Savara Reports Second Quarter 2021 Financial Results and Provides Business Update
Savara Inc. (NASDAQ: SVRA) reported its financial results for Q2 ending June 30, 2021. The company registered a net loss of $10.9 million or $(0.07) per share, an improvement from the $9.4 million loss or $(0.16) per share in the same quarter last year. Research and development expenses rose by 19.3% to $7.3 million, driven by the molgramostim development program. Savara's cash position stands at $181 million, with $25 million in debt. The pivotal Phase 3 IMPALA 2 trial is in progress, following successful patient dosing and site activation.
- Q2 net loss improved to $10.9 million from $9.4 million YoY.
- Research and development expenses increased but supported by molgramostim development.
- Strong cash position with $181 million on hand.
- Continued operating losses with a net loss of $(0.07) per share.
- Increase in R&D expenses, potentially straining resources.
Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today reported financial results for the second quarter ending June 30, 2021 and provided a business update.
“Over the last 9 months we streamlined our portfolio, reduced and restructured the organization, and significantly strengthened the balance sheet so that we could focus solely on advancing the pivotal Phase 3 IMPALA 2 clinical trial,” said Matt Pauls, Chair and Chief Executive Officer, Savara. “With the first patient dosed just over one month ago, numerous sites now activated, and patients dosed the trial is progressing as planned and our timelines remain on track. Importantly, we continue to leverage key learnings from the first IMPALA trial so that we can execute IMPALA 2 with the highest efficiency and quality.”
Second Quarter Financial Results (Unaudited)
Savara’s net loss attributable to common stockholders for the three months ended June 30, 2021, was
Research and development expenses increased by
General and administrative expenses were consistent with a slight increase of approximately
As of June 30, 2021, Savara had cash, cash equivalents, and short-term investments of approximately
About Savara
Savara is a clinical stage biopharmaceutical company focused on rare respiratory diseases. Our lead program, molgramostim nebulizer solution, is an inhaled granulocyte-macrophage colony-stimulating factor (GM-CSF) in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP). Molgramostim is delivered via an investigational eFlow® Nebulizer System (PARI Pharma GmbH). Our management team has significant experience in rare respiratory diseases and pulmonary medicine, identifying unmet needs, and effectively advancing product candidates to approval and commercialization. More information can be found at https://savarapharma.com/. (Twitter: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/).
Forward Looking Statements
Savara cautions you that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Such statements include, but are not limited to, our belief the Company is sufficiently capitalized through 2025; that our timelines remain on track; and that we continue to leverage key learnings from the first IMPALA trial so that we can execute IMPALA 2 with the highest efficiency and quality. Savara may not actually achieve any of the matters referred to in such forward-looking statements, and you should not place undue reliance on these forward-looking statements. These forward-looking statements are based upon Savara’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the risks and uncertainties relating to the impact of the COVID-19 pandemic on our business and operations, the outcome of our ongoing and planned clinical trials for our product candidates, the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources for Savara’s operations and to conduct or continue planned clinical development programs, the ability to obtain the necessary patient enrollment for our product candidate in a timely manner, the ability to successfully develop our product candidate, the risks associated with the process of developing, obtaining regulatory approval for and commercializing drug candidates such as molgramostim that are safe and effective for use as human therapeutics, and the timing and ability of Savara to raise additional capital as needed to fund continued operations. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. For a detailed description of our risks and uncertainties, you are encouraged to review our documents filed with the SEC including our recent filings on Form 8-K, Form 10-K and Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Savara undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.
Financial Information to Follow
Savara Inc. and Subsidiaries |
||||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Loss |
||||||||||||||||
(in thousands, except for share and per share amounts) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three months ended |
|
Six months ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ |
7,252 |
|
$ |
6,079 |
|
$ |
14,841 |
|
$ |
19,279 |
|
||||
| General and administrative |
|
3,153 |
|
|
3,117 |
|
|
5,931 |
|
|
6,099 |
|
||||
| Depreciation and amortization |
|
47 |
|
|
68 |
|
|
94 |
|
|
126 |
|
||||
| Total operating expenses |
|
10,452 |
|
|
9,264 |
|
|
20,866 |
|
|
25,504 |
|
||||
| Loss from operations |
|
(10,452 |
) |
|
(9,264 |
) |
|
(20,866 |
) |
|
(25,504 |
) |
||||
| Other income, net: |
|
(489 |
) |
|
(125 |
) |
|
(292 |
) |
|
693 |
|
||||
| Net loss attributable to common stockholders | $ |
(10,941 |
) |
$ |
(9,389 |
) |
$ |
(21,158 |
) |
$ |
(24,811 |
) |
||||
| Net loss per share - basic and diluted | $ |
(0.07 |
) |
$ |
(0.16 |
) |
$ |
(0.18 |
) |
$ |
(0.43 |
) |
||||
| Weighted average shares - basic and diluted |
|
152,460,531 |
|
|
58,858,216 |
|
|
114,934,938 |
|
|
58,111,225 |
|
||||
| Other comprehensive loss |
|
107 |
|
|
247 |
|
|
(350 |
) |
|
136 |
|
||||
| Total comprehensive loss | $ |
(10,834 |
) |
$ |
(9,142 |
) |
$ |
(21,508 |
) |
$ |
(24,675 |
) |
||||
Savara Inc. and Subsidiaries |
||||||
Condensed Consolidated Balance Sheet Data |
||||||
(in thousands) |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
|
|
June 30, |
|
December 31, |
||
|
|
2021 |
|
2020 |
||
| Cash, cash equivalents, and short-term investments | $ |
180,671 |
$ |
82,188 |
||
| Working capital |
|
177,853 |
|
76,947 |
||
| Total assets |
|
196,433 |
|
97,745 |
||
| Total liabilities |
|
31,051 |
|
33,362 |
||
| Stockholders’ equity: |
|
165,382 |
|
64,383 |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005646/en/
FAQ
What were Savara Inc.'s financial results for Q2 2021?
How much did Savara spend on research and development in Q2 2021?
What is the cash position of Savara as of June 30, 2021?
How is the IMPALA 2 trial progressing for Savara?
What was the change in net loss per share for Savara compared to last year?
