Pieris Pharmaceuticals, Inc. Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

The estimated useful life of the different groups of property and equipment is as follows:


Asset Classification						Estimated useful life (in years)
Leasehold improvements						shorter of useful life or remaining life of the lease
Laboratory furniture and equipment						8 - 14
Office furniture and equipment						5 - 13
Computer and equipment						3 - 7

Property and equipment are summarized as follows (in thousands):


	Years Ended December 31,
	2020		2019
Laboratory equipment	$	11,188	$	11,635
Office furniture and equipment	2,120		479
Computer equipment	394		245
Leasehold improvements	14,159		10,710
Property and equipment at cost	27,861		23,069
Accumulated depreciation	(5,815)		(3,567)
Property and equipment, net	$	22,046	$	19,502

This change has been reflected in the consolidated statement of operations and the 2019 amounts were adjusted to conform to ASC 808 as follows:


	Twelve Months Ended December 31, 2019
	As reported pre-adoption		ASC 808 Adoption Adjustment		As reported post-adoption
Customer revenue	$	43,646	$	(11,581)	$	32,065
Collaboration revenue	2,633		11,581		14,214
Total Revenue	$	46,279	$	—	$	46,279