Savara (SVRA) Q1 2026 earnings summary

Executive summary

• Achieved key regulatory milestones for MOLBREEVI in autoimmune PAP, including BLA filing with FDA and MAA validation by EMA and MHRA, with decisions expected between Q4 2026 and Q1 2027.

• No product revenue to date; operations funded by equity, debt, and strategic agreements.

• Presented new Phase 3 IMPALA-2 clinical trial data at the ATS International Conference, including ongoing open-label treatment results.

Financial highlights

• Net loss for Q1 2026 was $37.3 million ($0.15 per share), up from $26.6 million ($0.12 per share) in Q1 2025.

• Research and development expenses increased 22.1% year-over-year to $23.4 million, mainly due to MOLBREEVI program activities and increased share-based compensation.

• General and administrative expenses rose 68.4% year-over-year to $15.6 million, primarily from higher personnel costs and share-based compensation.

• Cash, cash equivalents, and short-term investments totaled $202.8 million as of March 31, 2026; debt was $30.1 million.

• Working capital at March 31, 2026: $193.7 million.

Outlook and guidance

• Sufficient capital to fund planned activities and global commercial launch preparations, but may need to raise additional funds for further development and commercialization.

• FDA PDUFA date for MOLBREEVI is November 22, 2026; EMA and MHRA decisions expected in Q1 2027 and Q4 2026, respectively.

• Expenses expected to remain significant as clinical and regulatory activities continue.