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

Annual report pursuant to Section 13 and 15(d)

Note 7 - Accrued Expenses

Note 7 - Accrued Expenses

12 Months Ended

Dec. 31, 2023

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

7.	Accrued Expenses

Accrued expenses and other current liabilities consisted of the following (in thousands):

	*Years Ended December 31,*
	*2023*		*2022*
Compensation expense	$	6,448	$	3,015
Research and development fees		968		5,758
Accrued accounts payable		558		1,245
Other current liabilities		363		483
Accrued license obligations		213		245
Total	$	8,550	$	10,746

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 consolidated statements of operations and comprehensive loss.

The following table includes a roll forward of the restructuring activity and payments recorded for the year ended December 31, 2023 (in thousands):

	*Severance and Benefits Costs*
Restructuring expenses	$	7,523
Cash payments	$	(2,418	)
Balance at December 31, 2023	$	5,105