Savara Inc
(NASDAQ:SVRA)

Savara Inc. operates as an orphan lung disease company. Its lead product candidate is molgramostim, an inhaled granulocyte-macrophage colony-stimulating factor, which is in Phase III development stage for the treatment of autoimmune pulmonary alveolar proteinosis. The company is headquartered in Aus...

Website: http://www.savarapharma.com

Founded: 1995

Full Time Employees: 36

Founder: Rob Neville, Taneli Jouhikainen

CEO: Matthew Pauls

Sector: Healthcare

Industry: Biotechnology

Pharmaceuticals

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-06-12	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-06-12	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-06-12	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-06-12	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-06-12	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-06-12	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-06-12	2005-03-31

operating expenses:
research and development	23,398,000	20,902,000	20,592,000	20,751,000	19,159,000	23,294,000	20,311,000	17,617,000	16,807,000	12,746,000	13,867,000	8,911,000	8,738,000	7,626,000	8,151,000	6,418,000	5,684,000	7,618,000	6,532,000	7,252,000	7,589,000	10,157,000	5,603,000	6,079,000	13,200,000	8,723,000	9,575,000	10,464,000	10,019,000	9,857,000	9,509,000	9,268,000	8,539,000	6,436,000	4,966,000	4,164,000	1,443,000	78,000	5,088,000	7,752,000	7,875,000	7,158,000	7,330,000	7,734,000	6,042,000	4,932,400	5,401,661	4,820,122	4,280,817	3,520,176	3,102,240	2,836,935	3,442,912	2,111,935	1,657,902	2,107,861	2,210,454			1,342,573	1,342,573	611,293	897,358	918,309	633,766		1,239,329	1,961,415	1,444,038	1,454,896		1,647,300	4,849,363	4,741,118	4,511,395		3,820,307	3,887,412	4,422,259	4,239,610		3,384,660	3,060,065	3,223,554	3,233,735		2,483,858	3,020,835	1,720,257	2,236,609		1,704,797
general and administrative	15,568,000	12,528,000	9,627,000	10,655,000	9,246,000	7,848,000	6,013,000	5,540,000	5,636,000	4,852,000	4,147,000	3,302,000	3,366,000	3,242,000	2,376,000	2,957,000	2,354,000	3,019,000	3,400,000	3,153,000	2,778,000	2,790,000	5,375,000	3,117,000	2,982,000	3,296,000	2,811,000	4,211,000	2,763,000	3,252,000	3,148,000	2,486,000	1,769,000	2,671,000	1,486,000	5,088,000																																															1,386,342.5	2,055,441	1,754,757		1,735,172	739,831	1,887,260	1,123,577		1,150,033
depreciation and amortization	24,000	-11,000	36,000	34,000	30,000	32,000	33,000	33,000	32,000	32,000	30,000	8,000	8,000	7,000	8,000	8,000	8,000	2,000	40,000	47,000	47,000	66,000	63,000	68,000	58,000	63,250	56,000	59,000	138,000								11,000	13,000	24,000	30,000	32,000	41,000	38,000	37,000	30,000	25,237	25,775	22,538	11,450	10,779	10,064	8,879	9,795	12,478	10,638	36,739	30,192			10,366	10,366	9,871	3,295	4,879	5,767		5,880	9,297	12,350	25,835		32,246	37,341	39,803	44,116		46,779	47,959	44,899	53,036		51,889	49,160	49,326	41,089		37,113	19,123	34,331	34,965		27,126
total operating expenses	38,990,000	33,419,000	30,255,000	31,440,000	28,435,000	31,174,000	26,357,000	23,190,000	22,475,000	17,630,000	18,044,000	12,221,000	12,112,000	10,875,000	10,535,000	9,383,000	8,046,000	10,639,000	9,972,000	10,452,000	10,414,000	13,013,000	11,041,000	9,264,000	16,240,000	31,509,000	12,442,000	22,154,000	12,920,000	13,248,000	12,784,000	11,907,000	32,107,000	9,198,000	6,543,000	9,343,000	5,791,000	8,375,000	7,246,000	10,221,000	10,742,000	9,714,000	9,828,000	10,181,000	9,650,000	7,354,307	7,884,126	7,201,715	6,838,852	5,722,328	5,270,721	4,953,239	5,592,913	4,016,449	3,218,499	4,221,558	4,171,496			4,406,465	4,406,465	2,994,415	2,797,883	1,868,138	1,942,750		2,419,885	3,224,549	2,349,865	2,552,485		3,458,786	7,530,343	6,856,013	7,191,199		6,232,280	5,819,590	6,446,415	6,299,042		6,245,998	4,800,292	5,328,321	15,451,711		4,256,143	3,779,789	3,641,848	3,395,151		2,882,256
income from operations	-38,990,000	-33,419,000	-30,255,000	-31,440,000	-28,435,000	-31,174,000	-26,357,000	-23,190,000	-22,475,000	-17,630,000	-18,044,000	-12,221,000	-12,112,000	-10,875,000	-10,535,000	-9,383,000	-8,046,000	-10,639,000	-9,972,000	-10,452,000	-10,414,000	-13,012,000	-10,785,000	-9,264,000	-16,240,000	-31,509,000	-12,442,000	-22,154,000	-12,920,000	-13,248,000	-12,784,000	-11,907,000	-32,107,000	-9,198,000	-6,543,000	-9,343,000	-5,697,000	-8,292,000	-7,201,000	-10,221,000	-10,742,000	-9,714,000	-9,828,000	-10,181,000	-9,650,000	-7,354,307	-7,884,126	-7,201,715	-6,838,852	-5,722,328	-5,270,721	-4,953,239	-5,592,913	-4,016,449	-3,218,499	-4,221,558	-4,171,496			-4,406,465	-4,406,465	-2,994,415	-2,308,924	-1,868,138	-1,942,750		-2,419,885	-3,224,549	-2,349,865	-2,552,485		-3,158,786	-7,530,343	-6,856,013	-6,691,199		-6,232,280	-5,819,590	-6,446,415	-6,299,042		-5,745,998	-5,510,204	-5,107,050	-15,199,597		-4,019,616
yoy	37.12%	7.20%	14.79%	35.58%	26.52%	76.82%	46.07%	89.76%	85.56%	62.11%	71.28%	30.25%	50.53%	2.22%	5.65%	-10.23%	-22.74%	-18.24%	-7.54%	12.82%	-35.87%	-58.70%	-13.32%	-58.18%	25.70%	137.84%	-2.68%	86.06%	-59.76%	44.03%	95.38%	27.44%	463.58%	10.93%	-9.14%	-8.59%	-46.97%	-14.64%	-26.73%	0.39%	11.32%	32.09%	24.66%	41.37%	41.11%	28.52%	49.58%	45.39%	22.28%	42.47%	63.76%	17.33%	34.07%			-4.20%	-5.33%			135.87%	126.82%		-4.59%	-42.07%	-17.33%			2.08%	-68.79%	-62.77%			20.83%	17.81%	3.80%			1.28%	16.99%	23.34%			37.08%
qoq	16.67%	10.46%	-3.77%	10.57%	-8.79%	18.28%	13.66%	3.18%	27.48%	-2.29%	47.65%	0.90%	11.37%	3.23%	12.28%	16.62%	-24.37%	6.69%	-4.59%	0.36%	-19.97%	20.65%	16.42%	-42.96%	-48.46%	153.25%	-43.84%	71.47%	-2.48%	3.63%	7.37%	-62.91%	249.07%	40.58%	-29.97%	64.00%	-31.30%	15.15%	-29.55%	-4.85%	10.58%	-1.16%	-3.47%	5.50%	31.22%	-6.72%	9.48%	5.31%	19.51%	8.57%	6.41%	-11.44%	39.25%	24.79%	-23.76%	1.20%				0.00%	47.16%	29.69%	23.59%	-3.84%			-24.95%	37.22%	-7.94%			-58.05%	9.84%	2.46%			7.09%	-9.72%	2.34%			4.28%	7.89%	-66.40%
operating margin %	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
other income, net:
interest income	1,057,000	1,195,000	548,000	921,000	1,498,000	1,913,000	2,129,000	1,072,000	1,353,000	1,519,000	1,444,000	709,000	765,000	-175,500	152,000							-238,000	-459,000	-332,000		-86,000	5,000	31,000									11,000	15,000	31,000	36,000	39,000	36,000	32,000	32,000	30,000	19,406	17,376	16,872	15,346	17,630	17,327	10,895	14,416	17,260	18,347	19,285	29,378			10,998	10,998	32,871	24,867	26,258	23,308		18,440										299,208	438,316	532,291	576,214		622,184	454,810	221,271	252,114		236,527	234,767	159,373	64,597		37,322
foreign currency exchange gain	-216,000	-12,000	146,000	118,000	60,000	217,000	-20,000	-125,000	-21,000	12,000	1,000	33,000	29,000	5,250	-8,000	42,000		-77,000	-8,000	43,000	-57,000	-196,000	148,000	50,000	156,000	-245,000	116,000	110,000		-16,000	-7,000	155,000	-61,000	7,000	-71,000
tax credit income	853,000				784,000				797,000			36,000	761,000	1,000	5,000	461,000	329,000	-29,000		26,000	847,000	-3,000	-27,000	103,000	821,000	80,000	54,000	115,000	964,000
change in fair value of royalty agreement derivative liability	12,000
loss on extinguishment of debt					-546,000																															-1,816,000
total other income	1,706,000	1,183,000	694,000	1,039,000	1,796,000	2,130,000	2,109,000	947,000	2,129,000	1,531,000	1,445,000	778,000	1,555,000	575,000	149,000	219,000	-254,000	-216,500	-574,000	-489,000	197,000	-729,000	-278,000	-125,000	819,000	-210,000	39,000	215,000	808,000	89,000	114,000	36,000	-221,000	-116,000	-391,000	-2,631,000
net income	-37,284,000	-32,236,000	-29,561,000	-30,401,000	-26,639,000	-29,044,000	-24,248,000	-22,243,000	-20,346,000	-16,099,000	-16,599,000	-11,443,000	-10,557,000	-10,300,000	-10,386,000	-9,164,000	-8,300,000	-11,310,000	-10,546,000	-10,941,000	-10,217,000	-13,741,000	-11,063,000	-9,389,000	-15,421,000	-31,719,000	-12,403,000	-21,939,000	-12,112,000	-10,514,000	-12,560,000	-11,594,000	-26,849,000	-6,504,000	-6,817,000	-11,504,000	-5,869,000	-6,035,000	-8,152,000	-10,706,000	-11,207,000	-10,163,000	-9,912,000	-10,151,000	-9,616,000	-7,313,033	-7,866,497	-7,151,889	-6,370,581	-5,704,715	-5,253,531	-4,941,172	-5,580,867	-3,996,756	-3,199,053	-4,211,163	-4,152,517			-4,392,190	-4,392,190	-2,956,439	-2,284,507	-1,843,899	-1,919,442		-2,403,074	-3,219,920	-2,352,586	-2,595,541		-3,157,010	-7,512,028	-6,776,863	-6,425,530		-5,933,072	-5,381,274	-5,914,124	-5,722,828		-5,123,814	-6,439,625	-4,609,181	2,763,714		-21,046,681	-15,124,682	-3,482,475	-3,330,554		-2,844,934
yoy	39.96%	10.99%	21.91%	36.68%	30.93%	80.41%	46.08%	94.38%	92.73%	56.30%	59.82%	24.87%	27.19%	-8.93%	-1.52%	-16.24%	-18.76%	-17.69%	-4.67%	16.53%	-33.75%	-56.68%	-10.80%	-57.20%	27.32%	201.68%	-1.25%	89.23%	-54.89%	61.65%	84.25%	0.78%	357.47%	7.77%	-16.38%	7.45%	-47.63%	-40.62%	-17.76%	5.47%	16.55%	38.97%	26.00%	41.93%	50.94%	28.19%	49.74%	44.74%	14.15%	42.73%	64.22%	17.34%	34.40%			-4.12%	-5.46%			138.20%	128.83%		-4.93%	-42.73%	-18.41%			1.99%	-68.68%	-61.70%			26.61%	25.93%	8.65%			5.02%	-8.16%	24.16%			-69.40%	-69.53%	-179.36%			431.64%
qoq	15.66%	9.05%	-2.76%	14.12%	-8.28%	19.78%	9.01%	9.32%	26.38%	-3.01%	45.06%	8.39%	2.50%	-0.83%	13.33%	10.41%	-26.61%	7.24%	-3.61%	7.09%	-25.65%	24.21%	17.83%	-39.12%	-51.38%	155.74%	-43.47%	81.13%	15.20%	-16.29%	8.33%	-56.82%	312.81%	-4.59%	-40.74%	96.01%	-2.75%	-25.97%	-23.86%	-4.47%	10.27%	2.53%	-2.35%	5.56%	31.49%	-7.04%	9.99%	12.26%	11.67%	8.59%	6.32%	-11.46%	39.63%	24.94%	-24.03%	1.41%				0.00%	48.56%	29.41%	23.90%	-3.94%			-25.37%	36.87%	-9.36%			-57.97%	10.85%	5.47%			10.25%	-9.01%	3.34%			-20.43%	39.71%	-266.77%			39.15%	334.31%	4.56%
net income margin %	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%
net income per share																																					-1.61	-0.02	-0.04	-0.05	-0.06	-0.07	-0.06	-0.06	-0.06	-0.04	-0.06	-0.06
basic and diluted	-0.15	-0.13	-0.14	-0.14	-0.12	-0.13	-0.11	-0.12	-0.11	-0.09	-0.1	-0.07	-0.07	-0.07	-0.07	-0.06	-0.05	-0.07	-0.07	-0.07	-0.13	-0.23	-0.18	-0.16	-0.27	-0.75	-0.3	-0.57	-0.34	-0.24	-0.37	-0.38	-0.88		-0.28	-0.9
weighted-average common shares outstanding:
basic and diluted	253,280,551	222,387,531	216,462,161	216,431,348	216,146,934	198,191,936	211,847,651	182,584,078	182,550,109	165,204,652	164,342,634	152,796,617	152,781,580	152,771,817	152,773,015	152,771,103	152,769,224	133,919,145	152,587,848	152,460,531	76,992,407	59,309,090	60,288,993	58,858,216	57,364,265	40,027,758	41,727,259	38,440,647	36,016,406	33,300,704	33,708,563	30,658,494	30,543,746	17,521,119	24,209,517	13,807,861
other comprehensive income:
gain on foreign currency translation	-95	-47	-62	502	272	-786	596	-113	-220			-98	130			-745		-242	-297	83		683	289	162				91	-225	619,227	-105,000	-856,000	341,000	252,000	348,000	851,000
unrealized loss on short-term investments	-247			-86	-154			-25									-88	-38	-10
total comprehensive loss	-37,626	-32,168	-29,500	-29,985	-26,521	-30,093	-23,069	-22,381	-20,817	-15,428	-16,922	-11,601	-10,413	-9,298	-10,977	-9,889	-8,596	-11,590	-10,853	-10,834	-10,674	-13,052	-10,930	-9,142	-15,532	-31,500	-12,851	-21,728	-12,311	51,533,726	-12,652,000	-12,413,000	-26,532,000	-6,293,000	-6,474,000	-10,653,000
other income																																						-7,250	-34,000	-9,000	15,000			-1,000	4,000	121,533	253		452,925	-17	-137	1,172		2,433	1,099	-8,890	311			3,277	3,277	5,105	-450	-2,019								1,776
unrealized gain on short-term investments		115	123			-263	583		-251	252	-5	-60	14	29	77	20				24	-26	6	-156	85	17	-55	-12	120	26	-25,985	13,000	37,000	-24,000
income before income taxes					-26,639,000																			-9,389,000	-15,421,000	-31,719,000	-12,403,000	-21,939,000	-12,112,000	-13,159,000	-12,670,000	-11,871,000	-32,328,000	-9,314,000	-6,934,000	-11,974,000
income tax benefit																														2,645,000	110,000	277,000	5,479,000	2,810,000	117,000	470,000
loss on foreign currency translation										-71.5	-318			973	-668		-208				-431				-128	274	-436
other comprehensive loss:
interest expense																-284,000	-570,000	-565,000	-566,000	-558,000	-593,000				-160,000				-20,000	-26,500	111,000	-113,000	-104,000	-123,000	-277,000	-516,000	-178,000	-153,000	-948,000	-512,000	-519,000	-501,000	-101,000	-1,000													-10,710										-1,629																									300
foreign currency exchange loss																	-13,000												-59,000							-122,000
milestone revenue																						1,000	256,000
change in fair value of financial instruments																							60,000	54,000	2,000	41,000	-136,000	-41,000	-77,000	-12,000	10,000	-6,000	-56,000		-43,000	-177,000
impairment of goodwill																										19,432,000		7,420,000
impairment of acquired ipr&d																																	21,692,000
depreciation																														139,000	127,000	153,000	107,000	91,000	91,000	91,000
other income:
accretion of redeemable convertible preferred stock																																				-554,000
deemed dividend on beneficial conversion feature																																				-404,000
net income attributable to common stockholders																														-10,514,000	-12,560,000	-11,594,000
weighted-average common shares outstanding
basic and diluted	253,280,551	222,387,531	216,462,161	216,431,348	216,146,934	198,191,936	211,847,651	182,584,078	182,550,109	165,204,652	164,342,634	152,796,617	152,781,580	152,771,817	152,773,015	152,771,103	152,769,224	133,919,145	152,587,848	152,460,531	76,992,407	59,309,090	60,288,993	58,858,216	57,364,265	40,027,758	41,727,259	38,440,647	36,016,406	33,300,704	33,708,563	30,658,494	30,543,746	17,521,119	24,209,517	13,807,861
net loss attributable to common stockholders																																	-26,849,000	-6,504,000	-6,817,000	-12,462,000
grant and award revenue
unealized gain on short-term investments																																		-1,250	-5,000
revenues																																					94,000	83,000	45,000
selling, general and administrative																																					1,585,000	1,934,000	2,134,000	2,439,000	2,835,000	2,515,000	2,460,000	2,410,000	3,578,000	2,396,977	2,454,830	2,369,960	2,266,233	2,146,733	2,158,417	2,099,925	2,112,706	1,786,927	1,816,181	1,871,059	2,045,238			1,824,108	1,824,108	1,573,746	1,897,230	944,950	1,303,217		1,174,676	1,253,837	893,477	1,071,754		1,779,240	2,643,639	2,075,092	2,635,688		2,365,194	1,884,219	1,979,257	2,006,396		2,809,449
transaction-related expenses																																					2,752,000									-307	1,860	-10,905	280,352	44,640		7,500	27,500	105,109	-266,222	205,899	-114,388			1,229,418	1,229,418	799,505
other (expense)/income																																					-5,000					-3,000	-15,000
net income per share																																					-1.61	-0.02	-0.04	-0.05	-0.06	-0.07	-0.06	-0.06	-0.06	-0.04	-0.06	-0.06
weighted-average shares outstanding - basic and diluted																																					3,639,242	208,484,370	214,714,029	196,553,963	178,115,217	162,219,116	163,614,297	162,128,100	159,458,772	122,409,183	123,287,118
comprehensive loss:
other comprehensive (loss)/income																																					-1					8.5	-1
comprehensive loss																																					-5,870													-3,950,524.5	-5,273,415	-4,939,368
comprehensive income/
other comprehensive income/																																						-4	-3						23
comprehensive net income																																						-7,510.75	-8,155	-10,704	-11,185	-7,411.25	-9,913		-9,593			-7,143,617					-5,589,315	-3,996,731	-3,198,977
other comprehensive income																																								2	22			12
comprehensive income:
comprehensive net loss																																												-10,139		-5,348,226.5	-7,873,261		-6,376,028							-4,211,299
other comprehensive gains																																														-984.75	-6,764		-5,447	-6,632	-19,884	1,804		19.75	76	-136
other income/(expense)																																																32,954					-2,370
weighted-average shares outstanding – basic and diluted																																																115,587,056	105,053,762		102,710,286	53,749,791	46,265,286
other comprehensive gains/																																																8,272					-8,448
revenues:
net sales
yoy																																																	NaN%		NaN%	NaN%	NaN%			NaN%	NaN%			NaN%	NaN%				NaN%					NaN%					NaN%					NaN%					NaN%
qoq																																																			NaN%	NaN%			NaN%	NaN%				NaN%	NaN%			NaN%					NaN%					NaN%					NaN%					NaN%					NaN%
licensing revenue																																																																								300,000			500,000							500,000
grant revenue
total net revenues																																																																								300,000
cost of goods sold
gross margin																																																																								300,000
yoy																																																	NaN%		NaN%	NaN%	NaN%			NaN%	NaN%			NaN%	NaN%				NaN%					NaN%					NaN%					NaN%					NaN%
qoq																																																			NaN%	NaN%			NaN%	NaN%				NaN%	NaN%			NaN%					NaN%					NaN%					NaN%					NaN%					NaN%
gross margin %	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
write-off of in-process research and development
goodwill impairment
equity in loss of investee
reduction of fair value of warrants
loss before cumulative effect of change in accounting principle																																																	-6,370,581			-4,941,172				-4,211,163						-2,956,439					-2,403,074	-3,219,920	-2,352,586	-2,595,541		-3,157,010	-7,512,028	-6,776,863	-6,425,530		-5,933,072	-5,381,274	-5,914,124	-5,722,828		-5,123,814	-6,439,625	-4,609,181			-21,046,681	-15,124,682	-3,482,475	-3,330,554		-2,844,934
cumulative effect of change in accounting principle
preferred stock dividends
deemed dividends on preferred stock																																																																	-3,124,876		-2,514,920	-3,258,383	-376,089
net loss applicable to common stock																																																	-6,370,581			-4,941,172				-4,211,163						-2,956,439					-4,917,994	-6,478,303	-2,728,675	-3,827,956		-3,157,010	-7,512,028	-6,776,863	-6,425,530		-5,933,072	-5,381,274	-5,914,124	-5,722,828		-5,123,814	-6,439,625	-4,609,181			-21,046,681	-15,124,682	-3,482,475	-3,330,554		-2,844,934
net loss per common share – basic and diluted																																																	-0.06			-0.09				-0.09																						-0.048	-0.07	-0.06
income before cumulative effect of change in accounting principle																																																		-3,943,892.5	-5,253,531		-5,580,867	-3,996,756	-3,199,053		-4,152,517			-4,392,190	-4,392,190		-1,541,603.75	-1,843,899	-1,919,442																				2,763,714
net income applicable to common stock																																																		-3,943,892.5	-5,253,531		-5,580,867	-3,996,756	-3,199,053		-4,152,517			-4,392,190	-4,392,190		-2,951,552.75	-1,843,899	-5,044,318																				2,763,714
net income per common share – basic and diluted																																																		-0.058	-0.05		-0.12	-0.06	-0.07		-0.09
weighted-average shares – basic and diluted																																																							47,715,709	47,715,709	47,715,709																						90,007,509	89,706,739				73,435,715
statement of comprehensive income/loss:
comprehensive gains																																																									139
comprehensive net income applicable to common stock																																																									-4,152,378
total net revenue
cost of sales
in-process research and development																																																																																					10,422,130
impairment loss
loss on fair value of warrants
net income per common share — basic and diluted																																																												-0.17	-0.17		-0.235	-0.13	-0.39
weighted-average shares — basic and diluted																																																												26,250,259	26,250,259	22,755,463		14,701,216	12,886,826		10,143,789		119,480,719	93,389,302		90,252,572		90,252,572	90,252,572
impairment loss — write off of goodwill
net loss per common share — basic and diluted																																																														-0.13					-0.48	-0.025	-0.02	-0.04		-0.03	-0.053	-0.08	-0.07
total revenues																																																																				75,000					125,000		500,000			125,000				500,000
interest and other income																																																																				-11,000.5	-2,721				161,006.75	79,150	265,669
interest & other income																																																																						-43,056
deemed dividend on preferred stock																																																																						-1,232,415
cost of net sales
impairment loss — write-off of goodwill
loss per common share — basic and diluted																																																																													-0.07					-0.06					-0.31			-0.06
weighted-average shares outstanding — basic and diluted																																																		76,585,752				47,641,043					28,175,221				13,180,583			13,180,583		116,678,997			116,678,997						90,252,572					89,676,739	73,988,206			73,988,206
gain on fair value of warrants																																																																																			358,528.75	497,869	17,963,311		-17,027,065
net loss per common share – basic and diluted:																																																																																			-0.08	-0.06
basic net income per share																																																																																					0.04
diluted net income per share																																																																																					0.03
weighted-average shares—basic																																																																																					71,214,523
weighted-average shares—diluted																																																																																					81,797,928
weighted-average number of common shares outstanding — basic and diluted																																																																																							67,976,352
loss per common share - basic and diluted																																																																																								-0.043	-0.06
weighted-average number of common shares outstanding - basic and diluted																																																																																									63,255,407
impairment loss – write off of goodwill
loss per common share – basic and diluted																																																																																												-0.05

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30

assets
current assets:
cash and cash equivalents	38,791,000	33,180,000	16,277,000	17,436,000	19,556,000	15,128,000	21,427,000	23,864,000	16,785,000	26,585,000	27,690,000	22,745,000	33,984,000	52,100,000	119,841,000	95,153,000	79,227,000	34,012,000	44,699,000	40,653,000	55,982,000	22,880,000	35,219,000	47,117,000	34,515,000	49,804,000	17,785,000	16,830,000	25,671,000	24,301,000	24,946,000	23,604,000	22,122,000	22,121,000	19,813,000	61,133,000	7,771,000	8,542,000	20,521,000	24,490,000	23,521,000	23,052,000	32,207,000	21,214,000	27,934,000	35,808,000	25,981,605	26,368,452	29,848,152	25,681,092	30,231,154	44,972,236	21,409,923	22,500,440	26,088,710	29,956,864	35,051,277	43,569,947	43,569,947	41,955,977							3,159,610	5,419,227	5,306,646	9,849,904	15,306,476	12,638,547	20,299,364	14,780,739	19,279,913	16,751,763	20,954,573	25,974,041	16,201,019	17,601,928	16,819,293	14,634,618	18,506,914	8,102,824
short-term investments	163,981,000	202,522,000	108,109,000	129,007,000	152,944,000	181,199,000	198,013,000	97,652,000	126,258,000	135,734,000	140,561,000	82,434,000	80,793,000	73,776,000	14,236,000	47,286,000	72,570,000	127,159,000	126,107,000	140,018,000	136,731,000	59,308,000	59,116,000	52,492,000	70,472,000	71,957,000	88,496,000	94,902,000	79,508,000	86,529,000	87,102,000	51,151,000	62,862,000	72,192,000	33,473,000																	8,450,318	10,597,514	14,010,962	13,812,937	13,117,818	10,995,127	7,133,697	7,133,697													9,431,245	8,507,787	18,682,417	19,334,436	26,966,978	26,485,512	25,771,406	894,489	1,148,848	5,194,703	7,958,458	7,007,637
prepaid expenses and other current assets	6,493,000	5,914,000	3,812,000	4,545,000	4,944,000	5,808,000	6,955,000	6,178,000	3,144,000	3,628,000	1,845,000	2,721,000	2,849,000	3,078,000	2,992,000	2,946,000	2,740,000	3,829,000	3,778,000	2,817,000	2,089,000	2,933,000	1,993,000	2,953,000	2,458,000	2,306,000	2,065,000	2,436,000	2,339,000	2,514,000	2,697,000	2,680,000	2,586,000	3,551,000	2,235,000	2,541,000	388,000	903,000	1,333,000	746,000	1,160,000	1,271,000	1,536,000	1,374,000	675,000	1,114,000	984,841	1,126,150	992,474	1,135,490
total current assets	209,265,000	241,616,000	128,198,000	150,988,000	177,444,000	202,135,000	226,395,000	127,694,000	146,187,000	165,947,000	170,096,000	107,900,000	117,626,000	128,954,000	137,069,000	145,385,000	154,537,000	165,000,000	174,584,000	183,488,000	194,802,000	85,121,000	96,328,000	102,562,000	107,445,000	124,067,000	108,346,000	114,168,000	107,518,000	113,344,000	114,745,000	77,435,000	87,570,000	97,864,000	55,521,000	63,674,000	8,159,000	12,185,000	28,283,000	35,818,000	38,249,000	42,252,000	51,449,000	44,753,000	50,562,000	58,403,000	44,058,950	47,563,880	50,612,637	45,528,030	49,934,378	54,116,339	32,529,484	37,173,662	41,638,466	44,285,194	47,307,187	51,792,211	51,792,211	42,732,426	46,886,322	28,409,079	30,455,597	32,398,877	20,027,317	8,972,494	3,767,989	6,024,057	5,964,580	10,449,542	16,936,954	22,802,600	29,477,223	34,150,876	39,446,157	44,517,494	48,183,895	52,337,112	18,025,007	19,443,721	22,318,821	22,859,092	26,150,071	8,577,297
property and equipment	130,000	100,000	85,000	119,000	138,000	165,000	206,000	236,000	248,000	270,000	277,000	264,000	47,000	51,000	59,000	61,000	64,000	73,000	91,000	102,000	124,000	156,000	211,000	250,000	294,000	352,000	393,000	454,000	474,000	522,000	605,000	720,000	837,000	925,000	582,000	672,000	88,000	99,000	148,000	171,000	199,000	226,000	250,000	230,000	248,000	188,000	185,715	186,345	106,495	105,747	115,092	119,951	198,706	198,358	320,427	295,499	603,054	464,465	464,465	57,407	39,580	44,254	30,744	39,342	45,109	44,210	53,608	74,919	166,527	199,052	266,701	294,113	318,381	332,444	372,518	369,646	387,509	402,968	447,445	417,813	389,102	407,544	348,142	342,036
in-process r&d	11,364,000	11,636,000	11,651,000	11,629,000	10,733,000	10,337,000	11,111,000	10,634,000	10,712,000	10,960,000	10,497,000	10,781,000	10,818,000	10,656,000	9,754,000	10,379,000	11,060,000	11,274,000	11,547,000	11,834,000	11,676,000	12,218,000	11,641,000	11,161,000	10,930,000	11,111,000	10,806,000	11,274,000	11,135,000	11,372,000	11,520,000	11,608,000	12,238,000	33,626,000	33,449,000	33,071,000
other non-current assets	886,000	84,000	990,000	1,029,000	1,001,000	242,000	1,105,000	1,106,000	1,148,000	387,000	1,202,000	888,000	868,000	116,000	876,000	952,000	548,000	251,000	1,052,000	1,009,000	1,028,000	250,000	1,162,000	1,173,000	1,306,000	673,000	1,651,000	2,002,000	2,287,000	131,000	1,292,000	1,191,000	1,056,000	131,000	1,004,000	131,000
total assets	221,645,000	253,436,000	140,924,000	163,765,000	189,316,000	212,879,000	238,817,000	139,670,000	158,295,000	177,564,000	182,072,000	119,833,000	129,359,000	139,777,000	147,758,000	156,777,000	166,209,000	176,598,000	187,274,000	196,433,000	207,630,000	97,745,000	109,342,000	115,146,000	119,975,000	136,203,000	140,628,000	147,330,000	148,263,000	152,287,000	155,124,000	117,941,000	128,872,000	159,628,000	118,888,000	125,770,000	13,885,000	17,922,000	40,118,000	47,676,000	50,145,000	54,217,000	63,438,000	56,764,000	62,720,000	70,500,000	56,164,045	59,369,605	62,358,557	55,249,972	59,649,265	63,836,085	42,327,985	46,971,815	51,558,688	54,180,488	57,510,036	61,856,471	61,856,471	50,161,643	46,957,164	28,486,817	30,488,562	32,440,440	20,074,925	9,027,217	3,830,305	6,166,630	6,191,354	10,709,258	17,265,151	23,158,210	29,853,909	34,541,625	39,876,980	44,945,445	48,629,709	52,798,385	18,773,757	20,177,504	23,043,477	23,621,773	26,556,599	8,977,720
liabilities and stockholders' equity
current liabilities:
accounts payable	4,496,000	5,757,000	4,136,000	4,749,000	5,557,000	4,545,000	4,609,000	3,386,000	2,853,000	3,504,000	3,219,000	2,502,000	1,573,000	1,334,000	893,000	805,000	1,296,000	1,443,000	1,279,000	2,144,000	2,723,000	2,595,000	1,745,000	2,006,000	1,227,000	3,409,000	2,903,000	4,440,000	3,503,000	3,879,000	3,240,000	2,523,000	3,418,000	2,784,000	1,665,000	1,932,000	502,000	626,000	1,497,000	2,300,000	2,453,000	2,600,000	2,931,000	2,005,000	2,278,000	1,370,000	1,154,266	1,226,280	1,449,667	963,947	794,674	950,805	575,766	698,838	343,197	468,460	316,712	451,705	451,705	872,488	898,008	479,780	260,067	414,080	180,487	385,358	95,598	252,226	1,054,680	1,721,376	207,873	606,468	300,188	552,143	1,078,661	876,834	98,596	480,402	73,584	381,950	694,363	593,228	417,309	270,779
accrued expenses and other current liabilities	11,043,000	14,639,000	12,621,000	8,879,000	6,341,000	10,179,000	8,179,000	7,900,000	6,957,000	7,093,000	5,744,000	3,383,000	3,349,000	4,533,000	4,270,000	2,901,000	2,527,000	4,884,000	5,215,000	3,491,000	4,484,000	5,579,000	5,892,000	4,447,000	6,502,000	5,471,000	5,388,000	4,612,000	5,417,000	3,334,000
total current liabilities	15,539,000	20,396,000	16,757,000	13,628,000	11,898,000	14,724,000	12,788,000	11,286,000	9,810,000	10,597,000	8,963,000	5,885,000	4,922,000	5,867,000	5,163,000	3,706,000	16,323,000	14,660,000	10,661,000	5,635,000	7,207,000	8,174,000	7,637,000	6,453,000	7,729,000	10,880,000	8,291,000	9,052,000	8,920,000	7,254,000	11,220,000	7,520,000	5,386,000	6,015,000	6,077,000	8,138,000	6,593,000	4,866,000	20,893,000	25,363,000	22,669,000	23,173,000	13,520,000	10,800,000	9,181,000	8,438,000	7,511,615	5,745,079	6,165,327	4,833,378	3,976,741	3,329,289	3,164,595	2,570,666	2,660,018	2,493,296	1,945,199	2,469,019	2,469,019	2,364,093	2,133,537	1,801,476	1,699,885	1,960,661	1,246,810	2,353,687	2,205,522	3,870,811	3,179,171	4,714,023	4,006,872	3,488,969	4,093,326	3,492,815	3,957,417	4,163,825	2,783,208	32,804,963	30,644,882	31,593,231	48,931,909	31,393,311	1,692,385	1,167,755
long-term liabilities:
long-term debt	30,067,000	29,907,000	29,781,000	29,653,000	29,524,000	26,619,000	26,552,000	26,484,000	26,416,000	26,348,000	26,281,000	26,213,000	26,145,000	26,078,000	26,010,000	25,942,000	13,309,000	17,323,000	21,350,000
total liabilities	45,606,000	50,303,000	46,538,000	43,281,000	41,466,000	41,430,000	39,468,000	37,939,000	36,434,000	37,192,000	35,528,000	32,118,000	31,104,000	31,999,000	31,244,000	29,735,000	29,734,000	32,100,000	32,045,000	31,051,000	32,509,000	33,362,000	32,716,000	31,348,000	32,659,000	34,505,000	33,825,000	34,531,000	46,459,000	44,068,000	37,270,000	35,232,000	35,169,000	40,319,000	44,243,000	46,001,000	9,535,000	8,163,000	26,931,000	31,250,000	29,465,000	30,328,000	29,899,000	14,229,000	12,612,000	11,842,000	10,915,290	9,148,754	9,569,002	7,442,133	6,585,496	5,938,044	5,773,350	5,179,421	5,268,773	5,102,051	4,553,954	5,077,774	5,077,774											4,714,023	4,006,872	3,492,536	4,102,244	3,507,085	3,977,038	4,188,797	2,813,531	32,840,637	30,685,901	31,639,607	48,988,987	31,450,389	1,754,814
commitments and contingencies
stockholders’ equity:
common stock, 0.001 par value...	204,000	204,000	173,000	173,000	173,000	173,000	172,000	140,000	140,000	140,000	137,000	116,000	116,000	116,000	116,000	116,000	116,000	116,000	115,000	114,000	114,000	55,000	55,000	54,000	52,000	52,000	42,000	40,000	36,000	36,000	36,000	32,000	32,000	32,000	26,000	26,000	255,000	255,000	233,000	208,000	193,000	164,000	164,000	164,000	159,000	159,000	127,509	119,843	113,722	102,710	102,710	102,710	47,720	47,720	47,716	47,716	47,716	47,716	47,716	26,466	23,665	15,480	14,701	14,701	10,290	205,286	124,886	108,290	90,254	90,254	90,254	90,254	90,254	90,254	90,254	89,708	89,678	89,678				67,364
additional paid-in capital	821,635,000	811,103,000	670,219,000	666,817,000	664,198,000	661,276,000	659,084,000	538,429,000	536,178,000	533,872,000	524,619,000	448,889,000	447,828,000	446,938,000	446,376,000	445,927,000	445,471,000	444,898,000	444,040,000	443,341,000	442,246,000	320,893,000	320,084,000	316,327,000	310,705,000	309,555,000	283,170,000	276,317,000	243,598,000	237,702,000	236,659,000	188,866,000	187,448,000	186,522,000	135,571,000	134,222,000	321,037,000	320,576,000	317,988,000	313,097,000	306,662,000	298,715,000	298,176,000	297,260,000	294,698,000	293,655,000	272,961,560	270,070,217	265,501,425	254,154,693	253,713,892	253,274,749	227,048,419	226,696,863	227,196,203	226,785,748	226,452,094	226,122,331	226,122,331	209,841,368	203,885,522	182,798,982	180,146,429	179,994,489	165,774,222	148,506,647	137,059,997	135,018,954	131,925,397	131,751,439	131,502,455	131,140,320	130,784,645	130,140,549	129,621,916	128,572,496	127,909,082	109,166,773	70,904,626	66,746,972	55,034,292	52,105,329	69,611,168	49,147,347
accumulated other comprehensive loss	-429,000	-87,000	-155,000	-216,000	-632,000	-750,000		-880,000	-742,000	-271,000	-942,000	-619,000	-461,000												-128,000																	-17,000	9,000	9,000	-2,000	-25,000	-22,521	-17,913	-26,185	-20,738	-28,722	-8,838	-10,642	-2,194	-2,219	-2,295	-2,159	-2,298	-2,298																	-1,989	-1,843	-2,090			-2,686		-1,625
accumulated deficit	-645,371,000	-608,087,000	-575,851,000	-546,290,000	-515,889,000	-489,250,000	-460,206,000	-435,958,000	-413,715,000	-393,369,000	-377,270,000	-360,671,000	-349,228,000	-338,671,000	-328,371,000	-317,985,000	-308,821,000	-300,521,000	-289,211,000	-278,665,000	-267,724,000	-257,507,000	-243,765,000	-232,702,000	-223,313,000	-207,892,000	-176,173,000	-163,770,000	-141,831,000	-129,719,000	-119,205,000	-106,645,000	-95,052,000	-68,203,000	-61,699,000	-54,883,000	-316,942,000	-311,073,000	-305,038,000	-296,886,000	-286,180,000	-274,973,000	-264,810,000	-254,898,000	-244,747,000	-235,131,000	-227,817,793	-219,951,296
total stockholders' equity	176,039,000	203,133,000	94,386,000	120,484,000	147,850,000	171,449,000	199,349,000	101,731,000	121,861,000	140,372,000	146,544,000	87,715,000	98,255,000																								4,350,000	9,759,000	13,187,000	16,426,000	20,680,000	23,889,000	33,539,000	42,535,000	50,108,000	58,658,000	45,248,755
total liabilities and stockholders' equity	221,645,000	253,436,000				212,879,000				177,564,000				139,777,000				176,598,000				97,745,000				136,203,000			148,263,000	152,287,000	155,124,000	117,941,000	128,872,000				13,885,000	17,922,000	40,118,000	47,676,000	50,145,000	54,217,000	63,438,000	56,764,000	62,720,000	70,500,000	56,164,045
liabilities and stockholders’ equity
other long-term liabilities					44,000	87,000	128,000	169,000	208,000	247,000	284,000	20,000	37,000	54,000	71,000	87,000	102,000	117,000	34,000	35,000	58,000	84,000	101,000	39,000	199,000	513,000	572,000	657,000	515,000	70,000	80,000	90,000	96,000	103,000	115,000	122,000																																														57,078
total liabilities and stockholders’ equity			140,924,000	163,765,000	189,316,000		238,817,000	139,670,000	158,295,000		182,072,000	119,833,000	129,359,000		147,758,000	156,777,000	166,209,000		187,274,000	196,433,000	207,630,000		109,342,000	115,146,000	119,975,000		140,628,000	147,330,000																				59,369,605	62,358,557	55,249,972	59,649,265	63,836,085	42,327,985	46,971,815	51,558,688	54,180,488	57,510,036	61,856,471	61,856,471	50,161,643	46,957,164	28,486,817	30,488,562	32,440,440	20,074,925	9,027,217	3,830,305	6,166,630	6,191,354	10,709,258	17,265,151	23,158,210	29,853,909	34,541,625	39,876,980	44,945,445	48,629,709	52,798,385
current portion of long-term debt																	12,500,000	8,333,000	4,167,000
accumulated other comprehensive income							299,000							-605,000	-1,607,000	-1,016,000	-291,000	5,000	285,000	592,000	485,000	942,000	252,000	119,000		-17,000	-236,000	212,000	1,000	200,000	364,000	456,000	1,275,000	958,000	747,000	404,000																								7,466												-7,333	8,803	2,702					870	1,149
total stockholders’ equity														107,778,000	116,514,000	127,042,000	136,475,000	144,498,000	155,229,000	165,382,000	175,121,000	64,383,000	76,626,000	83,798,000	87,316,000	101,698,000	106,803,000	112,799,000	101,804,000	108,219,000	117,854,000	82,709,000	93,703,000	119,309,000	74,645,000	79,769,000												50,220,851	52,789,555	47,807,839	53,063,769	57,898,041	36,554,635	41,792,394	46,289,915	49,078,437	52,956,082	56,778,697	56,778,697	46,397,550	44,823,627	26,685,341	28,788,677	30,479,779	18,828,115	6,673,530	1,624,783	2,295,819	3,012,183	5,995,235	13,258,279	19,665,674	25,751,665	31,034,540	35,899,942	40,756,648	45,816,178	19,957,748
debt facility																				25,381,000	25,244,000					2,000,000	24,962,000	24,822,000	24,677,000	24,530,000	3,750,000	1,875,000	14,884,000	14,775,000	14,675,000	14,579,000	1,580,000	1,548,000	11,593,000	12,512,000	11,447,000	10,991,000	1,537,000
goodwill																											19,432,000	19,432,000	26,849,000	26,918,000	26,962,000	26,987,000	27,171,000	27,082,000	28,332,000	28,222,000	3,007,000	3,007,000	3,007,000	3,007,000	3,007,000	3,007,000	3,007,000	3,007,000	3,007,000	3,007,000	3,006,883	3,006,883	3,006,883	3,006,883	3,006,883	3,006,883	3,006,883	3,006,883	3,006,883	3,006,883	3,006,883	3,006,883	3,006,883	403,795
contingent consideration																													12,347,000	12,214,000	12,079,000	11,945,000	11,814,000	11,948,000	11,816,000	11,685,000																								1,400,000
current portion of capital lease obligation																														41,000	318,000	318,000	21,000	265,000	265,000	719,000
deferred tax liability																															2,534,000	2,554,000	2,692,000	7,181,000	11,263,000	11,180,000
capital lease obligation, net of current portion																																	297,000	297,000	297,000	297,000
accrued expenses																															3,912,000	2,804,000	1,947,000	2,966,000	4,147,000	5,487,000
debt facility, net of current portion																															11,357,000	13,123,000					1,933,000	2,285,000	2,615,000	2,462,000	3,368,000	3,726,000	12,951,000
grants and award receivable
liabilities, redeemable convertible preferred stock and stockholders’ equity
accrued interest on convertible promissory notes
convertible promissory notes
put option derivative liability
warrant liability																																																																														30,356,439	28,262,296	28,760,165	46,723,476	29,696,411
redeemable convertible preferred stock
series a redeemable convertible preferred stock, 0.001 par value...
series b redeemable convertible preferred stock, 0.001 par value...
series c redeemable convertible preferred stock, 0.001 par value...
total redeemable convertible preferred stock
stockholders’ equity
total liabilities, redeemable convertible preferred stock, and stockholder’s equity																																		159,628,000	118,888,000	125,770,000
investment securities																																						2,740,000	6,429,000	10,582,000	13,568,000	17,929,000	17,706,000	22,165,000	21,953,000	21,481,000	17,092,504	20,069,278	19,772,011	18,711,448	19,131,616
in-process research and development																																					2,500,000	2,500,000	8,549,000	8,549,000	8,549,000	8,549,000	8,549,000	8,549,000	8,549,000	8,549,000	8,549,000	8,549,000	8,549,000	6,549,000	6,549,000	6,549,000	6,549,000	6,549,000	6,549,000	6,549,000	6,549,000	6,549,000	6,549,000	6,549,000
other assets																																					131,000	131,000	131,000	131,000	141,000	183,000	183,000	225,000	354,000	353,000	363,497	63,497	83,542	60,312	43,912	43,912	43,912	43,912	43,912	43,912	43,912	43,912	43,912	419,015	31,262	33,484	2,221	2,221	2,499	10,513	8,708	67,654	60,247	60,664	61,496	61,497	58,305	58,305	58,305	58,305	58,305	58,305	301,305	315,970	335,554	355,137	58,386	58,387
accrued liabilities																																					2,241,000	1,974,000	6,902,000	9,424,000	7,793,000	8,152,000	7,763,000	7,845,000	6,104,000	5,625,000	4,845,604	3,478,823	3,942,895	2,495,088	2,155,179	1,579,423	1,863,764	1,283,976	1,314,621	1,242,264	986,093	1,120,416	1,120,416	1,080,466	963,494	864,857	685,620	796,420	951,845	1,379,010	1,981,543	3,319,202	1,342,945	2,077,188	2,960,773	1,921,096	2,611,372	2,317,910	2,031,561	2,482,074	1,906,948	1,675,226	1,873,091	2,239,937	1,276,202	930,274	1,088,272	770,612
accrued compensation and payroll taxes																																					2,270,000	718,000	901,000	1,127,000	976,000	1,430,000	1,289,000	950,000	799,000	1,443,000	1,511,745	1,039,976	772,765	1,374,343	1,026,888	799,061	555,065	445,352	825,800	661,447	478,519	756,773	756,773	411,139	272,035	456,839	130,685	117,372	114,478	589,319	128,381	299,383	781,546	915,459	838,226	961,405	1,181,766	622,762	847,195	804,917	777,664	292,896
long-term lease obligation																																					14,000	17,000	19,000	21,000	24,000	25,000	24,000	25,000	27,000
deferred income tax liability																																					995,000	995,000	3,404,000	3,404,000	3,404,000	3,404,000	3,404,000	3,404,000	3,404,000	3,404,000	3,403,675	3,403,675	3,403,675	2,608,755	2,608,755	2,608,755	2,608,755	2,608,755	2,608,755	2,608,755	2,608,755	2,608,755	2,608,755
stockholders' equity:
commitments
accumulated other comprehensive income/																																						1,000	4,000	7,000	5,000
deficit accumulated during the development stage																																																	-212,799,407	-206,428,826	-200,724,111	-195,470,580	-190,529,408	-184,948,541	-180,951,785	-177,752,732	-173,541,569			-163,477,750	-159,085,560	-156,129,121	-153,844,614	-152,000,715	-146,956,397	-142,038,403	-135,560,100	-132,831,425	-129,003,468	-125,846,458	-118,334,430	-111,557,567	-105,132,037	-99,198,965	-93,817,691	-87,903,567	-82,180,739	-89,296,613	-82,856,988	-78,247,807	-81,011,521	-59,964,840	-44,840,158	-41,357,682
contingent liability																																																					170,000	142,500	176,400	121,125	163,875	140,125	140,125
treasury stock																																																					-1,454	-1,454																									-34,747	-34,747	-34,747	-34,747	-34,747	-34,747
interest and other receivables																																																			29,185	9,659	10,831	15,689	10,172	21,543	14,943	17,245	17,245	271	135	1,980	12,634	10,934	11,305	14,841	39,203	31,407	304,594	121,736				72,029
prepaid expenses																																																			542,423	684,126	511,216	646,571	700,650	484,469	292,691	256,311	256,311	776,178	334,019	428,276	487,677	595,524	203,999	290,249	569,176	573,423	353,340	477,902	1,576,574	719,382	670,072	615,691	774,175	707,104	612,286	511,327	916,115	671,568	291,052	255,802	537,400	471,335
contingent asset																																																							1,025,997	704,500	953,149	815,011	815,011
deficit accumulated during development stage																																																										-169,389,052	-169,389,052
cash																																																													46,552,168	27,978,823	29,331,773	31,159,630	19,812,013	8,667,404
convertible preferred stock, series a through f, 0.001 par value...																																																															2,472,161
restricted cash																																																															623,513	632,789
preferred stock dividends obligation																																																															623,513	632,789
current liabilities
convertible preferred stock, series a through e, 0.001 par value...
2.19446320054018% series f convertible preferred stock, 0.001 par value...																																																																2,471,304
0% series a convertible preferred stock, 0.001 par value...
5% series b convertible preferred stock, 0.001 par value...
5% series c convertible preferred stock, 0.001 par value...
4.25660% series d convertible preferred stock, 0.001 par value...
3.73344597664961% series e convertible preferred stock, 0.001 par value...
long-term liabilities																																																																								3,567	8,918	14,270	19,621	24,972	30,323	35,674	41,019	46,376	57,078		62,429
other receivables																																																																							53,904	13,426
interest receivable																																																																											57,633	91,649	131,524	80,338
preferred stock; 1,000,000 shares authorized; no shares issued or outstanding
accumulated other comprehensive gain																																																																											5,463
temporary equity:
common stock subject to continuing registration, 0.001 par value...
accrued interest income																																																																															13,384	14,676	13,773	10,214	9,365
liabilities and shareholders’ deficiency
accrued salary and related taxes																																																																															435,911	211,179	237,868	173,398	186,804	126,364
common stock subject to continuing registration, .001 par value...
shareholders’ deficiency:
common stock																																																																															74,095	72,330	69,152		67,147	55,047
total shareholders’ deficiency																																																																															-11,912,144	-11,462,103	-25,945,510
total liabilities and shareholders’ deficiency																																																																															18,773,757	20,177,504	23,043,477
net sales
cost of goods sold
gross margin
grant revenue
interest income																																																																															221,271		236,527
operating expenses:
research and development																																																																															3,223,554		2,483,858
general and administrative																																																																															2,055,441		1,735,172
depreciation and amortization																																																																															49,326		37,113
impairment loss — write off of goodwill
interest expense
equity in loss of investee
total operating expenses																																																																															5,328,321		4,256,143
income from operations																																																																															-5,107,050		-4,019,616
gain on fair value of warrants																																																																															497,869		-17,027,065
income before cumulative effect of change in accounting principle																																																																															-4,609,181		-21,046,681
cumulative effect of change in accounting principle
net income																																																																															-4,609,181		-21,046,681
preferred stock dividends
net income applicable to common stock																																																																															-4,609,181		-21,046,681
net income per common share – basic and diluted:																																																																															-0.06
weighted-average shares – basic and diluted																																																																															73,435,715
other current assets																																																																																6,701			88,755	3,138
liabilities and shareholders’ equity
loss per common share — basic and diluted																																																																																	-0.31
weighted-average number of common shares outstanding — basic and diluted																																																																																	67,976,352
assets available for sale
committments and contingencies
shareholders’ equity/
accumulated other comprehensive gains																																																																																		-1,722
total shareholders’ equity																																																																																		-7,828,616	24,801,785	7,809,965
total liabilities and shareholders’ equity																																																																																		23,621,773	26,556,599	8,977,720
shareholders’ equity:

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-06-12	2011-03-31	2010-06-12	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-06-12	2009-03-31	2008-12-31	2008-09-30	2008-06-12	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-06-12	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-06-12	2006-03-31	2005-12-31	2005-09-30

cash flows from operating activities:
net loss	-37,284,000	-32,236,000	-29,561,000	-30,401,000	-26,639,000	-29,044,000	-24,248,000	-22,243,000	-20,346,000	-16,099,000	-16,599,000	-11,443,000	-10,557,000	-10,300,000	-10,386,000	-9,164,000	-8,300,000	-11,310,000	-10,546,000	-10,941,000	-10,217,000	-13,741,000	-11,063,000	-9,390,000	-15,421,000	-31,719,000	-12,403,000						-26,849,000	-6,504,000	-6,816,000														-6,370,581										-2,956,439		-2,403,074	-3,219,920	-2,352,586			-3,157,010	-7,512,028	-6,776,863		-5,933,072	-5,381,274	-5,914,124			-5,123,814	-6,439,625	-4,609,181			-21,046,681	-15,124,682	-3,482,476
adjustments to reconcile net loss to net cash from operating activities:
depreciation and amortization	24,000	-11,000	35,000	33,000	30,000	32,000	33,000	33,000	32,000	32,000	29,000	8,000	8,000	7,000	8,000	8,000	8,000	2,000	40,000	47,000	47,000	66,000															11,000	13,000	25,000	29,000	32,000	41,000	38,000	37,000	30,000	25,237	25,775	22,538	11,450	10,779	10,064	8,879	9,795	12,478	10,638	36,739	30,192	9,871	9,871	5,880	5,880	9,297	12,350	25,835	32,246	32,246	37,341	39,803	44,116	46,779	47,959	44,899	53,036	51,889	51,889	49,160	49,326	41,089	37,113	37,113	19,123	34,331
reduction in the carrying value of right-of-use assets	42,000	40,000	40,000	40,000	38,000
amortization of debt issuance costs	160,000	126,000	128,000	129,000	70,000	68,000	68,000	67,000	68,000	68,000	68,000	67,000	68,000	68,000	68,000	45,000	153,000	139,000	136,000	137,000	140,000	126,000	122,000	125,000	134,000	150,000	140,000	145,000	147,000	136,000	109,000	114,000	109,000	100,000	97,000
loss on extinguishment of debt		0	0	0	546,000																													0	0
change in fair value of royalty agreement derivative liability	-12,000
accretion on discount to short-term investments	-565,000	-490,000	-426,000	-801,000	-1,149,000																161,000	145,000	23,000	-44,000	-69,000	-157,000	-316,000	-346,000	-342,000					-102,000
stock-based compensation	10,727,000	5,355,000	3,425,000	2,669,000	2,972,000	3,036,000	2,371,000	2,196,000	2,257,000	1,361,000	995,000	958,000	864,000	561,000	450,000	456,000	574,000	853,000	690,000	771,000	946,000	807,000	1,931,000	1,175,000	1,194,000	1,149,000	1,145,000	1,147,000	1,000,000	945,000	1,988,000	392,000	412,000	202,000	114,000
changes in operating assets and liabilities:
prepaid expenses and other current assets	-639,000	-2,354,000	712,000	880,000	859,000	974,000	-680,000	-2,920,000	243,000	-1,598,000	765,000	116,000	261,000	79,000	-80,000	-301,000	1,638,000	-271,000	-598,000	-1,049,000	879,000	-623,000	1,072,000	-388,000	-195,000	-246,000	279,000	46,000	69,000	-69,000	13,000	29,000	927,000	-838,000	-455,000
non-current assets	-864,000	866,000	0	0	-768,000	825,000	0	0	-814,000	780,000	0	-36,000	-756,000	771,000	-25,000	-471,000	-332,000		6,000	-27,000	-863,000		-23,000	9,000	-821,000	803,000	166,000	115,000	-953,000
accounts payable and accrued expenses and other current liabilities	-4,635,000	3,647,000	3,117,000	1,190,000	-3,148,000	2,260,000	1,375,000	1,336,000	-770,000	1,470,000	3,059,000	988,000	-976,000	445,000	1,699,000	16,000	-2,479,000	-278,000	928,000	-1,632,000	-781,000	70,000	1,166,000	804,000	-3,180,000	139,000	-712,000	188,000	953,000
net cash from operating activities	-33,046,000	-25,057,000	-22,530,000	-26,261,000	-27,189,000	-23,281,000	-22,668,000	-22,495,000	-20,644,000	-15,603,000	-13,160,000	-10,272,000	-12,026,000	-8,651,000	-8,162,000	-9,316,000	-8,425,000	-9,363,000	-8,927,000	-12,194,000	-9,597,000	-12,300,000	-6,705,000	-7,752,000	-13,079,000	-9,946,000	-11,413,000	-12,905,000	-10,859,000	-10,493,000	-8,762,000	-10,349,000	-9,671,000	-9,470,000	-8,249,000	-7,336,000	-3,179,000	-7,329,000	-10,969,000	-7,641,000	-11,328,000	-8,811,000	-8,256,000	-8,533,000	-7,349,000	-6,014,624	-5,368,081	-6,989,992	-6,272,303	-4,860,287	-3,769,045	-4,671,266	-4,488,364	-3,349,540	-3,216,073	-2,941,690	-4,411,565	-2,383,838	-2,383,838	-3,180,781	-3,180,781	-2,630,262	-3,793,471	-1,649,425	-4,543,258	-4,543,258	-5,494,303	-6,753,521	-6,766,267	-4,773,513	-5,323,734	-5,700,762	-4,066,723	-4,551,971	-4,551,971	-3,533,733	-5,107,309	-4,143,268	-2,989,234	-2,989,234	-3,307,715	-2,405,670
capital expenditures	-54,000	-2,000	-2,000	-15,000	-3,000	9,000	-3,000	-21,000	-10,000	-24,000	-43,000	-225,000	-4,000	0	-4,000	0	0	-40,000	-11,000	0		-5,000	-18,000	-20,000	-4,000	-10,000	-6,000	-36,000	-96,000	-60,000	-16,000	-46,000	-19,000	-434,000	-1,000	0		0	-1,000	-2,000	-5,000	-47,000	-27,000	-21,000	-70,000	-10,432	-27,007	-102,941	-6,620	-1,433	-28,172	-12,451	-4,725	-55,266	-4,993	-18,553	-187,363	-14,858	-14,858	-6,780	-6,780	0	0	0			3,825	-28,598	-19,660	-20,522	-27,885	-53,599	-9,345	-36,430	-36,430	-4,683	-78,958	-69,800	-18,671	-18,671	-78,525	-40,437
free cash flows	-33,100,000	-25,059,000	-22,532,000	-26,276,000	-27,192,000	-23,272,000	-22,671,000	-22,516,000	-20,654,000	-15,627,000	-13,203,000	-10,497,000	-12,030,000	-8,651,000	-8,166,000	-9,316,000	-8,425,000	-9,403,000	-8,938,000	-12,194,000		-12,305,000	-6,723,000	-7,772,000	-13,083,000	-9,956,000	-11,419,000	-12,941,000	-10,955,000	-10,553,000	-8,778,000	-10,395,000	-9,690,000	-9,904,000	-8,250,000	-7,336,000		-7,329,000	-10,970,000	-7,643,000	-11,333,000	-8,858,000	-8,283,000	-8,554,000	-7,419,000	-6,025,056	-5,395,088	-7,092,933	-6,278,923	-4,861,720	-3,797,217	-4,683,717	-4,493,089	-3,404,806	-3,221,066	-2,960,243	-4,598,928	-2,398,696	-2,398,696	-3,187,561	-3,187,561	-2,630,262	-3,793,471	-1,649,425			-5,490,478	-6,782,119	-6,785,927	-4,794,035	-5,351,619	-5,754,361	-4,076,068	-4,588,401	-4,588,401	-3,538,416	-5,186,267	-4,213,068	-3,007,905	-3,007,905	-3,386,240	-2,446,107
cash flows from investing activities:
purchase of property and equipment	-54,000	-2,000	-2,000	-15,000	-3,000	9,000	-3,000	-21,000	-10,000	-24,000	-43,000	-225,000	-4,000	0	-4,000			-40,000	-11,000			-5,000	-18,000	-20,000	-4,000	-10,000	-6,000	-36,000	-96,000	-60,000	-16,000	-46,000	-19,000	-434,000	-1,000
purchase of available-for-sale securities		-127,243,000	-22,930,000	-39,658,000	-15,068,000	-32,064,000	-138,714,000	-3,441,000	-30,697,000	-38,805,000	-94,543,000	-30,781,000	-30,091,000	-73,411,000	0	0	-16,004,000	-22,528,000	-24,096,000	-20,126,000	-94,319,000	-15,926,000	-34,543,000	0	-35,614,000	-18,741,000	-12,006,000	-46,163,000	-46,035,000	-34,390,000	-63,380,000	-8,833,000	-15,891,000	-43,419,000
maturity of available-for-sale securities	25,700,000	29,400,000	44,400,000	64,000,000	44,400,000	49,950,000	40,550,000	33,000,000	41,500,000	45,400,000	38,000,000	30,000,000	24,000,000	14,200,000	33,000,000	25,200,000	58,393,000
sale of available-for-sale securities	13,132,000													0	0	0	11,276,000	5,700,000					0	3,000,000	5,780,000		2,000	3,478,000	10,651,000
net cash from investing activities	38,778,000	-93,564,000	21,468,000	24,327,000	29,329,000	17,895,000	-98,167,000	29,538,000	10,793,000	6,571,000	-56,586,000	-1,006,000	-6,095,000	-59,211,000	32,996,000	25,195,000	53,665,000	-1,268,000	12,983,000	-3,432,000	-77,739,000	-381,000	-6,861,000	18,080,000	-1,785,000				7,320,000	869,000			9,390,000	-39,053,000	-33,444,000	553,000	2,829,000	3,686,000									2,812,393	-391,941	2,461,840	426,562	-10,729,202			-253,266	-702,993	-2,149,553	-4,059,363	-2,223	-2,223	-6,780	-6,780	0	1,951				37,731	9,421,450	-894,550	10,292,138	824,560	7,848,496	-197,287	-467,497	-467,497	-24,520,370	183,232	3,750,224	2,812,329	2,812,329	-917,483	-7,049,699
cash flows from financing activities:
repayment of long-term debt		0	1,000	0	-27,230,000									0	0																			0	0
proceeds from long-term debt		0	0	0	29,598,000									0	0
proceeds from exercise of stock options	45,000	117,000	0	65,000	165,000	48,000	237,000	11,000	51,000	89,000	63,000	104,000	27,000					1,000	10,000	3,000	2,000	0	0	38,000	48,000	-1,000	44,000	61,000	6,000	8,000	17,000	30,000	3,000																																						0	380,416
repurchase of shares for minimum tax withholdings	-240,000	-4,787,000	-24,000	-114,000	-215,000	-897,000	-94,000	-2,000	-2,000	-1,025,000	-182,000	0	-1,000	-1,000	-1,000	0	-1,000
net cash provided (used in) by financing activities	-195,000
effect of exchange rate changes on cash and cash equivalents	74,000	-36,000	-74,000	-137,000	-30,000	-70,000	82,000	-19,000	2,000	32,000	-64,000	-65,000	-21,000	120,000	-145,000	-41,000	-24,000	-62,000	-20,000	-27,000	-28,000	342,000	-159,000	-54,000	41,000	-34,000	70,000	-71,000	13,000	-117,000	6,000	-19,000	11,000	75,000	-62,000
increase in cash and cash equivalents	5,611,000	16,903,000	-1,159,000	-2,120,000	4,428,000					-1,105,000	4,945,000	-11,239,000	-18,116,000	-67,741,000	24,688,000	15,926,000	45,215,000	-10,687,000	4,046,000	-15,329,000	33,102,000				-15,289,000	32,019,000	955,000	-8,841,000	1,370,000	-645,000			1,000	2,308,000	-41,320,000
cash and cash equivalents beginning of period	33,180,000	0	0	0	15,128,000	0	0	0	26,585,000	0	0	0	52,100,000	0	0	0	34,012,000	0	0	0	22,880,000	0	0	0	49,804,000	0	0	0	24,301,000	0	0	0	22,121,000	0	0
cash and cash equivalents end of period	38,791,000	16,903,000	-1,159,000	-2,120,000	19,556,000	-6,299,000	-2,437,000	7,079,000	16,785,000	-1,105,000	4,945,000	-11,239,000	33,984,000	-67,741,000	24,688,000	15,926,000	79,227,000	-10,687,000	4,046,000	-15,329,000	55,982,000	-12,339,000	-11,898,000	12,602,000	34,515,000	32,019,000	955,000	-8,841,000	25,671,000	-645,000	1,342,000	1,482,000	22,122,000	2,308,000	-41,320,000
supplemental disclosure of cash flow information:
cash paid for interest	617,000	657,000	720,000	499,000	1,325,000	505,000	541,000	542,000	536,000	536,000	531,000	509,000	464,000	428,000	329,000	373,000	484,000									503,000	538,000	530,000	528,000	368,000	353,000	351,000	334,000
issuance of common stock issued in underwritten offering, net of offering costs
issuance of common stock upon exercise of prefunded warrants
issuance of common stock upon at the market offerings						0																0	0			1,000	5,664,000	19,037,000	4,890,000	12,000	0	0	493,000	675,000	891,000
reimbursement of commissions from the prior issuance of common stock upon at the market sales						0	0
net cash from financing activities		135,560,000	-23,000	-49,000	2,318,000	-843,000	118,316,000	55,000	49,000	7,895,000	74,755,000	104,000	26,000	1,000	-1,000	88,000	-1,000	6,000	10,000	324,000	120,466,000	0	1,827,000	2,328,000	-466,000	25,248,000	5,708,000	19,056,000	4,896,000	9,096,000	45,810,000	16,000	271,000	50,756,000	435,000			-8,336,000	2,851,000			-48,000	14,818,000			20,242,403	2,168,841	3,902,233	7,977,523	-116,337	-242,612					-3,170	-47,742	20,959,406	20,959,406	14,332,170	14,332,170	8,138,056	1,531,903								0	380,416				37,827,125	3,523,168	1,175,679	2,361,580	2,361,580	352,902	19,859,459
issuance of common stock in underwritten public offering, net of offering costs
foreign currency loss													-29,000	40,000	8,000	-42,000	13,000	77,000	7,000	-42,000	57,000			-50,000	-156,000	245,000	-116,000	-110,000	59,000
issuance of common stock and pre-funded warrants in underwritten offering, net of offering costs
decrease in cash and cash equivalents						-6,299,000	-2,437,000	7,079,000	-9,800,000														-11,898,000
amortization of right-of-use assets							36,000	36,000	35,000	34,000	33,000	16,000	15,000	35,000	35,000	33,000	33,000	135,000	-20,000	59,000	57,000	53,000
accretion on premium to short-term investments							-1,477,000	-1,125,000	-1,370,000
issuance of common stock and pre-funded warrants in underwritten public offering, net of offering costs
foreign currency gain								125,000	21,000	-12,000	-2,000																						61,000		71,000
(accretion on discount)/amortization on premium to short-term investments
issuance of common stock and pre-funded warrants in registered direct offering, net of offering costs										0
amortization on premium to short-term investments											-1,508,000	-913,000	-924,000	-357,000	61,000	104,000	267,000
non-cash interest income
long-term liabilities																		74,000	-71,000	-24,000	-23,000	-20,000	56,000	-162,000	-305,000		-76,000	90,000	-193,000
repurchase of outstanding pre-funded warrants																		0	0	0	-3,909,000
issuance of common stock and pre-funded warrants in public offering, net of offering costs																		83,000	0	321,000	121,827,000
issuance of common stock upon exercise of warrants																		0	0	0	2,546,000	0								0	0	1,000	18,000	0	-1,000
acquired in-process research and development																						0	0	0	5,367,000
change in fair value of financial instruments
non-cash interest expense
purchase of in-process research and development
non-cash transactions:
common stock issued for acquired in-process research and development
changes in fair value of financial instruments																							-60,000	-54,000	-2,000		136,000	41,000	77,000		-10,000	-34,000	96,000	0	43,000
noncash interest expense																						-214,000	100,000	10,000	133,000		111,000
amortization on premium or discount to short-term investments																			501,000
maturities of available-for-sale securities																			34,590,000	16,700,000	16,580,000	15,550,000	27,700,000	15,100,000	31,300,000	35,500,000	18,600,000	27,800,000	42,800,000	34,400,000	24,846,000	14,200,000	25,300,000
non-cash transactions
cash paid for interest, including end of period charge due upon long-term debt amendment
repayment of debt facility																						0	0	0	-514,000
cash paid for interest, including end of period charge due upon debt facility amendment																				490,000	484,000
impairment of goodwill																										19,432,000	0
change in fair value of contingent consideration																										0	0	131,000	133,000	135,000	134,000	131,000	-134,000	132,000	131,000
gain on short-term investments
sales of available-for-sale securities
issuance of securities in private financing
capital lease obligation principal payments																										1,000	0			-289,000	1,000	-15,000	-243,000	0	-455,000
settlement of contingent consideration																										0	0
purchase in-process research and development																							0	0	-3,247,000
acquisition of in-process research and development																							0	0	-2,120,000
cash paid for interest including end of period charge due upon debt facility amendment																							495,000
depreciation and amortization including right-of-use assets																								213,000	242,000	238,000	233,000	232,000	307,000
cash paid for interest and end of period charge due upon debt facility amendment																									990,000
impairment of acquired ipr&d																														0	0	0	21,692,000
write-off of ipr&d upon acquisition
benefit for deferred taxes																														-2,502,000	0
proceeds from debt facility																																		0	0
issuance of common stock upon public offering																														0				50,076,000	0
common stock issued for ipr&d																														0	0
acquired ipr&d																															0
net cash used by investing activities
issuance of common stock upon public offerings
noncash transaction:
net cash provided (used) by investing activities
net income																													-12,112,000	-10,514,000	-12,560,000						-5,869,000	-6,035,000	-8,152,000	-10,706,000	-11,207,000	-10,163,000			-9,616,000								-5,580,867	-3,996,756			-4,152,517	-2,956,439		-2,403,074					-3,157,010									-5,123,814					-21,046,681
adjustments to reconcile net income to net cash from operating activities:
noncash interest (income) / expense																													-4,000
depreciation																														139,000	127,000	153,000	107,000	91,000	91,000
non-cash interest
write-off of acquired ipr&d
foreign currency (gain) loss
accretion on discount to short-term investments and convertible promissory notes																														-354,000	-268,000	-140,000	-138,000
issuance of call option derivative																																		0
grant and award receivable																																		0	0
cash acquired through merger																																		0	0
proceeds from convertible promissory notes
extinguishment and derecognition of put options																																		0	0
conversion of convertible notes into common stock																																		0	0
shares issued in connection of business combination and assumed equity awards																																		0	0
accretion of redeemable convertible preferred stock
beneficial conversion feature																																		0	0
noncash interest																															29,000	19,000	35,000	-59,000	-5,000
foreign currency gain/																															7,000
tax refund receivable																															-156,000	-364,000	-873,000	331,000	-119,000
deferred rent																															-10,000	-6,000	-7,000	-12,000	-7,000
accounts payable and accrued expenses																															1,835,000	110,000	-554,000	16,000	-1,704,000
net cash from / (used in) investing activities
cash flows from financing activity:
increase / (decrease) in cash and cash equivalents
provision for deferred taxes																																	-4,555,000
accretion on discount to convertible promissory notes
proceeds from convertible promissory note																																		0	0
proceeds from issuance of series c preferred stock
net assets acquired in business combination of serendex
equipment under capital lease
contingent liability related to purchase of serendex
conversion of convertible notes into preferred stock
accretion of series a redeemable convertible preferred stock																																		0	0
accretion of series b redeemable convertible preferred stock																																		0	0
accretion of series c redeemable convertible preferred stock																																		0	0
cash paid for income taxes
proceeds from exercise of stock option
issuance of common stock for serendex
share-based compensation expense related to employee stock options																																					461,000	692,000	645,000	647,000	659,000
amortization of debt issuance costs and debt discount																																					104,000	62,000	615,000	163,000	169,000	156,000
changes in assets and liabilities:
decrease in prepaid expenses and other assets																																					515,000				153,000			-562,000	438,000				202,314						-204,810				98,324		97,800		55,397
decrease in accounts payable																																					-127,000
increase/(decrease) in accrued liabilities																																					1,726,000
proceeds from maturities of certificates of deposit																																					498,000	3,686,000	4,150,000	2,988,000	4,383,000	4,980,000	4,707,000	2,490,000	4,847,000	2,581,000	7,452,000	947,000	5,679,000	2,988,000	4,722,000	3,145,000	6,393,000
proceeds from sales of certificates of deposit																																					2,241,000
security deposit for sublease																																					90,000
purchases of property and equipment																																						0	-1,000	-2,000	-5,000	-47,000	-27,000	-21,000	-70,000	-10,432	-27,007	-102,941	-6,620	-1,433	-28,172	-12,451	-4,725	-55,266	-4,993	-18,553	-187,363	-14,858	-14,858	-6,780	-6,780						3,825	-28,598	-19,660	-20,522	-27,885	-53,599	-9,345	-36,430	-36,430	-4,683	-78,958	-69,800	-18,671	-18,671	-78,525	-40,437
payments made on debt facility																																					-368,000	-10,359,000
costs paid in connection with debt facility																																					-50,000	0	-76,000	-9,000	-38,000
proceeds from sale of common stock																																						2,016,000	3,909,000	5,973,000	8,060,000	0	0	2,131,000	9,000	15,435,454	2,291,068	4,181,080	8,293,398	0	0							22,507,529	22,507,529																						0
payments for offering costs																																						-56,000	-94,000	-338,000	-601,000	-13,000	-20,000	-96,000	-13,000
payments for capital lease																																					-3,000	-2,000	-2,000	-2,000	-2,000	-2,000	-2,000	-1,000	-2,000
net cash (used in)/provided by financing activities																																					-421,000								-6,000
net (decrease)/increase in cash and cash equivalents																																					-771,000					-9,155,000			-7,874,000								-1,090,517				-8,518,670
cash and cash equivalents at beginning of period																																					8,542,000	0	0	0	23,052,000	0	0	0	35,808,000	-92	0	0	25,681,092	0	0	0	22,500,440	0	0	0	43,569,947					0	0	0	9,849,904	9,849,904	0	0	0	14,780,739	0	0	0	25,974,041	25,974,041	0	0	0	14,634,618	14,634,618	0	0
cash and cash equivalents at end of period																																					7,771,000	-11,979,000	-3,969,000	969,000	23,521,000	-9,155,000	10,993,000	-6,720,000	27,934,000	9,826,395	-386,847	-3,479,700	29,848,152	-4,550,062	-14,741,082	23,562,313	21,409,923	-3,588,270	-3,868,154	-5,094,413	35,051,277						-2,259,617	112,581	5,306,646	5,306,646	-5,456,572	2,667,929	-7,660,817	20,299,364	-4,499,174	2,528,150	-4,202,810	20,954,573	20,954,573	9,773,022	-1,400,909	782,635	16,819,293	16,819,293	-3,872,296	10,404,090
gain on bargain purchase																																														-56	0	-33,000	-452,944
impairment of ipr&d
benefit for deferred tax liability
write-off of property and equipment
changes in assets and liabilities, net of effect of acquisitions:
increase/(decrease) in prepaid expenses and other assets
(decrease)/increase in accounts payable
(decrease)/increase in accrued liabilities
purchases of certificates of deposit																																										-5,478,000	-249,000	-2,690,000	-5,296,000	-6,971,980	-4,482,000	-1,236,000	-6,745,020	-2,560,005	-15,423,030	-996,000	-2,988,000	-2,241,000	-4,722,000	-3,547,000	-5,312,000
security deposit for new lease
cash obtained through acquisition																																														-480	0
proceeds from borrowings under debt facility
proceeds from sale and exercise of warrants
decrease/(increase) in prepaid expenses and other assets																																							-539,000														140,213
(decrease)/increase in accounts payable and accrued liabilities																																									-1,134,000
proceeds from exercise of warrants																																															0																														3,534,134
net decrease in cash and cash equivalents
increase in accounts payable and accrued liabilities																																											1,172,000			872,902			-61,996	972,973	1,009,943			-7,016	80,874	580,102	-533,492	332,061	332,061	-1,106,877	-1,106,877	148,165	-1,665,289	691,640	-1,534,852	-1,534,852	703,326	534,110	-604,357	588,129	-444,602	-200,580	1,354,789	334,684	334,684	-160,402	-450,480	624,633	511,533	511,533	4,515	524,630
net cash provided by/(used in) investing activities																																								2,986,000	4,378,000												3,400,275
net increase/(decrease) in cash and cash equivalents																																								969,000	469,000
net cash provided by/(used in) financing activities																																									7,419,000
write-off of fixed assets																																																							0
increase in accounts payable
increase in accrued liabilities
share-based compensation expense																																											544,000	512,000	1,066,000
(increase)/decrease in prepaid expenses and other assets
security deposit for new sublease
net cash (used in)/provided by investing activities																																													-519,000
proceeds from borrowings under term loan
costs paid in connection with term loan
net increase in cash and cash equivalents																																														9,826,487	-386,847	-3,479,700	4,167,060													5,507,794	-2,259,617	112,581	-4,543,258	-4,543,258	-5,456,572	2,667,929	-7,660,817	5,518,625	-4,499,174	2,528,150	-4,202,810	-5,019,468	-5,019,468	9,773,022	-1,400,909	782,635	2,184,675	2,184,675	-3,872,296	10,404,090
increase/(decrease) in accounts payable and accrued liabilities																																													733,000								563,439
loss on change in fair value of contingent consideration
increase in prepaid expenses and other assets																																																									-34,078	98,324		97,800					-57,879	-57,879				17,648		-52,638
effect of exchange rate changes on cash																																																		0	-223	1,129	-2,428
share-based compensation expense related to employee stock options and restricted stock issued																																															689,232	424,382	399,454	440,801	442,328	365,137	351,556	385,458	359,543	336,824	377,505
payments for financing and offering costs																																															-122,227	-278,912	-315,875	-116,337	-242,612					-3,170	-47,742	-1,548,123	-1,548,123	-1,438,500	-1,438,500
loss on disposals of equipment
loss on fair value of warrants
amortization of debt discount
forgiveness of employee receivable
impairment loss – write-off of goodwill
expenses related to options issued to non-employees
expenses paid by issuance of common stock																																																																									19,584	19,583	19,583	19,584	216,257	49,067	58,750	58,750	19,583	58,750
expenses paid by issuance of warrants
expenses paid by issuance of preferred stock
expenses related to stock warrants issued
equity in loss of investee
in-process research and development																																																																												0	0
write-off of license agreement
impairment of equipment
cumulative effect of change in accounting principle
amortization of premium / (accretion of discount) on investments in securities																																																						0	2,957	8,173	10,710
proceeds from sale of certificate of deposit
purchases of other investment securities
proceeds from maturities and sales of other investment securities
proceeds from sale of property and equipment																																																										12,635	12,635			0	1,951
cash obtained through acquisitions, net of cash paid																																																	3,534,480
payment on obligation under license agreement
issuance of note receivable – related party
payments on note receivable
advance to investee
cash transferred in rescission of acquisition
cash received in rescission of acquisition
proceeds from sale or exercise of warrants																																																												317,444	317,444																		2,425,200	2,425,200	10,576	1,721,459
proceeds from sale of preferred stock																																																												15,453,226	15,453,226	5,544,500	2,283,000
repurchase of subject to vesting shares
repurchase of warrants
payments on notes payable and long-term debt
proceeds from issuance of notes payable and detachable warrants
cash paid in lieu of fractional shares for reverse stock split
impairment loss — write-off of goodwill
amortization of premium/(accretion of discount) on investments in securities
increase in prepaid and other current assets
cash paid for acquisitions, net of cash acquired
issuance of note receivable — related party
loss/(gain) on change in fair value of contingent consideration																																																					27,500
issuance of note receivable - related party
purchases of other short-term investments
proceeds from maturities and sales of other short-term investments
gain on disposals of equipment
gain on change in fair value of contingent consideration																																																						105,109			-114,388
increase in prepaid and other assets																																																																										-171,728	-171,728	561,250			-77,976
(gain) loss on disposals of fixed assets																																																									4,503	-2,973
expense related to options issued to non-employees
proceeds from maturities and sales of certificates of deposit
loss on disposals of fixed assets																																																											-2,973
maturity of certificates of deposit																																																								1,416,000	1,440,000
proceeds from sales and maturities of other short-term investments
write-off of assets available-for-sale
loss on disposal of fixed assets																																																														102	7,009			279
write-off assets available-for-sale
decrease in prepaid and other assets																																																																																-77,976		-203,371
proceeds from sales and maturities of short-term investments																																																																			0	10,443,602	6,050,000	16,750,000	16,400,000	15,165,000	14,425,000	13,250,000	13,250,000
purchases of short-term investments																																																																			0	-993,554	-6,924,890	-6,437,340	-15,547,555	-7,262,905	-14,612,942	-13,681,067	-13,681,067	-27,242,027	-887,810	-596,574	-3,874,000	-3,874,000
(gain) loss on disposal of fixed assets
expenses related to employee stock options and restricted stock issued																																																										135,318	135,318	225,490	225,490
expense related to stock options issued to non-employees																																																																				0	-167	5,680				25,549	25,549
accretion of discount on investments in securities																																																																				-11,470	-64,704	-131,929	-203,187	-262,101	-293,670	-282,792	-282,792
purchase of certificate of deposit
maturity of certificate of deposit
cash acquired from acquisitions, net of cash paid
proceeds of restricted cash for preferred stock dividends
payment to escrow for preferred stock dividends obligation
net increase in cash																																																										18,573,345	18,573,345	11,144,609	11,144,609
cash at beginning of period																																																										27,978,823	27,978,823	8,667,404	8,667,404
cash at end of period																																																										46,552,168	46,552,168	19,812,013	19,812,013
accretion of discount
1.
decrease in long-term liabilities
fair value of warrant liability																																																																													-497,869	-17,963,311	17,027,065	17,027,065
share-based compensation for employee awards																																																																				362,135	355,842	638,416				600,009	600,009
decrease in other long-term liabilities
payment of financing and offering costs																																																															-751,097														-130,967	-1	-63,620	-63,620	197,326	-1,861,997
payments of notes payable and long-term debt
expenses related to employee stock options																																																																131,221	173,958	173,958
expenses related to stock options issued to non-employees																																																																													29,678
expenses paid by warrants
expenses paid by preferred stock
gain on disposal of fixed assets																																																																	279
gain /loss on disposals of property and equipment
payments on notes payable and long - -term debt
increase in other long-term liabilities																																																																					-5,351	-5,352		-5,351	-5,351	-5,351	-5,351
loss on disposals of property and equipment																																																																						188
write-off assets available for sale
increase in long-term liabilities																																																																												-5,345
share-based compensation for employee equity awards																																																																								664,777
share-based compensation for non-employee options
expenses paid by issuance of common stock to non-employees
write-off of assets available for sale
payments of financing and offering costs
share-based compensation for non-employee equity awards
loss on fair value of warrant liability
expenses related to employee stock options issued																																																																												449,066	409,899	393,832	444,655	444,655	237,741	526,974
impairment loss — write off of goodwill
accretion of a discount																																																																													-8,109	-28,513	-68,209	-68,209
increase in sponsored research payable and license obligation
proceeds from sales of short-term investments																																																																													1,150,000	4,674,776	6,705,000	6,705,000
cash paid for acquisition																																																																													0
cash acquired in acquisition of subsidiary
proceeds from sale or exercise of stock options
(increase) in prepaid and other assets
expense related to stock options issued to non-employee																																																																															94,346	94,346
expenses paid by issuance of restricted stock																																																																															30,170	30,170
changes in assets and liabilities , net of effect of acquisitions:
impairment loss — write — off of goodwill
purchase of short-term investments

Savara Inc(NASDAQ:SVRA)

Savara Inc
(NASDAQ:SVRA)