Savara amends Hercules loan, resets up to $75 million draw tied to FDA approval
Savara amended its March 2025 Loan and Security Agreement with Hercules Capital and its lenders on January 26, 2026. The loan allows borrowing of up to $105 million in term loans, with up to $75 million of additional draws now conditioned on FDA approval of MOLBREEVI for aPAP, and two financial covenant compliance dates were extended.
Key points
- Total borrowing capacity under the Loan Agreement is up to $105 million in term loans.
- Up to $75 million of additional draws become available after FDA approval of MOLBREEVI for aPAP: $45 million first, then $30 million.
- Draw windows end on the earlier of 120 days after approval or June 30, 2027.
- Unrestricted cash covenant compliance extended to April 1, 2027; minimum trailing six-month revenue covenant extended to September 30, 2027, if market capitalization falls below set thresholds.
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 27, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.