$SVRA
Savara Inc

2015 Q4 Form 10-Q Financial Statement

#000156459015010584 Filed on November 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.520M $2.460M $2.400M
YoY Change 5.0% 0.2% 11.63%
% of Gross Profit
Research & Development $7.160M $7.330M $4.930M
YoY Change 45.23% 35.69% 40.06%
% of Gross Profit
Depreciation & Amortization $40.00K $40.00K $30.00K
YoY Change 33.33% 33.33% 200.0%
% of Gross Profit
Operating Expenses $9.710M $9.790M $7.350M
YoY Change 32.11% 24.18% 29.4%
Operating Profit -$9.714M -$9.828M -$7.354M
YoY Change 32.09% 24.66% 28.51%
Interest Expense -$470.0K $101.0K $20.00K
YoY Change -2450.0% 405.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $20.00K -$15.00K $20.00K
YoY Change 0.0%
Pretax Income -$10.16M -$9.910M -$7.310M
YoY Change 38.99% 25.92% 28.25%
Income Tax
% Of Pretax Income
Net Earnings -$10.16M -$9.912M -$7.313M
YoY Change 38.96% 26.01% 28.19%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$4.342M -$4.235M -$3.514M
COMMON SHARES
Basic Shares Outstanding 163.6M 128.5M
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.00M $49.90M $57.30M
YoY Change -28.45% 15.78% 29.05%
Cash & Equivalents $16.68M $32.21M $12.69M
Short-Term Investments $17.90M $17.70M $21.50M
Other Short-Term Assets $1.300M $1.500M $1.100M
YoY Change 18.18% 50.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $42.25M $51.40M $58.40M
YoY Change -27.65% 16.66% 28.28%
LONG-TERM ASSETS
Property, Plant & Equipment $226.0K $300.0K $188.0K
YoY Change 20.21% 61.54% 77.36%
Goodwill $3.007M $3.007M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $183.0K $200.0K $353.0K
YoY Change -48.16% -44.98% 488.33%
Total Long-Term Assets $11.97M $12.00M $12.10M
YoY Change -1.09% -0.87% 24.43%
TOTAL ASSETS
Total Short-Term Assets $42.25M $51.40M $58.40M
Total Long-Term Assets $11.97M $12.00M $12.10M
Total Assets $54.22M $63.40M $70.50M
YoY Change -23.1% 12.88% 27.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.600M $2.900M $1.370M
YoY Change 89.78% 151.24% 42.12%
Accrued Expenses $8.152M $8.900M $5.625M
YoY Change 44.92% 83.67% 125.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.00M $1.500M
YoY Change
Total Short-Term Liabilities $23.17M $13.52M $8.438M
YoY Change 174.63% 79.99% 74.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.700M $13.00M
YoY Change
Total Long-Term Liabilities $3.700M $13.00M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $23.17M $13.52M $8.438M
Total Long-Term Liabilities $3.700M $13.00M $0.00
Total Liabilities $30.33M $29.90M $11.84M
YoY Change 156.11% 173.92% 59.12%
SHAREHOLDERS EQUITY
Retained Earnings -$275.0M -$264.8M -$235.1M
YoY Change 16.94% 16.24% 13.9%
Common Stock $298.9M $298.3M $293.8M
YoY Change 1.72% 9.25% 15.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$27.33M $33.54M $58.66M
YoY Change
Total Liabilities & Shareholders Equity $54.22M $63.44M $70.50M
YoY Change -23.1% 12.95% 27.6%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$10.16M -$9.912M -$7.313M
YoY Change 38.96% 26.01% 28.19%
Depreciation, Depletion And Amortization $40.00K $40.00K $30.00K
YoY Change 33.33% 33.33% 200.0%
Cash From Operating Activities -$8.810M -$8.260M -$6.020M
YoY Change 46.35% 53.82% 23.87%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$30.00K -$10.00K
YoY Change 400.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$250.0K $4.460M -$4.390M
YoY Change -94.31% 57.04% -1120.93%
Cash From Investing Activities -$290.0K $4.430M -$4.400M
YoY Change -93.41% 57.65% -1147.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K 14.82M 20.24M
YoY Change -100.25% 582.95% -18500.0%
NET CHANGE
Cash From Operating Activities -8.810M -8.260M -6.020M
Cash From Investing Activities -290.0K 4.430M -4.400M
Cash From Financing Activities -50.00K 14.82M 20.24M
Net Change In Cash -9.150M 10.99M 9.820M
YoY Change -193.18% -2917.95% -315.82%
FREE CASH FLOW
Cash From Operating Activities -$8.810M -$8.260M -$6.020M
Capital Expenditures -$50.00K -$30.00K -$10.00K
Free Cash Flow -$8.760M -$8.230M -$6.010M
YoY Change 45.76% 54.12% 23.66%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">12. Recent Accounting Pronouncements </p> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:5%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:5%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April&#160;2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2015-03,<font style="font-style:italic;"> Simplifying the Presentation of Debt Issuance Costs </font>(&#8220;ASU 2015-03&#8221;).&#160; The new standard requires debt issuance costs to be presented on the balance sheet as a direct reduction of the carrying value of the associated debt liability, consistent with the presentation of debt discounts.&#160; The recognition and measurement requirements will not change as a result of this guidance.&#160; ASU 2015-03 is effective for the annual reporting periods beginning after December&#160;15, 2015 and requires a retrospective application. The Company elected to early adopt this guidance and it did not have a material impact on the Company&#8217;s financial statements.</p> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2014, the FASB issued ASU No. 2014-15, <font style="font-style:italic;">Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern</font> (&#8220;ASU 2014-15&#8221;). The amendments in ASU 2014-15 will require management to assess, at each annual and interim reporting period, the entity&#8217;s ability to continue as a going concern and, if management identifies conditions or events that raise substantial doubt about the entity&#8217;s ability to continue as a going concern within one year after the date that the financial statements are issued, to disclose in the notes to the entity&#8217;s financial statements the principal conditions or events that raised substantial doubt about the entity&#8217;s ability to continue as a going concern, management&#8217;s evaluation of their significance, and management&#8217;s plans that alleviated or are intended to alleviate substantial doubt about the entity&#8217;s ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and early application is permitted.&nbsp;&nbsp;The amendments in ASU 2014-15 do not have any application to an entity&#8217;s financial statements, but only to the related notes.&nbsp;&nbsp;</p></div>
us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.53%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 and assumptions, including estimates related to R&amp;D expenses, in-process research and development (&#8220;IPR&amp;D&#8221;), goodwill and share-based compensation expenses, and assumptions related to the probability of achieving milestones in connection with the potential prepayment obligation under our debt facility with Hercules. 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 and assumptions.</p></div>
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OtherAccruedLiabilitiesCurrent
350000
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
242000
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
The interest rate for the principal balance under the Loan Agreement, as amended, is the greater of (i) 8.95% plus the prime rate as reported in The Wall Street Journal minus 3.25%, and (ii) 8.95%, determined on a daily basis.
CY2015Q3 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0895
CY2015Q3 us-gaap Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
-0.0325
CY2015Q3 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
712500
us-gaap Line Of Credit Facility Frequency Of Payment And Payment Terms
LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms
The interest rate for the principal balance under the Loan Agreement, as amended, is the greater of (i) 8.95% plus the prime rate as reported in The Wall Street Journal minus 3.25%, and (ii) 8.95%, determined on a daily basis. Monthly payments under the amended Loan Agreement are interest only until June 1, 2016, followed by equal monthly payments of principal and interest through the scheduled maturity date of January 1, 2019.
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
13616137
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
12547752
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3708082
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
22455807
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.55
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.66
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.81
CY2015Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4800000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
3270000
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
1069000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
393000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
34000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-4000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
31000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
35000
mstx Debt Facility Costs Included In Accounts Payable And Accrued Liabilities
DebtFacilityCostsIncludedInAccountsPayableAndAccruedLiabilities
33000
CY2014Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
30941102
CY2014Q4 mstx Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights Issued To Underwriter
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRightsIssuedToUnderwriter
13081428
CY2014Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
22011265
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 Series A unit consisting of one share of our common stock and one-half (0.5) of a warrant and each Series B unit consisting of one pre-funded warrant and one-half (0.5) of a warrant.
CY2014Q4 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
21000000
CY2014Q4 mstx Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
19700000
CY2014Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.75
CY2014Q4 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2019-11-12
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
24859107
mstx Weighted Average Sales Price
WeightedAverageSalesPrice
0.70
mstx Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
16600000
CY2011Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.001
CY2015Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
77385622
CY2015Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1524390
CY2015Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.41
CY2015Q3 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2020-08-11

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