AUSTIN, Texas–(BUSINESS THREAD)–Savara Inc. (Nasdaq: SVRA), a clinical-stage biopharmaceutical company focused on rare respiratory diseases, reported financial results for the second quarter ended June 30, 2022 and provided a business update.
“Despite ongoing factors such as geographic spikes in COVID, geopolitical issues and supply chain constraints, IMPALA-2, the pivotal Phase 3 trial of our new inhaled biologic, is currently underway for a top-line reading at the end of 2Q 2024.” said Matt Pauls, President and CEO of Savara. “With a cash position of approximately $142 million at the end of 2Q 2022, we are We are confident that we are funded until 2025, which is well beyond the expected readout of IMPALA-2.”
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 to 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 $0.8 million, or 11.5%, to $6.4 million for the three months ended June 30, 2022, from $7.3 million dollars for the three months ended June 30, 2021. This was due to a decrease of approximately $0.7 million associated with molgramostim, which was primarily due to the timing of certain costs related to the research organization contractual Additionally, there was a decrease of approximately $0.1 million associated with the closure and liquidation of the inhaled vancomycin development activities.
General and administrative expenses decreased $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 lower administrative and compensation costs associated with streamlining certain operating activities, which began in 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.
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® nebulization 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. You can find more information at www.savarapharma.com. (Twitter: @SavaraPharmaLinkedIn: www.linkedin.com/company/savara-pharmaceuticals/).
Savara cautions you that statements in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words that refer to future events. or circumstances such as “hope”, “try”, “plan”, “anticipate”, “believe” and “fly”, among others. These statements include, but are not limited to, statements relating to the timing of the first line data readout from IMPALA-2, which is currently on track to occur by the end of the second quarter of 2024 and we believe that the company is funded through 2025. Savara may not achieve any of the matters referred to in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. These forward-looking statements are based on Savara’s current expectations and involve assumptions that may never materialize or may turn out to be incorrect. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various risks and uncertainties, including, without limitation, risks and uncertainties related to the impact of the COVID-19 pandemic or other issues health care providers or patients, disruptions or inefficiencies in the supply chain and geopolitical conditions in our business and operations, the outcome of our ongoing and planned clinical trials for our product candidate, the ability to project the future use of cash and reserves required for future contingent liabilities and business operations, the availability of sufficient resources for Savara’s operations and to carry out or continue planned clinical development programs, the ability to obtain the necessary patient enrollment for our product candidate from m timeliness, the ability to successfully develop our product candidate, the risks associated with the process of developing, obtaining regulatory approval and commercialization of drug candidates such as molgramostim that are safe and effective for use as therapeutics human resources, and Savara’s timing and ability to raise additional capital as needed to fund continuing operations. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. For a detailed description of our risks and uncertainties, we encourage you to review our filings 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 are made. Savara undertakes no obligation to update such statements to reflect events occurring or circumstances occurring after the date they are made, except as required by law.
Financial information to follow