Savara (SVRA) 10-K 12 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 12, 2020	Jun. 28, 2019
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	Savara Inc.
Entity Central Index Key	0001160308
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
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 Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Common Stock, Shares Outstanding		50,838,879
Entity Public Float			$ 77,999,482
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	SVRA
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement relating to the Annual Meeting of Shareholders, scheduled to be held on May 27, 2020, are incorporated by reference into Part III of this Report.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 49,804	$ 24,301
Short-term investments	71,957	86,529
Prepaid expenses and other current assets	2,306	2,514
Total current assets	124,067	113,344
Property and equipment, net	352	522
In-process R&D	11,111	11,372
Goodwill		26,918
Other non-current assets	673	131
Total assets	136,203	152,287
Current liabilities:
Accounts payable	3,409	3,879
Accrued expenses and other current liabilities	5,471	3,375
Debt facility	2,000
Total current liabilities	10,880	7,254
Long-term liabilities:
Debt facility	23,112	24,530
Contingent consideration		12,214
Other long-term liabilities	513	70
Total liabilities	34,505	44,068
Stockholders’ equity:
Common stock, $0.001 par value, 200,000,000 shares authorized as of December 31, 2019 and 2018; 50,790,441 and 35,146,096 shares issued and outstanding as of December 31, 2019 and 2018, respectively	52	36
Additional paid-in capital	309,555	237,702
Accumulated other comprehensive income (loss)	(17)	200
Accumulated deficit	(207,892)	(129,719)
Total stockholders’ equity	101,698	108,219
Total liabilities and stockholders' equity	$ 136,203	$ 152,287

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
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	50,790,441	35,146,096
Common stock, shares outstanding	50,790,441	35,146,096

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating expenses:
Research and development	$ 38,781	$ 37,173
General and administrative	13,081	10,654
Impairment of acquired IPR&D		21,692
Impairment of goodwill	26,852
Depreciation	311	526
Total operating expenses	79,025	70,045
Loss from operations	(79,025)	(70,045)
Other income, net:
Interest income (expense), net	(70)	11
Foreign currency exchange gain (loss)	(78)	71
Tax credit income	1,213	1,454
Change in fair value of financial instruments	(213)	(64)
Total other income	852	1,472
Loss before income taxes	(78,173)	(68,573)
Income tax benefit		7,057
Net loss	$ (78,173)	$ (61,516)
Net loss per share:
Basic and diluted	$ (1.95)	$ (1.85)
Weighted-average common shares outstanding
Basic and diluted	40,027,758	33,300,704
Other comprehensive income (expense):
Loss on foreign currency translation	$ (296)	$ (773)
Unrealized gain on short-term investments	79	15
Total comprehensive loss	$ (78,390)	$ (62,274)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - 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, 2017	$ 119,309	$ 32	$ 186,522	$ (68,203)	$ 958
Beginning balance, shares at Dec. 31, 2017		30,509,522
Issuance of common stock upon public offering, net closing costs	45,792	$ 4	45,788
Issuance of common stock upon public offering, net closing costs, shares		4,250,000
Issuance of common stock upon at the market offerings, net	505		505
Issuance of common stock upon at The market offering, net, shares		48,600
Issuance of common stock for settlement of RSUs, shares		50,625
Issuance of common stock upon cashless exercise of stock options, shares		115,754
Issuance of common stock upon exercise of stock options	58		58
Issuance of common stock upon exercise of stock options, shares		61,893
Issuance of common stock upon exercise of warrants	19		19
Issuance of common stock upon exercise of warrants, Shares		2,123
Common stock issued for acquisition of assets	995		995
Common stock issued for acquisition of assets, shares		107,579
Issuance of detachable warrants with debt instrument	78		78
Stock-based compensation	3,737		3,737
Foreign exchange translation adjustment	(773)				(773)
Unrealized gain on short-term investments	15				15
Net loss incurred	(61,516)			(61,516)
Ending balance at Dec. 31, 2018	108,219	$ 36	237,702	(129,719)	200
Ending balance, shares at Dec. 31, 2018		35,146,096
Issuance of securities in private placement, net closing costs	25,247	$ 10	25,237
Issuance of securities in private placement, net closing costs, shares		9,569,430
Issuance of common stock upon at the market sales, net	29,592	$ 5	29,587
Issuance of common stock upon at the market sales, net, shares		4,769,726
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		52,125
Net issuance of common stock upon cashless exercise of warrants, shares		11,119
Issuance of common stock upon exercise of stock options	111		111
Issuance of common stock upon exercise of stock options, shares		136,729
Stock-based compensation	4,441		4,441
Foreign exchange translation adjustment	(296)				(296)
Unrealized gain on short-term investments	79				79
Net loss incurred	(78,173)			(78,173)
Ending balance at Dec. 31, 2019	$ 101,698	$ 52	$ 309,555	$ (207,892)	$ (17)
Ending balance, shares at Dec. 31, 2019		50,790,441

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (78,173)	$ (61,516)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization including right-of-use assets	1,010	526
Impairment of acquired IPR&D		21,692
Impairment of goodwill	26,852
Change in fair value of financial instruments	213	64
Change in fair value of contingent consideration	264	266
Non-cash interest (income) / expense	(72)	75
Write-off of IPR&D upon acquisition		995
Foreign currency (gain) loss	78	(71)
Amortization of debt issuance costs	582	468
Accretion on discount to short-term investments	(1,161)	(900)
Gain on short-term investments	(4)
Stock-based compensation	4,441	3,737
Benefit for deferred taxes		(7,057)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	148	900
Non-current assets	131
Accounts payable and accrued expenses and other current liabilities	568	1,546
Net cash used in operating activities	(45,123)	(39,275)
Cash flows from investing activities:
Purchase of property and equipment	(148)	(141)
Purchase of available-for-sale securities, net	(122,945)	(122,494)
Maturities of available-for-sale securities	124,700	98,746
Sales of available-for-sale securities, net	14,133	10,270
Net cash provided by (used in) investing activities	15,740	(13,619)
Cash flows from financing activities:
Proceeds from debt facility, net		9,365
Issuance of common stock upon exercise of warrants		19
Issuance of common stock upon public offering, net		45,792
Issuance of securities in private financing, net	25,247
Issuance of common stock upon at the market offerings, net	29,592	505
Proceeds from exercise of stock options	110	58
Capital lease obligation principal payments	(41)	(546)
Net cash provided by financing activities	54,908	55,193
Effect of exchange rate changes on cash and cash equivalents	(22)	(119)
Increase in cash and cash equivalents	25,503	2,180
Cash and cash equivalents beginning of period	24,301	22,121
Cash and cash equivalents end of period	49,804	24,301
Non-cash transactions:
Common stock issued for IPR&D, net		995
Settlement of contingent consideration	12,478
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 2,099	$ 1,406

Description of Business and Bas

Description of Business and Basis of Presentation	12 Months Ended
	Dec. 31, 2019
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. The Company’s pipeline comprises of Molgradex, an inhaled granulocyte-macrophage colony-stimulating factor (“GM-CSF”), in Phase 3 development 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 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 (the “FASB”). Certain prior year amounts have been reclassified for consistency with the current period presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Liquidity As of December 31, 2019, the Company had an accumulated deficit of approximately $207.9 million. The Company used cash from operations of approximately $45.1 million for the year ended December 31, 2019. 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 intends to cover its future operating expenses through cash and cash equivalents on hand and through a combination of equity offerings, debt financings, government or other third-party funding, and other collaborations and strategic alliances. The Company cannot be sure that additional financing will be available when needed or that, if available, financing will be obtained on terms favorable to the Company or its stockholders . The Company had cash and cash equivalents of $49.8 million and short-term investments of $72.0 million as of December 31, 2019, which is sufficient to fund the Company's operations for the twelve months subsequent to the issuance date of its consolidated financial statements for the year ended December 31, 2019. We intend to continue to raise additional capital as needed through the issuance of additional equity and potentially through borrowings, and strategic alliances with partner companies. However, if such financings are not available timely and at adequate levels, the Company will need to re-evaluate its long-term operating plans. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Principles of Consolidation The consolidated financial statements of the Company are stated in U.S. dollars. 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 costs, control premiums used in goodwill and IPR&D reviews, certain financial instruments recorded at fair value, stock-based compensation, contingent consideration prior to its settlement during the year ended December 31, 2019, 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 approval from the U.S. Food and Drug Administration (the “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 will have a material adverse impact on the Company’s business, results of operations and 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 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 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 all available information and, in some cases, assumptions with respect to the timing and amount of future revenue and expenses associated with an asset. Goodwill, Acquired In-Process Research and Development and Deferred Tax Liability 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. The 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. During the year ended December 31, 2018, the Company experienced a $0.2 million and $0.6 million decrease in the carrying value of goodwill and IPR&D, respectively, related to its acquisition of Serendex A/S (“Serendex”) on July 15, 2016, which was due to foreign currency translation. In addition, during the year ended December 31, 2018, the Company recorded $21.7 million of impairment charges and a corresponding decrease to the carrying value of acquired IPR&D related to a drug candidate acquired through a merger in April 2017. The acquired drug candidate demonstrated unfavorable results in a phase 2 study. As a result of the IPR&D impairment charges recorded in the first quarter of 2018, the Company reduced the associated deferred tax liability related to the acquired IPR&D from the merger by $4.6 million and recorded an income tax benefit. The Company additionally performed impairment tests for goodwill and IPR&D as of June 30, 2018 and September 30, 2018, respectively, and noted there were no further triggering events or indicators of impairment as of December 31, 2018. For the year ended December 31, 2019, the Company experienced a decrease of approximately $0.3 million in the carrying value of IPR&D, which was due to foreign currency translation. In June 2019, the Company determined that the results from its Phase 3 study for the use of Molgradex for the treatment of aPAP required a current assessment for impairment of both its IPR&D and goodwill. Upon completion of the aforementioned qualitative and quantitative impairment testing of its IPR&D and quantitative impairment testing of its goodwill, the Company concluded that there was no impairment to its IPR&D; however, goodwill was impaired resulting in an impairment of $7.4 million in the carrying value of goodwill. The Company also determined that a triggering event had occurred during the fourth quarter of 2019 under which the Company’s stock price experienced another significant decline requiring the impairment testing of its goodwill which resulted in an impairment charge of $19.4 million in the fourth quarter of 2019 reducing the Company’s carrying value of its goodwill to its fair value, which was determined to be zero. Similarly, the Company completed the aforementioned qualitative and quantitative impairment testing of its IPR&D following this fourth quarter 2019 triggering event and concluded that there was no impairment to its IPR&D. Tax Credit Receivable The Company has recorded a Danish tax credit earned by its subsidiary, Savara ApS, as of December 31, 2019. 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 December 31, 2019, the Danish tax credit of approximately $0.8 million, which was generated during the year ended December 31, 2019, is recorded in “Prepaid expenses and other current assets” and is expected to be received in the fourth quarter of 2020. The Company also recognized tax credit income for the year ended December 31, 2019 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 December 31, 2019, credits totaling approximately $0.4 million had been generated but not yet received and such amount is recorded in “Prepaid expenses and other current assets” with expectation of receipt in the first half of the year ending December 31, 2020. Leases In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) as codified in Accounting Standards Codification (“ASC”) No. 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 “Leases” 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 consolidated balance sheets, cash used/provided from operating, investing, or financing activities in the 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. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which range from three to five years. Repairs and maintenance that do not improve or extend the useful life of the respective asset are charged to expense as incurred. Patents and Intellectual Property As the Company’s products are currently under research and development and are not currently approved for market, costs incurred in connection with patent applications are expensed as incurred due to the uncertainty of the future economic benefits of the underlying patents and intellectual property. 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, contingent consideration (prior to its settlement and full satisfaction in May 2019) 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 next two to three years, 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 (see Note 14), which includes certain milestone payments to be remunerated by the licensee to Savara. 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. 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, pre-funded warrants, restricted stock and restricted stock units 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 is recognized as expense ratably as the award vests 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 13). Forfeitures are recognized when they occur, which may result in the reversal of compensation costs in subsequent periods as the forfeitures arise. 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. Manufacturing and Other Commitments and Contingencies The Company is subject to various manufacturing royalties and payments related to its product candidate, Molgradex. Under a manufacture and supply agreement with the active pharmaceutical ingredients (“API”) manufacturer, Savara must make certain payments to the API manufacturer upon achievement of certain milestones. 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. Pursuant to a license agreement between the Company and a Japanese licensee regarding the development and commercialization of Molgradex for the treatment of aPAP in Japan, the Company shall fund the licensee fifty percent (50%), up to a maximum of approximately $0.8 million, of the external costs associated with specific regulatory and filing activities to be conducted by the licensee. As of December 31, 2019, no costs have been incurred. 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. 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 and Other Contingent Milestone and Co-Development Payments (in thousands) : December 31, 2019 Molgradex API manufacturer: Achievement of certain milestones related to validation of API and regulatory approval of Molgradex $ 2,450 Molgradex nebulizer manufacturer: Achievement of various development activities and regulatory approval of nebulizer utilized to administer Molgradex 7,634 Molgradex Japanese licensee: Co-development and regulatory costs 750 Medical education and research foundation: First commercial sale in the U.S. of Molgradex in treatment of NTM 500 Total manufacturing and other commitments $ 11,334 The milestones and co-marketing 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 December 31, 2019. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement.” The update eliminates, adds, and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. The Company has reviewed ASU 2018-13 and concluded that it does not have a material impact on our consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, “Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606.” The update clarifies that certain transactions between collaborative partners should be accounted for as revenue under the new revenue standard ASC 606 when the collaborative partner is a customer, specifies the unit of account for determining whether a transaction with a customer is a distinct good or service under ASC 606, and precludes a company from presenting transactions with a collaborative partner that are not in the scope of ASC 606 together with revenue from contracts with customers. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. The Company has reviewed ASU 2018-18 and concluded that it has no impact on our consolidated financial statements. In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements,” which aims to clarify and revise guidance for certain lessors and clarify interim transition disclosure requirements for ASC 842. ASU 2019-01 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. The Company has reviewed ASU 2019-01 and concluded that it does not have a material impact on our consolidated financial statements. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” The Company has reviewed ASU 2019-01 and concluded that it has no impact on our consolidated financial statements. In November 2019, the FASB issued ASU 2019-08, “Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer” which requires that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718 whereby the amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718. The Company has reviewed ASU 2019-08 and concluded that it has no impact on our consolidated financial statements. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to To

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2019
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): December 31, 2019 2018 R&D tax credit receivable $ 1,253 $ 1,263 Prepaid contracted research and development costs 184 561 VAT receivable 364 421 Prepaid insurance 247 162 Foreign currency exchange derivative 7 — Deposits and other 251 107 Total prepaid expenses and other current assets $ 2,306 $ 2,514

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	4. Accrued expenses and other current liabilities Accrued expenses and other liabilities, consisted of (in thousands): December 31, 2019 2018 Accrued contracted research and development costs $ 2,018 $ 2,044 Accrued general and administrative costs 1,710 371 Accrued compensation 1,303 643 Forward currency exchange derivative — 26 Deferred revenue — 250 Lease liability 440 — Current portion of capital lease obligation — 41 Total accrued expenses and other current liabilities $ 5,471 $ 3,375

Short-term Investments

Short-term Investments	12 Months Ended
	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Short-term Investments	5. Short-term Investments Short-term Investments in Available-for-Sale Securities 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 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 As of December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments U.S. government securities $ 15,967 $ — $ (2 ) $ 15,965 Asset backed securities 8,595 — (7 ) 8,588 Corporate securities 19,975 — (21 ) 19,954 Commercial paper 42,022 — — 42,022 Total short-term investments $ 86,559 $ — $ (30 ) $ 86,529 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 consolidated balance sheets. 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 years ended December 31, 2019 and 2018.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Property and Equipment, Net	6. Property and Equipment, Net Property and equipment, net consisted of (in thousands): December 31, 2019 2018 Research and development equipment $ 1,102 $ 1,102 Equipment 676 625 Furniture and fixtures 105 163 Leasehold improvements 143 — Total property and equipment 2,026 1,890 Less accumulated depreciation (1,674 ) (1,368 ) Property and equipment, net $ 352 $ 522 Depreciation expense for the years ended December 31, 2019 and 2018 was $0.3 million and $0.5 million, respectively.

Debt Facility

Debt Facility	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt Facility	7. 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 (the “Loan Agreement”), which provided for a $15.0 million credit facility that was made available in two equal tranches. In December 2018, the Company entered into an amendment to the Loan Agreement (the “Loan Amendment”) to increase the amount of the term loan facility from $15.0 million to $45.0 million and make certain other changes. The Loan Agreement, as amended, provides that the funds are available in two tranches: (i) $25.0 million became available upon the effectiveness of the Loan Amendment, of which $15.0 million was used to refinance the existing amount outstanding under the loan facility, and (ii) $20.0 million, the availability of which expired on September 30, 2019. 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 Loan Agreement, as amended, 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. Following the Loan Amendment, the loans bear interest at the prime rate reported in The Wall Street Journal, plus a spread of 3.0%. Interest only payments are due through October 2020 followed by monthly payments of principal plus interest over the following twenty-five (25) months and a maturity date of November 1, 2022. The Loan Agreement, as amended, includes The end of term charge equal to 6.0% of the amount of principal borrowed will be due on the scheduled maturity date and is being recognized as an increase to the principal with a corresponding charge to interest expense over the term of the facility using the effective interest method. Upon the funding of each tranche, as described above, under the Loan Agreement, the Company was obligated to issue warrants to purchase shares of its common stock, as described below. Upon funding the first tranche of the Loan Agreement, the Company issued warrants to purchase 24,725 shares of the Company’s common stock at an exercise price of $9.10 per share, with a ten-year life, expiring April 28, 2027 (“April 2017 Warrants”). Upon funding the second tranche of the Loan Agreement, the Company issued warrants to purchase 41,736 shares of the Company’s common stock at an exercise price of $5.39 per share with a ten-year life, expiring June 15, 2027 (“June 2017 Warrants”). The April 2017 Warrants and June 2017 Warrants were valued using the Black-Scholes option pricing model with the following assumptions: volatility of 71.42% and 71.57%, respectively, expected term of ten years, risk-free interest rate of 2.33% and 2.16%, respectively, and a zero-dividend yield. The collective warrant fair value of $0.4 million has been recorded as a debt discount and is being amortized through interest expense using the effective interest method through the scheduled maturity date. Upon the funding of the tranche in connection with the Loan Amendment, the Company was obligated to issue warrants to purchase 11,332 shares of the Company’s common stock at an exercise price of $8.824 per share with a ten-year life, expiring December 4, 2028 (“December 2018 Warrants”). The December 2018 Warrants were valued using the Black-Scholes option pricing model with the following assumptions: volatility of 80.09%, expected term of ten years, risk-free interest rate of 2.98%, and a zero-dividend yield. The collective warrant fair value of approximately $0.1 million has been recorded as a debt discount and is being amortized through interest expense using the effective interest method through the scheduled maturity date, as amended and described above. Summary of Carrying Value The following table summarizes the components of the debt facility carrying value (in thousands): As of December 31, 2019 Short-term Long-term Principal payments to lender and end of term charge $ 2,000 $ 23,452 Debt issuance costs — (182 ) Debt discount related to warrants — (158 ) Carrying value $ 2,000 $ 23,112 The carrying value of the debt facility approximates fair value. Future minimum payments under the debt facility are as follows (in thousands): Year ending December 31, 2020 $ 2,000 2021 12,000 2022 12,500 Total future minimum payments 26,500 Unamortized end of term charge (1,048 ) Debt issuance costs and debt discount (340 ) Total minimum payment 25,112 Short-term portion (2,000 ) Long-term debt facility $ 23,112

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
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, asset-backed securities, and repurchase agreements 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 Company also determined that the contingent consideration, as settled in full during the second quarter of 2019, was a Level 3 financial instrument. The fair value of these instruments as of December 31, 2019 and 2018 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 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 — As of December 31, 2018: Cash equivalents: U.S. Treasury money market funds $ 14,710 $ — $ — Commercial paper — 4,411 — Corporate securities — 2,371 — Short-term investments: U.S. government securities $ 15,965 $ — $ — Asset backed securities — 8,588 — Corporate securities — 19,954 — Commercial paper — 42,022 — Liabilities: Contingent consideration $ — $ — $ 12,214 Foreign exchange derivatives not designated as hedging instruments — 26 — The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instrument for the year ended December 31, 2019 and 2018 (in thousands): Contingent Consideration Balance at December 31, 2017 $ 11,948 Change in fair value 266 Balance at December 31, 2018 $ 12,214 Change in fair value 219 Settlement of contingent liability (12,433 ) Balance at December 31, 2019 $ — Prior to its settlement in Q2 2019, the Company recorded changes in fair value of the contingent consideration in general and administrative expense. 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 years ended December 31, 2019 and 2018.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2019
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 at the contract inception date were recognized as “Other income (net)” in the consolidated statements of operations and comprehensive loss. As of December 31, 2019, there were approximately $3.0 million of unsettled forward exchange contracts to purchase foreign currency and a corresponding liability of approximately $3.0 million consisting of forward exchange contract obligations, resulting in minimal net derivative financial instruments, recorded at their estimated fair value in “Accrued expenses and other current liabilities.”

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Shareholders' Equity	10. Shareholders’ Equity Public Offerings On July 30, 2018, the Company completed an underwritten public offering consisting of 4,250,000 shares of its common stock at a price to the public of $11.50 per share. The net proceeds from the offering, after deducting the underwriting discounts and commissions and offering expenses, were approximately $45.8 million. The July 2018 public offering was executed under a shelf registration agreement filed with the Securities and Exchange Commission on June 29, 2018 and declared effective on July 13, 2018 (the “Registration Statement”). The Company has used and intends to use the net proceeds from this offering for working capital and general corporate purposes, which include, but are not limited to, the funding of clinical development of and pursuing regulatory approval for our product candidates, the initiation of Molgradex pre-commercialization activities, and general and administrative expenses. Private Placement On December 24, 2019, we completed a private placement in a public entity (the “Private Placement” or “PIPE”) under a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional and accredited investors (the “Investors”), pursuant to which we issued and sold to the Investors 9,569,430 shares of our common stock at a price of $1.745 per share and pre-funded warrants (“Pre-Funded PIPE Warrants”) to purchase an aggregate of 5,780,537 shares of common stock at $1.744 per share (or $1.745 minus par value of $.001). The net proceeds after deducting placement fees and offering expenses were approximately $25.2 million. We also issued accompanying warrants (the “Milestone Warrants”), with an exercise price of $1.48 per share, to purchase an aggregate of up to 32,577,209 additional shares of common stock and may receive up to approximately $48.2 million from the exercise of the Milestone Warrants prior to their expiration, totaling aggregate gross proceeds of up to approximately $75.0 million from the PIPE before deducting placement agent fees and estimated offering expenses. The Milestone Warrants are exercisable at any time prior to the earlier of thirty days following the achievement of a defined clinical milestone or two years after the closing date of the Private Placement. The Pre-Funded PIPE Warrants are exercisable at any time after their original issuance and will not expire. We intend to use the net proceeds from the Private Placement to fund a new clinical trial of Molgradex for the treatment of aPAP and for other general corporate purposes. In connection with the Private Placement and the Purchase Agreement, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) with the Investors, pursuant to which, among other things, the Company has agreed to prepare and file with the SEC a registration statement, no later than one hundred twenty (120) days following the closing date of December 24, 2019, to register for resale the shares of common stock sold in the Private Placement and the shares of common stock underlying the Milestone Warrants and Pre-Funded PIPE Warrants described above. The Company determined that the securities issued in the PIPE were free-standing and that the Pre-Funded PIPE Warrants and Milestone Warrants did not contain any settlement obligations that would result in liability classification under ASC 480 “Distinguishing Liability from Equity.” Since the settlement of the Pre-Funded PIPE Warrants and Milestone Warrants were initially permitted in unregistered shares, indexed to the Company’s stock, and satisfy the other criteria under ASC 815 “Derivatives and Hedgeing,” the Pre-Funded PIPE Warrants and Milestone Warrants qualify for equity classification and were valued using the Black-Scholes Option Pricing model with the following assumptions: volatility of 90.39%, expected term of two years, risk-free interest rate of 1.63%, and a zero-dividend yield. The net proceeds from the Private Placement were allocated among the instruments based upon their relative fair values resulting in carry values of the respective instruments as follows (in thousands): Relative Fair Value Allocation Financial instruments: December 24, 2019 Common Stock and Pre-Funded PIPE Warrants $ 11,713 Milestone Warrants 13,534 Total Net Proceeds from Private Placement $ 25,247 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 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 $60.0 million, in addition to the $2.3 million in shares sold prior to the Amendment. The Amendment was effective on July 13, 2018, at the time the New Registration Statement was declared effective 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 3.0% 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 years ended December 31, 2019 and 2018, the Company sold 4,769,726 and 48,600 shares of common stock under the Sales Agreement for net proceeds of approximately $29.6 million and $0.5 million, respectively. Common Stock The Company’s amended and restated certificate of incorporation, as amended in June 2018, 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 per share and one million shares of preferred stock with $0.001 par value per share. The following is a summary of the Company’s common stock at December 31, 2019 and 2018. December 31 2019 2018 Common stock authorized 200,000,000 200,000,000 Common stock outstanding 50,790,441 35,146,096 The Company’s shares of common stock reserved for issuance as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Warrants acquired in merger 403,927 750,840 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 — Milestone Warrants 32,577,209 — Stock options outstanding 4,541,432 3,077,264 Issued and nonvested RSUs 315,625 156,250 Total shares reserved 44,544,392 4,910,016 Warrants The following table summarizes the outstanding warrants for the Company’s common stock as of December 31, 2019: 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 $ 9.10 April 2027 41,736 $ 5.39 June 2027 11,332 $ 8.824 December 2028 5,780,537 $ 0.001 None 32,577,209 $ 1.48 December 2021 or 30 days after clinical milestone 39,687,335

Commitments

Commitments	12 Months Ended
	Dec. 31, 2019
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 year ended December 31, 2019, 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 expires on May 31, 2020, coterminous with a sublease agreement dated June 19, 2014 with the sublessor. As of December 31, 2019, annual rent under the sub-sublease is approximately $0.5 million, payable in monthly installments. We previously leased office space for our corporate headquarters in Austin, Texas, pursuant to an operating lease dated November 19, 2012, as amended May 22, 2015, under which we were obligated to remit annual rental payments of approximately $0.1 million payable in monthly installments for the period January 1, 2018 through November The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of December 31, 2019 (in thousands): Year ending December 31, 2020 $ 478 2021 184 2022 67 Total future minimum lease payments $ 729 Less imputed interest (42 ) Total $ 687 Operating cash flows from operating leases $ 786 Weighted-average remaining lease term (in months) - operating leases 18.7 Weighted-average discount rate - operating leases 8.5 % As of December 31, 2019, the carrying value of the right-of-use assets for the operating leases was $0.7 million, which is reflected in “Other non-current assets,” and the carrying value of the lease liabilities for operating leases was $0.7 million, of which $0.4 million related to the current portion of the lease liabilities is recorded in “Accrued expenses and other current liabilities,” and $0.3 million related to the non-current portion of the lease liabilities is recorded in “Other long-term liabilities.” Contingent Royalty and Milestone Payments The Company is also subject to certain contingent royalty payments to the Cystic Fibrosis Foundation as further described below, and certain manufacturers of Molgradex and related suppliers as described in Note 2. CFF Award In September 2013, the Company received a $1.7 million award (the “CFF Award”) from the Cystic Fibrosis Foundation (“CFF”) related to the development of the Company’s AeroVanc product. The CFF Award includes disbursements to the Company based upon the achievement of certain milestones. If the milestone payments are achieved, requested, and received by the Company, Savara is then subject to royalty payments, due to the CFF, as follows: (i) based on commercialization of AeroVanc an amount equal to three (3) times the amount of the CFF Award; (ii) upon the achievement of net sales exceeding $50 million for any calendar year during the first five years after the first commercial sale, an amount equal to one (1) times the amount of the CFF Award; (iii) upon the achievement of net sales exceeding $100 million for any calendar year during the first five years after the first commercial sale, an amount equal to one (1) times the amount of the CFF Award; (iv) upon a change in control transaction, as defined in the CFF Award agreement, occurring prior to the second anniversary date of the effective date of the CFF Award, September 30, 2015, an amount equal to 5% of the proceeds from the change in control transaction but not to exceed an amount equal to two (2) times the CFF Award proceeds received; and (v) upon a change in control transaction occurring after the second anniversary date of the effective date of the CFF Award, an amount equal to 5% of the proceeds from the change in control transaction or a sale or license of the AeroVanc program with a third party but not to exceed an amount equal to (3) three times the CFF Award. Since the Company has earned the full amount of the CFF Award, or $1.7 million, during the periods preceding the years ended December 31, 2019 and 2018, it recognized grant revenue in the requisite prior periods accordingly and is subject to the royalty obligations described above as calculated on the full amount of the CFF Award received. However, as the Company has not recognized any sales from AeroVanc, the Company has not recorded a liability for any amounts due as additional royalties. On November 28, 2017, Savara entered into an amendment (the “Award Amendment”) to the CFF Award, as amended (the “Amended CFF Award”), pursuant to which the amount of the development award available to Savara was increased by $5.0 million to an aggregate of $6.7 million. Pursuant to the terms of the Amended CFF Award, if Savara elects to draw down funds on the increased award, it is obligated to make royalty payments to CFF as follows: (i) based on commercialization of AeroVanc an amount equal to four (4) times the amount Savara receives under the Amended CFF Award; (ii) upon the achievement of net sales exceeding $50 million for any calendar year during the first five years after the first commercial sale, a payment equal to the amount Savara receives under the Amended CFF Award; (iii) upon the achievement of net sales exceeding $100 million for any calendar year during the first seven years after the first commercial sale, an amount equal to one (1) times the amount of the Amended CFF Award; and (iv) upon the consummation of a change of control transaction, as defined in the Amended CFF Award agreement, or a sale or license of the AeroVanc program with a third party, an amount equal to 7.5% of the amount received from the third party in connection with such transaction, up to a total of four (4) times the amount received by Savara under the Amended CFF Award with any such payments credited against the royalty payments due upon commercialization of AeroVanc, and under which Savara must continue paying or cause the third party to assume any remaining royalties payable to CFF pursuant to the Amended CFF Award. As of December 31, 2019 and 2018, the Company had made no draws against the amount following the Award Amendment Risk Management The Company maintains various forms of insurance that the Company's management believes are adequate to reduce the exposure to these risks 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 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.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Parties	12. Related Parties Pursuant to the Company’s public offering on June 7, 2017 (Note 10), Zambon SpA (“Zambon”) purchased Pursuant to the Private Placement on December 24, 2019 (Note 10), Bain Capital Life Science Investors, LLC and affiliates (“Bain”), acquired 4,571,139 shares of the Company’s common stock, 3,615,498 Pre-Funded PIPE Warrants, and 17,374,517 Milestone Warrants and was has a right to designate a member of the Company’s board of directors. As an investor with the right to designate a member of the Company’s board of directors, Bain has significant influence over the Company and is thereby considered a related party as of December 31, 2019.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	13. Stock-Based Compensation A. 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. Prior to the merger in April 2017, the Company had 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 typically vest on a quarterly basis over four years and expire ten years from the grant date. Changes in 2008 Plan Subsequent to the merger in April 2017, the Company no longer issues awards under the 2008 Plan. B. 2015 Omnibus Incentive Option Plan The Company operates the 2015 Omnibus Incentive Plan (the “2015 Plan”), which was amended and approved by stockholders in June 2018. 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 (“RSUs”), 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 December 31, 2019, the number of shares of our common stock available for grant under the 2015 Plan was 272,211 shares. Shares of common stock that are subject to awards granted under the 2015 Plan shall be counted against the shares available for issuance under this plan as one share for each share subject to a stock option or stock appreciation right and as 1.34 shares for each share subject to an award other than a stock option or a stock appreciation right such as an RSU. If any shares of common stock subject to an award granted under any of our stockholder-approved, equity-based incentive plans are forfeited, or an award expires or is settled for cash pursuant to the terms of an award, the shares subject to the award may be used again for awards under the 2015 Plan to the extent of the forfeiture, expiration or cash settlement. The shares of common stock will be added back as one share for every share of common stock if the shares were subject to a stock option or stock appreciation right, and as 1.34 shares for every share of common stock if the shares were subject to an award other than a stock option or stock appreciation right. Under the 2015 Plan, the purchase price of shares of common stock covered by a stock option cannot be less than 100% of the fair market value of the common stock on the date the stock option is granted. Fair market value of the common stock is generally equal to the closing price for the common stock on the principal securities exchange on which the common stock is traded on the date the stock option is granted (or if there was no closing price on that date, on the last preceding date on which a closing price was reported). Stock Options and Restricted Stock Units The Company values stock options using the Black-Scholes 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 near future, which is 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 contractual terms and vest over four years for issuances to employees based on continuous service; however, the 2015 Plan allows for other vesting periods. Fair Value Assumptions for 2015 Plan The following table summarizes the assumptions used for estimating the fair value of stock options granted to employees for the years ended December 31, 2019 and 2018: 2019 2018 Risk-free interest rate 1.39% - 2.60% 2.75% - 3.09% Expected term (years) 6.19 - 7.05 7.05 Expected volatility 79.9% - 91.3% 79% - 81% Dividend yield 0% 0% The following table summarizes the assumptions used for estimating the fair value of stock options granted to non-employees for the years ended December 31, 2019 and 2018: 2019 2018 Risk-free interest rate 1.62% - 1.92% 2.82% Expected term (years) 6.16 - 9.96 7.05 Expected volatility 83.9% - 91.3% 80% Dividend yield 0% 0% C. Stock-Based Award Activity The following tables provide a summary for the 2008 Plan and 2015 Plan of stock option activity for employees and non-employees, restricted stock, and RSU activity for the year ended December 31, 2019: Stock Options: Shares Underlying Option Awards Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (in 000's) Outstanding at December 31, 2018 3,077,264 $ 6.28 8.30 $ 7,975 Granted 1,665,625 3.22 9.80 Exercised (136,729 ) 0.81 Expired/cancelled/forfeited (64,728 ) 8.85 Outstanding at December 31, 2019 4,541,432 $ 5.29 8.25 $ 461 Options exercisable at December 31, 2019 1,901,039 $ 5.29 6.83 $ 277 Vested and expected to vest at December 31, 2019 4,541,432 $ 5.29 8.25 $ 461 RSUs: Shares Underlying Option Awards Weighted-Average Grant Date Fair Value Outstanding at December 31, 2018 156,250 $ 9.59 Granted 234,000 1.19 Vested (52,125 ) 9.20 Expired/cancelled/forfeited (22,500 ) 9.23 Outstanding at December 31, 2019 315,625 $ 3.45 Restricted Stock: The following table summarizes the restricted stock activity for the years ended December 31, 2019 and 2018: Restricted Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2017 16,190 $ 0.65 Granted — — Vested (16,190 ) 0.65 Forfeited — — Nonvested at December 31, 2018 — — Granted — — Vested — — Forfeited — — Nonvested at December 31, 2019 — $ — The total fair value of restricted stock that vested during the years ended December 31, 2019 and 2018 was $0 and $0.2 million, respectively. As of December 31, 2019, there was no remaining compensation cost related to nonvested restricted stock not yet recognized. During the years ended December 31, 2019 and 2018, the Company did not issue any shares of restricted stock to employees under the 2008 Plan. The following table provides a summary of options issued to employees and non-employees that are outstanding and vested as of December 31, 2019: Exercise Price Number Outstanding Weighted-Average Life (in Years) Number Exercisable Weighted-Average Life (in Years) $0.52 - $0.82 243,103 3.66 243,103 3.66 $1.01 - $1.57 1,212,289 5.99 482,428 8.28 $1.59 - $5.13 1,128,180 6.78 382,578 8.58 $5.85 - $9.93 588,756 7.83 195,915 8.51 $10.01 - $15.21 1,369,104 8.51 597,015 8.66 4,541,432 1,901,039 The weighted-average grant date fair values for the Company’s stock options granted during the years ended December 31, 2019 and 2018 were $2.30 per share and $10.07 per share, respectively. The total compensation cost related to nonvested stock options not yet recognized as of December 31, 2019 was $9.9 million, which will be recognized over a weighted-average period of approximately 2.6 years. Stock options to purchase 136,729 shares and 186,138 shares were exercised during the years ended December 31, 2019 and 2018, respectively. During the years ended December 31, 2019 and 2018, the Company granted options to purchase a total of 60,000 and 0 shares of common stock to non-employees, respectively, under the 2015 Plan. The Company recorded a minimal amount of stock-based compensation expense for options issued to non-employees for the years ended December 31, 2019 and 2018, respectively. As of December 31, 2019, options to purchase 10,000 share 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 years ended December 31, 2019 and 2018 (in thousands): Year ended December 31, 2019 2018 Research and development $ 2,123 $ 1,626 General and administrative 2,318 2,111 Total stock-based compensation $ 4,441 $ 3,737

License Agreement

License Agreement	12 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
License Agreement	14. License Agreement The Company entered into a license agreement on May 12, 2016, as amended on June 4, 2018 (the “License Agreement”), with a licensee (the “Licensee”) under which the Licensee received an exclusive right to import, market, sell, distribute, and promote Molgradex in Japan for the treatment of aPAP. In return, the Licensee will pay the Company marketing and regulatory-based milestone payments and sales-based royalties. In October 2018, the Company achieved a milestone payment pursuant to the License Agreement resulting in the receipt of $0.3 million from the Licensee. As of December 31, 2019, the Company has determined that it has not met all of the performance obligations under the License Agreement and, accordingly, has recorded the milestone payment as deferred revenue in “Other long-term liabilities” in the Company’s consolidated balance sheet

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	15. Income Taxes The components of loss before income taxes for the years ended December 31, 2019 and 2018 are as follows (in thousands): December 31, 2019 2018 Domestic $ (52,440 ) $ (48,868 ) Foreign (25,733 ) (19,705 ) Total $ (78,173 ) $ (68,573 ) The Company did not record a federal tax benefit or expense for the year ended December 31, 2019. However, a tax benefit of approximately $4.6 million for income tax was recorded during the year ended December 31, 2018 due to the reduction of the Company’s deferred tax liability related to the impairment and corresponding decrease to the carrying value of IPR&D associated with a drug candidate assumed in the April 2017 merger. The Company recorded no state provision for income taxes for the years ended December 31, 2019 and 2018, due to revenues below the minimum tax threshold. The components of the benefit for income taxes are as follows for the years ended December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Current: Federal $ — $ — State — — Foreign — 124 Total Current — 124 Deferred: Federal — (4,555 ) State — — Foreign — (2,626 ) Total Deferred — (7,181 ) Total income tax expense (benefit) $ — $ (7,057 ) A reconciliation of the expected income tax results computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Income tax expense (benefit) computed at federal statutory tax rate $ (16,416 ) $ (14,706 ) Change in valuation allowance 12,780 8,692 Orphan drug & research credits generated (2,855 ) (2,945 ) Orphan drug & research credit expense disallowance 278 1,164 Impact of foreign operations (312 ) (305 ) Goodwill impairment 5,671 — Other permanent differences 854 1,043 Total $ — $ (7,057 ) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company has established a valuation allowance due to uncertainties regarding the realization of deferred tax assets based upon the Company’s lack of earnings history. During the years ended December 31, 2019 and 2018, the valuation allowance increased by $12.8 million and $8.7 million, respectively. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): December 31, 2019 2018 Deferred tax liabilities: Prepaid assets $ — $ — Intangible assets 2,143 2,845 Other 516 251 Total deferred tax liabilities 2,659 3,096 Deferred tax assets: Net operating loss carryforwards 30,953 21,406 Amortization 97 208 Credit carryforwards 15,654 12,706 Accrued liabilities & other 365 318 Total deferred tax assets 47,069 34,638 Subtotal 44,410 31,542 Valuation allowance (44,410 ) (31,542 ) Net deferred taxes $ — $ — On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act (the “Tax Act”), reducing the U.S. corporate income tax rate to 21% effective January 1, 2018. The Company reflected the income tax effects of the Tax Act as of December 31, 2017 and had no significant adjustments to provisional amounts as of December 31, 2018. Subsequent to the enactment of the Tax Act, the SEC staff issued Staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act,” which allows companies to record provisional amounts related to the effects of the Tax Act to the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but the company is able to determine a reasonable estimate during a measurement period not to extend beyond one year from the enactment date. As of December 31, 2019 and 2018, we have completed our accounting and measurement analyses related to the income tax effects of the Tax Act, and no significant adjustments to the provisional amounts were recorded during the year ended December 31, 2019 and 2018. The Company reclassified certain foreign refundable tax credits generated by both its Danish and Australian subsidiaries of approximately $1.5 million from “Income tax benefit” to “Other income, net” on the Consolidated Statements of Operation and Comprehensive Loss for the year ended December 31, 2018 and believes the adjustment is not material to the current or prior annual or interim periods. As of December 31, 2019 and 2018, the Company had foreign net operating loss (“NOL”) carryforwards of approximately $40.3 million and $23.1 million, respectively, which have an indefinite carryforward period. During the fourth quarter of 2018, the Company corrected its accounting to include deferred tax liabilities related to indefinite lived in-process research and development assets as a source of income in determining the realizability of net operating losses with an indefinite carryforward period. The Company recorded a tax benefit of $2.5 million in the fourth quarter of 2018 related to the reduction of the valuation allowance on deferred tax assets related to net operating losses with an indefinite carryforward period of which $1.8 million related to annual periods prior to 2018. The Company believes the adjustment is not material to the current or prior annual or interim periods. As of December 31, 2019 and 2018, the Company had NOL’s for federal income tax purposes of approximately $103.8 million and $77.7 million, respectively. As of December 31, 2019 and 2018, the Company also had available research and orphan drug tax credit carryforwards for federal income tax purposes of approximately $15.3 million and $12.5 million, respectively. If not utilized, these carryforwards expire at various dates beginning in 2028. As of December 31, 2019 and 2018, the Company had state research and development tax credit carryforwards of approximately $0.4 million and $0.3 million, respectively, which will begin to expire in 2034 if not utilized. Utilization of the NOL and tax credit carryforwards may be subject to an annual limitation due to ownership change limitations that have occurred previously or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986 (“Section 382”), as well as similar state provisions. Ownership changes may limit the amount of NOL carryforwards and tax credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions that increase the ownership of 5% shareholders in the stock of a corporation by more than 50 percentage points in the aggregate over a three-year period. The Company has not performed a study to determine whether any ownership change has occurred since the Company’s formation through December 31, 2019. However, the Company believes that it has experienced at least two ownership changes in the past and that it may experience additional ownership changes as a result of subsequent shifts in its stock ownership. Should there be an ownership change that has occurred or will occur, the Company’s ability to utilize existing carryforwards could be substantially restricted and may result in the expiration of such carryforwards prior to utilization. The Company applies the accounting guidance in ASC 740 “Income Taxes” related to accounting for uncertainty in income taxes. The Company’s reserves related to taxes are based on a determination of whether, and how much of, a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. As of December 31, 2019 and 2018, the Company had no unrecognized tax benefits. During the years ended December 31, 2019 and 2018, the Company had no interest and penalties related to income taxes. The Company files income tax returns in the U.S. federal, state, and foreign jurisdictions. As of December 31, 2019, the statute of limitations for assessment by the Internal Revenue Service (“IRS”) is open for the 2016 and subsequent tax years, although carryforward attributes that were generated for tax years prior to then may still be adjusted upon examination by the IRSs if they either have been, or will be, used in a future period. The 2015 and subsequent tax years remain open and subject to examination by the state taxing authorities. The 2017 and subsequent tax years remain open and subject to examination by the foreign taxing authorities. There are currently no federal, state, or foreign income tax audits in progress.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Net Loss Per Share	16. Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding. Diluted net loss per share is computed similarly to basic net loss per share except the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted net loss per share is the same as basic net loss per common share, since the effects of potentially dilutive securities are antidilutive. As of December 31, 2019 and 2018 potentially dilutive securities include: Year ended December 31, 2019 2018 Awards under equity incentive plan 4,541,432 3,077,264 Nonvested restricted shares and restricted stock units 315,625 156,250 Warrants to purchase common stock 33,131,798 901,502 Total 37,988,855 4,135,016 The following table calculates basic earnings per share of common stock and diluted earnings per share of common stock for the years ended December 31, 2019 and 2018 (in thousands, except share and per share amounts): Year ended December 31, 2019 2018 Net loss $ (78,173 ) $ (61,516 ) Net loss attributable to common stockholders $ (78,173 ) $ (61,516 ) Undistributed earnings and net loss attributable to common stockholders, basic and diluted $ (78,173 ) $ (61,516 ) Weighted-average common shares outstanding, basic and diluted 40,027,758 33,300,704 Basic and diluted EPS $ (1.95 ) $ (1.85 )

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	17. Quarterly Financial Data (Unaudited) The following table summarizes unaudited quarterly financial data for the years ended December 31, 2019 and 2018 (in thousands, except per share amounts): 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ — $ — $ — $ — Operating loss $ (12,920 ) $ (22,154 ) $ (12,442 ) $ (31,509 ) Net loss $ (12,112 ) $ (21,939 ) $ (12,403 ) $ (31,719 ) Basic and diluted net loss per share $ (0.34 ) $ (0.57 ) $ (0.30 ) $ (0.72 ) 2018 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ — $ — $ — $ — Operating loss $ (32,107 ) $ (11,906 ) $ (12,784 ) $ (13,248 ) Net loss $ (26,849 ) $ (11,593 ) $ (12,560 ) $ (10,514 ) Basic and diluted net loss per share* $ (0.86 ) $ (0.37 ) $ (0.36 ) $ (0.29 ) * During the fourth quarter of 2018, the Company identified and corrected for pre-funded warrants that were excluded from the basic and diluted net loss per share calculation. The Company considered both quantitative and qualitative factors in assessing the impact of the exclusion of these pre-funded warrants to the calculation of basic and diluted net loss per share and concluded that the exclusion was not material to any prior periods presented. The Company has revised the basic and diluted net loss per share calculation for the three months ended March 31, 2018, June 30, 2018, and September 30, 2018 in the table above. The related impact was a reduction to the basic and diluted net loss per share calculations in the amount of two cents, one cent, and one cent for the three months ended March 31, 2018, June 30, 2018, and September 30, 2018, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events Debt Facility On January 31, 2020, the Company executed a third amendment (the “Third Amendment”) to the loan and security agreement dated April 28, 2017, as amended October 31, 2017 and December 4, 2018 with Silicon Valley Bank (the “Loan Agreement”), which provides for a $25 million term loan 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 autoimmune pulmonary alveolar proteinosis 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 loans bear 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. In addition to customary affirmative and negative covenants, 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 $25.0 million from the exercise of currently outstanding warrants or the issuance of other equity securities. 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 77,792 shares, to amend the exercise price to be $2.87 per share. That amendment results in a decrease in the fair value of these warrants, determined in accordance with the Black-Scholes-Merton option pricing model, of $0.1 million, which will be accounted for as debt issuance costs and will be accreted as contra-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).” CFF Award and Partial Termination Letter Agreement Effective February 6, 2020, the CFF and Savara entered into a termination agreement under which the Amended CFF Award was terminated immediately (“Termination Agreement). Under the terms of the Termination Agreement, the Award Amendment is to be disregarded, and the $5.0 million award is no longer available to the Company. However, Savara shall retain the $1.7 million award previously received from the CFF under the CFF Award related to the development of the Company’s AeroVanc product and certain key provisions of the CFF Award shall survive pursuant to the Termination Agreement, including Savara’s obligation to make royalty payments to the CFF upon the achievement of certain milestones (see Note 11). License Agreement On February 21, 2020, the Company received notification from the Licensee of its intent to terminate the License Agreement (see Note 14). Therefore, the License Agreement will be terminated as of August 21, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The 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 (the “FASB”). Certain prior year amounts have been reclassified for consistency with the current period presentation.
Liquidity	Liquidity As of December 31, 2019, the Company had an accumulated deficit of approximately $207.9 million. The Company used cash from operations of approximately $45.1 million for the year ended December 31, 2019. 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 intends to cover its future operating expenses through cash and cash equivalents on hand and through a combination of equity offerings, debt financings, government or other third-party funding, and other collaborations and strategic alliances. The Company cannot be sure that additional financing will be available when needed or that, if available, financing will be obtained on terms favorable to the Company or its stockholders . The Company had cash and cash equivalents of $49.8 million and short-term investments of $72.0 million as of December 31, 2019, which is sufficient to fund the Company's operations for the twelve months subsequent to the issuance date of its consolidated financial statements for the year ended December 31, 2019. We intend to continue to raise additional capital as needed through the issuance of additional equity and potentially through borrowings, and strategic alliances with partner companies. However, if such financings are not available timely and at adequate levels, the Company will need to re-evaluate its long-term operating plans. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements of the Company are stated in U.S. dollars. 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 costs, control premiums used in goodwill and IPR&D reviews, certain financial instruments recorded at fair value, stock-based compensation, contingent consideration prior to its settlement during the year ended December 31, 2019, 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 approval from the U.S. Food and Drug Administration (the “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 will have a material adverse impact on the Company’s business, results of operations and 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 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 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 all available information and, in some cases, assumptions with respect to the timing and amount of future revenue and expenses associated with an asset.
Goodwill, Acquired In-Process Research and Development and Deferred Tax Liability	Goodwill, Acquired In-Process Research and Development and Deferred Tax Liability 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. The 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. During the year ended December 31, 2018, the Company experienced a $0.2 million and $0.6 million decrease in the carrying value of goodwill and IPR&D, respectively, related to its acquisition of Serendex A/S (“Serendex”) on July 15, 2016, which was due to foreign currency translation. In addition, during the year ended December 31, 2018, the Company recorded $21.7 million of impairment charges and a corresponding decrease to the carrying value of acquired IPR&D related to a drug candidate acquired through a merger in April 2017. The acquired drug candidate demonstrated unfavorable results in a phase 2 study. As a result of the IPR&D impairment charges recorded in the first quarter of 2018, the Company reduced the associated deferred tax liability related to the acquired IPR&D from the merger by $4.6 million and recorded an income tax benefit. The Company additionally performed impairment tests for goodwill and IPR&D as of June 30, 2018 and September 30, 2018, respectively, and noted there were no further triggering events or indicators of impairment as of December 31, 2018. For the year ended December 31, 2019, the Company experienced a decrease of approximately $0.3 million in the carrying value of IPR&D, which was due to foreign currency translation. In June 2019, the Company determined that the results from its Phase 3 study for the use of Molgradex for the treatment of aPAP required a current assessment for impairment of both its IPR&D and goodwill. Upon completion of the aforementioned qualitative and quantitative impairment testing of its IPR&D and quantitative impairment testing of its goodwill, the Company concluded that there was no impairment to its IPR&D; however, goodwill was impaired resulting in an impairment of $7.4 million in the carrying value of goodwill. The Company also determined that a triggering event had occurred during the fourth quarter of 2019 under which the Company’s stock price experienced another significant decline requiring the impairment testing of its goodwill which resulted in an impairment charge of $19.4 million in the fourth quarter of 2019 reducing the Company’s carrying value of its goodwill to its fair value, which was determined to be zero. Similarly, the Company completed the aforementioned qualitative and quantitative impairment testing of its IPR&D following this fourth quarter 2019 triggering event and concluded that there was no impairment to its IPR&D.
Tax Credit Receivable	Tax Credit Receivable The Company has recorded a Danish tax credit earned by its subsidiary, Savara ApS, as of December 31, 2019. 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 December 31, 2019, the Danish tax credit of approximately $0.8 million, which was generated during the year ended December 31, 2019, is recorded in “Prepaid expenses and other current assets” and is expected to be received in the fourth quarter of 2020. The Company also recognized tax credit income for the year ended December 31, 2019 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 December 31, 2019, credits totaling approximately $0.4 million had been generated but not yet received and such amount is recorded in “Prepaid expenses and other current assets” with expectation of receipt in the first half of the year ending December 31, 2020.
Leases	Leases In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) as codified in Accounting Standards Codification (“ASC”) No. 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 “Leases” 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 consolidated balance sheets, cash used/provided from operating, investing, or financing activities in the 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.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which range from three to five years. Repairs and maintenance that do not improve or extend the useful life of the respective asset are charged to expense as incurred.
Patents and Intellectual Property	Patents and Intellectual Property As the Company’s products are currently under research and development and are not currently approved for market, costs incurred in connection with patent applications are expensed as incurred due to the uncertainty of the future economic benefits of the underlying patents and intellectual property.
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, contingent consideration (prior to its settlement and full satisfaction in May 2019) 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 next two to three years, 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 (see Note 14), which includes certain milestone payments to be remunerated by the licensee to Savara. 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.
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, pre-funded warrants, restricted stock and restricted stock units 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 is recognized as expense ratably as the award vests 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 13). Forfeitures are recognized when they occur, which may result in the reversal of compensation costs in subsequent periods as the forfeitures arise.
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.
Manufacturing and Other Commitments and Contingencies	Manufacturing and Other Commitments and Contingencies The Company is subject to various manufacturing royalties and payments related to its product candidate, Molgradex. Under a manufacture and supply agreement with the active pharmaceutical ingredients (“API”) manufacturer, Savara must make certain payments to the API manufacturer upon achievement of certain milestones. 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. Pursuant to a license agreement between the Company and a Japanese licensee regarding the development and commercialization of Molgradex for the treatment of aPAP in Japan, the Company shall fund the licensee fifty percent (50%), up to a maximum of approximately $0.8 million, of the external costs associated with specific regulatory and filing activities to be conducted by the licensee. As of December 31, 2019, no costs have been incurred. 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. 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 and Other Contingent Milestone and Co-Development Payments (in thousands) : December 31, 2019 Molgradex API manufacturer: Achievement of certain milestones related to validation of API and regulatory approval of Molgradex $ 2,450 Molgradex nebulizer manufacturer: Achievement of various development activities and regulatory approval of nebulizer utilized to administer Molgradex 7,634 Molgradex Japanese licensee: Co-development and regulatory costs 750 Medical education and research foundation: First commercial sale in the U.S. of Molgradex in treatment of NTM 500 Total manufacturing and other commitments $ 11,334 The milestones and co-marketing 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 December 31, 2019.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement.” The update eliminates, adds, and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. The Company has reviewed ASU 2018-13 and concluded that it does not have a material impact on our consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, “Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606.” The update clarifies that certain transactions between collaborative partners should be accounted for as revenue under the new revenue standard ASC 606 when the collaborative partner is a customer, specifies the unit of account for determining whether a transaction with a customer is a distinct good or service under ASC 606, and precludes a company from presenting transactions with a collaborative partner that are not in the scope of ASC 606 together with revenue from contracts with customers. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. The Company has reviewed ASU 2018-18 and concluded that it has no impact on our consolidated financial statements. In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements,” which aims to clarify and revise guidance for certain lessors and clarify interim transition disclosure requirements for ASC 842. ASU 2019-01 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. The Company has reviewed ASU 2019-01 and concluded that it does not have a material impact on our consolidated financial statements. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” The Company has reviewed ASU 2019-01 and concluded that it has no impact on our consolidated financial statements. In November 2019, the FASB issued ASU 2019-08, “Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer” which requires that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718 whereby the amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718. The Company has reviewed ASU 2019-08 and concluded that it has no impact on our consolidated financial statements. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses” as a separate update for improvements to the amendments in ASU 2016-13 to increase stakeholder awareness of those amendments and to expedite the improvement process. The Company has reviewed ASU 2019-11 and concluded that it does not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” which aims to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company has reviewed ASU 2019-12 and concluded that it does not have a material impact on our consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, “Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force)” which affect all entities that apply the guidance in Topics 321, 323, and 815 and (1) elect to apply the measurement alternative or (2) enter into a forward contract or purchase an option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting. The Company has reviewed ASU 2020-01 and concluded that it does not have a material impact on our consolidated financial statements. In February 2020, the FASB issued ASU 2020-02, “Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842)—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) (SEC Update).” The company is currently reviewing ASU 2020-02 and its impact on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Manufacturing and Other Contingent Milestone and Co-Development Payments	Manufacturing and Other Contingent Milestone and Co-Development Payments (in thousands) : December 31, 2019 Molgradex API manufacturer: Achievement of certain milestones related to validation of API and regulatory approval of Molgradex $ 2,450 Molgradex nebulizer manufacturer: Achievement of various development activities and regulatory approval of nebulizer utilized to administer Molgradex 7,634 Molgradex Japanese licensee: Co-development and regulatory costs 750 Medical education and research foundation: First commercial sale in the U.S. of Molgradex in treatment of NTM 500 Total manufacturing and other commitments $ 11,334

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Prepaid Expense And Other Assets Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses, consisted of (in thousands): December 31, 2019 2018 R&D tax credit receivable $ 1,253 $ 1,263 Prepaid contracted research and development costs 184 561 VAT receivable 364 421 Prepaid insurance 247 162 Foreign currency exchange derivative 7 — Deposits and other 251 107 Total prepaid expenses and other current assets $ 2,306 $ 2,514

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Payables And Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other liabilities, consisted of (in thousands): December 31, 2019 2018 Accrued contracted research and development costs $ 2,018 $ 2,044 Accrued general and administrative costs 1,710 371 Accrued compensation 1,303 643 Forward currency exchange derivative — 26 Deferred revenue — 250 Lease liability 440 — Current portion of capital lease obligation — 41 Total accrued expenses and other current liabilities $ 5,471 $ 3,375

Short-term Investments (Tables)

Short-term Investments (Tables)	12 Months Ended
	Dec. 31, 2019
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 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 As of December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term investments U.S. government securities $ 15,967 $ — $ (2 ) $ 15,965 Asset backed securities 8,595 — (7 ) 8,588 Corporate securities 19,975 — (21 ) 19,954 Commercial paper 42,022 — — 42,022 Total short-term investments $ 86,559 $ — $ (30 ) $ 86,529

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consisted of (in thousands): December 31, 2019 2018 Research and development equipment $ 1,102 $ 1,102 Equipment 676 625 Furniture and fixtures 105 163 Leasehold improvements 143 — Total property and equipment 2,026 1,890 Less accumulated depreciation (1,674 ) (1,368 ) Property and equipment, net $ 352 $ 522

Debt Facility (Tables)

Debt Facility (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Summary of Components of Debt Facility Carrying Value	The following table summarizes the components of the debt facility carrying value (in thousands): As of December 31, 2019 Short-term Long-term Principal payments to lender and end of term charge $ 2,000 $ 23,452 Debt issuance costs — (182 ) Debt discount related to warrants — (158 ) Carrying value $ 2,000 $ 23,112
Future Minimum Payments	Future minimum payments under the debt facility are as follows (in thousands): Year ending December 31, 2020 $ 2,000 2021 12,000 2022 12,500 Total future minimum payments 26,500 Unamortized end of term charge (1,048 ) Debt issuance costs and debt discount (340 ) Total minimum payment 25,112 Short-term portion (2,000 ) Long-term debt facility $ 23,112

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Instruments	The fair value of these instruments as of December 31, 2019 and 2018 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 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 — As of December 31, 2018: Cash equivalents: U.S. Treasury money market funds $ 14,710 $ — $ — Commercial paper — 4,411 — Corporate securities — 2,371 — Short-term investments: U.S. government securities $ 15,965 $ — $ — Asset backed securities — 8,588 — Corporate securities — 19,954 — Commercial paper — 42,022 — Liabilities: Contingent consideration $ — $ — $ 12,214 Foreign exchange derivatives not designated as hedging instruments — 26 —
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 instrument for the year ended December 31, 2019 and 2018 (in thousands): Contingent Consideration Balance at December 31, 2017 $ 11,948 Change in fair value 266 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)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Summary of Net Proceeds from Private Placement	The net proceeds from the Private Placement were allocated among the instruments based upon their relative fair values resulting in carry values of the respective instruments as follows (in thousands): Relative Fair Value Allocation Financial instruments: December 24, 2019 Common Stock and Pre-Funded PIPE Warrants $ 11,713 Milestone Warrants 13,534 Total Net Proceeds from Private Placement $ 25,247
Summary of Company's Common Stock	The following is a summary of the Company’s common stock at December 31, 2019 and 2018. December 31 2019 2018 Common stock authorized 200,000,000 200,000,000 Common stock outstanding 50,790,441 35,146,096
Company's Shares of Common Stock Reserved for Issuance	The Company’s shares of common stock reserved for issuance as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Warrants acquired in merger 403,927 750,840 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 — Milestone Warrants 32,577,209 — Stock options outstanding 4,541,432 3,077,264 Issued and nonvested RSUs 315,625 156,250 Total shares reserved 44,544,392 4,910,016
Summary of Outstanding Warrants for Company's Common Stock	The following table summarizes the outstanding warrants for the Company’s common stock as of December 31, 2019: 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 $ 9.10 April 2027 41,736 $ 5.39 June 2027 11,332 $ 8.824 December 2028 5,780,537 $ 0.001 None 32,577,209 $ 1.48 December 2021 or 30 days after clinical milestone 39,687,335

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2019
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 December 31, 2019 (in thousands): Year ending December 31, 2020 $ 478 2021 184 2022 67 Total future minimum lease payments $ 729 Less imputed interest (42 ) Total $ 687
Schedule of Lease Cost and Other Information	Operating cash flows from operating leases $ 786 Weighted-average remaining lease term (in months) - operating leases 18.7 Weighted-average discount rate - operating leases 8.5 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Assumptions Used for Estimating the Fair Value of Stock Options Granted to Employees and Non-Employees	The following table summarizes the assumptions used for estimating the fair value of stock options granted to employees for the years ended December 31, 2019 and 2018: 2019 2018 Risk-free interest rate 1.39% - 2.60% 2.75% - 3.09% Expected term (years) 6.19 - 7.05 7.05 Expected volatility 79.9% - 91.3% 79% - 81% Dividend yield 0% 0% The following table summarizes the assumptions used for estimating the fair value of stock options granted to non-employees for the years ended December 31, 2019 and 2018: 2019 2018 Risk-free interest rate 1.62% - 1.92% 2.82% Expected term (years) 6.16 - 9.96 7.05 Expected volatility 83.9% - 91.3% 80% Dividend yield 0% 0%
Summary of Stock Option Activity and RSU Activity	The following tables provide a summary for the 2008 Plan and 2015 Plan of stock option activity for employees and non-employees, restricted stock, and RSU activity for the year ended December 31, 2019: Stock Options: Shares Underlying Option Awards Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (in 000's) Outstanding at December 31, 2018 3,077,264 $ 6.28 8.30 $ 7,975 Granted 1,665,625 3.22 9.80 Exercised (136,729 ) 0.81 Expired/cancelled/forfeited (64,728 ) 8.85 Outstanding at December 31, 2019 4,541,432 $ 5.29 8.25 $ 461 Options exercisable at December 31, 2019 1,901,039 $ 5.29 6.83 $ 277 Vested and expected to vest at December 31, 2019 4,541,432 $ 5.29 8.25 $ 461 RSUs: Shares Underlying Option Awards Weighted-Average Grant Date Fair Value Outstanding at December 31, 2018 156,250 $ 9.59 Granted 234,000 1.19 Vested (52,125 ) 9.20 Expired/cancelled/forfeited (22,500 ) 9.23 Outstanding at December 31, 2019 315,625 $ 3.45
Summary of Restricted Stock Activity	Restricted Stock: The following table summarizes the restricted stock activity for the years ended December 31, 2019 and 2018: Restricted Shares Weighted-Average Grant Date Fair Value Nonvested at December 31, 2017 16,190 $ 0.65 Granted — — Vested (16,190 ) 0.65 Forfeited — — Nonvested at December 31, 2018 — — Granted — — Vested — — Forfeited — — Nonvested at December 31, 2019 — $ —
Summary of Options Issued to Employees and Non-employees that are Outstanding and Vested	The following table provides a summary of options issued to employees and non-employees that are outstanding and vested as of December 31, 2019: Exercise Price Number Outstanding Weighted-Average Life (in Years) Number Exercisable Weighted-Average Life (in Years) $0.52 - $0.82 243,103 3.66 243,103 3.66 $1.01 - $1.57 1,212,289 5.99 482,428 8.28 $1.59 - $5.13 1,128,180 6.78 382,578 8.58 $5.85 - $9.93 588,756 7.83 195,915 8.51 $10.01 - $15.21 1,369,104 8.51 597,015 8.66 4,541,432 1,901,039
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 years ended December 31, 2019 and 2018 (in thousands): Year ended December 31, 2019 2018 Research and development $ 2,123 $ 1,626 General and administrative 2,318 2,111 Total stock-based compensation $ 4,441 $ 3,737

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Components of Loss Before Income Taxes	The components of loss before income taxes for the years ended December 31, 2019 and 2018 are as follows (in thousands): December 31, 2019 2018 Domestic $ (52,440 ) $ (48,868 ) Foreign (25,733 ) (19,705 ) Total $ (78,173 ) $ (68,573 )
Components of Benefit for Income Taxes	The components of the benefit for income taxes are as follows for the years ended December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Current: Federal $ — $ — State — — Foreign — 124 Total Current — 124 Deferred: Federal — (4,555 ) State — — Foreign — (2,626 ) Total Deferred — (7,181 ) Total income tax expense (benefit) $ — $ (7,057 )
Reconciliation of Expected Income Tax	A reconciliation of the expected income tax results computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Income tax expense (benefit) computed at federal statutory tax rate $ (16,416 ) $ (14,706 ) Change in valuation allowance 12,780 8,692 Orphan drug & research credits generated (2,855 ) (2,945 ) Orphan drug & research credit expense disallowance 278 1,164 Impact of foreign operations (312 ) (305 ) Goodwill impairment 5,671 — Other permanent differences 854 1,043 Total $ — $ (7,057 )
Significant Components of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): December 31, 2019 2018 Deferred tax liabilities: Prepaid assets $ — $ — Intangible assets 2,143 2,845 Other 516 251 Total deferred tax liabilities 2,659 3,096 Deferred tax assets: Net operating loss carryforwards 30,953 21,406 Amortization 97 208 Credit carryforwards 15,654 12,706 Accrued liabilities & other 365 318 Total deferred tax assets 47,069 34,638 Subtotal 44,410 31,542 Valuation allowance (44,410 ) (31,542 ) Net deferred taxes $ — $ —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Potentially Dilutive Securities	As of December 31, 2019 and 2018 potentially dilutive securities include: Year ended December 31, 2019 2018 Awards under equity incentive plan 4,541,432 3,077,264 Nonvested restricted shares and restricted stock units 315,625 156,250 Warrants to purchase common stock 33,131,798 901,502 Total 37,988,855 4,135,016
Calculates 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 years ended December 31, 2019 and 2018 (in thousands, except share and per share amounts): Year ended December 31, 2019 2018 Net loss $ (78,173 ) $ (61,516 ) Net loss attributable to common stockholders $ (78,173 ) $ (61,516 ) Undistributed earnings and net loss attributable to common stockholders, basic and diluted $ (78,173 ) $ (61,516 ) Weighted-average common shares outstanding, basic and diluted 40,027,758 33,300,704 Basic and diluted EPS $ (1.95 ) $ (1.85 )

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Financial Data	The following table summarizes unaudited quarterly financial data for the years ended December 31, 2019 and 2018 (in thousands, except per share amounts): 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ — $ — $ — $ — Operating loss $ (12,920 ) $ (22,154 ) $ (12,442 ) $ (31,509 ) Net loss $ (12,112 ) $ (21,939 ) $ (12,403 ) $ (31,719 ) Basic and diluted net loss per share $ (0.34 ) $ (0.57 ) $ (0.30 ) $ (0.72 ) 2018 First Second Third Fourth Quarter Quarter Quarter Quarter Revenues $ — $ — $ — $ — Operating loss $ (32,107 ) $ (11,906 ) $ (12,784 ) $ (13,248 ) Net loss $ (26,849 ) $ (11,593 ) $ (12,560 ) $ (10,514 ) Basic and diluted net loss per share* $ (0.86 ) $ (0.37 ) $ (0.36 ) $ (0.29 ) * During the fourth quarter of 2018, the Company identified and corrected for pre-funded warrants that were excluded from the basic and diluted net loss per share calculation. The Company considered both quantitative and qualitative factors in assessing the impact of the exclusion of these pre-funded warrants to the calculation of basic and diluted net loss per share and concluded that the exclusion was not material to any prior periods presented. The Company has revised the basic and diluted net loss per share calculation for the three months ended March 31, 2018, June 30, 2018, and September 30, 2018 in the table above. The related impact was a reduction to the basic and diluted net loss per share calculations in the amount of two cents, one cent, and one cent for the three months ended March 31, 2018, June 30, 2018, and September 30, 2018, respectively.

Description of Business and B_2

Description of Business and Basis of Presentation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019USD ($)Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
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)	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)Segment	Dec. 31, 2018USD ($)	Jan. 01, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit		$ (207,892,000)		$ (207,892,000)	$ (129,719,000)
Cash from operations				(45,123,000)	(39,275,000)
Cash and cash equivalents		49,804,000		49,804,000	24,301,000
Short-term investments		71,957,000		$ 71,957,000	86,529,000
Cash and cash equivalents with original maturities				three months or less
Carrying value of IPR&D				$ 300,000
Impairment charges and corresponding decrease to carrying value					21,692,000
Impairment charges of goodwill	$ 7,400,000	19,400,000		26,852,000
Reduction of carrying value of goodwill to fair value		0		0
Operating lease, liability		687,000		687,000
Present value of remaining lease payments		729,000		729,000
Operating lease, right-of -use asset		$ 700,000		$ 700,000
Discounted using incremental borrowing rate		8.50%		8.50%
Number of operating segments | Segment				1
Date of agreement				Oct. 8, 2018
Contingent milestones or co-development commitments met or incurred		$ 0		$ 0
Contingent milestones or co-marketing commitments met or remunerated		0		0
Contingent Milestones Or Co Marketing Commitments Accrued		0		$ 0
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, Savara must make certain payments to the API manufacturer upon achievement of certain milestones. 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.
aPAP [Member] | Japan [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of other contingent milestone payments associated with specific regulatory and filing activities				50.00%
Other contingent milestone payments associated with specific regulatory and filing activities				$ 750,000
License agreement development and commercialization cost				$ 0
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%
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets				3 years
Minimum [Member] | Nebulizer
Summary Of Significant Accounting Policies [Line Items]
Royalty percent on net sale				3.50%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets				5 years
Maximum [Member] | aPAP [Member] | Japan [Member]
Summary Of Significant Accounting Policies [Line Items]
Other contingent milestone payments associated with specific regulatory and filing activities				$ 800,000
Maximum [Member] | Nebulizer
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%
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		$ 800,000
Savara Australia Pty Limited [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development tax credits				43.50%
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		$ 400,000
Serendex A/S [Member]
Summary Of Significant Accounting Policies [Line Items]
Business combination completion date				Jul. 15, 2016
Carrying value of goodwill					200,000
Carrying value of IPR&D					600,000
IPR&D [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairment charges and corresponding decrease to carrying value	$ 0	$ 0
IPR&D [Member] | Mast [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairment charges and corresponding decrease to carrying value					$ 21,700,000
Income tax benefit related to reduction in deferred tax liability			$ 4,600,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Manufacturing and Other Contingent Milestone and Co-Development Payments (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Total manufacturing and other commitments	$ 11,334
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	2,450
Molgradex Nebulizer Manufacturer [Member]
Summary Of Significant Accounting Policies [Line Items]
Achievement of various development activities and regulatory approval of nebulizer utilized to administer Molgradex	7,634
Molgradex Japanese Licensee [Member] | Japan [Member]
Summary Of Significant Accounting Policies [Line Items]
Co-development and regulatory costs	750
NTM [Member]
Summary Of Significant Accounting Policies [Line Items]
First commercial sale in the U.S. of Molgradex in treatment of NTM	$ 500

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Prepaid Expense And Other Assets Current [Abstract]
R&D tax credit receivable	$ 1,253	$ 1,263
Prepaid contracted research and development costs	184	561
VAT receivable	364	421
Prepaid insurance	247	162
Foreign currency exchange derivative	7
Deposits and other	251	107
Total prepaid expenses and other current assets	$ 2,306	$ 2,514

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Accrued contracted research and development costs	$ 2,018	$ 2,044
Accrued general and administrative costs	1,710	371
Accrued compensation	1,303	643
Forward currency exchange derivative		26
Deferred revenue		250
Lease liability	440
Current portion of capital lease obligation		41
Total accrued expenses and other current liabilities	$ 5,471	$ 3,375

Short-term Investments - Summar

Short-term Investments - Summary of Major Security and Type of Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 71,909	$ 86,559
Gross Unrealized Gains	51
Gross Unrealized Losses	(3)	(30)
Fair Value	71,957	86,529
U.S. Government Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	15,629	15,967
Gross Unrealized Gains	11
Gross Unrealized Losses	(2)	(2)
Fair Value	15,638	15,965
Asset Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	8,789	8,595
Gross Unrealized Gains	10
Gross Unrealized Losses		(7)
Fair Value	8,799	8,588
Corporate Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	30,556	19,975
Gross Unrealized Gains	30
Gross Unrealized Losses	(1)	(21)
Fair Value	30,585	19,954
Commercial Paper [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	16,935	42,022
Fair Value	$ 16,935	$ 42,022

Short-term Investments - Additi

Short-term Investments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]
Realized gains or losses on investments	$ 0	$ 0

Property and Equipment, Net - P

Property and Equipment, Net - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,026	$ 1,890
Less accumulated depreciation	(1,674)	(1,368)
Property and equipment, net	352	522
Research and Development Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,102	1,102
Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	676	625
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	105	$ 163
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 143

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 311	$ 526

Debt Facility - Additional Info

Debt Facility - Additional Information (Detail)	Apr. 28, 2017USD ($)Tranche$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2019USD ($)Trancheshares
Line Of Credit Facility [Line Items]
Prepayment fee percentage	6.00%
Warrants issued to purchase shares of common stock | shares			39,687,335
Amortization of debt discount			$ 400,000
April 2017 Warrants [Member]
Line Of Credit Facility [Line Items]
Warrants, expected term			10 years
April 2017 Warrants [Member] | Volatility [Member]
Line Of Credit Facility [Line Items]
Warrants, expected rate			71.42
April 2017 Warrants [Member] | Risk Free Interest Rate [Member]
Line Of Credit Facility [Line Items]
Warrants, expected rate			2.33
April 2017 Warrants [Member] | Dividend Yield [Member]
Line Of Credit Facility [Line Items]
Warrants, expected rate			0
April 2017 Warrants [Member] | Common Stock [Member]
Line Of Credit Facility [Line Items]
Warrants issued to purchase shares of common stock | shares	24,725
Exercise price of warrants per share | $ / shares	$ 9.10
Warrants expiration term	10 years
Warrants expiration date	Apr. 28, 2027
June 2017 Warrants [Member]
Line Of Credit Facility [Line Items]
Warrants, expected term			10 years
June 2017 Warrants [Member] | Volatility [Member]
Line Of Credit Facility [Line Items]
Warrants, expected rate			71.57
June 2017 Warrants [Member] | Risk Free Interest Rate [Member]
Line Of Credit Facility [Line Items]
Warrants, expected rate			2.16
June 2017 Warrants [Member] | Dividend Yield [Member]
Line Of Credit Facility [Line Items]
Warrants, expected rate			0
June 2017 Warrants [Member] | Common Stock [Member]
Line Of Credit Facility [Line Items]
Warrants issued to purchase shares of common stock | shares	41,736
Exercise price of warrants per share | $ / shares	$ 5.39
Warrants expiration term	10 years
Warrants expiration date	Jun. 15, 2027
December 2018 Warrants [Member]
Line Of Credit Facility [Line Items]
Warrants, expected term			10 years
Amortization of debt discount			$ 100,000
December 2018 Warrants [Member] | Volatility [Member]
Line Of Credit Facility [Line Items]
Warrants, expected rate			80.09
December 2018 Warrants [Member] | Risk Free Interest Rate [Member]
Line Of Credit Facility [Line Items]
Warrants, expected rate			2.98
December 2018 Warrants [Member] | Dividend Yield [Member]
Line Of Credit Facility [Line Items]
Warrants, expected rate			0
December 2018 Warrants [Member] | Common Stock [Member]
Line Of Credit Facility [Line Items]
Warrants issued to purchase shares of common stock | shares		11,332
Exercise price of warrants per share | $ / shares		$ 8.824
Warrants expiration term		10 years
Warrants expiration date		Dec. 4, 2028
Loan and Security Agreement [Member] | Silicon Valley Bank [Member]
Line Of Credit Facility [Line Items]
Loan agreement amendment date	Oct. 31, 2017
Loan and security agreement, maximum amount	$ 15,000,000		$ 45,000,000
Number of tranches | Tranche	2		2
Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | Term Loan
Line Of Credit Facility [Line Items]
Interest rate, basis spread		3.00%
Debt instrument interest only payment maturity date		2020-10
Debt instrument principal and interest payment period		25 months
Debt instrument extended interest only payment maturity date		2022-11
Prepayment description			(i) a prepayment fee (2.0% of funded amounts in months 13-24 and 1.0% thereafter); and (ii) an end of term charge equal to 6.0% of the amount of principal borrowed.
Prepayment fee percentage		6.00%
Payments of debt issuance costs		$ 100,000
Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | Term Loan | 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 | Prepayment Fee Thereafter [Member]
Line Of Credit Facility [Line Items]
Prepayment fee percentage		1.00%
Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | First Tranche [Member]
Line Of Credit Facility [Line Items]
Loan and security agreement, maximum amount			$ 25,000,000
Line of credit refinance outstanding amount			15,000,000
Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | Second Tranche [Member]
Line Of Credit Facility [Line Items]
Loan and security agreement, amount available upon certain condition			$ 20,000,000
Line of credit, expiration date			Sep. 30, 2019

Debt Facility - Summary of Comp

Debt Facility - Summary of Components of Debt Facility Carrying Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Principal payments to lender and end of term charge, Short-term	$ 2,000
Carrying value, Short-term	2,000
Principal payments to lender and end of term charge, Long-term	23,452
Debt issuance costs, Long-term	(182)
Debt discount related to warrants, Long-term	(158)
Carrying value, Long-term	$ 23,112	$ 24,530

Debt Facility - Future Minimum

Debt Facility - Future Minimum Payments (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 2,000
2021	12,000
2022	12,500
Total future minimum payments	26,500
Unamortized end of term charge	(1,048)
Debt issuance costs and debt discount	(340)
Total minimum payment	25,112
Short-term portion	(2,000)
Long-term debt facility	$ 23,112	$ 24,530

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Short-term investments:
Short-term investments	$ 71,957	$ 86,529
U.S. Government Securities [Member]
Short-term investments:
Short-term investments	15,638	15,965
Corporate Securities [Member]
Short-term investments:
Short-term investments	30,585	19,954
Asset Backed Securities [Member]
Short-term investments:
Short-term investments	8,799	8,588
Commercial Paper [Member]
Short-term investments:
Short-term investments	16,935	42,022
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	13,530	14,710
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	15,638	15,965
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Other assets:
Foreign exchange derivatives not designated as hedging instruments	7
Liabilities:
Foreign exchange derivatives not designated as hedging instruments		26
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] | Corporate Securities [Member]
Cash equivalents:
Cash equivalents		2,371
Short-term investments:
Short-term investments	30,585	19,954
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Asset Backed Securities [Member]
Short-term investments:
Short-term investments	8,799	8,588
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member]
Cash equivalents:
Cash equivalents		4,411
Short-term investments:
Short-term investments	$ 16,935	42,022
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Contingent consideration		$ 12,214

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] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 12,214	$ 11,948
Change in fair value	219	266
Settlement of contingent liability	$ (12,433)
Ending balance		$ 12,214

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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	Dec. 31, 2019USD ($)
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 Thousands	Dec. 24, 2019	Jul. 30, 2018	Jul. 12, 2018	Dec. 31, 2019	Dec. 31, 2018	Apr. 28, 2017
Class of Warrant or Right [Line Items]
Net proceeds from sale of shares				$ 29,592	$ 505
Aggregate number of common stock				44,544,392	4,910,016
Common stock, par value				$ 0.001	$ 0.001
Net proceeds	$ 25,247			$ 25,247
Value of shares sold prior to amendment					$ 45,792
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				4,769,726	48,600
Net proceeds from sale of shares				$ 29,600	$ 500
H.C. Wainwright & Co., LLC [Member] | Maximum [Member]
Class of Warrant or Right [Line Items]
Amount available to sell under equity program						$ 60,000
Common Stock [Member]
Class of Warrant or Right [Line Items]
Common stock, shares issued					4,250,000
Value of shares sold prior to amendment					$ 4
Common Stock [Member] | H.C. Wainwright & Co., LLC [Member]
Class of Warrant or Right [Line Items]
Value of shares sold prior to amendment			$ 2,300
Pre-Funded PIPE Warrants [Member]
Class of Warrant or Right [Line Items]
Aggregate number of common stock				5,780,537
Milestone Warrants [Member]
Class of Warrant or Right [Line Items]
Aggregate number of common stock				32,577,209
Net proceeds	$ 13,534
Underwriters Public Offering [Member]
Class of Warrant or Right [Line Items]
Net proceeds from sale of shares		$ 45,800
Underwriters Public Offering [Member] | Common Stock [Member]
Class of Warrant or Right [Line Items]
Common stock, shares issued		4,250,000
Share price		$ 11.50
Private Placement [Member]
Class of Warrant or Right [Line Items]
Common stock, par value	$ 0.001
Net proceeds	$ 25,200
Volatility rate				90.39%
Expected term				2 years
Risk-free interest rate				1.63%
Dividend yield				0.00%
Private Placement [Member] | Common Stock [Member]
Class of Warrant or Right [Line Items]
Common stock, shares issued	9,569,430
Share price	$ 1.745
Private Placement [Member] | Pre-Funded PIPE Warrants [Member]
Class of Warrant or Right [Line Items]
Share price	$ 1.744
Aggregate number of common stock	5,780,537
Private Placement [Member] | Milestone Warrants [Member]
Class of Warrant or Right [Line Items]
Aggregate number of common stock	32,577,209
Net proceeds	$ 75,000
Exercise price of warrants per share	$ 1.48
Gross proceeds from issuance of warrants	$ 48,200

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Net Proceeds from Private Placement (Detail) - USD ($) $ in Thousands	Dec. 24, 2019	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Total Net Proceeds from Private Placement	$ 25,247	$ 25,247
Common Stock and Pre-Funded PIPE Warrants [Member]
Class of Warrant or Right [Line Items]
Total Net Proceeds from Private Placement	11,713
Milestone Warrants [Member]
Class of Warrant or Right [Line Items]
Total Net Proceeds from Private Placement	$ 13,534

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Company's Common Stock (Detail) - shares	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Common stock authorized	200,000,000	200,000,000
Common stock outstanding	50,790,441	35,146,096

Shareholders' Equity - Company'

Shareholders' Equity - Company's Shares of Common Stock Reserved for Issuance (Detail) - shares	Dec. 31, 2019	Dec. 31, 2018
Class of Warrant or Right [Line Items]
Total shares reserved	44,544,392	4,910,016
Warrants Acquired in Merger [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	403,927	750,840
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
Milestone Warrants [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	32,577,209
Stock Options Outstanding [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	4,541,432	3,077,264
Issued and nonvested RSUs [Member]
Class of Warrant or Right [Line Items]
Total shares reserved	315,625	156,250

Shareholders' Equity - Summar_3

Shareholders' Equity - Summary of Outstanding Warrants for Company's Common Stock (Detail)	12 Months Ended
	Dec. 31, 2019$ / 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	$ 9.10
Expiration Date	2027-04
Exercise Price Five [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	41,736
Exercise Price | $ / shares	$ 5.39
Expiration Date	2027-06
Exercise Price Six [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	11,332
Exercise Price | $ / shares	$ 8.824
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	December 2021 or 30 days after clinical milestone

Commitments - Additional Inform

Commitments - Additional Information (Detail)	Nov. 29, 2017USD ($)	Nov. 28, 2017USD ($)	Mar. 23, 2017ft²	Sep. 30, 2013USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Nov. 30, 2019USD ($)
Commitments And Contingencies [Line Items]
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	$ 200,000				$ 100,000		$ 100,000
Percentage of lease increase					2.00%
Lease office space | ft²			13,707
Lease agreement date			Jun. 19, 2014
Annual sublease rental payments					$ 500,000
Operating lease, right-of -use asset					$ 700,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]					us-gaap:OtherAssetsNoncurrent
Operating lease, liability					$ 687,000
Operating lease, liability, current portion					$ 400,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]					us-gaap:AccruedLiabilitiesCurrent
Operating lease, liability, non-current portion					$ 300,000
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%
CFF Award [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member]
Commitments And Contingencies [Line Items]
Award amount				$ 1,700,000	$ 1,700,000	$ 1,700,000
Royalty payment percentage on proceeds from change in control transaction but not more than two times of research program award amount				5.00%
Royalty payment percentage on proceeds from change in control transaction or a sale or license of the Aero Vanc program with a third party but not more than three times of research program award amount				5.00%
CFF Award [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member] | Commercialization Sale Condition 1 [Member]
Commitments And Contingencies [Line Items]
Royalty payable percentage on research program award amount upon approval of product for commercial use				300.00%
CFF Award [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member] | First Five Years After First Commercial Sale Condition 2 [Member]
Commitments And Contingencies [Line Items]
Additional royalty payable percentage on research program award amount upon net sales achievement in calendar year				100.00%
CFF Award [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member] | First Five Years After First Commercial Sale Condition 2 [Member] | Minimum [Member] | Health Care [Member]
Commitments And Contingencies [Line Items]
Revenue				$ 50,000,000
CFF Award [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member] | First Five Years After First Commercial Sale Condition 3 [Member]
Commitments And Contingencies [Line Items]
Additional royalty payable percentage on research program award amount upon net sales achievement in calendar year				100.00%
CFF Award [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member] | First Five Years After First Commercial Sale Condition 3 [Member] | Minimum [Member] | Health Care [Member]
Commitments And Contingencies [Line Items]
Revenue				$ 100,000,000
Amended CFF Award [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member]
Commitments And Contingencies [Line Items]
Award amount		$ 6,700,000
Increase in award amount		$ 5,000,000
Royalty payment percentage on proceeds from third party		7.50%
Research program award, amount drawn					$ 0	$ 0
Amended CFF Award [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member] | Commercialization Sale Condition 1 [Member]
Commitments And Contingencies [Line Items]
Royalty payable percentage on research program award amount upon approval of product for commercial use		400.00%
Amended CFF Award [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member] | First Five Years After First Commercial Sale Condition 2 [Member] | Minimum [Member] | Health Care [Member]
Commitments And Contingencies [Line Items]
Revenue		$ 50,000,000
Amended CFF Award [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member] | First Seven Years After First Commercial Sale Condition 3 [Member]
Commitments And Contingencies [Line Items]
Additional royalty payable percentage on research program award amount upon net sales achievement in calendar year		100.00%
Amended CFF Award [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member] | First Seven Years After First Commercial Sale Condition 3 [Member] | Minimum [Member] | Health Care [Member]
Commitments And Contingencies [Line Items]
Revenue		$ 100,000,000

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	Dec. 31, 2019USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020	$ 478
2021	184
2022	67
Total future minimum lease payments	729
Less imputed interest	(42)
Operating lease, liability	$ 687

Commitments - Schedule of Lease

Commitments - Schedule of Lease Cost and Other Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Commitments And Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 786
Weighted-average remaining lease term (in months) - operating leases	18 years 8 months 12 days
Weighted-average discount rate - operating leases	8.50%

Related Parties - Additional In

Related Parties - Additional Information (Detail) - shares	Dec. 24, 2019	Jun. 07, 2017	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Warrants issued			39,687,335
Public Offering [Member] | Zambon SpA [Member]
Related Party Transaction [Line Items]
Common stock, shares issued		4,693,540
Common stock ownership percentage				13.40%
Private Placement [Member] | Bain [Member]
Related Party Transaction [Line Items]
Common stock, shares issued	4,571,139
Private Placement [Member] | Pre-Funded PIPE Warrants [Member] | Bain [Member]
Related Party Transaction [Line Items]
Warrants issued	3,615,498
Private Placement [Member] | Milestone Warrants [Member] | Bain [Member]
Related Party Transaction [Line Items]
Warrants issued	17,374,517

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price of shares of common stock	Less than 100%
Percentage of purchase price of shares of common stock	100.00%
Non-Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options to purchase shares vested and outstanding.	10,000
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ratio of stock options or stock appreciation rights granted against shares available for issuance	1
Weighted-average grant date fair value | $ / shares	$ 2.30	$ 10.07
Total compensation cost not yet recognized | $	$ 9,900,000
Weighted-average period to be recognized	2 years 7 months 6 days
Stock options to purchase shares exercised	136,729	186,138
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of restricted stock vested | $	$ 0	$ 200,000
Total compensation cost not yet recognized | $	$ 0
Number of shares outstanding			16,190
Other Than Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ratio of stock options or stock appreciation rights granted against shares available for issuance	1.34
2008 Stock Option Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock based awards	0
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
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
Number of shares outstanding	0	0
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	272,211
2015 Omnibus Incentive Option Plan [Member] | Non-Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Options granted to purchase common stock	60,000	0
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 Assumptions Used for Estimating the Fair Value of Stock Options Granted to Employees and Non-Employees (Detail) - 2015 Omnibus Incentive Option Plan [Member]	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	1.39%	2.75%
Risk-free interest rate, Maximum	2.60%	3.09%
Expected term (years)		7 years 18 days
Expected volatility, Minimum	79.90%	79.00%
Expected volatility, Maximum	91.30%	81.00%
Dividend yield	0.00%	0.00%
Employees [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 2 months 8 days
Employees [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	7 years 18 days
Non-Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	1.62%
Risk-free interest rate, Maximum	1.92%
Expected term (years)		7 years 18 days
Expected volatility		80.00%
Expected volatility, Minimum	83.90%
Expected volatility, Maximum	91.30%
Dividend yield	0.00%	0.00%
Risk-free interest rate		2.82%
Non-Employees [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 1 month 28 days
Non-Employees [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	9 years 11 months 15 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity and RSU Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, Shares Underlying Option Awards, Outstanding at ending balance	4,541,432
Stock Options, Shares Underlying Option Awards, Options exercisable	1,901,039
2008 Plan and 2015 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, Shares Underlying Option Awards, Outstanding at beginning balance	3,077,264
Stock Options, Shares Underlying Option Awards, Granted	1,665,625
Stock Options, Shares Underlying Option Awards, Exercised	(136,729)
Stock Options, Shares Underlying Option Awards, Expired/cancelled/forfeited	(64,728)
Stock Options, Shares Underlying Option Awards, Outstanding at ending balance	4,541,432	3,077,264
Stock Options, Shares Underlying Option Awards, Options exercisable	1,901,039
Stock Options, Shares Underlying Option Awards, Vested and expected to vest	4,541,432
Stock Options, Weighted-Average Exercise Price, beginning balance	$ 6.28
Stock Options, Weighted-Average Exercise Price, Granted	3.22
Stock Options, Weighted-Average Exercise Price, Exercised	0.81
Stock Options, Weighted-Average Exercise Price, Expired/cancelled/forfeited	8.85
Stock Options, Weighted-Average Exercise Price, ending balance	5.29	$ 6.28
Stock Options, Weighted-Average Exercise Price, Options exercisable	5.29
Stock Options, Weighted-Average Exercise Price, Vested and expected to vest	$ 5.29
Stock Options, Weighted-Average Remaining Contractual Years	8 years 3 months	8 years 3 months 18 days
Stock Options, Weighted-Average Remaining Contractual Years, Granted	9 years 9 months 18 days
Stock Options, Weighted-Average Remaining Contractual Years, Options exercisable	6 years 9 months 29 days
Stock Options, Weighted-Average Remaining Contractual Years, Vested and expected to vest	8 years 3 months
Stock Options, Aggregate Intrinsic Value Outstanding	$ 461	$ 7,975
Stock Options, Aggregate Intrinsic Value, Options exercisable	277
Stock Options, Aggregate Intrinsic Value, Vested and expected to vest	$ 461
RSU's, Shares Underlying Option Awards, Beginning balance	156,250
RSUs, Shares Underlying Option Awards, Granted	234,000
RSUs, Shares Underlying Option Awards, Vested	(52,125)
RSUs, Shares Underlying Option Awards, Expired/cancelled/forfeited	(22,500)
RSU's, Shares Underlying Option Awards, Ending balance	315,625	156,250
RSU's Weighted-Average Grant Date Fair Value, Beginning balance	$ 9.59
RSU's Weighted-Average Grant Date Fair Value, Granted	1.19
RSU's Weighted-Average Grant Date Fair Value, Vested	9.20
RSU's Weighted-Average Grant Date Fair Value, Expired/cancelled/forfeited	9.23
RSU's Weighted-Average Grant Date Fair Value, Ending balance	$ 3.45	$ 9.59

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU's, Shares Underlying Option Awards, Beginning balance | shares	16,190
Restricted Shares, Vested | shares	(16,190)
RSU's Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares	$ 0.65
Weighted-Average Grant Date Fair Value, Exercised | $ / shares	$ 0.65

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Options Issued to Employees and Non-Employees that are Outstanding and Vested (Detail)	12 Months Ended
	Dec. 31, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number Outstanding	4,541,432
Number Exercisable	1,901,039
Exercise Price $0.52 - $0.82 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number Outstanding	243,103
Outstanding Weighted Average Life (in Years)	3 years 7 months 28 days
Number Exercisable	243,103
Exercisable Weighted Average Life (in Years)	3 years 7 months 28 days
Exercise Price $0.52 - $0.82 [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise Price | $ / shares	$ 0.52
Exercise Price $0.52 - $0.82 [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise Price | $ / shares	$ 0.82
Exercise Price $1.01 - $1.57 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number Outstanding	1,212,289
Outstanding Weighted Average Life (in Years)	5 years 11 months 26 days
Number Exercisable	482,428
Exercisable Weighted Average Life (in Years)	8 years 3 months 10 days
Exercise Price $1.01 - $1.57 [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise Price | $ / shares	$ 1.01
Exercise Price $1.01 - $1.57 [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise Price | $ / shares	$ 1.57
Exercise Price $1.59 - $5.13 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number Outstanding	1,128,180
Outstanding Weighted Average Life (in Years)	6 years 9 months 10 days
Number Exercisable	382,578
Exercisable Weighted Average Life (in Years)	8 years 6 months 29 days
Exercise Price $1.59 - $5.13 [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise Price | $ / shares	$ 1.59
Exercise Price $1.59 - $5.13 [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise Price | $ / shares	$ 5.13
Exercise Price $5.85 - $9.93 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number Outstanding	588,756
Outstanding Weighted Average Life (in Years)	7 years 9 months 29 days
Number Exercisable	195,915
Exercisable Weighted Average Life (in Years)	8 years 6 months 3 days
Exercise Price $5.85 - $9.93 [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise Price | $ / shares	$ 5.85
Exercise Price $5.85 - $9.93 [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise Price | $ / shares	$ 9.93
Exercise Price $10.01 - $15.21 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number Outstanding	1,369,104
Outstanding Weighted Average Life (in Years)	8 years 6 months 3 days
Number Exercisable	597,015
Exercisable Weighted Average Life (in Years)	8 years 7 months 28 days
Exercise Price $10.01 - $15.21 [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise Price | $ / shares	$ 10.01
Exercise Price $10.01 - $15.21 [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise Price | $ / shares	$ 15.21

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense included in Accompanying Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 4,441	$ 3,737
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	2,123	1,626
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,318	$ 2,111

License Agreement - Additional

License Agreement - Additional Information (Detail) $ in Millions	1 Months Ended
	Oct. 31, 2018USD ($)
aPAP [Member] | Japan [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Receipt of milestone payment	$ 0.3

Income Taxes - Components of Lo

Income Taxes - Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest [Abstract]
Domestic	$ (52,440)	$ (48,868)
Foreign	(25,733)	(19,705)
Loss before income taxes	$ (78,173)	$ (68,573)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Federal tax benefit related to deferred tax liability		$ 0	$ 4,555,000
State provision for income taxes		0	0
Increase in valuation allowance		$ 12,800,000	8,700,000
Corporate income tax rates		21.00%
Research and orphan drug tax credit carry forwards	$ 12,706,000	$ 15,654,000	12,706,000
Foreign net operating loss carryforwards	23,100,000	$ 40,300,000	23,100,000	$ 1,800,000
Income tax benefit	2,500,000		(7,057,000)
Increase in shareholders ownership interest, percentage		5.00%
Change in ownership interest, percentage points		0.50%
Change in ownership interest period		3 years
Unrecognized tax benefits	0	$ 0	0
Interest and penalties related to income taxes		0	0
Danish and Australia Subsidiaries [Member] | Other Income, Net [Member]
Operating Loss Carryforwards [Line Items]
Reclassified foreign refundable tax credits	1,500,000		1,500,000
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	77,700,000	103,800,000	77,700,000
Research and orphan drug tax credit carry forwards	12,500,000	$ 15,300,000	12,500,000
Tax credit carry forwards expiration beginning year		2028
Federal [Member] | Internal Revenue Service ("IRS") [Member]
Operating Loss Carryforwards [Line Items]
Open tax year		2016
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Tax credit carry forwards expiration beginning year		2034
State research and development tax credit carryforwards	$ 300,000	$ 400,000	$ 300,000
State of Texas [Member] | Internal Revenue Service ("IRS") [Member]
Operating Loss Carryforwards [Line Items]
Open tax year		2015
Foreign Tax Authorities [Member] | Internal Revenue Service ("IRS") [Member]
Operating Loss Carryforwards [Line Items]
Open tax year		2017

Income Taxes - Components of Be

Income Taxes - Components of Benefit for Income Taxes (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Current:
State		$ 0	$ 0
Foreign			124,000
Total Current			124,000
Deferred:
Federal		$ 0	(4,555,000)
Foreign			(2,626,000)
Total Deferred			(7,181,000)
Total income tax expense (benefit)	$ 2,500,000		$ (7,057,000)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Expected Income Tax (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit) computed at federal statutory tax rate		$ (16,416)	$ (14,706)
Change in valuation allowance		12,780	8,692
Orphan drug & research credits generated		(2,855)	(2,945)
Orphan drug & research credit expense disallowance		278	1,164
Impact of foreign operations		(312)	(305)
Goodwill impairment		5,671
Other permanent differences		$ 854	1,043
Total income tax expense (benefit)	$ 2,500		$ (7,057)

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax liabilities:
Intangible assets	$ 2,143	$ 2,845
Other	516	251
Total deferred tax liabilities	2,659	3,096
Deferred tax assets:
Net operating loss carryforwards	30,953	21,406
Amortization	97	208
Credit carryforwards	15,654	12,706
Accrued liabilities & other	365	318
Total deferred tax assets	47,069	34,638
Subtotal	44,410	31,542
Valuation allowance	$ (44,410)	$ (31,542)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Potentially Dilutive Securities (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share Basic [Line Items]
Potentially dilutive securities	37,988,855	4,135,016
Awards under Equity Incentive Plan [Member]
Earnings Per Share Basic [Line Items]
Potentially dilutive securities	4,541,432	3,077,264
Nonvested Restricted Shares and Restricted Stock Units [Member]
Earnings Per Share Basic [Line Items]
Potentially dilutive securities	315,625	156,250
Warrants to Purchase Common Stock [Member]
Earnings Per Share Basic [Line Items]
Potentially dilutive securities	33,131,798	901,502

Net Loss Per Share - Calculates

Net Loss Per Share - Calculates Basic Earnings Per Share and Diluted Earnings Per Share of Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net loss	$ (31,719)	$ (12,403)	$ (21,939)	$ (12,112)	$ (10,514)	$ (12,560)	$ (11,593)	$ (26,849)	$ (78,173)	$ (61,516)
Net loss attributable to common stockholders									(78,173)	(61,516)
Undistributed earnings and net loss attributable to common stockholders, basic and diluted									$ (78,173)	$ (61,516)
Weighted-average common shares outstanding, basic and diluted									40,027,758	33,300,704
Basic and diluted EPS	$ (0.72)	$ (0.30)	$ (0.57)	$ (0.34)	$ (0.29)	$ (0.36)	$ (0.37)	$ (0.86)	$ (1.95)	$ (1.85)

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Operating loss	$ (31,509)	$ (12,442)	$ (22,154)	$ (12,920)	$ (13,248)	$ (12,784)	$ (11,906)	$ (32,107)	$ (79,025)	$ (70,045)
Net loss	$ (31,719)	$ (12,403)	$ (21,939)	$ (12,112)	$ (10,514)	$ (12,560)	$ (11,593)	$ (26,849)	$ (78,173)	$ (61,516)
Basic and diluted	$ (0.72)	$ (0.30)	$ (0.57)	$ (0.34)	$ (0.29)	$ (0.36)	$ (0.37)	$ (0.86)	$ (1.95)	$ (1.85)

Quarterly Financial Data (Una_4

Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Parenthetical) (Detail) - $ / shares	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Decrease in basic and diluted net loss per share	$ 0.01	$ 0.01	$ 0.02

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Feb. 21, 2020	Feb. 06, 2020	Jan. 31, 2020	Apr. 28, 2017	Dec. 31, 2018	Dec. 31, 2019
Subsequent Event [Line Items]
Prepayment fee percentage				6.00%
Warrants issued to purchase shares of common stock						39,687,335
Subsequent Event [Member]
Subsequent Event [Line Items]
License agreement termination date	Aug. 21, 2020
Subsequent Event [Member] | Termination Agreement [Member]
Subsequent Event [Line Items]
Termination of award amount		$ 5,000,000
Subsequent Event [Member] | Termination Agreement [Member] | Cystic Fibrosis Foundation Therapeutics, Inc. [Member]
Subsequent Event [Line Items]
Award amount		$ 1,700,000
Subsequent Event [Member] | April 2017 Warrants, June 2017 Warrants, and December 2018 Warrants [Member]
Subsequent Event [Line Items]
Warrants issued to purchase shares of common stock			77,792
Exercise price of warrants per share			$ 2.87
Fair value of warrants			$ 100,000
Loan and Security Agreement [Member] | Silicon Valley Bank [Member]
Subsequent Event [Line Items]
Loan and security agreement, maximum amount				$ 15,000,000		$ 45,000,000
Term Loan | Loan and Security Agreement [Member] | Silicon Valley Bank [Member]
Subsequent Event [Line Items]
Debt instrument payment description						(i) a prepayment fee (2.0% of funded amounts in months 13-24 and 1.0% thereafter); and (ii) an end of term charge equal to 6.0% of the amount of principal borrowed.
Debt instrument principal and interest payment period					25 months
Payments of debt issuance costs					$ 100,000
Interest rate, basis spread					3.00%
Prepayment fee percentage					6.00%
Term Loan | Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | Prepayment Fee 13-24 Months [Member]
Subsequent Event [Line Items]
Prepayment fee percentage					2.00%
Term Loan | Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | Prepayment Fee Thereafter [Member]
Subsequent Event [Line Items]
Prepayment fee percentage					1.00%
Term Loan | Loan and Security Agreement [Member] | Subsequent Event [Member] | Silicon Valley Bank [Member]
Subsequent Event [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 autoimmune pulmonary alveolar proteinosis 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
Term Loan | Loan and Security Agreement [Member] | Subsequent Event [Member] | Silicon Valley Bank [Member] | Prepayment Fee 13-24 Months [Member]
Subsequent Event [Line Items]
Prepayment fee percentage			2.00%
Term Loan | Loan and Security Agreement [Member] | Subsequent Event [Member] | Silicon Valley Bank [Member] | Prepayment Fee Thereafter [Member]
Subsequent Event [Line Items]
Prepayment fee percentage			1.00%
Term Loan | Loan and Security Agreement [Member] | Subsequent Event [Member] | Silicon Valley Bank [Member] | End of Term Charge [Member]
Subsequent Event [Line Items]
Prepayment fee percentage			6.00%