10. Shareholders’ Equity

Common Stock Sales Agreement/At The Market (ATM)

On April 28, 2017, the Company entered into a Common Stock Sales Agreement (the “Sales Agreement”) with H.C. Wainwright & Co., LLC, as sales agent (“Wainwright”), 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 $18.0 million. The Shares will be offered and sold pursuant to the Company’s shelf registration statement on Form S-3. 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 three months ended March 31, 2018, the Company sold 46,900 shares of common stock under the Sales Agreement, for net proceeds of approximately $0.5 million.

Common Stock

The Company’s amended and restated certificate of incorporation, effective upon the completion of the Merger, authorizes the Company to issue 501 million shares of common and preferred stock, consisting of 500 million shares of common stock with $0.001 par value and one million shares of preferred stock with $0.001 par value. The following is a summary of the Company’s common stock at March 31, 2018 and December 31, 2017.

March 31,

2018

December 31,

2017

Common stock authorized

500,000,000

Common stock outstanding

30,604,366

30,509,522

The Company’s shares of common stock reserved for issuance as of March 31, 2018 and December 31, 2017 were as follows:

	March, 2018		December 31, 2017
Warrants from Mast acquired in Merger		1,152,231		1,152,231
Warrants Converted Pursuant to Merger		72,953		74,992
April 2017 SVB Warrants		24,725		24,725
June 2017 SVB Warrants		41,736		41,736
Prefunded warrants		775,000		775,000
Stock options outstanding		1,786,438		1,916,832
Issued and unvested RSU's		195,625		86,875
Total shares reserved		4,048,708		4,072,391

Warrants

The following table summarizes the outstanding warrants for the Company’s common stock as of March 31, 2018:

Shares Underlying Outstanding Warrants		Exercise Price		Expiration Date
	401,391	$	45.50	June 2018
	314,446	$	52.50	November 2019
	32,467	$	7.00	August 2020
	403,927	$	29.40	February 2021
	72,953	$	8.98	June 2021
	24,725	$	9.10	April 2027
	41,736	$	5.39	June 2027
	775,000	$	0.01	October 2024
	2,066,645