SVRA

• Rob Neville noted progress on the Phase III IMPALA 2 clinical study, with finalized design and proactive steps to COVID-proof the study, including telemedicine visits where possible. Manufacturing for IMPALA 2 is progressing as planned.
• Badrul Chowdhury detailed the IMPALA 2 study design: sample size 160 patients, starting Q1 2021, primary endpoint DLCO, secondary endpoints including SGRQ scores and treadmill exercise capacity. Compared IMPALA 2 to the first IMPALA study, highlighting standardized testing and reduced variability in DLCO data.
• David Lowrance provided cash position update, noting sufficient capital to fund planned operations, and detailed Q2 financial results showing reduced R&D and G&A expenses.

• Transitioning away from quarterly calls to webcasts aligned with news flow.
• Confidence in IMPALA 2's likelihood of success due to incorporating FDA and EMA input into study design, and strong position with the aPAP program including breakthrough therapy designation from the FDA.

Savara's net loss attributable to common stockholders for the three months ended June 30, 2020 was $9.4 million ($0.16 per share), compared to a net loss of $21.9 million ($0.57 per share) for the same period in 2019. Research and development expenses decreased by $4.4 million (42%) to $6.1 million for Q2 2020, primarily due to lower available study costs from enrollment wrap-up and reduced CMC/clinical operations. General and administrative expenses decreased by $1.1 million (26%) to $3.1 million for Q2 2020. As of June 30, 2020, cash, cash equivalents, and short-term investments were approximately $100 million with $25 million in debt.

• Risks associated with COVID-19 potentially disrupting study enrollments or operations.
• Impact of Trikafta on the AVAIL study, as AVAIL does not assess the combination with AeroVanc.
• Variability in clinical trial results, including uncertainties in achieving statistical significance for secondary endpoints.

Q: Asked about the spread of IMPALA 2 sites in EU and Asia and data submission timing.

A: Total sites ~15, with ~8-9 in EU and some in Japan/Korea; 48-week placebo controlled period is relevant for data submission.

Q: Asked about aPAP FTA discussions and COVID impact.

A: Internal goal is to have FTA discussions this year or early next year, and trials would run in parallel.

Q: Asked about the impact of whole lung lavage on DLCO.

A: Stated that whole lung lavage may still benefit patients, but effect not shown in IMPALA study likely due to patient disease severity, and anticipation of change in IMPALA 2.