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/// Release Savara Reports First Quarter 2021 Financial Results and Provides Business Update • Cash Balance of ~ $ 193M ; Company Estimates it is Sufficiently Capitalized through 2025 • Clinical Trial Site Activation Process Underway for Pivotal Phase 3 IMPALA - 2 Trial of Molgramostim Nebulizer Solution ( Molgramostim ) in Autoimmune Pulmonary Alveolar Proteinosis ( aPAP ) • Patient Randomizations Expected to Begin by End of 2Q or Early 3Q 2021 • Dhaval Desai , M.D. Appointed Head of Clinical Development , Brian Maurer Appointed Head of Clinical Operations AUSTIN , Texas -- ( BUSINESS WIRE ) -- May 13 , 2021-- - ( Nasdaq : SVRA ) , a clinical stage biopharmaceutical company focused on rare respiratory diseases , today reported financial results for the first quarter ending March 31 , 2021 and provided a business update . " We made considerable progress in the first quarter of the year , " said Matt Pauls , Chair and Chief Executive Officer , Savara . " This includes the strategic decision to wind down two pipeline programs , enabling us to focus solely on advancing our lead asset , molgramostim in aPAP . Additionally , we started the onboarding process of a global , full - service contract research organization that is partnering with us to execute the IMPALA - 2 trial . Lastly , we strengthened our cash position through a $ 130M equity raise . With a balance sheet of approximately $ 193M , we believe our runway extends through 2025 - well beyond the expected top line results of IMPALA- 2 in 2Q 2024. " " We are pleased to announce that the IMPALA - 2 site activation process has begun , ” said Badrul Chowdhury , Chief Medical Officer , Savara . “ Sites will be activated on a rolling basis , with approximately 10-15 expected to be active by the end of June . As sites launch , patients are evaluated , and those who are eligible will begin a six - week screening period . This means patients could be randomized and dosed by the end of 2Q or early 3Q 2021. We also recently strengthened our management team with the hire of Dr. Dhaval Desai as Head of Clinical Development and Brian Maurer as Head of Clinical Operations . Both are seasoned professionals with deep expertise in running global clinical trials . " First Quarter Financial Results ( Unaudited ) Savara's net loss attributable to common stockholders for the three months ended March 31 , 2021 was $ 10.2 million , or $ ( 0.13 ) per share , compared with a net loss attributable to common stockholders of $ 15.4 million , or $ ( 0.27 ) per share , for the three months ended March 31 , 2020 . Research and development expenses decreased by $ 5.6 million , or 42.5 % , to $ 7.6 million for the three months ended March 31 , 2021 from $ 13.2 million for the three months ended March 31 , 2020. The decrease is largely attributable to $ 5.4 million of costs for the acquisition of inhaled