Savara (NASDAQ:SVRA) provided a year-end financial update that underscores the company’s transition toward the commercial stage, with increased spending on pre-launch activities for its lead drug candidate, molgramostim.
The clinical-stage biopharmaceutical company reported a net loss of $118.8 million for the fiscal year ended December 31, 2025, compared to a $95.9 million loss in 2024.
The widening deficit was primarily driven by a surge in general and administrative (G&A) expenses, which rose to $12.5 million in the fourth quarter from $7.8 million in the prior year.
This 60% increase in G&A reflects the hiring of commercial leadership and the buildup of infrastructure ahead of a planned Biologics License Application (BLA) for molgramostim, an inhaled treatment for autoimmune pulmonary alveolar proteinosis (aPAP).
Research and development (R&D) expenses for the fourth quarter actually decreased slightly to $20.9 million, down from $23.3 million a year ago.
This shift suggests that the heavy lifting of the IMPALA-2 Phase 3 trial is largely complete, allowing the company to reallocate resources toward regulatory filings and market access strategies.
Molgramostim has already received Breakthrough Therapy and Orphan Drug designations from the FDA, and positive top-line results from the pivotal trial in mid-2024 have positioned Savara to potentially market the first approved therapy for aPAP.