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Jun 30, 2020
Savara Q2 2020 Earnings Report
Reported financial results for the second quarter ending June 30, 2020 and provided a business update.
Key Takeaways
Savara reported a net loss attributable to common stockholders of $9.4 million, or $(0.16) per share, for the three months ended June 30, 2020. The company had cash, cash equivalents, and short-term investments of approximately $100 million as of June 30, 2020.
IMPALA 2 study design finalized with study start expected in Q1 2021.
Analyzing data from the previous Apulmiq development program and working on the design of a future program.
Top line results from AVAIL study expected in early 2021.
ENCORE study enrollment stopped early due to COVID-19 concerns, but data will provide useful information.
Savara
Savara
Forward Guidance
Savara anticipates an additional approximately $46.0 million in gross proceeds from the second tranche of the December 2019 financing.
Positive Outlook
- IMPALA 2 study is expected to start in Q1 2021.
- The IMPALA 2 study design incorporates feedback from the FDA and EMA.
- The company is confident in the IMPALA 2 study design.
- Top line results from AVAIL are expected in early 2021.
- Data from the ENCORE study will provide useful information.
Challenges Ahead
- The Phase 3 AVAIL study stopped enrolling new patients due to COVID-19 concerns.
- The exploratory ENCORE study stopped enrolling new patients due to COVID-19 concerns.
- Savara's expectations involve assumptions that may never materialize or may prove to be incorrect.
- The COVID-19 pandemic may have an impact on the business and operations.
- Savara's ability to project future cash utilization and reserves needed for contingent future liabilities and business operations.