SVRA

Savara is a clinical-stage, single-program story: its entire value rests on MOLBREEVI, an inhaled GM-CSF for autoimmune pulmonary alveolar proteinosis. There is no product revenue and never has been — the $257K of 'revenue' is a stale FY2020 figure, which makes the 4,802x P/S meaningless. Judge this as a binary regulatory bet, not on multiples. The numbers that matter are the burn and the runway: a $118.8M FY2025 net loss (widening from $95.9M in FY2024), -$101M operating cash flow, and a $608.1M accumulated deficit. Against that sits $33.2M cash plus $202.5M short-term investments (~$235M liquidity), bolstered by the October 2025 raise that netted ~$140.2M. That funds roughly two years at the current burn — adequate to reach a decision and begin a launch, but the filing explicitly warns more capital will be needed to commercialize, and the share count already grew 18.6% YoY.

The bull case is genuine de-risking. IMPALA-2, the Phase 3, hit positive topline results; after a May 2025 Refusal-to-File, the BLA was resubmitted in December 2025 and the FDA formally filed it with Priority Review in February 2026. MOLBREEVI carries Breakthrough Therapy, Fast Track, and Orphan Drug designations, and autoimmune PAP is a rare disease with no approved therapy — orphan economics imply real pricing power if approved. Priority Review points to an FDA decision around mid-2026, a hard, near-term catalyst.