# Savara (SVRA) 10-Q SEC filing - Q2 FY2026

- Filed: Aug 11, 2026, 4:05 PM EDT
- Fiscal quarter: Q2 FY2026
- Calendar quarter: Q2 2026
- Accession: 0001193125-26-344585
- OpenCapital page: https://www.opencapital.sh/filings/0001193125-26-344585
- Markdown URL: https://www.opencapital.sh/filings/0001193125-26-344585.md
- Official SEC filing index: https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/0001193125-26-344585-index.htm

## Filing documents

- [10-Q (svra-20260630.htm)](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-20260630.htm)
- [EX-3.1 (svra-ex3_1.htm)](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-ex3_1.htm)
- [EX-10.2 (svra-ex10_2.htm)](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-ex10_2.htm)
- [EX-31.1 (svra-ex31_1.htm)](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-ex31_1.htm)
- [EX-31.2 (svra-ex31_2.htm)](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-ex31_2.htm)
- [EX-32.1 (svra-ex32_1.htm)](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-ex32_1.htm)

---

## 10-Q

SEC source: [svra-20260630.htm](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-20260630.htm)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM 10-Q

### (Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

### For the transition period from                     to

### Commission File Number 001-32157

Savara Inc.

(Exact name of registrant as specified in its charter)

|  |  |
| --- | --- |
| Delaware | 84-1318182 |
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) |
| 19 West College Avenue, Suite 200 Yardley, Pennsylvania | 19067 |
| (Address of principal executive offices) | (Zip Code) |

(512) 614-1848

(Registrant’s telephone number, including area code)

1717 Langhorne Newtown Road, Suite 300

Langhorne, Pennsylvania 19047

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br>Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.001 per share SVRA The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. ☐

Large accelerated filer ☐ Accelerated filer ☐

Non-accelerated filer ☒ Smaller reporting company ☒

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 11, 2026, the registrant had 205,460,015 shares of common stock, $0.001 par value per share, outstanding.

Table of Contents

|  |  | Page |
| --- | --- | --- |
| PART I. | [FINANCIAL INFORMATION](#parti) | 1 |
| Item 1. | [Financial Statements (Unaudited)](#itemi_financial_information) | 1 |
|  | [Condensed Consolidated Balance Sheets](#condensed_consolidated_balance_sheets) | 1 |
|  | [Condensed Consolidated Statements of Operations and Comprehensive Loss](#condensed_consolidated_statements_operat) | 2 |
|  | [Consolidated Statements of Changes in Stockholders’ Equity](#consolidated_statements_changes_in_stock) | 3 |
|  | [Condensed Consolidated Statements of Cash Flows](#condensed_consolidated_statements_cash_f) | 5 |
|  | [Notes to Condensed Consolidated Financial Statements](#notes_to_condensed_consolidate) | 6 |
| Item 2. | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_2_mda) | 19 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#item_3_quantitative_qualitative_disclosu) | 24 |
| Item 4. | [Controls and Procedures](#item_4_controls_and_procedures) | 25 |
| PART II. | [OTHER INFORMATION](#part_ii_other_information) | 26 |
| Item 1. | [Legal Proceedings](#item_1_legal_proceedings) | 26 |
| Item 1A. | [Risk Factors](#item_1a_risk_factors) | 26 |
| Item 2. | [Unregistered Shares of Equity Securities and Use of Proceeds](#item_2_unregistered_sales_of_equity) | 26 |
| Item 3. | [Defaults Upon Senior Securities](#item_3_defaults_upon_senior_securities) | 26 |
| Item 4. | [Mine Safety Disclosures](#item_4_mine_safety_disclosures) | 26 |
| Item 5. | [Other Information](#item_5_other_information) | 26 |
| Item 6. | [Exhibits](#item_6_exhibits) | 26 |
| [Exhibit Index](#exhibit_index) |  | 27 |
| [Signatures](#signatures) |  | i |

i

PART I – FINANCIAL INFORMATION

Item I. Financial Information

**Savara Inc. and Subsidiaries**

### Condensed Consolidated Balance Sheets

_(In thousands, except share and per share amounts)_

| Line item | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
|  | (Unaudited) |  |
| Assets |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $41,800 | $33,180 |
| Short-term investments | 131,234 | 202,522 |
| Prepaid expenses and other current assets | 5,283 | 5,914 |
| Total current assets | 178,317 | 241,616 |
| Property and equipment, net | 641 | 100 |
| In-process R&D | 11,289 | 11,636 |
| Other non-current assets | 1,891 | 84 |
| Total assets | $192,138 | $253,436 |
| Liabilities and stockholders' equity |  |  |
| Current liabilities: |  |  |
| Accounts payable | $7,000 | $5,757 |
| Accrued expenses and other current liabilities | 10,599 | 14,639 |
| Total current liabilities | 17,599 | 20,396 |
| Long-term liabilities: |  |  |
| Long-term debt | 30,109 | 29,907 |
| Other long-term liabilities | 770 | — |
| Total liabilities | 48,478 | 50,303 |
| Commitments and contingencies (Note 9) |  |  |
| Stockholders’ equity: |  |  |
| Common stock, $0.001 par value, 600,000,000 authorized as of June 30, 2026 and 300,000,000 authorized as of December 31, 2025; 205,399,365 and 204,567,283 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 204 | 204 |
| Additional paid-in capital | 829,589 | 811,103 |
| Accumulated other comprehensive loss | (534) | (87) |
| Accumulated deficit | (685,599) | (608,087) |
| Total stockholders' equity | 143,660 | 203,133 |
| Total liabilities and stockholders' equity | $192,138 | $253,436 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

**Savara Inc. and Subsidiaries**

### Condensed Consolidated Statements of Operations and Comprehensive Loss

_(In thousands, except share and per share amounts) · (Unaudited)_

| Line item | For the three months ended June 30, 2026 | For the three months ended June 30, 2025 | For the six months ended June 30, 2026 | For the six months ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Operating expenses: |  |  |  |  |
| Research and development | $21,951 | $20,751 | $45,349 | $39,910 |
| General and administrative | 18,986 | 10,655 | 34,554 | 19,901 |
| Depreciation and amortization | 28 | 34 | 52 | 63 |
| Total operating expenses | 40,965 | 31,440 | 79,955 | 59,874 |
| Loss from operations | (40,965) | (31,440) | (79,955) | (59,874) |
| Other income, net: |  |  |  |  |
| Interest income, net | 829 | 921 | 1,910 | 2,420 |
| Foreign currency exchange gain (loss) | (81) | 118 | (297) | 176 |
| Tax credit income | — | — | 853 | 784 |
| Change in fair value of royalty agreement derivative liability | (11) | — | (23) | — |
| Loss on extinguishment of debt | — | — | — | (546) |
| Total other income, net | 737 | 1,039 | 2,443 | 2,834 |
| Net loss | $(40,228) | $(30,401) | $(77,512) | $(57,040) |
| Net loss per share: |  |  |  |  |
| Basic and diluted | $(0.16) | $(0.14) | $(0.31) | $(0.26) |
| Weighted-average common shares outstanding: |  |  |  |  |
| Basic and diluted | 253,569,891 | 216,431,348 | 253,426,018 | 216,289,923 |
| Other comprehensive income (loss): |  |  |  |  |
| Gain (loss) on foreign currency translation | (71) | 502 | (166) | 774 |
| Unrealized loss on short-term investments | (34) | (86) | (281) | (240) |
| Total comprehensive loss | $(40,333) | $(29,985) | $(77,959) | $(56,506) |

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Savara Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity

Periods Ended June 30, 2026 and 2025

(In thousands, except share amounts)

(Unaudited)

| Line item | Stockholders’ Equity / Common Stock / Number of Shares | Stockholders’ Equity / Common Stock / Amount | Stockholders’ Equity / Common Stock / Additional Paid-In Capital | Stockholders’ Equity / Accumulated Deficit | Stockholders’ Equity / Accumulated Other Comprehensive Income (Loss) | Stockholders’ Equity / Total |
| --- | --- | --- | --- | --- | --- | --- |
| Balance on December 31, 2025 | 204,567,283 | $204 | $811,103 | $(608,087) | $(87) | $203,133 |
| Issuance of common stock upon exercise of stock options | 271,794 | — | 45 | — | — | 45 |
| Issuance of common stock for settlement of RSUs | 125,000 | — | — | — | — | — |
| Repurchase of shares for minimum tax withholdings | (41,937) | — | (240) | — | — | (240) |
| Stock-based compensation | — | — | 10,727 | — | — | 10,727 |
| Foreign exchange translation adjustment | — | — | — | — | (95) | (95) |
| Unrealized loss on short-term investments | — | — | — | — | (247) | (247) |
| Net loss | — | — | — | (37,284) | — | (37,284) |
| Balance on March 31, 2026 | 204,922,140 | $204 | $821,635 | $(645,371) | $(429) | $176,039 |
| Issuance of common stock upon exercise of stock options | 475,699 | — | 194 | — | — | 194 |
| Issuance of common stock for settlement of RSUs | 2,500 | — | — | — | — | — |
| Repurchase of shares for minimum tax withholdings | (974) | — | (5) | — | — | (5) |
| Stock-based compensation | — | — | 7,765 | — | — | 7,765 |
| Foreign exchange translation adjustment | — | — | — | — | (71) | (71) |
| Unrealized loss on short-term investments | — | — | — | — | (34) | (34) |
| Net loss | — | — | — | (40,228) | — | (40,228) |
| Balance on June 30, 2026 | 205,399,365 | $204 | $829,589 | $(685,599) | $(534) | $143,660 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Savara Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity (continued)

Periods Ended June 30, 2026 and 2025

(In thousands, except share amounts)

(Unaudited)

| Line item | Stockholders’ Equity / Common Stock / Number of Shares | Stockholders’ Equity / Common Stock / Amount | Stockholders’ Equity / Common Stock / Additional Paid-In Capital | Stockholders’ Equity / Accumulated Deficit | Stockholders’ Equity / Accumulated Other Comprehensive Income (Loss) | Stockholders’ Equity / Total |
| --- | --- | --- | --- | --- | --- | --- |
| Balance on December 31, 2024 | 172,423,223 | $173 | $661,276 | $(489,250) | $(750) | $171,449 |
| Issuance of common stock upon exercise of stock options | 100,250 | — | 165 | — | — | 165 |
| Issuance of common stock for settlement of RSUs | 255,000 | — | — | — | — | — |
| Repurchase of shares for minimum tax withholdings | (75,083) | — | (215) | — | — | (215) |
| Stock-based compensation | — | — | 2,972 | — | — | 2,972 |
| Foreign exchange translation adjustment | — | — | — | — | 272 | 272 |
| Unrealized loss on short-term investments | — | — | — | — | (154) | (154) |
| Net loss | — | — | — | (26,639) | — | (26,639) |
| Balance on March 31, 2025 | 172,703,390 | $173 | $664,198 | $(515,889) | $(632) | $147,850 |
| Issuance of common stock upon exercise of stock options | 44,250 | — | 65 | — | — | 65 |
| Issuance of common stock for settlement of RSUs | 125,000 | — | — | — | — | — |
| Repurchase of shares for minimum tax withholdings | (35,718) | — | (115) | — | — | (115) |
| Stock-based compensation | — | — | 2,669 | — | — | 2,669 |
| Foreign exchange translation adjustment | — | — | — | — | 502 | 502 |
| Unrealized loss on short-term investments | — | — | — | — | (86) | (86) |
| Net loss | — | — | — | (30,401) | — | (30,401) |
| Balance on June 30, 2025 | 172,836,922 | $173 | $666,817 | $(546,290) | $(216) | $120,484 |

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

**Savara Inc. and Subsidiaries**

### Condensed Consolidated Statements of Cash Flows

_(In thousands) · (Unaudited)_

| Line item | For the six months ended June 30, 2026 | For the six months ended June 30, 2025 |
| --- | --- | --- |
| Cash flows from operating activities: |  |  |
| Net loss | $(77,512) | $(57,040) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Depreciation and amortization | 52 | 63 |
| Reduction in the carrying value of right-of-use assets | 113 | 78 |
| Amortization of debt issuance costs | 203 | 199 |
| Loss on extinguishment of debt | — | 546 |
| Change in fair value of royalty agreement derivative liability | 23 | — |
| Accretion on discount to short-term investments | (987) | (1,950) |
| Stock-based compensation | 18,492 | 5,641 |
| Changes in operating assets and liabilities: |  |  |
| Prepaid expenses and other current assets | 842 | 1,739 |
| Non-current assets | (864) | (768) |
| Accounts payable and accrued expenses and other current liabilities | (3,155) | (1,958) |
| Net cash used in operating activities | (62,793) | (53,450) |
| Cash flows from investing activities: |  |  |
| Purchase of property and equipment | (276) | (18) |
| Purchase of available-for-sale securities, net | (19,381) | (54,726) |
| Maturity of available-for-sale securities | 77,900 | 108,400 |
| Sale of available-for-sale securities, net | 13,132 | — |
| Net cash provided by investing activities | 71,375 | 53,656 |
| Cash flows from financing activities: |  |  |
| Repayment of long-term debt | — | (27,230) |
| Proceeds from long-term debt, net | — | 29,598 |
| Proceeds from exercise of stock options | 239 | 230 |
| Repurchase of shares for minimum tax withholdings | (245) | (329) |
| Net cash provided (used in) by financing activities | (6) | 2,269 |
| Effect of exchange rate changes on cash and cash equivalents | 44 | (167) |
| Increase in cash and cash equivalents | 8,620 | 2,308 |
| Cash and cash equivalents beginning of period | 33,180 | 15,128 |
| Cash and cash equivalents end of period | $41,800 | $17,436 |
| Supplemental disclosures for cash flow information: |  |  |
| Cash paid for interest | $1,246 | $1,824 |
| Supplemental disclosure of non-cash operating, investing and financing activities: |  |  |
| New ROU assets obtained in exchange for operating lease liabilities | $1,053 | — |
| Increase in accounts payable for purchases of property and equipment | 318 | — |

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

Savara Inc. and Subsidiaries

### Notes to Condensed Consolidated Financial Statements (Unaudited)

#### 1. Organization and Nature of Operations

#### Description of Business

Savara Inc. (together with its subsidiaries “Savara,” the “Company,” “we” or “us”) is a clinical-stage biopharmaceutical company focused on rare respiratory diseases. The Company’s sole program, molgramostim inhalation solution ("MOLBREEVI[1]" or "molgramostim"), is an investigational inhaled biologic, specifically an inhaled granulocyte-macrophage colony-stimulating factor ("GM-CSF") in Phase 3 development for autoimmune pulmonary alveolar proteinosis (“autoimmune PAP”). The Company and its wholly-owned domestic and foreign subsidiaries operate in one segment with its principal office in Yardley, Pennsylvania, though a significant portion of employees work remotely.

Since inception, Savara has devoted 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.

#### 2. Summary of Significant Accounting Policies

#### Basis of Presentation

The unaudited interim condensed 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 (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments that are necessary to fairly present the statements of financial position, operations and cash flows for the periods presented. The results of operations for interim periods shown in this report are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period.

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted from these condensed consolidated financial statements, as permitted by rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The Company believes the disclosures made in these condensed consolidated financial statements are adequate to make the information herein not misleading. The Company recommends that these condensed consolidated financial statements be read in conjunction with its audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2025. The Company’s significant accounting policies are described in Note 2 to the audited consolidated financial statements. There have been no changes to the Company's significant accounting policies since the date of those financial statements.

#### Principles of Consolidation

The interim condensed consolidated financial statements of the Company are stated in U.S. dollars and are prepared under U.S. GAAP. These condensed consolidated 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 loss in the condensed consolidated balance sheet. All intercompany transactions and accounts have been eliminated in consolidation. The condensed consolidated balance sheet at December 31, 2025 has been derived from the Company's audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements.

#### Liquidity

As of June 30, 2026, the Company had an accumulated deficit of approximately $685.6 million, cash and cash equivalents of $41.8 million and short-term investments of $131.2 million. The Company used cash in operating activities of approximately $62.8 million during the six months ended June 30, 2026. 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. Although the Company has sufficient capital to fund many of its planned activities, it may need to continue to raise additional capital to further fund the development of, and seek regulatory approvals for, its product candidate and begin to commercialize any approved product.

[1] MOLBREEVI is the proposed trade name for molgramostim inhalation solution. It is not approved in any indication. MOLBREEVI is a trademark of Savara Inc.  

6

The Company is currently focused on the development and regulatory approval of MOLBREEVI for the treatment of autoimmune PAP and believes such activities will result in the continued incurrence of significant research and development, regulatory, commercial and other expenses related to this program. If the Company’s product candidate does not gain regulatory approval or, if approved, fails 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, short-term investments, and through a combination of equity offerings, debt financings, royalty agreements, government or other third-party funding, and other collaborations and strategic alliances with partner companies. The Company cannot be sure that additional financings will be available when needed or that, if available, financings will be obtained on terms favorable to the Company or its stockholders. If such additional financings are not available timely and at adequate levels, the Company will need to reevaluate its long-term operating plans. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

In order to mitigate risks associated with our banking deposits, the Company maintains a significant portion of its liquidity in US Treasuries and Government money market funds and other short-term investments with custodial services provided by U.S. Bank, N.A., and FNZ, refer to [Note 5. Short-term Investments](#note5) and [Note 7. Fair Value Measurements](#note7_fv).

#### Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management’s estimates include those related to the accrual of research and development and general and administrative costs, certain financial instruments recorded at fair value, stock-based compensation, 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 candidate being developed by the Company requires approval from the U.S. Food and Drug Administration (“FDA”) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s product candidate will receive the necessary approvals. If the Company is denied regulatory approval of its product candidate, or if approval is delayed, it will have a material adverse impact on the Company’s business, results of operations, and its 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, regulatory approval of drug candidates, and market acceptance of the Company’s product. As a result of these and other factors and the related uncertainties, there can be no assurance of the Company’s future success.

#### Concentration of Credit Risk

We are subject to credit risk from our portfolio of cash equivalents and marketable securities. These investments were made in accordance with our investment policy which specifies the categories, allocations, and ratings of securities we may consider for investment. The primary objective of our investment activities is to preserve principal while at the same time maximizing the income we receive without significantly increasing risk. We maintain our cash and cash equivalents and marketable securities with a limited number of financial institutions. Deposits held with the financial institutions exceed the amount of insurance provided on such deposits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash, cash equivalents and marketable securities to the extent recorded on the consolidated balance sheets.

#### Recent Accounting Pronouncements

There are no recent accounting pronouncements issued by the FASB, the American Institute of Certified Public Accountants, or the SEC which have not been previously identified that the Company believes will have a material effect, if any, on the Company’s condensed consolidated financial statements.

7

#### 3. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

| Line item | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Prepaid contracted research and development costs | $1,977 | $3,159 |
| R&D tax credit receivable | 839 | 864 |
| Prepaid insurance | 294 | 215 |
| VAT receivable | 237 | 390 |
| Royalty purchase and sale agreement derivative | 155 | 394 |
| Deposits and other | 1,781 | 892 |
| Total prepaid expenses and other current assets | $5,283 | $5,914 |

#### Prepaid Contracted Research and Development Costs

As of June 30, 2026, Prepaid contracted research and development costs are primarily comprised of contractual prepayments associated with the Company's clinical trial for MOLBREEVI for the treatment of autoimmune PAP. This includes prepaid amounts paid under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers that provide services in connection with the Company's research and development activities.

#### R&D Tax Credit Receivable

The Company has recorded a Danish tax credit earned by its subsidiary, Savara ApS, as of June 30, 2026. 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. During the year ended December 31, 2025, the Company generated a Danish tax credit of $0.9 million, which is included in Prepaid expenses and other current assets and is expected to be received in the fourth quarter of 2026. During the six months ended June 30, 2026, the Company generated a Danish tax credit of $0.8 million, which is recorded in Other non-current assets in the condensed consolidated balance sheet and is expected to be received in the fourth quarter of 2027.

#### 4. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of (in thousands):

| Line item | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Accrued contracted research and development costs | $4,859 | $6,380 |
| Accrued compensation | 3,714 | 6,552 |
| Accrued general and administrative costs | 1,343 | 1,338 |
| Royalty agreement derivative liability | 385 | 362 |
| Lease liability | 298 | 7 |
| Total accrued expenses and other current liabilities | $10,599 | $14,639 |

Accrued Contracted Research and Development Costs

As of June 30, 2026, Accrued contracted research and development costs are primarily comprised of costs associated with MOLBREEVI for the treatment of autoimmune PAP, including expenses resulting from obligations under agreements with CROs, CMOs, and other outside service providers that provide services in connection with the Company's research and development activities.

#### Accrued Compensation

As of June 30, 2026, Accrued compensation includes amounts to be paid to employees for salary, bonuses, vacation and non-equity performance-based compensation. At the end of any period, the amounts accrued for such compensation may vary due to many factors including, but not limited to, timing of payments to employees.

8

#### 5. Short-term Investments

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 June 30, 2026 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |
| --- | --- | --- | --- | --- |
| Short-term investments |  |  |  |  |
| U.S. government securities | $131,283 | $1 | $(50) | $131,234 |
| Total short-term investments | $131,283 | $1 | $(50) | $131,234 |
| As of December 31, 2025 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |
| Short-term investments |  |  |  |  |
| U.S. government securities | $202,290 | $232 | — | $202,522 |
| Total short-term investments | $202,290 | $232 | — | $202,522 |

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 loss in the condensed consolidated balance sheet. Classification as short-term or long-term is based upon whether the initial maturity of the debt securities is less than or greater than twelve months, as further discussed in [Note 7 . Fair Value Measurements](#note7_fv).

There were no significant realized gains or losses related to investments for the six months ended June 30, 2026 and 2025.

#### 6. Debt Facility

On March 26, 2025, the Company, as borrower, entered into a Loan and Security Agreement (the “Hercules Loan Agreement”) with the lenders party thereto (the “Lenders”) and Hercules Capital, Inc., as administrative agent and collateral agent.

The initial advance of $30 million under the Hercules Loan Agreement was drawn in March 2025 and used to repay all outstanding obligations under the Company’s prior term loan with Silicon Valley Bank ("SVB Loan"), to pay the Company’s expenses in connection with the Hercules Loan Agreement, and for general corporate purposes. See Note 7, Debt Facility, to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for more information regarding the Hercules Loan Agreement.

On January 26, 2026, the Company entered into a First Amendment (the “First Amendment”) to the Hercules Loan Agreement, with the Lenders and Hercules Capital, Inc., as administrative agent and collateral agent. As amended, the Loan Agreement provides for the Company to borrow up to an aggregate of $105 million of term loans.

The First Amendment amended the Loan Agreement to provide that upon achievement of the Approval Milestone, the Company may borrow up to $75 million of additional term loans, as follows:

- Up to $45 million through the earlier of (i) 120 days following the Approval Milestone or (ii) June 30, 2027 (the “First Post-Approval Tranche”).
- Beginning upon the earlier of the full draw or expiration of the First Post-Approval Tranche, up to $30 million through the earlier of (i) 120 days following the Approval Milestone or (ii) June 30, 2027.

The First Amendment extended the dates by which the Company may be required to comply with two financial covenants, extending the initial date for compliance with the Cash Requirement to April 1, 2027, and the date for compliance with the Conditional Minimum Revenue Covenant to September 30, 2027, if its market capitalization falls below the previously reported thresholds for each respective covenant.

The Hercules Loan Agreement, as amended by the First Amendment, grants the Lenders a first-priority perfected security interest in the Company’s intellectual property that will convert to a negative pledge if the Company terminates the Purchase and Sale Agreement dated October 29, 2025 with funds managed by RTW Investments, LP (the “Purchase Agreement”), as further described below in [Note 9. Commitments and Contingencies](#note9_commitments), prior to receiving funds under the Purchase Agreement and so long as the Company maintains $50 million or more in unrestricted cash.

As of June 30, 2026, approximately $0.4 million of fees consisting of legal, commitment and facility charges, paid to the Lenders were capitalized and will be amortized over the term of the Hercules Loan Agreement.

9

The Company has identified certain embedded features within the Hercules Loan Agreement, as amended. The Company assessed these features and determined the one feature related to interest due upon an event of default (the “Default Penalty”) is required to be bifurcated from the debt and accounted for separately at fair value. As of June 30, 2026, the Default Penalty does not have a discernable fair value and no amounts are recorded.

The Company evaluated the Hercules Loan Agreement, as amended by the First Amendment, under ASC 470-50, “Debt - Modification and Extinguishment,” and concluded that the amended terms represented a decrease in the borrowing capacity of a delayed draw term loan with a single lender. Accordingly, the Company immediately recognized an expense equal to 19% of the Hercules Loan Agreement unamortized deferred financing costs while the remaining unamortized debt financing costs and any new deferred financing costs incurred as part of the First Amendment are being amortized over the term of the remaining new arrangement pursuant to the terms of the First Amendment.

The Company accounted for the repayment of the SVB Loan in the first quarter of 2025 as an extinguishment in accordance with the guidance in ASC 470-50 and recognized a loss associated with the extinguishment of approximately $0.5 million in other income (expense) in the accompanying consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025.

#### Summary of Carrying Value

The following table summarizes the components of the long-term debt carrying value, which approximates the fair value (in thousands):

| Future minimum payments due during the year ended December 31, 2026 / 2027 | — |
| --- | --- |
| 2028 | 11,356 |
| 2029 | 14,719 |
| 2030 | 6,010 |
| Total future minimum payments | 32,085 |
| Unamortized end of term charge | (1,558) |
| Debt fees | (418) |
| Total debt | 30,109 |
| Current portion of long-term debt | — |
| Long-term debt | $30,109 |

7. 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 and nonrecurring basis to determine the appropriate level in which to classify them in each reporting period.

#### Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company categorizes its financial assets and liabilities measured and reported at fair value in the financial statements on a recurring basis based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs used to determine the fair value of financial assets and liabilities, are as follows:

- Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
- Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the assets or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
- Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

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Each major category of financial assets and liabilities measured at fair value on a recurring basis is categorized based upon the lowest level of significant input to the valuations. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. 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, and asset-backed securities 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.

The fair value of these instruments as of June 30, 2026 and December 31, 2025 was as follows (in thousands):

| As of June 30, 2026 | Quoted Prices in Active Markets for Identical Assets(Level 1) | Significant Other Observable Inputs(Level 2) | Significant Unobservable Inputs(Level 3) | Total |
| --- | --- | --- | --- | --- |
| Cash equivalents: |  |  |  |  |
| U.S. Treasury money market funds | $40,591 | — | — | $40,591 |
| Short-term investments: |  |  |  |  |
| U.S. government securities | 131,234 | — | — | 131,234 |
| Current liabilities: |  |  |  |  |
| Royalty purchase and sale agreement derivative | — | — | 385 | 385 |
| As of December 31, 2025 |  |  |  |  |
| Cash equivalents: |  |  |  |  |
| U.S. Treasury money market funds | $32,210 | — | — | $32,210 |
| Short-term investments: |  |  |  |  |
| U.S. government securities | 202,522 | — | — | 202,522 |
| Current liabilities: |  |  |  |  |
| Royalty purchase and sale agreement derivative | — | — | 362 | 362 |

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 six months ended June 30, 2026 and 2025.

#### Royalty Purchase and Sale Agreement Derivative Liability

The derivative liability arose from the Purchase Agreement entered on October 29, 2025, as further described in [Note 9. Commitments and Contingencies](#note9_commitments), under which the Company has the option to prepay the Purchaser (as defined below) and the Purchaser may have the option to require the Company to remunerate proceeds of $4.0 million upon a Change of Control (as defined below) prior to approval of MOLBREEVI by the FDA on or before March 31, 2027. The fair value of the derivative liability is estimated utilizing a probability-adjusted discounted cash flow approach and is performed quarterly with gains and losses included within change in fair value of the derivative liability in the consolidated statements of comprehensive loss. This obligation would be settled in cash. As of June 30, 2026, the Company assessed a remote probability that a Change of Control would occur prior to the Closing Date (as defined below) and the Purchaser would exercise its right to the prepayment, which would terminate the Purchase Agreement. After taking into consideration the probability of repayment, which was unchanged since December 31, 2025, the time value of money, and the counterparty credit risk, the estimated fair value of the put option derivative liability was determined to be $385 thousand as of the June 30, 2026 measurement date.

The derivative liability has been classified as a Level 3 recurring liability as its valuation requires substantial judgment and estimation of factors that are not currently observable in the market. If different assumptions were used for the inputs to the valuation approach, the estimated fair value could be significantly different than the fair value the Company determined. The derivative liability is expected to either be settled or absolved within twelve months and is therefore classified as a current liability in the consolidated balance sheet.

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#### Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments annually or whenever events or circumstances indicate that the carrying value of those assets may not be recoverable. These assets and liabilities can include acquired IPR&D and other long-lived assets that are written down to fair value if they are impaired.

During the six months ended June 30, 2026 and 2025, the Company experienced a decrease of approximately $0.3 million and an increase of approximately $1.3 million, respectively, in the carrying value of IPR&D due to foreign currency translation.

#### 8. Stockholders’ Equity

#### Common Stock Reserved for Issuance

The Company’s shares of common stock reserved for issuance as of the periods indicated were as follows:

| Line item | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| April 2017 Warrants | 24,725 | 24,725 |
| June 2017 Warrants | 41,736 | 41,736 |
| December 2018 Warrants | 11,332 | 11,332 |
| Pre-funded PIPE Warrants | 3,615,516 | 3,615,516 |
| 2021 Pre-funded Warrants | 32,175,172 | 32,175,172 |
| 2023 Pre-funded Warrants | 5,666,667 | 5,666,667 |
| 2025 Pre-funded Warrants | 7,142,857 | 7,142,857 |
| Stock options outstanding | 12,227,121 | 13,243,462 |
| Issued and nonvested RSUs | 6,973,000 | 6,905,000 |
| Total shares reserved | 67,878,126 | 68,826,467 |

Warrants

The following table summarizes the outstanding warrants for the Company’s common stock as of June 30, 2026:

| Expiration Date | Shares Underlying Outstanding Warrants | Exercise Price |
| --- | --- | --- |
| April 2027 | 24,725 | $2.87 |
| June 2027 | 41,736 | $2.87 |
| December 2028 | 11,332 | $2.87 |
| None | 48,600,212 | $0.001 |
|  | 48,678,005 |  |

Accumulated Other Comprehensive Loss Information

The components of accumulated other comprehensive loss as of the dates indicated and the change during the period were (in thousands):

| Line item | Foreign Exchange Translation Adjustment | Unrealized Gain (Loss) on ST Investments | Total Accumulated Other Comprehensive Loss |
| --- | --- | --- | --- |
| Balance, December 31, 2024 | $(984) | $234 | $(750) |
| Change | $665 | $(2) | $663 |
| Balance, December 31, 2025 | $(319) | $232 | $(87) |
| Change | $(166) | $(281) | $(447) |
| Balance, June 30, 2026 | $(485) | $(49) | $(534) |

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9. Commitments and Contingencies

#### Operating Lease

The Company was obligated under an operating lease, as amended, for commercial real estate located in Langhorne, Pennsylvania, the Company’s headquarters through June 30, 2026. The lease subsequently terminated on June 30, 2026.

In March 2026, the Company entered into a noncancellable lease agreement (the “Yardley Lease”) for approximately 10,795 square feet of space in Yardley, Pennsylvania to be used as the Company's corporate headquarters. The contractual lease term is 65 months and is effective July 1, 2026. However, the Company gained early access to the premises on May 1, 2026 for the purpose of constructing and installing tenant improvements, for which the landlord has agreed to contribute up to approximately $0.3 million (the “Tenant Allowance”). The Tenant Allowance is accounted for as a lease incentive and therefore reduces the measurement of the right of use ("ROU") asset. Since the Company gained control of the underlying assets on the date that early access was granted by the landlord, the accounting commencement date for the Company's new office headquarters is May 1, 2026 ("Commencement Date") and continues through November 30, 2031, with annual rental payments of approximately $0.3 million starting July 1, 2026, net of a Tenant Allowance, to be paid in a lump sum, subject to increases of approximately 2% annually on the anniversary of the Commencement Date of the lease term. In addition, the monthly base rent for July 2026, August 2026, September 2027, September 2028 and September 2029 of the lease term was abated.

The ROU asset was calculated using the present value of the lease payments, as offset by the Tenant Allowance, and utilizing the Company’s incremental borrowing rate based on the remaining lease term. The Company recorded a ROU asset and lease liability, current and noncurrent, for the Yardley Lease on the Commencement Date which has a carry value of $1.1 million and $1.1 million, respectively as of June 30, 2026.

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of June 30, 2026 (in thousands):

| Year ending December 31, |  |
| --- | --- |
| $2026 | $75 |
| 2027 | 220 |
| 2028 | 242 |
| 2029 | 268 |
| 2030 | 323 |
| 2031 | 327 |
| Total future minimum lease payments | $1,455 |
| Less imputed interest | (361) |
| Total | $1,094 |

| Line item | For the three months ended June 30, 2026 | For the six months ended June 30, 2026 |
| --- | --- | --- |
| Lease cost: |  |  |
| Operating lease cost | $29 | $115 |
| Total lease cost | $29 | $115 |
| Other information: |  |  |
| Operating cash flows from operating leases | $29 | $74 |
| Weighted-average remaining lease term (in months) - operating leases | 65.0 | 65.0 |
| Weighted-average discount rate - operating leases | 8.2% | 8.2% |

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Manufacturing and Other Commitments and Contingencies

The Company has entered into a number of contracts for the manufacture of its product candidate, MOLBREEVI. Some of these, as enumerated below, entail various royalties and manufacturing and development payments.

#### FujiFilm Diosynth (“Fuji”)

In February 2024, the Company entered into a master services agreement with Fuji to provide development and manufacturing services related to the active pharmaceutical ingredient (“API”) for the Company’s MOLBREEVI product candidate in accordance with the terms of separate scope of work agreements and to perform a manufacturing campaign for process performance qualification of the API of MOLBREEVI. The total estimated accumulated fees the Company will have paid this manufacturer for services under that master services agreement and related work orders and subsequent change orders is $57.1 million. Amounts payable for future services are subject to various cancellation fees ranging from ten percent (10%) to one hundred percent (100%) of the cost of the respective activity based upon the timing of the commencement date and status of the activity.

#### GEMABIOTECH SAU (“GEMA”)

Upon first receipt of marketing approval by the Company from a regulatory authority in a country for a product containing the API supplied by GEMA 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, the Company shall pay GEMA a royalty equal to low-single digits of the net sales in that country.

Additionally, the Company is subject to a purchase requirement under which for ten years following the date of receipt of approval by a regulatory authority of the first regulatory filing for the marketing and sale of the first product containing the API supplied by GEMA in any country, the Company will purchase from GEMA the API required to produce a percentage of such product it sells each year (the “Purchase Requirement”); provided, however, that the Purchase Requirement will no longer apply if (i) the price charged by GEMA exceeds a certain price charged by an alternative supplier, (ii) there is a shortage of supply, or (iii) GEMA at any time fails to materially fulfill a purchase order of the Company.

#### PARI Pharma GmbH (“PARI”)

The Company is also subject to certain contingent milestone payments of approximately $0.6 million, payable to PARI, the manufacturer of the proprietary nebulizer used to administer MOLBREEVI, upon the achievement of various development activities and regulatory approval of proprietary nebulizer utilized. In addition to these milestones, the Company will owe PARI a royalty of three and one-half percent (3.5%) based on net sales.

#### Contract Research

As part of its development of MOLBREEVI for the treatment of autoimmune PAP, the Company entered into a master services agreement (“MSA”) with Parexel International (IRL) Limited (“Parexel”) pursuant to which Parexel will provide contract research services related to clinical trials. Contemporaneously with entering the MSA in January 2021, a work order was executed with Parexel, under which they provide services related to the IMPALA-2 clinical trial. From inception of the original work order and subsequent change orders through trial close-out activities, the Company will have paid Parexel service fees, pass-through expenses, and investigator fees estimated to be approximately $51.3 million over the course of the IMPALA-2 clinical trial.

In the second quarter of 2024, the Company initiated an open-label, multicenter clinical trial of MOLBREEVI in pediatric subjects with autoimmune PAP ("IMPACT") under a separate work order with Parexel. Pursuant to the IMPACT trial, Parexel has the opportunity to earn up to approximately $5.4 million dependent upon patient enrollment, site management, project oversight and the compliance with defined study protocols.  

14

#### Royalty Purchase and Sale Agreement

On October 29, 2025, the Company entered into the Purchase Agreement with funds managed by RTW Investments, LP (the “Purchaser”). Under the terms of the Purchase Agreement, the Purchaser has agreed to pay the Company $75.0 million (the “Purchase Price”) upon approval of MOLBREEVI by the FDA on or before March 31, 2027 (the date of such payment, the "Closing Date") and subject to satisfaction of other customary closing conditions, in exchange for a true sale of assigned interests, including the right to receive royalty payments equal to a percentage of Net Sales (as defined in the Purchase Agreement) of MOLBREEVI in the U.S. The royalty rate is tiered, with the payments ranging from 7.0% to 1.0% of Net Sales in each calendar year, with the 7.0% tier increasing to 9.5% for a calendar year if the prior year’s Net Sales do not achieve a specified level. The royalty payments commence in the first calendar quarter in which there is a commercial sale of MOLBREEVI in the United States and end upon the receipt by the Purchaser of $187.5 million (the “Maximum Payment”). The Purchase Agreement includes a buy-back option that may allow the Company to pay a specified amount up to the Maximum Payment to terminate the Purchase Agreement and all obligations in the event of certain changes of control within two years of receipt of the Purchase Price. Unless otherwise agreed with the Purchaser, the Company is required to use a portion of the Purchase Price to repay all outstanding indebtedness. However, the Purchaser entered into an intercreditor agreement with the Lenders that allows amounts borrowed under the Hercules Loan Agreement, as amended, as described in [Note 6, Debt Facility](#note6), to remain outstanding. The Purchase Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company’s ability to, among other things, incur indebtedness (which restrictions are eliminated after the achievement by the Company of a specified amount of Net Sales), and other provisions customary for transactions of this nature, in each case subject to certain exceptions set forth in the Purchase Agreement.

Under the Purchase Agreement, upon the occurrence of a Change of Control of the Company (as defined in the Purchase Agreement) the Company has the option to prepay (“Company Call”) and the Purchaser, in certain circumstances, has the option to demand the prepayment (“Buyer Put”) of a specified amount and terminate the Purchase Agreement. The revenue-based repayments to the Buyer (“Revenue-Based Payment”) will be established on a schedule of royalty rates as a factor of Annual Net Sales, including applicable ratchets in the definition of a Royalty Rate, until the Royalty Cap is reached.

The Company has identified the embedded features in the Purchase Agreement and concluded that the Buyer Put Option and the Company Call Option are embedded derivatives that must be bifurcated under ASC 815-10-15-83 and ASC 815-15-25-1, Derivatives and Hedging.

Accordingly, the Company has recorded the royalty agreement derivative as of the date of issuance and determined its fair value to be approximately $0.4 million as of June 30, 2026 and December 31, 2025, which is reflected in Accrued expenses and other current liabilities and subject to periodic fair value remeasurement. The Company has also capitalized the amount as deferred issuance costs, subject to straight line amortization up until the Closing Date, as reflected in Prepaid expenses and other current assets and similarly subject to periodic fair value remeasurement.

In addition, direct and incremental Company issuance costs as well as reimbursed Buyer expenses have been capitalized by the Company and amortized over the expected term of the arrangement. Upon the Closing Date, the remaining balance will be applied against the proceeds received and subsequently amortized using the effective interest method.

#### 10. Stock-Based Compensation

#### Equity Incentive Plans

The Company’s 2024 Omnibus Incentive Plan (the “2024 Plan”) was adopted by the Company’s board of directors in March 2024, was approved by the Company’s stockholders on June 6, 2024, became effective on June 7, 2024, and was amended with the approval of our stockholders in June 2026. The 2024 Plan was intended to replace the Company’s Amended and Restated 2015 Omnibus Incentive Plan (the “2015 Plan”), and upon the effectiveness of the 2024 Plan, no further grants may be made under the 2015 Plan. All outstanding awards under the 2015 Plan will continue in accordance with the 2015 Plan and any award agreement executed in connection with such outstanding awards. The 2024 Plan provides for the grant of stock options (both incentive and non-statutory stock options), stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance stock units, and other stock-based awards. Stock-based awards are subject to terms and conditions established by the board of directors or the compensation committee of the board of directors. As of June 30, 2026, the number of shares of common stock available for grant under the 2024 Plan was 22,119,152 shares.

15

The Company’s 2021 Inducement Equity Incentive Plan (the “Inducement Plan”) was adopted by the Company’s board of directors in May 2021 and subsequently amended to increase the shares available for grant. The Inducement Plan provides for the grant of non-statutory stock options, restricted stock, RSUs, stock appreciation rights, performance stock units, and performance shares exclusively for newly hired employees. Each award under the Inducement Plan is intended to qualify as an employment inducement grant in accordance with Nasdaq Listing Rule 5635(c)(4). As of June 30, 2026, the number of shares of common stock available for grant under the Inducement Plan was 797,413 shares.

The Savara Inc. Stock Option Plan (the “2008 Plan”) was adopted in 2008, and the Company no longer issues awards under the 2008 Plan. As of June 30, 2026, the Company had options outstanding to purchase 45,121 shares of common stock under the 2008 Plan. The outstanding awards granted under the 2008 Plan are fully vested and generally have a maximum contractual term of ten years.

#### Stock-Based Awards Activity

The following table provides a summary of stock-based awards activity for the six months ended June 30, 2026:

#### Stock Options:

|  |  |
| --- | --- |
| Outstanding at December 31, 2025 | 13,243,462 |
| Granted | 90,000 |
| Exercised | (1,052,340) |
| Expired/cancelled/forfeited | (54,001) |
| Outstanding at June 30, 2026 | 12,227,121 |

The total compensation cost related to non-vested stock options not yet recognized as of June 30, 2026, was $10.5 million, which will be recognized over a weighted-average period of approximately 2.3 years.

RSUs:

|  |  |
| --- | --- |
| Outstanding at December 31, 2025 | 6,905,000 |
| Granted | 296,500 |
| Vested | (127,500) |
| Forfeited | (101,000) |
| Outstanding at June 30, 2026 | 6,973,000 |

Since the year ended December 31, 2025, the Company has granted, and which are currently outstanding, 4,562,000 performance stock units (the “PSUs”) to certain of its employees and non-employee service providers. The PSUs are subject to certain performance conditions and a service condition. The performance conditions range from (i) FDA approval of the Company’s BLA for MOLBREEVI for the treatment of autoimmune PAP, (ii) the European Medicines Agency approval of the Company’s marketing authorisation application for MOLBREEVI for the treatment of autoimmune PAP, (iii) the achievement of a certain revenue target, or (iv) a combination of some of the aforementioned performance conditions. The service condition is continuous employment or service with the Company through the date the performance obligations are achieved. The potential payout of the award ranges from 0% to 100% of the target, dependent on the achievement of the performance conditions and their respective weighting towards the vesting of the PSUs as predetermined by the Company. The Company began recognizing and recording compensation cost on a straight-line basis in the consolidated statements of comprehensive loss upon the grant date of the PSU grants as the performance conditions were deemed probable by the Company. Any forfeitures of unvested awards that occur after the recognition of compensation cost will result in the cumulative reversal of expense in the period in which the forfeiture occurs. Additionally, as of June 30, 2026, the Company had 160,000 vested RSUs with deferred settlement outstanding, representing deferred shares to be issued in future periods. Deferred RSUs are fully vested, not subject to forfeiture, included in the denominator of basic earnings per share, as the underlying shares are issuable for no further consideration and issuance is not contingent upon any condition other than the passage of time, and the related stock based compensation is not affected by the deferral election.

The total compensation cost related to unvested RSUs and PSUs not yet recognized as of June 30, 2026, was $18.6 million, which will be recognized over a weighted-average period of approximately 0.8 year.

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#### 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 three and six months ended June 30, 2026 and 2025 (in thousands):

| Line item | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Research and development | $2,082 | $385 | $5,622 | $1,291 |
| General and administrative | 5,683 | 2,284 | 12,870 | 4,350 |
| Total stock-based compensation | $7,765 | $2,669 | $18,492 | $5,641 |

11. Segment Reporting

We follow the accounting guidance of ASC Topic 280, Segment Reporting, which establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision-makers in deciding how to allocate resources and assess performance. The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated results including operating expenses and operating losses at a consolidated level only. The Company and its CODM do not distinguish between potential markets for the purpose of making decisions about resource allocation and performance assessment of its sole pre-revenue development program, MOLBREEVI, for the treatment of autoimmune PAP. Therefore, the Company has only one operating segment and one reportable segment, specialty pharmaceuticals within the respiratory system. The Company's only significant long-lived asset, IPR&D, is located in Denmark, and the Company currently does not generate any revenues and its operating expenses and losses are viewed on a consolidated basis by the CODM. Therefore, no geographical segments are presented. In addition to the significant expense categories included on the Company's consolidated statements of operations, refer below for disaggregated amounts that comprise research and development expenses and the segment net loss (in thousands):

| Line item | For the three months ended June 30, 2026 | For the three months ended June 30, 2025 | For the six months ended June 30, 2026 | For the six months ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Operating expenses: |  |  |  |  |
| Research and development operating costs expenses excluding non-cash stock-based compensation: |  |  |  |  |
| Primary program research and development expenses (a) | $15,919 | $16,708 | $31,907 | $31,447 |
| Other research and development expenses: |  |  |  |  |
| Payroll and benefits | 3,384 | 3,210 | 6,619 | 6,098 |
| Occupancy and other overhead and operating costs | 566 | 448 | 1,201 | 1,074 |
| Total other research and development expenses | 3,950 | 3,658 | 7,820 | 7,172 |
| Research and development operating expenses excluding non-cash stock-based compensation: | 19,869 | 20,366 | 39,727 | 38,619 |
| General and administrative expense excluding non-cash stock-based compensation | 13,303 | 8,371 | 21,684 | 15,551 |
| Other segment income (expense), net (b) | 7,056 | 1,664 | 16,101 | 2,870 |
| Segment net loss | $(40,228) | $(30,401) | $(77,512) | $(57,040) |

a)

Primary program research and development expenses are comprised primarily of costs paid to third parties for clinical trials and product development manufacturing, nonclinical, regulatory, and quality assurance activities, and the portion of related research and development expenses incurred by our collaborators and third-party service providers, including contract research and manufacturing organizations that we are obligated to reimburse.

b)

Other segment income (expense), net includes interest income, interest expense, foreign currency exchange gain or loss, depreciation and amortization, non-cash stock-based compensation, loss on extinguishment of debt (for the six months ended June 30, 2025), and tax credit income.

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#### 12. Net Loss per Share

Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common stock and pre-funded warrants outstanding during the period without consideration of common stock equivalents. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-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.

The following equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:

| Line item | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| --- | --- | --- |
| Awards under equity incentive plan | 12,227,121 | 13,189,871 |
| Non-vested restricted shares and restricted stock units | 6,973,000 | 4,043,000 |
| Warrants to purchase common stock(*) | 77,793 | 77,793 |
| Total | 19,277,914 | 17,310,664 |

#### * Pre-funded warrants are excluded herein.

The following table calculates basic net loss per share of common stock and diluted net loss per share of common stock for the three and six months ended June 30, 2026 and 2025 (in thousands, except share and per share amounts):

| Line item | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Net loss | $(40,228) | $(30,401) | $(77,512) | $(57,040) |
| Net loss attributable to common stockholders | (40,228) | (30,401) | (77,512) | (57,040) |
| Undistributed earnings and net loss attributable to common stockholders, basic and diluted | (40,228) | (30,401) | (77,512) | (57,040) |
| Weighted-average common shares outstanding, basic and diluted | 253,569,891 | 216,431,348 | 253,426,018 | 216,289,923 |
| Basic and diluted net loss per share | $(0.16) | $(0.14) | $(0.31) | $(0.26) |

13. Subsequent Events

The Company has evaluated subsequent events through the date these condensed consolidated financial statements were issued and determined there were no events that required disclosure or recognition in these condensed consolidated financial statements.

18

## Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

### Cautionary Statement Concerning Forward-Looking Statements

This Quarterly Report on Form 10-Q (“Quarterly Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements contained herein that involve risks and uncertainties, such as Savara’s plans, objectives, expectations, intentions, and beliefs should be considered forward-looking statements. Savara’s actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to the following: the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the risks associated with the process of conducting clinical trials and developing, obtaining regulatory approval for and commercializing drug candidates that are safe and effective for use as human therapeutics, the timing and ability to raise additional capital as needed to fund continued operations, natural disasters, pandemics, geopolitical events (including the war in Iran, the war between Russia and Ukraine and ongoing conflicts in the Middle East), the Company’s ability to maintain compliance with its covenants under its long-term debt instruments and those risks and uncertainties discussed in the section entitled “Risk Factors” in this Quarterly Report and in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission ("SEC") on March 13, 2026, all of which are difficult to predict.

Statements made herein are as of the date of the filing of this Quarterly Report with the SEC and should not be relied upon as of any subsequent date. We disclaim any obligation, except as specifically required by law and the rules of the SEC, to publicly update or revise any such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

The following discussion and analysis of the financial condition and results of operations should be read in conjunction with the accompanying condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report and the consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2025.

### Overview

Savara Inc. (together with its subsidiaries “Savara,” the “Company,” “we,” “our” or “us”) is a clinical-stage biopharmaceutical company focused on rare respiratory diseases. Our sole program, MOLBREEVI[1], an inhaled biologic, is a granulocyte-macrophage colony-stimulating factor (“GM-CSF”) in development for autoimmune pulmonary alveolar proteinosis ("autoimmune PAP"). Savara previously announced positive topline results from IMPALA-2, the Phase 3 clinical trial of MOLBREEVI for the treatment of autoimmune PAP and the submission of the Biologics License Application ("BLA") to the FDA for MOLBREEVI in autoimmune PAP. In February 2026, the FDA formally filed the BLA for MOLBREEVI and granted Priority Review. In March 2026, the European Medicines Agency (“EMA”) validated the submission of the MOLBREEVI marketing authorization application (“MAA”) in autoimmune PAP which will be reviewed by the Committee for Medicinal Products for Human Use. In April 2026, Savara announced that the U.K. Medicines and Healthcare Products Regulatory Agency (“MHRA”) validated the submission of the MOLBREEVI MAA for the treatment of autoimmune PAP in the U.K. subject to Accelerated Review with a 150-day assessment duration. In April 2026, Savara announced that the FDA extended the review period for the MOLBREEVI BLA to allow the FDA additional time to complete their review. The FDA determined that the Company’s responses to recent information requests by the Agency during their review constituted a major amendment to the BLA, resulting in a three-month extension of the Prescription Drug User Fee Act ("PDUFA") target action date to November 22, 2026. MOLBREEVI for the treatment of autoimmune PAP has been granted Fast Track and Breakthrough Therapy Designations by the FDA, Orphan Drug Designation by the FDA and the EMA, as well as Innovation Passport ("IP") and Promising Innovative Medicine ("PIM") designations by the MHRA. Savara, together with its wholly-owned subsidiaries, which include Aravas Inc. and Savara ApS, operate in one segment with its principal office in Yardley, Pennsylvania, though a majority of our employees work remotely.

Since inception, we have devoted our efforts and resources to identifying and developing our product candidates, recruiting personnel, and raising capital. We have incurred operating losses and negative cash flow from operations and have no product revenue from inception to date. From inception to June 30, 2026, we have raised net cash proceeds of approximately $738.1 million, primarily from underwritten offerings of our common stock, private placements of common stock, and debt financings.

[1] MOLBREEVI is the proposed trade name for molgramostim inhalation solution. It is not approved in any indication. MOLBREEVI is a trademark of Savara Inc.  

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We have never been profitable and have incurred operating losses every year since inception. Our net losses for the three months ended June 30, 2026 and 2025 were $40.2 million and $30.4 million, respectively. The net loss for the year ended December 31, 2025 was $118.8 million. As of June 30, 2026, we had an accumulated deficit of approximately $685.6 million. Our operating losses primarily resulted from expenses attributed to our research and development programs and from general and administrative costs associated with our operations.

We have chosen to operate by outsourcing our manufacturing and most of our clinical operations. We expect to incur significant additional expenses and continue to incur operating losses for at least the next several years as we continue the clinical development of, and seek regulatory approval for, and prepare for the commercialization of our primary product candidate. We expect that our operating losses will fluctuate significantly from quarter to quarter and year to year due to the timing of clinical development programs and efforts to achieve regulatory approval.

As of June 30, 2026, we had cash and cash equivalents of $41.8 million and short-term investments of $131.2 million. We will continue to require additional capital to continue our clinical development and potential commercialization activities. Although we have sufficient capital to fund many of our planned activities, we may need to continue to raise additional capital to further fund the development of, and seek regulatory approvals for, our product candidate and begin to commercialize any approved product. The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our clinical development efforts and regulatory and commercial variability. Failure to raise capital as and when needed, on favorable terms or at all, would have a negative impact on our financial condition and our ability to develop our product candidate.

### Financial Operations Overview

### Research and Development Expenses

We recognize all research and development costs as they are incurred. Research and development expenses consist primarily of the following:

- expenses incurred under agreements with contract research organizations (“CROs”), consultants, and clinical trial sites that conduct research and development activities on our behalf;
- laboratory and vendor expenses related to the execution of our clinical trials;
- contract manufacturing expenses, primarily for the production of clinical supplies; and
- internal costs that are associated with activities performed by our research and development organization, consisting primarily of:

o

personnel costs, which include salaries, benefits, and stock-based compensation expense;

o

facilities and other expenses, which include expenses for maintenance of facilities and depreciation expense; and

o

regulatory expenses and technology license fees related to development activities.

We expect research and development expenses will remain significant in the future as we advance our MOLBREEVI product candidate through clinical trials and pursue regulatory approvals, which will require a significant increased investment in regulatory support and contract manufacturing activities, including investing in the development of a second source manufacturer and CMC supplies.

The process of conducting clinical trials necessary to obtain regulatory approval is costly and time consuming. We may never succeed in timely developing and achieving regulatory approval for our product candidate. The probability of success of our product candidate may be affected by numerous factors, including clinical data, competition, intellectual property rights, manufacturing capability, and commercial viability. As a result, we are unable to accurately determine the duration and completion costs of our development projects or when and to what extent we will generate revenue from the commercialization and sale of MOLBREEVI.

### General and Administrative Expenses

General and administrative ("G&A") expenses consist primarily of salaries, benefits and other related costs, including stock-based compensation, for our non-employee directors and employees primarily serving in our executive, finance, legal, commercial and human resources functions. G&A expenses also include but are not limited to professional fees for legal services, insurance, facility lease, investor relations, business development, board of director fees, consulting services, including information technology and tax and accounting services.

20

### Other Income (Expense), Net

Other income (expense) includes amortization expense related to capitalized debt issuance costs and debt discount under our loan agreements. Refer to [Note 6. Debt Facility](#note6) in the notes to the condensed consolidated financial statements included in this Quarterly Report. Interest expense is typically reported net of interest income which includes interest earned on our cash, cash equivalents, and short-term investment balances. Other income (expense) also includes net unrealized and realized gains and losses from foreign currency transactions, loss on extinguishment of debt, refundable tax credits generated by some of our foreign subsidiaries, and securities subject to fair value accounting as well as any other non-operating gains and losses.

### Critical Accounting Policies and Estimates

There have not been any material changes during the six months ended June 30, 2026, to the methodology applied by management for critical accounting policies previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. Please read Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates in our Annual Report on Form 10-K for the year ended December 31, 2025, for further description of our critical accounting policies.

### Results of Operations – Comparison of Three Months Ended June 30, 2026 and 2025

_(in thousands)_

| Line item | For the Three Months Ended June 30, 2026 | For the Three Months Ended June 30, 2025 | Dollar / Change |
| --- | --- | --- | --- |
| Operating expenses: |  |  |  |
| Research and development | $21,951 | $20,751 | $1,200 |
| General and administrative | 18,986 | 10,655 | 8,331 |
| Depreciation and amortization | 28 | 34 | (6) |
| Total operating expenses | 40,965 | 31,440 | 9,525 |
| Loss from operations | (40,965) | (31,440) | (9,525) |
| Other income, net | 737 | 1,039 | (302) |
| Net loss | $(40,228) | $(30,401) | $(9,827) |

Research and Development

Research and development expenses increased by $1.2 million, or 5.8%, to $22.0 million for the three months ended June 30, 2026 from $20.8 million for the three months ended June 30, 2025. The increase was primarily due to $2.0 million of higher personnel costs, mainly related to increased stock-based compensation expense; partially offset by the performance of tasks related to our MOLBREEVI program, which includes a decrease of $0.2 million of costs related to our chemistry, manufacturing, and controls activities, primarily driven by activity at our drug substance manufacturer, and a decrease of $0.6 million of costs related to regulatory affairs consulting and quality assurance consulting costs.

### General and Administrative

General and administrative expenses increased by $8.3 million, or 78.2%, to $19.0 million for the three months ended June 30, 2026 from $10.7 million for the three months ended June 30, 2025. The increase was primarily attributable to $7.5 million of higher personnel costs, driven by increased stock-based compensation expense as well as increased headcount growth as we build out our commercial team ahead of and in support of our planned product launch, in addition to an increase of $0.8 million in certain commercial activities. These investments reflect our strategy to establish the commercial infrastructure necessary to support an effective and timely launch.

### Other Income, Net

There were no significant changes in Other income, net for the three months ended June 30, 2026 from the three months ended June 30, 2025.

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### Results of Operations – Comparison of Six Months Ended June 30, 2026 and 2025

_(in thousands)_

| Line item | Six months ended June 30, 2026 | Six months ended June 30, 2025 | Dollar / Change |
| --- | --- | --- | --- |
| Operating expenses: |  |  |  |
| Research and development | $45,349 | $39,910 | $5,439 |
| General and administrative | 34,554 | 19,901 | 14,653 |
| Depreciation and amortization | 52 | 63 | (11) |
| Total operating expenses | 79,955 | 59,874 | 20,081 |
| Loss from operations | (79,955) | (59,874) | (20,081) |
| Other income, net | 2,443 | 2,834 | (391) |
| Net loss | $(77,512) | $(57,040) | $(20,472) |

Research and Development

Research and development expenses increased by $5.4 million, or 13.6%, to $45.3 million for the six months ended June 30, 2026 from $39.9 million for the six months ended June 30, 2025. The increase was primarily due to $5.0 million of higher personnel costs, mainly related to increased stock-based compensation expense.

### General and Administrative

General and administrative expenses increased by $14.7 million, or 73.6%, to $34.6 million for the six months ended June 30, 2026 from $19.9 million for the six months ended June 30, 2025. The increase was primarily attributable to $13.6 million of higher personnel costs, driven by increased stock-based compensation expense as well as increased headcount growth as we build out our commercial team ahead of and in support of our planned product launch; an increase of $0.5 million in certain commercial activities and an increase of $0.6 million in departmental overhead. These investments reflect our strategy to establish the commercial infrastructure necessary to support an effective and timely launch.

### Other Income, Net

There were no significant changes in Other Income, Net for the six months ended June 30, 2026 from the six months ended June 30, 2025.

### Liquidity and Capital Resources

As of June 30, 2026, we had $41.8 million of cash and cash equivalents, $131.2 million in short-term investments, and an accumulated deficit of approximately $685.6 million. As discussed in [Note 6. Debt Facility](#note6) in the notes to the condensed consolidated financial statements included in this Quarterly Report, on March 26, 2025, we entered into the Hercules Loan Agreement, which, as amended, provides for a loan facility of up to $105 million. Proceeds from the initial $30 million tranche drawn under the Hercules Loan Agreement, with a carrying value of $30.1 million, were used to repay all outstanding obligations under the SVB Loan, pay certain expenses incurred in connection with the financing, and for general corporate purposes. Subject to satisfaction of certain conditions, including attainment of FDA approval of MOLBREEVI for the treatment of autoimmune PAP, we may draw future tranches under the Hercules Loan Agreement, as amended, and the royalty purchase and sale agreement with RTW Investments, LP, as discussed in [Note 9. Commitments and Contingencies](#note9_commitments), to fund our ongoing business operations including the development, regulatory approval, marketing and commercialization of MOLBREEVI. Refer to [Note 6. Debt Facility](#note6) of the unaudited condensed consolidated financial statements in this quarterly report on Form 10-Q for additional discussion.

We have used and intend to use our liquidity and capital 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 MOLBREEVI, investing in our commercialization infrastructure and supply, commercial launch preparation activities in the United States and European Union and general and administrative expenses.

22

### Cash Flows

The following table summarizes our cash flows for the periods indicated:

_(in thousands)_

| Line item | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| --- | --- | --- |
| Cash used in operating activities | $(62,793) | $(53,450) |
| Cash provided by investing activities | 71,375 | 53,656 |
| Cash provided (used in) by financing activities | (6) | 2,269 |
| Effect of exchange rate changes on cash and cash equivalents | 44 | (167) |
| Net change in cash and cash equivalents | $8,620 | $2,308 |

Cash flows from operating activities

Cash used in operating activities for the six months ended June 30, 2026 was $62.8 million, consisting of a net loss of $77.5 million and net $3.1 million in changes to operating assets and liabilities, offset by $17.8 million of net noncash charges. Net noncash charges are comprised primarily of stock-based compensation, accretion on discount to short-term investments, and amortization of debt issuance costs.

### Cash flows from investing activities

Cash provided by investing activities of $71.4 million for the six months ended June 30, 2026 was primarily associated with proceeds from maturities of short-term investments and purchases and sales of short-term investments.

### Cash flows from financing activities

Cash used in financing activities for the six months ended June 30, 2026 was not significant and primarily composed of funds used by the Company to repurchase shares of common stock in order to cover respective tax liabilities from RSU award vesting, partially offset by proceeds received for the exercise of stock options.

### Future Funding Requirements

We have not generated any revenue from product sales. We do not know when, or if, we will generate any revenue from product sales. We do not expect to generate any revenue from product sales unless and until we obtain regulatory approval for and commercialize our product candidate. At the same time, we expect our expenses to increase in connection with our ongoing development and manufacturing activities, particularly as we continue the research, development, manufacture, and clinical trials of, and seeking regulatory approval for, our product candidate. In addition, subject to obtaining regulatory approval of our product candidate, we anticipate we may need additional funding in connection with our continuing operations.

As of June 30, 2026, we had cash, cash equivalents, and short-term investments of approximately $173.0 million. Although we have sufficient capital to fund our planned activities, including those discussed in [Note 9. Commitments – Manufacturing and Other Commitments and Contingencies](#note9_commitments), in the notes to the condensed consolidated financial statements included in this Quarterly Report, we may need to raise additional capital to further fund the development of, and seek regulatory approvals for, our product candidate and to begin commercialization of any approved product.

The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our clinical development efforts. Failure to raise capital as and when needed, on favorable terms or at all, would have a negative impact on our financial condition and our ability to develop our product candidate.

Although we believe we are well capitalized based on our current operations, until we can generate a sufficient amount of product revenue to finance our cash requirements, we may finance our future cash needs primarily through the issuance of additional equity securities and potentially through borrowings, grants, and strategic alliances with partner companies. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce, or terminate our product development or commercialization efforts or grant rights to develop and market our product candidate to third parties that we would otherwise prefer to develop and market ourselves.

### Critical Accounting Policies and Estimates

Except as set forth in [Note 2. Summary of Significant Accounting Policies – Recent Accounting Pronouncements](#note2_recentaccountingpronouncements) of the condensed consolidated financial statements in this Quarterly Report, there have been no material changes in our critical accounting policies and use of estimates during the six months ended June 30, 2026 as compared to those disclosed in “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2025.

23

## Item 3. Quantitative and Qualitative Disclosures About Market Risk.

### Market Risk

We have market risk exposure related to our cash, cash equivalents, and short-term investment securities. Such interest-earning instruments carry a degree of interest rate risk; however, we have not been exposed, nor do we anticipate being exposed, to material risks due to changes in interest rates. A hypothetical 1% change in interest rates during any of the periods presented would not have a material impact on our condensed consolidated financial statements. Additionally, our investment securities are fixed income instruments denominated and payable in U.S. dollars and have short-term maturities, typically less than twelve months, and typically carry credit ratings of “A” at a minimum by two of three Nationally Recognized Statistical Rating Organizations, specifically Moody’s, Standard & Poor’s, or Fitch. As such, we do not believe that our cash, cash equivalents, and short-term investment securities have significant risk of default or illiquidity.

### Interest Rate Risk

We also have interest rate exposure related to our long-term debt. Refer to [Note 6. Debt Facility](#note6) of the unaudited condensed consolidated financial statements in this quarterly report on Form 10-Q for additional discussion. The Hercules Loan Agreement, as amended, bears interest equal to the prime rate reported in The Wall Street Journal ("WSJ"), subject to a WSJ prime rate floor of 6.0%, plus 1.45%, which was 8.2% on June 30, 2026. Changes in the prime rate would have impacted our interest expense associated with our secured term loan. If a 10% change in interest rates from the interest rates on June 30, 2026, were to have occurred, this change would not have had a material effect on our interest expense with respect to outstanding borrowed amounts.

### Foreign Currency Exchange Risk

We use the U.S. Dollar ("USD") as our functional and reporting currency, and therefore, are subject to the risk of fluctuations in foreign currency exchange rates. The financial statements of the Company’s wholly-owned subsidiaries are recorded in their functional currency and translated into USD. Our foreign currency exchange rate risk is primarily related to translation of our assets and liabilities from our foreign subsidiaries' functional currencies to USD. 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 gain (loss) in the condensed consolidated balance sheet.

Additionally, we have vendors in Denmark, elsewhere in Europe, and the United Kingdom and pay those vendors in local currency, Danish Krone, Euros, or British Pound Sterling, respectively. Accordingly, our results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the Euro, British Pound Sterling and Danish Krone. Our expenses are generally denominated in the currencies of the jurisdictions in which we conduct our operations, which are primarily in the United States as well as the European Union and the United Kingdom. Our results of operations and cash flows may be adversely affected due to an expansion of non-U.S. dollar denominated contracts, growth of our international entities and operations and changes in foreign exchange rates or a weakening or strengthening of the USD against the Euro, British Pound Sterling and Danish Krone.

For the six months ended June 30, 2026 and 2025, we recognized a loss on foreign currency transactions of $0.2 million and a gain on foreign currency transactions $0.8 million, respectively, recorded as a component of other comprehensive income (loss) in our condensed statements of operations. In general, the effect of a hypothetical 10% change in foreign currency exchange rates applicable to our business on June 30, 2026 would not have a material impact on our results of operations or financial condition. We are currently not engaged in any hedging strategies. As our international operations grow, we will continue to reassess our approach to manage the risk relating to fluctuations in currency rates.

### Inflation Risk

Additionally, inflation generally affects us by increasing our cost of labor, supplies and clinical trial costs. We do not believe that inflation has had a material effect on our results of operations during the periods presented.

24

## Item 4. Controls and Procedures.

### Evaluation of Disclosure Controls and Procedures

Our management has evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Operations and Financial Officer, the effectiveness of our disclosure controls and procedures as of June 30, 2026, pursuant to and as required by Rule 13a-15(b) under the Exchange Act. Based on that evaluation, our Chief Executive Officer and Chief Operations and Financial Officer have concluded that, as of June 30, 2026, our disclosure controls and procedures, as defined by Rule 13a-15(e) under the Exchange Act, were effective and designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act (i) is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms and (ii) information is accumulated and communicated to management, including the Chief Executive Officer and Chief Operations and Financial Officer, as appropriate to allow timely decisions regarding required disclosures.

### Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the six months ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

25

PART II – OTHER INFORMATION

## Item 1. Legal Proceedings.

From time to time, we may become involved in various claims and legal proceedings. Regardless of outcome, litigation and other legal and administrative proceedings can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. We are not currently a party to any material pending litigation or other material legal proceeding.

## Item 1A. Risk Factors.

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors and other cautionary statements described under the heading “Item 1A. Risk Factors” included in the Annual Report on Form 10-K for the year ended December 31, 2025, and the risk factors and other cautionary statements contained in our other filings with the SEC, which could materially affect our business, financial condition or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition, or future results. There have been no material changes in our risk factors from those described in the Annual Report on Form 10-K for the year ended December 31, 2025 or our other SEC filings.

## Item 2. Unregistered Sales of Equity Securities, and Use of Proceeds.

None.

## Item 3. Defaults Upon Senior Securities.

None.

## Item 4. Mine Safety Disclosures.

Not applicable.

## Item 5. Other Information.

### Rule 10b5-1 Trading Plans

During the quarter ended June 30, 2026, no officer or director of the Company adopted or terminated any contract, instruction, or written plan for the purchase or sale of securities of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement as defined in 17 CFR § 229.408(c).

## Item 6. Exhibits.

An Exhibit Index has been attached as part of this report and is incorporated by reference.

26

Exhibit Index

| Exhibit Number | Description |
| --- | --- |
| 3.1 | Savara Inc. Amended and Restated Certificate of Incorporation, as amended. |
| 3.2 | Amended and Restated Bylaws of Savara Inc. (Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on March 30, 2023). |
| 10.1 | Savara Inc. 2024 Omnibus Incentive Plan, as amended (Incorporated by reference to Appendix B to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on April 24, 2026). |
| 10.2 | Consulting Agreement between Savara Inc. and David Lowrance, dated July 15, 2026. |
| 31.1 | Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2 | Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1 | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
|  | * Filed herewith |
|  | ** Furnished herewith. The certification attached as Exhibits 32.1 that accompanies this quarterly report on Form 10-Q (Report) is not deemed filed with the SEC and is not to be incorporated by reference into any filing of the registrant under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Report, irrespective of any general incorporation language contained in such filing. |

27

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Savara Inc.

Date: August 11, 2026 By: /s/ Matthew Pauls

Matthew Pauls

Chief Executive Officer and Chair of the Board of Directors<br>(Principal Executive Officer)

Date: August 11, 2026 By: /s/ Robert Lutz

Robert Lutz

Chief Operations and Financial Officer<br>(Principal Financial and Accounting Officer)

i

---

## EX-3.1

SEC source: [svra-ex3_1.htm](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-ex3_1.htm)

Exhibit 3.1

MAST THERAPEUTICS, INC.

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

(Pursuant to Sections 242 and 245 of the

General Corporation Law of the State of Delaware)

Mast Therapeutics, Inc., a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware (the “General Corporation Law”), does hereby certify as follows.

1. The name of this corporation is Mast Therapeutics, Inc. and that that this corporation was originally incorporated pursuant to the General Corporation Law on December 1, 1995 under the name Victoria Enterprises, Inc.

2. The Board of Directors of this corporation duly adopted resolutions proposing to amend and restate the Amended and Restated Certificate of Incorporation of this corporation, declaring said amendment and restatement to be advisable and in the best interests of this corporation and its stockholders, and authorizing the appropriate officers of this corporation to solicit the consent of the stockholders therefor, which resolution setting forth the proposed amendment and restatement is as follows.

RESOLVED, that the Amended and Restated Certificate of Incorporation of this corporation be amended and restated in its entirety to read as set forth on Exhibit A attached hereto and incorporated herein by this reference.

3. Exhibit A referred to above is attached hereto as Exhibit A and is hereby incorporated herein by this reference. This Amended and Restated Certificate of Incorporation was approved by the holders of the requisite number of shares of this corporation in accordance with Section 228 of the General Corporation Law.

4. This Amended and Restated Certificate of Incorporation, which restates and integrates and further amends the provisions of this corporation’s Amended and Restated Certificate of Incorporation, has been duly adopted in accordance with Sections 242 and 245 of the General Corporation Law.

IN WITNESS WHEREOF, this Amended and Restated Certificate of Incorporation has been executed by a duly authorized officer of this corporation on this 27th day of April, 2017.

By: /s/ Brian Culley

Brian Culley, Chief Executive Officer

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION,

OF

MAST THERAPEUTICS, INC.

ARTICLE I

The name of this corporation is Savara Inc. (the “Corporation”).

ARTICLE II

The address of the Corporation’s registered office in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, County of New Castle, Delaware 19808. The name of its registered agent at such address is Corporation Service Company.

ARTICLE III

The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the Delaware General Corporation Law (the “DGCL”).

ARTICLE IV

(A) Classes of Stock. The Corporation is authorized to issue two classes of stock to be designated, respectively, “Common Stock” and “Preferred Stock.” The total number of shares which the Corporation is authorized to issue is Five Hundred One Million shares (501,000,000), each with a par value of $0.001 per share. Five Hundred Million (500,000,000) shares shall be Common Stock, and One Million (1,000,000) shares shall be Preferred Stock.

Upon the close of trading on the NYSE MKT on April 27, 2017 (the “Effective Time”), each seventy (70) shares of the Common Stock, par value $0.001 per share, of the Corporation issued and outstanding or held in treasury at the Effective Time shall be reclassified as and changed into one (1) share of Common Stock, par value $0.001 per share, of the Corporation, without any action by the holders thereof. In lieu of any fractional shares to which a holder of shares of Common Stock of the Corporation would be otherwise entitled, the Corporation shall pay in cash, without interest, an amount equal to such fractional interest (after taking into account and aggregating all shares of Common Stock then held by such holder) multiplied by the closing price of the Common Stock as last reported on the NYSE MKT on the day of the Effective Time (determined on a post-split basis).

(B) Preferred Stock. Except as otherwise provided in any certificate(s) of designations duly filed with the Secretary of State of the State of Delaware, the Board of Directors of the Corporation (the “Board”) is hereby expressly authorized to provide for the issuance, in one or more series, of all or any of the shares of Preferred Stock and to fix or alter the rights, preferences, privileges and restrictions granted to or imposed upon such series of Preferred Stock, and the number of shares constituting any such series and the designations thereof, or of any of them, such designations, preferences, and relative, participating, optional or other rights and such qualifications, limitations, or restrictions thereof, as shall be stated and expressed in the resolution or resolutions adopted by the Board providing for the issuance of such shares and as may be permitted by the DGCL. The rights, privileges, preferences and restrictions of any such series of Preferred Stock may be subordinated to, pari passu with (including, without limitation, inclusion in provisions with respect to liquidation and acquisition preferences, redemption or approval of matters by vote or written consent), or senior to any of those of any present or future class or series of Preferred Stock or Common Stock. The Board is also expressly authorized to increase or decrease the number of shares of any series prior or subsequent to the issue of that series, but not below the number of shares of such series

then outstanding. In case the number of shares of any series shall be so decreased, the shares constituting such decrease shall resume the status which they had prior to the adoption of the resolution originally fixing the number of shares of such series.

ARTICLE V

In furtherance and not in limitation of the powers conferred by statutes, the Board is expressly authorized to make, alter, amend or repeal the Bylaws of the Corporation.

ARTICLE VI

The business and affairs of the Corporation shall be managed by or under the direction of the Board. In addition to the powers and authority expressly conferred upon them by statute or by this Certificate of Incorporation or the Bylaws of the Corporation, the Board is hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation. Elections of members of the Board need not be by written ballot unless otherwise provided in the Bylaws of the Corporation.

ARTICLE VII

(A) To the fullest extent permitted by the DGCL, as the same exists or as may hereafter be amended, a director shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director.

(B) The Corporation shall indemnify to the fullest extent permitted by law any person made or threatened to be made a party to an action or proceeding, whether criminal, civil, administrative or investigative, by reason of the fact that such person, such person’s testator or intestate is or was a director or officer of the Corporation or any predecessor of the Corporation, or serves or served at any other enterprise as a director or officer of the Corporation at the request of the Corporation or any predecessor to the Corporation.

(C) Neither any amendment nor repeal of this Article VII, nor the adoption of any provision of the Corporation’s Certificate of Incorporation inconsistent with this Article VII, shall eliminate or reduce the effect of this Article VII in respect of any matter occurring, or any action or proceeding accruing or arising or that, but for this Article VII, would accrue or arise, prior to such amendment, repeal or adoption of an inconsistent provision.

ARTICLE VIII

The Corporation reserves the right at any time, and from time to time, to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, and other provisions authorized by the laws of the State of Delaware at the time in force may be added or inserted, in the manner now or hereafter prescribed by law; and all rights, preferences and privileges of whatsoever nature conferred upon stockholders, directors or any other persons whomsoever by and pursuant to this Certificate of Incorporation in its present form or as hereafter amended are granted subject to the rights reserved in this Article VIII.

SAVARA INC.

CERTIFICATE OF AMENDMENT

OF THE

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

Savara Inc., a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), does hereby certify that:

1.

The name of the Corporation is Savara Inc.

2.

The original Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on December 1, 1995 under the name Victoria Enterprises, Inc. The Corporation’s current Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware under the name Mast Therapeutics, Inc. on April 27, 2017.

3.

Pursuant to Section 242 of the General Corporation Law of the State of Delaware (the “DGCL”), this Certificate of Amendment of the Amended and Restated Certificate of Incorporation amends Section (A) of Article IV of the Amended and Restated Certificate of Incorporation of the Corporation to read in its entirety as follows:

“(A) Classes of Stock. The Corporation is authorized to issue two classes of stock to be designated, respectively, “Common Stock” and “Preferred Stock.” The total number of shares which the Corporation is authorized to issue is Two Hundred One Million shares (201,000,000), each with a par value of $0.001 per share. Two Hundred Million (200,000,000) shares shall be Common Stock, and One Million (1,000,000) shares shall be Preferred Stock.”

4.

This Certificate of Amendment of the Amended and Restated Certificate of Incorporation has been duly adopted by the board of directors and stockholders of this corporation in accordance with the provisions of Section 242 of the DGCL.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed by its duly authorized officer as of the 4th day of June, 2018.

SAVARA INC.

/s/ Rob Neville

Name: Rob Neville

Title: Chief Executive Officer

SAVARA INC.

CERTIFICATE OF AMENDMENT

OF THE

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

Savara Inc., a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), does hereby certify that:

1.

The name of the Corporation is Savara Inc.

2.

The original Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on December 1, 1995 under the name Victoria Enterprises. The Corporation’s current Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware under the name Mast Therapeutics, Inc. on April 27, 2017 and amended on June 4, 2018.

3.

Pursuant to Section 242 of the General Corporation Law of the State of Delaware (the “DGCL”), this Certificate of Amendment of the Amended and Restated Certificate of Incorporation amends Section (A) of Article IV of the Amended and Restated Certificate of Incorporation of the Corporation to read in its entirety as follows:

“(A) Classes of Stock. The Corporation is authorized to issue two classes of stock to be designated, respectively, “Common Stock” and “Preferred Stock.” The total number of shares which the Corporation is authorized to issue is Three Hundred One Million shares (301,000,000), each with a par value of $0.001 per share. Three Hundred Million (300,000,000) shares shall be Common Stock, and One Million (1,000,000) shares shall be Preferred Stock.”

4.

This Certificate of Amendment of the Amended and Restated Certificate of Incorporation has been duly adopted by the board of directors and stockholders of this corporation in accordance with the provisions of Section 242 of the DGCL.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed by its duly authorized officer as of the 10th day of June, 2021.

SAVARA INC.

/s/ Matthew Pauls

Name: Matthew Pauls

Title: Chief Executive Officer

SAVARA INC.

CERTIFICATE OF AMENDMENT

OF THE

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

Savara Inc., a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), does hereby certify that:

1.

The name of the Corporation is Savara Inc.

2.

The original Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on December 1, 1995 under the name Victoria Enterprises, Inc. The Corporation’s current Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware under the name Mast Therapeutics, Inc. on April 27, 2017 and amended on June 4, 2018 and June 10, 2021.

3.

Pursuant to Section 242 of the General Corporation Law of the State of Delaware (the “DGCL”), this Certificate of Amendment of the Amended and Restated Certificate of Incorporation amends Section (A) of Article VII of the Amended and Restated Certificate of Incorporation of the Corporation to read in its entirety as follows:

“(A) To the fullest extent permitted by the DGCL, as the same exists or as may hereafter be amended, no director or officer shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, as applicable.”

4.

This Certificate of Amendment of the Amended and Restated Certificate of Incorporation has been duly adopted by the board of directors and stockholders of this corporation in accordance with the provisions of Section 242 of the DGCL.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed by its duly authorized officer as of the 6th day of June, 2024.

SAVARA INC.

/s/ Matthew Pauls

Name: Matthew Pauls

Title: Chief Executive Officer

SAVARA INC.

CERTIFICATE OF AMENDMENT

OF THE

AMENDED AND RESTATED CERTIFICATE OF INCORPORATION

Savara Inc., a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), does hereby certify that:

1.

The name of the Corporation is Savara Inc.

2.

The original Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on December 1, 1995 under the name Victoria Enterprises. The Corporation’s current Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware under the name Mast Therapeutics, Inc. on April 27, 2017 and amended on June 4, 2018, June 10, 2021, and June 6, 2024.

3.

Pursuant to Section 242 of the General Corporation Law of the State of Delaware (the “DGCL”), this Certificate of Amendment of the Amended and Restated Certificate of Incorporation amends Section (A) of Article IV of the Amended and Restated Certificate of Incorporation of the Corporation to read in its entirety as follows:

“(A) Classes of Stock. The Corporation is authorized to issue two classes of stock to be designated, respectively, “Common Stock” and “Preferred Stock.” The total number of shares which the Corporation is authorized to issue is Six Hundred One Million shares (601,000,000), each with a par value of $0.001 per share. Six Hundred Million (600,000,000) shares shall be Common Stock, and One Million (1,000,000) shares shall be Preferred Stock.”

4.

This Certificate of Amendment of the Amended and Restated Certificate of Incorporation has been duly adopted by the board of directors and stockholders of this corporation in accordance with the provisions of Section 242 of the DGCL.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed by its duly authorized officer as of the 4th day of June, 2026.

SAVARA INC.

/s/ Matthew Pauls

Name: Matthew Pauls

Title: Chief Executive Officer

---

## EX-10.2

SEC source: [svra-ex10_2.htm](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-ex10_2.htm)

Exhibit 10.2

CONSULTING SERVICES AGREEMENT

THIS AGREEMENT (the “Agreement”) is made effective as of July 15, 2026 (the “Effective Date”) by and between SAVARA INC., a Delaware corporation having a principal place of business at One Summit Square, 1717 Langhorne Newtown Rd., Suite 300, Langhorne, PA 19047 (“Savara”), and David Lowrance, an individual having a principal place of business at [redacted] (“Consultant”).

BACKGROUND:

A. Savara is a pharmaceutical development company engaged in the business of developing and commercializing biotechnology and pharmaceutical products with a focus on pulmonary diseases (the “Field”).

B. Consultant has expertise relevant to Savara’s work in the Field.

C. Savara now desires to engage Consultant to provide services on and subject to the terms and conditions set forth in this Agreement.

NOW, THEREFORE, intending to be legally bound, the parties agree as follows:

1. Consulting Services.

1.1. Consultant will provide the services described on the attached Schedule A (the “Services”) to Savara or its affiliates.

1.2. When providing the Services, Consultant will comply with Savara’s policies, standards, rules, and regulations, as they may exist from time to time. Consultant will perform the Services to the best of its abilities and in a diligent, trustworthy, businesslike, and efficient manner, exercising due care in the performance of Services and rendering them in accordance with prevailing professional standards and ethics.

1.3. It is the express intention of Savara and Consultant that Consultant perform the Services as an independent contractor to Savara. Nothing in this Agreement shall in any way be construed to constitute Consultant as an agent, employee or representative of Savara. Without limiting the generality of the foregoing, Consultant is not authorized to bind Savara to any liability or obligation or to represent that Consultant has any such authority. Consultant agrees to furnish (or reimburse Savara for) all tools and materials necessary to accomplish this Agreement and shall incur all expenses associated with performance. Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to this Agreement. Consultant agrees to and acknowledges the obligation to pay all self-employment and other taxes on such income.

1.4. Consultant will furnish all information and proper assistance to Savara as it may reasonably require in connection with any litigation to which Savara is, or may become, a party either during or after the Term (as defined in Section 4 below). This obligation will survive the expiration or termination of this Agreement.

2. Compensation.

2.1.Compensation. As compensation for the Services, Savara will pay to Consultant a fee of Two-Hundred Dollars ($200) per hour, up to a maximum amount not to exceed One-Thousand Six-Hundred Dollars ($1,600) per day, unless otherwise mutually agreed in writing in advance by both parties. The compensation fee shall be payable by Savara to Consultant on a monthly basis,

SAVARA-CONSULTANT CSA PAGE 1

Exhibit 10.2

payable in arrears. Costs for travel time for out-of-state trips requested by Savara will be paid at One-Hundred Dollars per hour ($100).

2.2. Payments. Consultant will submit invoices to Savara at the end of each month for which Consultant provides Services. Invoices are to be submitted together with all appropriate supporting documentation to Savara at the address set forth in this Agreement with a copy to accountspayable@savarapharma.com. Payment for services shall be remitted thirty (30) days net of receipt of invoice by Savara.

2.3. Withholdings. Consultant will at all times be an independent contractor and not an agent or employee of Savara. As such, Consultant acknowledges that Savara will not withhold or deduct any amount from compensation to pay any federal, state, or local taxes and Consultant will not be eligible for any employee benefits. Consultant has sole responsibility to and will pay taxes, if any, and file returns as are required in accordance with applicable laws and regulations.

3. Expenses. Savara will reimburse Consultant for reasonable “out-of-pocket” expenses ordinary and necessary in nature, including mileage at the standard IRS rate, which Consultant incurs at Savara’s request in the course of performing the Services. Reimbursement payments are subject to Consultant’s compliance with Savara’s policies in effect from time to time regarding travel, entertainment, and other business expenses and the reporting and documentation of expenses. Air travel will be coach class within the continental United States and internationally.

4. Term and Termination.

(a)

Consultant’s engagement under this Agreement commences on the Effective Date and will continue until the earlier of (i) final completion of the Services or (ii) termination as provided in this Section 4 (such period, the “Term”). This Agreement may be terminated at any time by either party upon thirty (30) days prior written notice. Upon the earlier termination of this Agreement for any reason, Savara will be liable only for payment of compensation for Services rendered through the effective date of termination on a pro-rata basis. The provisions of Sections 2, 3, and 5 through 10 will survive the expiration or termination of this Agreement.

(b)

At the conclusion of the Term, Consultant’s equity awards will cease vesting and any equity awards that remain unvested at that time will be forfeited. Consultant’s outstanding vested options will terminate on the ninetieth (90th) day following the conclusion of the Term, and any vested options that remain unexercised at that time will be forfeited.

5. Other Business Activities. Consultant covenants, represents, and warrants to Savara the following:

(a) As of the Effective Date, Consultant is not engaged, directly or indirectly, in any other business or activity that might materially interfere with the ability to render the Services.

(b) During the Term, Consultant will not undertake or engage, directly or indirectly, in any other business or activity that might materially interfere with the ability to render the Services.

6. Trade Secrets and Confidential Information.

6.1. Consultant acknowledges that Consultant will have access to, or become acquainted with, Confidential Information and Trade Secrets (as these terms are defined below). As a material inducement to Savara to enter into this Agreement, and in acknowledgement of good and valuable consideration to be received by Consultant under this Agreement, Consultant agrees as follows:

(a) The Trade Secrets and Confidential Information are the sole and exclusive property of Savara (or a third party providing the information to Savara). Savara

SAVARA-CONSULTANT CSA PAGE 2

Exhibit 10.2

(or the third party, if applicable) owns all worldwide rights to the information under patent, copyright, trade secret, confidential information or other property right.

(b) The disclosure of Trade Secrets and Confidential Information by Savara to Consultant does not confer upon Consultant any license, interest, or rights of any kind in or to the Trade Secrets or Confidential Information. Consultant may use the Trade Secrets and Confidential Information solely to benefit Savara and only during the Term.

(c) Except to perform services for Savara under this Agreement or with Savara’s prior written consent, Consultant:

(i) will not directly or indirectly or in any manner, divulge, disclose, or communicate any Confidential Information to any third party,

(ii) will hold Trade Secrets and Confidential Information in confidence,

(iii) will not use Trade Secrets or Confidential Information for any purpose other than solely to provide Services, and

(iv) will not, directly or indirectly, in any form, by any means, or for any purpose, reproduce, distribute, transmit, reverse engineer, de-compile, disassemble or transfer, or use, the Trade Secrets or the Confidential Information, or any portion of either, to benefit Consultant or any third party.

(d) Consultant will return or destroy (with written confirmation of destruction provided) the Trade Secrets and Confidential Information that are in Consultant’s possession or control to Savara, together with all copies, documents, records, notebooks, programs and similar items, collections, and materials (in writing, electronic, or otherwise) that relate to the Confidential Information or Trade Secrets:

(i) upon Savara’s request, and

(ii) immediately upon expiration or termination of this Agreement.

6.2. For purposes of this Agreement, the following terms have the meanings set forth below:

(a) “Confidential Information” means information, other than Trade Secrets, that Savara treats as confidential. Without limiting the generality of the foregoing, Confidential Information includes information regarding Savara’s equipment, products and product mix, prices and pricing policies, costs, future plans, business affairs and strategies, contracts and licenses, copyrights and patents, advertising and promotional strategies and campaigns, distribution strategies, methods of doing business and the terms and conditions of this Agreement. Confidential Information does not include information that is readily available to the public (other than because of Consultant’s unauthorized disclosure) or otherwise legally available to Consultant on a non-confidential basis.

(b) “Trade Secrets” means information, without regard to form, of Savara or its existing or prospective licensors, licensees, customers, or suppliers (including technical or nontechnical data, formulas, patterns, and customer purchasing practices), compilations (including compilations of customer information), programs (including computer programs and models), devices, methods, techniques, drawings, processes, financial data (including sales forecasts, sales histories, and budgets), financial plans, business plans, product plans, or lists of actual or potential licensors, licensees, customers, or suppliers

SAVARA-CONSULTANT CSA PAGE 3

Exhibit 10.2

(including identifying information about those licensors, licensees, customers, and suppliers), whether or not reduced to writing, that:

(i) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, or

(ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

6.3. Consultant obligations under this Agreement with regard to Trade Secrets will remain in effect for as long as that information remains a trade secret under applicable law. Consultant’s obligations under this Agreement with regard to Confidential Information will remain in effect during the Term and for a period of ten (10) years after the expiration or termination of this Agreement.

6.4. Consultant agrees that Consultant will not improperly use, disclose, or induce Savara to use any proprietary information or trade secrets of any former or current employer of Consultant or other person or entity with which Consultant has an obligation to keep in confidence. Consultant also agrees that Consultant will not bring onto Savara’s premises or transfer onto Savara’s technology systems any unpublished document, proprietary information, or trade secrets belonging to any third party unless disclosure to, and use by, Savara has been consented to in writing by such third party.

6.5. Consultant recognizes that Savara has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on Savara’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. Consultant agrees that at all times during the term of this Agreement and thereafter, Consultant owes Savara and such third parties a duty to hold all such confidential or proprietary information in the strictest confidence and not to use it or to disclose it to any person, firm, corporation, or other third party except as necessary in carrying out the Services for Savara consistent with Savara’s agreement with such third party.

6.6. In connection with the Services, Savara may provide or Consultant may gain access to information about investigators or subjects in Savara clinical studies. This may include information that can be used by itself or in combination with other available information to identify a specific individual (“Personal Data”). Consultant shall respect the privacy of the investigators and study subjects and covenants that:

(a) In the performance of Services, Consultant will comply with all applicable national, regional, and local laws relating to information privacy.

(b) Consultant will comply with the obligations of confidentiality pursuant to this Section 6 with respect to all Personal Data.

(c) Consultant will use electronic, physical, and other safeguards appropriate to the nature of the information to prevent any use or disclosure of Personal Data in its possession other than as provided for by this Agreement.

(d) After completion of Services or termination of this Agreement, Consultant will, at Savara’s option, either destroy (with written confirmation of destruction provided) or return any Personal Data in Consultant’s possession.

7. Non-Solicitation. As a material inducement to Savara to enter into this Agreement, and in acknowledgement of good and valuable consideration to be received by Consultant under this Agreement, Consultant agrees as follows:

SAVARA-CONSULTANT CSA PAGE 4

Exhibit 10.2

7.1. Personal Solicitation. To the fullest extent permitted under applicable law, from the date of this Agreement until twelve (12) months after the termination of this Agreement for any reason (the “Restricted Period”), Consultant will not, without Savara’s prior written consent, directly or indirectly, solicit or encourage any of the employees or independent contractors of Savara or its affiliates to leave such employment or engagement with Savara, or attempt to solicit employees or independent contractors of Savara or its affiliates, either for Consultant or for any other person or entity. Consultant agrees that nothing in this Section 7.1 shall affect Consultant’s continuing obligations under this Agreement during and after this twelve (12) month period, including, without limitation, Consultant’s obligations under Section 6.

7.2. Disparagement. Consultant will not, at any time during the Term or after the expiration or termination of this Agreement, make false or misleading statements about Savara or its products, management, employees, customers, or suppliers.

8. Intellectual Property.

8.1. Assignment of Inventions. As a material inducement to Savara to enter into this Agreement, and in acknowledgement of good and valuable consideration to be received by Consultant under this Agreement, Consultant agrees that all right, title, and interest in and to any copyrightable material, notes, records, drawings, designs, inventions, improvements, developments, discoveries, ideas and trade secrets conceived, discovered, authored, invented, developed or reduced to practice by Consultant, solely or in collaboration with others, during the term of this Agreement and arising out of, or in connection with, performing the Services under this Agreement and any copyrights, patents, trade secrets, mask work rights or other intellectual property rights relating to the foregoing (collectively, “Inventions”), are the sole property of Savara. Consultant also agrees to promptly make full written disclosure to Savara of any Inventions and to deliver and assign (or cause to be assigned) and hereby irrevocably assigns fully to Savara all right, title and interest in and to the Inventions.

8.2. Pre-Existing Materials. Subject to Section 8.1, Consultant will provide Savara with prior written notice if, in the course of performing the Services, Consultant incorporates into any Invention or utilizes in the performance of the Services any invention, discovery, idea, original works of authorship, development, improvements, trade secret, concept, or other proprietary information or intellectual property right owned by Consultant or in which Consultant has an interest, prior to, or separate from, performing the Services under this Agreement (“Prior Inventions”), and Savara is hereby granted a nonexclusive, royalty-free, perpetual, irrevocable, transferable, worldwide license (with the right to grant and authorize sublicenses) to make, have made, use, import, offer for sale, sell, reproduce, distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise exploit such Prior Inventions, without restriction, including, without limitation, as part of or in connection with such Invention, and to practice any method related thereto. Consultant will not incorporate any invention, discovery, idea, original works of authorship, development, improvements, trade secret, concept, or other proprietary information or intellectual property right owned by any third party into any Invention without Savara’s prior written permission.

9. Equitable Relief.

9.1 Consultant acknowledges and agrees that:

(a) it has carefully read and considered Sections 5 through 8 and, having done so, expressly acknowledges and agrees that the restrictions set forth in those Sections are fair and reasonable and are reasonably required to protect Savara’s interests and the confidential nature of the Confidential Information and the Trade Secrets,

SAVARA-CONSULTANT CSA PAGE 5

Exhibit 10.2

(b) Sections 5 through 8 will not cause undue hardship or unreasonably interfere with Consultant’s ability to earn a livelihood,

(c) the Confidential Information and Trade Secrets are unique to Savara’s business, and Savara would not reveal them to Consultant but for Consultant's willingness to agree to the restrictions set forth in this Agreement,

(d) a breach of any of the provisions of Sections 5 through 8 might cause irreparable harm and damage to Savara,

(e) Sections 5 through 8 will be construed as agreements independent of any other provision of this Agreement or any other agreement between the parties, and

(f) the existence of any claim or cause of action by Consultant against Savara, whether predicated upon this Agreement or any other agreement, will not constitute a defense to Savara’s enforcement of Sections 5 through 8.

9.2. If Consultant breaches any of the provisions of Sections 5 through 8, Savara will be entitled to injunctive relief, specific performance, or any other equitable remedy that a court of competent jurisdiction may provide (without posting any bond), in addition to any other remedies available at law or in equity. In this event, Consultant expressly waives the defense that a remedy in damages will be adequate.

9.3. The parties intend that nothing contained in this Section 9 be construed to limit Savara’s right to any remedies at law or in equity, including the recovery of damages for Consultant’s breach of this Agreement.

10. Miscellaneous.

10.1. Expenses. Savara and Consultant will each bear their own fees, costs, and expenses they incur with respect to the preparation, negotiation, and completion of this Agreement.

10.2. Assignment; Binding Effect. This Agreement and its rights, privileges, and obligations may not be assigned or otherwise transferred by either party without the prior written consent of the other party; provided, however, that Savara may assign without consent this Agreement and its rights, privileges, and obligations (i) to an affiliate or (ii) to any successor to all or substantially all of Savara’s relevant assets, whether by merger, consolidation, reorganization, reincorporation, sale of assets or stock, change of control or otherwise. This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns.

10.3. Severability. Whenever possible, the parties intend that each provision of this Agreement be interpreted to be effective and valid under applicable law. If a court of competent jurisdiction holds any provision to be prohibited by or invalid under applicable law, the provision will be ineffective only to the extent of the prohibition or invalidity, without affecting the rest of this Agreement. But the parties do not intend this severability if it would materially change the economic benefits of this Agreement to any party.

10.4. Counterparts. The parties may execute this Agreement simultaneously in two or more counterparts (including facsimile copies), any one of which need not contain the signatures of more than one party, but all the counterparts taken together will constitute one and the same Agreement.

10.5. Descriptive Headings; Interpretation. The descriptive headings of this Agreement exist for convenience only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement means by way of example rather than by limitation.

SAVARA-CONSULTANT CSA PAGE 6

Exhibit 10.2

10.6. Governing Law. The parties intend that all issues and questions concerning the construction, validity, enforcement, and interpretation of this Agreement be governed by, and construed under, Delaware law, without giving effect to any choice of law or conflict of law rules or provisions (whether of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than Delaware. All disputes under this Agreement are to be adjudicated in Delaware courts, with Delaware courts having jurisdiction over Savara, Consultant, and the disputed subject matter.

10.7. Notices. All notices, demands or other communications to be given or delivered under or by reason of this Agreement must be in writing and will be deemed to have been given when (a) delivered personally to the recipient, (b) sent to the recipient by reputable overnight courier service (charges prepaid), or (c) mailed to the recipient by certified or registered mail, return receipt requested, and postage prepaid. These notices, demands and other communications will be sent to Savara and Consultant (to the attention of the individuals named below) at the addresses indicated above or another address as specified by the receiving party in prior written notice to the sending party.

10.8. No Strict Construction. The parties have participated jointly in the negotiation and drafting of this Agreement. If any ambiguity or question of intent or interpretation arises, the parties intend that (a) this Agreement be construed as if they had jointly drafted it and (b) no presumption or burden of proof arise favoring or disfavoring any party by virtue of its role in drafting any provision of this Agreement.

10.9. Entire Agreement. Schedule A attached to this Agreement is incorporated by reference. This Agreement constitutes the full and entire understanding and agreement between the parties concerning the subject matter set forth in this Agreement. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. The parties agree that this Agreement shall be considered signed and delivered when the signature of a party is delivered by scanned image (e.g., portable document format (PDF)) or facsimile, which scanned image or facsimile shall be treated in all respects as having the same effect as an original signature.

10.10. Amendment. No modification of this Agreement shall be effective unless made in writing and executed and delivered by a duly authorized representative of each party.

10.11. Waivers, Delays, or Omissions. Except as expressly provided in this Agreement: (a) no delay or omission to exercise any right, power or remedy accruing to any party upon any breach or default of any other party will (i) impair the non-defaulting party’s rights, powers or remedies, or (ii) constitute a waiver of, or acquiescence in, the breach or default or any subsequent similar breach or default, and (b) no waiver of any breach or default will constitute a waiver of any previous or subsequent similar breach or default. Any party’s waiver, permit, consent or approval concerning any breach, default, provision or condition of or under this Agreement must be in writing and will be effective only to the extent specifically set forth in the writing. All remedies, whether under this Agreement, applicable law, or otherwise, will be cumulative and not alternative.

10.12. Indemnification. Consultant agrees to indemnify and hold harmless Savara and its affiliates and their directors, officers and employees from and against all taxes, losses, damages, liabilities, costs and expenses, including attorneys’ fees and other legal expenses, arising directly or indirectly from or in connection with (i) any negligent, reckless or intentionally wrongful act of Consultant or Consultant’s assistants, employees, contractors or agents, (ii) a determination by a court or agency that the Consultant is not an independent contractor, (iii) any breach by the Consultant or Consultant’s assistants, employees, contractors or agents of any of the covenants contained in this Agreement, (iv) any failure of Consultant to perform the Services in accordance with all applicable laws, rules and regulations, or (v) any violation or claimed violation of a third

SAVARA-CONSULTANT CSA PAGE 7

Exhibit 10.2

party’s rights resulting in whole, or in part, from Savara’s use of the Inventions or other deliverables of Consultant under this Agreement.

IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the Effective Date.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK; THE SIGNATURE PAGE IMMEDIATELY FOLLOWS]

SAVARA-CONSULTANT CSA PAGE 8

Exhibit 10.2

SAVARA INC.

By: ___/s/ Matt Pauls__________________

Matt Pauls

Date: __7/15/26________________________

Title: CEO

David L. Lowrance

__/s/ David L. Lowrance____________

Name:David L. Lowrance

Date: ____7/15/26______________________

SAVARA-CONSULTANT CSA PAGE 9

Exhibit 10.2

SCHEDULE A

SCOPE OF ENGAGEMENT

The Services will include, but will not be limited to, the following:

- Support Finance and Accounting activities as directed by the CFO or Corporate Controller
- Support Human Resource function by transferring HR documents and know-how to HR team as directed by the head of HR
- Review SEC and other filings as directed by management
- Support IT initiatives as directed by Chief Business Officer
- Complete oversight of Savara’s relocation to its new HQ
- Assist with any facilities work/actions as directed
- Other general support, as needed.

Consultant will perform Services for Savara on a project-by-project basis. Each project shall be mutually agreed upon between Consultant and Savara and attached to this Schedule A as successively numbered Schedule “A”s (e.g., Schedule A-1, Schedule A-2, etc.) (each a “Project”). Each Project shall contain at a minimum a detailed description of the Services to be performed and any deliverables to be provided, and together with this Agreement (but separate and apart from any other Project), shall collectively constitute the entire agreement for such Project.

SAVARA-CONSULTANT CSA PAGE 10

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## EX-31.1

SEC source: [svra-ex31_1.htm](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-ex31_1.htm)

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

SECURITIES EXCHANGE ACT RULES 13a-14(a) AND 15(d)-14(a)

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Matthew Pauls, certify that:

1. I have reviewed this Form 10-Q of Savara Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 11, 2026 /s/ Matthew Pauls

Matthew Pauls

Chief Executive Officer and Chair of the Board of Directors

(Principal Executive Officer)

---

## EX-31.2

SEC source: [svra-ex31_2.htm](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-ex31_2.htm)

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

SECURITIES EXCHANGE ACT RULES 13a-14(a) AND 15(d)-14(a)

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert Lutz, certify that:

1. I have reviewed this Form 10-Q of Savara Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 11, 2026 /s/ Robert Lutz

Robert Lutz

Chief Financial and Operations Officer

(Principal Financial and Accounting Officer)

---

## EX-32.1

SEC source: [svra-ex32_1.htm](https://www.sec.gov/Archives/edgar/data/1160308/000119312526344585/svra-ex32_1.htm)

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Savara Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Matthew Pauls, principal executive officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(i)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(ii)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 11, 2026

/s/ Matthew Pauls

Matthew Pauls

Chief Executive Officer and Chair of the Board of Directors

(Principal Executive Officer)

In connection with the Quarterly Report of Savara Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert Lutz, principal financial officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(i)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(ii)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 11, 2026

/s/ Robert Lutz

Robert Lutz

Chief Operations and Financial  Officer

(Principal Financial and Accounting Officer)