Savara Inc., a clinical-stage biopharmaceutical company focused on rare respiratory diseases, reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company is advancing its primary product, Molgramostim, an inhaled biologic in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP).

As of September 30, 2024, Savara's cash and cash equivalents stood at $21.4 million, a decrease from $26.6 million at the end of 2023. However, total current assets increased to $226.4 million from $165.9 million, reflecting a rise in short-term investments to $198 million. The total assets also grew to $238.8 million, up from $177.6 million at the end of the previous fiscal year. The company’s total stockholders' equity increased to $199.3 million, compared to $140.4 million at the end of 2023, primarily due to capital raised from stock offerings.

Savara reported a net loss of $24.2 million for the third quarter of 2024, compared to a loss of $16.6 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $66.8 million, up from $38.6 million in the prior year. The increase in losses was attributed to higher research and development expenses, which rose to $20.3 million for the quarter, a 46.5% increase from $13.9 million in Q3 2023. For the nine-month period, R&D expenses totaled $54.7 million, a 73.7% increase from $31.5 million in the previous year. General and administrative expenses also rose significantly, reaching $6 million for the quarter and $17.2 million for the nine months, reflecting increased personnel and commercial activity costs.

The company has not generated any revenue from product sales and does not anticipate doing so until it receives regulatory approval for Molgramostim. To support its ongoing clinical development and commercialization efforts, Savara raised $93.8 million from a public offering in July 2024 and an additional $24.4 million from an at-the-market sales offering in August 2024.

Savara's accumulated deficit reached approximately $460.2 million as of September 30, 2024. The company continues to face significant capital requirements and may need to raise additional funds through equity offerings, debt financing, or strategic alliances to support its operations and product development. The company has also initiated an Early Access Program for Molgramostim, allowing select physicians to request the drug for eligible patients, with plans for expansion through 2026.