Pieris Pharmaceuticals, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows:


	December 31,
	2024			2023
U.S. federal statutory rate		21.0	%		21.0	%
State and local taxes		4.2			4.0
Permanent items		1.3			0.3
Change in valuation allowance		(26.5	)		(25.4	)
Other		—			0.1
Effective income tax rate		0.0	%		0.0	%

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows (in thousands):


	December 31,
	2024			2023
Deferred tax assets:
Royalty agreement liabilities	$	3,913		$	1,587
Net operating loss		81,971			9,179
Section 174 R&D capitalization		6,288			4,548
Stock-based compensation		419			274
Accrued expenses and other		354			132
Orphan drug credit		199			199
Other tax credits		24			—
Startup costs		86			95
Net deferred tax assets		93,254			16,014
Valuation allowance		(93,254	)		(16,014	)
Net deferred tax assets	$	—		$	—

(Increase) decrease in valuation allowance	$	(77,240	)	$	4,735