Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Loss Before Income Taxes |
(Loss) before income taxes consists of the following:
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| |
|
Years Ended
December 31, |
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| |
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2016
|
|
|
2015
|
|
|
Domestic
|
|
$ |
(8,724,628 |
) |
|
$ |
(7,563,300 |
) |
|
Foreign
|
|
|
(13,912,568 |
) |
|
|
(6,291,475 |
) |
|
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
$ |
(22,637,196 |
) |
|
$ |
(13,854,775 |
) |
|
|
|
|
|
|
|
|
|
| Schedule of Components of Provision (Benefit) for Income Taxes |
The components of the provision (benefit) for income taxes are as
follows:
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| |
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Years Ended December 31,
|
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| |
|
2016
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|
|
2015
|
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Current:
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|
|
|
|
|
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Federal
|
|
$ |
— |
|
|
$ |
— |
|
|
State
|
|
|
— |
|
|
|
— |
|
|
Foreign
|
|
|
161,970 |
|
|
|
203,866 |
|
|
|
|
|
|
|
|
|
|
|
Total current
|
|
|
161,970 |
|
|
|
203,866 |
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
— |
|
|
|
— |
|
|
State
|
|
|
— |
|
|
|
— |
|
|
Foreign
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total deferred
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
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|
Provision (benefit) for income taxes
|
|
$ |
161,970 |
|
|
$ |
203,866 |
|
|
|
|
|
|
|
|
|
|
|
| Summary of Reconciliation of U.S. Statutory Rate to Company's Effective Tax Rate |
The reconciliation of the federal statutory rate to Pieris’
effective tax rate is as follows:
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| |
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2016
|
|
|
2015
|
|
|
Federal income tax rate
|
|
|
34.0 |
% |
|
|
34.0 |
% |
|
Foreign rate differential
|
|
|
(2.9 |
) |
|
|
(2.1 |
) |
|
State tax, net of federal benefit
|
|
|
0.9 |
|
|
|
3.1 |
|
|
Permanent items
|
|
|
(2.3 |
) |
|
|
(1.7 |
) |
|
Other
|
|
|
(0.9 |
) |
|
|
2.9 |
|
|
Withholding tax
|
|
|
(0.7 |
) |
|
|
(1.5 |
) |
|
Change in valuation allowance
|
|
|
(28.8 |
) |
|
|
(36.2 |
) |
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|
|
|
|
|
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|
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|
Effective income tax rate
|
|
|
(0.7 |
)% |
|
|
(1.5 |
)% |
|
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|
|
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|
| Components of Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities related to
net tax effects of temporary differences between the carrying
amount of assets and liabilities for financial reporting purposes
and the amounts used for income taxes purposes were as follows:
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Years Ended
December 31, |
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| |
|
2016
|
|
|
2015
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
Net operating loss carryforwards
|
|
$ |
18,498,365 |
|
|
$ |
13,052,809 |
|
|
Share based awards compensation
|
|
|
1,080,314 |
|
|
|
692,906 |
|
|
Accrued compensation/other
|
|
|
190,799 |
|
|
|
139,773 |
|
|
Accrued expenses
|
|
|
35,888 |
|
|
|
4,201 |
|
|
Depreciation
|
|
|
12,065 |
|
|
|
12,276 |
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax assets
|
|
|
19,817,431 |
|
|
|
13,901,965 |
|
|
Less: valuation allowance:
|
|
|
(19,817,431 |
) |
|
|
(13,901,965 |
) |
|
|
|
|
|
|
|
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|
Net deferred tax asset
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
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|
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| Schedule of Reconciliation of Unrecognized Tax Benefits Excluding Impact of Interest and Penalties |
The following table sets forth a reconciliation of the beginning
and ending amounts of unrecognized tax benefits, excluding the
impact of interest and penalties, for the years ended
December 31, 2016 and 2015:
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Unrecognized tax benefits at December 31, 2015
|
|
$ |
— |
|
|
Increase for tax positions taken during the current period
|
|
|
5,654,803 |
|
|
|
|
|
|
|
Unrecognized tax benefits at December 31, 2016
|
|
$ |
5,654,803 |
|
|