Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-24

Savara (SVRA)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,845,000
Matthew Pauls total, FY2025
50th
CEO pay percentile vs peers
9.3:1
CEO-to-median pay ratio
98.43%
Say-on-pay support, latest vote
Companies that benchmark against SVRA
4 companies name SVRA as a compensation peer

Each company listed discloses SVRA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SVRA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Matthew Pauls$660,000$0$3,870,000$0$297,000$0$18,000$4,845,000
Chair of the Board of Directors and Chief Executive Officer
Yasmine Wasfi476,72801,691,850246,742186,850018,0002,620,170
Chief Medical Officer
David Lowrance471,00001,612,5000176,625018,0002,278,125
Chief Financial & Administrative Officer and Secretary
Robert Lutz471,00001,612,5000176,625018,0002,278,125
Chief Operating Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Matthew Pauls$4,845,000
Yasmine Wasfi2,620,170
David Lowrance2,278,125
Robert Lutz2,278,125

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
David LowranceChief Financial Officer2026-06-22A129,350$1$159,101CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D10,114655,627CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D394,52862,241,432CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22A56,937163,200CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22A87,6503293,628CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D87,65000Derivative, Class A CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D56,93700Derivative, Class A CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D28,9286159,104CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D75,00000Derivative, Class A CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22A218,7502330,313CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D53,3876293,629CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D12,50000Derivative, Class A CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D11,491663,201CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D60,0576330,314CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D129,35000Derivative, Class A CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22A75,0002119,250CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D21,6826119,251CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22A12,500455,625CommonForm 4 ↗
David LowranceChief Financial Officer2026-06-22D218,75000Derivative, Class A CommonForm 4 ↗
Robert LutzChief Fin. & Operating Officer2026-07-15A35,00000CommonForm 4 ↗
Robert LutzChief Fin. & Operating Officer2026-07-15A70,00000Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Yasmine WasfiOPTION2025-10-2070,000$246,742
Yasmine WasfiRSU2025-12-09240,0001,548,592
Robert LutzRSU2025-12-09250,0001,612,500
David LowranceRSU2025-12-09250,0001,612,500
Matthew PaulsRSU2025-12-09600,0003,870,000
Yasmine WasfiRSU2025-10-2035,000143,850
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Yasmine Wasfi$1,692,442$0$246,7420.0%
Robert Lutz1,612,500000.0%
David Lowrance1,612,500000.0%
Matthew Pauls3,870,000000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Robert LutzOption20,0004.45
Matthew PaulsRSU400,0002,412,000
Yasmine WasfiOption70,0004.11
Yasmine WasfiRSU35,000211,050
Yasmine WasfiOption131,2503.35
Matthew PaulsOption175,0001.51
Yasmine WasfiRSU240,0001,447,200
Matthew PaulsOption675,0003.35
David LowranceOption62,5001.51
Matthew PaulsOption112,5004.45
Yasmine WasfiOption55,0004.13
David LowranceRSU250,0001,507,500
David LowranceOption20,0004.45
David LowranceRSU100,000603,000
Yasmine WasfiRSU75,000452,250
Robert LutzRSU100,000603,000
Robert LutzOption225,0003.35
Matthew PaulsRSU600,0003,618,000
Robert LutzRSU250,0001,507,500
David LowranceOption225,0003.35
Robert LutzOption109,3752.53
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is intended to attract and retain qualified executive officers and to align the interests of our executive officers with those of our stockholders by incentivizing and rewarding achievement of business objectives that will enhance Savara's value and by promoting commitment to long-term success.

CEO STI target (% of salary)50%
CEO LTI target (% of salary)
Independent consultantAon
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-04156,706,5292,307,296195,25398.43%Passed
20252025-06-05120,600,9973,297,958137,18997.34%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0498.43%a
20252025-06-0597.34%b

a. Approved under the standard stated in the filing — “An abstention will have the same effect as a negative vote.”.

b. Approved under the standard stated in the filing — “Neither abstentions nor broker non-votes will be counted toward the vote total and therefore will have no effect on the outcome of this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)9.3 : 1
CEO total compensation$4,845,000
Median employee compensation$519,951
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Joseph S. McCrackenIndependent · Lead Independent Director · Compensation · Nominating/Governance (Chair)$87,000$258,000$0$0$0$345,000
David A. RamsayIndependent · Audit (Chair) · Nominating/Governance65,000258,000000323,000
Nevan ElamIndependent · Compensation (Chair) · Nominating/Governance59,000258,000000317,000
An van Es-JohanssonIndependent · Audit · Compensation57,000258,000000315,000
Richard J. HawkinsIndependent · Audit50,000258,000000308,000
Matthew PaulsEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer$258,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 14,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$318,000
Equity awards (grant-date value)$1,290,000
All other compensation$0
Total cost of the board$1,608,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

APLT Applied Therapeutics, Inc.PLRX Pliant Therapeutics, Inc.GOSS Gossamer Bio, Inc.ATXS Astria Therapeutics, Inc.ALT Altimmune, Inc.FULC Fulcrum Therapeutics, Inc.ABEO Abeona Therapeutics Inc.KROS Keros Therapeutics, Inc.AMLX Amylyx Pharmaceuticals, Inc.SLNO Soleno Therapeutics, Inc.
10a

Peer reciprocity

Of the companies Savara names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Applied Therapeutics, Inc. (APLT) Pliant Therapeutics, Inc. (PLRX)50 Gossamer Bio, Inc. (GOSS)51 Astria Therapeutics, Inc. (ATXS)52 Altimmune, Inc. (ALT)53 Fulcrum Therapeutics, Inc. (FULC) Abeona Therapeutics Inc. (ABEO) Keros Therapeutics, Inc. (KROS)54 Amylyx Pharmaceuticals, Inc. (AMLX)55 Soleno Therapeutics, Inc. (SLNO)

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Savara.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Altimmune, Inc.2025Vipin Garg$658,694$1,153,600$4,812,167$357,753$8,026,590
2Astria Therapeutics, Inc.2024Jill Milne637,86805,637,078318,9346,604,416
3Pliant Therapeutics, Inc.2025Bernard Coulie682,0001,810,2502,713,750204,6005,462,901
4Savara2025Matthew Pauls660,0003,870,0000297,0004,845,000
5Amylyx Pharmaceuticals, Inc.2025Justin Klee686,200650,226817,783548,0982,719,807
6Keros Therapeutics, Inc.2025Jasbir Seehra700,0001,426,2800398,1252,540,204
7Gossamer Bio, Inc.2025Faheem Hasnain649,64901,392,006254,8002,300,455
Applied Therapeutics, Inc.not in coverage universe
Fulcrum Therapeutics, Inc.not in coverage universe
Abeona Therapeutics Inc.not in coverage universe
Soleno Therapeutics, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Savara90%RSU 100not disclosedAon
Abeona Therapeutics Inc.not disclosednot disclosednot disclosednot disclosed
Altimmune, Inc.97.5%not disclosednot disclosedNational compensation consulting firm (unnamed)
Amylyx Pharmaceuticals, Inc.106.5%not disclosedNoPearl Meyer
Applied Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Astria Therapeutics, Inc.not disclosedOptions 100not disclosedAon
Fulcrum Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Gossamer Bio, Inc.65%not disclosedNoAlpine Rewards
Keros Therapeutics, Inc.87.5%RSU 50 · PSU 50NoAon (Human Capital Solutions practice)
Pliant Therapeutics, Inc.50%Options 67 · RSU 33not disclosedAlpine Rewards
Soleno Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Matthew PaulsDEF 14A2026-04-240001193125-26-177353Section “Summary Compensation Table”. As printed: 4,845,000. Filing ↗machine: r2 · c30 · span 340387–340396
2Section 01, Yasmine WasfiDEF 14A2026-04-240001193125-26-177353Section “Summary Compensation Table”. As printed: 2,620,170. Filing ↗machine: r4 · c30 · span 344578–344587
3Section 01, David LowranceDEF 14A2026-04-240001193125-26-177353Section “Summary Compensation Table”. As printed: 2,278,125. Filing ↗machine: r8 · c30 · span 352512–352521
4Section 01, Robert LutzDEF 14A2026-04-240001193125-26-177353Section “Summary Compensation Table”. As printed: 2,278,125. Filing ↗machine: r6 · c30 · span 348274–348283
5Section 03, Yasmine Wasfi OPTIONDEF 14A2026-04-240001193125-26-177353Section “EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t105 · r4 · c19 · span 343907–343914
6Section 03, Yasmine Wasfi RSUDEF 14A2026-04-240001193125-26-177353Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r8 · c31 · span 378146–378155
7Section 03, Robert Lutz RSUDEF 14A2026-04-240001193125-26-177353Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r10 · c31 · span 384126–384135
8Section 03, David Lowrance RSUDEF 14A2026-04-240001193125-26-177353Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t105 · r8 · c15 · span 351573–351582
9Section 03, Matthew Pauls RSUDEF 14A2026-04-240001193125-26-177353Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r4 · c31 · span 367868–367877
10Section 03, Yasmine Wasfi RSUDEF 14A2026-04-240001193125-26-177353Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t110 · r6 · c31 · span 373137–373144
11Section 07, pay ratioDEF 14A2026-04-240001193125-26-177353Section “CEO Pay Ratio”. As printed: 9.3 : 1. Filing ↗machine: span 496364–496373
12Section 08, Joseph S. McCrackenDEF 14A2026-04-240001193125-26-177353Section “Director Compensation”. As printed: 345,000. Filing ↗machine: t164 · r4 · c11 · span 595122–595129
13Section 08, David A. RamsayDEF 14A2026-04-240001193125-26-177353Section “Director Compensation”. As printed: 323,000. Filing ↗machine: t164 · r5 · c11 · span 596084–596091
14Section 08, Nevan ElamDEF 14A2026-04-240001193125-26-177353Section “Director Compensation”. As printed: 317,000. Filing ↗machine: t164 · r2 · c11 · span 593178–593185
15Section 08, An van Es-JohanssonDEF 14A2026-04-240001193125-26-177353Section “Director Compensation”. As printed: 315,000. Filing ↗machine: t164 · r6 · c11 · span 597115–597122
16Section 08, Richard J. HawkinsDEF 14A2026-04-240001193125-26-177353Section “Director Compensation”. As printed: 308,000. Filing ↗machine: t164 · r3 · c11 · span 594137–594144
17Section 08, Matthew PaulsDEF 14A2026-04-240001193125-26-177353Section “Director Compensation”. As printed: 0. Filing ↗
18Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, David Lowrance 2026-06-22Form 42026-06-220001193125-26-278061Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Robert Lutz 2026-07-15Form 42026-07-240001193125-26-316442Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Robert Lutz 2026-07-15Form 42026-07-240001193125-26-316442Insider equity transaction reported since the proxy statement. Filing ↗
39Section 06, 2026 voteForm 8-K2026-06-080001193125-26-261770Item 5.07 · say-on-pay result. As reported: 98.43% (votes for as printed: 156,706,529). Filing ↗
40Section 06, 2025 voteForm 8-K2025-06-060001193125-25-137150Item 5.07 · say-on-pay result. As reported: 97.34% (votes for as printed: 120,600,997). Filing ↗
41Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
42Section 09b board cost (computed)ComputedcomputedCash 318,000 + equity 1,290,000 + all other 0 = 1,608,000, summed across the director compensation table rows.machine: formula: Σ = 1,608,000
43Altimmune, Inc., Section 10b CEO totalDEF 14A2026-03-170001104659-26-028953CEO total compensation as printed in Altimmune, Inc.'s own proxy. As printed: 8,026,590. Filing ↗machine: t81 · r6 · c16 · span 540748–540757
44Astria Therapeutics, Inc., Section 10b CEO totalDEF 14A2025-04-280001104659-25-040180CEO total compensation as printed in Astria Therapeutics, Inc.'s own proxy. As printed: 6,604,416. Filing ↗machine: r1 · c35 · span 327451–327460
45Pliant Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-220001746473-26-000076CEO total compensation as printed in Pliant Therapeutics, Inc.'s own proxy. As printed: 5,462,901. Filing ↗machine: r2 · c48 · span 436933–436942
46Savara (subject), Section 10b CEO totalDEF 14A2026-04-240001193125-26-177353CEO total compensation as printed in Savara's own proxy. As printed: 4,845,000. Filing ↗machine: r2 · c30 · span 340387–340396
47Amylyx Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-171800CEO total compensation as printed in Amylyx Pharmaceuticals, Inc.'s own proxy. As printed: 2,719,807. Filing ↗machine: r4 · c29 · span 597623–597632
48Keros Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-220001104659-26-046791CEO total compensation as printed in Keros Therapeutics, Inc.'s own proxy. As printed: 2,540,204. Filing ↗machine: r1 · c41 · span 627980–627989
49Gossamer Bio, Inc., Section 10b CEO totalDEF 14A2026-04-240001728117-26-000027CEO total compensation as printed in Gossamer Bio, Inc.'s own proxy. As printed: 2,300,455. Filing ↗machine: r2 · c48 · span 378559–378568
50Section 10a, Pliant Therapeutics, Inc. reciprocityDEF 14A0001746473-26-000076Pliant Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Savara. Filing ↗
51Section 10a, Gossamer Bio, Inc. reciprocityDEF 14A0001728117-26-000027Gossamer Bio, Inc.'s most recent proxy was read; its disclosed peer group does not include Savara. Filing ↗
52Section 10a, Astria Therapeutics, Inc. reciprocityDEF 14A0001104659-25-040180Astria Therapeutics, Inc. names Savara in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Altimmune, Inc. reciprocityDEF 14A0001104659-26-028953Altimmune, Inc. names Savara in its own disclosed peer group (read from its most recent proxy). Filing ↗
54Section 10a, Keros Therapeutics, Inc. reciprocityDEF 14A0001104659-26-046791Keros Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Savara. Filing ↗
55Section 10a, Amylyx Pharmaceuticals, Inc. reciprocityDEF 14A0001193125-26-171800Amylyx Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Savara. Filing ↗