Savara Inc 8-K

What Happened

• Savara Inc. announced a First Amendment (dated Jan 26, 2026) to its Loan and Security Agreement with Hercules Capital and the other lenders. The amendment makes up to $105 million of term loans available in aggregate and resets the timing/conditions for up to $75 million of additional term loans that are contingent on FDA approval of the company’s MOLBREEVI product candidate for the treatment of aPAP (the “Approval Milestone”).
• The company said it will file the full text of the First Amendment with its Annual Report on Form 10-K for the year ended Dec 31, 2025.

Key Details

• Aggregate availability under the amended Loan Agreement: up to $105 million in term loans.
• Post-approval draws (upon FDA Approval Milestone): up to $75 million, split as:
  • Up to $45 million (First Post-Approval Tranche) available through the earlier of 120 days after approval or June 30, 2027.
  • Up to $30 million available thereafter through the earlier of 120 days after approval or June 30, 2027.
• Financial covenant timing extended: the unrestricted cash covenant compliance date moved to April 1, 2027; the minimum trailing six‑month revenue covenant compliance date moved to September 30, 2027 (each extension conditioned on the company’s market capitalization falling below specified thresholds).
• Security: lenders receive a first‑priority perfected security interest in Savara’s intellectual property that will convert to a negative pledge if the company terminates its Oct 29, 2025 Purchase and Sale Agreement with funds managed by RTW Investments, LP prior to receiving funds under that Purchase Agreement and while Savara maintains $50 million or more of unrestricted cash.

Why It Matters

• The amendment provides Savara with a clearer path to additional financing tied to the potential FDA approval of MOLBREEVI, which could supply up to $75 million of post‑approval capital and a total of $105 million in term loan availability. That funding is conditional on regulatory approval and timing limits described above.
• The covenant date extensions reduce near‑term covenant pressure relative to the prior schedule, while the grant of lender security in the company’s IP (with conditional conversion to a negative pledge) changes the company’s collateral arrangements and could affect future financing flexibility.
• Investors should review the full First Amendment (to be filed with the company’s 2025 Form 10‑K) for complete terms and any related impacts on liquidity and capital structure.