Shares of (NASDAQ: SVRA) rose more than 9% Tuesday morning after the company released first-quarter earnings. The stock is up more than 38% so far this year. Savara is a a clinical-stage pharmaceutical company that specializes in therapies to treat rare respiratory diseases.

The company announced first-quarter earnings after the market closed on Monday. Savara doesn't have any revenue, so the numbers weren't what encouraged investors. It reported a quarterly loss of $10.6 million, or a loss of $0.07 in earnings per share (EPS), compared to a loss of $8.3 million, or an EPS loss of $0.05 in the same period a year ago. 

The big news was that Savara's lead therapy, molgramostim, which is in a phase 3 trial, is expected to have patients fully enrolled in the trial by next month and a top-line readout is now expected for the second quarter of 2024. The company said it had $114.8 million in cash, enough to fund operations through 2025, CEO Matt Pauls said in the release.

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Source Fool.com