Pieris terminates German lease; pays €9.7M to exit ~$22M remaining obligations

PALVELLA THERAPEUTICS, INC.

Lease termination effective Dec 31, 2023; fee of ~€9.7M paid to landlord.
Remaining lease payments totaled ~$18.4M, plus ~$3.9M for expansion through 2036.
Pieris vacates 105,000 sq ft lab/office in Hallbergmoos, retains equipment.
Limited use of property permitted until June 30, 2024 at no extra cost.
Part of strategic cost-reduction plan; security deposit to be returned.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

PALVELLA THERAPEUTICS, INC. terminated Lease Termination Agreement with Hallbergmoos Grundvermögen GmbH valued at termination fee of approximately €9.7 million; remaining lease payments of approximately $18.4 milli (effective 2023-12-15).

Action: termination
Agreement: lease
Counterparty: Hallbergmoos Grundvermögen GmbH
Value: termination fee of approximately €9.7 million; remaining lease payments of approximately $18.4 milli
Effective: 2023-12-15

Exact text from the filing

Item 1.02 Termination of a Material Definitive Agreement As previously disclosed, Pieris Pharmaceuticals GmbH ("Pieris GmbH"), a wholly owned subsidiary of Pieris Pharmaceuticals, Inc. (the "Company"), entered into a lease agreement with Hallbergmoos Grundvermögen GmbH ("Lessor") on October 24, 2018, which was subsequently amended on May 21, 2019, February 13, 2020 and May 19, 2020 (collectively, the "Lease Agreement").

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PALVELLA THERAPEUTICS, INC. filing history →

Source: SEC EDGAR

accession 0001437749-23-035107

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