SCHEDULE 13G/A 0001175707 XXXXXXXX LIVE 10 Common Stock, par value $0.001 per share (the "Shares") 12/31/2025 0001160308 Savara Inc. 805111101 1717 Langhorne Newtown Road, Suite 300 Langhorne PA 19047 Rule 13d-1(c) Farallon Capital Partners, L.P. b CA 0 2488500 0 2488500 2488500 N 1.2 PN Farallon Capital Institutional Partners, L.P. b CA 0 3843000 0 3843000 3843000 N 1.9 PN Farallon Capital Institutional Partners II, L.P. b CA 0 804000 0 804000 804000 N 0.4 PN Farallon Capital Institutional Partners III, L.P. b DE 0 492000 0 492000 492000 N 0.2 PN Four Crossings Institutional Partners V, L.P. b DE 0 543000 0 543000 543000 N 0.3 PN Farallon Capital Offshore Investors II, L.P. b E9 0 5659500 0 5659500 5659500 N 2.7 PN Farallon Capital (AM) Investors, L.P. b DE 0 204000 0 204000 204000 N 0.1 PN Farallon Capital F5 Master I, L.P. b E9 0 966000 0 966000 966000 N 0.5 PN Farallon Partners, L.L.C. b DE 0 14034000 0 14034000 14034000 N 6.5 OO Farallon Institutional (GP) V, L.L.C. b DE 0 543000 0 543000 543000 N 0.3 OO Farallon F5 (GP), L.L.C. b DE 0 966000 0 966000 966000 N 0.5 OO Dapice Joshua J. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Dreyfuss, Philip D. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Dunn Hannah E. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Fried, Richard B b X1 0 0 0 0 0 N 0 IN Gehani, Varun N. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Giauque, Nicolas b I0 0 15000000 0 15000000 15000000 N 6.9 IN Husen, Avner A. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Kim, David T. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Linn, Michael G. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Luo Patrick (Cheng) b F4 0 15000000 0 15000000 15000000 N 6.9 IN Patel, Rajiv A. b X1 0 0 0 0 0 N 0 IN Roberts, Jr., Thomas G. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Saito Edric C. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Seybold, William b X1 0 0 0 0 0 N 0 IN Short Daniel S. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Spokes, Andrew J. M. b X0 0 15000000 0 15000000 15000000 N 6.9 IN Warren, John R. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Wehrly, Mark C. b X1 0 15000000 0 15000000 15000000 N 6.9 IN Savara Inc. 1717 Langhorne Newtown Road, Suite 300, Langhorne, Pennsylvania, 19047 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. 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. 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. Y 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. 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. 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. 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. 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. 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. Y Y Y N 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. Y N 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. Exhibit 1. Joint Acquisition Statement Pursuant to Section 240.13d-1(k) Farallon Capital Partners, L.P. /s/ Hannah E. Dunn 02/05/2026 Farallon Capital Institutional Partners, L.P. /s/ Hannah E. Dunn 02/05/2026 Farallon Capital Institutional Partners II, L.P. /s/ Hannah E. Dunn 02/05/2026 Farallon Capital Institutional Partners III, L.P. /s/ Hannah E. Dunn 02/05/2026 Four Crossings Institutional Partners V, L.P. /s/ Hannah E. Dunn 02/05/2026 Farallon Capital Offshore Investors II, L.P. /s/ Hannah E. Dunn 02/05/2026 Farallon Capital (AM) Investors, L.P. /s/ Hannah E. Dunn 02/05/2026 Farallon Capital F5 Master I, L.P. /s/ Hannah E. Dunn 02/05/2026 Farallon Partners, L.L.C. /s/ Hannah E. Dunn 02/05/2026 Farallon Institutional (GP) V, L.L.C. /s/ Hannah E. Dunn 02/05/2026 Farallon F5 (GP), L.L.C. /s/ Hannah E. Dunn 02/05/2026 Dapice Joshua J. /s/ Hannah E. Dunn 02/05/2026 Dreyfuss, Philip D. /s/ Hannah E. Dunn 02/05/2026 Dunn Hannah E. /s/ Hannah E. Dunn 02/05/2026 Fried, Richard B /s/ Hannah E. Dunn 02/05/2026 Gehani, Varun N. /s/ Hannah E. Dunn 02/05/2026 Giauque, Nicolas /s/ Hannah E. Dunn 02/05/2026 Husen, Avner A. /s/ Hannah E. Dunn 02/05/2026 Kim, David T. /s/ Hannah E. Dunn 02/05/2026 Linn, Michael G. /s/ Hannah E. Dunn 02/05/2026 Luo Patrick (Cheng) /s/ Hannah E. Dunn 02/05/2026 Patel, Rajiv A. /s/ Hannah E. Dunn 02/05/2026 Roberts, Jr., Thomas G. /s/ Hannah E. Dunn 02/05/2026 Saito Edric C. /s/ Hannah E. Dunn 02/05/2026 Seybold, William /s/ Hannah E. Dunn 02/05/2026 Short Daniel S. /s/ Hannah E. Dunn 02/05/2026 Spokes, Andrew J. M. /s/ Hannah E. Dunn 02/05/2026 Warren, John R. /s/ Hannah E. Dunn 02/05/2026 Wehrly, Mark C. /s/ Hannah E. Dunn 02/05/2026