Palvella Therapeutics (PVLA) 10-Q13 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Nov. 13, 2024
Document Information [Line Items]
Entity Central Index Key	0001583648
Entity Registrant Name	PIERIS PHARMACEUTICALS, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37471
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	30-0784346
Entity Address, Address Line One	225 Franklin Street, 26th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	857
Local Phone Number	246-8998
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	PIRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,320,240

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 19,363	$ 17,396
Short term investments	0	8,970
Accounts receivable	373	572
Receivable from public grants	0	3,141
Other receivables	506	2,326
Assets held for sale, property and equipment	0	2,188
Prepaid expenses and other current assets	280	4,087
Total current assets	20,522	38,680
Current liabilities:
Accounts payable	801	3,372
Accrued expenses and other current liabilities	3,453	8,550
Total current liabilities	4,254	11,922
Stockholders’ equity:
Preferred stock	0	0
Common stock	1	1
Additional paid-in capital	342,916	341,693
Accumulated other comprehensive income (loss)	(316)	28
Accumulated deficit	(326,333)	(314,964)
Total stockholders’ equity	16,268	26,758
Total liabilities and stockholders’ equity	$ 20,522	$ 38,680

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Customer revenue	$ 0	$ 15,569	$ 6	$ 37,665
Collaboration revenue	0	3,951	47	3,846
Total revenue	0	19,520	53	41,511
Operating expenses
Research and development	(446)	9,595	1,523	37,347
General and administrative	3,581	6,839	11,145	14,526
Asset impairment	0	14,893	0	14,893
Total operating expenses	3,135	31,327	12,668	66,766
Loss from operations	(3,135)	(11,807)	(12,615)	(25,255)
Other income
Interest income	169	549	610	1,396
Grant income	0	0	0	3,612
Other income	79	506	636	288
Net loss	(2,887)	(10,752)	(11,369)	(19,959)
Other comprehensive income loss:
Foreign currency translation	120	(204)	(343)	(159)
Unrealized gain (loss) on available-for-sale securities	0	2	(1)	74
Comprehensive loss	$ (2,767)	$ (10,954)	$ (11,713)	$ (20,044)
Net loss per share
Basic (in dollars per share)	$ (2.19)	$ (8.7)	$ (8.84)	$ (18.33)
Diluted (in dollars per share)	$ (2.19)	$ (8.7)	$ (8.84)	$ (18.33)
Weighted average number of common shares outstanding
Basic (in shares)	1,320	1,236	1,285	1,089
Diluted (in shares)	1,320	1,236	1,285	1,089

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	At the Market Offering [Member] Preferred Stock [Member]	At the Market Offering [Member] Common Stock [Member]	At the Market Offering [Member] Additional Paid-in Capital [Member]	At the Market Offering [Member] AOCI Attributable to Parent [Member]	At the Market Offering [Member] Retained Earnings [Member]	At the Market Offering [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022							16	931
Balance at Dec. 31, 2022							$ 0	$ 1	$ 318,603	$ (254)	$ (290,421)	$ 27,929
Net loss							0	0	0	0	(19,959)	(19,959)
Stock based compensation expense							0	0	2,898	0	0	2,898
Foreign currency translation adjustment							0	0	0	(159)	0	(159)
Unrealized gain on investments							$ 0	$ 0	0	74	0	74
Balance (in shares) at Sep. 30, 2023							16	1,236
Balance at Sep. 30, 2023							$ 0	$ 1	341,228	(339)	(310,380)	30,510
Issuance of common stock resulting from purchase of employee stock purchase plan shares (in shares)							0	1
Issuance of common stock resulting from purchase of employee stock purchase plan shares							$ 0	$ 0	52	0	0	52
Issuance of common stock pursuant to ATM offering program, net of $0.7 million in offering costs (in shares)	0	303
Issuance of common stock pursuant to ATM offering program, net of $0.7 million in offering costs	$ 0	$ 0	$ 19,675	$ 0	$ 0	$ 19,675
Unrealized gain on investments							$ 0	$ 0	0	74	0	74
Balance (in shares) at Jun. 30, 2023							16	1,236
Balance at Jun. 30, 2023							$ 0	$ 1	340,262	(137)	(299,628)	40,498
Net loss							0	0	0	0	(10,752)	(10,752)
Stock based compensation expense							0	0	966	0	0	966
Foreign currency translation adjustment							0	0	0	(204)	0	(204)
Unrealized gain on investments							$ 0	$ 0	0	2	0	2
Balance (in shares) at Sep. 30, 2023							16	1,236
Balance at Sep. 30, 2023							$ 0	$ 1	341,228	(339)	(310,380)	30,510
Unrealized gain on investments							$ 0	$ 0	0	2	0	2
Balance (in shares) at Dec. 31, 2023							16	1,237
Balance at Dec. 31, 2023							$ 0	$ 1	341,693	28	(314,964)	26,758
Net loss							0	0	0	0	(11,369)	(11,369)
Stock based compensation expense							0	0	1,223	0	0	1,223
Foreign currency translation adjustment							0	0	0	(343)	0	(343)
Unrealized gain on investments							$ 0	$ 0	0	(1)	0	(1)
Balance (in shares) at Sep. 30, 2024							16	1,320
Balance at Sep. 30, 2024							$ 0	$ 1	342,916	(316)	(326,333)	16,268
Unrealized gain on investments							$ 0	$ 0	0	(1)	0	(1)
Round-Up shares from the 1-for-80 reverse split effective April 23, 2024 (in shares)							0	83
Balance (in shares) at Jun. 30, 2024							16	1,320
Balance at Jun. 30, 2024							$ 0	$ 1	342,586	(436)	(323,446)	18,705
Net loss							0	0	0	0	(2,887)	(2,887)
Stock based compensation expense							0	0	330	0	0	330
Foreign currency translation adjustment							$ 0	$ 0	0	120	0	120
Balance (in shares) at Sep. 30, 2024							16	1,320
Balance at Sep. 30, 2024							$ 0	$ 1	$ 342,916	$ (316)	$ (326,333)	$ 16,268

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
At the Market Offering [Member]
Stock issuance costs	$ 0.7

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net loss	$ (11,369)	$ (19,959)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization (accretion)	(30)	2,102
Right-of-use asset accretion	0	(98)
Stock-based compensation	1,223	2,898
Gain on sale of fixed assets	(225)
Asset impairment	0	14,893
Prepaid rent	1,118	0
Realized investment losses	0	(53)
Other non-cash transactions	864	(129)
Changes in operating assets and liabilities	89	(33,804)
Net cash used in operating activities	(8,330)	(34,150)
Investing activities:
Purchases of property and equipment	0	(184)
Proceeds from maturity of investments	9,000	24,007
Proceeds on sale of fixed assets	2,318	0
Purchases of investments	0	(15,270)
Net cash provided by investing activities	11,318	8,553
Financing activities:
Proceeds from employee stock purchase plan	0	52
Proceeds from issuance of common stock resulting from ATM sales, net of $0.7 million in transaction costs	0	19,729
Net cash provided by financing activities	0	19,781
Effect of exchange rate change on cash and cash equivalents	(1,021)	75
Net increase in cash and cash equivalents	1,967	(5,741)
Cash and cash equivalents at beginning of period	17,396	38,635
Cash and cash equivalents at end of period	19,363	32,894
Supplemental cash flow disclosures:
Net unrealized gain (loss) on investments	$ (1)	$ 74

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Stock issuance costs	$ 0.7

Note 1 - Corporate Information

Note 1 - Corporate Information	9 Months Ended
Note 1 - Corporate Information	Sep. 30, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Corporate Information Pieris Pharmaceuticals, Inc., or the Company or Pieris, was founded in May 2013, 2001 December 2014. July 2023, On July 18, 2023 , one 2a 4Rα Also on July 18, 2023 , July 2023, September 30, 2024 2023 Approximately $2.4 million of the termination benefits were paid in 2023. 2024, 2025. On March 27, 2024, 2027, 4 1BB may first 2 BB228 342, 1 first BB228 342. On July 23, 2024, 11, 1 2 3 4 5 On August 7, 2024, one 1 August 7, 2024. no ent to the Company’s amended and restated articles of incorporation to effect an increase in the number of authorized shares of the Company’s common stock, or the Authorized Share Increase Proposal Authorized Share Increase Proposal, and all shares of Series F Preferred Stock held by such holder must and will be voted, without further action by such holder, in the same proportion as the aggregate shares of Pieris common stock (excluding any shares of Pieris common stock that are not As of September 30, 2024 three September 30, 2024 2023 nine September 30, 2024 2023 September 30, 2024 The Company has historically devoted substantially all of its financial resources and efforts to research and development and general and administrative expenses to support the discovery and development of Anticalin-based drugs. Going forward, as part of the Company's previous decision to implement measures to maximize its ability to capture potential milestones from its partnered programs with Pfizer and Boston Pharmaceuticals (all as defined in Note 3 twelve 10

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
Note 2 - Summary of Significant Accounting Policies	Sep. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2—Summary 10 December 31, 2023 no nine September 30, 2024 Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments, and disclosures considered necessary for a fair presentation of interim period results have been included. Interim results for the three nine September 30, 2024 not may December 31, 2024 10 December 31, 2023 March 29, 2024. Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements of Pieris Pharmaceuticals, Inc. and its wholly-owned subsidiaries were prepared in accordance with U.S. GAAP. The unaudited condensed consolidated financial statements include the accounts of all subsidiaries. All intercompany balances and transactions have been eliminated. Effective at 5:00 April 22, 2024, 1 10 The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates are used for, but are not Cash, Cash Equivalents and Investments The Company determines the appropriate classification of its investments at the time of purchase. All liquid investments with original maturities of 90 320, Investments Debt and Equity Securities Available-for-sale investments are recorded at fair value, with unrealized gains or losses included in accumulated other comprehensive loss on the Company’s balance sheets. Realized gains and losses are determined using the specific identification method and are included as a component of other income. The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not not Concentration of Credit Risk and Off-Balance Sheet Risk The Company has no not not not Fair Value Measurement The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement and Disclosures not one three • Level 1 • Level 2 not • Level 3 To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. Financial instruments measured at fair value on a recurring basis include cash equivalents and investments (see Note 5 An entity may not 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. As of the period ended September 30, 2024, not If the criteria in ASC Topic 360 Property, Plant and Equipment not no Impairment of Long-lived Assets The Company reviews its long-lived assets to be held and used for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not Revenue Recognition Pieris has entered into several licensing agreements with collaboration partners for the development of Anticalin therapeutics against a variety of targets. The terms of these agreements provide for the transfer of multiple goods or services which may may no Collaborative Arrangements The Company considers the nature and contractual terms of an arrangement and assesses whether the arrangement involves a joint operating activity pursuant to which it is an active participant and exposed to significant risks and rewards with respect to the arrangement. If the Company is an active participant and exposed to the significant risks and rewards with respect to the arrangement, it accounts for these arrangements pursuant to ASC Topic 808, Collaborative Arrangements 808, not Revenue from Contracts with Customers In accordance with ASC Topic 606, five 1 2 3 4 5 The Company evaluates all promised goods and services within a customer contract and determines which of such goods and services are separate performance obligations. This evaluation includes an assessment of whether the good or service is capable of being distinct and whether the good or service is separable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own or whether the required expertise is readily available. Licensing arrangements are analyzed to determine whether the promised goods or services, which often include licenses, research and development services and governance committee services, are distinct or whether they must be accounted for as part of a combined performance obligation. If the license is considered not Certain contracts contain optional and additional items, which are considered marketing offers and are accounted for as separate contracts with the customer if such option is elected by the customer, unless the option provides a material right which would not The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. A contract may not If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price among the performance obligations on a relative standalone selling price basis unless a portion of the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct good or service that forms part of a single performance obligation. The Company allocates the transaction price based on the estimated standalone selling price of the underlying performance obligations or, in the case of certain variable consideration, to one may one When a performance obligation is satisfied, revenue is recognized for the amount of the transaction price, excluding estimates of variable consideration that are constrained, that is allocated to that performance obligation on a relative standalone selling price basis. Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement. For performance obligations consisting of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company will recognize revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. Revenue recognized under an arrangement involving a participant that is a customer is presented as Customer Revenue. Milestones and Royalties The Company aggregates milestones into four first There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has thus determined that all research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Commercial milestones and sales royalties are determined by sales or usage-based thresholds and will be accounted for under the royalty recognition constraint as constrained variable consideration. The Company calculates the maximum amount of potential milestones achievable under each collaboration agreement and discloses such potential future milestones for all current collaborations using such a maximum calculation. Contract Balances The Company recognizes a contract asset when the Company transfers goods or services to a customer before the customer pays consideration or before payment is due, excluding any amounts presented as a receivable (i.e., accounts receivable). A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. The contract liabilities (i.e., deferred revenue) primarily relate to contracts where the Company has received payment but has not In the event of an early termination of a collaboration agreement, any contract liabilities would be recognized in the period in which all Company obligations under the agreement have been fulfilled. Costs to Obtain and Fulfill a Contract with a Customer Certain costs to obtain customer contracts, including success-based fees paid to third 340, Other Assets and Deferred Costs 340. Government Grants The Company recognizes grants from governmental agencies when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. The Company evaluates the conditions of each grant as of each reporting period to evaluate whether the Company has reached reasonable assurance of meeting the conditions of each grant arrangement and that it is expected that the grant will be received as a result of meeting the necessary conditions. Grants are recognized in the condensed consolidated statements of operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, grant income related to research and development costs is recognized as such expenses are incurred. Grant income is included as a separate caption within Other income (expense) in the condensed consolidated statements of operations. Leases In accordance with accounting standards update, or ASU, No. 2016 2, 842 842, The Company determines if an arrangement is a lease at inception. The Company’s contracts are determined to contain a lease within the scope of ASC 842 1 no 2 3 At the commencement date, operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of future lease payments over the expected lease term. The Company’s lease agreements do not may The Company typically only includes an initial lease term in its assessment of a lease agreement. Options to renew a lease are not not Assumptions made by the Company at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not When a lease is terminated in its entirety, the corresponding lease liability and right-of-use asset are adjusted to zero. Any difference between the carrying amounts of the right-of-use asset and lease liability as compared to the termination payment is recorded in the statement of operations as a gain or loss. Recent Accounting Pronouncements Not In November 2023, 2023 07, 280 December 15, 2023, December 15, 2024. On December 14, 2023, 2023 09, 2023 09, 2023 09 December 15, 2024. December 15, 2025.

Note 3 - Revenue

Note 3 - Revenue	9 Months Ended
Note 3 - Revenue	Sep. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. Revenue General The Company has not The Company recognized revenue from the following strategic partnerships and other license agreements (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Pfizer (formerly Seagen) $ — $ 9,179 $ 6 $ 14,088 AstraZeneca — 3,909 — 8,399 Servier — 3,951 47 3,846 Genentech — — — 12,697 Boston Pharmaceuticals — 2,481 — 2,481 Total Revenue $ — $ 19,520 $ 53 $ 41,511 As of September 30, 2024 Research, Development, Regulatory & Commercial Milestones Sales Milestones Pfizer (formerly Seagen) $ 759 $ 450 Boston Pharmaceuticals 85 265 Total potential milestone payments $ 844 $ 715 Strategic Partnerships Genentech On May 19, 2021, Under the terms of the Genentech Agreement, the Company was responsible for discovery and preclinical development of two April May 2023, no $12.5 three June 30, 2023. Genentech also had options to select two additional programs with the payment of a fee, which expired in May 2024. no Boston Pharmaceuticals On April 24, 2021, 342, 342, 4 1BB/GPC3 (antibody-Anticalin fusion) protein. Under the terms of the BP Agreement, Boston Pharmaceuticals exclusively licensed worldwide rights to BOS- 342. 342 The Company recognized the full transaction price as revenue in 2021 no August 2023, first 1/2 342/BOS 342 Pfizer (formerly Seagen) On February 8, 2018, Under the terms of the Pfizer Agreements, the companies agreed to pursue multiple antibody-Anticalin fusion proteins during the research phase. The Pfizer Agreements provide Pfizer an option to select up to three programs for further development, which Pfizer did, and Pfizer is responsible for developing, funding and commercializing each of these programs. On March 24, 2021, one one Under the Pfizer Agreements, the Company is eligible to receive other various research, development, commercial and sales milestones. There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has thus determined that all research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not In January 2023, first 606 no December 31, 2022 December 31, 2022. In September 2023, no September 2023 December 2023, two December 31, 2023 AstraZeneca On May 2, 2017, June 10, 2017, 1976. In addition to elarekibep (formerly known as PRS- 060/AZD1402 first 2022. third second 2023, In June 2023, 13 no On July 17, 2023, 13 October 15, 2023. fourth third 2023. no not Servier In 2017, Since inception, four not four In July 2023, S095012, 344, 4 1BB/PD L1 S095012, 2023 no On June 28, 2024, December 27, 2024, 180 With this notice, Servier will discontinue and cease dosing in the Phase 1 S095012. S095012 1 not S095012. Contract Balances The Company receives payments from its collaboration partners based on payments established in each contract. Upfront payments and fees are recorded as deferred revenue upon receipt or when due until such time as the Company satisfies its performance obligations under each arrangement. A contract asset is a conditional right to consideration in exchange for goods or services that the Company has transferred to a customer. Amounts are recorded as accounts receivable when the Company’s right is unconditional. There were no three nine September 30, 2024 no three nine September 30, 2024 three nine September 30, 2023

Note 4 - Grant Income

Note 4 - Grant Income	9 Months Ended
Note 4 - Grant Income	Sep. 30, 2024
Notes to Financial Statements
Government Assistance [Text Block]	4. Grant Income One of the Company's proprietary respiratory assets, PRS- 220, June 2021, €14.2 2 19 The Bavarian Grant provided partial reimbursement for qualifying research and development activities on PRS- 220, 1 December 2023, February 2024, September 30, 2024,

Note 5 - Cash, Cash Equivalents

Note 5 - Cash, Cash Equivalents and Investments	9 Months Ended
Note 5 - Cash, Cash Equivalents and Investments	Sep. 30, 2024
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	5. Cash, cash equivalents and investments As of September 30, 2024 December 31, 2023 2 September 30, 2024 December 31, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) September 30, 2024 Money market funds, included in cash equivalents $ 11,893 $ 11,893 $ — $ — Total $ 11,893 $ 11,893 $ — $ — Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2023 Money market funds, included in cash equivalents $ 13,224 $ 13,224 $ — $ — Investments - US treasuries 8,970 8,970 — — Total $ 22,194 $ 22,194 $ — $ — Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third third not September 30, 2024 The Company recorded no three nine September 30, 2024 no $0.1 three nine September 30, 2023

Note 6 - Assets Held for Sale

Note 6 - Assets Held for Sale	9 Months Ended
Note 6 - Assets Held for Sale	Sep. 30, 2024
Notes to Financial Statements
Assets Held for Sale and Property, Plant and Equipment Disclosure [Text Block]	6. Assets Held for Sale As of September 30, 2024 December 31, 2023 September 30, December 31, 2024 2023 Laboratory furniture and equipment $ — $ 1,967 Office furniture and equipment — 221 Assets held for sale $ — $ 2,188 At the end of the third 2023, The net book value of its long-lived assets, as of December 31, 2023 3 nine September 30, 2024 third $0.2 nine September 30, 2024

Note 7 - Accrued Expenses

Note 7 - Accrued Expenses	9 Months Ended
Note 7 - Accrued Expenses	Sep. 30, 2024
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. Accrued Expenses Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2024 2023 Compensation expense $ 2,306 $ 6,448 Research and development fees — 968 Accrued accounts payable 60 558 Other current liabilities 1,031 363 Accrued license obligations 56 213 Total $ 3,453 $ 8,550 The compensation expense line item in the above table includes both severance and benefit costs associated with the Company's corporate restructuring actions announced in 2023, one 2024. The following tables includes a roll forward of the restructuring activity and payments recorded for the three nine September 30, 2024 Severance and Benefits Costs Balance at June 30, 2024 $ 2,850 Adjustments to restructuring charges $ 183 Cash payments (805 ) Balance at September 30, 2024 $ 2,228 Severance and Benefits Costs Balance at December 31, 2023 $ 5,105 Adjustments to restructuring charges $ (86 ) Cash payments (2,791 ) Balance at September 30, 2024 $ 2,228

Note 8 - Net Loss Per Share

Note 8 - Net Loss Per Share	9 Months Ended
Note 8 - Net Loss Per Share	Sep. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	8. Net Loss per Share Basic net loss per share is calculated by dividing net loss by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, preferred stock, stock options and warrants are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive for all periods presented. A reconciliation of basic and diluted net loss per share is as follows (in thousands, except for per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ (2,887 ) $ (10,752 ) $ (11,369 ) $ (19,959 ) Basic weighted average common shares outstanding 1,320 1,236 1,285 1,089 Diluted weighted average common shares outstanding 1,320 1,236 1,285 1,089 Basic net loss per share $ (2.19 ) $ (8.70 ) $ (8.84 ) $ (18.33 ) Diluted net loss per share $ (2.19 ) $ (8.70 ) $ (8.84 ) $ (18.33 ) As of September 30, 2024 2023 This amount includes approximately 0.1 million of warrants to purchase one five 2019 November 2024.

Note 9 - Stockholders' Equity

Note 9 - Stockholders' Equity	9 Months Ended
Note 9 - Stockholders' Equity	Sep. 30, 2024
Notes to Financial Statements
Equity [Text Block]	9. Stockholders Equity Effective at 5:00 April 22, 2024, 1 10 The Company had 3,750,000 shares authorized and 1,320,240 shares and 1,236,688 shares of common stock issued and outstanding as of September 30, 2024 December 31, 2023 The Company had 10,000,000 shares authorized, 15,618 shares of preferred stock issued and outstanding as of September 30, 2024 December 31, 2023 • Series A Convertible, 85 shares issued and outstanding at September 30, 2024 December 31, 2023 • Series B Convertible, 4,026 shares issued and outstanding at September 30, 2024 December 31, 2023 • Series C Convertible, 3,506 shares issued and outstanding at September 30, 2024 December 31, 2023 • Series D Convertible, 3,000 shares issued and outstanding at September 30, 2024 December 31, 2023 • Series E Convertible, 5,000 shares issued and outstanding at September 30, 2024 December 31, 2023 • Series F Preferred, 1 share issued and outstanding at September 30, 2024, December 31, 2023 Subscription and Investment Representation Agreement (Series F Preferred Stock) On August 7, 2024, 1 August 7, 2024. Voting Rights The Series F Preferred Stock have no the Authorized Share Increase Proposal . Each share of Series F Pref not 70% 30% 70% 30% not Conversion and Redemption Shares of the Series F Preferred Stock are not may not Other Rights and Restrictions Each holder of Series F Preferred Stock has entered into a written agreement with the Company to attend the Pieris special meeting, to vote all shares of Series F Preferred Stock with regard to the Authorized Share Increase Proposal in the same proportion as the aggregate shares of Pieris common stock (excluding any shares of Pieris common stock that are not 2020 At the 2020 2020 2020 2020 2020 2020 2019 2019 no 2019 2020 2019 2020 At the 2021 June 25, 2021, first 2020 2020 2022 June 22, 2022, second 2020 2020 2023 June 21, 2023, third 2020 2020 September 30, 2024, 2020 2023 At the 2023 2023 2023 2023 2023 Open Market Sales Agreements In August 2021, may 3 August 2021. November 2022, may For the nine September 30, 2024 not nine September 30, 2023 The Company is currently subject to the SEC general instructions of Form S- 3 12 3 one third 3, $75

Note 10 - Leases

Note 10 - Leases	9 Months Ended
Note 10 - Leases	Sep. 30, 2024
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	10. Leases The Company generally conducts its operational functions in the United States remotely. In October 2018, May 2019 February 2020. In December 2023, €9.7 December 31, 2023, June 2024, There was no cash paid for amounts included in the measurement of the lease liabilities for the three nine September 30, 2024 three nine September 30, 2023 The following table summarizes operating lease costs included in operating expenses (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease costs $ — $ 280 $ — $ 862 Variable lease costs (1) — 98 — 476 Total lease cost $ — $ 378 $ — $ 1,338 ( 1

Note 11 - Merger Agreement with

Note 11 - Merger Agreement with Palvella Therapeutics, Inc.	9 Months Ended
Note 11 - Merger Agreement with Palvella Therapeutics, Inc.	Sep. 30, 2024
Notes to Financial Statements
Business Combination Disclosure [Text Block]	11. Merger Agreement with Palvella Therapeutics, Inc. On July 23, 2024, 1 2 3 4 5 Each party’s obligation to consummate the Merger is also subject to other specified customary conditions, including the representations and warranties of the other party being true and correct as of the date of the Merger Agreement and as of the closing date of the Merger, generally subject to an overall material adverse effect qualification, the performance in all material respects by the other party of its obligations under the Merger Agreement required to be performed on or prior to the date of the closing of the Merger and the absence of any material adverse effect affecting the other party that is continuing on the closing date. Subject to the terms and conditions of the Merger Agreement, at the Effective Time, as defined in the Merger Agreement, (i) each then-outstanding share of Palvella capital stock will be converted into the right to receive a number of shares of the Company's common stock equal to the Exchange Ratio as defined in the Merger Agreement; and (ii) each then-outstanding Palvella stock option to purchase Palvella common stock will be assumed by the Company, subject to adjustment as set forth in the Merger Agreement. In connection with the Merger, and contingent on the approval of the Company's stockholders, the Company intends to amend the amended and restated articles of incorporation of the Company to increase the number of shares of authorized common stock, change the corporate name of the Company to “Palvella Therapeutics, Inc.” and adopt a new 2024 For the purposes of calculating the Exchange Ratio for each of Pieris and Palvella, the total number of shares of capital stock of such company issued and outstanding immediately prior to the Merger, expressed on a fully-diluted and as-converted to common stock basis, calculated using the treasury stock method, will be included in the calculation of the Exchange Ratio. Shares of Pieris common stock underlying Pieris stock options outstanding immediately prior to the Effective Time with an exercise price per share of less than the volume weighted average closing trading price of a share of Pieris common stock on the Nasdaq for the five five Under the terms of the Merger Agreement, on a pro forma basis, it is expected that upon the closing of the Merger, pre-Merger Company stockholders will own approximately 18% of the combined company and pre-Merger Palvella stockholders will own approximately 82% of the combined company, based on the number of shares of the Company's common stock expected to be issued in connection with the Merger, in each case, prior to the issuance of shares under a proposed concurrent private financing. The percentage of the combined company that pre-merger Palvella stockholders and pre-merger Pieris stockholders will own upon the closing of the merger is subject to further adjustment based on the amount of Pieris' net cash at the time of closing. In connection with the Merger, Pieris will seek the approval or ratification, as applicable, by its stockholders of, among other things, (a) the issuance of the shares of Pieris common stock issuable in connection with the Merger under the rules of The Nasdaq Stock Market LLC pursuant to the terms of the Merger Agreement, (b) amendments to the amended and restated articles of incorporation of Pieris to (i) increase the number of shares of authorized common stock and (ii) change the name of Pieris to “Palvella Therapeutics, Inc.” (the approvals described in clause (a) and (b), the “Required Pieris Voting Proposals”) and (c) the adoption of a new 2024 Each of Pieris and Palvella has agreed to customary representations, warranties and covenants in the Merger Agreement, including, among others, covenants relating to ( 1 2 3 4 5 4 August 9, 2024, September 23, 2024, October 15, 2024, November 5, 2024, November 7, 2024. November 8, 2024. The transaction is expected to close in the fourth 2024 Contingent Value Rights At or prior to the Effective Time, Pieris will enter into a Contingent Value Rights Agreement, or CVR Agreement, with a rights agent, or Rights Agent, pursuant to which Pieris’ pre-Merger capital stockholders will receive one may The contingent payments under the CVR Agreement, if they become payable, will become payable to the Rights Agent for subsequent distribution to the holders of the CVRs. In the event that no not no not not not not not No Termination Fees The Merger Agreement contains certain termination rights of each of Pieris and Palvella, including, subject to compliance with the applicable terms of the Merger Agreement, the right of each party to terminate the Merger Agreement to enter into a definitive agreement for a superior proposal. Upon termination of the Merger Agreement under specified circumstances, Pieris may may Securities Purchase Agreement On July 23, 2024, x divided by one The Pre-Funded Warrants do not may not may 61 not At or prior to the closing of the PIPE Financing, Pieris will enter into a registration rights agreement, or the Registration Rights Agreement, with the PIPE Investors pursuant to which the PIPE Investors will be entitled to certain resale registration rights with respect to shares of Pieris common stock issued to the PIPE Investors and any shares of Pieris common stock issued upon exercise of the Pre-Funded Warrants. Pursuant to the Registration Rights Agreement, the Company will be required to prepare and file a resale registration statement with the SEC within 30 90 120

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		5. None
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements of Pieris Pharmaceuticals, Inc. and its wholly-owned subsidiaries were prepared in accordance with U.S. GAAP. The unaudited condensed consolidated financial statements include the accounts of all subsidiaries. All intercompany balances and transactions have been eliminated. Effective at 5:00 April 22, 2024, 1 10 The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the related disclosures at the date of the financial statements and during the reporting period. Significant estimates are used for, but are not
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents and Investments The Company determines the appropriate classification of its investments at the time of purchase. All liquid investments with original maturities of 90 320, Investments Debt and Equity Securities Available-for-sale investments are recorded at fair value, with unrealized gains or losses included in accumulated other comprehensive loss on the Company’s balance sheets. Realized gains and losses are determined using the specific identification method and are included as a component of other income. The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not not
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk and Off-Balance Sheet Risk The Company has no not not not
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurement The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement and Disclosures not one three • Level 1 • Level 2 not • Level 3 To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. Financial instruments measured at fair value on a recurring basis include cash equivalents and investments (see Note 5 An entity may not
Property, Plant and Equipment, Policy [Policy Text Block]	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. As of the period ended September 30, 2024, not If the criteria in ASC Topic 360 Property, Plant and Equipment not no
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-lived Assets The Company reviews its long-lived assets to be held and used for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not
Revenue [Policy Text Block]	Revenue Recognition Pieris has entered into several licensing agreements with collaboration partners for the development of Anticalin therapeutics against a variety of targets. The terms of these agreements provide for the transfer of multiple goods or services which may may no Collaborative Arrangements The Company considers the nature and contractual terms of an arrangement and assesses whether the arrangement involves a joint operating activity pursuant to which it is an active participant and exposed to significant risks and rewards with respect to the arrangement. If the Company is an active participant and exposed to the significant risks and rewards with respect to the arrangement, it accounts for these arrangements pursuant to ASC Topic 808, Collaborative Arrangements 808, not Revenue from Contracts with Customers In accordance with ASC Topic 606, five 1 2 3 4 5 The Company evaluates all promised goods and services within a customer contract and determines which of such goods and services are separate performance obligations. This evaluation includes an assessment of whether the good or service is capable of being distinct and whether the good or service is separable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own or whether the required expertise is readily available. Licensing arrangements are analyzed to determine whether the promised goods or services, which often include licenses, research and development services and governance committee services, are distinct or whether they must be accounted for as part of a combined performance obligation. If the license is considered not Certain contracts contain optional and additional items, which are considered marketing offers and are accounted for as separate contracts with the customer if such option is elected by the customer, unless the option provides a material right which would not The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. A contract may not If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price among the performance obligations on a relative standalone selling price basis unless a portion of the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct good or service that forms part of a single performance obligation. The Company allocates the transaction price based on the estimated standalone selling price of the underlying performance obligations or, in the case of certain variable consideration, to one may one When a performance obligation is satisfied, revenue is recognized for the amount of the transaction price, excluding estimates of variable consideration that are constrained, that is allocated to that performance obligation on a relative standalone selling price basis. Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement. For performance obligations consisting of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company will recognize revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. Revenue recognized under an arrangement involving a participant that is a customer is presented as Customer Revenue. Milestones and Royalties The Company aggregates milestones into four first There is uncertainty that the events to obtain the research and development milestones will be achieved given the nature of clinical development and the stage of the Company’s technology. The Company has thus determined that all research and development milestones will be constrained until it is deemed probable that a significant revenue reversal will not For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Commercial milestones and sales royalties are determined by sales or usage-based thresholds and will be accounted for under the royalty recognition constraint as constrained variable consideration. The Company calculates the maximum amount of potential milestones achievable under each collaboration agreement and discloses such potential future milestones for all current collaborations using such a maximum calculation. Contract Balances The Company recognizes a contract asset when the Company transfers goods or services to a customer before the customer pays consideration or before payment is due, excluding any amounts presented as a receivable (i.e., accounts receivable). A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. The contract liabilities (i.e., deferred revenue) primarily relate to contracts where the Company has received payment but has not In the event of an early termination of a collaboration agreement, any contract liabilities would be recognized in the period in which all Company obligations under the agreement have been fulfilled. Costs to Obtain and Fulfill a Contract with a Customer Certain costs to obtain customer contracts, including success-based fees paid to third 340, Other Assets and Deferred Costs 340.
Government Assistance [Policy Text Block]	Government Grants The Company recognizes grants from governmental agencies when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. The Company evaluates the conditions of each grant as of each reporting period to evaluate whether the Company has reached reasonable assurance of meeting the conditions of each grant arrangement and that it is expected that the grant will be received as a result of meeting the necessary conditions. Grants are recognized in the condensed consolidated statements of operations on a systematic basis over the periods in which the Company recognizes the related costs for which the government grant is intended to compensate. Specifically, grant income related to research and development costs is recognized as such expenses are incurred. Grant income is included as a separate caption within Other income (expense) in the condensed consolidated statements of operations.
Lessee, Leases [Policy Text Block]	Leases In accordance with accounting standards update, or ASU, No. 2016 2, 842 842, The Company determines if an arrangement is a lease at inception. The Company’s contracts are determined to contain a lease within the scope of ASC 842 1 no 2 3 At the commencement date, operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of future lease payments over the expected lease term. The Company’s lease agreements do not may The Company typically only includes an initial lease term in its assessment of a lease agreement. Options to renew a lease are not not Assumptions made by the Company at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not When a lease is terminated in its entirety, the corresponding lease liability and right-of-use asset are adjusted to zero. Any difference between the carrying amounts of the right-of-use asset and lease liability as compared to the termination payment is recorded in the statement of operations as a gain or loss.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Not In November 2023, 2023 07, 280 December 15, 2023, December 15, 2024. On December 14, 2023, 2023 09, 2023 09, 2023 09 December 15, 2024. December 15, 2025.

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	9 Months Ended
Note 3 - Revenue (Tables)	Sep. 30, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Pfizer (formerly Seagen) $ — $ 9,179 $ 6 $ 14,088 AstraZeneca — 3,909 — 8,399 Servier — 3,951 47 3,846 Genentech — — — 12,697 Boston Pharmaceuticals — 2,481 — 2,481 Total Revenue $ — $ 19,520 $ 53 $ 41,511
Revenue From Contract With Customer, Milestone Payments [Table Text Block]	Research, Development, Regulatory & Commercial Milestones Sales Milestones Pfizer (formerly Seagen) $ 759 $ 450 Boston Pharmaceuticals 85 265 Total potential milestone payments $ 844 $ 715

Note 5 - Cash, Cash Equivalen_2

Note 5 - Cash, Cash Equivalents and Investments (Tables)	9 Months Ended
Note 5 - Cash, Cash Equivalents and Investments (Tables)	Sep. 30, 2024
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) September 30, 2024 Money market funds, included in cash equivalents $ 11,893 $ 11,893 $ — $ — Total $ 11,893 $ 11,893 $ — $ — Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2023 Money market funds, included in cash equivalents $ 13,224 $ 13,224 $ — $ — Investments - US treasuries 8,970 8,970 — — Total $ 22,194 $ 22,194 $ — $ —

Note 6 - Assets Held for Sale (

Note 6 - Assets Held for Sale (Tables)	9 Months Ended
Note 6 - Assets Held for Sale (Tables)	Sep. 30, 2024
Notes Tables
Disclosure of Long-Lived Assets Held-for-Sale [Table Text Block]	September 30, December 31, 2024 2023 Laboratory furniture and equipment $ — $ 1,967 Office furniture and equipment — 221 Assets held for sale $ — $ 2,188

Note 7 - Accrued Expenses (Tabl

Note 7 - Accrued Expenses (Tables)	9 Months Ended
Note 7 - Accrued Expenses (Tables)	Sep. 30, 2024
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, December 31, 2024 2023 Compensation expense $ 2,306 $ 6,448 Research and development fees — 968 Accrued accounts payable 60 558 Other current liabilities 1,031 363 Accrued license obligations 56 213 Total $ 3,453 $ 8,550
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	Severance and Benefits Costs Balance at June 30, 2024 $ 2,850 Adjustments to restructuring charges $ 183 Cash payments (805 ) Balance at September 30, 2024 $ 2,228 Severance and Benefits Costs Balance at December 31, 2023 $ 5,105 Adjustments to restructuring charges $ (86 ) Cash payments (2,791 ) Balance at September 30, 2024 $ 2,228

Note 8 - Net Loss Per Share (Ta

Note 8 - Net Loss Per Share (Tables)	9 Months Ended
Note 8 - Net Loss Per Share (Tables)	Sep. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ (2,887 ) $ (10,752 ) $ (11,369 ) $ (19,959 ) Basic weighted average common shares outstanding 1,320 1,236 1,285 1,089 Diluted weighted average common shares outstanding 1,320 1,236 1,285 1,089 Basic net loss per share $ (2.19 ) $ (8.70 ) $ (8.84 ) $ (18.33 ) Diluted net loss per share $ (2.19 ) $ (8.70 ) $ (8.84 ) $ (18.33 )

Note 10 - Leases (Tables)

Note 10 - Leases (Tables)	9 Months Ended
Note 10 - Leases (Tables)	Sep. 30, 2024
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease costs $ — $ 280 $ — $ 862 Variable lease costs (1) — 98 — 476 Total lease cost $ — $ 378 $ — $ 1,338

Note 1 - Corporate Information

Note 1 - Corporate Information (Details Textual) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 18, 2023	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Aug. 07, 2024 $ / shares	Mar. 27, 2024 USD ($)	May 31, 2013
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares		$ 0.001		$ 0.001		$ 0.001
Cash, Cash Equivalents, and Short-Term Investments		$ 19,400		$ 19,400
Net Income (Loss) Attributable to Parent		(2,887)	$ (10,752)	(11,369)	$ (19,959)
Retained Earnings (Accumulated Deficit)		(326,333)		(326,333)		$ (314,964)
Series F Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares							$ 0.01
Preferred Stock, Voting Rights, Number of Votes Per Share							25,000,000
Series F Preferred Stock [Member] \| Board of Directors Chairman [Member]
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares							$ 0.001
Shares Issued, Price Per Share (in dollars per share) \| $ / shares							$ 1
B P Assets X I I Inc [Member] \| License [Member] \| Exclusive Product License Agreement [Member] \| Phase 2 Trials [Member]
Contracts Receivable, Claims and Uncertain Amounts								$ 15,000
B P Assets X I I Inc [Member] \| License [Member] \| Exclusive Product License Agreement [Member] \| Pivotal Clinical Trials [Member]
Contracts Receivable, Claims and Uncertain Amounts								$ 40,000
Severance and Benefits Costs [Member]
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent	70%
Restructuring and Related Cost, Cost Incurred to Date						7,500
Severance Costs						$ 2,400
Restructuring and Related Cost, Expected Cost Remaining		$ 4,300		$ 4,300
Pieris Pharmaceuticals GmbH [Member]
Business Acquisition, Percentage of Voting Interests Acquired									100%

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Details Textual)	Apr. 22, 2024
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	80

Note 3 - Revenue (Details Textu

Note 3 - Revenue (Details Textual) $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Aug. 31, 2023 USD ($)

Jan. 31, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Jun. 30, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2017

May 19, 2021 USD ($)

Feb. 08, 2018

May 02, 2017

Increase in Contract With Customer Liability

$ 0

Decrease in Contract with Customer, Liability

$ 0

$ 17,100

$ 0

$ 38,700

Amendment of the Second Seagen Amendment [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 10,100

Genentech [Member]

Number Of Initial Research Programs

Contract with Customer, Liability, Revenue Recognized

$ 12,500

Number Of Optional Additional Research Programs

B P Assets X I I Inc [Member] | Exclusive Product License Agreement [Member]

Contract with Customer, Milestone Payment Received

$ 2,500

Seattle Genetics Inc. [Member] | License and Collaboration Agreement [Member]

Number of Research Programs

Seattle Genetics Inc. [Member] | Collaborative Arrangement [Member]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 5,000

Astra Zeneca A B [Member] | License and Collaboration Agreement [Member]

Contract with Customer, Liability, Revenue Recognized

$ 4,000

Contract with Customer, Liability, Current

$ 3,500

Astra Zeneca A B [Member] | License and Collaboration Agreement [Member] | Maximum [Member]

Number of Collaboration Products

Astra Zeneca A B [Member] | License and Collaboration Agreement [Member] | Minimum [Member]

Number of Collaboration Products

Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member]

Number of Novel Proteins

Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member] | License and Collaboration Agreement [Member]

Contract with Customer, Liability, Current

$ 4,700

Number of Programs

License [Member] | Genentech [Member]

Contract with Customer, Liability, Total

$ 20,000

Note 3 - Revenue - Disaggregati

Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 0	$ 19,520	$ 53	$ 41,511
Pfizer [Member]
Total revenue	0	9,179	6	14,088
Astra Zeneca A B [Member]
Total revenue	0	3,909	0	8,399
Les Laboratoires Servier And Institut De Recherches Internationales Servier [Member]
Total revenue	0	3,951	47	3,846
Genentech [Member]
Total revenue	0	0	0	12,697
Boston Pharmaceuticals [Member]
Total revenue	$ 0	$ 2,481	$ 0	$ 2,481

Note 3 - Revenue - Potential Mi

Note 3 - Revenue - Potential Milestone Payments Received (Details) - Collaborative Arrangement [Member] $ in Millions	Sep. 30, 2024 USD ($)
Research And Development Milestone Payments [Member]
milestone	$ 844
Research And Development Milestone Payments [Member] \| Pfizer [Member]
milestone	759
Research And Development Milestone Payments [Member] \| Boston Pharmaceuticals [Member]
milestone	85
Sales Milestone Payments [Member]
milestone	715
Sales Milestone Payments [Member] \| Pfizer [Member]
milestone	450
Sales Milestone Payments [Member] \| Boston Pharmaceuticals [Member]
milestone	$ 265

Note 4 - Grant Income (Details

Note 4 - Grant Income (Details Textual) - Jun. 30, 2021 € in Millions, $ in Millions	USD ($)	EUR (€)
Grants Receivable	$ 17	€ 14.2

Note 5 - Cash, Cash Equivalen_3

Note 5 - Cash, Cash Equivalents and Investments (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Securities, Available-for-Sale, Realized Gain (Loss)	$ 0	$ 0	$ 0	$ (100)

Note 5 - Cash, Cash Equivalen_4

Note 5 - Cash, Cash Equivalents and Investments - Cash Equivalents and Investments Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash equivalents	$ 11,893
Total		$ 22,194
Fair Value, Inputs, Level 1 [Member]
Cash equivalents	11,893
Total		22,194
Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0
Total		0
Fair Value, Inputs, Level 3 [Member]
Cash equivalents	0
Total		0
Money Market Funds [Member]
Cash equivalents	11,893	13,224
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash equivalents	11,893	13,224
Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0	0
Money Market Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Cash equivalents	$ 0	0
US Treasury Securities [Member]
Investments		8,970
US Treasury Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Investments		8,970
US Treasury Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Investments		0
US Treasury Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Investments		$ 0

Note 6 - Assets Held for Sale_2

Note 6 - Assets Held for Sale (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Gain (Loss) on Disposition of Assets	$ 0.2

Note 6 - Assets Held for Sale -

Note 6 - Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets held for sale	$ 0	$ 2,188
Laboratory Furniture and Equipment [Member]
Assets held for sale	0	1,967
Office Furniture and Equipment [Member]
Assets held for sale	$ 0	$ 221

Note 7 - Accrued Expenses - Acc

Note 7 - Accrued Expenses - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Compensation expense	$ 2,306	$ 6,448
Research and development fees	0	968
Accrued accounts payable	60	558
Other current liabilities	1,031	363
Accrued license obligations	56	213
Total	$ 3,453	$ 8,550

Note 7 - Accrued Expenses - Res

Note 7 - Accrued Expenses - Restructuring Activity (Details) - Severance and Benefits Costs [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Balance	$ 2,850	$ 5,105
Adjustments to restructuring charges	183	(86)
Cash payments	(805)	(2,791)
Balance	$ 2,228	$ 2,228

Note 8 - Net Loss Per Share (De

Note 8 - Net Loss Per Share (Details Textual) - $ / shares shares in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0.5	0.5
2019 Private Placement Financing [Member]
Class of Warrant or Right, Outstanding (in shares)	0.1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 568
Warrants and Rights Outstanding, Term (Year)	5 years

Note 8 - Net Loss Per Share - S

Note 8 - Net Loss Per Share - Schedule of Reconciliation of Basic and Diluted Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income (Loss) Attributable to Parent	$ (2,887)	$ (10,752)	$ (11,369)	$ (19,959)
Basic weighted average common shares outstanding (in shares)	1,320	1,236	1,285	1,089
Diluted weighted average common shares outstanding (in shares)	1,320	1,236	1,285	1,089
Basic net loss per share (in dollars per share)	$ (2.19)	$ (8.7)	$ (8.84)	$ (18.33)
Diluted net loss per share (in dollars per share)	$ (2.19)	$ (8.7)	$ (8.84)	$ (18.33)

Note 9 - Stockholders' Equity (

Note 9 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands						1 Months Ended		9 Months Ended
	Aug. 07, 2024 $ / shares shares	Apr. 22, 2024	Jun. 21, 2023 shares	Jun. 22, 2022 shares	Jun. 25, 2021 shares	Nov. 30, 2022 USD ($)	Aug. 31, 2021 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2024 shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2020 shares
Common Stock, Shares Authorized (in shares)								3,750,000			3,750,000
Common Stock, Shares, Issued (in shares)								1,320,240			1,236,688
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares								$ 0.001			$ 0.001
Preferred Stock, Shares Authorized (in shares)								10,000,000			10,000,000
Preferred Stock, Shares Issued (in shares)								15,618			15,618
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares								$ 0.001			$ 0.001
Convertible Preferred Stock, Shares Issued upon Conversion (in shares)								13.34
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								15,618			15,618
Proceeds from Issuance of Common Stock \| $								$ 0	$ 19,729
Common Stock, Shares, Outstanding (in shares)								1,320,240			1,236,688
Jefferies L L C [Member] \| At the Market Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)								0	24,300,000
Shares Issued, Price Per Share (in dollars per share) \| $ / shares									$ 0.84
Sale of Stock, Authorized Amount \| $						$ 75,000	$ 50,000
Proceeds from Issuance of Common Stock \| $									$ 20,300
Employee Director And Consultant Equity Incentive Plan2020 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)												43,750
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)								333,145				19,746
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)			75,000	37,500	28,125
The 2023 Employee Stock Purchase Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)										9,375
Series A Preferred Stock [Member]
Preferred Stock, Shares Issued (in shares)								85			85
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								85			85
Series B Preferred Stock [Member]
Preferred Stock, Shares Issued (in shares)								4,026			4,026
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								4,026			4,026
Series C Preferred Stock [Member]
Preferred Stock, Shares Issued (in shares)								3,506			3,506
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								3,506			3,506
Series D Preferred Stock [Member]
Preferred Stock, Shares Issued (in shares)								3,000			3,000
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								3,000			3,000
Series E Preferred Stock [Member]
Preferred Stock, Shares Issued (in shares)								5,000			5,000
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								5,000			5,000
Series F Preferred Stock [Member]
Preferred Stock, Shares Issued (in shares)								1			0
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares	$ 0.01
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								1			0
Preferred Stock, Voting Rights, Number of Votes Per Share	25,000,000
Series F Preferred Stock [Member] \| Board of Directors Chairman [Member]
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares	$ 0.001
Stock Issued During Period, Shares, New Issues (in shares)	1
Shares Issued, Price Per Share (in dollars per share) \| $ / shares	$ 1
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		80

Note 10 - Leases (Details Textu

Note 10 - Leases (Details Textual) $ in Thousands, € in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Feb. 29, 2020 ft²
Operating Lease, Payments \| $	$ 0	$ 500	$ 0	$ 1,600
Office and Laboratory Space [Member] \| Hallbergmoos Germany [Member]
Lessee, Operating Lease, Term of Contract (Year)						12 years 6 months
Area of Real Estate Property (Square Foot) \| ft²						105,000
Termination Fee \| €					€ 9.7

Note 10 - Leases - Operating Le

Note 10 - Leases - Operating Lease Costs (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating lease costs		$ 0	$ 280	$ 0	$ 862
Variable lease costs (1)	[1]	0	98	0	476
Total lease cost		$ 0	$ 378	$ 0	$ 1,338

[1]Variable lease costs include certain additional charges for operating costs, including insurance, maintenance, taxes, utilities, and other costs incurred, which are billed based on both usage and as a percentage of the Company’s share of total square footage.

Note 11 - Merger Agreement wi_2

Note 11 - Merger Agreement with Palvella Therapeutics, Inc. (Details Textual)	Jul. 23, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)
Pre-funded Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares	2,592,585
Class of Warrant or Right, Exercise Price, Subtracted Amount From Purchase Price, Per Share	$ 0.001
Class of Warrant or Right, Maximum Beneficial Percentage Ownership If Exercised	4.99%
Class of Warrant or Right, Maximum Percentage of Shares Outstanding if Exercised	9.99%
Class of Warrant or Right, Maximum Percentage Beneficial Ownership With Notice	19.99%
Securities Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares	3,154,241
Shares Issued, Price Per Share (in dollars per share) \| $ / shares	$ 13.7299
Shares Issued, Price Per Share, Multiplier	0.315478
Proceeds from Issuance or Sale of Equity	$ 78,900,000
Palvella [Member]
Contingency, Termination Fee Payable		$ 1,000,000
Contingency, Termination Fee, Receivable		$ 2,000,000
Pieris Pharmaceutical Stockholders [Member]
Ownership Percentage		18%
Pavella Stockholders [Member]
Ownership Percentage		82%
Palvella Merger [Member]
Merger, Cash Threshold	11,000,000
Palvella Merger [Member] \| Palvella [Member]
Company Valuation	95,000,000
Palvella Merger [Member] \| Pieris Pharmaceutical Stockholders [Member]
Company Valuation	$ 21,000,000