Pieris Pharmaceuticals, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Accrued Expenses

Note 7 - Accrued Expenses

6 Months Ended

Jun. 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):

	*June 30,*		*December 31,*
	*2024*		*2023*
Compensation expense	$	3,108	$	6,448
Research and development fees		528		968
Accrued accounts payable		701		558
Other current liabilities		1,013		363
Accrued license obligations		27		213
Total	$	5,377	$	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, inclusive of those employees retained as the service period to earn such benefits is considered complete. The Company recognized restructuring expenses consisting of one-time cash severance payments and other employee-related costs. Severance pay and related costs for certain retained employees are estimated to be paid through the end of 2024. The Company recorded these restructuring charges based on each employee’s role to the respective research and development and general and administrative operating expense categories on its condensed consolidated statements of operations and comprehensive loss.

The following tables includes a roll forward of the restructuring activity and payments recorded for the three and six months ended June 30, 2024 (in thousands):

	Severance and Benefits Costs
Balance at March 31, 2024	$	3,634
Adjustments to restructuring charges	$	17
Cash payments		(801	)
Balance at June 30, 2024	$	2,850

	*Severance and Benefits Costs*
Balance at December 31, 2023	$	5,105
Adjustments to restructuring charges	$	(269	)
Cash payments		(1,986	)
Balance at June 30, 2024	$	2,850