$SVRA
Savara Inc

2022 Q1 Form 10-Q Financial Statement

#000095017022009344 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.354M $2.780M
YoY Change -15.32% -6.71%
% of Gross Profit
Research & Development $5.684M $7.589M
YoY Change -25.1% -42.51%
% of Gross Profit
Depreciation & Amortization $8.000K $50.00K
YoY Change -84.0% -79.34%
% of Gross Profit
Operating Expenses $8.046M $10.41M
YoY Change -22.74% -35.87%
Operating Profit -$8.046M -$10.41M
YoY Change -22.74%
Interest Expense -$570.0K -$593.0K
YoY Change -3.88% 270.63%
% of Operating Profit
Other Income/Expense, Net -$254.0K $197.0K
YoY Change -228.93% -75.98%
Pretax Income -$8.300M -$10.22M
YoY Change -18.79% -33.73%
Income Tax
% Of Pretax Income
Net Earnings -$8.300M -$10.22M
YoY Change -18.76% -33.75%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$54.33K -$132.7K
COMMON SHARES
Basic Shares Outstanding 114.0M 54.24M
Diluted Shares Outstanding 152.8M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $151.8M $192.7M
YoY Change -21.23% 83.52%
Cash & Equivalents $79.20M $55.98M
Short-Term Investments $72.57M $136.7M
Other Short-Term Assets $1.591M $600.0K
YoY Change 165.17% -33.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $154.5M $194.8M
YoY Change -20.67% 81.3%
LONG-TERM ASSETS
Property, Plant & Equipment $64.00K $100.0K
YoY Change -36.0% -65.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $548.0K $1.000M
YoY Change -45.2% -23.43%
Total Long-Term Assets $11.67M $12.80M
YoY Change -8.81% 2.15%
TOTAL ASSETS
Total Short-Term Assets $154.5M $194.8M
Total Long-Term Assets $11.67M $12.80M
Total Assets $166.2M $207.6M
YoY Change -19.94% 73.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.296M $2.700M
YoY Change -52.0% 120.05%
Accrued Expenses $2.527M $4.484M
YoY Change -43.64% -31.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.50M
YoY Change
Total Short-Term Liabilities $16.32M $7.207M
YoY Change 126.49% -6.75%
LONG-TERM LIABILITIES
Long-Term Debt $13.31M $25.24M
YoY Change -47.28% 2.2%
Other Long-Term Liabilities $102.0K $58.00K
YoY Change 75.86% -70.85%
Total Long-Term Liabilities $13.41M $25.30M
YoY Change -47.0% 12614.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.32M $7.207M
Total Long-Term Liabilities $13.41M $25.30M
Total Liabilities $29.73M $32.51M
YoY Change -8.54% -0.46%
SHAREHOLDERS EQUITY
Retained Earnings -$308.8M -$267.7M
YoY Change 15.35%
Common Stock $445.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $136.5M $175.1M
YoY Change
Total Liabilities & Shareholders Equity $166.2M $207.6M
YoY Change -19.94% 73.0%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$8.300M -$10.22M
YoY Change -18.76% -33.75%
Depreciation, Depletion And Amortization $8.000K $50.00K
YoY Change -84.0% -79.34%
Cash From Operating Activities -$8.400M -$9.597M
YoY Change -12.47% -26.62%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $53.67M -$77.74M
YoY Change -169.03% -5388.44%
Cash From Investing Activities $53.67M -$77.74M
YoY Change -169.03% 4255.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.000K 120.5M
YoY Change -100.0% -25951.07%
NET CHANGE
Cash From Operating Activities -8.400M -9.597M
Cash From Investing Activities 53.67M -77.74M
Cash From Financing Activities -1.000K 120.5M
Net Change In Cash 45.22M 33.10M
YoY Change 36.59% -316.51%
FREE CASH FLOW
Cash From Operating Activities -$8.400M -$9.597M
Capital Expenditures $0.00
Free Cash Flow -$9.597M
YoY Change -26.65%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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Savara Inc.
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6836 Bee Cave Road
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1098000
CY2021Q4 svra Prepaid Contracted Research And Development Costs
PrepaidContractedResearchAndDevelopmentCosts
1902000
CY2022Q1 svra Prepaid Research And Development Tax Credit Receivable
PrepaidResearchAndDevelopmentTaxCreditReceivable
822000
CY2021Q4 svra Prepaid Research And Development Tax Credit Receivable
PrepaidResearchAndDevelopmentTaxCreditReceivable
838000
CY2022Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
327000
CY2021Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
306000
CY2022Q1 us-gaap Prepaid Insurance
PrepaidInsurance
187000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
427000
CY2022Q1 svra Deposits And Other Assets Current
DepositsAndOtherAssetsCurrent
306000
CY2021Q4 svra Deposits And Other Assets Current
DepositsAndOtherAssetsCurrent
356000
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2740000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3829000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Management’s estimates include, but are not limited to, those related to the accrual of research and development expenses and general and administrative costs, certain financial instruments recorded at fair value, the valuation of stock-based compensation, and the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, changes in circumstance and facts, and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances. Accordingly, actual results could be materially different from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> </span></p>
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company places its cash and cash equivalents with a limited number of high-quality financial institutions and at times may exceed the amount of insurance provided on such deposits.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> </span></p>
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 svra Accrued Contracted Research And Development Costs
AccruedContractedResearchAndDevelopmentCosts
1204000
CY2021Q4 svra Accrued Contracted Research And Development Costs
AccruedContractedResearchAndDevelopmentCosts
1623000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
590000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2526000
CY2022Q1 svra Accrued General And Administrative Costs
AccruedGeneralAndAdministrativeCosts
615000
CY2021Q4 svra Accrued General And Administrative Costs
AccruedGeneralAndAdministrativeCosts
600000
CY2022Q1 svra Accrued Lease Liability
AccruedLeaseLiability
118000
CY2021Q4 svra Accrued Lease Liability
AccruedLeaseLiability
135000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2527000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4884000
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
72707000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
138000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
72570000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
127206000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
47000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
127159000
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2021Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
8333000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
26500000
CY2022Q1 svra Unamortized End Of Term Charge
UnamortizedEndOfTermCharge
576000
CY2021Q4 svra Unamortized End Of Term Charge
UnamortizedEndOfTermCharge
694000
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
65000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
85000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
50000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
65000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
25809000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
25656000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
12500000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
8333000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
13309000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
8333000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
18167000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
18167000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
26500000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
17323000
CY2022Q1 svra Increase Decrease In Process Research And Development Due To Foreign Currency Translation
IncreaseDecreaseInProcessResearchAndDevelopmentDueToForeignCurrencyTranslation
-200000
CY2021Q1 svra Increase Decrease In Process Research And Development Due To Foreign Currency Translation
IncreaseDecreaseInProcessResearchAndDevelopmentDueToForeignCurrencyTranslation
500000
CY2021Q1 svra Proceeds From Issuance Of Common Stock And Pre Funded Warrants
ProceedsFromIssuanceOfCommonStockAndPreFundedWarrants
129968000
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
7737000
CY2021Q1 svra Net Proceeds After Deducting Underwriting Discounts Commissions And Offering Expenses
NetProceedsAfterDeductingUnderwritingDiscountsCommissionsAndOfferingExpenses
122231000
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
46276248000
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
46299718000
CY2022Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
38808502000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
942000
CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-937000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5000
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-296000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-291000
CY2022Q1 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
3156000
CY2022Q1 svra Contingent Milestones Commitments Recognized
ContingentMilestonesCommitmentsRecognized
0
CY2022Q1 svra Research And Development Expense For Termination
ResearchAndDevelopmentExpenseForTermination
800000
CY2021Q1 svra Estimated Parexel Service Fees And Pass Through Expenses
EstimatedParexelServiceFeesAndPassThroughExpenses
33000000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6218841
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
40000
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
59782
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6199059
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1272375
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
3688
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1268687
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
574000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
946000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7545539
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9424782
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-8300000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-10217000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8300000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10217000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-8300000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-10217000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
152769224
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
76992407
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13

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