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"Company") cautions you that statements in this presentation that are not a description of historical fact are forward-looking statements which may be identified by the use of words such as "expect," "intend,"
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timeline of MOLBREEVI; the timing of regulatory submissions; the potential for and impact of regulatory approval; the potential addressable patient population, market size, commercial opportunity, and competitive landscape for MOLBREEVI;
Savara's commercial launch planning activities, including disease awareness campaign, GM-CSF autoantibody testing, planned infrastructure, and anticipated hiring and the potential impact of those activities; and the sufficiency of our
resources to fund the advancement of our development program and potential sources of additional capital. Savara may not actually achieve any of its plans or product development goals in a timely manner, if at all, or otherwise carry out its current
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uncertainties, which include, without limitation, the risks associated with our ability to successfully develop, obtain regulatory approval for and commercialize MOLBREEVI for aPAP; the risks and uncertainties related to the impact of widespread
health concerns and geopolitical conditions on our business and operations; risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations; the
ability to successfully conduct clinical trials for our product candidate; the availability of sufficient resources and the timing and ability of Savara to raise additional capital as needed to fund continued operations. The risks and uncertainties
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MOLBREEVI (molgramostim inhalation solution) is an investigational product that has not been approved for sale or determined to be safe or effective by the U.S. Food & Drug Administration or any regulatory authority. MOLBREEVI, MY MOLBREEVI and
Executive Leadership Team Matthew Pauls, J.D., M.B.A. Chair & Chief
Executive Officer Rob Lutz, M.B.A. Dave Lowrance Anne Erickson Chief Operating Officer Chief Financial & Chief Business Officer Administrative Officer 1zxza Kate McCabe Braden Parker, M.B.A. Ray Pratt, M.D. FACP Chief Legal Officer Chief
Commercial Officer Chief Medical Officer Sid Advant, Ph.D. Charles LaPree Brian Robinson, M.D. Yasmine Wasfi, M.D., Ph.D. EVP, Global Technical EVP, Global EVP, Global Medical EVP, Clinical Regulatory Affairs Operations/Development Operations
Autoimmune Pulmonary Alveolar Proteinosis (aPAP) Overview and Burden of
Autoimmune PAP: Disease of Alveolar Macrophage Dysfunction GM-CSF NORMAL
vs ABNORMAL ALVEOLUS GM-CSF aPAP Autoantibodies Alveoli need surfactant to keep from collapsing GM-CSF is critical for alveolar macrophage function and Rare lung disease caused by GM-CSF autoantibodies which block allows for alveolar surfactant
homeostasis, structure, GM-CSF signaling and reduce surfactant clearance. This results in: function, and host defense Surfactant accumulation that blocks movement of oxygen from the alveoli Normal Alveolus Alveolus in aPAP into the blood Thin
surfactant layer Thick surfactant layer Reduced blood oxygenation results in difficulty breathing and, ultimately, hypoxemic respiratory failure Alveolar epithelial cells GM-CSF GM-CSF GM-CSF autoantibodies Foamy alveolar Normal macrophage alveolar
Autoimmune PAP is a Rare, Long-Term, Chronic Lung Disease No approved
drugs in the U.S. or Europe for aPAP, only treatment option is an invasive procedure Progressive Shortness of Breath Gas exchange in the lungs is impaired and patients may experience shortness of breath Increased Risk of Infection At
first it occurs upon exertion, but as disease Serious infections, the most common and progresses, it can occur even when a person is at threatening complications of aPAP, occur in 5-13% rest 1-4 of patients and account for 18-20%
of deaths Fatigue, Decreased Exercise Tolerance Fatigue and significantly reduced exercise capacity can dramatically impact the simplest of daily activities, Fibrosis and Lung Transplant e.g., getting winded walking up a flight of stairs
Over time, aPAP can lead to pulmonary fibrosis and respiratory failure which can be fatal and may require lung transplantation Cough and Episodes of Fever Cough, sputum production, and episodes of fever, especially if secondary lung
Whole Lung Lavage (WLL): Performed under anesthesia and requires
hospitalization, a team of A Lung Lavage is an experienced HCPs, and surgical resources Invasive Procedure Does not correct underlying pathophysiology of the disease or prevent abnormal surfactant accumulation and often needs to be repeated
Performed in a Tertiary Patients describe WLL as burdensome and emotionally taxing Center and is Not Long-term negative impact (potential lung damage) of repeated WLL Standardized procedures is unknown Requires insertion of double-
Treated lung is repeatedly filled Patient is percussed to Saline is drained by gravity and lumen endobronchial tube for with up to 15-50L of saline and emulsify the surfactant continued until lavage fluid lung separation then drained by gravity
sediment becomes clear Sources: 1: Campo, Assessment and Management of PAP in a Reference Center, Orphanet Jour. of Rare Dis., 2013; 2: Campo, Nat. History of PAP Data from Italian Nat. Reference Center, ERJ, 2019.; Seymour, J. J. Pulmonary alveolar
Critical Care Med., 2022.
Disease Burden: Autoimmune PAP Patients Have Significantly 1 Higher
Rates of Healthcare Utilization and Comorbidities Charlson Outpatient visits Comorbidity Index +66% 3.5x (~17 per year) (CCI)* Vs. Vs. matched matched controls controls PAP: 1.84 2.48 PAP: 17.30 13.77 Age and Gender Matched Controls:
0.55 1.44 Age and Gender Matched Controls: 10.40 11.38 P value: <0.0001 P value: <0.01 *Developed to classify comorbid conditions which may influence mortality risk. Most widely used comorbidity index used to determine survival
rates in patients with multiple comorbidities. Longer hospital stays Emergency Room Visits +38% 3.0x (~16 days per year) (~1.5 per year) Vs. Vs. matched matched controls controls PAP: 1.49 1.17 PAP: 15.96 20.71 Age and Gender Matched
Patient Perspective on Living with aPAP " With whole lung lavage
being the only treatment option, it's terrifying. The best way to describe it in layman's terms, it's like a car wash for your lungs. Having an alternative treatment from whole lung lavage would mean the world to me, it would give
me the opportunity to get my life back. To give me the freedom of what I had before aPAP. - Kelsea " " Overall, when the surfactant builds up, I notice how much more tired I get, walking from the basement to the first floor will wind me,
I'll get chest congestion and cough up yellow mucus. So, every 8 months surfactant builds up and I'll need the whole lung lavage, and it causes a lot of anxiety knowing I will need to keep having them. Having had multiple lung lavages
Disease Burden: Journey of an aPAP Patient CURRENT JOURNEY POTENTIAL
FUTURE JOURNEY Symptoms and Experience Diagnosis with aPAP Treatment Before Diagnosis 12 MONTHS 18 MONTHS aPAP ClearPath FROM FIRST EXPERIENCING AVERAGE TIME FROM FIRST Non-invasive, no-cost, simple SYMPTOMS TO SEEING A SEEING A PHYSICIAN TO
auto-antibody blood test to PHYSICIAN DIAGNOSIS help decrease time-to- diagnosis aPAP diagnosis Whole lung lavage Insidious development (WLL) MOLBREEVI* Battery of diagnostic tests Potential off-label
Clinically meaningful positive Typically misdiagnosed as therapies Phase 3 results that suggest pneumonia coupled with MOLBREEVI may address the incorrect treatment pathophysiology of aPAP Cycles of misdiagnosis for Favorable
benefit/risk profile months to years Well tolerated Eventual referral to a pulmonologist for full Rolling BLA initiated pulmonary work-up *MOLBREEVI is the FDA and EMA conditionally accepted trade name for molgramostim
MOLBREEVI* (molgramostim inhalation solution) *MOLBREEVI is the FDA and
Savara Investigational Drug-Device Nebulization Time: ~5 minutes
Treatment for aPAP Once daily 300 g inhaled MOLBREEVI (inhaled biologic) Proprietary eFlow Nebulizer System (PARI) Optimized for MOLBREEVI administration Well-established manufacturer of devices used for
Summary of IMPALA-2 Results PRIMARY ENDPOINT (MOLBREEVI vs placebo) 1
Change from baseline to Week 24 in DLCO% (p=0.0007) SECONDARY ENDPOINTS (MOLBREEVI vs placebo) 1 Change from baseline to Week 48 in DLCO% (p=0.0008) 1 Change from baseline to Week 24 in SGRQ Total Score (p=0.0072) 2 Change from baseline to Week 24
in SGRQ Activity Score (p=0.0149) 2 Change from baseline to Week 48 in Exercise Capacity (p=0.0234) SAFETY and TOLERABILITY Well-tolerated; low treatment discontinuation rate (3%), none due to drug-related adverse events 100% of patients who
completed the double-blind period enrolled into the open-label period DLco%, hemoglobin-adjusted percent predicted diffusing capacity of the lungs for carbon monoxide; SGRQ, St. Georges Respiratory Questionnaire. 1 2 Statistically significant.
Phase 3 IMPALA-2 Trial Design Period 1: Double-blind Period 2:
Open-label (top line) (ongoing, not part of top line results) 6-Week Screening n=81 DLCO 70% predicted MOLBREEVI 300 g daily dosing at first screening and baseline MOLBREEVI 300 g daily dosing Change in % predicted
n=83 DLCO <15% points to W144 ensure stably impaired placebo patients BL = Primary efficacy analyses W24 W48 = Durability of efficacy / safety PRIMARY ENDPOINT SECONDARY ENDPOINTS Change from baseline in DLCO at W24 Change from baseline
Discontinuations in Double-Blind Period Were Low: 3% Participation in
Open Label Period Was High: 100% of Double-Blind Period Completers IMPALA-2 PATIENT DISPOSITION Screened Ineligible Patients (n=122) (n=286) Randomized (n=164) MOLBREEVI Placebo n=81 n=83 Treatment Treatment Discontinuation Discontinuation 1 AE* 2
AEs* 1 Pregnancy Week 48 Completers Week 48 Completers 1 Lost to follow up n=79 (97.5%) n=80 (96.4%) Entered Open Label Period n=160** (100%) *Not considered trial drug related **One placebo patient stopped blinded trial drug but continued trial
Demographics Were Well-Balanced Across Treatment Groups MOLBREEVI
Placebo N=81 N=83 Mean (SD) 50.8 (13.03) 48.4 (12.69) Age years Male 44 (54.3) 54 (65.1) Sex Female 37 (45.7) 29 (34.9) n (%) White 38 (46.9) 40 (48.2) Race Asian 36 (44.4) 37 (44.6) n (%) Black or African American 3 (3.7) 2 (2.4) Other 4 (4.9) 4
Primary Endpoint Met (DLCO): Achieved Statistical Significance
MOLBREEVI Superior to Placebo on Change From Baseline in DLCO at W24 (Primary Endpoint) and W48 (Secondary Endpoint) 15 15 p=0.0008 10 p=0.0007 10 5 5 0 0 24 48 24 48 24 48 0 4 8 12 16 20 24 28 32 36 40 44 48 Weeks Weeks MOL PBO MOL PBO LS Mean
Difference P-values are for difference in LS Mean CFB between MOLBREEVI and placebo DLCO minimal clinically important difference (MCID) in change from baseline in severe COPD is a 10% increase. MOLBREEVI in aPAP showed a ~10% increase in change from
MOLBREEVI Superior to Placebo on Change From Baseline in SGRQ Total
Score at W24, Favorability Continues Through W48 0 0 -5 -5 -10 -10 p=0.0072 -15 -15 p=0.1046 -20 -20 24 48 24 48 24 48 0 4 8 12 16 20 24 28 32 36 40 44 48 Weeks Weeks MOL PBO MOL PBO LS Mean Difference P-values are for difference in LS Mean CFB
MOLBREEVI Nominally Significant on Change From Baseline in SGRQ
Activity Score at W24, Favorability Continues Through W48 0 0 -5 -5 -1 0 -10 -1 5 p=0.0149 -15 p=0.1216 -2 0 -20 24 48 24 48 24 48 0 4 8 12 16 20 24 28 32 36 40 44 48 Weeks Weeks MOL PBO MOL PBO LS Mean Difference P-values are for difference in LS
MOLBREEVI Nominally Significant on Change From Baseline in Exercise
Capacity (Peak METs) at W48 2.0 2.0 1.5 p=0.0845 1.5 p=0.0234 1.0 1.0 0.5 0.5 0.0 -0.5 0.0 24 48 24 48 24 48 0 12 24 36 48 Weeks Weeks MOL PBO MOL PBO Difference in LS mean P-values are for difference in LS Mean CFB between MOLBREEVI and placebo
Lung Lavage Was Permitted as a Rescue Therapy During the Trial During
IMPALA-2 Safety Summary: MOLBREEVI Was Well-Tolerated Treatment
Emergent Adverse Events MOLBREEVI Placebo N=81 N=83 n (%) n (%) Any 69 (85) 71 (86) Severe 13 (16) 16 (19) Treatment related 20 (25) 16 (19) Serious 14 (17) 20 (24) Not treatment related 13 (16) 20 (24) 1 Treatment related 1 (1) 0 Leading to death 0
0 Leading to trial drug discontinuation 2 (2) 1 (1) Special interest (chest pain, hypersensitivity) 9 (11) 6 (7) Serious and of special interest 0 1 (1) 1 SAE of delusions resulting in psychiatric hospitalization in patient with a past medical
IMPALA-2 Safety Summary: Most Common Adverse Events ADVERSE EVENTS IN
>10% OF PATIENTS IN ANY TREATMENT ARM DURING DOUBLE-BLIND TREATMENT PERIOD MOLBREEVI Placebo Treatment Emergent Adverse Events (N=81) (N=83) n (%) n (%) Any 69 (85) 71 (86) Most common COVID-19 18 (22) 8 (10) Cough 17 (21) 18 (22) Pyrexia 11 (14)
Overview of IMPALA-2 Results: Top Line, DSS, Responder Analyses, and
GGO Data Measure Timeframe P-Value / Results DLCO% Week 24 0.0007 Week 48 0.0008 Disease Severity Score (DSS) Week 24 0.0239* Week 48 0.0006* Pulmonary gas exchange Responder Analysis - DLCO% Weeks 24 and 48 Significantly higher proportions of
patients achieved each responder threshold (5%, 7%,10%) with MOLBREEVI compared to placebo SGRQ Total Score Week 24 0.0072 Week 48 0.1046 SGRQ Activity Score Week 24 0.0149 Respiratory health-related Week 48 0.1216 quality of life Responder
Analysis - SGRQ Total Week 24 Numerically (W24) & significantly (W48) higher proportions of patients Week 48 achieved each responder threshold (-4, -8, -12-points) with MOLBREEVI compared to placebo Exercise Capacity (Peak METs) Week 24
0.0845 Patient functionality Week 48 0.0234 Chest Computed Tomography - GGO Week 24 0.0004* Surfactant burden Whole Lung Lavage Over 48 Weeks Numerically favorable to MOLBREEVI compared to placebo *Post-hoc analysis. P-value
nominally significant: P-value 0.0500 but did not meet the p-value threshold required in the pre-specified hierarchical testing procedure. DLco%, hemoglobin-adjusted percent predicted diffusing capacity of the lungs for carbon monoxide; GGO,
Regulatory and Intellectual Property Savara Inc. All Rights
U.S. and European Regulatory Timeline Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
MOLBREEVI IN aPAP REGULATORY DESIGNATIONS Orphan Drug
Designation, Europe (eligible for 10 years exclusivity) Regulatory and IP Orphan Drug Designation, U.S. (eligible for 7 years exclusivity) Summary Fast Track Designation, U.S. Breakthrough Therapy Designation, U.S.
Innovation Passport Designation, U.K. Promising Innovative Medicine Designation, U.K. BIOLOGIC EXCLUSIVITY Upon Biologics License Application (BLA) approval FDA would grant 12 years marketing exclusivity INTELLECTUAL PROPERTY
Pending patent applications for MOLBREEVI drug formulation and methods of use including treating aPAP with MOLBREEVI Worldwide exclusive license to proprietary eFlow Nebulizer System (PARI) for MOLBREEVI in aPAP and pending joint
Commercial Launch Planning Advancing Against Near Term Objectives
TESTING AWARENESS INFRASTRUCTURE PERSONNEL TESTING Expand awareness Build critical Evolve antibody Hire and onboard key of autoimmune PAP capabilities to facilitate testing platform with among targeted commercial roles to access to an eye toward
Autoimmune PAP Disease State Awareness Campaign Multi-channel effort
across healthcare professionals and patients HCP DSA Campaign Patient DSA Campaign Advocacy Paid Media Social Media Conferences Tele-Educators DSA Brochure rd 3 Party Email Paid Media TV/YouTube The Balancing Act Savara Inc. All Rights
Exclusive Specialty Pharmacy with Integrated Patient Services
Right-sized model for first-to-market solution for orphan condition SPECIALTY PHARMACY Smaller patient population is best served by a single specialty pharmacy Consistency Seamless provision of services Clear
visibility to all patient data to inform key performance indicators Currently evaluating partners Insert Image Relevant pulmonary experience Demonstrated track record of exceptional patient and provider services Single source
MyMolbreevi: Best in Class Support Program in Development Program aims
to reduce access barriers for appropriate MOLBREEVI patients post approval PATIENT SERVICES Case management approach Clinical education Insurance services Dedicated care navigator Pharmacist calls Prior
authorization Single point of contact Device training Appeals Nurse educators Financial assistance Adherence support Commercial co-pay program Free drug for eligible patients PRESCRIBER