$SVRA
Savara Inc

2014 Q2 Form 10-Q Financial Statement

#000119312514182430 Filed on May 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.370M $2.266M $2.113M
YoY Change 12.86% 7.26% 3.06%
% of Gross Profit
Research & Development $4.820M $4.281M $3.443M
YoY Change 69.91% 24.34% 55.79%
% of Gross Profit
Depreciation & Amortization $20.00K $11.45K $9.795K
YoY Change 100.0% 16.9% -67.35%
% of Gross Profit
Operating Expenses $7.202M $6.839M $5.593M
YoY Change 45.39% 22.28% 30.68%
Operating Profit -$7.202M -$6.839M -$5.593M
YoY Change 45.41% 22.28% 34.08%
Interest Expense $20.00K
YoY Change 100.0%
% of Operating Profit
Other Income/Expense, Net $33.00K $453.0K -$2.370K
YoY Change 2715.7% -19213.92%
Pretax Income -$7.150M -$6.370M -$5.580M
YoY Change 44.74% 14.16% 34.46%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.152M -$6.371M -$5.581M
YoY Change 44.75% 14.16% 34.4%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$4.333M -$4.247M -$8.455M
COMMON SHARES
Basic Shares Outstanding 114.1M shares 113.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.40M $49.60M $32.00M
YoY Change -13.11% 55.0% -30.43%
Cash & Equivalents $26.37M $29.85M $21.41M
Short-Term Investments $20.10M $19.80M $10.60M
Other Short-Term Assets $1.100M $1.000M $500.0K
YoY Change 57.14% 100.0% -61.54%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $47.56M $50.61M $32.50M
YoY Change -12.08% 55.73% -31.29%
LONG-TERM ASSETS
Property, Plant & Equipment $186.3K $106.5K $200.0K
YoY Change 86.35% -46.75% -66.67%
Goodwill $3.007M $3.007M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $63.50K $83.54K $6.600M
YoY Change -99.04% -98.73% 0.0%
Total Long-Term Assets $11.81M $11.75M $9.800M
YoY Change 21.71% 19.86% -3.92%
TOTAL ASSETS
Total Short-Term Assets $47.56M $50.61M $32.50M
Total Long-Term Assets $11.81M $11.75M $9.800M
Total Assets $59.37M $62.36M $42.30M
YoY Change -6.94% 47.42% -26.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.226M $1.450M $600.0K
YoY Change 22.63% 141.61% 100.0%
Accrued Expenses $3.479M $3.943M $2.400M
YoY Change 44.95% 64.29% 60.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.745M $6.165M $3.200M
YoY Change 74.09% 92.67% 68.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.745M $6.165M $3.200M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $9.149M $9.569M $5.800M
YoY Change 55.06% 64.98% 26.09%
SHAREHOLDERS EQUITY
Retained Earnings -$220.0M
YoY Change
Common Stock $270.2M $265.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.22M $52.79M $36.60M
YoY Change
Total Liabilities & Shareholders Equity $59.37M $62.36M $42.30M
YoY Change -6.94% 47.42% -26.43%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$7.152M -$6.371M -$5.581M
YoY Change 44.75% 14.16% 34.4%
Depreciation, Depletion And Amortization $20.00K $11.45K $9.795K
YoY Change 100.0% 16.9% -67.35%
Cash From Operating Activities -$6.990M -$6.272M -$4.488M
YoY Change 49.68% 39.75% 0.64%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $6.000K $4.725K
YoY Change 400.0% 26.98% -102.49%
Acquisitions
YoY Change
Other Investing Activities -$290.0K $2.470M $3.410M
YoY Change -113.55% -27.57% -188.11%
Cash From Investing Activities -$390.0K $2.462M $3.400M
YoY Change -118.22% -27.6% -183.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.294M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.900M 7.978M
YoY Change -85.06%
NET CHANGE
Cash From Operating Activities -6.990M -6.272M -4.488M
Cash From Investing Activities -390.0K 2.462M 3.400M
Cash From Financing Activities 3.900M 7.978M
Net Change In Cash -3.480M 4.167M -1.088M
YoY Change -114.76% -482.97% -87.23%
FREE CASH FLOW
Cash From Operating Activities -$6.990M -$6.272M -$4.488M
Capital Expenditures -$100.0K $6.000K $4.725K
Free Cash Flow -$6.890M -$6.278M -$4.493M
YoY Change 48.17% 39.73% 5.22%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>11. Recent Accounting Pronouncements</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> In July 2013, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued ASU No.&#xA0;2013-11, <i>Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists</i> (&#x201C;ASU 2013-11&#x201D;). This standard requires an unrecognized tax benefit related to a net operating loss carryforward, a similar tax loss or a tax credit carryforward to be presented as a reduction to a deferred tax asset, unless the tax benefit is not available at the reporting date to settle any additional income taxes under the tax law of the applicable tax jurisdiction. ASU 2013-11 is effective for fiscal years and interim periods beginning after December&#xA0;15, 2013. We adopted this guidance effective January&#xA0;1, 2014. Our adoption of this standard did not have a significant impact on our consolidated financial position, results of operations and other comprehensive income/loss or cash flows.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including estimates related to R&amp;D expenses, in-process research and development (&#x201C;IPR&amp;D&#x201D;), goodwill and share-based compensation expenses. We base our estimates on historical experience and various other relevant assumptions we believe to be reasonable under the circumstances. Actual results may differ from these estimates.</p> </div>
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CY2014Q1 mstx Conversion Of Notes Payable And Accrued Interest
ConversionOfNotesPayableAndAccruedInterest
CY2014Q1 mstx Cumulative Preferred Stock Dividends
CumulativePreferredStockDividends
CY2014Q1 mstx Payment On Obligation Under License Agreement
PaymentOnObligationUnderLicenseAgreement
CY2014Q1 mstx Issuance Of Warrants For Return Of Common Stock
IssuanceOfWarrantsForReturnOfCommonStock
CY2014Q1 mstx Proceeds From Sale Of Certificate Of Deposit
ProceedsFromSaleOfCertificateOfDeposit
CY2014Q1 mstx Maturity Of Certificate Of Deposits
MaturityOfCertificateOfDeposits
5679000
CY2014Q1 mstx Stock Issued During Period Value Warrants Exercised Cashless
StockIssuedDuringPeriodValueWarrantsExercisedCashless
CY2014Q1 mstx Finance Costs Included In Accounts Payable And Accrued Liabilities
FinanceCostsIncludedInAccountsPayableAndAccruedLiabilities
179232
CY2014Q1 mstx Conversion Of Preferred Shares
ConversionOfPreferredShares
CY2014Q1 mstx Disposal Of Equipment In Conjunction With Settlement Of Liability
DisposalOfEquipmentInConjunctionWithSettlementOfLiability
CY2014Q1 mstx Transaction Related Expense Income Net
TransactionRelatedExpenseIncomeNet
280352
CY2014Q1 mstx Acquired Entity Operating Expenses In Period
AcquiredEntityOperatingExpensesInPeriod
300000
CY2014Q1 mstx Weighted Average Sales Price
WeightedAverageSalesPrice
0.83

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