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SVRA on Nasdaq

Savara Inc

Savara Inc is an American pharmaceutical preparations company, incorporated in Delaware.1 It is headquartered in Austin, Texas.1 Its shares trade on Nasdaq under the symbol SVRA.1

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Last updated Oct 21, 2026.

Overview

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  • TickerSVRA on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersAustin, Texas1
  • Incorporated inDE2
  • Business address6836 Bee Cave Road, Building 3, Suite 201, Austin, Tx 787462
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Savara Inc. (together with its subsidiaries “Savara,” the “Company,” “we,” “our” or “us”) is a clinical stage biopharmaceutical company focused on rare respiratory diseases. Our sole program, molgramostim inhalation solution ("MOLBREEVI " or "molgramostim" ) , is an investigational inhaled biologic, specifically an inhaled granulocyte-macrophage colony-stimulating factor ("GM-CSF") in Phase 3 development for autoimmune pulmonary alveolar proteinosis (“autoimmune PAP”). MOLBREEVI is delivered via a proprietary eFlow ® Nebulizer System (PARI Pharma GmbH, “PARI”).3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2020

-19182.9%Operating margin4
-19305.4%Net margin4
-77.1%Return on equity5
0.39×Debt to equity4
-$39.9MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2020

  • Other costs100¢$257.0K

Out of $257.0K in revenue.4 The company lost money this year.

Financial statements

Revenue64$257.0K in 2020
0$100.0K$200.0K$300.0K2019: $0$020192020: $257.0K$257.0K2020
Operating income74-$49.3M in 2020−38% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$79.0M-$79.0M20192020: -$49.3M-$49.3M2020−38%
Net income74-$49.6M in 2020−37% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$78.2M-$78.2M20192020: -$49.6M-$49.6M2020−37%

Every line of the income statement as filed: the last 2 fiscal years, latest first.10

Period ending2025-12-312024-12-31
Research and development$81.4M$78.0M
General and administrative$42.1M$25.0M
Depreciation and amortization$87.0K$130.0K
Total operating expenses$123.5M$103.2M
Loss from operations-$123.5M-$103.2M
Interest income, net$4.2M$6.5M
Foreign currency exchange gain$310.0K$51.0K
Tax credit income$784.0K$797.0K
Loss on extinguishment of debt-$546.0K
Total other income, net$4.7M$7.3M
Net loss-$118.8M-$95.9M
Basic-$0.53-$0.48
Diluted-$0.53-$0.48
Basic222.4M shares198.2M shares
Diluted222.4M shares198.2M shares
Gain (loss) on foreign currency translation$665.0K-$523.0K
Unrealized gain (loss) on short-term investments-$2.0K$44.0K
Total comprehensive loss-$118.2M-$96.4M

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Corporate structure

Savara Inc sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Savara Inc

  • Savara Inc Austin, Texas

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Savara Inc reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.4M10 Dec 31, 2025$2.3M10 Dec 31, 2024+4.6%
Accumulated depreciation$2.3M10 Dec 31, 2025$2.2M10 Dec 31, 2024+7.9%
Property and equipment, net$100.0K10 Dec 31, 2025$165.0K10 Dec 31, 2024−39.4%
Operating-lease assets (leased space)$100.0K10 Dec 31, 2025$200.0K11 Dec 31, 2024−50.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$33.2M10 Dec 31, 2025$15.1M10 Dec 31, 2024+119.3%
Marketable securities, current$202.5M10 Dec 31, 2025$181.2M10 Dec 31, 2024+11.8%
Debt securities available for sale$202.5M10 Dec 31, 2025$181.2M10 Dec 31, 2024+11.8%

Properties, in its own words

As of December 31, 2025, our corporate headquarters is located in Langhorne, Pennsylvania where we lease approximately 6,435 square feet of office space. Refer to Note 2. Summary of Significant Accounting Policies in the notes to our consolidated financial statements in this annual report on Form 10-K for additional discussion.

We believe that our existing facilities are adequate for the near-term. When our existing leases expire, we may look for alternate space for our operations. We believe that suitable alternative space would be available on commercially reasonable terms if required in the future.

Item 2 of the 10-K filed Mar 13, 2026.3

Leadership

Who has led Savara Inc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Evan Levine2006–2008
  2. Brian M. Culley2010–2017
  3. Robert N. Neville2017–2019
  4. Matthew Pauls2020–now

President

  1. Evan Levine2006–2008
  2. James A. Merritt2006–2007
  3. Patrick L. Keran2010–2015
  4. Jaakko Taneli Jouhikainen2019

Chief financial officer

  1. Carrie Carlander2006
  2. Robert A. Daniel2006
  3. Gregory P. Hanson2006
  4. Mark Bagnall2008
  5. Brandi Roberts2013–2017
  6. David L. Lowrance2017–now

Chief operating officer

  1. Patrick L. Keran2010–2015
  2. Jaakko Taneli Jouhikainen2019
2010201520202025
Board members and other officers (43)

Former names

  • Mast Therapeutics, Inc.Mar 12, 2013 to Apr 25, 20172
  • ADVENTRX PHARMACEUTICALS INCAug 14, 2003 to Mar 1, 20132
  • BIOKEYS PHARMACEUTICALS INCOct 2, 2001 to May 15, 20032

Timeline

  1. Jun 8, 20268-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote66
  2. Mar 13, 20268-K Entered a material agreement67
  3. Jan 27, 20268-K Entered a material agreement; New debt or obligation68
  4. Jan 9, 20268-K Regulation FD disclosure69
  5. Oct 30, 20258-K Entered a material agreement; Other events70
  6. Oct 29, 20258-K Entered a material agreement; Regulation FD disclosure; Other events71
  7. Sep 2, 20258-K Regulation FD disclosure72
  8. Jun 6, 20258-K Shareholder vote73
  9. May 27, 20258-K Other events74
  10. Mar 31, 20258-K Ended a material agreement75
  11. Mar 26, 20258-K Entered a material agreement; Ended a material agreement; New debt or obligation76
  12. Jan 23, 20258-K Executive or director change77
  13. Dec 17, 2020New chief executive Matthew Pauls becomes CEO12
  14. May 5, 2017New chief executive Robert N. Neville becomes CEO13
  15. Feb 3, 2010New chief executive Brian M. Culley becomes CEO14
  16. Apr 25, 2006New chief executive Evan Levine becomes CEO15

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.14) a share, on Nov 12, 2025.78

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

263 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 34 major events, 122 insider forms, 45 large holders, 41 other. The latest 20:

  1. Sep 25, 20264 EDGAR
  2. Aug 11, 2026S-8 EDGAR
  3. Aug 11, 202610-Q EDGAR
  4. Jul 24, 20264 EDGAR
  5. Jun 22, 2026144 EDGAR
  6. Jun 22, 20264 EDGAR
  7. Jun 8, 20268-K EDGAR
  8. May 12, 202610-Q EDGAR
  9. Apr 24, 2026ARS EDGAR
  10. Apr 24, 2026DEFA14A EDGAR
  11. Apr 24, 2026DEF 14A EDGAR
  12. Apr 10, 2026PRE 14A EDGAR
  13. Mar 20, 20264 EDGAR
  14. Mar 13, 20268-K EDGAR
  15. Mar 13, 202610-K EDGAR
  16. Feb 17, 2026SCHEDULE 13G/A EDGAR
  17. Feb 17, 20264 EDGAR
  18. Feb 17, 2026SCHEDULE 13G/A EDGAR
  19. Feb 13, 2026SCHEDULE 13G/A EDGAR
  20. Feb 13, 2026SCHEDULE 13G/A EDGAR

The 263 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

77 open-market trades by officers, directors and large owners since October 2021: 69 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 22, 2026Lowrance David LChief Financial OfficerSale394,528$5.68$2.2MForm 4
Dec 19, 2025RAMSAY DAVID ADirectorSale20,000$6.06$121.2KForm 4
Jun 20, 2025Hawkins Richard JDirectorBuy48,225$2.04$98.4KForm 4
May 29, 2025McCracken Joseph SDirectorBuy10,000$2.08$20.8KForm 4
Mar 31, 2025RAMSAY DAVID ADirectorBuy150,000$2.78$417.0KForm 4
Dec 16, 2024Lowrance David LChief Financial OfficerSale25,000$3.33$83.2KForm 4
Dec 16, 2024Pauls MatthewCHIEF EXECUTIVE OFFICERSale54,702$3.31$181.1KForm 4
Dec 16, 2024Hawkins Richard JDirectorSale8,000$3.32$26.6KForm 4
Nov 19, 2024McCracken Joseph SDirectorBuy20,000$2.95$59.0KForm 4
Nov 18, 2024RAMSAY DAVID ADirectorBuy100,000$2.88$288.0KForm 4
Dec 28, 2023Pauls MatthewCHIEF EXECUTIVE OFFICERSale84,000$4.71$395.6KForm 4
Dec 28, 2023Lowrance David LChief Financial OfficerSale10,000$4.71$47.1KForm 4
Dec 28, 2023Elam Nevan CDirectorSale93,843$4.71$442.0KForm 4
Jul 17, 2023Yang Rick10% ownerBuy333,333$3.00$1.0MForm 4
Jul 17, 2023Walker Paul Edward10% ownerBuy333,333$3.00$1.0MForm 4
Jul 17, 2023SANDELL SCOTT D10% ownerBuy333,333$3.00$1.0MForm 4
Jul 17, 2023Mathers Edward T10% ownerBuy333,333$3.00$1.0MForm 4
Jul 17, 2023Makhzoumi Mohamad10% ownerBuy333,333$3.00$1.0MForm 4
Jul 17, 2023Florence Anthony A. Jr.10% ownerBuy333,333$3.00$1.0MForm 4
Jul 17, 2023Chang Carmen10% ownerBuy333,333$3.00$1.0MForm 4

All 77 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Matthew Pauls55$660.0K$4.8M98
2025Yasmine Wasfi56$476.7K$2.6M98
2025David Lowrance58$471.0K$2.3M98
2025Robert Lutz57$471.0K$2.3M98
2024Chief Executive Officer$620.0K$4.9M98
2024Chief Financial & Administrative Officer & Secretary$455.1K$1.9M98
2024Chief Operating Officer$454.5K$1.9M98

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
NEA Management Company, LLC24,471,264$150.7M9.5%No change
Bain Capital Life Sciences Investors, LLC17,600,621$108.4M6.4%No change
Venrock Adviser, LLC14,745,943$90.8M2.8%+1,005,568
Nantahala Capital Management, LLC13,953,620$86.0M2.6%+6,608,837
Deerfield Management Company, L.P.13,569,000$83.6M1.0%No change
BlackRock, Inc.12,494,498$77.0M0.0%+1,203,313
TCG Crossover Management, LLC12,362,205$76.2M1.8%No change
Frazier Life Sciences Management, L.P.9,720,852$59.9M1.3%No change
Polar Capital Holdings Plc9,541,786$58.8M0.2%No change
Vanguard Capital Management LLC7,932,545$48.9M0.0%+148,632
State Street Corp6,553,348$40.4M0.0%−154,336
Marshall Wace, Llp6,256,989$38.5M0.0%+1,742,641
Rtw Investments, LP5,952,380$36.7M0.3%No change
Woodline Partners LP4,245,119$26.1M0.1%No change
Orbimed Advisors LLC3,959,900$24.4M0.5%+3,324,900
Geode Capital Management, LLC3,872,133$23.9M0.0%+277,653
Spruce Street Capital LP3,452,576$21.3M4.2%+69,401
Rosalind Advisors, Inc.3,178,121$19.6M7.4%−25,600
Emerald Advisers, LLC3,148,439$19.4M0.5%−222,846
Pictet Asset Management Holding SA2,763,055$17.0M0.0%+487,674
Vestal Point Capital, LP2,720,000$16.8M0.4%+119,948
Wellington Management Group Llp2,694,812$16.6M0.0%−15,911
D. E. Shaw & Co., Inc.2,514,998$15.5M0.0%+403,116
Affinity Asset Advisors, LLC2,512,153$15.5M0.8%No change
Emerald Mutual Fund Advisers Trust2,375,999$14.6M0.5%+7,330

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Savara Inc is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSavara Inc1
  • CIK0001160308
  • Employer ID (EIN)84-13181823
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address6836 Bee Cave Road, Building 3, Suite 201, Austin, TX 787461
  • Phone512851137961
  • Shares outstanding205,460,015 as of Aug 11, 20269
  • Public float$544.5M as of Jun 30, 20253
  • AuditorRSM US LLP, Boston, Massachusetts PCAOB ID 49; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceOct 2, 20011
  • Filings1,339 in all: 8-K (387), 4 (372), 10-Q (65), 3 (63), SC 13G/A (44), SC 13G (34), 424B5 (31), 424B3 (28)1
    All 56 form types

    CORRESP (24), DEF 14A (24), UPLOAD (22), 10-K (21), S-8 (19), EFFECT (18), 425 (16), DEFA14A (16), S-3 (13), 8-K/A (12), SCHEDULE 13G/A (12), SC 13D/A (9), 10QSB (8), 144 (8), POS AM (8), PRE 14A (7), S-1/A (6), 10KSB (5), CT ORDER (5), S-3/A (5), SC 13D (5), SCHEDULE 13G (5), ARS (4), NT 10-Q (4), 10-K/A (3), 10-Q/A (3), 10SB12G/A (3), FWP (3), 424B4 (2), 8-A12B (2), D (2), NT 10-K (2), REGDEX (2), S-1 (2), SCHEDULE 13D/A (2), 10KSB/A (1), 10SB12G (1), 25 (1), 3/A (1), CERTAMX (1), CERTNAS (1), DEF 14C (1), DEFR14A (1), PRE 14C (1), S-1MEF (1), S-3MEF (1), S-4 (1), S-4/A (1)

  • Latest filingsAnnual report (10-K) Mar 13, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Jun 8, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareSVRAThe Nasdaq Global Select Market

From the cover page of the 10-K filed Mar 13, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Savara Inc names in Item 1A of its 10-K filed Mar 13, 2026: 37 risks under these headings, as written.3

  • Risks Related to Development and Commercialization of our Product Candidate
  • We are substantially dependent upon the clinical, regulatory, and commercial success of our sole product candidate, MOLBREEVI. If we are unable to successfully complete clinical development of, obtain regulatory approval for, and successfully commercialize MOLBREEVI, our business may be harmed.
  • Clinical drug development involves a lengthy and expensive process, with an uncertain outcome. We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development of our product candidate. If development of our product candidate is unsuccessful or delayed, we may be unable to obtain required regulatory approvals and be unable to commercialize our product candidate on a timely basis, if at all.
  • There is significant uncertainty regarding the regulatory approval process for any investigational new drug. Substantial further testing and validation of our product candidate and related manufacturing processes may be required, and regulatory approval may be conditioned, delayed, or denied, any of which could delay or prevent us from successfully marketing our product candidate and substantially harm our business.
  • Our MOLBREEVI product candidate may cause undesirable side effects or adverse events or have other properties that could delay or prevent our clinical development, regulatory approval, or commercialization.
  • Even if we receive regulatory approval for MOLBREEVI, we may face regulatory requirements that could materially and adversely affect our business, financial condition, and results of operations.
  • If MOLBREEVI receives regulatory approval but fails to achieve significant market acceptance among the medical community, patients, or third-party payers, the revenue we generate from its sales will be limited and our business may never achieve profitability.
  • Even if we receive regulatory approval to market our product candidate in the U.S., we may never receive approval or commercialize our product outside of the U.S., which would limit our ability to realize the full commercial potential of our product candidate.
  • Risks Related to Our Capital Requirements and Financial Condition
  • We have incurred significant losses since inception and expect that we will continue to incur losses for the foreseeable future, which makes it difficult to assess our future viability.
  • We may require additional financing to support our operations and a failure to obtain this necessary capital when needed on acceptable terms, or at all, could force us to delay, limit, reduce, or terminate our product development efforts or other operations.
  • The Hercules Loan Agreement contains covenants which may adversely impact our business and the failure to comply with such covenants could cause our outstanding debt to become immediately payable or accelerate principal payments.
The other 27 risks
  • Any future acquisitions that we make could disrupt our business and harm our financial condition.
  • We have IPR&D and future impairment of IPR&D may have an adverse impact on our future financial condition and results of operations.
  • Adverse developments affecting financial institutions, companies in the financial services industry, or the financial services industry generally, such as actual events or concerns involving liquidity, defaults, or non-performance, could adversely affect our operations and liquidity.
  • Risks Related to Our Dependence on Third Parties
  • We do not have, and do not have plans to, establish commercial manufacturing facilities. We completely rely on third parties for the manufacture and supply of our clinical trial drug and delivery device supplies and, if approved, commercial product materials. The loss of any of these vendors or a vendor’s failure to provide us with an adequate supply of clinical trial or commercial product material in a timely manner and on commercially acceptable terms, or at all, could harm our business.
  • We rely significantly on third parties to conduct our nonclinical testing and clinical trials and other aspects of our MOLBREEVI development program, and if those third parties do not satisfactorily perform their contractual obligations or meet anticipated deadlines, the development of our MOLBREEVI product candidate could be adversely affected.
  • Our employees, independent contractors and consultants, principal investigators, CROs, CMOs, other vendors, and any future commercial partners may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, which could cause significant liability for us and harm our reputation.
  • The company intends to establish a redundant supply chain with second sources of drug substance and drug product manufacture. If the product manufactured at the second sources of manufacture is not demonstrated to be comparable with materials used in the clinical program, we may not be able to commercialize from these second sources.
  • Risks Related to Competition, Retaining Key Employees and Managing Growth
  • MOLBREEVI has received Orphan Drug Designation from the FDA and the EMA. If a competitor obtains Orphan Drug exclusivity for a product with the same active ingredient and route of delivery as molgramostim for autoimmune PAP, we may be unable to market our product candidate until the exclusivity of the competing product expires.
  • We expect competition in the marketplace for our MOLBREEVI product candidate should it receive regulatory approval.
  • If we fail to attract and retain senior management and key scientific personnel and develop and maintain relationships with service providers, consultants and advisers, we may be unable to successfully develop and commercialize our product candidate.
  • We currently have limited marketing capabilities and no sales organization. If we are unable to establish sales and marketing capabilities on our own or through third parties, we will be unable to successfully commercialize our product candidate, if approved, or generate product revenue.
  • To establish a sales and marketing infrastructure and expand our manufacturing capabilities, we will need to increase the size of our organization, and we may experience difficulties in managing this growth.
  • Risks Related to Our Business Operations
  • Our operations might be interrupted and financial results could be adversely impacted by the occurrence of a natural disaster, acts of war or terrorism, tariffs, IT system malfunction, telecommunication and electrical failures or other catastrophic event, or public health crises, such as a pandemic.
  • Our business and operations would suffer in the event of third-party computer system failures, cyber-attacks on third-party systems, or deficiency in our cybersecurity.
  • The Company’s remote working arrangements could significantly increase the Company’s digital and cybersecurity risks.
  • If we or our vendors fail to comply with data protection laws and regulations, we could be subject to government enforcement actions (which could include civil or criminal penalties), private litigation, and/or adverse publicity, which could negatively affect our operating results and business.
  • We must comply with the U.S. Foreign Corrupt Practices Act and similar foreign anti-corruption laws.
  • Risks Related to Our Intellectual Property
  • If we are unable to adequately protect our intellectual property rights related to our product candidate, it could have a material adverse effect on our business.
  • We may not be able to enforce our intellectual property rights outside of the U.S.
  • Third parties may claim that our product, if approved, infringes on their proprietary rights and may challenge the approved use or uses of a product or its patent rights through litigation or administrative proceedings, and defending such actions may be costly and time consuming, divert management attention away from our business, and result in an unfavorable outcome that could have an adverse effect on our business.
  • Risks Related to Our Industry
  • We are subject to uncertainty relating to healthcare reform measures and reimbursement policies that, if not favorable to our product, could hinder or prevent our product’s commercial success, if our product candidate is approved.
  • We face potential product liability exposure and, if successful claims are brought against us, we may incur substantial liability for a product or product candidate and may have to limit its commercialization. In the future, we anticipate that we will need to obtain additional or increased product liability insurance coverage and it is uncertain whether such increased or additional insurance coverage can be obtained on commercially reasonable terms, if at all.
  • If MOLBREEVI is approved, we will be subject to applicable fraud and abuse, anti-kickback, physician payment transparency, and other healthcare laws and regulations, which could expose us to reputational harm, criminal prosecution, civil penalties, and other damages if it is determined we have failed to comply.
  • Risks Related to our Common Stock
  • Our stock price is expected to continue to be volatile.
  • If we fail to satisfy all applicable Nasdaq continued listing requirements, including the $1.00 minimum closing bid price requirement, our common stock may be delisted from Nasdaq, which could have an adverse impact on the liquidity and market price of our common stock.
  • We do not expect to pay any cash dividends in the foreseeable future.
  • We may be unable to use certain of our net operating losses and other tax assets.

Legal proceedings

From time to time, we may become involved in various claims and legal proceedings. Regardless of outcome, litigation and other legal and administrative proceedings can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. We are not currently a party to any material pending litigation or other material legal proceeding.

On September 8, 2025, a putative securities class action complaint, Ho, et al. v. Savara Inc., et al., was filed against the Company and certain of our executive officers in the United States District Court for the Eastern District of Pennsylvania. On each of December 4, 2025 and January 16, 2026, a stockholder derivative complaint was filed in the United States District Court for the Eastern District of Pennsylvania against our directors, certain of our officers, and the Company as a nominal defendant, Norman v. Pauls, et al. and Lasky v. Pauls, et al., respectively. Those stockholder derivative complaints were consolidated on February 3, 2026. The securities class action complaint was voluntarily dismissed by the co-lead plaintiffs on February 6, 2026, and the stockholder derivative complaint was voluntarily dismissed by the plaintiffs on February 12, 2026. For more information, see the description under the heading “Litigation” in Note 10. Commitments in the notes to our consolidated financial statements in this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.3

Sources

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