Savara (SVRA) CFO exercises 580K options and sells 394K shares in Form 4
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Savara Inc Chief Financial Officer David L. Lowrance reported a combined option exercise and share sale in Savara common stock. On June 22, 2026, he sold 394,528 shares in an open-market transaction at a weighted average price of $5.6813 per share, with sale prices ranging from $5.54 to $5.78. On the same date, he exercised stock options covering a total of 580,187 shares at exercise prices between $1.11 and $4.45 per share, and 185,659 shares were withheld to satisfy tax obligations. Following these transactions, Lowrance directly owned 536,032 shares of Savara common stock.
Positive
- None.
Negative
- None.
Insights
CFO exercised options, paid taxes in shares, and sold stock, a sizable but mixed-position move.
David L. Lowrance, Savara’s CFO, executed a classic exercise-and-sell pattern on June 22, 2026. He exercised options for 580,187 shares at strike prices between $1.11 and $4.45 while also using shares to cover tax obligations.
The filing shows open-market sales of 394,528 shares at a weighted average of $5.6813, with additional 185,659 shares disposed of for tax withholding. After these moves, he directly holds 536,032 shares, so a meaningful equity stake remains.
The combination of large option exercises and sales appears to be a liquidity and tax-management event rather than a pure directional bet. There is no reference to a Rule 10b5-1 trading plan in the excerpt, so the timing context is not specified here.
Insider Trade Summary
Net Seller: 394,528 shares ($2,241,432)
Net Sell
19 txns
Insider
Lowrance David L
Role
Chief Financial Officer
Sold
394,528 shs ($2.24M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (Right to Buy) | 75,000 | $0.00 | -- |
| Exercise | Stock Option (Right to Buy) | 129,350 | $0.00 | -- |
| Exercise | Stock Option (Right to Buy) | 56,937 | $0.00 | -- |
| Exercise | Stock Option (Right to Buy) | 218,750 | $0.00 | -- |
| Exercise | Stock Option (Right to Buy) | 12,500 | $0.00 | -- |
| Exercise | Stock Option (Right to Buy) | 87,650 | $0.00 | -- |
| Exercise | Common Stock | 75,000 | $1.59 | $119K |
| Tax Withholding | Common Stock | 21,682 | $5.50 | $119K |
| Exercise | Common Stock | 129,350 | $1.23 | $159K |
| Tax Withholding | Common Stock | 28,928 | $5.50 | $159K |
| Exercise | Common Stock | 56,937 | $1.11 | $63K |
| Tax Withholding | Common Stock | 11,491 | $5.50 | $63K |
| Exercise | Common Stock | 218,750 | $1.51 | $330K |
| Tax Withholding | Common Stock | 60,057 | $5.50 | $330K |
| Exercise | Common Stock | 12,500 | $4.45 | $56K |
| Tax Withholding | Common Stock | 10,114 | $5.50 | $56K |
| Exercise | Common Stock | 87,650 | $3.35 | $294K |
| Tax Withholding | Common Stock | 53,387 | $5.50 | $294K |
| Sale | Common Stock | 394,528 | $5.6813 | $2.24M |
Holdings After Transaction:
Stock Option (Right to Buy) — 0 shares (Direct, null);
Common Stock — 611,032 shares (Direct, null)
Footnotes (1)
- The price is a weighted average sales price. The sale prices ranged from $5.54 to $5.78. The reporting person undertakes to provide Savara Inc., any security holder of Savara Inc., or the staff of the Securities and Exchange Commission, upon receipt of a request, full information regarding the number of shares sold at each separate price within the range set forth in this Form 4. The option vested and became exercisable in sixteen equal installments on each quarterly anniversary of December 20, 2019, subject to the reporting person's continued service with the Issuer. The option vested and became exercisable in sixteen equal installments on each quarterly anniversary of December 16, 2020, subject to the reporting person's continued service with the Issuer. The option vested and became exercisable in sixteen equal installments on each quarterly anniversary of December 14, 2021, subject to the reporting person's continued service with the Issuer. The option vested and became exercisable in sixteen equal installments on each quarterly anniversary of December 13, 2022, subject to the reporting person's continued service with the Issuer. The option vests and becomes exercisable in sixteen equal installments on each quarterly anniversary of December 14, 2023, subject to the reporting person's continued service with the Issuer. The option vests and becomes exercisable in sixteen equal installments on each quarterly anniversary of December 12, 2024, subject to the reporting person's continued service with the Issuer.
Key Figures
Open-market sale: 394,528 shares at $5.6813/share
Options exercised: 580,187 shares
Tax-withholding shares: 185,659 shares
+3 more
6 metrics
Open-market sale
394,528 shares at $5.6813/share
Common Stock sale on June 22, 2026
Options exercised
580,187 shares
Total shares from option exercises on June 22, 2026
Tax-withholding shares
185,659 shares
Shares delivered for tax obligations on June 22, 2026
Post-transaction holdings
536,032 shares
Common Stock directly owned after transactions
Sale price range
$5.54–$5.78 per share
Price range for open-market sale on June 22, 2026
Option strike prices
$1.11–$4.45 per share
Exercise prices for options converted to common stock
Key Terms
weighted average sales price, tax-withholding disposition, Stock Option (Right to Buy), derivative security, +1 more
5 terms
weighted average sales price financial
"The price is a weighted average sales price. The sale prices ranged from $5.54 to $5.78."
tax-withholding disposition financial
"Payment of exercise price or tax liability by delivering securities"
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
Stock Option (Right to Buy) financial
"Stock Option (Right to Buy) ... underlying security title: Common Stock"
derivative security financial
"Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
quarterly anniversary financial
"vested and became exercisable in sixteen equal installments on each quarterly anniversary"
A quarterly anniversary marks the date that occurs every three months after a specific event, such as an investment or a business milestone. It is similar to a birthday that repeats four times a year, helping investors track the timing of important updates or changes. Recognizing these anniversaries allows investors to stay informed about progress and make timely decisions.
FAQ
What did Savara (SVRA) CFO David Lowrance report in this Form 4?
Savara CFO David L. Lowrance reported exercising stock options and selling common shares. He exercised options for 580,187 shares, had 185,659 shares withheld for taxes, and sold 394,528 shares in the open market, leaving him with 536,032 shares directly owned.
How many Savara (SVRA) stock options did the CFO exercise in this filing?
The Form 4 shows the CFO exercised stock options covering 580,187 shares of Savara common stock. These options had exercise prices between $1.11 and $4.45 per share, reflecting multiple grants that had vested in quarterly installments over several years of service.
What do the vesting footnotes in the Savara (SVRA) Form 4 indicate about the options?
The footnotes explain that each option grant vested in sixteen equal installments on quarterly anniversaries of specific December grant dates. Vesting was contingent on the CFO’s continued service with Savara, indicating these options were part of long-term, service-based compensation packages.