$SVRA
Savara Inc

2015 Q2 Form 10-Q Financial Statement

#000156459016023659 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2015 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.410M
YoY Change 1.69%
% of Gross Profit
Research & Development $7.730M
YoY Change 60.37%
% of Gross Profit
Depreciation & Amortization $40.00K
YoY Change 100.0%
% of Gross Profit
Operating Expenses $2.410M
YoY Change -66.54%
Operating Profit -$10.18M
YoY Change 41.36%
Interest Expense $30.00K
YoY Change 50.0%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$10.15M
YoY Change 41.96%
Income Tax
% Of Pretax Income
Net Earnings -$10.15M
YoY Change 41.93%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$4.375M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.40M
YoY Change -6.47%
Cash & Equivalents $21.21M
Short-Term Investments $22.20M
Other Short-Term Assets $1.400M
YoY Change 27.27%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $44.80M
YoY Change -5.81%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K
YoY Change 7.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K
YoY Change 214.98%
Total Long-Term Assets $12.00M
YoY Change 1.65%
TOTAL ASSETS
Total Short-Term Assets $44.80M
Total Long-Term Assets $12.00M
Total Assets $56.80M
YoY Change -4.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.000M
YoY Change 63.09%
Accrued Expenses $8.800M
YoY Change 152.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.80M
YoY Change 87.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.80M
Total Long-Term Liabilities $0.00
Total Liabilities $14.20M
YoY Change 55.21%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $42.50M
YoY Change
Total Liabilities & Shareholders Equity $56.80M
YoY Change -4.33%

Cashflow Statement

Concept 2015 Q2
OPERATING ACTIVITIES
Net Income -$10.15M
YoY Change 41.93%
Depreciation, Depletion And Amortization $40.00K
YoY Change 100.0%
Cash From Operating Activities -$8.530M
YoY Change 22.03%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K
YoY Change -80.0%
Acquisitions
YoY Change
Other Investing Activities -$200.0K
YoY Change -31.03%
Cash From Investing Activities -$220.0K
YoY Change -43.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.040M
YoY Change -47.69%
NET CHANGE
Cash From Operating Activities -8.530M
Cash From Investing Activities -220.0K
Cash From Financing Activities 2.040M
Net Change In Cash -6.710M
YoY Change 92.82%
FREE CASH FLOW
Cash From Operating Activities -$8.530M
Capital Expenditures -$20.00K
Free Cash Flow -$8.510M
YoY Change 23.51%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
15627000
us-gaap Revenues
Revenues
0
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2410000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5274000
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
13776000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-10151000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
24000
us-gaap Share Based Compensation
ShareBasedCompensation
1306000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
332000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-577000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
124000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
668000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2364000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-18969000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-15882000
mstx Purchase Of Certificate Of Deposits
PurchaseOfCertificateOfDeposits
7986000
mstx Maturity Of Certificate Of Deposits
MaturityOfCertificateOfDeposits
7337000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
91000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
47000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
13043000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2028000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1438000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-14594000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35808000
CY2015Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21214000
us-gaap Revenues
Revenues
0
us-gaap Depreciation And Amortization
DepreciationAndAmortization
67000
us-gaap Interest Expense
InterestExpense
1000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
35000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-19732000
us-gaap Share Based Compensation
ShareBasedCompensation
1578000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
7364000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
14033000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2140000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
939000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
109000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
4000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
3000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1578000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
30035885
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.68
us-gaap Line Of Credit Facility Frequency Of Payment And Payment Terms
LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms
The interest rate for the principal balance under the Loan Agreement 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 Loan Agreement were interest only until July 1, 2016. Beginning July 1, 2016 and on the first business day of each month thereafter through the scheduled maturity date of January 1, 2019, we will repay the principal balance under the Loan Agreement in equal monthly installments of principal and interest.
us-gaap Use Of Estimates
UseOfEstimates
<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. 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>
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
647000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
8151263
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1012106
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.78
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.42
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.90
CY2016Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
5300000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
us-gaap Interest Paid
InterestPaid
700000
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
-39400000
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-32900000
CY2016Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
35100000
CY2016Q2 mstx Working Capital
WorkingCapital
10500000
CY2016Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
11556000
CY2015Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
11556000
CY2016Q2 us-gaap Available For Sale Securities Noncurrent
AvailableForSaleSecuritiesNoncurrent
0
CY2016Q2 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
10575000
CY2015Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
17946000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
7000
CY2015 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-17000
CY2016Q2 us-gaap Capital Lease Obligations
CapitalLeaseObligations
40000
CY2016Q2 mstx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
8401000
CY2015Q4 mstx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
7898000
CY2016Q2 mstx Accrued Obligation To Provide Common Stock Current
AccruedObligationToProvideCommonStockCurrent
686000
CY2016Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
337000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
254000
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
The interest rate for the principal balance under the Loan Agreement 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
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
512000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1306000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
22896728
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
26000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
24000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
35000
CY2016Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
8000000
CY2016Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
29090910
mstx Description Of Fixed Combination Of Shares And Warrant Offered And Sold To Public
DescriptionOfFixedCombinationOfSharesAndWarrantOfferedAndSoldToPublic
each consisting of one share of our common stock and one warrant to purchase one share of our common stock.
CY2016Q1 mstx Number Of Securities In Each Unit
NumberOfSecuritiesInEachUnit
1
CY2016Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2016Q1 mstx Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
7300000
CY2016Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.42
CY2016Q1 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2016-08-17
CY2016Q1 mstx Class Of Warrant Or Rights Expiration Date
ClassOfWarrantOrRightsExpirationDate
2021-02-16
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
2272727
CY2015Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.275
CY2015Q3 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2020-08-11
CY2016Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
105178730

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