On August 12, 2021 Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, reported financial results for the second quarter ending June 30, 2021 and provided a business update (Press release, Savara, AUG 12, 2021, View Source [SID1234586559]).
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"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 $10.9 million, or $(0.07) per share, compared with a net loss attributable to common stockholders of $9.4 million, or $(0.16) per share, for the three months ended June 30, 2020.
Research and development expenses increased by $1.2 million, or 19.3%, to $7.3 million for the three months ended June 30, 2021, from $6.1 million for the three months ended June 30, 2020. The increase was largely attributable to a $3.6 million increase in costs associated with advancement of the molgramostim in aPAP development program and was partially offset by a decrease in Chemistry Manufacturing and Controls (CMC) and clinical operations activities associated with the wind down of the vancomycin hydrochloride inhalation powder development program.
General and administrative expenses were consistent with a slight increase of approximately 1.2%, to $3.2 million for the three months ended June 30, 2021, from $3.1 million for the three months ended June 30, 2020.
As of June 30, 2021, Savara had cash, cash equivalents, and short-term investments of approximately $181 million and debt of approximately $25 million.