Press release
Savara Reports Third Quarter 2020 Financial Results and Provides Business Update
Company Outlines Near-Term Priorities AUSTIN, Texas--(BUSINESS WIRE)-- Savara Inc. (Nasdaq: SVRA), an orphan lung disease company, today reported financial
About this update from Savara, Inc.
[{"type":"text","content":"\nCompany Outlines Near-Term Priorities \n\n AUSTIN, Texas--(BUSINESS WIRE)--\nSavara Inc. (Nasdaq: SVRA), an orphan lung disease company, today reported financial results for the third quarter ending September 30, 2020 and provided a business update.\n\n“After recently joining the management team, it’s clear that we must focus on three priorities in the near-term,” said Matthew Pauls, Chairman and Interim CEO, Savara. “The first is advancing our lead program, Molgradex in aPAP and the Phase 3 IMPALA 2 trial, as quickly and as safely as we can given the ongoing COVID-19 pandemic. The well-being of patients and clinical staff are of highest importance as we work to initiate the trial across approximately 50 sites and 15 countries. Our second priority is providing clarity on our other pipeline programs. Specifically, we now expect to disclose top line results from AeroVanc’s Phase 3 AVAIL trial by the end of 2020 and will communicate our next steps with Apulmiq as soon as possible. Finally, we are focusing on reducing and prioritizing the use of our capital to ensure efficient operations.”\n\nThird Quarter Financial Results (Unaudited)\n\nSavara’s net loss attributable to common stockholders for the three months ended September 30, 2020 was $11.1 million, or $(0.18) per share, compared with a net loss attributable to common stockholders of $12.4 million, or $(0.30) per share, for the three months ended September 30, 2019.\n\nResearch and development expenses decreased by $4.0 million, or 41.5%, to $5.6 million for the three months ended September 30, 2020 from $9.6 million for the three months ended September 30, 2019. This was primarily related to approximately $2.1 million in decreased development costs associated with Molgradex for the treatment of aPAP as the Company’s Phase 3 IMPALA trial activities have concluded and preparations for IMPALA 2, the next Phase 3 trial of Molgradex in aPAP, have begun. Decreased development costs were also attributed to approximately $1.9 million in decreased clinical trial costs for the Phase 3 AVAIL trial due to the cessation of enrollment, focus on database management and lock, and a corresponding winddown in CMC and clinical operations activities.\n\nGeneral and administrative expenses increased by $2.6 million, or 91.2%, to $5.4 million for the three months ended September 30, 2020 from $2...