$SVRA
Savara Inc

2014 Q3 Form 10-Q Financial Statement

#000119312514304897 Filed on August 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $2.455M $2.370M $2.100M
YoY Change 13.74% 12.86% 12.3%
% of Gross Profit
Research & Development $5.402M $4.820M $2.837M
YoY Change 74.13% 69.91% 34.45%
% of Gross Profit
Depreciation & Amortization $30.00K $20.00K $10.00K
YoY Change 200.0% 100.0% -75.0%
% of Gross Profit
Operating Expenses $7.884M $7.202M $4.953M
YoY Change 49.58% 45.39% 23.52%
Operating Profit -$7.884M -$7.202M -$4.953M
YoY Change 49.58% 45.41% 17.33%
Interest Expense $20.00K $20.00K $10.00K
YoY Change 100.0% -50.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $33.00K $1.172K
YoY Change -100.0% 2715.7% -111.72%
Pretax Income -$7.870M -$7.150M -$4.940M
YoY Change 49.9% 44.74% 17.34%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.866M -$7.152M -$4.941M
YoY Change 49.73% 44.75% 17.33%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$4.472M -$4.333M -$6.416M
COMMON SHARES
Basic Shares Outstanding 121.6M shares 114.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.10M $46.40M $53.40M
YoY Change -12.75% -13.11% 23.9%
Cash & Equivalents $25.98M $26.37M $44.97M
Short-Term Investments $17.10M $20.10M $8.500M
Other Short-Term Assets $1.000M $1.100M $700.0K
YoY Change 100.0% 57.14% -41.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $44.06M $47.56M $54.10M
YoY Change -11.77% -12.08% 22.12%
LONG-TERM ASSETS
Property, Plant & Equipment $185.7K $186.3K $100.0K
YoY Change 61.36% 86.35% -66.67%
Goodwill $3.007M $3.007M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $363.5K $63.50K $6.600M
YoY Change 727.79% -99.04% 0.0%
Total Long-Term Assets $12.11M $11.81M $9.700M
YoY Change 24.6% 21.71% -2.02%
TOTAL ASSETS
Total Short-Term Assets $44.06M $47.56M $54.10M
Total Long-Term Assets $12.11M $11.81M $9.700M
Total Assets $56.16M $59.37M $63.80M
YoY Change -5.84% -6.94% 17.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.154M $1.226M $1.000M
YoY Change 45.25% 22.63% 100.0%
Accrued Expenses $4.846M $3.479M $2.400M
YoY Change 124.84% 44.95% 26.32%
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 $7.512M $5.745M $3.300M
YoY Change 88.89% 74.09% 32.0%
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 $7.512M $5.745M $3.300M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $10.92M $9.149M $5.900M
YoY Change 65.75% 55.06% 15.69%
SHAREHOLDERS EQUITY
Retained Earnings -$227.8M -$220.0M
YoY Change
Common Stock $273.1M $270.2M
YoY Change 7.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.25M $50.22M $57.90M
YoY Change
Total Liabilities & Shareholders Equity $56.16M $59.37M $63.80M
YoY Change -5.84% -6.94% 17.71%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$7.866M -$7.152M -$4.941M
YoY Change 49.73% 44.75% 17.33%
Depreciation, Depletion And Amortization $30.00K $20.00K $10.00K
YoY Change 200.0% 100.0% -75.0%
Cash From Operating Activities -$5.370M -$6.990M -$4.670M
YoY Change 42.44% 49.68% 58.84%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$100.0K -$20.00K
YoY Change 0.0% 400.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $2.840M -$290.0K $2.140M
YoY Change -126.54% -113.55% -200.47%
Cash From Investing Activities $2.810M -$390.0K $2.140M
YoY Change -126.19% -118.22% -199.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.170M 3.900M 26.10M
YoY Change -968.0% -85.06%
NET CHANGE
Cash From Operating Activities -5.370M -6.990M -4.670M
Cash From Investing Activities 2.810M -390.0K 2.140M
Cash From Financing Activities 2.170M 3.900M 26.10M
Net Change In Cash -390.0K -3.480M 23.57M
YoY Change -97.36% -114.76% -563.06%
FREE CASH FLOW
Cash From Operating Activities -$5.370M -$6.990M -$4.670M
Capital Expenditures -$30.00K -$100.0K -$20.00K
Free Cash Flow -$5.340M -$6.890M -$4.650M
YoY Change 42.78% 48.17% 59.25%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>11.</b></td> <td valign="top" align="left"><b>Recent Accounting Pronouncements</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> In June 2014, the FASB issued ASU No.&#xA0;2014-10, <i>Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation</i> (&#x201C;ASU 2014-10&#x201D;). The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to: (a)&#xA0;present inception-to-date information in the statements of income, cash flows, and shareholder equity; (b)&#xA0;label the financial statements as those of a development stage entity; (c)&#xA0;disclose a description of the development stage activities in which the entity is engaged; and (d)&#xA0;disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments also clarify that the guidance in ASC Topic 275, <i>Risks and Uncertainties</i>, is applicable to entities that have not commenced planned principal operations. For public business entities, the removal of the development stage entity reporting requirements in ASC Topic 915, <i>Development Stage Entities</i>, and the clarification to the risks and uncertainties disclosure requirements in ASC Topic 275 are effective for annual and interim reporting periods beginning after December&#xA0;15, 2014. In addition, ASU 2014-10 changes the current guidance in ASC Topic 810, <i>Consolidation</i>, in that it eliminates the exception provided to development stage entities for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. For public business entities, the revised consolidation standards are effective for annual and interim reporting periods beginning after December&#xA0;15, 2015. Early adoption of ASU 2014-10 is permitted and we have elected to early adopt the provisions of ASU 2014-10 beginning with the interim reporting period ended June&#xA0;30, 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> In June 2014, the FASB issued ASU No.&#xA0;2014-12, <i>Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period</i> (&#x201C;ASU 2014-12&#x201D;). ASU 2014-12 requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC Topic 718, <i>Compensation</i>&#x2014;<i>Stock Compensation</i>, as it relates to such awards. ASU 2014-12 is effective for annual and interim periods beginning after December&#xA0;15, 2015. Early adoption is permitted. The changes in ASU 2014-12 may be applied either (a)&#xA0;prospectively to all awards granted or modified after the effective date or (b)&#xA0;retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, with the cumulative effect of applying ASU 2014-12 as of the beginning of the earliest annual period presented in the financial statements being recognized as an adjustment to the opening retained earnings balance at that date. We anticipate using the prospective method to apply ASU 2014-12. We do not currently have any outstanding share-based payment awards with performance targets and do not expect adoption of this standard will have a significant impact on our consolidated financial position, results of operation or other comprehensive income/loss or cash flows.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> In July 2013, the FASB 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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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
6875095 shares
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> 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>
us-gaap Revenues
Revenues
0
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-88687
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-13519645
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-15757
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1862
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
485879
us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
-14548951
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
2825
us-gaap Investment Income Interest
InvestmentIncomeInterest
32218
us-gaap Operating Income Loss
OperatingIncomeLoss
-14040567
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-14516472
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
0
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
594787
us-gaap Net Income Loss
NetIncomeLoss
-13522470
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2825
us-gaap Operating Expenses
OperatingExpenses
14040567
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4636193
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
0
mstx Area Of Sublease Space
AreaOfSubleaseSpace
13700 sqft
mstx Gain Loss On Change In Fair Value Of Contingent Consideration
GainLossOnChangeInFairValueOfContingentConsideration
0
mstx Sublease Commencement Period
SubleaseCommencementPeriod
2015-02-01
mstx Purchase Of Certificate Of Deposits
PurchaseOfCertificateOfDeposits
7981020
mstx Description Of Fixed Combination Of Shares And Warrant Offered And Sold To Public
DescriptionOfFixedCombinationOfSharesAndWarrantOfferedAndSoldToPublic
These securities were offered and sold to the underwriters and the public in units with each unit consisting of one share of common stock and one warrant to purchase up to 0.5 of a share of common stock.
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-200392
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
11879756
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
65
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
3534480
us-gaap Share Based Compensation
ShareBasedCompensation
823836
us-gaap Depreciation And Amortization
DepreciationAndAmortization
33988
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
687360
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
2069899
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
12474478
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
9100939
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
823836
mstx Maturity Of Certificate Of Deposits
MaturityOfCertificateOfDeposits
6626000
mstx Finance Costs Included In Accounts Payable And Accrued Liabilities
FinanceCostsIncludedInAccountsPayableAndAccruedLiabilities
40935
mstx Subleases Expiration Date
SubleasesExpirationDate
2015-01-01
mstx Transaction Related Expense Income Net
TransactionRelatedExpenseIncomeNet
269447
mstx Acquired Entity Operating Expenses In Period
AcquiredEntityOperatingExpensesInPeriod
1200000
mstx Weighted Average Sales Price
WeightedAverageSalesPrice
0.78
mstx Class Of Warrants Or Rights Number Of Cancelled And Expired Warrants
ClassOfWarrantsOrRightsNumberOfCancelledAndExpiredWarrants
135767 shares
CY2014Q1 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
1049706 shares
CY2014Q1 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
3300000
CY2014Q1 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
BusinessCombinationBargainPurchaseGainRecognizedAmount
485944
CY2013Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
56195000 shares
CY2013Q2 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
28100000
CY2013Q2 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
18300000
CY2013Q2 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
25700000
CY2013Q2 mstx Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights Issued To Underwriter
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRightsIssuedToUnderwriter
28097500 shares
CY2013 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.001
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
53749791 shares
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4939368
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1172
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
10895
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4953239
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-4941172
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1804
CY2013Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
8879
CY2013Q2 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
2836935
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
365137
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
4953239
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2099925
CY2013Q2 mstx Transaction Related Expense Income Net
TransactionRelatedExpenseIncomeNet
7500
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
115587056 shares
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2014Q2 us-gaap Revenues
Revenues
0
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7143617
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
32954
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
16872
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-7201715
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-7151889
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
8272
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
22538
CY2014Q2 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
4820122
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
424382
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
7201715
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2369960
CY2014Q2 mstx Transaction Related Expense Income Net
TransactionRelatedExpenseIncomeNet
-10905

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