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, revenue recognized		500,000		1,400,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments		2,000,000		3,000,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member] \| Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Contractual agreement, potential payments		89,100,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member] \| Maximum [Member] \| Research Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Contractual agreement, potential payments		2,600,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member] \| Maximum [Member] \| Development Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Contractual agreement, potential payments		36,500,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member] \| Maximum [Member] \| Commercial Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Contractual agreement, potential payments		49,100,000
Daiichi Sankyo Inc [Member] \| Collaborative Arrangement [Member] \| Maximum [Member] \| Additional Diagnostic Milestones [Member]
Deferred Revenue Arrangement [Line Items]
Contractual agreement, potential payments		900,000
FHoffmann La Roche Ltd And Hoffmann La Roche Inc [Member] \| Upfront Payment Arrangement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, license upfront payment		$ 6,500,000
FHoffmann La Roche Ltd And Hoffmann La Roche Inc [Member] \| Research Services [Member]
Deferred Revenue Arrangement [Line Items]
Research collaboration agreement, estimated period		20 months	20 months
FHoffmann La Roche Ltd And Hoffmann La Roche Inc [Member] \| Research Services [Member] \| Extension Term [Member]
Deferred Revenue Arrangement [Line Items]
Research collaboration agreement, estimated period		5 years	5 years
FHoffmann La Roche Ltd And Hoffmann La Roche Inc [Member] \| Research Collaboration and License Agreement [Member]
Deferred Revenue Arrangement [Line Items]
Collaboration agreement, milestone payments		$ 415,700,000	SFr 415.0
Research collaboration agreement, Termination description		The agreement may be terminated (i) by either party based on insolvency or breach by the other party and such insolvency proceeding is not dismissed or such breach is not cured within 90 days; or (ii) after 15 months from the effective date of the agreement, by Roche as a whole or on a product-by-product and/or country-by-country basis upon 90 days prior written notice before the first commercial sale of a product or upon 180 days prior written notice after the first commercial sale of a product. Roche may also, in its sole discretion, terminate the agreement upon a change of control of Pieris involving a company that develops or commercializes biopharmaceutical products.	The agreement may be terminated (i) by either party based on insolvency or breach by the other party and such insolvency proceeding is not dismissed or such breach is not cured within 90 days; or (ii) after 15 months from the effective date of the agreement, by Roche as a whole or on a product-by-product and/or country-by-country basis upon 90 days prior written notice before the first commercial sale of a product or upon 180 days prior written notice after the first commercial sale of a product. Roche may also, in its sole discretion, terminate the agreement upon a change of control of Pieris involving a company that develops or commercializes biopharmaceutical products.
Collaboration Partner One [Member] \| Sales Revenue, Net [Member] \| Revenue From Partners [Member]
Deferred Revenue Arrangement [Line Items]
Revenue		$ 2,000,000		3,000,000
Collaboration Partner Two [Member] \| Sales Revenue, Net [Member] \| Revenue From Partners [Member]
Deferred Revenue Arrangement [Line Items]
Revenue		500,000		1,400,000
Government Grant [Member] \| Sales Revenue, Net [Member] \| Revenue From Partners [Member]
Deferred Revenue Arrangement [Line Items]
Revenue		$ 400,000		$ 700,000

Revenue - Revenue from Product Sales (Detail) - USD ($)	12 Months Ended
Revenue - Revenue from Product Sales (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
License fees		$ 473,039
Research and development services	$ 5,593	876,619
Milestone payments	2,538,698	3,184,988
Government grants	369,200	830,408
Other Revenues	18,440
Total Revenue	$ 2,931,931	$ 5,365,054

Revenue - Balance Sheet Items Related to FP7 Agreement (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Cash (restricted cash)	$ 17,302	$ 0
Accounts payable trade	1,058,536	1,260,015
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)	980,936	857,489
Cash (restricted cash)	17,302
Accounts payable trade	$ 424,441	$ 325,864

Property and Equipment, Net - Summary of Property and Equipment (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property and equipment at cost	$ 4,449,442	$ 4,234,994
Accumulated depreciation	(2,286,671)	(2,182,773)
Property and equipment, net	2,162,771	2,052,221
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment at cost	3,701,517	3,840,368
Office and Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment at cost	443,562	343,835
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment at cost	$ 304,363	$ 50,791

Property and Equipment, Net - Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 307,906	$ 366,979

Income Taxes - Schedule of Loss Before Income Taxes (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Domestic	$ (7,563,300)	$ (1,235,446)
Foreign	(6,291,475)	(8,614,536)
Loss before income taxes	$ (13,854,775)	$ (9,849,982)

Income Taxes - Schedule of Components of Provision (Benefit) for Income Taxes (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ 0	$ 0
State	0	0
Foreign	203,866	(18)
Total current	203,866	(18)
Deferred:
Federal	0	0
State	0	0
Foreign	0	0
Total deferred	0	0
Provision (benefit) for income taxes	$ 203,866	$ (18)

Income Taxes - Summary of Reconciliation of U.S. Statutory Rate to Company's Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Federal income tax rate	34.00%	34.00%
Foreign rate differential	(2.10%)	(4.30%)
State tax, net of federal benefit	3.10%
Permanent Items: Non-deductible expenses	(1.70%)	(4.50%)
Deferred adjustments	2.90%
Loss of German NOL's	(66.00%)	(74.20%)
Withholding tax	(1.50%)
Other		0.10%
Change in valuation allowance	29.80%	48.90%
Effective income tax rate	(1.50%)	0.00%

Income Taxes - Additional Information (Detail) - USD ($)	Jul. 11, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Uncertain tax position accrued		$ 0	$ 0
Uncertain tax positions interest and penalties accrued		0	$ 0
Federal and State [Member]
Income Taxes [Line Items]
Operating loss carryforward		6,000,000
Australia [Member]
Income Taxes [Line Items]
Operating loss carryforward		300,000
Germany [Member] \| Corporate Income Tax [Member]
Income Taxes [Line Items]
Operating loss carryforward		5,900,000
Reduction of net operating loss carryforward	$ 619,820,000
Germany [Member] \| Trade Tax [Member]
Income Taxes [Line Items]
Operating loss carryforward		$ 5,700,000
Reduction of net operating loss carryforward	$ 644,795,000

Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Share based awards compensation	$ 692,906
Accrued expenses	4,201
Book accumulated depreciation net of tax	12,276
Net operating loss carryforwards	4,147,012	$ 9,951,666
Bank loan		12,653
Accrued compensation	129,624
Other	10,149	1,129
Total deferred tax assets	4,996,168	9,965,448
Less: valuation allowance:	(4,996,168)	(9,916,553)
Net deferred tax asset		48,895
Deferred tax liabilities:
Accrued expenses		(8,811)
Prepaid expenses		(9,438)
Depreciation		(30,646)
Total deferred tax liabilities		(48,895)
Net deferred taxes	$ 0	$ 0

Debt - Additional Information (Detail)				1 Months Ended		12 Months Ended
Debt - Additional Information (Detail)	Apr. 09, 2015 EUR (€)	Apr. 09, 2015 USD ($)	Dec. 11, 2014 EUR (€) Tranches	Jun. 30, 2014 EUR (€)	Jun. 30, 2014 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Mar. 31, 2015 EUR (€)	Mar. 31, 2015 USD ($)	Jan. 31, 2015 EUR (€)	Jan. 31, 2015 USD ($)	Dec. 11, 2014 USD ($)	Apr. 14, 2014 EUR (€)	Apr. 14, 2014 USD ($)	Apr. 03, 2014 EUR (€)	Apr. 03, 2014 USD ($)	Dec. 31, 2013
Debt Instrument [Line Items]
Beneficial conversion feature recognized							$ 2,236,583
Tbg [Member]
Debt Instrument [Line Items]
Amount of repayment to TBG outstanding			€ 1,050,000									$ 1,270,000			€ 1,200,000	$ 1,340,000
Principal amount, interest rate															10.53%	10.53%
Capital gain tax withheld	€ 118,688	$ 130,889
Number of tranches \| Tranches			2
Repayment amount of debt								€ 931,312	$ 1,027,051
Debt Instrument, Redemption, Period One [Member] \| Tbg [Member]
Debt Instrument [Line Items]
Amount of repayment to TBG outstanding										€ 600,000	$ 726,060
Debt Instrument, Redemption, Period Two [Member] \| Tbg [Member]
Debt Instrument [Line Items]
Amount of repayment to TBG outstanding								€ 450,000	$ 544,545
Bridge Loan [Member]
Debt Instrument [Line Items]
Principal or interest payments						$ 0
Bridge Loan [Member] \| Unsecured Debt Including Accrued Interest [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
Outstanding principal on unsecured convertible stockholder loan						$ 0	0
Accrued interest						0	0
Aggregate borrowing capacity													€ 2,000,000	$ 2,420,200
Interest expense						0	326,429
Bridge Loan [Member] \| Unsecured Debt Including Accrued Interest [Member] \| Tranche A [Member]
Debt Instrument [Line Items]
Aggregate borrowing capacity													1,500,000	1,815,150
Borrowed amount				€ 1,000,000	$ 1,210,100
Debt instrument, percentage of debt redeemed				67.00%	67.00%
Bridge Loan [Member] \| Unsecured Debt Including Accrued Interest [Member] \| Tranche B [Member]
Debt Instrument [Line Items]
Aggregate borrowing capacity													€ 500,000	$ 605,050
Bridge Loan [Member] \| Unsecured Debt Including Accrued Interest [Member] \| After Maturity Period [Member]
Debt Instrument [Line Items]
Interest rate				18.00%	18.00%												18.00%
2014 Bridge Loan [Member] \| Unsecured Debt Including Accrued Interest [Member]
Debt Instrument [Line Items]
Outstanding principal on unsecured convertible stockholder loan						$ 0	$ 0

Debt - Related Party Interest Expense Concerning Bridge Loan (Detail) - Bridge Loan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Interest expense related party	$ 0	$ 204,110
Orbimed Private Investments III, LP [Member]
Short-term Debt [Line Items]
Interest expense related party	0	63,955
Global Life Science Ventures Funds [Member]
Short-term Debt [Line Items]
Interest expense related party	0	57,709
Gilde Europe Food & Agribusiness Fund B.V [Member]
Short-term Debt [Line Items]
Interest expense related party	0	54,158
Forbion B.V [Member]
Short-term Debt [Line Items]
Interest expense related party	$ 0	$ 28,288

Stockholders' Equity - Additional Information (Detail) - USD ($)				3 Months Ended	12 Months Ended
	Jul. 24, 2015	Jul. 06, 2015	Dec. 17, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	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
Common stock, par value				$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued				29,279,522	39,833,023	29,279,522
Common stock, outstanding				29,279,522	39,833,023	29,279,522		13,863,647
Preferred stock, shares authorized					10,000,000		10,000,000
Preferred stock, par value					$ 0.001		$ 0.001
Preferred stock issued				0	0	0
Preferred stock, shares outstanding				0	0	0
Aggregate cash proceeds from issuance of shares						$ 7,342,076
Shares issued under options plan					305,329
Warrants issued to placement agents			542,360
Exercise price of warrants issued to placement agents			$ 2.00		$ 2.00
Number of shares, Options exercised					5,000	0
Gross proceeds from issuance initial public offering		$ 28,300,000
Net proceeds from issuance initial public offering		$ 25,800,000
Placement agents [Member]
Schedule Of Stockholders Equity [Line Items]
Sales of common stock, price per share	$ 2.75
Number of shares, Options exercised	1,211,827
Common Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Stock issued					10,302,736	6,779,510
Number of shares, Options exercised					5,000
Common Stock [Member] \| 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, gross			$ 13,600,000
Proceeds from sale of stock, net			$ 12,000,000
Common Stock [Member] \| IPO [Member]
Schedule Of Stockholders Equity [Line Items]
Stock issued		9,090,909
Sales of common stock, price per share		$ 2.75
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
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
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				$ 7,400,000
Convertible stockholder loans, including accrued interest				$ 4,400,000
Converted series c preferred shares				5,008,870

Stock-Based Compensation - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Stock Based Compensation [Line Items]
Maximum term of stock options	10 years
Cash received from option exercises	$ 10,000
Options exercised	5,000	0
Number of shares, Options granted	305,329
Stock based compensation expense	$ 1,164,633	$ 571,382
Weighted-average price of options	$ 2.47
Weighted-average remaining contractual life	9 years 2 months 1 day	9 years 11 months 16 days
Research and Development [Member]
Stock Based Compensation [Line Items]
Stock based compensation expense	$ 379,066	$ 7,623
Newly Hired Executive [Member]
Stock Based Compensation [Line Items]
Number of shares, Options granted	500,000
Stock based compensation expense	$ 0
Weighted-average price of options	$ 3.36
Weighted-average remaining contractual life	9 years 7 months 17 days
Newly Hired Executive [Member] \| Research and Development [Member]
Stock Based Compensation [Line Items]
Stock based compensation expense	$ 100,000
Pieris Plan [Member]
Stock Based Compensation [Line Items]
Common stock reserved for issuance	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 Compensation committee of the Board of Directors.
Common stock outstanding reserved for issuance, shares	1,000,000
Common stock outstanding reserved for issuance, percent	4.00%
Common stock available for grant	487,671
Share-based payment award, vesting term	Vesting periods are determined by our Board of Directors; options primarily vest over a three or four year period.
Number of shares, Options granted	755,329	2,519,500
Pieris Plan [Member] \| Newly Hired Executive [Member]
Stock Based Compensation [Line Items]
Number of shares, Options granted	450,000

Stock-Based Compensation - Schedule of Information Regarding Stock Option Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract]
Number of shares, Outstanding at beginning balance	2,519,500
Number of shares, Options granted	305,329
Number of shares, Options exercised	(5,000)	0
Number of shares, Forfeited	(112,500)
Number of shares, Outstanding at ending balance	2,707,329	2,519,500
Number of shares, Vested or expected to vest	2,707,329
Number of shares, Exercisable at ending balance	1,209,601
Weighted-Average Exercise Price, Outstanding at beginning balance	$ 2.00
Weighted-Average Exercise Price, Options granted	2.47
Weighted-Average Exercise Price, Options exercised	2.00
Weighted-Average Exercise Price, Forfeited	2.00
Weighted-Average Exercise Price, Outstanding ending balance	2.05	$ 2.00
Weighted-Average Exercise Price, Vested or expected to vest	2.05
Weighted-Average Exercise Price, Exercisable at ending balance	$ 2.06
Weighted Average Remaining Contractual Life, Outstanding	9 years 2 months 1 day	9 years 11 months 16 days
Weighted Average Remaining Contractual Life, Vested or expected to vest	9 years 2 months 1 day
Weighted Average Remaining Contractual Life, Exercisable	9 years 2 months 1 day
Aggregate Intrinsic Value, Exercised	$ 1
Aggregate Intrinsic Value, Outstanding	741
Aggregate Intrinsic Value, Vested or expect to vest	741
Aggregate Intrinsic Value, Exercisable	$ 328

Consulting Shares - Additional Information (Detail) - USD ($)		3 Months Ended	12 Months Ended
	Sep. 04, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Mar. 06, 2015
Related Party Transaction [Line Items]
Common stock, shares issued			39,833,023	29,279,522
Common stock par value of issued shares			$ 0.001	$ 0.001
Stock based compensation expense			$ 1,164,633	$ 571,382
Common stock, value			39,833	$ 29,280
Aquilo Partners [Member]
Related Party Transaction [Line Items]
Common stock, shares issued	27,272
Common stock par value of issued shares	$ 2.75
Letter of agreement retainer fee	$ 100,000
Common stock, value	$ 100,000
Del Mar Consulting Group And Alex Partners [Member]
Related Party Transaction [Line Items]
Stock based compensation expense			$ 400,000
Trout Capital L L C [Member]
Related Party Transaction [Line Items]
Common stock, shares issued			68,493
Common stock par value of issued shares			$ 2.19
Common stock, value			$ 200,000
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%
Estimated fair value of non-cancellable shares, Shares		90,000
Estimated fair value of non-cancellable shares, Value		$ 300,000
Estimated fair value cancellable shares, Shares		60,000
Consulting Agreement [Member] \| Non Cancellable Shares [Member]
Related Party Transaction [Line Items]
Share price		$ 3.16

Warrants - Additional Information (Detail) - USD ($)	12 Months Ended
Warrants - Additional Information (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 17, 2014
Equity [Abstract]
Number of common stock purchased	542,360
Exercise price of warrants	$ 2.00		$ 2.00
Warrant exercisable period	5 years
Warrant expense recognized	$ 0	$ 700,000

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 and Other Liabilities - Schedule of Accrued Expenses (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Accrued expenses and other current liabilities
Accrued payroll and benefits	$ 704,597	$ 416,896
Accrued audit and tax fees	179,223
Accrued professional fees, and other	194,790	404,461
Accrued R&D fees	466,076
Accrued other	194,694	165,263
Total amount of accrued expenses and other current liabilities	1,739,380	986,620
Accrued expenses and other non-current liabilities
Reserve for litigation TUM		327,937
Accrued other, non-current	23,852	6,051
Total amount of accrued expenses and other non-current liabilities	23,852	333,988
Total amount of accrued expenses and other liabilities	$ 1,763,232	$ 1,320,608

Related-Party Transactions - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Patent No. 8,420,051 [Member]
Related Party Transaction [Line Items]
Expected patent expiration year		2029
Consulting Agreement [Member]
Related Party Transaction [Line Items]
Consulting agreement fees paid to Prof. Dr. Skerra	$ 16,717		$ 26,593
TUM [Member]
Related Party Transaction [Line Items]
Patent expiration year		2027
Transfer of licenses and protective rights	$ 41,791
Total expenses			$ 100,000

Commitments and Contingencies - Additional Information (Detail) € in Millions				9 Months Ended	12 Months Ended
	Aug. 27, 2015 ft²	Dec. 23, 2014 EUR (€)	Dec. 23, 2014 USD ($)	Sep. 30, 2015 USD ($)	Dec. 31, 2015 EUR (€) Sublease	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) Sublease
Loss Contingencies [Line Items]
Area of lease property \| ft²	3,950
Rent expenses recognized						$ 18,399
Lease expiration date					Feb. 27, 2022	Feb. 27, 2022
Lease commencement date					Aug. 27, 2015	Aug. 27, 2015
Rent expense						$ 400,000	$ 300,000
Number of sub lease agreements \| Sublease					6			6
Counterclaim amount filed		€ 2.5	$ 2,800,000
License Agreement [Member] \| IBA GmbH [Member]
Loss Contingencies [Line Items]
Annual license payment						$ 32,718
Agreement expiration date					2024	2024
License Agreement [Member] \| TUM [Member]
Loss Contingencies [Line Items]
Annual license payment						$ 100,000
Agreement expiration date					2027	2027
Out License Fee [Member]
Loss Contingencies [Line Items]
Out-License Fee amount								$ 300,000
TUM [Member]
Loss Contingencies [Line Items]
Annual license payment				$ 41,791
Claims and counterclaims amount					€ 0.9	$ 900,000
Total interest expense						200,000
Arbitration settlement liability, current							$ 300,000
Reimbursement of legal fees					0.1	100,000
TUM [Member] \| Research and Development [Member]
Loss Contingencies [Line Items]
Claims and counterclaims amount						$ 600,000
TUM [Member] \| Out License Fee [Member]
Loss Contingencies [Line Items]
Out-License Fee amount								3,400,000
Reserved liability					€ 0.3			$ 300,000

Commitments and Contingencies - Annual License Fee Commitments (Detail) - License Agreement [Member]	Dec. 31, 2015 USD ($)
2016	$ 87,248
2017	87,248
2018	87,248
2019	87,248
2020	87,248
Thereafter	512,582
Total minimum license payments	$ 948,822

Commitments and Contingencies - Contractual Commitment Under Operating Lease (Detail)	Dec. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2016	$ 318,186
2017	188,009
2018	191,959
2019	195,909
2020	199,859
Thereafter	238,371
Total minimum lease payments	$ 1,332,293