PIRS - Pieris stock slumps ~15% after FY22 sees fall in revenue

2023-03-29 11:04:07 ET

• Pieris Pharmaceuticals ( NASDAQ: PIRS ) stock fell ~17% on Wednesday after the company's mixed FY22 results.
• Net loss narrowed to -$33.28M, compared to -$45.74M in 2021.
• Meanwhile, full year 2022 revenue declined -17.5% Y/Y to $25.9M.
• "Pieris continues to advance potentially transformative clinical and preclinical programs, while remaining committed to cost-effective operations. Our top priority is to obtain data from the elarekibep Phase 2a study in asthma," said Pieris President and CEO Stephen Yoder.
• Research and development expenses declined to $52.98M, compared to $66.66M a year earlier.
• Cash, cash equivalents, and investments were $59.2M for the year ended Dec. 31, 2022, compared to $117.8M at the end of 2021. The decline was due to funding operations in 2022.
• Pieris believes its operations are sufficiently funded for more than the next 12 months.

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