Langhorne, PA Biotech Eyes Mid-2026 Molbreevi Launch
Research Report

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Disclosures for H.C. Wainwright & Co., Savara Inc., March 16, 2026

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to [email protected] and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility. RETURN ASSESSMENT Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the common stock of companies within the same sector. Market Perform (Neutral): The common stock of the company is expected to mimic the performance of a passive index comprised of all the common stock of companies within the same sector. Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all the common stock of companies within the same sector. Rating and Price Target History for: Savara, Inc. (SVRA-US) as of 03-13-2026 8 7 6 5 4 3 2 1 2023 Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 Q1 BUY:$3.00 12/15/20 BUY:$6.00 08/14/23 BUY:$10.00 06/27/24 BUY:$6.00 11/13/24 NEUTRAL:$2.00 05/29/25 BUY:$5.00 08/15/25 BUY:$8.00 09/03/25 BUY:$10.00 12/23/25 Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months. Distribution of Ratings Table as of March 13, 2026 IB Service/Past 12 Months Ratings Count Percent Count Percent Buy 583 87.01% 158 27.10% Neutral 62 9.25% 11 17.74% Sell 1 0.15% 0 0.00% Under Review 24 3.58% 4 16.67% H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Andrew S. Fein, Abigail Gray and Ananda Ghosh, PhD , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Savara, Inc. (including, without limitation, any option, right, warrant, future, long or short position). As of February 28, 2026 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Savara, Inc.. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The firm or its affiliates received compensation from Savara, Inc. for non-investment banking services in the previous 12 months. The Firm or its affiliates did receive compensation from Savara, Inc. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Savara, Inc. during the past 12 months. The Firm does not make a market in Savara, Inc. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

Published March 16, 2026, analysts Andrew S. Fein, Abigail Gray, and Ananda Ghosh, PhD of H.C. Wainwright & Co. reiterated their Buy rating on Savara Inc. (SVRA:NASDAQ), with a US$10.00 price target, representing approximately 90% upside to the March 13, 2026 closing price of US$5.25.

The rating reflects the company's materially de-risked regulatory path for Molbreevi (molgramostim inhaled solution) ahead of a PDUFA date of August 22, 2026, combined with advancing commercial readiness for what the analysts characterize as a concentrated, high-value rare pulmonary disease launch.

Recent Developments

The most significant recent development is the FDA's decision not to convene an Advisory Committee for Molbreevi's review, which the analysts view as removing a meaningful investor overhang. The review is described as tracking on schedule toward the August 22, 2026, PDUFA date.

In Europe and the United Kingdom, Marketing Authorization Applications (MAAs) have been submitted, beginning to shift the narrative from a U.S.-only launch to a broader rare-respiratory commercial opportunity.

Commercial Readiness

Savara has made tangible progress on its pre-launch infrastructure. The company has achieved what it describes as a "line-of-sight" goal of approximately 1,000 identified patients ahead of launch, and is targeting roughly 1,700 accounts and approximately 4,500 healthcare professionals.

Approximately 30 customer-facing commercial personnel are expected to join the workforce beginning in the second quarter of 2026. The company has also secured PANTHERx as its specialty pharmacy partner. The analysts note that the top 500 accounts manage approximately 65% of identified autoimmune pulmonary alveolar proteinosis (aPAP) patients, a concentration they view as favorable because "it suggests Molbreevi does not need a sprawling primary-care-style commercial model to drive meaningful uptake."

Addressable Market and Pricing

Savara continues to anchor its commercial opportunity to an estimated 5,500 U.S. addressable autoimmune PAP patients — a figure the analysts note is larger than older epidemiological estimates suggested.

Anticipated pricing is in the range of approximately US$400,000–US$500,000 per patient per year, with pharmacy-benefit reimbursement and specialty-tier positioning expected.

The analysts indicate payer budget-impact concerns are expected to remain modest, further supporting the thesis that this can be "a high-value  rare pulmonary launch rather than a slow educational grind."

Financial Results

For full-year 2025, Savara reported R&D expenses of US$81.4 million and G&A expenses of US$42.1 million, generating a net loss of US$118.8 million, or US$0.53 per share. The company held US$235.7 million in cash and equivalents as of December 31, 2025, against total debt of US$29.9 million.

In March 2025, the company secured a non-dilutive debt financing facility for up to US$200 million, including US$30 million at close used to refinance existing debt.

Financial Estimates

The analysts project no revenue for the first half of 2026, with commercial sales beginning in the third quarter following anticipated approval. Full-year 2026 revenue is estimated at US$24.4 million, growing to US$69.5 million in 2027 as the launch ramp accelerates.

The net loss per share is projected at US$0.49 for 2026, narrowing to US$0.28 in 2027, with the analysts modeling profitability beginning in 2028.

Valuation

H.C. Wainwright's US$10.00 price target is derived from an equally weighted composite of two methodologies. The first is a P/E multiple approach applying a 25x multiple to taxed and diluted fiscal year 2035 EPS of US$1.18, discounted back to fiscal year 2025 at a 12% rate, yielding US$9.52 per share. The second is a discounted cash flow analysis using a 12% discount rate and a 2% terminal growth rate, yielding US$9.72 per share. Molbreevi already holds Fast Track, Breakthrough Therapy, FDA and EMA Orphan Drug, and MHRA Innovation Passport/PIM designations in autoimmune PAP.

Key Risks and Open Questions

The analysts identify three primary risks to their investment thesis and price target: failure to secure regulatory approval; a smaller-than-anticipated commercial opportunity due to market size, competition, or pricing; and failure in future clinical studies.

Looking ahead, the analysts flag several open questions that will shape launch quality, including how much of the approximately 1,000-patient line of sight represents near-term, treatment-ready demand versus patients who are identified but not yet ready to initiate therapy; how quickly the concentrated patient base can be converted post-approval given the historical influence of whole lung lavage and off-label treatment approaches; and how much friction may emerge around diagnosis confirmation, prior authorization, device training, and referral patterns.

Outlook

The analysts conclude that Savara "now looks much less like a company trying to recover from an RTF and much more like a pre-launch rare disease story with visible regulatory and commercial milestones over the next six to twelve months."

Key milestones to watch include continued field-force buildout in the second quarter of 2026, further evidence that identified patients are translating into genuine launch readiness, and the August 22, 2026, PDUFA date itself.