Savara amends Hercules loan agreement, resets draw terms on up to $75 million of added term loans

Savara Inc. (Nasdaq: SVRA) amended its term loan agreement with Hercules Capital, Inc. on January 26, 2026, resetting when and how it can draw up to $75 million of additional loans. The company disclosed the First Amendment in a Form 8-K filed January 27, 2026. As amended, the loan agreement lets Savara borrow up to an aggregate of $105 million of term loans. The additional loans depend on FDA approval of its MOLBREEVI product candidate for the treatment of aPAP.

What the First Amendment changes

The amendment is to the Loan and Security Agreement dated March 26, 2025, among Savara, the lenders party to it and Hercules Capital, Inc., which acts as administrative agent and collateral agent. The filing says the First Amendment reset the timing and conditions for drawing up to $75 million of additional term loans. Each draw is subject to FDA approval of MOLBREEVI for aPAP, which the filing calls the Approval Milestone.

If the company reaches the Approval Milestone, it may borrow the $75 million in two steps. The first is up to $45 million, available through the earlier of 120 days after the Approval Milestone or June 30, 2027. Once that tranche is fully drawn or has expired, Savara may borrow up to $30 million more, again through the earlier of 120 days after the Approval Milestone or June 30, 2027. Neither tranche is available before the Approval Milestone is achieved.

Covenant dates pushed back

The First Amendment also moves the dates by which Savara must meet two financial covenants. Both are tied to the company's market capitalization. If the market capitalization falls below the previously reported thresholds for each covenant, the initial date for compliance with the unrestricted cash requirement is now April 1, 2027. The date for compliance with the minimum trailing six-month revenue covenant is now September 30, 2027.

Security interest in intellectual property

The amendment gives the lenders a first-priority perfected security interest in Savara's intellectual property. That interest converts to a negative pledge in one case: if Savara terminates its Purchase and Sale Agreement dated October 29, 2025 with funds managed by RTW Investments, LP before it receives funds under that agreement, and so long as it keeps $50 million or more in unrestricted cash. A negative pledge is a promise not to give the same assets as security to anyone else.

Where the filing points for the full text

The 8-K says its description is qualified by the full text of the First Amendment, which the company plans to file with its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The filing reports the amendment under Item 1.01 and Item 2.03, which covers a direct financial obligation of the registrant.

About the company

Savara's annual report on Form 10-K filed March 27, 2025 says the company is substantially dependent on the clinical, regulatory and commercial success of its sole product candidate. The report shows cash and cash equivalents of $15.1 million and short-term investments of $181.2 million at December 31, 2024, and a net loss of $95,881 thousand for 2024 against $54,698 thousand for 2023. It also describes a Common Stock Sales Agreement dated July 6, 2021 with Evercore Group L.L.C. as sales agent, under which Savara may sell shares from time to time. The report lists, among its risks, that its loan agreement contains covenants that could adversely affect its business, and that failure to comply could have adverse consequences for the company.

Dave Lowrance, Chief Financial and Administrative Officer, signed the 8-K for Savara Inc., a Delaware corporation, on January 27, 2026.

Report an error

Companies in this story

SVRASavara, Inc.NASDAQ · United StatesOpen the starter desk