LANGHORNE, PA — Savara Inc. (Nasdaq: SVRA), a clinical-stage biopharmaceutical company, recently reported an increase in both research and development (R&D) and general administrative expenses for the fourth quarter and the full year ending December 31, 2023. Despite this, the company remains optimistic about upcoming trial results and its financial position.
The Pennsylvania-based company’s net loss for the fourth quarter rose to $16.1 million, or $(0.09) per share, from $10.3 million, or $(0.07) per share, for the same period in 2022. For the full fiscal year, Savara reported a net loss of $54.7 million, or $(0.33) per share, compared with a net loss of $38.2 million, or $(0.25) per share for the previous year.
R&D expenses saw a notable increase in 2023. For the fourth quarter, these expenses totaled $12.7 million, up from $7.6 million in the fourth quarter of 2022. The annual R&D expenses also grew by 58.8%, reaching $44.3 million in 2023, compared with $27.9 million in 2022. The increase was primarily attributed to costs related to the company’s molgramostim program and the IMPALA-2 trial.
Meanwhile, general and administrative expenses rose to $4.9 million in the fourth quarter of 2023, from $3.2 million in the same period the previous year. For the full year, these expenses increased by 43.4% to $15.7 million, mainly due to the addition of key personnel and certain commercial activities.
Despite the increased expenses, Savara’s CEO Matt Pauls remains optimistic. “2023 was a year of strong execution,” said Pauls. He highlighted the successful enrollment for the Phase 3 IMPALA-2 trial and the launch of aPAP ClearPathTM, a no-cost blood test for pulmonary alveolar proteinosis (aPAP), a rare respiratory disease.
The company is eagerly anticipating the top-line results from the IMPALA-2 trial, expected by the end of the second quarter. If the data proves positive, Savara plans to file a Biologics License Application (BLA) in the first half of 2025.
Despite the losses, the firm concluded 2023 with $162 million in cash and investments. After completing an $80 million equity financing last July, Pauls believes Savara is well-capitalized into 2026.
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