SCHEDULE: NEA Group's Stake in Savara Inc. Diluted to 12.0%

New Enterprise Associates and its affiliates reported a decrease in their beneficial ownership of Savara Inc. common stock to 12.0% due to an increase in the number of outstanding shares.

Summary

• This is Amendment No. 3 to the Schedule 13D filing for Savara Inc., updating previous filings from March 25, 2021, July 26, 2023, and August 14, 2024.
• The reporting persons, including Growth Equity Opportunities 17, LLC and various New Enterprise Associates (NEA) entities and individuals, beneficially own 24,471,264 shares of Savara Inc. common stock.
• This ownership represents 12.0% of Savara Inc.'s total outstanding common stock.
• The percentage of beneficial ownership decreased by more than 1% from the previous report.
• This decrease is attributed to an increase in the total number of Savara Inc. common shares outstanding, which were reported as 203,467,845 as of November 12, 2025, in the Issuer's Form 10-Q.
• The shares were acquired for investment purposes.
• Reporting persons may acquire or dispose of additional shares in the future based on market conditions and evaluation of Savara Inc.'s business and prospects.
• No present plans exist for extraordinary corporate transactions, changes in management or board, material changes in capitalization or dividend policy, or other significant corporate structural changes involving Savara Inc.

Sentiment

Score: 5

Explanation: The filing is largely neutral, reporting a factual change in beneficial ownership percentage due to dilution from an increased share count. It doesn't convey strong positive or negative sentiment regarding the issuer's performance or prospects, but rather an update on an investor's stake.

Positives

• The reporting persons, a significant institutional investor group, continue to hold a substantial 12.0% stake in Savara Inc., indicating ongoing investment interest.
• The filing explicitly states that the reporting persons have no present plans for disruptive actions such as mergers, changes in management, or delisting of Savara Inc.'s securities.

Negatives

• The beneficial ownership percentage of the reporting persons has decreased by more than 1%, indicating a dilution of their relative influence due to an increase in the total outstanding shares of Savara Inc.

Risks

• The reporting persons may dispose of additional shares of Savara Inc. in the future, which could potentially exert downward pressure on the stock price.

Future Outlook

The reporting persons may acquire or dispose of additional shares of Savara Inc. in the future, depending on market conditions, their ongoing evaluation of the company's business and prospects, and other factors. They currently have no present plans for extraordinary corporate transactions or significant changes to Savara Inc.'s corporate structure or management.

Industry Context

This filing reflects a routine update by a prominent venture capital/growth equity firm, New Enterprise Associates (NEA), regarding its significant, albeit slightly diluted, stake in a publicly traded biotechnology company, Savara Inc. Such ownership updates are standard for large institutional investors as company capital structures evolve, often due to new share issuances.

Legal Proceedings

• None of the Reporting Persons have been convicted in a criminal proceeding or been a party to a civil proceeding ending in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws during the past five years.

Stakeholder Impact

• Shareholders: Existing shareholders may experience further dilution if the increase in outstanding shares was due to a capital raise, potentially impacting per-share value. The decrease in the reporting persons' percentage ownership might be viewed as a slight reduction in a major investor's relative influence.

Next Steps

• The reporting persons may acquire or dispose of additional shares of Savara Inc. in the future, depending on market conditions and their ongoing evaluation of the company.

Key Dates

Recommendation

The filing indicates a significant institutional investor group (NEA) maintains a substantial 12.0% stake in Savara Inc., suggesting continued long-term interest. However, their percentage ownership has been diluted due to an increase in outstanding shares, which could be a result of capital raising activities. While the dilution itself is a neutral event in terms of the investor's conviction, it signals potential capital structure changes for Savara Inc. Without further information on the reason for the increased share count or the company's operational performance, a 'Hold' recommendation is appropriate, advising investors to monitor Savara Inc.'s future financial disclosures and strategic developments.

Keywords

Savara Inc., NEA, New Enterprise Associates, Schedule 13D, Beneficial Ownership, Equity Investment, Dilution, Common Stock, Institutional Investor