0001193125-26-105076
SEC filingSavara Inc. reported a net loss of $118.8 million for FY 2025, a significant increase from a $95.9 million loss in FY 2024. The company generated no product revenue, with total operating expenses of $123.5 million, primarily driven by research and development costs of $81.4 million and general and administrative expenses of $42.1 million. Other income of $4.7 million, mainly from interest income, partially offset the operating loss. The company ended the year with $33.2 million in cash and cash equivalents and $202.5 million in short-term investments, providing liquidity for ongoing clinical development of its sole product candidate, MOLBREEVI, for autoimmune pulmonary alveolar proteinosis. The company resubmitted its Biologics License Application to the FDA in December 2025 and received Priority Review in February 2026.
Savara Inc. reported a net loss of $118.8 million for the fiscal year ended December 31, 2025, representing a 23.9% increase from the $95.9 million net loss reported for FY 2024. The company generated no product revenue during either period. Total operating expenses increased to $123.5 million in FY 2025 from $103.2 million in FY 2024, driven primarily by higher research and development and general and administrative costs. Research and development expenses increased by $3.4 million (4.3%) to $81.4 million, while general and administrative expenses increased by $17.0 million (68.0%) to $42.1 million. Other income decreased to $4.7 million from $7.3 million in the prior year, primarily due to lower interest income and a loss on extinguishment of debt.
The company reported no revenue from product sales for FY 2025 or FY 2024. Savara is a clinical-stage biopharmaceutical company focused on rare respiratory diseases, with its sole program being MOLBREEVI, an inhaled biologic in development for autoimmune pulmonary alveolar proteinosis. The company has devoted substantially all efforts and resources to identifying and developing product candidates, recruiting personnel, and raising capital since inception. The company does not expect to generate any revenue from product sales unless and until it obtains regulatory approval for and commercializes its product candidate.
With no revenue generated, the company reported an operating loss of $123.5 million for FY 2025, compared to an operating loss of $103.2 million in FY 2024. The operating loss margin cannot be calculated due to zero revenue. Research and development expenses constituted 65.9% of total operating expenses ($81.4 million of $123.5 million), while general and administrative expenses represented 34.0% ($42.1 million of $123.5 million). The increase in general and administrative expenses was primarily due to higher personnel and related costs driven by strategic workforce expansion to support and scale operations, certain commercial activities, and expanded patient advocacy and medical affairs activities.
Net cash used in operating activities was $101.0 million for FY 2025, compared to $89.1 million used in FY 2024. The company used $18.4 million in investing activities and generated $137.8 million from financing activities, primarily from the October 2025 underwritten offering. As of December 31, 2025, the company had $33.2 million in cash and cash equivalents and $202.5 million in short-term investments, totaling $235.7 million in liquidity. Total assets were $253.4 million, with total liabilities of $50.3 million and stockholders' equity of $203.1 million. Long-term debt stood at $29.9 million as of year-end.
The company expects to incur significant additional expenses and continue to incur operating losses for at least the next several years as it initiates and continues clinical development of, and seeks regulatory approval for, its product candidate. Although the company believes it has sufficient capital to fund many planned activities, it may need to raise additional capital to further fund development, seek regulatory approvals, and begin commercialization of any approved product. The amount and timing of future funding requirements will depend on many factors, including the pace and results of clinical development efforts. The company resubmitted its MOLBREEVI Biologics License Application to the FDA in December 2025, requested Priority Review, and the FDA formally filed the BLA in February 2026 and granted Priority Review.