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, 2025 Savara Inc. (Exact name of registrant as specified in its charter) Delaware 84-1318182 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1717 Langhorne Newtown Road, Suite 300 Langhorne, Pennsylvania 19047 (Address of principal execut ...

MOLBREEVI for aPAP - MOLBREEVI demonstrated statistically significant improvement in DLCO% (primary endpoint) at Week 24 (p=0.0007) and Week 48 (p=0.0008) compared to placebo[37] - MOLBREEVI showed nominally significant improvement in Exercise Capacity (Peak METs) at Week 48 (p=0.0234) compared to placebo[37] - MOLBREEVI significantly reduced pulmonary surfactant burden, as shown by Ground Glass Opacity (GGO) score at Week 24 (p=0.0004)[66] - 100% of patients who completed the double-blind period enrolled into the open-label period[37] - The treatment discontinuation rate in the double-blind period was low at 3%, with none due to drug-related adverse events[37] aPAP Disease and Market - Autoimmune PAP (aPAP) is a rare lung disease with no approved drugs in the U S or Europe, and the only treatment option is an invasive procedure[15] - Analysis of U S claims data identified approximately 3,600 aPAP patients[108] - Market development team of ~25 people will be responsible for profiling accounts to gain line of sight into currently diagnosed patients[117] - U S pulmonologists show overwhelming support for MOLBREEVI, with 83% likely to prescribe it regardless of disease severity[113] - The potential U S market opportunity for aPAP is estimated to be >$1 billion[135] Regulatory and Financial - Savara plans to resubmit the BLA for MOLBREEVI in Q4 2025[31] - The company has ~$172.5 million in cash and short-term investments as of March 31, 2025, and non-dilutive debt financing for up to $200 million[133]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving Savara Inc. and its officers or directors, following a significant stock price drop after negative FDA news [1][3]. Group 1: Investigation Details - Pomerantz LLP is representing investors of Savara Inc. and is looking into claims of securities fraud or other unlawful business practices [1]. - Investors are encouraged to contact Pomerantz LLP for more information regarding the investigation [1]. Group 2: Stock Performance - On May 27, 2025, Savara announced it received a refusal to file letter from the FDA regarding its Biologics License Application for MOLBREEVI, leading to a stock price decline of $0.90 per share, or 31.69%, closing at $1.94 per share [3].

Savara Inc (SVRA) 2025 Conference Summary Company Overview - Savara Inc is a biotech company focused on orphan rare diseases, specifically in the rare pulmonary space with a single asset, Molgrimostum inhalation solution, branded as Molbrevi [6][7] Key Points and Arguments Clinical Development - Positive phase three data for IMPALA two trial was reported, involving 164 patients with autoimmune pulmonary alveolar proteinosis (APAP) [7] - The trial showed positive results on the primary endpoint of DLCO and all key secondary endpoints at 24 and 48 weeks [7] - A Biologics License Application (BLA) resubmission is planned for Q4 2025, with a potential PDUFA date in mid-2026 [8][48] Market Opportunity - Estimated 3,600 diagnosed APAP patients in the U.S., with a potential market size of approximately 7,300 when including undiagnosed patients [10][12] - Pricing research indicates a price range of $300,000 to $500,000 per patient per year, suggesting significant pricing power [13] Treatment Insights - Molbrevi is expected to be a first-line chronic therapy for APAP, addressing the pathophysiology of the disease [14][16] - The drug is administered once daily using a proprietary nebulizer, contrasting with alternatives that require twice-daily administration [50] Regulatory Challenges - The recent refusal to file (RTF) was due to the need for additional Chemistry, Manufacturing, and Controls (CMC) data, not related to clinical trials or safety concerns [21][22] - The company is working with two drug substance partners, GEMA and Fujifilm, to ensure compliance and readiness for the BLA resubmission [31][39] Future Plans - A type A meeting with the FDA is scheduled within 30 days of the RTF, with meeting minutes expected within 90 days [30][31] - European and UK regulatory filings are on track for year-end 2025 [46] Additional Important Information - The company is preparing for an Advisory Committee (AdCom) meeting, considering it the first therapeutic for this orphan rare disease [45] - There is an ongoing Early Access Program (EAP) for patients awaiting approval of Molbrevi [57] - Approximately 10% of patients in previous trials underwent lung lavages, indicating a need for chronic therapeutic options [60] - The company is scaling up its ILD clinic pilot to identify undiagnosed APAP patients using an antibody test [61] This summary encapsulates the critical insights and developments regarding Savara Inc and its lead product, Molbrevi, as discussed in the conference.

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving Savara Inc. and its officers or directors following a significant stock price drop after an FDA refusal letter [1][3]. Group 1: Company Overview - Savara Inc. is a publicly traded company on NASDAQ under the ticker SVRA [1]. - The company recently announced it received a refusal to file letter from the FDA regarding its Biologics License Application for MOLBREEVI, a therapy aimed at treating autoimmune PAP [3]. Group 2: Stock Performance - Following the FDA news, Savara's stock price decreased by $0.90 per share, representing a decline of 31.69%, closing at $1.94 per share on May 27, 2025 [3]. Group 3: Legal Investigation - Pomerantz LLP, a prominent firm in corporate and securities class litigation, is leading the investigation into Savara's potential misconduct [1][4]. - The firm has a history of recovering significant damages for victims of securities fraud and corporate misconduct [4].

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving Savara Inc. following a significant stock price drop after the FDA's refusal to file letter regarding its drug application [1][3]. Company Summary - Savara Inc. received a refusal to file letter from the FDA for its Biologics License Application for MOLBREEVI, intended to treat autoimmune PAP [3]. - Following this announcement, Savara's stock price decreased by $0.90, representing a 31.69% decline, closing at $1.94 per share on May 27, 2025 [3]. Legal Investigation - Pomerantz LLP is representing investors of Savara and is looking into claims of securities fraud or other unlawful practices by the company and its officers or directors [1].

Core Points - Savara Inc. received a refusal to file letter from the FDA regarding its Biologics License Application for MOLBREEVI, intended for treating autoimmune pulmonary alveolar proteinosis [1] - Following the FDA's decision, Savara's stock price experienced a decline [1] Company Information - Holzer & Holzer, LLC is investigating whether Savara complied with federal securities laws in light of the recent FDA decision [1] - The law firm specializes in representing shareholders and investors in litigation, including class action and derivative litigation, and has recovered hundreds of millions of dollars for affected shareholders since its founding in 2000 [3]

Core Viewpoint - Savara Inc. received a U.S. FDA refusal to file (RTF) letter regarding its Biologic License Application (BLA) for Molbreevi, a treatment for autoimmune Pulmonary Alveolar Proteinosis (PAP) [1][3]. Group 1: FDA Response - The FDA determined that the BLA submitted in March 2025 was not sufficiently complete for substantive review and requested additional data related to Chemistry, Manufacturing, and Controls (CMC) [3]. - The RTF did not arise from safety concerns, and the FDA did not request additional efficacy studies [3]. Group 2: Company Response and Future Plans - The company plans to request a Type A meeting with the FDA within 30 days to discuss the next steps [3]. - The requested CMC data outlined in the RTF letter are currently being generated, and the company is confident in addressing the FDA's request [4]. - The company expects to resubmit the BLA in the fourth quarter of 2025 and remains confident in the clinical data supporting Molbreevi's efficacy [4]. Group 3: Operational Updates - The company is working to establish a redundant supply chain and is on track to complete technology transfer with a second-source drug substance contract manufacturer in the fall [4]. - The company has completed three upstream process performance qualification (PPQ) batches and is in the process of completing the downstream PPQ campaign [4]. Group 4: Market Reaction - Following the news, SVRA stock declined by 28.9%, trading at $2.02 [4].

Group 1 - Savara Inc. shares fell over 30% in intraday trading on May 27, 2025, following the FDA's issuance of a Refusal to File letter for its Biologics License Application for Molbreevi, its lead drug candidate for autoimmune PAP [2] - The FDA cited that the submission was "not sufficiently complete" for review, specifically pointing out issues with the CMC section of the application, and Savara was unable to specify what data was missing or why deficiencies were not addressed prior to submission [2] Group 2 - Block & Leviton is investigating Savara Inc. for potential securities law violations and may file an action to recover losses for investors [4] - Investors who have lost money in Savara Inc. investments are encouraged to contact Block & Leviton to learn more about recovery options [5][3] Group 3 - Block & Leviton is recognized as a leading securities class action firm, having recovered billions of dollars for defrauded investors and representing many top institutional investors [7]

Financial Data and Key Metrics Changes - At the end of Q1 2025, the company had over $172 million in cash and short-term investments [23] - A $200 million debt facility was executed with Hercules, providing a cash runway into the second half of 2027 [23] Business Line Data and Key Metrics Changes - The company is focused on a single development program for a rare disease called autoimmune pulmonary alveolar proteinosis (APAP) [2] - The Phase III pivotal clinical trial IMPALA two showed statistically significant improvement in DLCO compared to placebo at week 24, with sustained improvement at week 48 [7][8] - 97% of patients completed the double-blind treatment period, with no withdrawals due to drug-related adverse events [8] Market Data and Key Metrics Changes - The diagnosed prevalence of APAP in the U.S. is estimated at approximately 3,600 patients, with an additional 3,700 likely undiagnosed patients [13][14] - The potential market opportunity in the U.S. is significant, with a total of over 7,000 patients identified [15] Company Strategy and Development Direction - The company aims to establish relationships with pulmonologists and treatment centers to gain visibility into the patient population before the launch of Molbrevi [17] - A U.S. commercial team is being built prior to approval, consisting of 25 to 30 individuals responsible for patient profiling and disease awareness campaigns [22] - The pricing power for Molbrevi is projected between $300,000 and $500,000 per patient per year, aligning with other orphan drug analogues [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of Molbrevi, highlighting the lack of approved medicines for APAP in the U.S. and Europe [4][11] - The company anticipates a potential PDUFA date around November if priority review is granted by the FDA [11] - There is a strong interest from U.S. pulmonologists and payers regarding Molbrevi, with 83% of pulmonologists likely to prescribe it [18][19] Other Important Information - The company launched a free blood antibody test called APAP ClearPath to facilitate quicker diagnosis of APAP [20] - The test has been piloted at an interstitial lung disease clinic, aiming to identify undiagnosed APAP patients [21] Q&A Session Summary Question: What is the current status of the regulatory submission for Molbrevi? - The company completed the submission of the BLA to the FDA and is awaiting feedback within a 60-day window [11] Question: How many patients does the company aim to reach by launch? - The company aims to have line of sight to 1,000 known APAP patients by launch, with a goal to confirm the total of 3,600 patients [15][17] Question: What are the expectations regarding payer coverage for Molbrevi? - 87% of payers indicated they intend to provide coverage with simple pre-authorization criteria, recognizing the disease burden of APAP [19]