SAVARA REPORTS SECOND QUARTER 2019 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE Molgradex aPAP Program: Continue with Regulatory Interactions, Expect FDA Written Responses to Type C Meeting in October Anticipate Filing

SAVARA REPORTS SECOND QUARTER 2019 FINANCIAL RESULTS

AND PROVIDES BUSINESS UPDATE

Molgradex aPAP Program:

AUSTIN, TX August 8, 2019 Savara Inc. (Nasdaq: SVRA), an orphan lung disease company, today reported financial

results for the second quarter ending June 30, 2019 and provided a business update.

Our highest corporate priority continues to be the

Molgradex aPAP program, said Rob Neville, Chief Executive Officer, Savara. While the IMPALA study did not achieve statistical significance on its pre-specified primary endpoint, the totality of the

efficacy data are encouraging and reinforce the important role of Molgradex to improve oxygenation and reduce surfactant burden in these patients. Additionally, with adverse event frequencies similar to placebo, we believe this drug has a compelling

risk-benefit profile. We are proceeding with regulatory interactions to determine the best path forward, while simultaneously preparing for an additional Phase 3 study should that be required.

Recent Developments and Upcoming Highlights

Molgradex for autoimmune pulmonary alveolar proteinosis (aPAP)

Molgradex for nontuberculous mycobacterial (NTM) lung infection

Exploratory Pipeline

Second Quarter Financial Results (Unaudited)

Savara s net loss attributable to common stockholders for the three months ended June 30, 2019 was $21.9 million, or $(0.57) per

share, compared with a net loss attributable to common stockholders of $11.6 million, or $(0.37) per share, for the three months ended June 30, 2018.

Research and development expenses were $10.5 million for the three months ended June 30, 2019, compared with $9.3 million for the

three months ended June 30, 2018. The increase was primarily due to $2.2 million in increased development costs associated with the development of Molgradex and AeroVanc, which was partially offset by $1.0 million in expense in the

form of common stock issued in connection with an asset purchase in the second quarter of 2018.

General and administrative expenses for the three months

ended June 30, 2019 were $4.2 million, compared with $2.5 million for the three months ended June 30, 2018. The increase was primarily due to increased personnel costs and other legal, accounting, insurance, commercial strategy,

business development, and operating activities.

During the three months ended June 30, 2019, we recognized a $7.4 million non-cash impairment charge to the carrying value of our goodwill following the results of our IMPALA study.

of June 30, 2019, Savara had a carrying value of its debt of approximately $24.8 million and had cash, cash equivalents, and short-term investments of approximately $111.7 million. Under the current operating plan, the

Company believes this is sufficient capital to fund planned operations into 2021.

Conference Call and Webcast

Savara will host a conference call today at 4:30 p.m. Eastern Time (ET)/1:30 p.m. Pacific Time (PT). Shareholders and other interested parties may access the

conference call by dialing (855) 239-3120 from the U.S., (855) 669-9657 from Canada, and (412) 542-4127 from elsewhere

outside the U.S. and request the Savara Inc. call. A live webcast of the conference call will be available online in the Investors section of Savara s website

at https://www.savarapharma.com/investors/events-presentations/.

Approximately one hour after the call, a replay of the webcast will be

available on Savara s website for 30 days, and a telephone replay will be available through August 15, 2019 by dialing (877) 344-7529 from the U.S., (855)

669-9658 from Canada and (412) 317-0088 from elsewhere outside the U.S. and entering the replay access code 10133438.

Savara is an orphan lung disease company.

Savara s pipeline comprises Molgradex, an inhaled granulocyte-macrophage colony-stimulating factor (GM-CSF) in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP), in Phase 2a

development for nontuberculous mycobacterial (NTM) lung infection in both non-cystic fibrosis (CF) and CF-affected individuals with chronic NTM lung infection; and

AeroVanc, a Phase 3-stage inhaled vancomycin for treatment of persistent methicillin-resistant Staphylococcus aureus (MRSA) lung infection in CF. Savara s strategy involves expanding its pipeline

of potentially best-in-class products through indication expansion, strategic development partnerships and product acquisitions, with the goal of becoming a leading

company in its field. Savara s management team has significant experience in orphan drug development and pulmonary medicine, identifying unmet needs, developing and acquiring new product candidates, and effectively advancing them to approvals

and commercialization. More information can be found at www.savarapharma.com. (Twitter: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/)

Forward Looking Statements

Savara cautions you that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of

the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as expect, intend, plan,

anticipate, believe, and will, among others. Such statements include, but are not limited to, statements regarding our highest corporate priority being the Molgradex aPAP program, that the totality of the IMPALA

efficacy data are encouraging and reinforce the important role of Molgradex to improve oxygenation and reduce surfactant burden in aPAP patients, the belief that Molgradex has a compelling risk-benefit profile, that we are proceeding with regulatory

interactions to determine the best path forward, while simultaneously preparing for an additional Phase 3 study should that be required, that we expect written responses from the FDA in October 2019, that we anticipate filing for Breakthrough

Designation in the U.S., statements regarding the timing of top line results from our OPTIMA and AVAIL studies, statements regarding the enrollment of our AVAIL study, including the timing of completion of enrollment, that future development of the

amikacin/fosfomycin program will be considered at a later time, the belief that Savara has sufficient capital to fund planned operations into 2021 under the current operating plan, and Savara s strategy. Savara may not actually achieve any of

the matters referred to in such forward-looking statements, and you should not place undue reliance on these forward-looking statements. These forward-looking statements are based upon Savara s current expectations and involve assumptions that

may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without

limitation, the outcome of our planned meeting with the FDA to discuss the IMPALA data and path forward, risks and uncertainties associated with the outcome of our ongoing and planned clinical trials for our product candidates, the ability to

project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources for Savara s operations and to conduct or continue planned clinical development programs,

the ability to obtain the necessary patient enrollment for our product candidates in a timely manner, the ability to successfully identify product acquisition candidates, the ability to successfully develop our product candidates, the risks

associated with the process of developing, obtaining regulatory approval for and commercializing drug candidates such as Molgradex and AeroVanc that are safe and effective for use as human therapeutics, and the timing and ability of Savara to raise

additional equity capital as needed to fund continued operations. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. For a detailed description of our risks and uncertainties, you are encouraged

to review our documents filed with the SEC including our recent filings on Form 8-K, Form 10-K and Form 10-Q. You are cautioned

not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Savara undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on

which they were made, except as may be required by law.

Financial Information to Follow

Savara Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(in thousands, except for share and per share amounts)

Savara Inc. and Subsidiaries

Condensed Consolidated Balance Sheet data

Anne Erickson (anne.erickson@savarapharma.com)