Savara (SVRA) 10-Q6 Aug 202020 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Aug. 06, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	Savara Inc.
Entity Central Index Key	0001160308
Entity Interactive Data Current	Yes
Trading Symbol	SVRA
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		54,128,525
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-32157
Entity Tax Identification Number	84-1318182
Entity Address, Address Line One	6836 Bee Cave Road
Entity Address, Address Line Two	Building III
Entity Address, Address Line Three	Suite 200
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78746
City Area Code	512
Local Phone Number	614-1848
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 47,117	$ 49,804
Short-term investments	52,492	71,957
Prepaid expenses and other current assets	2,953	2,306
Total current assets	102,562	124,067
Property and equipment, net	250	352
In-process R&D	11,161	11,111
Other non-current assets	1,173	673
Total assets	115,146	136,203
Current liabilities:
Accounts payable	2,006	3,409
Accrued expenses and other current liabilities	4,447	5,471
Debt facility		2,000
Total current liabilities	6,453	10,880
Long-term liabilities:
Debt facility	24,856	23,112
Other long-term liabilities	39	513
Total liabilities	31,348	34,505
Stockholders’ equity:
Common stock, $0.001 par value, 200,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 52,823,312 and 50,790,441 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	54	52
Additional paid-in capital	316,327	309,555
Accumulated other comprehensive income (loss)	119	(17)
Accumulated deficit	(232,702)	(207,892)
Total stockholders’ equity	83,798	101,698
Total liabilities and stockholders’ equity	$ 115,146	$ 136,203

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	52,823,312	50,790,441
Common stock, shares outstanding	52,823,312	50,790,441

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating expenses:
Research and development	$ 6,079	$ 10,464	$ 19,279	$ 20,483
General and administrative	3,117	4,211	6,099	6,974
Impairment of goodwill		7,420		7,420
Depreciation and amortization	68	59	126	197
Total operating expenses	9,264	22,154	25,504	35,074
Loss from operations	(9,264)	(22,154)	(25,504)	(35,074)
Other income (loss), net:
Interest income (expense), net	(332)	31	(493)	11
Foreign currency exchange gain	50	110	206	51
Tax credit income	103	115	924	1,079
Change in fair value of financial instruments	54	(41)	56	(118)
Total other income (loss)	(125)	215	693	1,023
Loss before income taxes	(9,389)	(21,939)	(24,811)	(34,051)
Net loss	$ (9,389)	$ (21,939)	$ (24,811)	$ (34,051)
Net loss per share:
Basic and diluted	$ (0.16)	$ (0.57)	$ (0.43)	$ (0.91)
Weighted average common shares outstanding:
Basic and diluted	58,858,216	38,440,647	58,111,225	37,235,209
Other comprehensive income (loss):
Gain (loss) on foreign currency translation	$ 162	$ 91	$ 34	$ (134)
Unrealized gain on short-term investments	85	120	102	146
Total comprehensive loss	$ (9,142)	$ (21,728)	$ (24,675)	$ (34,039)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balances at Dec. 31, 2018	$ 108,219	$ 36	$ 237,702	$ (129,719)	$ 200
Beginning balance, shares at Dec. 31, 2018		35,146,096
Issuance of common stock upon at the market offerings, net	4,890		4,890
Issuance of common stock upon at The market offering, net, shares		647,426
Issuance of common stock for settlement of RSUs, shares		13,125
Issuance of common stock upon exercise of stock options	6		6
Issuance of common stock upon exercise of stock options, shares		23,593
Stock-based compensation	1,000		1,000
Foreign exchange translation adjustment	(225)				(225)
Unrealized gain on short-term investments	26				26
Net loss incurred	(12,112)			(12,112)
Ending balance at Mar. 31, 2019	101,804	$ 36	243,598	(141,831)	1
Ending balance, shares at Mar. 31, 2019		35,830,240
Beginning balances at Dec. 31, 2018	108,219	$ 36	237,702	(129,719)	200
Beginning balance, shares at Dec. 31, 2018		35,146,096
Foreign exchange translation adjustment	(134)
Unrealized gain on short-term investments	146
Net loss incurred	(34,051)
Ending balance at Jun. 30, 2019	112,799	$ 40	276,317	(163,770)	212
Ending balance, shares at Jun. 30, 2019		38,903,830
Beginning balances at Mar. 31, 2019	101,804	$ 36	243,598	(141,831)	1
Beginning balance, shares at Mar. 31, 2019		35,830,240
Issuance of common stock upon at the market offerings, net	19,037	$ 2	19,035
Issuance of common stock upon at The market offering, net, shares		1,870,500
Issuance of common stock upon settlement of contingent liability	12,478	$ 1	12,477
Issuance of common stock upon settlement of contingent liability, shares		1,105,216
Issuance of common stock for settlement of RSUs, shares		13,125
Issuance of common stock upon cashless exercise of warrants, shares		11,119
Issuance of common stock upon exercise of stock options	61	$ 1	60
Issuance of common stock upon exercise of stock options, shares		73,630
Stock-based compensation	1,147		1,147
Foreign exchange translation adjustment	91				91
Unrealized gain on short-term investments	120				120
Net loss incurred	(21,939)			(21,939)
Ending balance at Jun. 30, 2019	112,799	$ 40	276,317	(163,770)	212
Ending balance, shares at Jun. 30, 2019		38,903,830
Beginning balances at Dec. 31, 2019	101,698	$ 52	309,555	(207,892)	(17)
Beginning balance, shares at Dec. 31, 2019		50,790,441
Issuance of common stock for settlement of RSUs, shares		12,750
Issuance of common stock upon exercise of stock options	48		48
Issuance of common stock upon exercise of stock options, shares		41,313
Closing costs for previous issuance of securities in private placement	(120)		(120)
Incremental cost due to modification of detachable warrants previously issued with debt instrument	28		28
Stock-based compensation	1,194		1,194
Foreign exchange translation adjustment	(128)				(128)
Unrealized gain on short-term investments	17				17
Net loss incurred	(15,421)			(15,421)
Ending balance at Mar. 31, 2020	87,316	$ 52	310,705	(223,313)	(128)
Ending balance, shares at Mar. 31, 2020		50,844,504
Beginning balances at Dec. 31, 2019	101,698	$ 52	309,555	(207,892)	(17)
Beginning balance, shares at Dec. 31, 2019		50,790,441
Foreign exchange translation adjustment	34
Unrealized gain on short-term investments	102
Net loss incurred	(24,811)
Ending balance at Jun. 30, 2020	83,798	$ 54	316,327	(232,702)	119
Ending balance, shares at Jun. 30, 2020		52,823,312
Beginning balances at Mar. 31, 2020	87,316	$ 52	310,705	(223,313)	(128)
Beginning balance, shares at Mar. 31, 2020		50,844,504
Issuance of common stock for licensing of assets	2,120	$ 1	2,119
Issuance of common stock for licensing of assets, shares		1,000,000
Issuance of common stock upon at the market offerings, net	2,290	$ 1	2,289
Issuance of common stock upon at The market offering, net, shares		942,825
Issuance of common stock for settlement of RSUs, shares		12,750
Issuance of common stock upon exercise of stock options	39		39
Issuance of common stock upon exercise of stock options, shares		23,233
Stock-based compensation	1,175		1,175
Foreign exchange translation adjustment	162				162
Unrealized gain on short-term investments	85				85
Net loss incurred	(9,389)			(9,389)
Ending balance at Jun. 30, 2020	$ 83,798	$ 54	$ 316,327	$ (232,702)	$ 119
Ending balance, shares at Jun. 30, 2020		52,823,312

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (24,811)	$ (34,051)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization including right-of-use assets	455	539
Impairment of goodwill		7,420
Acquired in-process research and development (Note 7)	5,367
Changes in fair value of financial instruments	(56)	118
Change in fair value of contingent consideration		264
Noncash interest (income) expense	143	(69)
Foreign currency loss	(206)	(51)
Amortization of debt issuance costs	259	292
Accretion on discount to short-term investments	(113)	(688)
Stock-based compensation	2,369	2,147
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(583)	115
Non-current assets	(812)	(838)
Accounts payable and accrued expenses and other current liabilities	(2,376)	1,141
Long-term liabilities	(467)	(103)
Net cash used in operating activities	(20,831)	(23,764)
Cash flows from investing activities:
Purchase of property and equipment	(24)	(132)
Purchase in-process research and development (Note 7)	(3,247)
Purchase of available-for-sale securities, net	(35,614)	(92,198)
Maturities of available-for-sale securities	46,400	70,600
Sale of available-for-sale securities, net	8,780	14,129
Net cash (used in) provided by investing activities	16,295	(7,601)
Cash flows from financing activities:
Issuance of common stock upon at the market offerings, net	2,290	23,927
Repayment of debt facility	(514)
Capital lease obligation principal payments		(42)
Proceeds from exercise of stock options	86	67
Net cash provided by financing activities	1,862	23,952
Effect of exchange rate changes on cash and cash equivalents	(13)	(58)
Decrease in cash and cash equivalents	(2,687)	(7,471)
Cash and cash equivalents beginning of period	49,804	24,301
Cash and cash equivalents end of period	47,117	16,830
Non-cash transactions
Acquisition of in-process research and development (Note 7)	(2,120)
Settlement of contingent consideration		12,478
Supplemental disclosure of cash flow information:
Cash paid for interest including end of period charge due upon debt facility amendment	$ 1,485	$ 1,058

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business and Basis of Presentation	1. Description of Business and Basis of Presentation Description of Business Savara Inc. (together with its subsidiaries “Savara,” the “Company,” “we” or “us”) is an orphan lung disease company with a pipeline that comprises three investigational compounds, all of which use an inhaled delivery route. The Company’s lead program, Molgradex, Since inception, Savara has devoted substantially all of its efforts and resources to identifying and developing its product candidates, recruiting personnel, and raising capital. Savara has incurred operating losses and negative cash flow from operations and has no product revenue from inception to date. The Company has not yet commenced commercial operations. Basis of Presentation The interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) as defined by the Financial Accounting Standards Board (“FASB”). These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2019. Certain prior period amounts have been reclassified for consistency with current period presentation. Unaudited Interim Financial Information The interim condensed consolidated financial statements included in this document are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for a fair statement of the Company’s financial position as of June 30, 2020, and its results of operations for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months ended June 30, 2020 and 2019. The results of operations for interim periods shown in this report are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim period. The December 31, 2019 consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2019.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Liquidity As of June 30, 2020, the Company had an accumulated deficit of approximately $232.7 million. The Company also had negative cash flow from operations of approximately $20.8 million during the six months ended June 30, 2020. The cost to further develop and obtain regulatory approval for any drug is substantial and, as noted below, the Company may have to take certain steps to maintain a positive cash position. Accordingly, the Company will need additional capital to further fund the development of, and seek regulatory approvals for, its product candidates and begin to commercialize any approved products. Currently, the Company is primarily focused on the development of respiratory drugs and believes such activities will result in the Company’s continued incurrence of significant research and development and other expenses related to those programs. If the clinical trials for any of the Company’s product candidates fail or produce unsuccessful results and those product candidates do not gain regulatory approval, or if any of the Company’s product candidates, if approved, fail to achieve market acceptance, the Company may never become profitable. Even if the Company achieves profitability in the future, it may not be able to sustain profitability in subsequent periods. The Company is also continuously and critically reviewing its liquidity and anticipated capital requirements in light of the uncertainty resulting from the COVID-19 global pandemic. While the Company had cash and cash equivalents of $47.1 million and short-term investments of $52.5 million as of June 30, 2020, the Company intends to continue to raise additional capital as needed through the issuance of additional equity securities and potentially through borrowings, and strategic alliances with partner companies. However, if such additional financing is not available timely and at adequate levels, the Company will need to reevaluate its operating plans. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Principles of Consolidation The interim condensed consolidated financial statements of the Company are stated in U.S. dollars and are prepared using U.S. GAAP. These financial statements include the accounts of the Company and its wholly owned subsidiaries. The financial statements of the Company’s wholly owned subsidiaries are recorded in their functional currency and translated into the reporting currency. The cumulative effect of changes in exchange rates between the foreign entity’s functional currency and the reporting currency is reported in “Accumulated other comprehensive income (loss).” All intercompany transactions and accounts have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management’s estimates include those related to the accrual of research and development and general and administrative costs, certain financial instruments recorded at fair value, contingent consideration, stock-based compensation, and the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances. Accordingly, actual results could be materially different from those estimates. Risks and Uncertainties The product candidates being developed by the Company require approvals from the U.S. Food and Drug Administration (“FDA”) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s product candidates will receive the necessary approvals. If the Company is denied regulatory approval of its product candidates, or if approval is delayed, it may have a material adverse impact on the Company’s business, results of operations, and its financial position. The Company is subject to a number of risks similar to other life science companies, including, but not limited to, risks related to the successful discovery and development of drug candidates, raising additional capital, development of competing drugs and therapies, protection of proprietary technology, and market acceptance of the Company’s products. As a result of these and other factors and the related uncertainties, there can be no assurance of the Company’s future success. Cash and Cash Equivalents Cash and cash equivalents consist of cash and institutional bank money market accounts with original maturities of three months or less when acquired and are stated at cost, which approximates fair value. Short-term Investments The Company has classified its investments in debt securities with readily determinable fair value as available-for-sale securities. These securities are carried at estimated fair value with the aggregate unrealized gains and losses related to these investments reflected as a part of “Accumulated other comprehensive income (loss)” within stockholders’ equity. The fair value of the investments is based on the specific quoted market price of the securities or comparable securities at the balance sheet dates. Investments in debt securities are considered to be impaired when a decline in fair value is judged to be other than temporary because the Company either intends to sell or it is more-likely-than not that it will have to sell the impaired security before recovery. Once a decline in fair value is determined to be other than temporary, an impairment charge is recorded and a new cost basis in the investment is established. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and foreign exchange derivatives not designated as hedging. The Company places its cash and cash equivalents with a limited number of high-quality financial institutions and at times may exceed the amount of insurance provided on such deposits. Accrued Research and Development Costs The Company records the costs associated with research, nonclinical studies, clinical trials, and manufacturing development as incurred. These costs are a significant component of the Company’s research and development expenses, with a substantial portion of the Company’s on-going research and development activities conducted by third party service providers, including contract research and manufacturing organizations. The Company accrues for expenses resulting from obligations under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers for which payment flows do not match the periods over which materials or services are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements established with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. The Company makes significant judgments and estimates in determining the accrual balance in each reporting period. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid asset which will be amortized or expensed as the contracted services are performed. As actual costs become known, the Company adjusts its prepaids and accruals. Inputs, such as the services performed, the number of patients enrolled, or the study duration, may vary from the Company’s estimates, resulting in adjustments to research and development expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. To date, the Company has not experienced any material deviations between accrued and actual research and development expenses. Business Combinations Assets acquired and liabilities assumed as part of a business acquisition are recorded at their estimated fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires management to make estimates, which are based on available information and, in some cases, assumptions with respect to the timing and amount of future revenue and expenses associated with an asset. License and Collaboration Agreements The Company has entered into a license and collaboration agreement and may continue to enter into license and collaboration agreements with third parties whereby the Company purchases the rights to develop, market, sell and/or distribute the underlying pharmaceutical products or drug candidates. Pursuant to these agreements, the Company is generally required to make up-front payments, milestone payments contingent upon the achievement of certain pre-determined criteria, royalty payments based on specified sales levels of the underlying products and/or certain other payments. Up-front payments are either expensed immediately as research and development or capitalized. The determination to capitalize amounts related to licenses is based on management’s judgments with respect to stage of development, the nature of the rights acquired, alternative future uses, developmental and regulatory issues and challenges, the net realizable value of such amounts based on projected sales of the underlying products, the commercial status of the underlying products, and/or various other competitive factors. Milestone payments made prior to regulatory approval are generally expensed as incurred and milestone payments made subsequent to regulatory approval are generally capitalized as an intangible asset. Royalty payments are expensed as incurred. Other payments made pursuant to license and collaboration agreements, which are generally related to research and development activities, are expensed as incurred. Goodwill, Acquired In-Process Research and Development, and Deferred Tax Liability Although the Company does not have any goodwill as of June 30, 2020, it has adopted the following accounting policy. Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill is not amortized but assessed for impairment on an annual basis or more frequently if impairment indicators exist. Current guidance issued by the FASB, as previously adopted by the Company, provides an impairment model whereby the Company has the option to implement a one-step method for determining impairment of goodwill, simplifying the subsequent measurement of goodwill by eliminating Step 2 (quantitative calculation of measuring a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill) from the goodwill impairment test. Under the amendments in this guidance, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. Acquired in-process research and development (“IPR&D”) is considered an indefinite-lived intangible asset and is assessed for impairment annually or more frequently if impairment indicators exist. For instance, based upon the ultimate scope and scale of the COVID - 19 global pandemic, there may be materially negative impacts to the assumptions made with respect to our IPR&D assets that could result in an impairment of such assets. For the six months ended June 30, 2020, the impact of COVID-19 did not trigger any impairment indicators. T he Company adopted accounting guidance related to its annual acquired IPR&D impairment test, a two-step method, which allows the Company to first assess qualitative factors before performing a quantitative assessment of the fair value of a reporting unit. If it is determined on the basis of qualitative factors that the fair value of the IPR&D is more likely than not less than the carrying amount, a quantitative impairment test is required. If the associated research and development effort is abandoned, the related asset will be written-off, and the Company will record a noncash impairment loss on its consolidated statements of operations and comprehensive loss. For those products that reach commercialization, the IPR&D asset will be amortized over its estimated useful life. The Company performs its annual goodwill impairment test and IPR&D impairment test, as described above, as of June 30th and September 30th, respectively, or whenever an event or change in circumstances occurs that would require reassessment of the recoverability of those assets. For the six months ended June 30, 2020, the Company experienced an increase of approximately $0.1 million in the carrying value of IPR&D, which was due to foreign currency translation. Tax Credit Receivable The Company has recorded a Danish tax credit earned by its subsidiary, Savara ApS, as of June 30, 2020. Under Danish tax law, Denmark remits a research and development tax credit equal to 22% of qualified research and development expenditures, not to exceed established thresholds. As of June 30, 2020, credits totaling $1.6 million had been generated but not yet received. Of this total Danish tax credit, $0.8 million is related to research and development activities incurred during the year ended December 31, 2019 and is recorded in “Prepaid expenses and other current assets” and expected to be received in the second half of 2020. The remaining portion of the Danish tax credit of $0.8 million, which was generated during the six months ended June 30, 2020, is recorded in “Other non-current assets” and is expected to be received in the fourth quarter of 2021. The Company also recognized tax credit income for the six months ended June 30, 2020 as provided by the Australian Taxation Office for qualified research and development expenditures incurred through our subsidiary, Savara Australia Pty. Limited. Under Australian tax law, Australia remits a research and development tax credit equal to 43.5% of qualified research and development expenditures, not to exceed established thresholds. As of June 30, 2020, credits totaling $0.5 million had been generated but not yet received. Of this total Australian tax credit, $0.4 million is related to research and development activities incurred during the year ended December 31, 2019 and is recorded in “Prepaid expenses and other current assets” and expected to be received during the year ending December 31, 2020. The remaining portion of the Australian tax credit of $0.1 million, which was generated during the six months ended June 30, 2020, is recorded in “Other non-current assets” and is expected to be received during the year ended December 31, 2021. Leases In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) as codified in Accounting Standards Codification (“ASC”) 842 (“ASC 842”). ASU 2016-02, ASC 842, and additional issued guidance are intended to improve financial reporting of leasing transactions by requiring organizations that lease assets to recognize assets and liabilities for the rights and obligations created by leases that extend more than twelve months. This accounting update also requires additional disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for financial statements issued for annual and interim periods beginning after December 15, 2018 for public business entities. The Company adopted ASU 2016-02 as of January 1, 2019 using the effective date transition method of implementation offered under ASU 2018-11, “Leases (Topic 842) – Targeted Improvements” issued in July 2018 (“ASU 2018-11”), under which entities may change their date of initial application of ASU 2016-02 to the beginning of the period of adoption, or January 1, 2019, in the case of Savara. Accordingly, the Company is required to apply the prior lease guidance pursuant to ASC Topic 840 in the comparative periods, provide the disclosures required by ASC Topic 840 for all periods that continue to be presented in accordance with ASC Topic 840, recognize the effects of applying ASC 842 as a cumulative-effect adjustment to retained earnings as of January 1, 2019, if any, and provide certain disclosures under ASC 842 (see Note 11). The Company has also elected the package of practical expedients, applied by class of underlying asset, permitted in ASU 2018-11. Accordingly, the Company accounted for its existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contracts contain a lease under ASC 842, (b) whether classification of the operating leases would be different in accordance with ASC 842, and (c) whether the unamortized initial direct costs before transition adjustments (as of the period of adoption) would have met the definition of initial direct costs in ASC 842 at lease commencement, and the Company did not separate lease and non-lease components. As a result of the adoption of the new lease accounting guidance using the effective date transition method, on January 1, 2019, the Company recognized (a) a lease liability of approximately $1.4 million, which represents the present value of the remaining lease payments, as of the date of adoption, of approximately $1.5 million, discounted using the Company’s incremental borrowing rate of 8.5%, and (b) a right-of-use asset of approximately $1.4 million. The adoption of the new standard did not result in any adjustment to the Company’s retained earnings as of January 1, 2019. The adoption of this standard did not have a material impact on the Company’s condensed consolidated balance sheets, cash used/provided from operating, investing, or financing activities in the condensed consolidated statements of cash flows, or on the Company’s operating results. The most significant impact was the recognition of right-of-use assets for operating leases, which are reflected in “Other non-current assets,” and lease liabilities for operating leases, which are reflected in “Accrued expenses and other current liabilities,” for the current portion of the lease liabilities, and in “Other long-term liabilities” for the non-current portion of the lease liabilities, respectively (See Note 11). Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance. Our chief operating decision maker is the chief executive officer. We have one operating segment, specialty pharmaceuticals within the respiratory system. Fair Value of Financial Instruments The accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal, most advantageous market for the specific asset or liability. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows: • Level 1 – Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 – Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and • Level 3 – Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. Financial instruments carried at fair value include cash and cash equivalents, short-term investments, and foreign exchange derivatives not designated as hedging instruments. Financial instruments not carried at fair value include accounts payable and accrued liabilities. The carrying amounts of these financial instruments approximate fair value due to the highly liquid nature of these short-term instruments. Revenue Recognition The Company will record revenue based on a five-step model in accordance with ASC 606, “Revenue from Contracts with Customers.” To date, the Company has not generated any product revenue from its drug candidates. The Company’s ability to generate product revenues, which the Company does not expect will occur in the near term, if ever, will depend heavily on the successful development, regulatory approval, and eventual commercialization of the Company’s product candidates. Milestone Revenue The Company is subject to a license agreement related to its Molgradex product candidate, which includes certain milestone payments to be remunerated by the licensee to Savara. In exchange, the Company granted the licensee an exclusive right to import, market, sell, distribute and promote Molgradex in Japan for the treatment of aPAP. Pursuant to the license agreement, the Company identifies the performance obligations, determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) the performance obligation is satisfied. The Company identifies the performance obligations included within the license agreement and evaluates which performance obligations are distinct. The milestone payments are a form of variable consideration as the payments are contingent upon achievement of a substantive event. The milestone payments are estimated and included in the transaction price when the Company determines, under the variable consideration constraint, that it is probable that there will not be a significant reversal of cumulative revenue recognized in future periods. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts the estimate of the overall transaction price. In October 2018, the Company achieved a milestone payment pursuant to this license agreement resulting in the receipt of $0.2 million from the licensee. As of June 30, 2020, the Company has determined that it has not met all of the performance obligations under this license agreement and, accordingly, has recorded the milestone payment as deferred revenue in “Accrued expenses and other current liabilities” in the Company’s condensed consolidated balance sheet until such time the performance obligations are met. On February 21, 2020, the Company received notification from the licensee of its intent to terminate this license agreement. Accordingly, this license agreement shall terminate on August 21, 2020, upon which the Company shall recognize revenue related to this $0.2 million milestone payment. Net Loss per Share Basic net loss attributable to common stockholders per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock and pre-funded warrants outstanding during the period without consideration of common stock equivalents. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods presented as the inclusion of all potential dilutive securities would have been antidilutive. Stock-Based Compensation The Company recognizes the cost of stock-based awards granted to employees based on the estimated grant-date fair value of the awards. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service period. The Company recognizes the compensation costs for awards that vest over several years on a straight-line basis over the vesting period (see Note 12). Forfeitures are recognized when they occur, which may result in the reversal of compensation costs in subsequent periods as the forfeitures arise. Manufacturing, Development, and Other Commitments and Contingencies The Company is subject to various royalties and manufacturing and development payments related to its product candidates, Molgradex and Apulmiq. Under a manufacture and supply agreement with the active pharmaceutical ingredients (“API”) manufacturer for Molgradex, Savara must make certain payments to the API manufacturer upon achievement of the milestones outlined in the table set forth below. Additionally, upon first receipt of marketing approval by Savara from a regulatory authority in a country for a product containing the API for therapeutic use in humans and ending the earlier of (i) ten (10) years thereafter or (ii) the date a biosimilar of such product is first sold in such country, Savara shall pay the API manufacturer a royalty equal to low-single digits of the net sales in that country. Under a license and collaboration agreement for the rights to develop and commercialize Apulmiq, the Company is subject to certain contingent development payments and contingent sales payments due to the licensor upon the achievement of certain milestones up to amounts as set forth in the following table (see Note 7). The Company will also owe the licensor low double-digit tiered royalties based on annual global net sales of licensed products (on a product-by-product basis), which are subject to reduction if another inhaled ciprofloxacin product is introduced into the market. Under an agreement with a medical education and research foundation entered into on October 8, 2018, the Company is subject to a milestone payment for the use of proprietary information and material in intellectual property filings related to the application of Molgradex in the treatment of NTM. The Company will owe royalties to the foundation based on net sales of Molgradex for the treatment of NTM equal to one half of one percent (0.5%) after publication of the intellectual property filings and one quarter of one percent (0.25%) prior to the publication or in the event publication does not occur, with respect to the specified intellectual property filings. The Company is also subject to certain contingent milestone payments, disclosed in the following table, payable to the manufacturer of the nebulizer used to administer Molgradex. The change in the amount of the milestone payments from December 31, 2019 to June 30, 2020 was related to changes in foreign currency exchange rates and the accrual of a milestone equal to approximately $0.2 million due to the completion of our Phase 2a study of the use of Molgradex for the treatment of NTM in patients not affected by CF. Furthermore, milestone payments totaling 4.3 million euros reflected in the following table relate to types of nebulizer delivery systems that are not currently being utilized in any of the studies in our development pipeline. In addition to these milestones, the Company will owe a royalty to the manufacturer of the nebulizer based on net sales. The royalty rate ranges from three-and one-half percent (3.5%) to five percent (5%) depending on the device technology used by the Company to administer the product. Manufacturing, Development, and Other Contingent Milestone Payments (in thousands): June 30, 2020 Molgradex API manufacturer: Achievement of certain milestones related to validation of API and regulatory approval of Molgradex $ 2,300 Molgradex nebulizer manufacturer: Achievement of various development activities and regulatory approval of nebulizer utilized to administer Molgradex 7,474 Medical education and research foundation (Molgradex): First commercial sale in the U.S. of Molgradex in treatment of NTM 500 Apulmiq Licensor: Achievement of various development activities and regulatory approval of Apulmiq for the treatment of NCFB 50,000 Achievement of various sales activities of Apulmiq for treatment of NCFB 100,000 Total manufacturing and other commitments $ 160,274 The milestone commitments disclosed above reflect the activities that have (i) not been met or incurred; (ii) not been remunerated; and (iii) not accrued, as the activities are not deemed probable or reasonably estimable, as of June 30, 2020. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities will be recognized in the period that includes the enactment date. A valuation allowance is established against the deferred tax assets to reduce their carrying value to an amount that is more likely than not to be realized. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)” which provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued, such as, London Interbank Offered Rate (LIBOR). The Company has reviewed ASU 2020-04 and concluded that it is not applicable to our condensed consolidated financial statements.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
Prepaid Expenses and Other Current Assets	Jun. 30, 2020
Prepaid Expense And Other Assets Current [Abstract]
Prepaid Expenses and Other Current Assets	3. Prepaid Expenses and Other Current Assets Prepaid expenses consisted of (in thousands): June 30, 2020 December 31, 2019 R&D tax credit receivable $ 1,373 $ 1,253 Prepaid contracted research and development costs 471 184 VAT receivable 373 364 Prepaid insurance 530 247 Foreign currency exchange derivative 17 7 Deposits and other 189 251 Total prepaid expenses and other current assets $ 2,953 $ 2,306

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
Accrued Expenses and Other Current Liabilities	Jun. 30, 2020
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	4. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of (in thousands): June 30, 2020 December 31, 2019 Accrued contracted research and development costs $ 1,576 $ 2,018 Accrued general and administrative costs 529 1,710 Accrued compensation 1,780 1,303 Deferred revenue 243 — Lease liability 319 440 Total accrued expenses and other current liabilities $ 4,447 $ 5,471

Short-term Investments

Short-term Investments	6 Months Ended
Short-term Investments	Jun. 30, 2020
Investments Debt And Equity Securities [Abstract]
Short-term Investments	5. Short-term Investments The Company’s investment policy seeks to preserve capital and maintain sufficient liquidity to meet operational and other needs of the business. The following table summarizes, by major security type, the Company’s investments (in thousands): As of June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments U.S. government securities $ 12,079 $ 58 $ — $ 12,137 Corporate securities 22,103 93 — 22,196 Commercial paper 18,159 — — 18,159 Total short-term investments $ 52,341 $ 151 $ — $ 52,492 As of December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments U.S. government securities $ 15,629 $ 11 $ (2 ) $ 15,638 Asset backed securities 8,789 10 — 8,799 Corporate securities 30,556 30 (1 ) 30,585 Commercial paper 16,935 — — 16,935 Total short-term investments $ 71,909 $ 51 $ (3 ) $ 71,957 The Company has classified its investments as available-for-sale securities. These securities are carried at estimated fair value with the aggregate unrealized gains and losses related to these investments reflected as a part of “Accumulated other comprehensive income (loss ) ” in the condensed c onsolidated b alance s heets . Classification as short-term or long-term is based upon whether the maturity of the debt securities is less than or greater than twelve months. There were no significant realized gains or losses related to investments for the six months ended June 30, 2020 and June 30, 2019.

Debt Facility

Debt Facility	6 Months Ended
Debt Facility	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt Facility	6. Debt Facility On April 28, 2017, the Company entered into a loan and security agreement with Silicon Valley Bank, as amended on October 31, 2017 and December 4, 2018 (the “Loan Agreement”). The Company executed a third amendment (the “Third Amendment”) to the Loan Agreement on January 31, 2020, which provides for a $25 million term debt facility. The Third Amendment extends the interest-only period of the loan repayment through June 30, 2022, with payments thereafter in equal monthly installments of principal plus interest over 18 months. However, if by March 31, 2021, the Company does not have an ongoing Phase 3 or Phase 4 clinical trial evaluating its Molgradex product for the treatment of aPAP in which the first patient has been dosed, the interest-only period will end and principal plus interest will be due in equal monthly installments over 24 months beginning on April 1, 2021. Following the effective date of the Third Amendment, the Company was required to pay a portion of the end of period charge equal to $0.5 million under the Loan Agreement to Silicon Valley Bank. The loan bears interest at the greater of (i) the prime rate reported in The Wall Street Journal, plus a spread of 3.0% or (ii) 7.75%. The Loan Agreement, as amended by the Third Amendment (the “Amended Loan Agreement”), will also require a prepayment fee (2.0% of funded amounts in months 13-24, and 1.0% thereafter), and an end of term charge equal to 6.0% of the amount of principal borrowed. Silicon Valley Bank has been granted a perfected first priority lien in all of our assets with a negative pledge on our intellectual property. The Amended Loan Agreement contains customary affirmative and negative covenants, including among others, covenants limiting our ability and our subsidiaries’ ability to dispose of assets, permit a change in control, merge or consolidate, make acquisitions, incur indebtedness, grant liens, make investments, make certain restricted payments and enter into transactions with affiliates, in each case subject to certain exceptions. In addition, the Amended Loan Agreement contains an affirmative covenant requiring Savara to deliver evidence by June 30, 2021, of the receipt of gross cash proceeds of at least $25 million from the exercise of currently outstanding warrants or the issuance of other equity securities. Pursuant to the execution and funding of the Loan Agreement and subsequent amendments, the Company issued Silicon Valley Bank and its affiliate warrants to purchase (i) 24,725 shares of the Company’s common stock at an exercise price of $9.10 per share, with a ten-year ten-year ten-year In connection with the execution of the Third Amendment, the Company entered into amendments to each of the outstanding warrants previously issued to Silicon Valley Bank and its affiliate, totaling 77,793 shares, to amend the exercise price to be $2.87 per share. That amendment results in a minimal incremental increase to the fair value of these warrants, determined in accordance with the Black-Scholes-Merton option pricing model and ASC 718-20-55, which has been recognized as interest expense. The Company paid minimal legal costs directly attributable to the original issuance of the debt instrument underlying the Loan Agreement and subsequent amendments. Such charges were accounted for as debt issuance costs and are being amortized to interest expense using the effective interest method through the scheduled maturity date. The Company has analyzed the Third Loan Amendment and concluded that the debt restructuring results in modification accounting under ASC 470 “Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent).” Summary of Carrying Value The following table summarizes the components of the debt facility carrying value, which approximates the fair value (in thousands): As of June 30, 2020 Short-term Long-term Principal payments to lender and end of term charge $ — $ 25,162 Debt issuance costs — (173 ) Debt discount related to warrants — (133 ) Carrying Value $ — $ 24,856

Apulmiq License Agreement

Apulmiq License Agreement	6 Months Ended
Apulmiq License Agreement	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Apulmiq License Agreement	7. Apulmiq License Agreement On January 7, 2020, the Company entered into a license and collaboration agreement with Grifols, S.A., a company organized under the laws of Spain (“Grifols”), which was subsequently amended on February 18, 2020 and March 31, 2020 (the “License”). On March 31, 2020, the final condition precedent to the effectiveness of the License was satisfied, and the License became effective. The License provides Savara with an exclusive, worldwide, royalty-bearing license, with rights to sublicense, patent rights owned or controlled by Grifols (the “Grifols Patents”) and know-how owned or controlled by Grifols to make, have made, use, develop, import and export, supply, offer for sale, and sell or otherwise commercialize pharmaceutical preparations containing ciprofloxacin in a liposomal formulation and/or ciprofloxacin that is not encapsulated in liposomes (each such pharmaceutical preparation a “Licensed Product”) for all uses. Under the License, the Company has sole responsibility for the activities and costs related to the development of (1) a Licensed Product for the treatment of either NCFB or pulmonary infections associated with NCFB (the “Initial Indication”) and (2) any Licensed Product for another indication, of which none are currently approved (an “Additional Indication”), including the conduct of a confirmatory Phase 3 clinical trial in the Initial Indication. The Company is responsible for all regulatory and commercialization activities and the associated costs for each Licensed Product and is obligated to use Diligent Efforts (as defined in the License) to obtain regulatory approval in the U.S. and E.U. of a Licensed Product in the Initial Indication and any Additional Indications. The Company agreed to pay Grifols (i) an upfront cash payment of approximately $3.3 million and (ii) an upfront payment of one million shares of the Company’s common stock valued at approximately $2.1 million on the date of issuance upon effectiveness of the License, (collectively the “Upfront Payments”). The Company also agreed to pay Grifols (i) certain developmental milestone payments totaling up to $50 million for the development of the Licensed Products for the treatment of NCFB upon approval of a Licensed Product for commercial sale by the FDA and EMA and (ii) certain sales milestone payments totaling up to $100 million upon the first achievement of annual global net sales of (a) $100 million, (b) $300 million, and (c) $500 million (collectively, the “Contingent Consideration”). Additionally, the Company agreed to pay Grifols low double-digit tiered royalties based on annual global net sales of all Licensed Products, which are subject to reduction if another inhaled ciprofloxacin product is introduced into the market. The Company is obligated to make such royalty payments on a country-by-country and Licensed Product-by-Licensed Product basis until the later of (i) ten (10) years after the first commercial sale of a Licensed Product in a country, (ii) expiration of the last Grifols Patent covering that Licensed Product in that country, or (iii) the date a generic inhaled liposomal ciprofloxacin is introduced in that country (the “Royalty Term”). At the end of the Royalty Term, the Company will have a fully paid-up license for the applicable Licensed Product. The Company has accounted for the License as an asset acquisition in accordance with ASU 2017-01 “Business Combinations (Topic 805) - Clarifying the Definition of a Business” and ASC 805 “Business Combinations.” Since the Licensed Product has not yet achieved regulatory approval and there is deemed to be no alternative future use, the Company has recorded research and development expense of approximately $5.4 million for the Upfront Payments. The Company has determined that the Contingent Consideration is currently neither probable nor can the amount be reasonably estimated, and therefore, no related liability has been recorded as of June 30, 2020. The term of the License continues until the Royalty Term expires in all countries for all Licensed Products. Grifols may terminate the License immediately if ( i ) the Company or one of its affiliates files a challenge to a Grifols Patent or ( ii ) the Company fails to develop Licensed Products or execute its Development Plan (as defined in the License) by failing to allocate material funds, full-time equivalents and resources for twelve ( 12 ) consecutive months (net of any delay due to force majeure). Either party can terminate for the other party’s material breach following a cure period or upon certain insolvency events. The License also contains customary representations, warranties, mutual indemnities, limitations of liability , and confidentiality provisions. The Company also incurred approximately $0.5 million in legal fees in conjunction with the License of which $0.3 million and $0.2 million were incurred and expensed in the year ended December 31, 2019 and during the six months ended June 30, 2020, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	8. Fair Value Measurements The Company measures and reports certain financial instruments at fair value on a recurring basis and evaluates its financial instruments subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them in each reporting period. The Company determined that certain investments in debt securities classified as available-for-sale securities were Level 1 financial instruments. Additional investments in corporate debt securities, commercial paper, and asset-backed securities are considered Level 2 financial instruments because the Company has access to quoted prices but does not have visibility to the volume and frequency of trading for all of these investments. For the Company’s investments, a market approach is used for recurring fair value measurements and the valuation techniques use inputs that are observable, or can be corroborated by observable data, in an active marketplace. Foreign exchange derivatives not designated as hedging instruments are considered Level 2 financial instruments. The Company’s foreign exchange derivative instruments are typically short-term in nature. The fair value of these instruments as of June 30, 2020 and December 31, 2019 was as follows (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of June 30, 2020 Cash equivalents: U.S. Treasury money market funds $ 44,103 $ — $ — Short-term investments: U.S. government securities $ 12,137 $ — $ — Corporate securities — 22,196 — Commercial paper — 18,159 — Other assets: Foreign exchange derivatives not designated as hedging instruments $ — $ 17 $ — As of December 31, 2019 Cash equivalents: U.S. Treasury money market funds $ 13,530 $ — $ — Repurchase agreements — 6,000 — Short-term investments: U.S. government securities $ 15,638 $ — $ — Asset backed securities — 8,799 — Corporate securities — 30,585 — Commercial paper — 16,935 — Other assets: Foreign exchange derivatives not designated as hedging instruments $ — $ 7 $ — The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands) for the year ended December 31, 2019 as there were no Level 3 financial instruments for the six months ended June 30, 2020: Contingent Consideration Balance at December 31, 2018 $ 12,214 Change in fair value 219 Settlement of contingent liability (12,433 ) Balance at December 31, 2019 $ — The Company did not transfer any assets measured at fair value on a recurring basis to or from Level 1, Level 2, and Level 3 during the six months ended June 30, 2020 and year ended December 31, 2019.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	9. Derivative Financial Instruments In the normal course of business, the Company is exposed to the impact of foreign currency fluctuations. The Company seeks to limit these risks by following risk management policies and procedures, including the use of derivatives. The Company’s derivative contracts, which are not designated as hedging instruments, principally address short-term foreign currency exchange. The estimated fair value of the derivative contracts was based upon the relative exchange rate as of the balance sheet date. Accordingly, any gains or losses resulting from variances between this exchange rate and the exchange rate at the contract inception date were recognized in “Other income (loss), net” in the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2020, there was an asset of approximately $3 million consisting of unsettled forward exchange contracts to purchase foreign currency and a corresponding liability of approximately $3 million consisting of forward exchange contract obligations, resulting in a minimal net derivative financial instrument, recorded at their estimated fair value in “Prepaid expenses and other current assets.”

Shareholders' Equity

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2020
Equity [Abstract]
Shareholders' Equity	10. Shareholders’ Equity Common Stock Sales Agreement On April 28, 2017, the Company entered into a Common Stock Sales Agreement with H.C. Wainwright & Co., LLC (“Wainwright”), as sales agent, which was amended by Amendment No. 1 to the Common Stock Sales Agreement (the “Amendment”) on June 29, 2018 (the “Sales Agreement”), pursuant to which the Company may offer and sell, from time to time, through Wainwright, shares of Savara’s common stock, par value $0.001 per share (the “Shares”), having an aggregate offering price of not more than $60 million, in addition to the $2.3 million in shares sold prior to the Amendment. The Amendment was effective on July 13, 2018, the date the Company’s shelf registration agreement on Form S-3, as filed with the Securities and Exchange Commission on June 29, 2018, was declared effective (“New Registration Statement”) by the Securities and Exchange Commission. The Shares will be offered and sold pursuant to the New Registration Statement. Subject to the terms and conditions of the Sales Agreement, Wainwright will use its commercially reasonable efforts to sell the Shares from time to time, based upon the Company’s instructions. The Company has provided Wainwright with customary indemnification rights, and Wainwright will be entitled to a commission at a fixed commission rate equal to 3% of the gross proceeds per Share sold. Sales of the Shares, if any, under the Sales Agreement may be made in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended. The Company has no obligation to sell any of the Shares and may at any time suspend sales under the Sales Agreement or terminate the Sales Agreement . During the six months ended June 30, 2020, the Company sold 942,825 shares of common stock under the Sales Agreement, for net proceeds of approximately $2.3 million. Common Stock The Company’s amended and restated certificate of incorporation authorizes the Company to issue 201 million shares of common and preferred stock, consisting of 200 million shares of common stock with $0.001 par value and one million shares of preferred stock with $0.001 par value. The following is a summary of the Company’s common stock at June 30, 2020 and December 31, 2019. June 30, 2020 December 31, 2019 Common stock authorized 200,000,000 200,000,000 Common stock outstanding 52,823,312 50,790,441 The Company’s shares of common stock reserved for issuance as of June 30, 2020 and December 31, 2019 were as follows: June 30, 2020 December 31, 2019 Warrants acquired in merger 403,927 403,927 Warrants converted in connection with merger 72,869 72,869 April 2017 Warrants 24,725 24,725 June 2017 Warrants 41,736 41,736 December 2018 Warrants 11,332 11,332 2017 Pre-funded Warrants 775,000 775,000 Pre-funded PIPE Warrants 5,780,537 5,780,537 Milestone Warrants 32,577,209 32,577,209 Stock options outstanding 4,403,792 4,541,432 Issued and nonvested RSUs 290,125 315,625 Total shares reserved 44,381,252 44,544,392 Warrants The following table summarizes the outstanding warrants for the Company’s common stock as of June 30, 2020: Shares Underlying Outstanding Warrants Exercise Price Expiration Date 403,927 $ 29.40 February 2021 72,869 $ 8.98 June 2021 775,000 $ 0.01 October 2024 24,725 $ 2.87 April 2027 41,736 $ 2.87 June 2027 11,332 $ 2.87 December 2028 5,780,537 $ 0.001 None 32,577,209 $ 1.48 Earlier of December 2021 or 30 days after clinical milestone 39,687,335

Commitments

Commitments	6 Months Ended
Commitments	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments	11. Commitments Operating Leases We are obligated under operating leases and subleases for office space. On November 29, 2017, we entered into a sublease agreement for office space for our corporate headquarters in Austin, Texas. The term of the sublease commenced on January 1, 2018 and will continue until July 31, 2021, with annual rental payments of approximately $0.2 million, paid over monthly installments, subject to increases of approximately 2% annually on the anniversary of the commencement date of the sublease term. However, monthly base rent for the first month of the sublease term was abated. We lease office space in Copenhagen, Denmark under a lease with an effective date of November 1, 2018 and that expires on September 30, 2022. The lease in Copenhagen can be terminated by the lessee and lessor no earlier than March 31, 2022 for vacating the premises by September 30, 2022 and contains an option to extend the lease term to remain in force until it is terminated in writing by either the lessee or lessor with a six month notice period from the first day of the month following September 30, 2022. For the quarter ended June 30, 2020, it is not reasonably certain the Company will exercise the extension options inherent in the lease. Our annual rent is approximately $0.1 million, paid over monthly installments, subject to annual increases equal to the Danish consumer price index, or approximately 2% annually. On March 23, 2017, we sublet office space located in San Diego, California with rentable office space of approximately 13,707 square feet, which previously served as a predecessor’s corporate headquarters, to a third party as the Company no longer had an ongoing need for this facility. The term of the sub-sublease commenced on July 1, 2017 and expired on May 31, 2020, coterminous with a sublease agreement dated June 19, 2014 with the sublessor. The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of June 30, 2020 (in thousands): Year ending December 31, 2020 123 2021 182 2022 67 Total future minimum lease payments $ 372 Less imputed interest (15 ) Total $ 357 For the three months ended June 30, 2020 For the six months ended June 30, 2020 Lease cost: Operating lease cost $ 299 $ 684 Sublease income (90 ) (226 ) Total lease cost $ 209 $ 458 Other information: Operating cash flows from operating leases $ 200 $ 354 Weighted-average remaining lease term (in months) - operating leases 20.2 20.2 Weighted-average discount rate - operating leases 8.5 % 8.5 % As of June 30, 2020, the carrying value of the right-of-use assets for the operating leases was $0.5 million, which is reflected in “Other non-current assets,” and the carrying value of the lease liabilities for operating leases was $0.4 million, of which $0.3 million related to the current portion of the lease liabilities is recorded in “Accrued expenses and other current liabilities,” and $0.1 million related to the non-current portion of the lease liabilities is recorded in “Other long-term liabilities.” Risk Management The Company maintains various forms of insurance that the Company's management believes are adequate to reduce the exposure to certain risks associated with operating the Company’s business to an acceptable level. Employment Agreements Certain executive officers are entitled to payments if they are terminated without cause or resign for good reason (each as defined in the employment agreements). Upon termination without cause, and not as a result of death or disability or resignation for good reason, each of such officers is entitled to receive a payment of base salary for twelve months and a pro-rated portion of their unpaid bonus following termination of employment, and such officer will be entitled to continue to receive coverage under medical and dental benefit plans for twelve months or until such officer is covered under a separate plan from another employer. Upon a termination other than for cause or resignation for good reason within twelve months following a change in control, each of such officers is entitled to receive a payment of base salary for eighteen months and one-hundred

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	12. Stock-Based Compensation A. Equity Incentive Plans 2008 Stock Option Plan The Company adopted the Savara Inc. Stock Option Plan (the “2008 Plan”), pursuant to which the Company had reserved shares for issuance to employees, directors, and consultants. The 2008 Plan includes (i) the option grant program providing for both incentive and non-qualified stock options, as defined by the Internal Revenue Code, and (ii) the stock issuance program providing for the issuance of awards that are valued based upon common stock, including restricted stock, dividend equivalents, stock appreciation rights, phantom stock, and performance units. The 2008 Plan also allows eligible persons to purchase shares of common stock at an amount determined by the plan administrator. Upon a participant’s termination, the Company retains the right to repurchase nonvested shares issued in conjunction with the stock issuance program at the fair market value per share as of the date of termination. The Company had previously issued incentive and non-qualified options and restricted stock to employees and non-employees under the 2008 Plan. The terms of the stock options, including the exercise price per share and vesting provisions, were determined by the board of directors. Stock options were granted at exercise prices not less than the estimated fair market value of the Company’s common stock at the date of grant based upon objective and subjective factors including: third-party valuations, preferred stock transactions with third parties, current operating and financial performance, management estimates and future expectations. Stock option grants typically vest quarterly over three to four years and expire ten years from the grant date, and restricted stock grants vest on a quarterly basis over four years and expire ten years from the grant date. The Company no longer issues stock-based awards under the 2008 Plan. 2015 Omnibus Incentive Option Plan The Company operates the 2015 Omnibus Incentive Plan (the “2015 Plan”), as amended and restated with approval by our stockholders in June 2018 and May 2020. The 2015 Plan provides for the grant of incentive and non-statutory stock options, as well as share appreciation rights, restricted shares, restricted stock units, performance units, shares and other stock-based awards. Share-based awards are subject to terms and conditions established by our board of directors or the compensation committee of our board of directors. As of June 30, 2020, the number of shares of our common stock available for grant under the 2015 Plan was 3,842,008 shares. B. Stock Option and Restricted Stock Units The Company values stock options using the Black-Scholes-Merton option pricing model, which requires the input of subjective assumptions, including the risk-free interest rate, expected life, expected stock price volatility, and dividend yield. The risk-free interest rate assumption is based upon observed interest rates for constant maturity U.S. Treasury securities consistent with the expected term of the Company’s employee stock options. The expected life represents the period of time the stock options are expected to be outstanding and is based on the simplified method. The Company uses the simplified method due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the stock options. Expected volatility is based on historical volatilities for publicly traded stock of comparable companies over the estimated expected life of the stock options. The Company assumes no dividend yield because dividends are not expected to be paid in the future, consistent with the Company’s history of not paying dividends. The valuation of stock options is also impacted by the valuation of common stock. Stock option awards generally have ten-year C. Stock-Based Award Activity The following table provides a summary of stock-based awards activity under the 2008 Plan and 2015 Plan for the six months ended June 30, 2020 and 2019: Six months ended June 30, 2020 Six months ended June 30, 2019 Stock Options RSUs Total Stock Options RSUs Total Outstanding as of December 31 4,541,432 315,625 4,857,057 3,077,264 156,250 3,233,514 Granted 32,000 — 32,000 339,125 — 339,125 Exercised (64,546 ) (25,500 ) (90,046 ) (97,223 ) (26,250 ) (123,473 ) Forfeited (105,094 ) — (105,094 ) (23,500 ) — (23,500 ) Outstanding as of June 30 4,403,792 290,125 4,693,917 3,295,666 130,000 3,425,666 D. Stock-Based Compensation Stock-based compensation expense is included in the following line items in the accompanying statements of operations and comprehensive loss for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Research and development $ 358 $ 545 $ 951 $ 996 General and administrative 817 602 1,418 1,151 Total stock-based compensation $ 1,175 $ 1,147 $ 2,369 $ 2,147

Net Loss Per Share

Net Loss Per Share	6 Months Ended
Net Loss Per Share	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Loss Per Share	13. Net Loss per Share Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock outstanding during the period. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive. The following weighted-average equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: Six Months Ended June 30, 2020 June 30, 2019 Awards under equity incentive plan 4,403,792 3,295,666 Nonvested restricted shares and restricted stock units 290,125 130,000 Warrants to purchase common stock 33,131,798 869,035 Total 37,825,715 4,294,701 The following table calculates basic earnings per share of common stock and diluted earnings per share of common stock for the three and six months ended June 30, 2020 and 2019 (in thousands, except share and per share amounts): Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net loss $ (9,389 ) $ (21,939 ) $ (24,811 ) $ (34,051 ) Net loss attributable to common stockholders (9,389 ) (21,939 ) (24,811 ) (34,051 ) Undistributed earnings and net loss attributable to common stockholders, basic and diluted (9,389 ) (21,939 ) (24,811 ) (34,051 ) Weighted average common shares outstanding, basic and diluted 58,858,216 38,440,647 58,111,225 37,235,209 Basic and diluted EPS $ (0.16 ) $ (0.57 ) $ (0.43 ) $ (0.91 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) as defined by the Financial Accounting Standards Board (“FASB”). These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2019. Certain prior period amounts have been reclassified for consistency with current period presentation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The interim condensed consolidated financial statements included in this document are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for a fair statement of the Company’s financial position as of June 30, 2020, and its results of operations for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months ended June 30, 2020 and 2019. The results of operations for interim periods shown in this report are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim period. The December 31, 2019 consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2019.
Liquidity	Liquidity As of June 30, 2020, the Company had an accumulated deficit of approximately $232.7 million. The Company also had negative cash flow from operations of approximately $20.8 million during the six months ended June 30, 2020. The cost to further develop and obtain regulatory approval for any drug is substantial and, as noted below, the Company may have to take certain steps to maintain a positive cash position. Accordingly, the Company will need additional capital to further fund the development of, and seek regulatory approvals for, its product candidates and begin to commercialize any approved products. Currently, the Company is primarily focused on the development of respiratory drugs and believes such activities will result in the Company’s continued incurrence of significant research and development and other expenses related to those programs. If the clinical trials for any of the Company’s product candidates fail or produce unsuccessful results and those product candidates do not gain regulatory approval, or if any of the Company’s product candidates, if approved, fail to achieve market acceptance, the Company may never become profitable. Even if the Company achieves profitability in the future, it may not be able to sustain profitability in subsequent periods. The Company is also continuously and critically reviewing its liquidity and anticipated capital requirements in light of the uncertainty resulting from the COVID-19 global pandemic. While the Company had cash and cash equivalents of $47.1 million and short-term investments of $52.5 million as of June 30, 2020, the Company intends to continue to raise additional capital as needed through the issuance of additional equity securities and potentially through borrowings, and strategic alliances with partner companies. However, if such additional financing is not available timely and at adequate levels, the Company will need to reevaluate its operating plans. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Principles of Consolidation	Principles of Consolidation The interim condensed consolidated financial statements of the Company are stated in U.S. dollars and are prepared using U.S. GAAP. These financial statements include the accounts of the Company and its wholly owned subsidiaries. The financial statements of the Company’s wholly owned subsidiaries are recorded in their functional currency and translated into the reporting currency. The cumulative effect of changes in exchange rates between the foreign entity’s functional currency and the reporting currency is reported in “Accumulated other comprehensive income (loss).” All intercompany transactions and accounts have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management’s estimates include those related to the accrual of research and development and general and administrative costs, certain financial instruments recorded at fair value, contingent consideration, stock-based compensation, and the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances. Accordingly, actual results could be materially different from those estimates.
Risks and Uncertainties	Risks and Uncertainties The product candidates being developed by the Company require approvals from the U.S. Food and Drug Administration (“FDA”) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s product candidates will receive the necessary approvals. If the Company is denied regulatory approval of its product candidates, or if approval is delayed, it may have a material adverse impact on the Company’s business, results of operations, and its financial position. The Company is subject to a number of risks similar to other life science companies, including, but not limited to, risks related to the successful discovery and development of drug candidates, raising additional capital, development of competing drugs and therapies, protection of proprietary technology, and market acceptance of the Company’s products. As a result of these and other factors and the related uncertainties, there can be no assurance of the Company’s future success.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and institutional bank money market accounts with original maturities of three months or less when acquired and are stated at cost, which approximates fair value.
Short-term Investments	Short-term Investments The Company has classified its investments in debt securities with readily determinable fair value as available-for-sale securities. These securities are carried at estimated fair value with the aggregate unrealized gains and losses related to these investments reflected as a part of “Accumulated other comprehensive income (loss)” within stockholders’ equity. The fair value of the investments is based on the specific quoted market price of the securities or comparable securities at the balance sheet dates. Investments in debt securities are considered to be impaired when a decline in fair value is judged to be other than temporary because the Company either intends to sell or it is more-likely-than not that it will have to sell the impaired security before recovery. Once a decline in fair value is determined to be other than temporary, an impairment charge is recorded and a new cost basis in the investment is established.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and foreign exchange derivatives not designated as hedging. The Company places its cash and cash equivalents with a limited number of high-quality financial institutions and at times may exceed the amount of insurance provided on such deposits.
Accrued Research and Development Costs	Accrued Research and Development Costs The Company records the costs associated with research, nonclinical studies, clinical trials, and manufacturing development as incurred. These costs are a significant component of the Company’s research and development expenses, with a substantial portion of the Company’s on-going research and development activities conducted by third party service providers, including contract research and manufacturing organizations. The Company accrues for expenses resulting from obligations under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers for which payment flows do not match the periods over which materials or services are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements established with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. The Company makes significant judgments and estimates in determining the accrual balance in each reporting period. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid asset which will be amortized or expensed as the contracted services are performed. As actual costs become known, the Company adjusts its prepaids and accruals. Inputs, such as the services performed, the number of patients enrolled, or the study duration, may vary from the Company’s estimates, resulting in adjustments to research and development expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. To date, the Company has not experienced any material deviations between accrued and actual research and development expenses.
Business Combinations	Business Combinations Assets acquired and liabilities assumed as part of a business acquisition are recorded at their estimated fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires management to make estimates, which are based on available information and, in some cases, assumptions with respect to the timing and amount of future revenue and expenses associated with an asset.
License and Collaboration Agreements	License and Collaboration Agreements The Company has entered into a license and collaboration agreement and may continue to enter into license and collaboration agreements with third parties whereby the Company purchases the rights to develop, market, sell and/or distribute the underlying pharmaceutical products or drug candidates. Pursuant to these agreements, the Company is generally required to make up-front payments, milestone payments contingent upon the achievement of certain pre-determined criteria, royalty payments based on specified sales levels of the underlying products and/or certain other payments. Up-front payments are either expensed immediately as research and development or capitalized. The determination to capitalize amounts related to licenses is based on management’s judgments with respect to stage of development, the nature of the rights acquired, alternative future uses, developmental and regulatory issues and challenges, the net realizable value of such amounts based on projected sales of the underlying products, the commercial status of the underlying products, and/or various other competitive factors. Milestone payments made prior to regulatory approval are generally expensed as incurred and milestone payments made subsequent to regulatory approval are generally capitalized as an intangible asset. Royalty payments are expensed as incurred. Other payments made pursuant to license and collaboration agreements, which are generally related to research and development activities, are expensed as incurred.
Goodwill, Acquired In-Process Research and Development, and Deferred Tax Liability	Goodwill, Acquired In-Process Research and Development, and Deferred Tax Liability Although the Company does not have any goodwill as of June 30, 2020, it has adopted the following accounting policy. Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill is not amortized but assessed for impairment on an annual basis or more frequently if impairment indicators exist. Current guidance issued by the FASB, as previously adopted by the Company, provides an impairment model whereby the Company has the option to implement a one-step method for determining impairment of goodwill, simplifying the subsequent measurement of goodwill by eliminating Step 2 (quantitative calculation of measuring a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill) from the goodwill impairment test. Under the amendments in this guidance, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. Acquired in-process research and development (“IPR&D”) is considered an indefinite-lived intangible asset and is assessed for impairment annually or more frequently if impairment indicators exist. For instance, based upon the ultimate scope and scale of the COVID - 19 global pandemic, there may be materially negative impacts to the assumptions made with respect to our IPR&D assets that could result in an impairment of such assets. For the six months ended June 30, 2020, the impact of COVID-19 did not trigger any impairment indicators. T he Company adopted accounting guidance related to its annual acquired IPR&D impairment test, a two-step method, which allows the Company to first assess qualitative factors before performing a quantitative assessment of the fair value of a reporting unit. If it is determined on the basis of qualitative factors that the fair value of the IPR&D is more likely than not less than the carrying amount, a quantitative impairment test is required. If the associated research and development effort is abandoned, the related asset will be written-off, and the Company will record a noncash impairment loss on its consolidated statements of operations and comprehensive loss. For those products that reach commercialization, the IPR&D asset will be amortized over its estimated useful life. The Company performs its annual goodwill impairment test and IPR&D impairment test, as described above, as of June 30th and September 30th, respectively, or whenever an event or change in circumstances occurs that would require reassessment of the recoverability of those assets. For the six months ended June 30, 2020, the Company experienced an increase of approximately $0.1 million in the carrying value of IPR&D, which was due to foreign currency translation.
Tax Credit Receivable	Tax Credit Receivable The Company has recorded a Danish tax credit earned by its subsidiary, Savara ApS, as of June 30, 2020. Under Danish tax law, Denmark remits a research and development tax credit equal to 22% of qualified research and development expenditures, not to exceed established thresholds. As of June 30, 2020, credits totaling $1.6 million had been generated but not yet received. Of this total Danish tax credit, $0.8 million is related to research and development activities incurred during the year ended December 31, 2019 and is recorded in “Prepaid expenses and other current assets” and expected to be received in the second half of 2020. The remaining portion of the Danish tax credit of $0.8 million, which was generated during the six months ended June 30, 2020, is recorded in “Other non-current assets” and is expected to be received in the fourth quarter of 2021. The Company also recognized tax credit income for the six months ended June 30, 2020 as provided by the Australian Taxation Office for qualified research and development expenditures incurred through our subsidiary, Savara Australia Pty. Limited. Under Australian tax law, Australia remits a research and development tax credit equal to 43.5% of qualified research and development expenditures, not to exceed established thresholds. As of June 30, 2020, credits totaling $0.5 million had been generated but not yet received. Of this total Australian tax credit, $0.4 million is related to research and development activities incurred during the year ended December 31, 2019 and is recorded in “Prepaid expenses and other current assets” and expected to be received during the year ending December 31, 2020. The remaining portion of the Australian tax credit of $0.1 million, which was generated during the six months ended June 30, 2020, is recorded in “Other non-current assets” and is expected to be received during the year ended December 31, 2021.
Leases	Leases In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) as codified in Accounting Standards Codification (“ASC”) 842 (“ASC 842”). ASU 2016-02, ASC 842, and additional issued guidance are intended to improve financial reporting of leasing transactions by requiring organizations that lease assets to recognize assets and liabilities for the rights and obligations created by leases that extend more than twelve months. This accounting update also requires additional disclosures surrounding the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for financial statements issued for annual and interim periods beginning after December 15, 2018 for public business entities. The Company adopted ASU 2016-02 as of January 1, 2019 using the effective date transition method of implementation offered under ASU 2018-11, “Leases (Topic 842) – Targeted Improvements” issued in July 2018 (“ASU 2018-11”), under which entities may change their date of initial application of ASU 2016-02 to the beginning of the period of adoption, or January 1, 2019, in the case of Savara. Accordingly, the Company is required to apply the prior lease guidance pursuant to ASC Topic 840 in the comparative periods, provide the disclosures required by ASC Topic 840 for all periods that continue to be presented in accordance with ASC Topic 840, recognize the effects of applying ASC 842 as a cumulative-effect adjustment to retained earnings as of January 1, 2019, if any, and provide certain disclosures under ASC 842 (see Note 11). The Company has also elected the package of practical expedients, applied by class of underlying asset, permitted in ASU 2018-11. Accordingly, the Company accounted for its existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contracts contain a lease under ASC 842, (b) whether classification of the operating leases would be different in accordance with ASC 842, and (c) whether the unamortized initial direct costs before transition adjustments (as of the period of adoption) would have met the definition of initial direct costs in ASC 842 at lease commencement, and the Company did not separate lease and non-lease components. As a result of the adoption of the new lease accounting guidance using the effective date transition method, on January 1, 2019, the Company recognized (a) a lease liability of approximately $1.4 million, which represents the present value of the remaining lease payments, as of the date of adoption, of approximately $1.5 million, discounted using the Company’s incremental borrowing rate of 8.5%, and (b) a right-of-use asset of approximately $1.4 million. The adoption of the new standard did not result in any adjustment to the Company’s retained earnings as of January 1, 2019. The adoption of this standard did not have a material impact on the Company’s condensed consolidated balance sheets, cash used/provided from operating, investing, or financing activities in the condensed consolidated statements of cash flows, or on the Company’s operating results. The most significant impact was the recognition of right-of-use assets for operating leases, which are reflected in “Other non-current assets,” and lease liabilities for operating leases, which are reflected in “Accrued expenses and other current liabilities,” for the current portion of the lease liabilities, and in “Other long-term liabilities” for the non-current portion of the lease liabilities, respectively (See Note 11).
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance. Our chief operating decision maker is the chief executive officer. We have one operating segment, specialty pharmaceuticals within the respiratory system.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal, most advantageous market for the specific asset or liability. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows: • Level 1 – Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 – Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and • Level 3 – Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. Financial instruments carried at fair value include cash and cash equivalents, short-term investments, and foreign exchange derivatives not designated as hedging instruments. Financial instruments not carried at fair value include accounts payable and accrued liabilities. The carrying amounts of these financial instruments approximate fair value due to the highly liquid nature of these short-term instruments.
Revenue Recognition	Revenue Recognition The Company will record revenue based on a five-step model in accordance with ASC 606, “Revenue from Contracts with Customers.” To date, the Company has not generated any product revenue from its drug candidates. The Company’s ability to generate product revenues, which the Company does not expect will occur in the near term, if ever, will depend heavily on the successful development, regulatory approval, and eventual commercialization of the Company’s product candidates.
Milestone Revenue	Milestone Revenue The Company is subject to a license agreement related to its Molgradex product candidate, which includes certain milestone payments to be remunerated by the licensee to Savara. In exchange, the Company granted the licensee an exclusive right to import, market, sell, distribute and promote Molgradex in Japan for the treatment of aPAP. Pursuant to the license agreement, the Company identifies the performance obligations, determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) the performance obligation is satisfied. The Company identifies the performance obligations included within the license agreement and evaluates which performance obligations are distinct. The milestone payments are a form of variable consideration as the payments are contingent upon achievement of a substantive event. The milestone payments are estimated and included in the transaction price when the Company determines, under the variable consideration constraint, that it is probable that there will not be a significant reversal of cumulative revenue recognized in future periods. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts the estimate of the overall transaction price. In October 2018, the Company achieved a milestone payment pursuant to this license agreement resulting in the receipt of $0.2 million from the licensee. As of June 30, 2020, the Company has determined that it has not met all of the performance obligations under this license agreement and, accordingly, has recorded the milestone payment as deferred revenue in “Accrued expenses and other current liabilities” in the Company’s condensed consolidated balance sheet until such time the performance obligations are met. On February 21, 2020, the Company received notification from the licensee of its intent to terminate this license agreement. Accordingly, this license agreement shall terminate on August 21, 2020, upon which the Company shall recognize revenue related to this $0.2 million milestone payment.
Net Loss per Share	Net Loss per Share Basic net loss attributable to common stockholders per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock and pre-funded warrants outstanding during the period without consideration of common stock equivalents. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods presented as the inclusion of all potential dilutive securities would have been antidilutive.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes the cost of stock-based awards granted to employees based on the estimated grant-date fair value of the awards. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service period. The Company recognizes the compensation costs for awards that vest over several years on a straight-line basis over the vesting period (see Note 12). Forfeitures are recognized when they occur, which may result in the reversal of compensation costs in subsequent periods as the forfeitures arise.
Manufacturing, Development, and Other Commitments and Contingencies	Manufacturing, Development, and Other Commitments and Contingencies The Company is subject to various royalties and manufacturing and development payments related to its product candidates, Molgradex and Apulmiq. Under a manufacture and supply agreement with the active pharmaceutical ingredients (“API”) manufacturer for Molgradex, Savara must make certain payments to the API manufacturer upon achievement of the milestones outlined in the table set forth below. Additionally, upon first receipt of marketing approval by Savara from a regulatory authority in a country for a product containing the API for therapeutic use in humans and ending the earlier of (i) ten (10) years thereafter or (ii) the date a biosimilar of such product is first sold in such country, Savara shall pay the API manufacturer a royalty equal to low-single digits of the net sales in that country. Under a license and collaboration agreement for the rights to develop and commercialize Apulmiq, the Company is subject to certain contingent development payments and contingent sales payments due to the licensor upon the achievement of certain milestones up to amounts as set forth in the following table (see Note 7). The Company will also owe the licensor low double-digit tiered royalties based on annual global net sales of licensed products (on a product-by-product basis), which are subject to reduction if another inhaled ciprofloxacin product is introduced into the market. Under an agreement with a medical education and research foundation entered into on October 8, 2018, the Company is subject to a milestone payment for the use of proprietary information and material in intellectual property filings related to the application of Molgradex in the treatment of NTM. The Company will owe royalties to the foundation based on net sales of Molgradex for the treatment of NTM equal to one half of one percent (0.5%) after publication of the intellectual property filings and one quarter of one percent (0.25%) prior to the publication or in the event publication does not occur, with respect to the specified intellectual property filings. The Company is also subject to certain contingent milestone payments, disclosed in the following table, payable to the manufacturer of the nebulizer used to administer Molgradex. The change in the amount of the milestone payments from December 31, 2019 to June 30, 2020 was related to changes in foreign currency exchange rates and the accrual of a milestone equal to approximately $0.2 million due to the completion of our Phase 2a study of the use of Molgradex for the treatment of NTM in patients not affected by CF. Furthermore, milestone payments totaling 4.3 million euros reflected in the following table relate to types of nebulizer delivery systems that are not currently being utilized in any of the studies in our development pipeline. In addition to these milestones, the Company will owe a royalty to the manufacturer of the nebulizer based on net sales. The royalty rate ranges from three-and one-half percent (3.5%) to five percent (5%) depending on the device technology used by the Company to administer the product. Manufacturing, Development, and Other Contingent Milestone Payments (in thousands): June 30, 2020 Molgradex API manufacturer: Achievement of certain milestones related to validation of API and regulatory approval of Molgradex $ 2,300 Molgradex nebulizer manufacturer: Achievement of various development activities and regulatory approval of nebulizer utilized to administer Molgradex 7,474 Medical education and research foundation (Molgradex): First commercial sale in the U.S. of Molgradex in treatment of NTM 500 Apulmiq Licensor: Achievement of various development activities and regulatory approval of Apulmiq for the treatment of NCFB 50,000 Achievement of various sales activities of Apulmiq for treatment of NCFB 100,000 Total manufacturing and other commitments $ 160,274 The milestone commitments disclosed above reflect the activities that have (i) not been met or incurred; (ii) not been remunerated; and (iii) not accrued, as the activities are not deemed probable or reasonably estimable, as of June 30, 2020.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities will be recognized in the period that includes the enactment date. A valuation allowance is established against the deferred tax assets to reduce their carrying value to an amount that is more likely than not to be realized.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)” which provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued, such as, London Interbank Offered Rate (LIBOR). The Company has reviewed ASU 2020-04 and concluded that it is not applicable to our condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Manufacturing, Development, and Other Contingent Milestone Payments	Manufacturing, Development, and Other Contingent Milestone Payments (in thousands): June 30, 2020 Molgradex API manufacturer: Achievement of certain milestones related to validation of API and regulatory approval of Molgradex $ 2,300 Molgradex nebulizer manufacturer: Achievement of various development activities and regulatory approval of nebulizer utilized to administer Molgradex 7,474 Medical education and research foundation (Molgradex): First commercial sale in the U.S. of Molgradex in treatment of NTM 500 Apulmiq Licensor: Achievement of various development activities and regulatory approval of Apulmiq for the treatment of NCFB 50,000 Achievement of various sales activities of Apulmiq for treatment of NCFB 100,000 Total manufacturing and other commitments $ 160,274

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
Prepaid Expenses and Other Current Assets (Tables)	Jun. 30, 2020
Prepaid Expense And Other Assets Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses consisted of (in thousands): June 30, 2020 December 31, 2019 R&D tax credit receivable $ 1,373 $ 1,253 Prepaid contracted research and development costs 471 184 VAT receivable 373 364 Prepaid insurance 530 247 Foreign currency exchange derivative 17 7 Deposits and other 189 251 Total prepaid expenses and other current assets $ 2,953 $ 2,306

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
Accrued Expenses and Other Current Liabilities (Tables)	Jun. 30, 2020
Payables And Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of (in thousands): June 30, 2020 December 31, 2019 Accrued contracted research and development costs $ 1,576 $ 2,018 Accrued general and administrative costs 529 1,710 Accrued compensation 1,780 1,303 Deferred revenue 243 — Lease liability 319 440 Total accrued expenses and other current liabilities $ 4,447 $ 5,471

Short-term Investments (Tables)

Short-term Investments (Tables)	6 Months Ended
Short-term Investments (Tables)	Jun. 30, 2020
Investments Debt And Equity Securities [Abstract]
Summary of Major Security Type of Investments	The following table summarizes, by major security type, the Company’s investments (in thousands): As of June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments U.S. government securities $ 12,079 $ 58 $ — $ 12,137 Corporate securities 22,103 93 — 22,196 Commercial paper 18,159 — — 18,159 Total short-term investments $ 52,341 $ 151 $ — $ 52,492 As of December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments U.S. government securities $ 15,629 $ 11 $ (2 ) $ 15,638 Asset backed securities 8,789 10 — 8,799 Corporate securities 30,556 30 (1 ) 30,585 Commercial paper 16,935 — — 16,935 Total short-term investments $ 71,909 $ 51 $ (3 ) $ 71,957

Debt Facility (Tables)

Debt Facility (Tables)	6 Months Ended
Debt Facility (Tables)	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of Components of Debt Facility Carrying Value	The following table summarizes the components of the debt facility carrying value, which approximates the fair value (in thousands): As of June 30, 2020 Short-term Long-term Principal payments to lender and end of term charge $ — $ 25,162 Debt issuance costs — (173 ) Debt discount related to warrants — (133 ) Carrying Value $ — $ 24,856

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Instruments	The fair value of these instruments as of June 30, 2020 and December 31, 2019 was as follows (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of June 30, 2020 Cash equivalents: U.S. Treasury money market funds $ 44,103 $ — $ — Short-term investments: U.S. government securities $ 12,137 $ — $ — Corporate securities — 22,196 — Commercial paper — 18,159 — Other assets: Foreign exchange derivatives not designated as hedging instruments $ — $ 17 $ — As of December 31, 2019 Cash equivalents: U.S. Treasury money market funds $ 13,530 $ — $ — Repurchase agreements — 6,000 — Short-term investments: U.S. government securities $ 15,638 $ — $ — Asset backed securities — 8,799 — Corporate securities — 30,585 — Commercial paper — 16,935 — Other assets: Foreign exchange derivatives not designated as hedging instruments $ — $ 7 $ —
Summary of Changes in Fair Value of Company's Level 3 Financial Instruments	The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands) for the year ended December 31, 2019 as there were no Level 3 financial instruments for the six months ended June 30, 2020: Contingent Consideration Balance at December 31, 2018 $ 12,214 Change in fair value 219 Settlement of contingent liability (12,433 ) Balance at December 31, 2019 $ —

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
Shareholders' Equity (Tables)	Jun. 30, 2020
Equity [Abstract]
Summary of Company's Common Stock	The following is a summary of the Company’s common stock at June 30, 2020 and December 31, 2019. June 30, 2020 December 31, 2019 Common stock authorized 200,000,000 200,000,000 Common stock outstanding 52,823,312 50,790,441
Company's Shares of Common Stock Reserved for Issuance	The Company’s shares of common stock reserved for issuance as of June 30, 2020 and December 31, 2019 were as follows: June 30, 2020 December 31, 2019 Warrants acquired in merger 403,927 403,927 Warrants converted in connection with merger 72,869 72,869 April 2017 Warrants 24,725 24,725 June 2017 Warrants 41,736 41,736 December 2018 Warrants 11,332 11,332 2017 Pre-funded Warrants 775,000 775,000 Pre-funded PIPE Warrants 5,780,537 5,780,537 Milestone Warrants 32,577,209 32,577,209 Stock options outstanding 4,403,792 4,541,432 Issued and nonvested RSUs 290,125 315,625 Total shares reserved 44,381,252 44,544,392
Summary of Outstanding Warrants for Company's Common Stock	The following table summarizes the outstanding warrants for the Company’s common stock as of June 30, 2020: Shares Underlying Outstanding Warrants Exercise Price Expiration Date 403,927 $ 29.40 February 2021 72,869 $ 8.98 June 2021 775,000 $ 0.01 October 2024 24,725 $ 2.87 April 2027 41,736 $ 2.87 June 2027 11,332 $ 2.87 December 2028 5,780,537 $ 0.001 None 32,577,209 $ 1.48 Earlier of December 2021 or 30 days after clinical milestone 39,687,335

Commitments (Tables)

Commitments (Tables)	6 Months Ended
Commitments (Tables)	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Schedule of Maturity Analysis of Annual Undiscounted Cash Flows Reconciled to Carrying Value of Operating Lease Liabilities	The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of June 30, 2020 (in thousands): Year ending December 31, 2020 123 2021 182 2022 67 Total future minimum lease payments $ 372 Less imputed interest (15 ) Total $ 357
Schedule of Lease Cost and Other Information	For the three months ended June 30, 2020 For the six months ended June 30, 2020 Lease cost: Operating lease cost $ 299 $ 684 Sublease income (90 ) (226 ) Total lease cost $ 209 $ 458 Other information: Operating cash flows from operating leases $ 200 $ 354 Weighted-average remaining lease term (in months) - operating leases 20.2 20.2 Weighted-average discount rate - operating leases 8.5 % 8.5 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock-based Awards Activity Under the 2008 Plan and 2015 Plan	The following table provides a summary of stock-based awards activity under the 2008 Plan and 2015 Plan for the six months ended June 30, 2020 and 2019: Six months ended June 30, 2020 Six months ended June 30, 2019 Stock Options RSUs Total Stock Options RSUs Total Outstanding as of December 31 4,541,432 315,625 4,857,057 3,077,264 156,250 3,233,514 Granted 32,000 — 32,000 339,125 — 339,125 Exercised (64,546 ) (25,500 ) (90,046 ) (97,223 ) (26,250 ) (123,473 ) Forfeited (105,094 ) — (105,094 ) (23,500 ) — (23,500 ) Outstanding as of June 30 4,403,792 290,125 4,693,917 3,295,666 130,000 3,425,666
Stock-based Compensation Expense included in Accompanying Statements of Operations and Comprehensive Loss	Stock-based compensation expense is included in the following line items in the accompanying statements of operations and comprehensive loss for the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Research and development $ 358 $ 545 $ 951 $ 996 General and administrative 817 602 1,418 1,151 Total stock-based compensation $ 1,175 $ 1,147 $ 2,369 $ 2,147

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
Net Loss Per Share (Tables)	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Anti-dilutive Weighted-Average Equity Instruments Excluded from Calculation of Diluted Net Loss Per Share	The following weighted-average equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: Six Months Ended June 30, 2020 June 30, 2019 Awards under equity incentive plan 4,403,792 3,295,666 Nonvested restricted shares and restricted stock units 290,125 130,000 Warrants to purchase common stock 33,131,798 869,035 Total 37,825,715 4,294,701
Reconciles Basic Earnings Per Share and Diluted Earnings Per Share of Common Stock	The following table calculates basic earnings per share of common stock and diluted earnings per share of common stock for the three and six months ended June 30, 2020 and 2019 (in thousands, except share and per share amounts): Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net loss $ (9,389 ) $ (21,939 ) $ (24,811 ) $ (34,051 ) Net loss attributable to common stockholders (9,389 ) (21,939 ) (24,811 ) (34,051 ) Undistributed earnings and net loss attributable to common stockholders, basic and diluted (9,389 ) (21,939 ) (24,811 ) (34,051 ) Weighted average common shares outstanding, basic and diluted 58,858,216 38,440,647 58,111,225 37,235,209 Basic and diluted EPS $ (0.16 ) $ (0.57 ) $ (0.43 ) $ (0.91 )

Description of Business and B_2

Description of Business and Basis of Presentation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020USD ($)CompoundSegment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of investigational compounds \| Compound	3
Number of operating segments \| Segment	1
Product revenue from inception to date \| $	$ 0
Type of Revenue [Extensible List]	us-gaap:ProductMember

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) € in Millions	Feb. 21, 2020USD ($)	Oct. 31, 2018USD ($)	Jun. 30, 2020USD ($)Segment	Jun. 30, 2019USD ($)	Jun. 30, 2020EUR (€)	Dec. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit			$ (232,702,000)			$ (207,892,000)
Cash flow from operations			(20,831,000)	$ (23,764,000)
Cash and cash equivalents			47,117,000			49,804,000
Short-term investments			$ 52,492,000			71,957,000
Cash and cash equivalents with original maturities			three months or less
Goodwill			$ 0
Carrying value of IPR&D			100,000
Operating lease, liability			357,000
Present value of remaining lease payments			372,000
Operating lease, right-of -use asset			$ 500,000
Discounted using incremental borrowing rate			8.50%		8.50%
Number of operating segments \| Segment			1
Date of agreement			Oct. 8, 2018
Contingent milestones commitments met or incurred			$ 0
Contingent milestones commitments met or remunerated			0
Contingent milestones commitments accrued			0
aPAP [Member]
Summary Of Significant Accounting Policies [Line Items]
Milestone payment accrued			$ 200,000
aPAP [Member] \| Japan [Member]
Summary Of Significant Accounting Policies [Line Items]
Receipt of milestone payment		$ 200,000
Milestone payment receivable revenue recognized	$ 200,000
License agreement termination date	Aug. 21, 2020
Active Pharmaceutical Ingredients [Member]
Summary Of Significant Accounting Policies [Line Items]
Agreement description			Under a manufacture and supply agreement with the active pharmaceutical ingredients (“API”) manufacturer for Molgradex, Savara must make certain payments to the API manufacturer upon achievement of the milestones outlined in the table set forth below. Additionally, upon first receipt of marketing approval by Savara from a regulatory authority in a country for a product containing the API for therapeutic use in humans and ending the earlier of (i) ten (10) years thereafter or (ii) the date a biosimilar of such product is first sold in such country, Savara shall pay the API manufacturer a royalty equal to low-single digits of the net sales in that country.
NTM [Member]
Summary Of Significant Accounting Policies [Line Items]
Royalty percent on net sale after publication of the intellectual property			0.50%
Royalty percent on net sale prior publication of the intellectual property			0.25%
Nebulizer [Member]
Summary Of Significant Accounting Policies [Line Items]
Milestone payment accrued \| €					€ 4.3
Nebulizer [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Royalty percent on net sale			3.50%
Nebulizer [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Royalty percent on net sale			5.00%
ASC 842
Summary Of Significant Accounting Policies [Line Items]
Operating lease, liability							$ 1,400,000
Present value of remaining lease payments							1,500,000
Operating lease, right-of -use asset							$ 1,400,000
Discounted using incremental borrowing rate							8.50%
Savara ApS [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development tax credits			22.00%
Research and development tax credits receivable			$ 1,600,000
Savara ApS [Member] \| Prepaid Expenses and Other Current Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development tax credits receivable						$ 800,000
Savara ApS [Member] \| Other Non-Current Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development tax credits receivable			$ 800,000
Savara Australia Pty Limited [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development tax credits			43.50%
Research and development tax credits receivable			$ 500,000
Savara Australia Pty Limited [Member] \| Prepaid Expenses and Other Current Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development tax credits receivable			400,000
Savara Australia Pty Limited [Member] \| Other Non-Current Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development tax credits receivable			$ 100,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Manufacturing, Development, and Other Contingent Milestone Payments (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Summary Of Significant Accounting Policies [Line Items]
Total manufacturing and other commitments	$ 160,274
Active Pharmaceutical Ingredients [Member]
Summary Of Significant Accounting Policies [Line Items]
Achievement of certain milestones related to validation of API and regulatory approval of Molgradex	2,300
Molgradex Nebulizer Manufacturer [Member]
Summary Of Significant Accounting Policies [Line Items]
Achievement of various development activities and regulatory approval	7,474
NTM [Member]
Summary Of Significant Accounting Policies [Line Items]
First commercial sale in the U.S. of Molgradex in treatment of NTM	500
Apulmiq Licensor [Member]
Summary Of Significant Accounting Policies [Line Items]
Achievement of various development activities and regulatory approval	50,000
Achievement of various sales activities of Apulmiq for treatment of NCFB	$ 100,000

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Prepaid Expense And Other Assets Current [Abstract]
R&D tax credit receivable	$ 1,373	$ 1,253
Prepaid contracted research and development costs	471	184
VAT receivable	373	364
Prepaid insurance	530	247
Foreign currency exchange derivative	17	7
Deposits and other	189	251
Total prepaid expenses and other current assets	$ 2,953	$ 2,306

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued contracted research and development costs	$ 1,576	$ 2,018
Accrued general and administrative costs	529	1,710
Accrued compensation	1,780	1,303
Deferred revenue	243
Lease liability	319	440
Total accrued expenses and other current liabilities	$ 4,447	$ 5,471

Short-term Investments - Summar

Short-term Investments - Summary of Major Security and Type of Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 52,341	$ 71,909
Gross Unrealized Gains	151	51
Gross Unrealized Losses		(3)
Fair Value	52,492	71,957
U.S. Government Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	12,079	15,629
Gross Unrealized Gains	58	11
Gross Unrealized Losses		(2)
Fair Value	12,137	15,638
Asset Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		8,789
Gross Unrealized Gains		10
Fair Value		8,799
Corporate Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	22,103	30,556
Gross Unrealized Gains	93	30
Gross Unrealized Losses		(1)
Fair Value	22,196	30,585
Commercial Paper [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	18,159	16,935
Fair Value	$ 18,159	$ 16,935

Short-term Investments - Additi

Short-term Investments - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Investments Debt And Equity Securities [Abstract]
Realized gains or losses on investments	$ 0	$ 0

Debt Facility - Additional Info

Debt Facility - Additional Information (Detail) - USD ($)	Jan. 31, 2020	Apr. 28, 2017	Jun. 30, 2020
Line Of Credit Facility [Line Items]
Warrants issued to purchase shares of common stock			39,687,335
April 2017 Warrants [Member] \| Common Stock [Member]
Line Of Credit Facility [Line Items]
Warrants issued to purchase shares of common stock		24,725
Exercise price of warrants per share		$ 9.10
Warrants expiration term		10 years
Warrants expiration date		Apr. 28, 2027
June 2017 Warrants [Member] \| Common Stock [Member]
Line Of Credit Facility [Line Items]
Warrants issued to purchase shares of common stock		41,736
Exercise price of warrants per share		$ 5.39
Warrants expiration term		10 years
Warrants expiration date		Jun. 15, 2027
December 2018 Warrants [Member] \| Common Stock [Member]
Line Of Credit Facility [Line Items]
Warrants issued to purchase shares of common stock		11,332
Exercise price of warrants per share		$ 8.824
Warrants expiration term		10 years
Warrants expiration date		Dec. 4, 2028
April 2017 Warrants, June 2017 Warrants, and December 2018 Warrants [Member]
Line Of Credit Facility [Line Items]
Warrants issued to purchase shares of common stock	77,793
Exercise price of warrants per share	$ 2.87
Loan and Security Agreement [Member] \| Silicon Valley Bank [Member]
Line Of Credit Facility [Line Items]
Loan agreement amendment date		Oct. 31, 2017
Loan agreement amendment date one		Dec. 4, 2018
Loan and Security Agreement [Member] \| Silicon Valley Bank [Member] \| Term Loan [Member]
Line Of Credit Facility [Line Items]
Loan and security agreement, maximum amount	$ 25,000,000
Debt instrument payment description	the interest-only period of the loan repayment through June 30, 2022, with payments thereafter in equal monthly installments of principal plus interest over 18 months. However, if by March 31, 2021, the Company does not have an ongoing Phase 3 or Phase 4 clinical trial evaluating its Molgradex product for the treatment of aPAP in which the first patient has been dosed, the interest-only period will end and principal plus interest will be due in equal monthly installments over 24 months beginning on April 1, 2021.
Frequency of principal plus interest repayment period	equal monthly installments
Debt instrument principal and interest payment period	18 months
Payments of debt issuance costs	$ 500,000
Interest rate, basis spread	3.00%
Prepayment fee percentage	7.75%
Gross cash proceeds from sale of equity securities	$ 25,000,000
Loan and Security Agreement [Member] \| Silicon Valley Bank [Member] \| Term Loan [Member] \| Prepayment Fee 13-24 Months [Member]
Line Of Credit Facility [Line Items]
Prepayment fee percentage	2.00%
Loan and Security Agreement [Member] \| Silicon Valley Bank [Member] \| Term Loan [Member] \| Prepayment Fee Thereafter [Member]
Line Of Credit Facility [Line Items]
Prepayment fee percentage	1.00%
Loan and Security Agreement [Member] \| Silicon Valley Bank [Member] \| Term Loan [Member] \| End of Term Charge [Member]
Line Of Credit Facility [Line Items]
Prepayment fee percentage	6.00%

Debt Facility - Summary of Comp

Debt Facility - Summary of Components of Debt Facility Carrying Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Carrying value, Short-term		$ 2,000
Principal payments to lender and end of term charge, Long-term	$ 25,162
Debt issuance costs, Long-term	(173)
Debt discount related to warrants, Long-term	(133)
Carrying value, Long-term	$ 24,856	$ 23,112

Apulmiq License Agreement - Add

Apulmiq License Agreement - Additional Information (Details) - Apulmiq License Agreement [Member] - Grifols Patents [Member] - USD ($) shares in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
License agreement description	(1) a Licensed Product for the treatment of either NCFB or pulmonary infections associated with NCFB (the “Initial Indication”) and (2) any Licensed Product for another indication, of which none are currently approved (an “Additional Indication”), including the conduct of a confirmatory Phase 3 clinical trial in the Initial Indication.
Upfront cash payment	$ 3,300,000
Upfront payment common stock shares issued	1
Upfront payment value of common stock issued	$ 2,100,000
Developmental milestone payments	50,000,000
Sales milestone payments	$ 100,000,000
Tiered royalties payment term	10 years
Research and development expense	$ 5,400,000
License agreement, contingent consideration liability	0
Accrued legal fees	500,000
Legal fees	200,000	$ 300,000
First Achievement of Annual Global Net Sales of $100.0 Million [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Global net sales target amount	100,000,000
First Achievement of Annual Global Net Sales of $300.0 Million [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Global net sales target amount	300,000,000
First Achievement of Annual Global Net Sales of $500.0 Million [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Global net sales target amount	$ 500,000,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Short-term investments:
Short-term investments	$ 52,492	$ 71,957
U.S. Government Securities [Member]
Short-term investments:
Short-term investments	12,137	15,638
Asset Backed Securities [Member]
Short-term investments:
Short-term investments		8,799
Corporate Securities [Member]
Short-term investments:
Short-term investments	22,196	30,585
Commercial Paper [Member]
Short-term investments:
Short-term investments	18,159	16,935
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. Treasury Money Market Funds [Member]
Cash equivalents:
Cash equivalents	44,103	13,530
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. Government Securities [Member]
Short-term investments:
Short-term investments	12,137	15,638
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Other assets:
Foreign exchange derivatives not designated as hedging instruments	17	7
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Repurchase Agreements [Member]
Cash equivalents:
Cash equivalents		6,000
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Asset Backed Securities [Member]
Short-term investments:
Short-term investments		8,799
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Corporate Securities [Member]
Short-term investments:
Short-term investments	22,196	30,585
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Commercial Paper [Member]
Short-term investments:
Short-term investments	$ 18,159	$ 16,935

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Financial Instruments (Detail) - Contingent Consideration [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 12,214
Change in fair value	219
Settlement of contingent liability	$ (12,433)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0	$ 0
Fair value, assets, level 2 to level 1 transfers, amount	0	0
Fair value, assets, transfers into level 3, amount	0	0
Fair value, assets, transfers out of level 3, amount	$ 0	$ 0

Derivative Financial Instrume_2

Derivative Financial Instruments - Additional Information (Detail) - Forward Exchange Contracts [Member] $ in Millions	Jun. 30, 2020USD ($)
Derivative [Line Items]
Unsettled forward exchange contracts to purchase foreign currency	$ 3
Derivative liabilities, fair value	$ 3

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jul. 12, 2018	Jun. 30, 2020	Dec. 31, 2019	Apr. 28, 2017
Class of Warrant or Right [Line Items]
Common stock, par value		$ 0.001	$ 0.001
Common and preferred stock, shares authorized		201,000,000
Common stock, shares authorized		200,000,000	200,000,000
Preferred stock, shares authorized		1,000,000
Preferred stock, par value		$ 0.001
H.C. Wainwright & Co., LLC [Member]
Class of Warrant or Right [Line Items]
Common stock, par value				$ 0.001
Sales commissions in fixed percentage of gross proceeds per share				3.00%
Common stock, shares sold		942,825
Net proceeds from sale of shares		$ 2.3
H.C. Wainwright & Co., LLC [Member] \| Common Stock [Member]
Class of Warrant or Right [Line Items]
Value of shares sold prior to amendment	$ 2.3
H.C. Wainwright & Co., LLC [Member] \| Maximum [Member]
Class of Warrant or Right [Line Items]
Amount available to sell under equity program				$ 60

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Company's Common Stock (Detail) - shares	Jun. 30, 2020	Dec. 31, 2019
Equity [Abstract]
Common stock authorized	200,000,000	200,000,000
Common stock outstanding	52,823,312	50,790,441

Shareholders' Equity - Company'

Shareholders' Equity - Company's Shares of Common Stock Reserved for Issuance (Detail) - shares	Jun. 30, 2020	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Total shares reserved	44,381,252	44,544,392
Warrants Acquired in Merger [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	403,927	403,927
Warrants Converted In Connection With Merger [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	72,869	72,869
April 2017 Warrants [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	24,725	24,725
June 2017 Warrants [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	41,736	41,736
December 2018 Warrants [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	11,332	11,332
2017 Pre-Funded Warrants [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	775,000	775,000
Pre-Funded PIPE Warrants [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	5,780,537	5,780,537
Milestone Warrants [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	32,577,209	32,577,209
Stock Options Outstanding [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	4,403,792	4,541,432
Issued and nonvested RSUs [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	290,125	315,625

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Outstanding Warrants for Company's Common Stock (Detail)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	39,687,335
Exercise Price One [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	403,927
Exercise Price \| $ / shares	$ 29.40
Expiration Date	2021-02
Exercise Price Two [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	72,869
Exercise Price \| $ / shares	$ 8.98
Expiration Date	2021-06
Exercise Price Three [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	775,000
Exercise Price \| $ / shares	$ 0.01
Expiration Date	2024-10
Exercise Price Four [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	24,725
Exercise Price \| $ / shares	$ 2.87
Expiration Date	2027-04
Exercise Price Five [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	41,736
Exercise Price \| $ / shares	$ 2.87
Expiration Date	2027-06
Exercise Price Six [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	11,332
Exercise Price \| $ / shares	$ 2.87
Expiration Date	2028-12
Exercise Price Seven [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	5,780,537
Exercise Price \| $ / shares	$ 0.001
Expiration Date	None
Exercise Price Eight [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	32,577,209
Exercise Price \| $ / shares	$ 1.48
Expiration Date	Earlier of December 2021 or 30 days after clinical milestone

Commitments - Additional Inform

Commitments - Additional Information (Detail) $ in Thousands	Nov. 29, 2017USD ($)	Mar. 23, 2017ft²	Jun. 30, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
Lease commencement date	Jan. 1, 2018	Jul. 1, 2017	Nov. 1, 2018
Lease expiration date	Jul. 31, 2021	May 31, 2020	Sep. 30, 2022
Annual rental payments	$ 200		$ 100
Percentage of lease increase			2.00%
Lease office space \| ft²		13,707
Lease agreement date		Jun. 19, 2014
Operating lease, right-of -use asset			$ 500
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]			us-gaap:OtherAssetsNoncurrent
Operating lease, liability			$ 357
Operating lease, liability, current portion			$ 300
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]			us-gaap:AccruedLiabilitiesCurrent
Operating lease, liability, non-current portion			$ 100
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]			us-gaap:OtherLiabilitiesNoncurrent
Employment agreement description			Upon termination without cause, and not as a result of death or disability or resignation for good reason, each of such officers is entitled to receive a payment of base salary for twelve months and a pro-rated portion of their unpaid bonus following termination of employment, and such officer will be entitled to continue to receive coverage under medical and dental benefit plans for twelve months or until such officer is covered under a separate plan from another employer. Upon a termination other than for cause or resignation for good reason within twelve months following a change in control, each of such officers is entitled to receive a payment of base salary for eighteen months and one-hundred percent of their unpaid bonus following termination of employment and such officer will be entitled to continue to receive coverage under medical and dental benefit plans for twelve months or until such officer is covered under a separate plan from another employer and will also be entitled to certain acceleration of such officer’s outstanding nonvested options at the time of such termination.
Percentage of unpaid bonus to be paid upon termination other than for cause or for good reason			100.00%

Commitments - Schedule of Matur

Commitments - Schedule of Maturity Analysis of Annual Undiscounted Cash Flows Reconciled to Carrying Value of Operating Lease Liabilities (Detail) $ in Thousands	Jun. 30, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020	$ 123
2021	182
2022	67
Total future minimum lease payments	372
Less imputed interest	(15)
Operating lease, liability	$ 357

Commitments - Schedule of Lease

Commitments - Schedule of Lease Cost and Other Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)
Lease cost:
Operating lease cost	$ 299	$ 684
Sublease income	(90)	(226)
Total lease cost	209	458
Other information:
Operating cash flows from operating leases	$ 200	$ 354
Weighted-average remaining lease term (in months) - operating leases	20 months 6 days	20 months 6 days
Weighted-average discount rate - operating leases	8.50%	8.50%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	6 Months Ended
Stock-Based Compensation - Additional Information (Detail)	Jun. 30, 2020shares
2008 Stock Option Plan [Member] \| Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting interval period	quarterly
Vesting expiration period	10 years
Issuance of stock based awards	0
2008 Stock Option Plan [Member] \| Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting interval period	quarterly
Vesting period	4 years
Vesting expiration period	10 years
2008 Stock Option Plan [Member] \| Tranche One [Member] \| Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
2008 Stock Option Plan [Member] \| Tranche Two [Member] \| Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
2015 Omnibus Incentive Option Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for grant	3,842,008
2015 Omnibus Incentive Option Plan [Member] \| Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Vesting expiration period	10 years
Dividend yield	0.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-based Awards Activity Under the 2008 Plan and 2015 Plan (Detail) - 2008 Plan and 2015 Plan [Member] - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, Outstanding at beginning balance	4,541,432	3,077,264
Stock Options, Granted	32,000	339,125
Stock Options, Exercised	(64,546)	(97,223)
Stock Options, Forfeited	(105,094)	(23,500)
Stock Options, Outstanding at ending balance	4,403,792	3,295,666
RSUs, Outstanding at beginning balance	315,625	156,250
RSUs, Exercised	(25,500)	(26,250)
RSUs, Outstanding at ending balance	290,125	130,000
Total, Outstanding at beginning balance	4,857,057	3,233,514
Total, Granted	32,000	339,125
Total, Exercised	(90,046)	(123,473)
Total, Forfeited	(105,094)	(23,500)
Total, Outstanding at ending balance	4,693,917	3,425,666

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense included in Accompanying Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,175	$ 1,147	$ 2,369	$ 2,147
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	358	545	951	996
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 817	$ 602	$ 1,418	$ 1,151

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Anti-dilutive Weighted-Average Equity Instruments Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	37,825,715	4,294,701
Awards under Equity Incentive Plan [Member]
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	4,403,792	3,295,666
Nonvested Restricted Shares and Restricted Stock Units [Member]
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	290,125	130,000
Warrants to Purchase Common Stock [Member]
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	33,131,798	869,035

Net Loss Per Share - Reconciles

Net Loss Per Share - Reconciles Basic Earnings Per Share and Diluted Earnings Per Share of Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net loss	$ (9,389)	$ (15,421)	$ (21,939)	$ (12,112)	$ (24,811)	$ (34,051)
Net loss attributable to common stockholders	(9,389)		(21,939)		(24,811)	(34,051)
Undistributed earnings and net loss attributable to common stockholders, basic and diluted	$ (9,389)		$ (21,939)		$ (24,811)	$ (34,051)
Weighted average common shares outstanding, basic and diluted	58,858,216		38,440,647		58,111,225	37,235,209
Basic and diluted EPS	$ (0.16)		$ (0.57)		$ (0.43)	$ (0.91)