Savara Inc. (NASDAQ: SVRA) is a clinical-stage biopharmaceutical company focused on developing treatments for rare lung diseases. The company has no approved products and generates no product revenue, funding operations entirely through equity offerings and debt financing. As of December 31, 2025, Savara held $33.2 million in cash and cash equivalents and $202.5 million in short-term investments. Its sole product candidate, MOLBREEVI, is an inhaled form of granulocyte-macrophage colony stimulating factor (GM-CSF) targeting autoimmune pulmonary alveolar proteinosis (autoimmune PAP), a rare lung disease characterized by abnormal surfactant buildup in the alveoli. Savara resubmitted its Biologics License Application for MOLBREEVI to the FDA on December 22, 2025, and the FDA granted Priority Review in February 2026. The company is headquartered in Langhorne, Pennsylvania, and outsources substantially all manufacturing and clinical development activities to contract research organizations and contract manufacturing organizations including Fujifilm Diosynth Biotechnologies.

Revenue model

Savara generates no product revenue. Operations are funded through equity raises, including a $137.8 million financing inflow in FY2025 primarily from an October 2025 underwritten public offering of 28,452,381 shares at $4.20 per share, and borrowings under a loan agreement with Hercules Capital.

Products and services

MOLBREEVI: an inhaled GM-CSF biologic for the treatment of autoimmune PAP. BLA resubmitted to FDA on December 22, 2025; FDA granted Priority Review in February 2026. No other product candidates are disclosed in the filing excerpts.

Customers and end markets

Target end market is patients with autoimmune PAP, described as a chronic and rare lung disease. No commercial customers exist as of the filing date; the product has not received regulatory approval.

Value-chain role

Drug developer with outsourced manufacturing. Active pharmaceutical ingredient supply is contracted to GEMA and Fujifilm Diosynth Biotechnologies. Clinical development activities are conducted through contract research organizations and clinical trial sites.

Geographic exposure

Headquartered in Langhorne, Pennsylvania. The filing references regulatory activity in the U.S. (FDA) and Japan (PMDA). Supply chain exposure to international operations is noted, including potential disruption from conflicts in Ukraine/Russia and unrest in Argentina.

Competitors

Partner Therapeutics (sargramostim / Leukine, off-label compounded use for autoimmune PAP in the U.S.), Nobelpharma Co. Ltd. (sargramostim approved by PMDA for autoimmune PAP in Japan, April 2024)

Source: SEC 10-K, filed 2026-03-13

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