Savara
SVRA on Nasdaq. Pharmaceutical preparations. Market value $982m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-11.58 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -38 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$4.65 a share, 39% above its 1-year low
Over the past year the price has ranged from $3.34 to $7.01.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.18 | 0.24 | 0.19 | 0.16 | 0.15 |
| Shares outstanding | |||||
| Shares outstanding | 0.11bn | 0.14bn | 0.17bn | 0.20bn | 0.21bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- Debt0.15× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 80% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $40 million, compared with a loss of $30 million a year ago.
- Over the past 12 months it spent $111 million more cash than it brought in, compared with $99 million a year earlier.
- 17% more shares than a year ago. Each share owns a bit less of the company.
- It has $12 million more cash than debt. A year ago debt was $12 million more than cash.
| Quarter to | Amount |
|---|---|
| September 2024 | -$24m |
| December 2024 | -$29m |
| March 2025 | -$27m |
| June 2025 | -$30m |
| September 2025 | -$30m |
| December 2025 | -$32m |
| March 2026 | -$37m |
| June 2026 | -$40m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
None of the long-term investors we follow own it. 181 funds in all.
Largest holders overall
- NEA Management Company$151m
- Bain Capital Life Sciences Investors$108m
- Venrock Adviser$91mAdded
- Nantahala Capital Management$86mAdded
- Deerfield Management Company, L.P.$84m
- BlackRock$77mAdded
- TCG Crossover Management$76m
- Frazier Life Sciences Management, L.P.$60m
- Polar Capital Holdings$59m
- Vanguard Capital Management$49m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
10 investors own more than 5%.
- Growth Equity Opportunities 17, LLCPassive investorat least 12.0%(filed with 12 related holders)Since 12 November 2025
What they said
GEO acquired the GEO Shares for investment purposes. Depending on market conditions, its continuing evaluation of the business and prospects of the Issuer and other factors, GEO and the other Reporting Persons may dispose of or acquire additional shares of the Issuer. Except as…
Read the filing - Bain Capital Life Sciences Fund II, L.P.Passive investorat least 10.0%(filed with 2 related holders)Since 25 March 2025
- Venrock Healthcare Capital Partners III, L.P.Passive investorat least 9.9%+2.6 pts(filed with 6 related holders)Since 31 December 2025
- Farallon Capital Management, L.L.C.Passive investorat least 6.8%−0.1 pts(filed with 26 related holders)Since 30 June 2026
- Deerfield Mgmt, L.P.Passive investorat least 6.7%(filed with 3 related holders)Since 30 October 2025
- TCG Crossover GP I, LLCPassive investorat least 6.1%(filed with 2 related holders)Since 31 December 2025
- BlackRock, Inc.Passive investor5.4%+0.6 ptsSince 31 December 2025
- Frazier Life Sciences Public Fund, L.P.Passive investorat least 4.1%+0.2 pts(filed with 7 related holders)Since 31 December 2025
- Nantahala Capital Management, LLCPassive investorat least 3.6%−1.5 pts(filed with 2 related holders)Since 31 December 2025
- Wellington Management Group LLPPassive investorat least 3.2%(filed with 2 related holders)Since 31 December 2024
- Vestal Point Capital, LPPassive investorSold down below 5%Since 30 September 2025
- Frazier Life Sciences Public Overage Fund, L.P.Passive investorSold down below 5%Since 30 June 2025
- Farallon Capital Partners, L.P.Passive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Growth Equity Opportunities 17, LLC Passive investor | at least 12.0% (filed with 12 related holders) | 12 November 2025 | What they saidGEO acquired the GEO Shares for investment purposes. Depending on market conditions, its continuing evaluation of the business and prospects of the Issuer and other factors, GEO and the other Reporting Persons may dispose of or acquire additional shares of the Issuer. Except as… Read the filing |
Bain Capital Life Sciences Fund II, L.P. Passive investor | at least 10.0% (filed with 2 related holders) | 25 March 2025 | |
Venrock Healthcare Capital Partners III, L.P. Passive investor | at least 9.9%+2.6 pts (filed with 6 related holders) | 31 December 2025 | |
Farallon Capital Management, L.L.C. Passive investor | at least 6.8%−0.1 pts (filed with 26 related holders) | 30 June 2026 | |
Deerfield Mgmt, L.P. Passive investor | at least 6.7% (filed with 3 related holders) | 30 October 2025 | |
TCG Crossover GP I, LLC Passive investor | at least 6.1% (filed with 2 related holders) | 31 December 2025 | |
BlackRock, Inc. Passive investor | 5.4%+0.6 pts | 31 December 2025 | |
Frazier Life Sciences Public Fund, L.P. Passive investor | at least 4.1%+0.2 pts (filed with 7 related holders) | 31 December 2025 | |
Nantahala Capital Management, LLC Passive investor | at least 3.6%−1.5 pts (filed with 2 related holders) | 31 December 2025 | |
Wellington Management Group LLP Passive investor | at least 3.2% (filed with 2 related holders) | 31 December 2024 | |
Vestal Point Capital, LP Passive investor | Sold down below 5% | 30 September 2025 | |
Frazier Life Sciences Public Overage Fund, L.P. Passive investor | Sold down below 5% | 30 June 2025 | |
Farallon Capital Partners, L.P. Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $2m.
- Lowrance David LChief Financial OfficerSold
- Date
- 22 June 2026
- Shares
- 394,528
- Price
- $5.68
- Value
- $2m
- RAMSAY DAVID ADirectorSold
- Date
- 19 December 2025
- Shares
- 20,000
- Price
- $6.06
- Value
- $121,200
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 22 June 2026 | Lowrance David L Chief Financial Officer | Sold | 394,528 | $5.68 | $2m |
| 19 December 2025 | RAMSAY DAVID A Director | Sold | 20,000 | $6.06 | $121,200 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.