Savara Inc. (SVRA) received an amended Schedule 13G filing from a group of Frazier Life Sciences investment entities reporting beneficial ownership of less than 5% of its common stock.
Frazier Life Sciences Public Fund, L.P. directly holds 8,343,048 shares, representing 4.1% of the class based on 203,467,845 shares outstanding as of November 12, 2025. Frazier Life Sciences X, L.P. directly holds 279,365 shares (0.1%), and Frazier Life Sciences XI, L.P. directly holds 1,239,888 shares (0.6%).
The reporting persons certify the securities were not acquired or held to change or influence control of Savara and disclaim being part of a control group, other than for limited nomination activities cited in the certification language.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Savara Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(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
Frazier Life Sciences Public Fund, 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
8,343,048.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,343,048.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,343,048.00
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)
4.1 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The shares listed in rows 6, 8 and 9 include shares that were acquired from Frazier Life Sciences Public Overage Fund, L.P. pursuant to a merger between Frazier Life Sciences Public Overage Fund, L.P. and Frazier Life Sciences Public Fund, L.P.
The percentage listed in row 11 is calculated based on 203,467,845 shares of Common Stock outstanding on November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.
SCHEDULE 13G
CUSIP No.
805111101
1
Names of Reporting Persons
FHMLSP, 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
8,343,048.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,343,048.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,343,048.00
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)
4.1 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The shares listed in rows 6, 8 and 9 include shares that were acquired from Frazier Life Sciences Public Overage Fund, L.P. pursuant to a merger between Frazier Life Sciences Public Overage Fund, L.P. and Frazier Life Sciences Public Fund, L.P.
The percentage listed in row 11 is calculated based on 203,467,845 shares of Common Stock outstanding on November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.
SCHEDULE 13G
CUSIP No.
805111101
1
Names of Reporting Persons
FHMLSP, 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
8,343,048.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,343,048.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,343,048.00
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)
4.1 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The shares listed in rows 6, 8 and 9 include shares that were acquired from Frazier Life Sciences Public Overage Fund, L.P. pursuant to a merger between Frazier Life Sciences Public Overage Fund, L.P. and Frazier Life Sciences Public Fund, L.P.
The percentage listed in row 11 is calculated based on 203,467,845 shares of Common Stock outstanding on November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.
SCHEDULE 13G
CUSIP No.
805111101
1
Names of Reporting Persons
Frazier Life Sciences X, 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
279,365.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
279,365.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
279,365.00
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
Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 203,467,845 shares of Common Stock outstanding on November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.
SCHEDULE 13G
CUSIP No.
805111101
1
Names of Reporting Persons
FHMLS X, 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
279,365.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
279,365.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
279,365.00
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
Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 203,467,845 shares of Common Stock outstanding on November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.
SCHEDULE 13G
CUSIP No.
805111101
1
Names of Reporting Persons
FHMLS X, 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
279,365.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
279,365.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
279,365.00
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)
OO
Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 203,467,845 shares of Common Stock outstanding on November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.
SCHEDULE 13G
CUSIP No.
805111101
1
Names of Reporting Persons
Frazier Life Sciences XI, 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
1,239,888.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,239,888.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,239,888.00
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)
0.6 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 203,467,845 shares of Common Stock outstanding on November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.
SCHEDULE 13G
CUSIP No.
805111101
1
Names of Reporting Persons
FHMLS XI, 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
1,239,888.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,239,888.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,239,888.00
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)
0.6 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 203,467,845 shares of Common Stock outstanding on November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.
SCHEDULE 13G
CUSIP No.
805111101
1
Names of Reporting Persons
FHMLS XI, 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
1,239,888.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,239,888.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,239,888.00
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)
0.6 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The percentage listed in row 11 is calculated based on 203,467,845 shares of Common Stock outstanding on November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.
SCHEDULE 13G
CUSIP No.
805111101
1
Names of Reporting Persons
James N. Topper
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
279,365.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
279,365.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
279,365.00
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)
IN
Comment for Type of Reporting Person: The shares listed in rows 6, 8 and 9 consist of 279,365 shares of Common Stock held directly by Frazier Life Sciences X, L.P.
The percentage listed in row 11 is calculated based on 203,467,845 shares of Common Stock outstanding on November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.
SCHEDULE 13G
CUSIP No.
805111101
1
Names of Reporting Persons
Patrick J. Heron
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
279,365.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
279,365.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
279,365.00
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)
IN
Comment for Type of Reporting Person: The shares listed in rows 6, 8 and 9 consist of 279,365 shares of Common Stock held directly by Frazier Life Sciences X, L.P.
The percentage listed in row 11 is calculated based on 203,467,845 shares of Common Stock outstanding on November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025.
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, PA, 19047.
Item 2.
(a)
Name of person filing:
The entities and persons filing this statement (collectively, the "Reporting Persons") are:
Frazier Life Sciences Public Fund, L.P. ("FLSPF")
FHMLSP, L.P.
FHMLSP, L.L.C.
Frazier Life Sciences X, L.P. ("FLS X")
FHMLS X, L.P.
FHMLS X, L.L.C.
Frazier Life Sciences XI, L.P. ("FLS XI")
FHMLS XI, L.P.
FHMLS XI, L.L.C.
James N. Topper ("Topper")
Patrick J. Heron ("Heron" and together with Topper, the "Members")
(b)
Address or principal business office or, if none, residence:
The address of the principal place of business for each of the Reporting Persons is:
c/o Frazier Life Sciences Management, L.P.
1001 Page Mill Rd, Building 4, Suite B
Palo Alto, CA 94304
(c)
Citizenship:
The information contained in row 4 of each Reporting Person's cover page to this Statement is incorporated by reference.
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(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 contained in row 9 of each Reporting Person's cover page to this Statement (including the footnotes thereto) is incorporated by reference.
FLSPF directly holds 8,343,048 shares of Common Stock. FHMLSP, L.P. is the general partner of FLSPF and the general partner of FHMLSP, L.P. is FHMLSP, L.L.C., which is managed by an investment committee of four that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLSPF.
FLS X directly holds 279,365 shares of Common Stock. FHMLS X, L.P. is the general partner of FLS X and FHMLS X, L.L.C. is the general partner of FHMLS X, L.P. Heron and Topper are the members of FHMLS X, L.L.C. and therefore share voting and investment power over the shares of Common Stock held by FLS X.
FLS XI directly holds 1,239,888 shares of Common Stock. FHMLS XI, L.P. is the general partner of FLS XI and the general partner of FHMLS XI, L.P. is FHMLS XI, L.L.C., which is managed by an investment committee of three that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLS XI.
Except as specifically stated herein, the filing of this Statement shall not be construed as an admission that any Reporting Person or any of the foregoing is, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any securities covered by this Statement or a member of a "group" with any other person.
(b)
Percent of class:
The information contained in row 11 of each Reporting Person's cover page to this Schedule 13G (including the footnotes thereto) is incorporated by reference.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information contained in row 5 of each Reporting Person's cover page to this Schedule 13G (including the footnotes thereto) is incorporated by reference.
(ii) Shared power to vote or to direct the vote:
The information contained in row 6 of each Reporting Person's cover page to this Schedule 13G (including the footnotes thereto) is incorporated by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information contained in row 7 of each Reporting Person's cover page to this Schedule 13G (including the footnotes thereto) is incorporated by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information contained in row 8 of each Reporting Person's cover page to this Schedule 13G (including the footnotes thereto) is incorporated by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
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.
Not Applicable
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.
Frazier Life Sciences Public Fund, L.P.
Signature:
/s/ Jennifer Martin
Name/Title:
By Jennifer Martin, CFO of FHMLSP, L.L.C., GP of FHMLSP, L.P., GP of Frazier Life Sciences Public Fund, L.P.
Date:
02/13/2026
FHMLSP, L.P.
Signature:
/s/ Jennifer Martin
Name/Title:
By Jennifer Martin, CFO of FHMLSP, L.L.C., GP of FHMLSP, L.P.
Date:
02/13/2026
FHMLSP, L.L.C.
Signature:
/s/ Jennifer Martin
Name/Title:
By Jennifer Martin, CFO of FHMLSP, L.L.C.
Date:
02/13/2026
Frazier Life Sciences X, L.P.
Signature:
/s/ Jennifer Martin
Name/Title:
By Jennifer Martin, CFO of FHMLS X, L.L.C., GP of FHMLS X, L.P., GP of Frazier Life Sciences X, L.P.
Date:
02/13/2026
FHMLS X, L.P.
Signature:
/s/ Jennifer Martin
Name/Title:
By Jennifer Martin, CFO of FHMLS X, L.L.C., GP of FHMLS X, L.P.
Date:
02/13/2026
FHMLS X, L.L.C.
Signature:
/s/ Jennifer Martin
Name/Title:
By Jennifer Martin, CFO of FHMLS X, L.L.C.
Date:
02/13/2026
Frazier Life Sciences XI, L.P.
Signature:
/s/ Jennifer Martin
Name/Title:
By Jennifer Martin, CFO of FHMLS XI, L.L.C., GP of FHMLS XI, L.P., GP of Frazier Life Sciences XI, L.P.
Date:
02/13/2026
FHMLS XI, L.P.
Signature:
/s/ Jennifer Martin
Name/Title:
By Jennifer Martin, CFO of FHMLS XI, L.L.C., GP of FHMLS XI, L.P.
Date:
02/13/2026
FHMLS XI, L.L.C.
Signature:
/s/ Jennifer Martin
Name/Title:
By Jennifer Martin, CFO of FHMLS XI, L.L.C.
Date:
02/13/2026
James N. Topper
Signature:
/s/ Jennifer Martin
Name/Title:
By Jennifer Martin, Attorney-in-Fact for James N. Topper, pursuant to a Power of Attorney, a copy of which was filed with the SEC on January 27, 2026
Date:
02/13/2026
Patrick J. Heron
Signature:
/s/ Jennifer Martin
Name/Title:
By Jennifer Martin, Attorney-in-Fact for Patrick Heron, pursuant to a Power of Attorney, a copy of which was filed with the SEC on January 27, 2026
What stake in Savara Inc. (SVRA) do the Frazier Life Sciences funds report?
The Frazier Life Sciences funds collectively report beneficial ownership of under 5% of Savara’s common stock, with individual entities disclosing positions of 4.1%, 0.6%, and 0.1% based on 203,467,845 shares outstanding on November 12, 2025.
How many Savara (SVRA) shares does Frazier Life Sciences Public Fund, L.P. hold?
Frazier Life Sciences Public Fund, L.P. directly holds 8,343,048 Savara common shares, representing 4.1% of the class. This percentage is calculated using 203,467,845 shares outstanding as of November 12, 2025, as reported in Savara’s Form 10-Q filed that same day.
What positions do Frazier Life Sciences X and XI hold in Savara (SVRA)?
Frazier Life Sciences X, L.P. directly owns 279,365 Savara common shares, or 0.1% of the class. Frazier Life Sciences XI, L.P. directly owns 1,239,888 shares, or 0.6%, using 203,467,845 shares outstanding on November 12, 2025, as the reference share count.
Are the Frazier Life Sciences entities seeking control of Savara Inc. (SVRA)?
The reporting persons certify their Savara holdings were not acquired and are not held for the purpose or effect of changing or influencing control of the issuer, except for activities solely related to director nominations under the specified SEC proxy rule citation.
Which individuals are associated with the Savara (SVRA) Frazier Life Sciences holdings?
James N. Topper and Patrick J. Heron are named as members linked to Frazier Life Sciences X, L.P., sharing voting and investment power over 279,365 shares. Other Frazier entities are managed through general partners and investment committees rather than by individual beneficial owners.
How was the ownership percentage in Savara (SVRA) calculated in this Schedule 13G/A?
Each reported ownership percentage uses 203,467,845 Savara common shares outstanding as of November 12, 2025. That share count comes from Savara’s Quarterly Report on Form 10-Q filed with the SEC on November 12, 2025, as referenced in the filing’s footnotes.
