Free cash flow has deteriorated to a quarterly outflow of $33.1 million in 2026Q1, with an OCF/NI ratio near 0.89 indicating that reported losses are closely tied to actual cash burn.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | -106.89M | -101.04M | -89.09M | -51.06M | -34.55M | -40.08M | -39.84M | -45.12M | -39.27M | -28.23M | -8.37M | -32.95M | -24.64M | -17.79M | -13.92M | -13.47M | -8.34M | -12.62M | -23.79M | -19.64M | -15.77M | -11.65M | -5.18M | -2.25M | -1.1M | -1.71M | -2.15M |
| Operating CF Margin % | - | - | - | - | - | - | -15500.39% | - | - | - | -2092.5% | -61016666.67% | -1592054.26% | - | - | - | -1705.92% | -4205.47% | -4757.52% | -3928.64% | - | -2347.87% | - | - | - | - | - |
| Operating CF Growth % | -45.3% | -13.41% | -74.47% | -47.77% | 13.79% | -0.61% | 11.72% | -14.89% | -39.11% | -237.32% | 74.6% | -33.69% | -38.54% | -27.8% | -3.36% | -61.45% | 33.89% | 46.96% | -21.1% | -24.53% | -35.43% | -125.04% | -130.31% | -103.92% | 35.6% | 20.35% | - |
| Net Income | -129.48M | -118.84M | -95.88M | -54.7M | -38.15M | -43.01M | -49.62M | -78.17M | -61.52M | -29.8M | -10.92M | -39.84M | -28.7M | -21.48M | -15.56M | -13.26M | -8.45M | -11.33M | -26.65M | -22.14M | -29.33M | -24.78M | -6.7M | -2.33M | -2.11M | -16.34M | -3.7M |
| Depreciation & Amortization | 202K | 87K | 130K | 77K | 167K | 367K | 693K | 1.01M | 526K | 363K | 346K | 146K | 85K | 39.52K | 90.05K | 37.57K | 19.82K | 79.73K | 168.04K | 197.78K | 176.69K | 115.55K | 41.31K | 8.97K | 428.11K | 7.67M | 1.91M |
| Stock-Based Compensation | 8.02M | 14.42M | 9.86M | 4.18M | 2.04M | 3.26M | 5.11M | 4.44M | 3.74M | 552K | 209K | 2.67M | 2.03M | 1.6M | 1.46M | 866.05K | 785.94K | 585.44K | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.7M | -219K | 25.98M | -7.06M | -2.82M | -2.41M | 6K | -2.52M | 0 | 429.08K | 0 | -781.67K | -526.32K | -3.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 12.44M | -1.71M | -5.03M | -4.69M | 428K | 449K | 5.9M | 774K | 22.59M | 5.5M | 2.91M | 185K | 2.03M | 35K | -69.6K | -1.45M | 785.94K | 585.44K | -222.37K | 1.45M | 12.98M | 12.77M | 611.3K | 649.57K | 540.71K | 6.39M | 351.21K |
| Working Capital Changes | 1.92M | 5M | 1.83M | 4.07M | 960K | -2.85M | -1.71M | 847K | 2.45M | -2.03M | 1.5M | 3.88M | 2.43M | 2.02M | -268.24K | 340.48K | -700.35K | -2.02M | 1.31M | 848.5K | 396.73K | 254.32K | 873.05K | -573.57K | 34.97K | 562.87K | -705.76K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -54K | -7K | 961 | 1.58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.32M | 4.81M | 4.2M | 4.54M | -319K | -1.76M | -1.14M | 568K | 1.55M | 159K | -1.97M | 1.23M | 2.48M | 0 | 120.47K | 0 | -552.21K | -2.36M | 1.22M | 525.28K | 525.28K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -8.99M | -18.44M | -39.94M | -57.12M | 52.65M | -69.46M | 9.05M | 15.74M | -13.62M | -69.11M | -8K | 3.4M | 481K | -4.77M | -7.17M | -7.54M | -24.13K | 16K | 18.86M | 8.01M | -17.77M | -8.09M | -305.77K | -16.38K | 33.62K | 965.24K | -1.02M |
| Capital Expenditures | -73K | -22K | -25K | -296K | -9K | -57K | -3.29M | -148K | -141K | -495K | -8K | -165K | -147K | -46.78K | -266.18K | -411.76K | -28.51K | 0 | -64.95K | -127.26K | -172.11K | -237.78K | -305.77K | -16.38K | -2.37K | -16.09K | -3.75K |
| CapEx % of Revenue | - | - | - | - | - | - | 1281.71% | - | - | - | 2% | 305555.56% | 9496.12% | - | - | - | 5.83% | - | 12.99% | 25.45% | - | 47.93% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 56.82K | 0 | -8.2M | 3.25M | -14.13M | -10.27M | 3.44M | 0 | -3.56M | 3.53M | 4.72M | -8.92M | 0 | 0 | 0 | 0 | -31.84K | -31.84K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.28M | 4.28M | 0 | -56.82K | 0 | 8.2M | -3.25M | 14.13M | 10.27M | 3.44M | -15.21M | 3.56M | -130K | -4.72M | 8.92M | 12.63K | 4.38K | 16K | 33.91K | 31.84K | 242.68K | 0 | 0 | 35.99K | 35.99K | -35K | 0 |
| Cash from Financing | 135.29M | 137.81M | 117.58M | 82.78M | 87K | 120.81M | 3.69M | 54.91M | 55.19M | 106.09M | 5.12M | 16.8M | 34.29M | 25.74M | 740 | 36.6M | 27.68M | 11.42M | 0 | 441.62K | 44.89M | 21.34M | 14.29M | 6.39M | 1.01M | 442.46K | 3.58M |
| Debt Issued (Net) | 1K | 2.37M | 0 | 0 | 88K | 0 | -514K | -41K | 8.82M | 14.44M | 4.33M | 0 | 0 | 0 | 0 | 0 | 0 | -1.42M | 0 | 0 | 0 | 0 | 0 | -253.95K | -280K | 450K | 454.28K |
| Equity Issued (Net) | 135.29M | 135.44M | 117.18M | 82.78M | -3K | 122.15M | 2.29M | 54.84M | 46.3M | 91.26M | 782K | 8.77M | 30.2M | 28.1M | -1.45K | 39.51M | 27.68M | 9.82M | 0 | 441.62K | 48.02M | 23.22M | 15.65M | 6.64M | 1.29M | -7.54K | 3.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -5.17M | -5.14M | -995K | -1.21M | -3K | -78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -55.28K | 0 |
| Other Financing | 0 | 0 | 400K | 0 | 2K | -1.35M | 1.91M | 110K | 77K | 389K | 1K | 8.03M | 4.09M | -2.36M | 2.19K | -2.9M | -146 | 3.01M | 0 | 0 | -3.13M | -1.88M | -1.37M | 0 | 0 | 0 | -76.5K |
| Net Change in Cash | 19.23M | 18.05M | -11.46M | -25.52M | 18.09M | 11.13M | -26.92M | 25.5M | 2.18M | 8.75M | -3.31M | -12.76M | 10.13M | 3.18M | -21.07M | 15.59M | 19.31M | -1.18M | -4.93M | -11.19M | 11.34M | 1.6M | 8.81M | 4.12M | -60.55K | -303.4K | 409.42K |
| Free Cash Flow | -106.97M | -101.06M | -89.11M | -51.36M | -34.56M | -40.14M | -43.13M | -45.27M | -39.42M | -28.73M | -8.38M | -33.11M | -24.79M | -17.84M | -14.19M | -13.88M | -8.37M | -12.62M | -23.85M | -19.77M | -15.95M | -11.88M | -5.48M | -2.26M | -1.1M | -1.73M | -2.15M |
| FCF Margin % | - | - | - | - | - | - | -16782.1% | - | - | - | -2094.5% | -61322222.22% | -1601550.39% | - | - | - | -1711.75% | -4205.47% | -4770.51% | -3954.09% | - | -2395.81% | - | - | - | - | - |
| FCF Growth % | -11.83% | -13.41% | -73.52% | -48.59% | 13.89% | 6.94% | 4.73% | -14.85% | -37.2% | -242.91% | 74.7% | -33.57% | -39% | -25.74% | -2.21% | -65.82% | 33.66% | 47.11% | -20.65% | -23.99% | -34.17% | -116.83% | -142.16% | -104.97% | 36.06% | 19.74% | - |
| FCF per Share | -0.42 | -0.45 | -0.45 | -0.31 | -0.23 | -0.30 | -0.73 | -1.13 | -1.18 | -1.64 | -2.50 | -14.29 | -14.18 | -16.30 | -20.84 | -34.48 | -44.45 | -189.22 | -462.50 | -384.80 | -377.15 | -347.63 | -189.12 | -116.99 | -123.46 | -207.20 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.83x | 0.85x | 0.93x | 0.93x | 0.91x | 0.93x | 0.80x | 0.58x | 0.64x | 0.95x | 0.77x | 0.83x | 0.86x | 0.83x | 0.89x | 1.02x | 0.99x | 1.11x | 0.89x | 0.89x | 0.54x | 0.47x | 0.77x | 0.96x | 0.52x | 0.10x | 0.58x |
| Interest Paid | 0 | 0 | 0 | 0 | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial outcome
According to quarterly financial data, Savara's operating cash flow consistently tracks closely with net losses, with the OCF/NI ratio hovering near 0.80 to 1.00, indicating that the company's reported losses are almost entirely representative of actual cash outflows rather than non-cash accounting adjustments.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash expenses to buffer its liquidity position. Investors should interpret this as a pure-play burn scenario where every dollar of loss directly depletes the remaining cash runway.
As reported in recent financial statements, the company's free cash flow has deteriorated from a quarterly outflow of $15.6 million in 2023Q4 to $33.1 million in 2026Q1, reflecting the intensifying capital requirements of the late-stage clinical development cycle for its lead respiratory asset.
The widening FCF deficit underscores the company's reliance on external financing to sustain operations as it approaches critical data readouts. This trajectory suggests that the firm's cash consumption is scaling in direct proportion to the complexity of its Phase III trial execution.
Based on the provided cash flow statements, working capital changes have fluctuated significantly, ranging from a $6.1 million cash drain in 2026Q1 to a $4.1 million inflow in 2024Q4, highlighting the inherent unpredictability of managing clinical trial-related payables and vendor obligations.
These swings suggest that timing differences in clinical trial payments can create temporary liquidity pressure or relief. Analysts should monitor these fluctuations as they may mask the underlying structural burn rate during periods of heavy vendor invoicing.
As noted in recent filings, Savara has utilized stock-based compensation, reaching $5.4 million in 2025Q4, as a primary mechanism to manage human capital costs while simultaneously engaging in minor share repurchases, which warrants further investigation regarding the efficacy of this dual-track capital strategy.
The use of equity-based incentives appears to be a deliberate attempt to conserve cash, yet the simultaneous share repurchases may seem counterintuitive for a pre-revenue firm with a limited runway. This approach suggests a management focus on mitigating dilution for existing shareholders, though it may not be sustainable if clinical timelines extend.
Quick answers to the most common questions about buying SVRA stock.
Savara Inc. (SVRA) generated $-101.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Savara Inc. (SVRA) reported negative free cash flow of $101.1M in 2025, indicating capital requirements exceeded cash from operations.
Savara Inc. (SVRA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Savara Inc. (SVRA) spent $5.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.