Fair Value Measurement |
6 Months Ended |
|---|---|
Jun. 30, 2016 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurement |
5. 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. The standard describes the following fair value hierarchy based on three levels of input, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: 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. For the periods presented in these interim financial statements Pieris has no cash equivalents and debt instruments as of each balance sheet date presented. All of other current assets and current liabilities on our consolidated balance sheets approximate their respective carrying amounts. |