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Savara(SVRA) - 2024 Q1 - Quarterly Report
SVRASavara(SVRA)2024-05-09 20:10

Financial Performance - For the three months ended March 31, 2024, the net loss was 20.3million,comparedtoanetlossof20.3 million, compared to a net loss of 10.6 million for the same period in 2023, representing an increase of 92.3%[92][100]. - Cash used in operating activities for the three months ended March 31, 2024, was 20.6million,comparedto20.6 million, compared to 12.0 million for the same period in 2023[106][107]. - The accumulated deficit as of March 31, 2024, was approximately 413.7million[92][104].−Thecompanyexpectstoincursignificantadditionalexpensesandcontinuetoexperienceoperatinglossesforatleastthenextseveralyearsasitadvancesitsclinicaldevelopment[93].Expenses−Researchanddevelopmentexpensesincreasedby413.7 million[92][104]. - The company expects to incur significant additional expenses and continue to experience operating losses for at least the next several years as it advances its clinical development[93]. Expenses - Research and development expenses increased by 8.1 million, or 92.3%, to 16.8millionforthethreemonthsendedMarch31,2024,primarilyduetocostsassociatedwiththemolgramostimprogram[101].−Generalandadministrativeexpensesroseby16.8 million for the three months ended March 31, 2024, primarily due to costs associated with the molgramostim program[101]. - General and administrative expenses rose by 2.3 million, or 67.4%, to 5.6millionforthethreemonthsendedMarch31,2024,drivenbypersonnelcostsandcommercialactivities[102].CashandInvestments−AsofMarch31,2024,thecompanyhadcashandcashequivalentsof5.6 million for the three months ended March 31, 2024, driven by personnel costs and commercial activities[102]. Cash and Investments - As of March 31, 2024, the company had cash and cash equivalents of 16.8 million and short-term investments of 126.3million,totalingapproximately126.3 million, totaling approximately 143.0 million[94][111]. - The company has raised net cash proceeds of approximately 476.7millionsinceinception,primarilyfrompublicofferingsandprivateplacements[91].RevenueandProductSales−Thecompanyhasnotgeneratedanyrevenuefromproductsalesanddoesnotexpecttodosountilregulatoryapprovalisobtainedforitsproductcandidate[110].OtherIncomeandInterestRates−Otherincomeincreasedby476.7 million since inception, primarily from public offerings and private placements[91]. Revenue and Product Sales - The company has not generated any revenue from product sales and does not expect to do so until regulatory approval is obtained for its product candidate[110]. Other Income and Interest Rates - Other income increased by 0.6 million to $2.1 million for the three months ended March 31, 2024, primarily due to increased interest income[103]. - The Amended Loan Agreement with Silicon Valley Bank has an interest rate of 8.0% as of March 31, 2024, with a potential impact from changes in the prime rate[115]. - A hypothetical 1% change in interest rates would not materially impact the company's condensed consolidated financial statements[114]. - A 10% change in interest rates would not have a material effect on the company's interest expense related to outstanding borrowed amounts[115]. Market and Currency Risks - The company has market risk exposure related to cash, cash equivalents, and short-term investment securities, but does not anticipate material risks from interest rate changes[114]. - The company operates in Europe and uses local currencies, seeking to limit foreign currency fluctuation impacts through derivative instruments[116]. - No significant exchange rate losses were recognized during the three months ended March 31, 2024, and a 10% change in exchange rates would not materially affect operations[116]. Inflation Impact - Inflation has generally increased costs related to labor, supplies, and clinical trials, but has not materially affected the company's results of operations[117].