Farallon updates Savara (SVRA) 6.9% stake, holds 15M warrants

Rhea-AI Filing Summary

Savara Inc. received an updated Schedule 13G/A (Amendment No. 10) from a group of Farallon-managed investment funds reporting their beneficial ownership in the company’s common stock. The Farallon funds collectively hold 15,000,000 Common Stock Purchase Warrants, each currently exercisable to buy one Savara share.

Because the warrants contain a 9.99% Beneficial Ownership Limitation, Farallon reports beneficial ownership of 6.9% of Savara’s common stock, based on assuming all 15,000,000 warrants are exercisable within 60 days. The amendment also updates the listed individual reporting persons, adding Avner A. Husen and removing Richard B. Fried, Rajiv A. Patel, and William Seybold as of year-end 2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 10)

Savara Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share (the "Shares")

(Title of Class of Securities)

805111101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Farallon Capital Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,488,500.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,488,500.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,488,500.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.2 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Farallon Capital Institutional Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,843,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,843,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,843,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Farallon Capital Institutional Partners II, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 804,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 804,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

804,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Farallon Capital Institutional Partners III, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 492,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 492,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

492,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.2 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Four Crossings Institutional Partners V, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 543,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 543,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

543,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Farallon Capital Offshore Investors II, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,659,500.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,659,500.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,659,500.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.7 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Farallon Capital (AM) Investors, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 204,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 204,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

204,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Farallon Capital F5 Master I, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 966,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 966,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

966,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Farallon Partners, L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,034,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,034,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,034,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Farallon Institutional (GP) V, L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 543,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 543,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

543,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Farallon F5 (GP), L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 966,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 966,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

966,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Dapice Joshua J.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Dreyfuss, Philip D.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Dunn Hannah E.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Fried, Richard B

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Gehani, Varun N.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Giauque, Nicolas

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Husen, Avner A.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Kim, David T.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Linn, Michael G.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Luo Patrick (Cheng)

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Patel, Rajiv A.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Roberts, Jr., Thomas G.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Saito Edric C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Seybold, William

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Short Daniel S.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Spokes, Andrew J. M.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Warren, John R.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Wehrly, Mark C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Savara Inc.
(b)	Address of issuer's principal executive offices: 1717 Langhorne Newtown Road, Suite 300, Langhorne, Pennsylvania, 19047
Item 2.
(a)	Name of person filing: This Amendment No. 10 to Schedule 13G (this "Amendment") is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons." (i) Farallon Capital Partners, L.P., a California limited partnership ("FCP"), with respect to the Shares that it currently has the right to acquire upon the exercise of Warrants (as defined in Item 4); (ii) Farallon Capital Institutional Partners, L.P., a California limited partnership ("FCIP"), with respect to the Shares that it currently has the right to acquire upon the exercise of Warrants; (iii) Farallon Capital Institutional Partners II, L.P., a California limited partnership ("FCIP II"), with respect to the Shares that it currently has the right to acquire upon the exercise of Warrants; (iv) Farallon Capital Institutional Partners III, L.P., a Delaware limited partnership ("FCIP III"), with respect to the Shares that it currently has the right to acquire upon the exercise of Warrants; (v) Four Crossings Institutional Partners, L.P., a Delaware limited partnership ("FCIP V"), with respect to the Shares that it currently has the right to acquire upon the exercise of Warrants; (vi) Farallon Capital Offshore Investors II, L.P., a Cayman Islands exempted limited partnership ("FCOI II"), with respect to the Shares that it currently has the right to acquire upon the exercise of Warrants; (vii) Farallon Capital (AM) Investors, L.P., a Delaware limited partnership ("FCAMI"), with respect to the Shares that it currently has the right to acquire upon the exercise of Warrants; and (viii) Farallon Capital F5 Master I, L.P., a Cayman Islands exempted limited partnership ("F5MI"), with respect to the Shares that it currently has the right to acquire upon the exercise of Warrants. FCP, FCIP, FCIP II, FCIP III, FCIP V, FCOI II, FCAMI and F5MI are together referred to herein as the "Farallon Funds." (ix) Farallon Partners, L.L.C., a Delaware limited liability company (the "Farallon General Partner"), which is (i) the general partner of each of FCP, FCIP, FCIP II, FCIP III, FCOI II and FCAMI and (ii) the sole member of the FCIP V General Partner (as defined below), with respect to the Shares that each of the Farallon Funds other than F5MI currently has the right to acquire upon the exercise of Warrants. (x) Farallon Institutional (GP) V, L.L.C., a Delaware limited liability company (the "FCIP V General Partner"), which is the general partner of FCIP V, with respect to the Shares that FCIP V currently has the right to acquire upon the exercise of Warrants. (xi) Farallon F5 (GP), L.L.C., a Delaware limited liability company (the "F5MI General Partner"), which is the general partner of F5MI, with respect to the Shares that F5MI currently has the right to acquire upon the exercise of Warrants. (xii) The following persons, each of whom is a managing member or senior managing member, as the case may be, of the Farallon General Partner and a manager or senior manager, as the case may be, of the FCIP V General Partner and the F5MI General Partner, with respect to the Shares that the Farallon Funds currently have the right to acquire upon the exercise of Warrants: Joshua J. Dapice ("Dapice"); Philip D. Dreyfuss ("Dreyfuss"); Hannah E. Dunn ("Dunn"); Varun N. Gehani ("Gehani"); Nicolas Giauque ("Giauque"); Avner A. Husen ("Husen"); David T. Kim ("Kim"); Michael G. Linn ("Linn"); Patrick (Cheng) Luo ("Luo"); Thomas G. Roberts, Jr. ("Roberts"); Edric C. Saito ("Saito"); Daniel S. Short ("Short"); Andrew J. M. Spokes ("Spokes"); John R. Warren ("Warren"); and Mark C. Wehrly ("Wehrly"). Dapice, Dreyfuss, Dunn, Gehani, Giauque, Husen, Kim, Linn, Luo, Roberts, Saito, Short, Spokes, Warren and Wehrly are together referred to herein as the "Farallon Individual Reporting Persons." This Amendment reports that effective January 1, 2026, Husen became a member of the Farallon General Partner, a manager of the FCIP V General Partner and a manager of the F5MI General Partner. Accordingly, as of that date, Husen may be deemed a beneficial owner of the Shares that the Farallon Funds currently have the right to acquire upon the exercise of Warrants. This Amendment also reports that effective December 31, 2025, each of Richard B. Fried ("Fried"), Rajiv A. Patel ("Patel") and William Seybold ("Seybold") ceased to be a member of the Farallon General Partner, a manager of the FCIP V General Partner and a manager of the F5MI General Partner. Accordingly, as of that date, each of Fried, Patel and Seybold may no longer be deemed a beneficial owner of the Shares that the Farallon Funds currently have the right to acquire upon the exercise of Warrants.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is c/o Farallon Capital Management, L.L.C., One Maritime Plaza, Suite 2100, San Francisco, California 94111.
(c)	Citizenship: The citizenship of each of the Farallon Funds, the Farallon General Partner, the FCIP V General Partner and the F5MI General Partner is set forth above. Each of the Farallon Individual Reporting Persons, other than Giauque, Luo and Spokes, is a citizen of the United States. Giauque is a citizen of France. Luo is a citizen of China. Spokes is a citizen of the United Kingdom.
(d)	Title of class of securities: Common Stock, par value $0.001 per share (the "Shares")
(e)	CUSIP No.: 805111101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person. As of the date of the event requiring the filing of this statement, the Farallon Funds hold an aggregate of 15,000,000 Common Stock Purchase Warrants (the "Warrants"), each of which is exercisable, subject to the Beneficial Ownership Limitation (as defined below), to purchase one Share. The terms of the Warrants provide that Warrants may not be exercised to the extent that, after giving effect to such exercise, the Reporting Persons would beneficially own, as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, more than 9.99% of the Shares then issued and outstanding (the "Beneficial Ownership Limitation"). As of the date requiring the filing of this report, the Beneficial Ownership Limitation does not prevent the Farallon Funds from exercising any Warrants. Accordingly, in providing the beneficial ownership information set forth herein, the Reporting Persons have assumed that all of the aggregate 15,000,000 Warrants held by the Farallon Funds are exercisable within 60 days of the date hereof and therefore confer beneficial ownership of the underlying Shares. The Warrants reported hereby for the Farallon Funds are held directly by the Farallon Funds. The Farallon General Partner, as the general partner of FCP, FCIP, FCIP II, FCIP III, FCOI II and FCAMI and the sole member of the FCIP V General Partner, may be deemed to be a beneficial owner of the Shares that the Farallon Funds other than F5MI have the right to acquire upon the exercise of Warrants. The FCIP V General Partner, as the general partner of FCIP V, may be deemed to be a beneficial owner of the Shares that FCIP V has the right to acquire upon the exercise of Warrants. The F5MI General Partner, as the general partner of F5MI, may be deemed to be a beneficial owner of the Shares that F5MI has the right to acquire upon the exercise of Warrants. Each of the Farallon Individual Reporting Persons, as a managing member or senior managing member, as the case may be, of the Farallon General Partner and a manager or senior manager, as the case may be, of the FCIP V General Partner and the F5MI General Partner, in each case with the power to exercise investment discretion, may be deemed to be a beneficial owner of the Shares that the Farallon Funds have the right to acquire upon the exercise of Warrants. Each of the Farallon General Partner, the FCIP V General Partner, the F5MI General Partner and the Farallon Individual Reporting Persons hereby disclaims any beneficial ownership of any such Shares.
(b)	Percent of class: The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. The Reporting Persons are filing this Schedule 13G pursuant to Section 240.13d-1(c). The Reporting Persons neither disclaim nor affirm the existence of a group among them. Each Reporting Person is a beneficial owner only of the securities reported by it on its cover page.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Farallon Capital Partners, L.P.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, Managing Member of its General Partner
Date:	02/05/2026

Farallon Capital Institutional Partners, L.P.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, Managing Member of its General Partner
Date:	02/05/2026

Farallon Capital Institutional Partners II, L.P.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, Managing Member of its General Partner
Date:	02/05/2026

Farallon Capital Institutional Partners III, L.P.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, Managing Member of its General Partner
Date:	02/05/2026

Four Crossings Institutional Partners V, L.P.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, Manager of its General Partner
Date:	02/05/2026

Farallon Capital Offshore Investors II, L.P.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, Managing Member of its General Partner
Date:	02/05/2026

Farallon Capital (AM) Investors, L.P.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, Managing Member of its General Partner
Date:	02/05/2026

Farallon Capital F5 Master I, L.P.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, Manager of its General Partner
Date:	02/05/2026

Farallon Partners, L.L.C.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, Managing Member
Date:	02/05/2026

Farallon Institutional (GP) V, L.L.C.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, Manager
Date:	02/05/2026

Farallon F5 (GP), L.L.C.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, Manager
Date:	02/05/2026

Dapice Joshua J.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Dreyfuss, Philip D.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Dunn Hannah E.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn
Date:	02/05/2026

Fried, Richard B

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Gehani, Varun N.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Giauque, Nicolas

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Husen, Avner A.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Kim, David T.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Linn, Michael G.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Luo Patrick (Cheng)

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Patel, Rajiv A.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Roberts, Jr., Thomas G.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Saito Edric C.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Seybold, William

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Short Daniel S.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Spokes, Andrew J. M.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Warren, John R.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Wehrly, Mark C.

Signature:	/s/ Hannah E. Dunn
Name/Title:	Hannah E. Dunn, as attorney-in-fact
Date:	02/05/2026

Exhibit Information

Exhibit 1. Joint Acquisition Statement Pursuant to Section 240.13d-1(k)

FAQ

How much of Savara (SVRA) does Farallon report owning in this Schedule 13G/A?

Farallon-managed funds report beneficial ownership of 6.9% of Savara’s common stock. This percentage is based on 15,000,000 Common Stock Purchase Warrants, each exercisable into one share and treated as exercisable within 60 days for reporting purposes.

What securities linked to Savara (SVRA) are held by the Farallon funds?

The Farallon funds hold an aggregate of 15,000,000 Common Stock Purchase Warrants for Savara Inc. Each warrant is exercisable to purchase one share of common stock, subject to a stated beneficial ownership cap that limits how many shares can be held after exercise.

What is the 9.99% Beneficial Ownership Limitation mentioned for Savara (SVRA)?

The warrants include a 9.99% Beneficial Ownership Limitation, meaning they cannot be exercised if doing so would cause Farallon to beneficially own more than 9.99% of Savara’s outstanding shares. As of the event date, this limitation does not restrict exercising the warrants.

Which reporting persons changed in this Savara (SVRA) Schedule 13G/A amendment?

The amendment reports that Avner A. Husen became a member and manager of the relevant Farallon general partners effective January 1, 2026. It also notes that Richard B. Fried, Rajiv A. Patel, and William Seybold ceased those roles effective December 31, 2025.

Are Farallon’s Savara (SVRA) securities held to influence control of the company?

The reporting persons certify the securities were not acquired and are not held for the purpose or effect of changing or influencing control of Savara Inc. They also state the holdings are not in connection with any control-related transaction, other than potential nomination activities described under the rules.

Under which SEC rule is this Savara (SVRA) Schedule 13G/A being filed?

The reporting persons state they are filing under Rule 13d-1(c). This rule generally applies to investors who are not seeking control of the issuer but exceed certain beneficial ownership thresholds, requiring them to report their positions on Schedule 13G.