Savara ends $100.0 million at-the-market stock program with Evercore

The termination notice

Savara, Inc. (Nasdaq: SVRA) said in a Form 8-K dated March 31, 2025 that it delivered written notice to Evercore Group L.L.C. that it is terminating its at-the-market sales agreement, effective April 2, 2025. The notice was given under Section 12(b) of the agreement. The company says it is not subject to any termination penalties.

The agreement was entered into on July 6, 2021. It allowed Savara to offer and sell up to an aggregate of $100.0 million of its common stock from time to time through Evercore as sales agent. The filing describes these as at-the-market offerings under Rule 415 of the Securities Act of 1933, which means shares sold into the existing trading market rather than in a single underwritten deal. The agreement was filed as Exhibit 10.1 to a Form 8-K filed on July 7, 2021.

Savara says no shares have been issued or sold under the agreement since December 31, 2024. The program was therefore idle for the whole first quarter of 2025 before the notice. The 8-K gives no reason for ending it and does not say whether the company has another at-the-market program in place. The filing was signed by Dave Lowrance, chief financial and administrative officer.

What the 10-K says about the company

Savara's annual report on Form 10-K, filed March 27, 2025, describes the company as substantially dependent on the clinical, regulatory and commercial success of its sole product candidate, molgramostim inhaled solution, which it calls MOLBREEVI. The filing says that if the company cannot complete clinical development, obtain regulatory approval and commercialize MOLBREEVI, its business may be harmed.

The 10-K describes the approval path as uncertain. It says that development may take longer than planned or cost more, that regulators may condition, delay or deny approval, and that further testing and validation of the product and its manufacturing may be required. It also says the product may cause undesirable side effects or adverse events that could delay or prevent development or approval.

Even after approval, the filing says, the product may fail to win acceptance among doctors, patients or third-party payers, which would limit revenue and could mean the company never becomes profitable. It adds that the product may never be approved outside the United States, which would limit its commercial potential.

Financing and debt risks

The 10-K lists a set of capital risks. The company says it has incurred significant losses since its inception and expects losses to continue for the foreseeable future. It says it may need additional financing to obtain regulatory approval for MOLBREEVI, and that failure to raise that capital on acceptable terms, or at all, could force it to delay, limit, reduce or terminate its development work.

The filing also describes a loan agreement with covenants. If Savara fails to comply with them, the filing says, its outstanding debt could become immediately payable or principal payments could be accelerated. The risk summary does not quantify the debt, the covenant levels or the company's cash position, so the size of that exposure cannot be measured from the filing.

The 10-K also lists risks tied to in-process research and development, and to acquisitions, which could lead to impairment charges and disrupt the business. A further risk factor covers developments affecting financial institutions and the financial services industry, which could affect the company's operations and liquidity.

What the termination leaves open

The termination is the only dated event in the 8-K, and it takes effect on April 2, 2025. The company does not connect the notice to any financing plan, to the cash it holds, or to the MOLBREEVI timeline. Neither the 8-K nor the 10-K risk summary says whether the company expects to raise money through another channel.

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