Detailed financial statements for Savara Inc. (SVRA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Savara Inc. is a biopharmaceutical firm in the clinical development phase, specializing in therapies for uncommon respiratory conditions. Their primary investigational drug, molgramostim, is an inhaled form of granulocyte-macrophage colony-stimulating factor (GM-CSF). This compound is currently undergoing Phase III trials to address autoimmune pulmonary alveolar proteinosis. The company's main operations are situated in Austin, Texas.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $5.13, SVRA has negative trailing earnings (P/E not meaningful) and an ROE of -90.28%. Market capitalisation stands at $1.1B.
Balance sheet quality for SVRA: current ratio of 11.8, net cash position of $205.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $400000 | 0 | 0 | 0 | $257000 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $363000 | $526000 | $38.8M | $35.0M | $29.0M | $27.9M | $44.3M | $78.0M | $245000 |
| Gross Profit | $400000 | -$363000 | -$526000 | -$38.8M | -$34.8M | -$29.0M | -$27.9M | -$44.3M | -$78.0M | -$245000 |
| Research & Development | $8.2M | $18.5M | $37.2M | $38.8M | $35.0M | $29.0M | $27.9M | $44.3M | $78.0M | $81.4M |
| Selling, General & Admin | $2.8M | $11.1M | $10.7M | $12.9M | $12.0M | $12.3M | $10.9M | $15.7M | $25.0M | $42.1M |
| Operating Expenses | $11.3M | $30.0M | $48.4M | $40.2M | $14.5M | $12.5M | $11.0M | $15.7M | $25.2M | $123.3M |
| Operating Income | -$10.9M | -$30.0M | -$70.0M | -$79.0M | -$49.3M | -$41.5M | -$38.8M | -$60.0M | -$103.2M | -$123.5M |
| EBITDA | -$10.5M | -$31.9M | -$69.5M | -$50.4M | -$45.9M | -$40.5M | -$38.0M | -$59.1M | -$102.3M | -$118.6M |
| Interest Expense | $468000 | $1.2M | $11000 | $70000 | $1.5M | $2.3M | $88000 | 0 | 0 | 0 |
| Pre-tax Income | -$11.3M | -$33.4M | -$70.0M | -$78.2M | -$49.6M | -$43.0M | -$38.1M | -$54.7M | -$95.9M | -$118.8M |
| Income Tax | -$357000 | -$3.6M | -$8.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$10.9M | -$29.8M | -$61.5M | -$78.2M | -$49.6M | -$43.0M | -$38.1M | -$54.7M | -$95.9M | -$118.8M |
| EPS | $-3.27 | $-1.70 | $-1.85 | $-2.62 | $-0.84 | $-0.32 | $-0.25 | $-0.33 | $-0.48 | $-0.53 |
| EPS (Diluted) | $-3.27 | $-1.70 | $-1.85 | $-2.62 | $-0.84 | $-0.32 | $-0.25 | $-0.33 | $-0.48 | $-0.53 |
| Shares Outstanding (Diluted) | $3.3M | $17.5M | $33.3M | $40.0M | $59.3M | $133.9M | $152.8M | $165.2M | $198.2M | $222.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$20.6M | -$40000 | -$66000 | 0 |
| Operating Income | -$30.3M | -$33.4M | -$39.0M | -$41.0M |
| EBITDA | -$29.5M | -$32.2M | -$37.2M | -$40.2M |
| Net Income | -$29.6M | -$32.2M | -$37.3M | -$40.2M |
| EPS | $-0.14 | $-0.13 | $-0.15 | $-0.16 |
| EPS (Diluted) | $-0.14 | $-0.13 | $-0.15 | $-0.16 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $13.4M | $22.1M | $24.3M | $49.8M | $22.9M | $34.0M | $52.1M | $26.6M | $15.1M | $33.2M |
| Short-term Investments | 0 | $72.2M | $86.5M | $72.0M | $59.3M | $127.2M | $73.8M | $135.7M | $181.2M | $202.5M |
| Receivables | $868000 | $1.0M | $1.7M | $1.6M | $1.7M | $1.1M | $954000 | $1.0M | $1.0M | $1.3M |
| Inventory | $337000 | $2.5M | 0 | -$1.6M | 0 | -$1.1M | $2.1M | 0 | 0 | 0 |
| Total Current Assets | $14.6M | $97.9M | $113.3M | $124.1M | $85.1M | $165.0M | $129.0M | $165.9M | $202.1M | $241.6M |
| Property, Plant & Equipment | $793000 | $925000 | $522000 | $352000 | $156000 | $73000 | $51000 | $270000 | $165000 | $100000 |
| Goodwill | $3.1M | $27.1M | $26.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $10.5M | $33.6M | $11.4M | $11.1M | $12.2M | $11.3M | $10.7M | $11.0M | $10.3M | $11.6M |
| Total Assets | $28.9M | $159.6M | $152.3M | $136.2M | $97.7M | $176.6M | $139.8M | $177.6M | $212.9M | $253.4M |
| Accounts Payable | $536000 | $2.8M | $3.9M | $3.4M | $2.6M | $1.4M | $1.3M | $3.5M | $4.5M | $5.8M |
| Short-term Debt | 0 | 0 | 0 | $2.0M | 0 | $8.3M | 0 | 0 | 0 | $7000 |
| Total Current Liabilities | $3.5M | $6.0M | $7.3M | $10.9M | $8.2M | $14.7M | $5.9M | $10.6M | $14.7M | $20.4M |
| Long-term Debt | $3.4M | $14.8M | $24.5M | $23.1M | $25.1M | $17.3M | $26.1M | $26.3M | $26.6M | $29.9M |
| Total Liabilities | $64.8M | $40.3M | $152.3M | $34.5M | $33.4M | $32.1M | $32.0M | $37.2M | $41.4M | $50.3M |
| Retained Earnings | -$38.4M | -$68.2M | -$129.7M | -$207.9M | -$257.5M | -$300.5M | -$338.7M | -$393.4M | -$489.2M | -$608.1M |
| Total Equity | -$35.9M | $119.3M | $108.2M | $101.7M | $64.4M | $144.5M | $107.8M | $140.4M | $171.4M | $203.1M |
| Total Debt | $4.5M | $15.3M | $24.6M | $25.6M | $25.3M | $25.8M | $26.1M | $26.5M | $26.7M | $29.9M |
| Net Debt | -$8.9M | -$79.0M | -$86.3M | -$96.2M | -$56.9M | -$135.4M | -$99.7M | -$135.8M | -$169.6M | -$205.8M |
| Working Capital | $11.2M | $91.8M | $106.1M | $113.2M | $76.9M | $150.3M | $123.1M | $155.3M | $187.4M | $221.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $16.3M | $33.2M | $38.8M | $41.8M |
| Total Assets | $140.9M | $253.4M | $221.6M | $192.1M |
| Total Liabilities | $46.5M | $50.3M | $45.6M | $48.5M |
| Total Equity | $94.4M | $203.1M | $176.0M | $143.7M |
| Total Debt | $29.8M | $29.9M | $30.1M | $30.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$10.9M | -$29.8M | -$61.5M | -$78.2M | -$49.6M | -$43.0M | -$38.1M | -$54.7M | -$95.9M | -$118.8M |
| Depreciation & Amortization | $346000 | $363000 | $526000 | $1.0M | $693000 | $367000 | $167000 | $77000 | $130000 | $87000 |
| Stock-based Compensation | $209000 | $552000 | $3.7M | $4.4M | $5.1M | $3.3M | $2.0M | $4.2M | $9.9M | $14.4M |
| Change in Working Capital | $1.5M | -$2.0M | $2.4M | $847000 | -$1.7M | -$2.8M | $960000 | $4.1M | $1.8M | $5.0M |
| Operating Cash Flow | -$8.4M | -$28.2M | -$39.3M | -$45.1M | -$39.8M | -$40.1M | -$34.6M | -$51.1M | -$89.1M | -$101.0M |
| Capital Expenditure | -$8000 | -$495000 | -$141000 | -$148000 | -$3.3M | -$57000 | -$9000 | -$296000 | -$25000 | -$22000 |
| Acquisitions | 0 | $3.4M | -$10.3M | -$14.1M | $3.2M | -$8.2M | 0 | $56820 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$78000 | -$3000 | -$1.2M | -$995000 | -$5.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$8.4M | -$28.7M | -$39.4M | -$45.3M | -$43.1M | -$40.1M | -$34.6M | -$51.4M | -$89.1M | -$101.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$22.5M | -$25.1M | -$33.0M | -$29.7M |
| Capital Expenditure | -$2000 | -$2000 | -$54000 | -$222000 |
| Free Cash Flow | -$22.5M | -$25.1M | -$33.1M | -$30.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.4M | $5.4M | $10.7M | $7.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -100.0% | | | | -100.0% | | | | |
| Net Income Growth (YoY) | | -172.8% | -106.5% | -27.1% | +36.5% | +13.3% | +11.3% | -43.4% | -75.3% | -23.9% |
| EPS Growth (YoY) | | +48.0% | -8.8% | -41.6% | +67.9% | +61.9% | +21.9% | -32.0% | -45.5% | -10.4% |
| Shares Change (YoY) | | +423.7% | +90.1% | +20.2% | +48.2% | +125.8% | +14.1% | +8.1% | +20.0% | +12.2% |
| FCF Growth (YoY) | | -242.9% | -37.2% | -14.9% | +4.7% | +6.9% | +13.9% | -48.6% | -73.5% | -13.4% |
| Gross Margin | 100.0% | | | | -13533.5% | | | | | |
| Operating Margin | -2737.0% | | | | -19182.9% | | | | | |
| EBITDA Margin | -2620.5% | | | | -17841.2% | | | | | |
| Net Margin | -2730.8% | | | | -19305.4% | | | | | |
| FCF Margin | -2094.5% | | | | -16782.1% | | | | | |
| Effective Tax Rate | 3.2% | 10.9% | 12.2% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-2.50 | $-1.64 | $-1.18 | $-1.13 | $-0.73 | $-0.30 | $-0.23 | $-0.31 | $-0.45 | $-0.45 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $3.3M | $17.5M | $33.3M | $40.0M | $59.3M | $133.9M | $152.8M | $165.2M | $198.2M | $222.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -90.28% |
| Return on Invested Capital | -82.30% |
| Return on Assets | -72.50% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.21 |
| Current Ratio | 10.13 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 12.07 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.68 | -8.73 | -4.09 | -1.71 | -1.37 | -3.88 | -6.20 | -14.24 | -6.40 | -11.38 |
| P/B | -0.82 | 2.18 | 2.33 | 1.76 | 1.06 | 1.15 | 2.20 | 5.53 | 3.55 | 6.60 |
| P/S | 73.26 | 0.00 | 0.00 | 0.00 | 265.39 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 100.0% | 0.0% | 0.0% | 0.0% | -13533.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -2737.0% | 0.0% | 0.0% | 0.0% | -19182.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -2730.8% | 0.0% | 0.0% | 0.0% | -19305.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |