Savara Inc
SVRA · Pharmaceutical Preparations · 204.9M shares · +14%/yr ↑ shares · EDGAR filings ↗
Reference price $5.68 · est. market cap ~$1.2B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B71Clinical-stage rare-respiratory biopharma whose sole asset just delivered a clean positive Phase 3 and won FDA Priority Review, materially de-risking the story despite ongoing losses.
Strengths
- Positive, significant Phase 3 IMPALA-2 readout (DLCO +6.0pp, p=0.0007) plus Breakthrough/Fast Track and Feb-2026 Priority Review BLA filing
- Solid liquidity: cash/investments $235M (70th pct), current ratio 11.8 (83rd pct), debt/equity 0.15
Risks
- Single-product dependence on MOLBREEVI with prior RTF and CMC/comparability execution risk
- Deep cash burn (FCF -$101M, 21st pct), ~9-quarter runway and Hercules debt covenants; still pre-revenue
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-101.1M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $236M cash & investments, ~9 quarters of runway
- Revenue declineRevenue -99.6% YoY
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 1 open-market sale(s) by 1 insider(s) (~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-58.5%
Return on assets
-46.9%
ROIC
-41.9%
Revenue growth (QoQ)
-99.6%
Debt / equity
0.1×
Current ratio
11.8×
Free cash flow
-$101M
EBITDA
-$123M
Tangible book value
$203M
Cash & investments
$236M
Cash runway
9q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Lowrance David L | Sell | 395K | $5.68 |
| 2026-06-22 | Lowrance David L | Option exercise | 75K | $1.59 |
| 2026-06-22 | Lowrance David L | Tax withheld | 22K | $5.50 |
| 2026-06-22 | Lowrance David L | Option exercise | 129K | $1.23 |
| 2026-06-22 | Lowrance David L | Tax withheld | 29K | $5.50 |
| 2026-06-22 | Lowrance David L | Option exercise | 57K | $1.11 |
| 2026-06-22 | Lowrance David L | Tax withheld | 11K | $5.50 |
| 2026-06-22 | Lowrance David L | Option exercise | 219K | $1.51 |
| 2026-06-22 | Lowrance David L | Tax withheld | 60K | $5.50 |
| 2026-06-22 | Lowrance David L | Option exercise | 12K | $4.45 |
| 2026-06-22 | Lowrance David L | Tax withheld | 10K | $5.50 |
| 2026-06-22 | Lowrance David L | Option exercise | 88K | $3.35 |
| 2026-06-22 | Lowrance David L | Tax withheld | 53K | $5.50 |
| 2026-03-18 | Lowrance David L | Option exercise | 131K | $1.23 |
| 2026-03-18 | Lowrance David L | Option exercise | 81K | $1.51 |
| 2026-03-18 | Lowrance David L | Tax withheld | 24K | $5.04 |
| 2026-03-18 | Lowrance David L | Option exercise | 75K | $1.59 |
| 2026-03-18 | Lowrance David L | Tax withheld | 24K | $5.04 |
| 2026-03-18 | Lowrance David L | Tax withheld | 32K | $5.04 |
| 2026-03-18 | Lowrance David L | Option exercise | 43K | $1.11 |
| 2026-03-18 | Lowrance David L | Tax withheld | 9.5K | $5.04 |
| 2026-03-18 | Lowrance David L | Option exercise | 12K | $4.45 |
| 2026-03-18 | Lowrance David L | Tax withheld | 11K | $5.04 |
| 2026-03-18 | Lowrance David L | Option exercise | 25K | $3.35 |
| 2026-03-18 | Lowrance David L | Tax withheld | 17K | $5.04 |
| 2026-02-16 | McCracken Joseph S | Option exercise | 1.8K | $1.76 |
| 2025-12-19 | RAMSAY DAVID A | Sell | 20K | $6.06 |
| 2025-12-16 | Pauls Matthew | Gift | 129K | — |
| 2025-12-16 | Lowrance David L | Gift | 32K | — |
| 2025-12-14 | Erickson Anne | Tax withheld | 63K | $6.92 |
| 2025-12-14 | McCabe Kathleen R. | Tax withheld | 39K | $6.92 |
| 2025-12-14 | Lowrance David L | Tax withheld | 63K | $6.92 |
| 2025-12-14 | Pauls Matthew | Tax withheld | 196K | $6.92 |
| 2025-12-14 | Lutz Robert Matthew | Tax withheld | 68K | $6.92 |
| 2025-12-10 | Pauls Matthew | Gift | 24K | — |
| 2025-12-09 | Hawkins Richard J | Grant | 40K | — |
| 2025-12-09 | van Es-Johansson An | Grant | 40K | — |
| 2025-12-09 | Elam Nevan C | Grant | 40K | — |
| 2025-12-09 | RAMSAY DAVID A | Grant | 40K | — |
| 2025-12-09 | McCracken Joseph S | Grant | 40K | — |
| 2025-12-04 | Wasfi Yasmine | Tax withheld | 22K | $6.37 |
| 2025-12-02 | Elam Nevan C | Tax withheld | 1.5K | $5.81 |
| 2025-12-02 | Elam Nevan C | Option exercise | 5.9K | $1.46 |
| 2025-11-14 | Hawkins Richard J | Option exercise | 5.9K | $1.46 |
| 2025-10-20 | Wasfi Yasmine | Grant | 35K | — |
| 2025-06-20 | Hawkins Richard J | Buy | 48K | $2.04 |
| 2025-05-29 | McCracken Joseph S | Buy | 10K | $2.08 |
| 2025-03-31 | RAMSAY DAVID A | Buy | 150K | $2.77 |
| 2025-02-13 | Lutz Robert Matthew | Tax withheld | 38K | $2.83 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06431776 ↗ | Inhaled Molgramostim in Pediatric Participants With Autoimmune Pulmonary Alveolar Proteinosis (aPAP). Autoimmune Pulmonary Alveolar Proteinosis | PHASE3 | Recruiting | 2027-06-01 |
| NCT04544293 ↗ | Clinical Trial of Inhaled Molgramostim Nebulizer Solution in Autoimmune Pulmonary Alveolar Proteinosis (aPAP) Autoimmune Pulmonary Alveolar Proteinosis | PHASE3 | Active Not Recruiting | 2023-11-30 |
| NCT03482752 ↗ | Safety Extension Trial of Inhaled Molgramostim in Autoimmune Pulmonary Alveolar Proteinosis Autoimmune Pulmonary Alveolar Proteinosis | PHASE3 | Terminated | 2021-01-14 |
| NCT03597347 ↗ | Trial of Inhaled Molgramostim in Cystic Fibrosis Subjects With Nontuberculous Mycobacterial Infection Mycobacterium Infections, Nontuberculous, Cystic Fibrosis (CF) | PHASE2 | Terminated | 2020-10-02 |
| NCT03181932 ↗ | AeroVanc in the Treatment of Methicillin-resistant Staphylococcus Aureus Infection in Patients With Cystic Fibrosis MRSA, Cystic Fibrosis | PHASE3 | Completed | 2020-07-28 |
| NCT03421743 ↗ | Pilot Trial of Inhaled Molgramostim in Non-tuberculous Mycobacterial (NTM) Infection Mycobacterium Infections, Nontuberculous | PHASE2 | Completed | 2019-10-15 |
| NCT02702180 ↗ | Efficacy and Safety of Inhaled Molgramostim (rhGM-CSF) in Autoimmune Pulmonary Alveolar Proteinosis Autoimmune Pulmonary Alveolar Proteinosis | PHASE2 | Completed | 2019-04-19 |
| NCT02468908 ↗ | Inhaled Molgramostim (rhGM-CSF) in Healthy Adult Subjects Pulmonary Alveolar Proteinosis, Bronchiectasis | PHASE1 | Completed | 2015-10-01 |
| NCT01746095 ↗ | Efficacy and Safety Study of AeroVanc for the Treatment of Persistent MRSA Lung Infection in Cystic Fibrosis Patients Cystic Fibrosis | PHASE2 | Completed | 2014-11-01 |
| NCT01537666 ↗ | Inhaled Vancomycin Tolerability, Safety and Pharmacokinetics Healthy, Cystic Fibrosis | PHASE1 | Completed | 2012-03-01 |
| NCT06546098 ↗ | Molgramostim Nebulizer Solution Expanded Access Program Protocol Autoimmune Pulmonary Alveolar Proteinosis | — | Available |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (0)
Suppliers (5)
- PARI Pharma GmbH
- FUJIFILM Diosynth Biotechnologies
- GEMA Biotech S.A.
- Patheon UK Ltd.
- Thermo Fisher Scientific Inc.
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-08 | Exec/director change5.03Shareholder voteExhibits | filing ↗ |
| 2026-03-13 | Material agreementExhibits | filing ↗ |
| 2026-01-27 | Material agreementDebt obligation | filing ↗ |
| 2026-01-09 | Reg FDExhibits | filing ↗ |
| 2025-10-30 | Material agreementOtherExhibits | filing ↗ |
| 2025-10-29 | Material agreementReg FDOtherExhibits | filing ↗ |
| 2025-09-02 | Reg FDExhibits | filing ↗ |
| 2025-06-06 | Shareholder vote | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-08 | 2026-06-04 | 0001193125-26-261770 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001193125-26-219371 ↗ |
| 8-K | 2026-03-13 | 2026-03-10 | 0001193125-26-105099 ↗ |
| 10-K | 2026-03-13 | 2025-12-31 | 0001193125-26-105076 ↗ |
| 8-K | 2026-01-27 | 2026-01-26 | 0001193125-26-023378 ↗ |
| 8-K | 2026-01-09 | 2026-01-09 | 0001193125-26-008301 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001193125-25-277525 ↗ |
| 8-K | 2025-10-30 | 2025-10-29 | 0001193125-25-258629 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001193125-25-256290 ↗ |
| 8-K | 2025-09-02 | 2025-09-02 | 0001193125-25-193507 ↗ |
| 10-Q | 2025-08-13 | 2025-06-30 | 0000950170-25-107631 ↗ |
| 8-K | 2025-06-06 | 2025-06-05 | 0001193125-25-137150 ↗ |