FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Olwill Shane
 2. Date of Event Requiring Statement (Month/Day/Year)
08/01/2021		 3. Issuer Name and Ticker or Trading Symbol
PIERIS PHARMACEUTICALS, INC. [PIRS]
(Last)
(First)
(Middle)
C/O PIERIS PHARMACEUTICALS, INC., 255 STATE STREET, 9TH FLOOR		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Development Officer
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

BOSTON, MA 02109		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 4,638
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy)   (1) 12/17/2024 Common Stock 145,000 $ 2 D  
Stock Option (right to buy)   (1) 02/12/2026 Common Stock 100,000 $ 1.52 D  
Stock Option (right to buy)   (1) 02/23/2027 Common Stock 56,250 $ 1.99 D  
Stock Option (right to buy)   (2) 02/20/2028 Common Stock 90,000 $ 0 D  
Stock Option (right to buy)   (3) 02/26/2029 Common Stock 82,000 $ 3.09 D  
Stock Option (right to buy)   (4) 02/27/2030 Common Stock 90,000 $ 3.15 D  
Stock Option (right to buy)   (5) 03/04/2031 Common Stock 150,000 $ 2.5 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Olwill Shane
C/O PIERIS PHARMACEUTICALS, INC.
255 STATE STREET, 9TH FLOOR
BOSTON, MA 02109		       Chief Development Officer  

Signatures

/s/ Megan Gates, Attorney-in-Fact 08/03/2021
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The option has fully vested.
(2) The option vested as to 25% of the option shares on February 20, 2019 and vests as to an additional 6.25% of the option shares at the end of each successive three-month period thereafter.
(3) The option vested as to 25% of the option shares on February 26, 2020 and vests as to an additional 6.25% of the option shares at the end of each successive three-month period thereafter.
(4) The option vested as to 25% of the option shares on February 27, 2021 and vests as to an additional 6.25% of the option shares at the end of each successive three-month period thereafter.
(5) The option vested as to 25% of the option shares on March 4, 2022 and vests as to an additional 6.25% of the option shares at the end of each successive three-month period thereafter.

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