On August 11, 2022 Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, reported financial results for the second quarter ending June 30, 2022 and provided a business update (Press release, Savara, AUG 11, 2022, View Source [SID1234618264]).
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"Despite ongoing factors such as geographical COVID surges, geopolitical issues and supply chain constraints, IMPALA-2, the pivotal Phase 3 trial of our novel inhaled biologic, is currently on-track for a top line read-out by the end of 2Q 2024," said Matt Pauls, Chair and CEO, Savara. "With a cash position of approximately $142M at the end of the second quarter of 2022, we are confident that we are funded through 2025, which is well beyond the expected IMPALA-2 read-out."
Second Quarter Financial Results (Unaudited)
Savara’s net loss for the three months ended June 30, 2022 was $9.2 million, or $(0.06) per share, compared with a net loss attributable to common stockholders of $10.9 million, or $(0.07) per share, for the three months ended June 30, 2021.
Research and development expenses decreased by $0.8 million, or 11.5%, to $6.4 million for the three months ended June 30, 2022, from $7.3 million for the three months ended June 30, 2021. This was due to an approximately $0.7 million decrease associated with molgramostim, which was primarily due to the timing of certain contract research organization-related costs. Additionally, there was an approximately $0.1 million decrease associated with the close-out and wind-down of inhaled vancomycin development activities.
General and administrative expenses decreased by $0.2 million, or 6.2%, to $3.0 million for the three months ended June 30, 2022 from $3.2 million for the three months ended June 30, 2021. This was primarily attributable to decreased administrative and compensation costs associated with streamlining certain operational activities, which were initiated during the third quarter of 2021.
As of June 30, 2022, Savara had cash, cash equivalents, and short-term investments of approximately $142 million and debt of approximately $26 million.