PIRS - Pieris Pharma stock falls ~7% on Q2 earnings miss discontinuation of a phase 2 study

• Shares of micro-cap clinical-stage biotech Pieris Pharmaceuticals ( NASDAQ: PIRS ) have lost 7.4% to $1.69 in Thursday mid-day trading, after the company reported Q2 results that missed estimates and said it would discontinue a phase 2 trial.
• PIRS posted Q2 GAAP EPS of -$0.14 which missed estimates by $0.03 . Its Q2 revenue of $3.7M also missed expectations by $6.77M .
• Further weighing on shares was Pieris' ( PIRS ) decision to cease enrollment in its ongoing phase 2 study of its bispecific cinrebafusp alfa, which had shown a clinical benefit in the study for the treatment of gastric cancer.
• The discontinuation was primarily driven by the fact that the company's separate phase 2 asthma trial in collaboration with AstraZeneca ( AZN ) would take more time to enroll subjects than originally planned.
• PIRS also said that funding operations in H1 led to its cash, cash equivalents and investments falling to $80.9M at Q2 end from $117.8M at Q4 2021 end.
• Up to Wednesday's close, PIRS stock -51.9% YTD.

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