Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS), a clinical-stage biotechnology company trading at $16.43 per share, announced the outcome of its 2024 Annual Meeting and provided updates on its planned merger with Palvella Therapeutics, Inc. According to InvestingPro data, the company has experienced significant challenges with a 97% revenue decline in the last twelve months, though it maintains a strong liquidity position with a current ratio of 4.82.
The election results were as follows: Chris Kiritsy received 593,528 votes for and 18,274 votes withheld; Peter Kiener, D.Phil. received 593,558 votes for and 18,244 votes withheld. The auditor ratification saw 1,017,470 votes for, 2,439 against, and 534 abstained. The "Say on Pay" proposal received 604,490 votes for, 6,678 against, and 634 abstained.
Pieris also provided an update on its merger with Palvella Therapeutics, a private biopharmaceutical company focused on developing therapies for rare genetic skin diseases. The merger, announced on July 23, 2024, is proceeding with Palvella to become a wholly owned subsidiary of Pieris upon completion. InvestingPro analysis shows the company holds more cash than debt, though it's quickly burning through its reserves - crucial factors for investors monitoring this strategic merger.
The stock has shown resilience with a 61% price return over the past six months. This report serves to update the proxy statement/prospectus filed with the SEC on November 7, 2024, and declared effective on November 8, 2024.
The company also responded to nine demands from stockholders and two lawsuits filed for additional information regarding the merger, stating that no supplemental disclosure is required under law but provided additional disclosures to eliminate litigation burden.
The supplemental disclosures include updated financial projections for Palvella through 2038, reflecting a 65% probability of technical success for QTORIN rapamycin for microcystic lymphatic malformation (LM) and align with patent protection periods. The company also clarified director compensation related to the Transaction (JO:TCPJ) Committee, which was formed to evaluate potential strategic transactions and dissolved on September 30, 2024.
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