SEC Filings

SAVARA INC filed this S-4 on 20170210

Document Outline
Entire Document (7.3 MB)
Subdocument 1 - S-4 - FORM S-4
  Page 1 - As filed with the Securities and Exchange Commission on February 10, 2017
  Page 2 - The information in this proxy statement/prospectus/information statement is not complete and may be
  Page 3 - More information about Mast, Savara and the proposed transaction is contained in this proxy statemen
  Page 4 - MAST THERAPEUTICS, INC.
  Page 5 - vote of the holders of a majority of shares of Mast common stock having voting power outstanding on
  Page 6 - REFERENCES TO ADDITIONAL INFORMATION
  Page 7 - TABLE OF CONTENTS
  Page 8 - N/A
  Page 9 - N/A
  Page 10 - QUESTIONS AND ANSWERS ABOUT THE MERGER
  Page 11 - N/A
  Page 12 - N/A
  Page 13 - N/A
  Page 14 - N/A
  Page 15 - N/A
  Page 16 - N/A
  Page 17 - PROSPECTUS SUMMARY
  Page 18 - Opinion of the Mast Financial Advisor
  Page 19 - Treatment of Savara Options and Savara Restricted Shares
  Page 20 - Treatment of Savara Warrants
  Page 21 - Termination of the Merger Agreement
  Page 22 - Lock-Up Agreements
  Page 23 - Considerations with Respect to U.S. Federal Income Tax Consequences of the Merger
  Page 24 - Risk Factors
  Page 25 - Regulatory Approvals
  Page 26 - SELECTED HISTORICAL AND UNAUDITED PRO FORMA
  Page 27 - Condensed Consolidated Statements of Operations and Comprehensive Loss
  Page 28 - Condensed Consolidated Balance Sheets
  Page 29 - Consolidated Statements of Operations Data:
  Page 30 - Selected Unaudited Pro Forma Condensed Combined Financial Data of Mast and Savara
  Page 31 - Comparative Historical and Unaudited Pro Forma Per Share Data
  Page 32 - MAST
  Page 33 - MARKET PRICE AND DIVIDEND INFORMATION
  Page 34 - RISK FACTORS
  Page 35 - If the conditions to the merger are not met, the merger may not occur.
  Page 36 - The market price of Mast common stock following the merger may decline as a result of the merger.
  Page 37 - Because the lack of a public market for Savara shares makes it difficult to evaluate the fairness of
  Page 38 - There is substantial doubt as to Mast s ability to continue as a going concern.
  Page 39 - Mast s product candidates are at intermediary to early stages of development, the success of Mast s
  Page 40 - N/A
  Page 41 - Mast will need to obtain additional funding to pursue its current business strategy and continue as
  Page 42 - If Mast is unable to raise sufficient additional capital as needed, Mast may be forced to delay, red
  Page 43 - Mast s ability to raise capital may be limited by applicable laws and regulations.
  Page 44 - Mast has significant goodwill and IPR D and impairment of goodwill and IPR D may have a significant
  Page 45 - Loss of personnel, through reductions in force or otherwise, could adversely impact Mast s ability t
  Page 46 - Mast s business and operations would suffer in the event of computer system failures, cyber-attacks
  Page 47 - Mast s employees, independent contractors and consultants, principal investigators, CROs, CMOs and o
  Page 48 - All ongoing and currently planned clinical studies of Mast s lead product candidate, AIR001, are inv
  Page 49 - N/A
  Page 50 - Clinical studies are very expensive, difficult to design and implement, often take many years to com
  Page 51 - N/A
  Page 52 - Mast does not have, and does not have plans to establish, any manufacturing facilities and are depen
  Page 53 - N/A
  Page 54 - Mast relies significantly on third parties to conduct its nonclinical testing and clinical studies a
  Page 55 - Mast may not achieve its projected development goals in the time frames Mast announces.
  Page 56 - Even if Mast receives regulatory approval for a product candidate, Mast may face development and reg
  Page 57 - Even if Mast receives regulatory approval to market one or more of its product candidates in the U.S
  Page 58 - N/A
  Page 59 - Mast s success depends in large part on its ability to prevent competitors from duplicating or devel
  Page 60 - Obtaining and maintaining Mast s patent protection depends on compliance with various procedural, do
  Page 61 - Risks Related to Mast s Industry
  Page 62 - Mast is subject to uncertainty relating to healthcare reform measures and reimbursement policies tha
  Page 63 - Mast faces potential product liability exposure and, if successful claims are brought against it, Ma
  Page 64 - Risks Related to Mast s Common Stock
  Page 65 - If Mast s common stock were delisted and determined to be a penny stock, a broker-dealer may find it
  Page 66 - Mast s stock price could decline significantly based on progress with and results of its clinical st
  Page 67 - Anti-takeover provisions in Mast s charter documents and under Delaware law may make an acquisition
  Page 68 - Risks Related to Savara
  Page 69 - N/A
  Page 70 - Risks Related to Savara s Business Strategy and Operations
  Page 71 - If Savara fails to attract and retain senior management and key scientific personnel, it may be unab
  Page 72 - Savara does not have, and does not have plans to establish manufacturing facilities. Savara complete
  Page 73 - Savara relies significantly on third parties to conduct its nonclinical testing and clinical studies
  Page 74 - Savara currently has limited marketing capabilities and no sales organization. If Savara is unable t
  Page 75 - Savara is the process of integrating the systems, people and contracts from the recent acquisition o
  Page 76 - Savara may not achieve its projected development goals in the time frames Savara has announced.
  Page 77 - Savara s business and operations would suffer in the event of third-party computer system failures,
  Page 78 - Both of Savara s product candidates have received Orphan Drug Designation by the Food and Drug Admin
  Page 79 - Delays in commencement and completion of clinical studies are common and have many causes. Delays in
  Page 80 - Clinical studies are very expensive, difficult to design and implement, often take many years to com
  Page 81 - There is significant uncertainty regarding the regulatory approval process for any investigational n
  Page 82 - N/A
  Page 83 - Even if Savara receives regulatory approval for a product candidate, Savara may face regulatory diff
  Page 84 - Even if Savara receives regulatory approval to market one or more of its product candidates in the U
  Page 85 - Savara must comply with the U.S. Foreign Corrupt Practices Act and similar foreign anti-corruption l
  Page 86 - Savara s success depends on its ability to prevent competitors from duplicating or developing and co
  Page 87 - Obtaining and maintaining patent protection depends on compliance with various procedural, document
  Page 88 - Third parties may claim that Savara s products, if approved, infringe on their proprietary rights an
  Page 89 - Risks Related to Savara s Industry
  Page 90 - Savara is subject to uncertainty relating to healthcare reform measures and reimbursement policies t
  Page 91 - Savara faces potential product liability exposure and, if successful claims are brought against it,
  Page 92 - Risks Related to the Combined Organization
  Page 93 - The combined organization will incur costs and demands upon management as a result of complying with
  Page 94 - Because the merger will likely result in an ownership change under Section 382 of the Code for Mast,
  Page 95 - CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
  Page 96 - THE SPECIAL MEETING OF MAST STOCKHOLDERS
  Page 97 - Record Date and Voting Power
  Page 98 - Required Vote
  Page 99 - Solicitation of Proxies
  Page 100 - THE MERGER
  Page 101 - N/A
  Page 102 - N/A
  Page 103 - N/A
  Page 104 - N/A
  Page 105 - N/A
  Page 106 - N/A
  Page 107 - N/A
  Page 108 - N/A
  Page 109 - N/A
  Page 110 - Mast Reasons for the Merger
  Page 111 - N/A
  Page 112 - N/A
  Page 113 - Savara Reasons for the Merger
  Page 114 - Opinion of Roth Capital Partners as Mast s Financial Advisor
  Page 115 - N/A
  Page 116 - N/A
  Page 117 - Consideration to be Paid in the Merger
  Page 118 - Public Company Valuation
  Page 119 - Discounted Cash Flow Analysis
  Page 120 - Estimated Savara Stand-Alone Valuation
  Page 121 - Private Valuation Step-up Analysis
  Page 122 - Public Comparable Analysis Respiratory
  Page 123 - Respiratory Licensing Comparables
  Page 124 - Discounted Cash Flow Analysis
  Page 125 - Savara Inc.
  Page 126 - Savara Inc.
  Page 127 - Information Regarding Financial Projections Used for Fairness Opinion Analysis
  Page 128 - Potential Benefits upon Change in Control of Mast
  Page 129 - Cash and Restricted Stock Unit Awards
  Page 130 - Restricted Stock Units Awards
  Page 131 - Acceleration of Director Equity Awards
  Page 132 - Ownership Interests
  Page 133 - Stock Options and Warrants.
  Page 134 - Management Following the Merger
  Page 135 - Stock Options, Restricted Stock and Warrants
  Page 136 - Merger Consideration
  Page 137 - Effective Time of the Merger
  Page 138 - N/A
  Page 139 - STOCKHOLDERS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL I
  Page 140 - Information Reporting and Backup Withholding
  Page 141 - THE PRECEDING DISCUSSION DOES NOT PURPORT TO BE A COMPLETE ANALYSIS OR DISCUSSION OF ALL OF THE MERG
  Page 142 - N/A
  Page 143 - Weinberger
  Page 144 - Weinberger
  Page 145 - THE MERGER AGREEMENT
  Page 146 - Exchange Ratio
  Page 147 - Determination of Net Cash
  Page 148 - minus
  Page 149 - Treatment of Savara Options and Savara Restricted Shares
  Page 150 - Amendments to the Amended and Restated Certificate of Incorporation of Mast
  Page 151 - N/A
  Page 152 - N/A
  Page 153 - Representations and Warranties
  Page 154 - No Solicitation
  Page 155 - N/A
  Page 156 - Meetings of Stockholders
  Page 157 - Covenants; Conduct of Business Pending the Merger
  Page 158 - N/A
  Page 159 - N/A
  Page 160 - Regulatory Approvals
  Page 161 - Financing
  Page 162 - Other Agreements
  Page 163 - N/A
  Page 164 - Termination of the Merger Agreement
  Page 165 - N/A
  Page 166 - Termination Fee
  Page 167 - Fee payable by Savara
  Page 168 - AGREEMENTS RELATED TO THE MERGER
  Page 169 - N/A
  Page 170 - MATTERS BEING SUBMITTED TO A VOTE OF MAST STOCKHOLDERS
  Page 171 - Mast Proposal No. 2: Approval of the Amendment and Restatement of the Amended and Restated Certifica
  Page 172 - Principal Effects of the Reverse Stock Split
  Page 173 - Stockholders should not destroy any stock certificate(s) and should not submit any certificate(s) un
  Page 174 - N/A
  Page 175 - INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCO
  Page 176 - Required Vote; Recommendation of Board of Directors
  Page 177 - Mast Proposal No. 3: Approval of Name Change
  Page 178 - Mast Proposal No. 4: Advisory Non-Binding Vote on Merger-Related Executive Compensation Arrangements
  Page 179 - Mast Proposal No. 5: Approval of Possible Adjournment of the Mast Special Meeting
  Page 180 - MAST BUSINESS
  Page 181 - Clinical Development in HFpEF
  Page 182 - Intellectual Property
  Page 183 - FDA Approval Process
  Page 184 - N/A
  Page 185 - N/A
  Page 186 - Expedited Review Programs
  Page 187 - N/A
  Page 188 - Other Healthcare Laws and Compliance Requirements
  Page 189 - Employees
  Page 190 - SAVARA BUSINESS
  Page 191 - Savara s product candidate pipeline
  Page 192 - Change from baseline in FEV1 (left) and Time to use of other antibiotic for respiratory infection (r
  Page 193 - Strategy
  Page 194 - Current MRSA treatment options in CF
  Page 195 - AeroVanc Product Description
  Page 196 - Completed Clinical Studies
  Page 197 - Phase 2
  Page 198 - Vancomycin sputum concentrations after administration of AeroVanc at various time points
  Page 199 - Change from baseline in FEV1
  Page 200 - Change in MRSA density in sputum
  Page 201 - Time to use of other antibiotics for respiratory infection
  Page 202 - Current treatment options of PAP
  Page 203 - Molgradex Product Description
  Page 204 - Completed Clinical Studies
  Page 205 - Mean WBC Over Time and After Multiple Ascending Doses
  Page 206 - Molgradex Pharmacology Studies
  Page 207 - GM-CSF receptor function by Molgradex or control recombinant human GM-CSF
  Page 208 - Manufacturing and Supply
  Page 209 - Molgradex Manufacturing
  Page 210 - PARI Pharma GmbH
  Page 211 - Government Regulation
  Page 212 - in vitro
  Page 213 - NDA Submission and Review by the FDA
  Page 214 - N/A
  Page 215 - Orphan Drug Status
  Page 216 - Post-Approval Requirements
  Page 217 - Government Regulation of Combination Products
  Page 218 - N/A
  Page 219 - N/A
  Page 220 - Coverage and Reimbursement
  Page 221 - Foreign Regulation
  Page 222 - Trade Secrets
  Page 223 - in vitro
  Page 224 - Employees
  Page 225 - MAST MANAGEMENT S DISCUSSION AND ANALYSIS OF
  Page 226 - Critical Accounting Policies and Significant Judgments and Estimates
  Page 227 - Business Combinations
  Page 228 - Goodwill for Impairment
  Page 229 - Revenue
  Page 230 - Selling, General and Administrative Expenses.
  Page 231 - R D Expenses
  Page 232 - Operating Expenses
  Page 233 - Transaction-Related Expenses.
  Page 234 - N/A
  Page 235 - Operating activities
  Page 236 - Management Outlook
  Page 237 - QUANTITATIVE AND QUALITATIVE DISCLOSURES
  Page 238 - SAVARA MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
  Page 239 - Recent Events
  Page 240 - General and Administrative Expenses
  Page 241 - Fair Value of Common Stock
  Page 242 - Results of Operations Comparison of Nine Months Ended September 30, 2016 and 2015
  Page 243 - Grant Revenue
  Page 244 - Cash Flows
  Page 245 - Cash flows from investing activities
  Page 246 - License and Royalty Agreements
  Page 247 - Acquisition of Serendex Pharmaceuticals
  Page 248 - Statement of Cash Flows (Topic 230) Restricted Cash
  Page 249 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT SAVARA MARKET RISK
  Page 250 - MANAGEMENT FOLLOWING THE MERGER
  Page 251 - David Lowrance
  Page 252 - Joseph S. McCracken
  Page 253 - Committees of the Board of Directors
  Page 254 - Compensation Committee
  Page 255 - Nominating and Governance Committee
  Page 256 - N/A
  Page 257 - 2016 Savara Director Compensation
  Page 258 - Narrative Disclosure to Summary Compensation Table
  Page 259 - 2016 Outstanding Equity Awards at Year-End
  Page 260 - Potential Payments Upon Termination of Employment or Change in Control
  Page 261 - Mast s 2015 Omnibus Incentive Plan
  Page 262 - Eligibility; Awards to Certain Individuals and Groups.
  Page 263 - Stock Options.
  Page 264 - Restricted Stock Awards.
  Page 265 - N/A
  Page 266 - Adjustments to Awards Subject to Performance Criteria.
  Page 267 - No Repricing.
  Page 268 - Termination of Employment.
  Page 269 - N/A
  Page 270 - CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS OF SAVARA
  Page 271 - Series B Preferred Stock Warrants
  Page 272 - UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
  Page 273 - N/A
  Page 274 - Unaudited Pro Forma Condensed Combined Balance Sheet
  Page 275 - Unaudited Pro Forma Condensed Combined Statement of Operations
  Page 276 - Unaudited Pro Forma Condensed Combined Statement of Operations
  Page 277 - NOTES TO THE UNAUDITED PRO FORMA CONDENSED
  Page 278 - 3. Pro Forma Adjustments
  Page 279 - N/A
  Page 280 - 4. Serendex s Historical Financial Statements
  Page 281 - Schedule 2
  Page 282 - Translation of Serendex s Historical Financial Statements to US Dollars
  Page 283 - DESCRIPTION OF MAST CAPITAL STOCK
  Page 284 - Anti-Takeover Effects of Provisions of Mast s Charter Documents and Delaware Law
  Page 285 - No Cumulative Voting
  Page 286 - N/A
  Page 287 - COMPARISON OF RIGHTS OF HOLDERS OF MAST STOCK AND SAVARA STOCK
  Page 288 - N/A
  Page 289 - N/A
  Page 290 - N/A
  Page 291 - N/A
  Page 292 - N/A
  Page 293 - PRINCIPAL STOCKHOLDERS OF MAST
  Page 294 - N/A
  Page 295 - N/A
  Page 296 - PRINCIPAL STOCKHOLDERS OF SAVARA
  Page 297 - N/A
  Page 298 - LEGAL MATTERS
  Page 299 - TRADEMARK NOTICE
  Page 300 - INDEX TO FINANCIAL STATEMENTS
  Page 301 - Report of Independent Registered Public Accounting Firm
  Page 302 - Mast Therapeutics, Inc. and Subsidiaries
  Page 303 - Mast Therapeutics, Inc. and Subsidiaries
  Page 304 - Mast Therapeutics, Inc. and Subsidiaries
  Page 305 - Mast Therapeutics, Inc. and Subsidiaries
  Page 306 - Mast Therapeutics, Inc. and Subsidiaries
  Page 307 - Basis of Presentation
  Page 308 - Property and Equipment
  Page 309 - Concentration of Credit Risk and Significant Sources of Supply
  Page 310 - Share-Based Compensation
  Page 311 - Net Loss per Common Share
  Page 312 - Simplifying the Presentation of Debt Issuance Costs
  Page 313 - Acquired In-Process Research and Development
  Page 314 - Deferred Income Tax Liability
  Page 315 - N/A
  Page 316 - Hercules Loan and Security Agreement
  Page 317 - Summary of Carrying Value
  Page 318 - At the Market Equity Offering Program
  Page 319 - 2015 Omnibus Incentive Plan
  Page 320 - Summary of 2015 Stock Option Activity
  Page 321 - Compensation
  Page 322 - N/A
  Page 323 - N/A
  Page 324 - Quarterly statements of operations data
  Page 325 - N/A
  Page 326 - Mast Therapeutics, Inc. and Subsidiaries
  Page 327 - Mast Therapeutics, Inc. and Subsidiaries
  Page 328 - Mast Therapeutics, Inc. and Subsidiaries
  Page 329 - Mast Therapeutics, Inc. and Subsidiaries
  Page 330 - 2. Use of Estimates
  Page 331 - 4. Investment Securities
  Page 332 - 5. Fair Value of Financial Instruments
  Page 333 - 7. Accrued Liabilities
  Page 334 - Summary of Carrying Value
  Page 335 - 10. Net Loss Per Common Share
  Page 336 - 12. Supplemental Cash Flow Information
  Page 337 - Warrants Issued to Hercules
  Page 338 - Costs Associated with Reductions in Workforce
  Page 339 - N/A
  Page 340 - Report of Independent Auditors
  Page 341 - Savara Inc.
  Page 342 - Savara Inc.
  Page 343 - Savara Inc.
  Page 344 - Savara Inc.
  Page 345 - Savara Inc.
  Page 346 - 2. Summary of Significant Accounting Policies
  Page 347 - Fair Value of Financial Instruments
  Page 348 - Debt Issuance Costs
  Page 349 - Stock-Based Compensation
  Page 350 - 3. Property and Equipment, Net
  Page 351 - Automatic Conversion
  Page 352 - IPO Conversion
  Page 353 - Commercial Approval Royalty
  Page 354 - 7. Commitments and Contingencies
  Page 355 - 8. Fair Value Measurements
  Page 356 - 9. Redeemable Convertible Preferred Stock
  Page 357 - Dividends
  Page 358 - Liquidation Rights
  Page 359 - Stock Options
  Page 360 - Restricted Stock
  Page 361 - 12. Income Taxes
  Page 362 - N/A
  Page 363 - 13. Net Loss per Share
  Page 364 - Acquisition of Serendex Pharmaceuticals
  Page 365 - Savara Inc. and Subsidiary
  Page 366 - Savara Inc. and Subsidiary
  Page 367 - Savara Inc. and Subsidiary
  Page 368 - Savara Inc. and Subsidiary
  Page 369 - Savara Inc. and Subsidiary
  Page 370 - 2. Summary of Significant Accounting Policies
  Page 371 - Risks and Uncertainties
  Page 372 - Goodwill and Acquired In-Process Research and Development (IPR D)
  Page 373 - Net Loss per Share
  Page 374 - Income Taxes
  Page 375 - 3. Prepaid expenses and other current assets
  Page 376 - Automatic Conversion
  Page 377 - Change in Control Conversion
  Page 378 - 6. Fair Value Measurements
  Page 379 - 7. Acquisition of Serendex Pharmaceuticals
  Page 380 - N/A
  Page 381 - 8. Redeemable Convertible Preferred Stock
  Page 382 - Restricted Stock
  Page 383 - 11. Net Loss per Share
  Page 384 - Modification of the 2016 Notes
  Page 385 - INDEPENDENT AUDITOR S REPORT
  Page 386 - Consolidated Income Statement
  Page 387 - Consolidated Balance Sheet
  Page 388 - Consolidated Changes in equity
  Page 389 - Consolidated Cash Flow Statement
  Page 390 - Notes
  Page 391 - 3. SEGMENT DATA
  Page 392 - Assumptions for warrants granted in 2015
  Page 393 - 6. FEE TO STATUTORY AUDITORS
  Page 394 - 10. ALLOCATION OF LOSS
  Page 395 - 13. DEPOSITS
  Page 396 - 16. LOANS FROM SHAREHOLDERS
  Page 397 - 21. STATEMENT OF CASH FLOWS ADJUSTMENTS
  Page 398 - Commercial risks
  Page 399 - Capital resources
  Page 400 - 25. BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT
  Page 401 - EXECUTIVE MANAGEMENT
  Page 402 - Basis of consolidation
  Page 403 - Cost of goods sold
  Page 404 - BALANCE SHEET ITEMS
  Page 405 - Write-down of assets
  Page 406 - Other receivables, prepayments and accrued expenses
  Page 407 - Unaudited Consolidated Income Statement
  Page 408 - Unaudited Consolidated Balance Sheet
  Page 409 - Unaudited Consolidated Changes in equity
  Page 410 - Unaudited Consolidated Cash Flow Statement
  Page 411 - Unaudited Notes
  Page 412 - Development costs
  Page 413 - 4. OTHER EXPENSES AND COSTS BY FUNCTION
  Page 414 - 7. TAX RECEIVABLES AND DEFERRED TAX
  Page 415 - 10. STATEMENT OF CASH FLOWS ADJUSTMENTS
  Page 416 - New standards and interpretations
  Page 417 - Translation of foreign currency
  Page 418 - Staff expenses
  Page 419 - Tangible assets
  Page 420 - Deferred tax
  Page 421 - Cash flow from capitalised activities
  Page 422 - Annex A
  Page 423 - N/A
  Page 424 - N/A
  Page 425 - Exhibits
  Page 426 - AGREEMENT AND PLAN OF MERGER AND REORGANIZATION
  Page 427 - Parent
  Page 428 - 1.4 Certificate of Incorporation; Bylaws; Reverse Split; Parent Name Change.
  Page 429 - (d)
  Page 430 - 1.7 Dissenting Shares
  Page 431 - (c)
  Page 432 - 1.10 Calculation of Net Cash.
  Page 433 - 1.11 No Further Rights
  Page 434 - (c)
  Page 435 - 2.3 Authority; Non-Contravention; Approvals
  Page 436 - SEC
  Page 437 - Liability
  Page 438 - (e)
  Page 439 - 2.8 Intellectual Property
  Page 440 - (f)
  Page 441 - (c)
  Page 442 - (g)
  Page 443 - ERISA
  Page 444 - (d)
  Page 445 - (h)
  Page 446 - (b)
  Page 447 - 2.16 Company Contracts.
  Page 448 - (xi)
  Page 449 - (b)
  Page 450 - (b)
  Page 451 - 3.3 Authority; Non-Contravention; Approvals.
  Page 452 - 3.4 Anti-Takeover Statutes Not Applicable
  Page 453 - (f)
  Page 454 - (c)
  Page 455 - (b)
  Page 456 - (c)
  Page 457 - (b)
  Page 458 - (d)
  Page 459 - (h)
  Page 460 - (i)
  Page 461 - (xiii)
  Page 462 - 3.17 Disclosure
  Page 463 - (b)
  Page 464 - (k)
  Page 465 - (f)
  Page 466 - (o)
  Page 467 - (c)
  Page 468 - (b)
  Page 469 - Parent Stockholder Approval Matters
  Page 470 - provided
  Page 471 - Confidentiality Agreement
  Page 472 - 5.7 Notification of Certain Matters
  Page 473 - 5.11 Board of Directors and Officers of Parent
  Page 474 - (b)
  Page 475 - Acceptable Parent Confidentiality Agreement
  Page 476 - 5.17 Company Options; Restricted Shares
  Page 477 - (d)
  Page 478 - 5.22 Company and Parent Disclosure Schedules
  Page 479 - (b)
  Page 480 - ARTICLE 6
  Page 481 - (c)
  Page 482 - (d)
  Page 483 - (f)
  Page 484 - (ii)
  Page 485 - (f)
  Page 486 - (b)
  Page 487 - 8.5 Entire Agreement.
  Page 488 - (c)
  Page 489 - knowledge of Parent
  Page 490 - IN WITNESS WHEREOF
  Page 491 - EXHIBIT A
  Page 492 - Company Disclosure Schedule
  Page 493 - Consent
  Page 494 - provided
  Page 495 - FDA
  Page 496 - Legal Proceeding
  Page 497 - Parent Capital Stock
  Page 498 - Parent Unaudited Interim Balance Sheet
  Page 499 - Proxy Statement/Prospectus/ Information Statement
  Page 500 - provided
  Page 501 - N/A
  Page 502 - N/A
  Page 503 - Exhibit A Lock-Up Agreement Signatories
  Page 504 - Annex B
  Page 505 - N/A
  Page 506 - N/A
  Page 507 - Annex C
  Page 508 - N/A
  Page 509 - N/A
  Page 510 - N/A
  Page 511 - Annex D
  Page 512 - ARTICLE V
  Page 513 - PART II
  Page 514 - (a) Exhibit Index
  Page 515 - N/A
  Page 516 - SIGNATURES
  Page 517 - EXHIBIT INDEX
  Page 518 - N/A
  Page 519 - N/A
  Page 520 - N/A
  Page 521 - N/A
  Page 522 - N/A
  Page 523 - N/A
  Page 524 - Incorporated by Reference
Subdocument 2 - EX-2.6 - EX-2.6
  Page 1 - Exhibit 2.6
  Page 2 - N/A
  Page 3 - N/A
  Page 4 - N/A
  Page 5 - N/A
  Page 6 - N/A
  Page 7 - N/A
  Page 8 - N/A
  Page 9 - vice versa
  Page 10 - provided, however
  Page 11 - N/A
  Page 12 - Required Consents
  Page 13 - N/A
  Page 14 - N/A
  Page 15 - N/A
  Page 16 - N/A
  Page 17 - N/A
  Page 18 - N/A
  Page 19 - N/A
  Page 20 - N/A
  Page 21 - N/A
  Page 22 - N/A
  Page 23 - Seller s Representations and Warranties
  Page 24 - Specific Indemnities
  Page 25 - N/A
  Page 26 - N/A
  Page 27 - N/A
  Page 28 - N/A
  Page 29 - Schedule 13.9
  Page 30 - N/A
  Page 31 - N/A
  Page 32 - N/A
  Page 33 - N/A
  Page 34 - N/A
  Page 35 - N/A
  Page 36 - N/A
  Page 37 - provided
  Page 38 - N/A
  Page 39 - [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK;
  Page 40 - N/A
Subdocument 3 - EX-4.10 - EX-4.10
  Page 1 - Exhibit 4.10
  Page 2 - Common Stock
  Page 3 - Section 2(b)
  Page 4 - Nonassessable
  Page 5 - Subdivision or Combination of Shares
  Page 6 - Section 10
  Page 7 - Reliance upon Holders Representations
  Page 8 - Notices
  Page 9 - Electronic Notice
  Page 10 - N/A
  Page 11 - NOTICE OF EXERCISE
  Page 12 - Accredited Investor Status
  Page 13 - NOTICE OF CONVERSION
  Page 14 - Accredited Investor Status
Subdocument 4 - EX-4.11 - EX-4.11
  Page 1 - Exhibit 4.11
  Page 2 - unless
  Page 3 - Regulation A Offering
  Page 4 - Section 2(b)
  Page 5 - Section 2(b)(iii)(A)
  Page 6 - Adjustments
  Page 7 - Section 12
  Page 8 - Reliance upon Holders Representations
  Page 9 - Disqualification Events
  Page 10 - Market Standoff
  Page 11 - Miscellaneous
  Page 12 - Electronic Notice
  Page 13 - N/A
  Page 14 - NOTICE OF EXERCISE
  Page 15 - Accredited Investor Status
  Page 16 - Signature Page to Notice of Exercise
  Page 17 - NOTICE OF CONVERSION
  Page 18 - Accredited Investor Status
  Page 19 - Signature Page to Notice of Conversion
Subdocument 5 - EX-10.50 - EX-10.50
  Page 1 - Exhibit 10.50
  Page 2 - N/A
  Page 3 - MAST THERAPEUTICS INC.
  Page 4 - VESTING OF UNITS
  Page 5 - Fractional Shares
  Page 6 - RIGHTS AS A STOCKHOLDER OR EMPLOYEE
  Page 7 - Consent to Electronic Delivery.
Subdocument 6 - EX-10.53 - EX-10.53
  Page 1 - Exhibit 10.53
  Page 2 - SAVARA, INC. STOCK OPTION PLAN
  Page 3 - N/A
  Page 4 - SAVARA, INC. STOCK OPTION PLAN
  Page 5 - N/A
  Page 6 - N/A
  Page 7 - N/A
  Page 8 - ARTICLE 2.
  Page 9 - N/A
  Page 10 - ARTICLE 3.
  Page 11 - ARTICLE 4.
  Page 12 - N/A
  Page 13 - N/A
  Page 14 - ARTICLE 6.
  Page 15 - ARTICLE 9.
  Page 16 - ARTICLE 10.
  Page 17 - N/A
  Page 18 - ARTICLE 11.
  Page 19 - N/A
  Page 20 - USE OF PROCEEDS
Subdocument 7 - EX-10.54 - EX-10.54
  Page 1 - Exhibit 10.54
  Page 2 - N/A
  Page 3 - General Provisions
  Page 4 - Confidentiality of Information
  Page 5 - Code Section 409A Waiver and Release
  Page 6 - Attachments:
  Page 7 - EXHIBIT A
  Page 8 - SAVARA INC.
  Page 9 - N/A
  Page 10 - EXHIBIT B
  Page 11 - N/A
  Page 12 - EXHIBIT C
  Page 13 - Company s Right of First Refusal
  Page 14 - Adjustments to Stock
  Page 15 - Investment Representations
  Page 16 - General Provisions
  Page 17 - Assignment
  Page 18 - Attachment I
  Page 19 - EXHIBIT D
  Page 20 - EXHIBIT E
Subdocument 8 - EX-10.55 - EX-10.55
  Page 1 - Exhibit 10.55
  Page 2 - Payment for Stock and Return of Stock
  Page 3 - Cause
  Page 4 - Transfers in Violation of Agreement
  Page 5 - Right of First Refusal
  Page 6 - Partial Exercise of the First Refusal Right
  Page 7 - THE FORM FOR MAKING THIS ELECTION IS ATTACHED AS EXHIBIT B HERETO. PARTICIPANT UNDERSTANDS THAT FAIL
  Page 8 - Successors and Assigns
  Page 9 - N/A
  Page 10 - N/A
  Page 11 - EXHIBIT A
  Page 12 - EXHIBIT B
  Page 13 - This election must be filed with the Internal Revenue Service Center with which taxpayer files his o
  Page 14 - EXHIBIT C
Subdocument 9 - EX-10.56 - EX-10.56
  Page 1 - Exhibit 10.56
  Page 2 - N/A
  Page 3 - N/A
  Page 4 - N/A
  Page 5 - N/A
  Page 6 - N/A
  Page 7 - N/A
  Page 8 - EXHIBIT A
  Page 9 - N/A
  Page 10 - N/A
  Page 11 - N/A
  Page 12 - N/A
  Page 13 - N/A
  Page 14 - SCHEDULE I
Subdocument 10 - EX-10.57 - EX-10.57
  Page 1 - Exhibit 10.57
  Page 2 - No Violation of Rights of Third Parties
  Page 3 - Complete Agreement
Subdocument 11 - EX-10.58 - EX-10.58
  Page 1 - Exhibit 10.58
  Page 2 - Vacation
  Page 3 - Proprietary Information and Inventions Agreement
  Page 4 - N/A
Subdocument 12 - EX-10.59 - EX-10.59
  Page 1 - Exhibit 10.59
  Page 2 - Agreement Quarters
  Page 3 - Purchase Price
  Page 4 - however
  Page 5 - Standard Forms
  Page 6 - Rejected API
  Page 7 - Disclaimer of Warranties.
  Page 8 - Termination
  Page 9 - Force Majeure
  Page 10 - Section
  Page 11 - provided, however
  Page 12 - Entire Agreement
  Page 13 - N/A
  Page 14 - EXHIBIT A PRICES AND ADJUSTMENTS
  Page 15 - EXHIBIT B SPECIFICATIONS
  Page 16 - EXHIBIT B SPECIFICATIONS
  Page 17 - Storage condition
Subdocument 13 - EX-10.60 - EX-10.60
  Page 1 - Exhibit 10.60
  Page 2 - Confidential Information
  Page 3 - Product(s)
  Page 4 - N/A
  Page 5 - N/A
  Page 6 - N/A
  Page 7 - N/A
  Page 8 - N/A
  Page 9 - N/A
  Page 10 - N/A
  Page 11 - N/A
  Page 12 - N/A
  Page 13 - N/A
  Page 14 - N/A
  Page 15 - [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK;
  Page 16 - Execution
  Page 17 - Prices valid at the date of Signature of Supply Agreement
  Page 18 - SUPPLY AGREEMENT
  Page 19 - IN WITNESS WHEREOF
Subdocument 14 - EX-10.61 - EX-10.61
  Page 1 - Exhibit 10.61
  Page 2 - CONTENTS
  Page 3 - SUPPLY AND LICENSE AGREEMENT
  Page 4 - Active Pharmaceutical Ingredient
  Page 5 - Field
  Page 6 - Process Change Request
  Page 7 - N/A
  Page 8 - N/A
  Page 9 - N/A
  Page 10 - N/A
  Page 11 - N/A
  Page 12 - N/A
  Page 13 - N/A
  Page 14 - N/A
  Page 15 - N/A
  Page 16 - APPENDICES
  Page 17 - Appendix 1
  Page 18 - Appendix 2
  Page 19 - Appendix 3
  Page 20 - Appendix 4
  Page 21 - Appendix 5
  Page 22 - Appendix 6
  Page 23 - Appendix 7
  Page 24 - Appendix 9
  Page 25 - Appendix 11
  Page 26 - Appendix 12
  Page 27 - N/A
  Page 28 - Appendices
  Page 29 - N/A
  Page 30 - N/A
  Page 31 - N/A
  Page 32 - N/A
  Page 33 - N/A
  Page 34 - N/A
  Page 35 - N/A
  Page 36 - N/A
  Page 37 - N/A
  Page 38 - N/A
  Page 39 - N/A
  Page 40 - N/A
  Page 41 - Appendix 1 : Introduction and Scope
  Page 42 - Appendix2: Transfer Plan
  Page 43 - N/A
  Page 44 - Appendix3: List of Technology Assets
  Page 45 - Appendix4: Technical Information
  Page 46 - 19.1.1.1 Synthetic route
  Page 47 - Appendix 5: Requirements for training of CMO personnel
  Page 48 - Appendix 6: API Specifications
Subdocument 15 - EX-10.62 - EX-10.62
  Page 1 - Exhibit 10.62
  Page 2 - N/A
  Page 3 - 2.1 Joint Steering Committee ( JSC ).
  Page 4 - (b)
  Page 5 - (c)
  Page 6 - (a)
  Page 7 - 4.1 Pricing.
  Page 8 - (d)
  Page 9 - 5.3 Safety Data Exchange Agreement
  Page 10 - (b)
  Page 11 - Forecast
  Page 12 - 6.6 Subsequent Purchase Orders.
  Page 13 - 6.9 Back-Up License to Manufacture
  Page 14 - (d)
  Page 15 - (g)
  Page 16 - (a)
  Page 17 - (a)
  Page 18 - Exhibit
  Page 19 - (a)
  Page 20 - (a)
  Page 21 - 13.7 Dispute Resolution.
  Page 22 - N/A
  Page 23 - IN WITNESS WHEREOF
  Page 24 - EXHIBIT A
  Page 25 - EXHIBIT B
  Page 26 - EXHIBIT C
  Page 27 - APPENDIX A
Subdocument 16 - EX-10.63 - EX-10.63
  Page 1 - Exhibit 10.63
  Page 2 - Background Intellectual Property
  Page 3 - Covered
  Page 4 - FDA
  Page 5 - Know-how
  Page 6 - Non-Claiming Party
  Page 7 - Phase II/Phase III Clinical Trial
  Page 8 - Senior Management
  Page 9 - VAT
  Page 10 - (b)
  Page 11 - (a)
  Page 12 - (a)
  Page 13 - provided
  Page 14 - N/A
  Page 15 - (a)
  Page 16 - N/A
  Page 17 - (a)
  Page 18 - provided
  Page 19 - (a)
  Page 20 - (c)
  Page 21 - generic competition
  Page 22 - (a)
  Page 23 - (e)
  Page 24 - (a)
  Page 25 - (a)
  Page 26 - provided
  Page 27 - (a)
  Page 28 - Vorsatz
  Page 29 - N/A
  Page 30 - (a)
  Page 31 - N/A
  Page 32 - For PARI
  Page 33 - N/A
  Page 34 - EXHIBIT A
  Page 35 - EXHIBIT B
  Page 36 - Spring Spokes
  Page 37 - FLUPS II (Fluid-Presence-Sensor)
  Page 38 - CS Aerosol Chamber
  Page 39 - Patents licensed from The Technology Partnership, plc (TTP):
  Page 40 - EXHIBIT C
  Page 41 - EXHIBIT D
  Page 42 - EXHIBIT E
  Page 43 - N/A
  Page 44 - N/A
Subdocument 17 - EX-21.1 - EX-21.1
  Page 1 - Exhibit 21.1
Subdocument 18 - EX-21.2 - EX-21.2
  Page 1 - Exhibit 21.2
Subdocument 19 - EX-23.1 - EX-23.1
  Page 1 - Exhibit 23.1
Subdocument 20 - EX-23.2 - EX-23.2
  Page 1 - Exhibit 23.2
Subdocument 21 - EX-23.3 - EX-23.3
  Page 1 - Exhibit 23.3
Subdocument 22 - EX-99.3 - EX-99.3
  Page 1 - Exhibit 99.3