Operating losses have widened significantly from $17.6 million in 2023Q4 to $39.0 million in 2026Q1, reflecting the absence of revenue to offset intensive R&D spending.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 257K | 0 | 0 | 0 | 400K | 54 | 1.55K | 0 | 0 | 0 | 488.96K | 300K | 500K | 500K | 0 | 496.06K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | -100% | - | - | - | -100% | 740640.74% | -96.51% | - | - | - | -100% | 62.99% | -40% | 0% | - | -100% | - | - | - | - | - | - |
| Cost of Goods Sold | 491K | 245K | 78.03M | 44.26M | 27.88M | 28.99M | 35.04M | 38.78M | 526K | 363K | 0 | 146K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | 13633.46% | - | - | - | - | 270370.37% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -491K | -245K | -78.03M | -44.26M | -27.88M | -28.99M | -34.78M | -38.78M | -526K | -363K | 400K | -145.95K | 1.55K | 0 | 0 | 0 | 488.96K | 300K | 500K | 500K | 0 | 496.06K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | -13533.46% | - | - | - | 100% | -270270.37% | 100% | - | - | - | 100% | 100% | 100% | 100% | - | 100% | - | - | - | - | - |
| Gross Profit Growth % | - | 99.69% | -76.29% | -58.76% | 3.84% | 16.65% | 10.31% | -7272.81% | -44.9% | -190.75% | 374.07% | -9528.04% | - | - | - | -100% | 62.99% | -40% | 0% | - | -100% | - | - | - | - | - | - |
| Operating Expenses | 133.62M | 123.3M | 25.17M | 15.74M | 10.96M | 12.49M | 14.52M | 40.24M | 48.35M | 29.96M | 11.35M | 39.37M | 29.01M | 21.46M | 15.7M | 13.4M | 9.03M | 11.59M | 27.81M | 24.81M | 19.41M | 13.7M | 6.8M | 2.34M | 2.1M | 10.66M | 3.72M |
| OpEx % of Revenue | - | - | - | - | - | - | 5649.42% | - | - | - | 2837% | 72912962.96% | 1873901.81% | - | - | - | 1846.51% | 3861.89% | 5561.97% | 4962.21% | - | 2761.58% | - | - | - | - | - |
| Selling, General & Admin | 48.34M | 42.06M | 25.04M | 15.67M | 10.93M | 12.35M | 11.96M | 12.86M | 10.65M | 11.08M | 2.82M | 10.96M | 9.49M | 8.52M | 7.52M | 7.19M | 5.32M | 5M | 9.72M | 8.68M | 7.24M | 4.9M | 4.02M | 1.59M | 1.39M | 2.04M | 793.97K |
| SG&A % of Revenue | - | - | - | - | - | - | 4655.25% | - | - | - | 705% | 20301851.85% | 612919.9% | - | - | - | 1088.04% | 1666.1% | 1943.92% | 1735.77% | - | 987.99% | - | - | - | - | - |
| Research & Development | 85.64M | 81.4M | 78.03M | 44.26M | 27.88M | 28.99M | 35.04M | 38.78M | 37.17M | 18.51M | 8.18M | 28.26M | 19.43M | 12.9M | 8.09M | 5.76M | 3.69M | 6.51M | 17.92M | 15.93M | 12M | 8.68M | 2.74M | 749K | 282.97K | 946.42K | 1.02M |
| R&D % of Revenue | - | - | - | - | - | - | 13633.46% | - | - | - | 2045.5% | 52340740.74% | 1255490.96% | - | - | - | 754.41% | 2169.22% | 3584.44% | 3186.88% | - | 1750.3% | - | - | - | - | - |
| Other Operating Expenses | -315K | 87K | -77.9M | -44.19M | -27.85M | -28.86M | -32.48M | -11.4M | 526K | 363K | -43K | 4K | 0 | -1.35K | -5.05K | 37.57K | 19.82K | 79.73K | 168.04K | 197.78K | 176.69K | 115.55K | 41.31K | 8.97K | 428.11K | 7.67M | 0 |
| Operating Income | -134.12M | -123.55M | -103.2M | -60.01M | -38.84M | -41.48M | -49.3M | -79.03M | -70.05M | -29.96M | -10.95M | -39.37M | -29.28M | -21.54M | -15.63M | -13.4M | -8.54M | -11.29M | -27.31M | -24.31M | -29.84M | -13.2M | -6.8M | -2.34M | -2.1M | -10.66M | -3.72M |
| Operating Margin % | - | - | - | - | - | - | -19182.88% | - | - | - | -2737% | -72912962.96% | -1891408.27% | - | - | - | -1746.51% | -3761.89% | -5461.97% | -4862.21% | - | -2661.58% | - | - | - | - | - |
| Operating Income Growth % | - | -19.72% | -71.97% | -54.5% | 6.36% | 15.87% | 37.61% | -12.82% | -133.83% | -173.62% | 72.19% | -34.48% | -35.93% | -37.82% | -16.65% | -56.88% | 24.33% | 58.68% | -12.34% | 18.52% | -125.98% | -94.04% | -190.33% | -11.65% | 80.3% | -186.58% | - |
| EBITDA | -133.9M | -123.3M | -103.07M | -59.93M | -38.81M | -41.34M | -49.05M | -78.71M | -69.52M | -29.59M | -10.6M | -39.23M | -29.19M | -21.5M | -15.54M | -13.36M | -8.52M | -11.21M | -27.14M | -24.11M | -29.66M | -13.09M | -6.76M | -2.33M | -1.67M | -2.98M | -1.81M |
| EBITDA Margin % | - | - | - | - | - | - | -19083.66% | - | - | - | -2650.5% | -72642592.59% | -1885917.31% | - | - | - | -1742.45% | -3735.32% | -5428.36% | -4822.65% | - | -2638.28% | - | - | - | - | - |
| EBITDA Growth % | -22.86% | -19.63% | -71.98% | -54.43% | 6.13% | 15.71% | 37.69% | -13.23% | -134.92% | -179.13% | 72.97% | -34.37% | -35.79% | -38.37% | -16.31% | -56.8% | 23.97% | 58.71% | -12.56% | 18.7% | -126.63% | -93.52% | -189.68% | -39.71% | 44.01% | -64.79% | - |
| D&A (Non-Cash Add-back) | 214K | 245K | 130K | 77K | 31K | 136K | 255K | 311K | 526K | 363K | 346K | 146K | 85K | 39.52K | 90.05K | 38K | 19.82K | 79.73K | 168.04K | 197.78K | 176.69K | 115.55K | 41.31K | 8.97K | 428.11K | 7.67M | 1.91M |
| EBIT | -133.42M | -123.55M | -102.4M | -59.21M | -38.04M | -40.63M | -46.11M | -50.74M | -70.03M | -32.27M | -10.83M | -39.24M | -28.7M | -21.48M | -15.56M | -13.26M | -8.45M | -11.29M | -27.31M | -24.31M | -29.33M | -13.7M | -6.7M | -2.33M | -2M | -16.35M | -3.72M |
| Net Interest Income | 3.72M | 4.16M | 6.47M | 4.44M | -87.91K | -2.28M | -1.48M | -70K | 0 | 0 | -452K | -473K | 0 | 0 | 0 | 65.58K | 91.24K | 7.16K | 549.96K | 2.17M | 0 | 496.06K | 101.66K | 7.88K | -52.42K | 19.67K | 17.43K |
| Interest Income | 3.72M | 4.16M | 6.47M | 4.44M | 88 | 2.28K | 0 | 0 | 0 | 0 | 122K | 130K | 69K | 60.27K | 73.56K | 76.59K | 92.87K | 7.16K | 549.96K | 2.17M | 1.16M | 496.06K | 103.04K | 9.27K | 1.27K | 31.69K | 40.92K |
| Interest Expense | 0 | 0 | 0 | 0 | 88K | 2.28M | 1.48M | 70K | 11K | 1.16M | 468K | 603K | 0 | 0 | 0 | 11.01K | 1.63K | 0 | 0 | 0 | 0 | 0 | 1.39K | 1.39K | 53.7K | 12.02K | 23.5K |
| Other Income/Expense | 4.63M | 4.71M | 7.32M | 5.31M | 689K | -1.54M | -315K | 852K | 18K | -3.48M | -332K | -469K | 577K | 58.92K | 68.51K | -273.93K | 88.78K | -39.37K | 662.34K | 2.17M | 504.69K | -11.58M | 103.04K | 11.49K | 45.79K | -5.7M | 0 |
| Pretax Income | -129.48M | -118.84M | -95.88M | -54.7M | -38.15M | -43.01M | -49.62M | -78.17M | -70.03M | -33.43M | -11.28M | -39.84M | -28.7M | -21.48M | -15.56M | -13.26M | -8.45M | -11.33M | -26.65M | -22.14M | 29.33M | -24.78M | -2.33M | -2.33M | -2.05M | -16.36M | 0 |
| Pretax Margin % | - | - | - | - | - | - | -19305.45% | - | - | - | -2820% | -73781481.48% | -1854134.37% | - | - | - | -1728.35% | -3775.02% | -5329.5% | -4428.41% | - | -4995.91% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.51M | -3.63M | -357K | 0 | 0 | -1.35K | -5.05K | -65.62K | 0 | 39.37K | 0 | 0 | 9.92M | 0 | 4.37M | -11.49K | 6.63K | 5.68M | -17.43K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 12.15% | 10.87% | 3.16% | 0% | 0% | 0.01% | 0.03% | 0.49% | 0% | -0.35% | 0% | 0% | 33.81% | 0% | -187.34% | 0.49% | -0.32% | -34.74% | - |
| Net Income | -129.48M | -118.84M | -95.88M | -54.7M | -38.15M | -43.01M | -49.62M | -78.17M | -61.52M | -29.8M | -10.92M | -39.84M | -28.7M | -21.48M | -15.56M | -13.26M | -8.45M | -11.33M | -26.65M | -22.14M | -29.33M | -24.78M | -6.7M | -2.33M | -2.11M | -16.34M | -3.7M |
| Net Margin % | - | - | - | - | - | - | -19305.45% | - | - | - | -2730.75% | -73781481.48% | -1854134.37% | - | - | - | -1728.35% | -3775.02% | -5329.5% | -4428.41% | - | -4995.91% | - | - | - | - | - |
| Net Income Growth % | -26.73% | -23.94% | -75.29% | -43.38% | 11.31% | 13.3% | 36.53% | -27.08% | -106.45% | -172.79% | 72.58% | -38.81% | -33.62% | -38.05% | -17.34% | -56.91% | 25.38% | 57.5% | -20.35% | 24.51% | -18.36% | -269.83% | -187.34% | -10.75% | 87.11% | -341.47% | - |
| Net Income (Continuing) | -129.48M | -118.84M | -95.88M | -54.7M | -38.15M | -43.01M | -49.62M | -78.17M | -61.52M | -29.8M | -10.92M | -39.84M | -28.7M | -21.48M | -15.56M | -13.26M | -8.45M | -11.33M | -26.65M | -22.14M | -29.33M | -24.78M | -6.7M | -2.33M | -2.11M | -16.34M | -3.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.51 | -0.53 | -0.48 | -0.33 | -0.25 | -0.32 | -0.84 | -2.62 | -1.85 | -1.70 | -3.27 | -17.19 | -16.41 | -19.63 | -22.86 | -32.94 | -44.88 | -169.85 | -516.69 | -430.96 | -693.77 | -724.89 | -231.21 | -120.54 | -235.41 | -1960.07 | -0.08 |
| EPS Growth % | -14.29% | -10.42% | -45.45% | -32% | 21.88% | 61.9% | 67.94% | -41.62% | -8.82% | 48.01% | 80.98% | -4.75% | 16.4% | 14.13% | 30.6% | 26.6% | 73.58% | 67.13% | -19.89% | 37.88% | 4.29% | -213.52% | -91.81% | 48.8% | 87.99% | -2545445.45% | - |
| EPS (Basic) | - | -0.53 | -0.48 | -0.33 | -0.25 | -0.32 | -0.84 | -2.62 | -1.85 | -1.70 | -3.27 | -17.19 | -16.41 | -19.63 | -22.86 | -32.94 | -44.88 | -169.85 | -516.69 | -430.96 | -693.77 | -724.89 | -231.21 | -120.54 | -235.41 | -1960.07 | -0.08 |
| Diluted Shares Outstanding | 253.28M | 222.39M | 198.19M | 165.2M | 152.77M | 133.92M | 59.31M | 40.03M | 33.3M | 17.52M | 3.35M | 2.32M | 1.75M | 1.09M | 680.6K | 402.51K | 188.3K | 66.67K | 51.57K | 51.38K | 42.28K | 34.19K | 28.98K | 19.35K | 8.95K | 8.34K | 48.07M |
| Basic Shares Outstanding | 253.28M | 222.39M | 198.19M | 165.2M | 152.77M | 133.92M | 59.31M | 40.03M | 33.3M | 17.52M | 3.35M | 2.32M | 1.75M | 1.09M | 680.6K | 402.51K | 188.3K | 66.67K | 51.57K | 51.38K | 42.28K | 34.19K | 28.98K | 19.35K | 8.95K | 8.34K | 48.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial outcome
As reported in recent financial statements, Savara's quarterly R&D expenditures have climbed from $12.7 million in 2023Q4 to $23.4 million by 2026Q1, reflecting the intensive capital requirements necessary to advance the IMPALA-2 Phase III clinical trial toward its critical data readout and potential regulatory submission.
The consistent upward trajectory in R&D spending underscores the company's singular focus on its lead asset, molgramostim. This expense profile suggests that management is prioritizing clinical execution over cost containment, which is typical for a pre-revenue biotech nearing a pivotal milestone but leaves little room for operational error.
Based on the company's reported figures, operating losses have widened significantly from $17.6 million in 2023Q4 to $39.0 million in 2026Q1, indicating that the firm currently lacks the revenue base to offset the fixed costs associated with its specialized orphan drug development and administrative infrastructure.
The absence of top-line revenue means that every dollar of SG&A and R&D directly impacts the bottom line, resulting in a lack of operating leverage. Investors should monitor whether the current administrative overhead, which has grown alongside R&D, can be scaled efficiently if the company transitions to a commercial entity.
According to quarterly filings, Savara recognized $5.4 million in stock-based compensation during 2025Q4, a figure that significantly impacts the reported net loss of $32.2 million and highlights the reliance on equity-based incentives to preserve cash while managing the company's human capital requirements during the clinical phase.
The variability in stock-based compensation suggests that reported EPS figures may not fully capture the underlying cash burn of the business. Analysts should adjust for these non-cash charges to better understand the true runway available to the company before additional dilutive financing becomes a necessity.
With only $33.18 million in cash reserves and quarterly operating losses reaching $39.0 million as of 2026Q1, the company faces a precarious financial position that may necessitate dilutive equity raises regardless of the upcoming clinical trial results, as noted in recent regulatory disclosures.
The market's focus on the binary outcome of the IMPALA-2 trial may overlook the structural risk posed by the company's limited liquidity. This suggests that even a positive clinical readout could be overshadowed by the immediate need for capital to fund commercial launch preparations, potentially capping near-term upside for existing shareholders.
Quick answers to the most common questions about buying SVRA stock.
For fiscal year 2025, Savara Inc. (SVRA) reported total revenue of $0.0M.
Savara Inc. (SVRA) reported a net loss of $118.8M for the fiscal year ending 2025.