Exhibit 5.1

 

October 30, 2025

Board of Directors

Savara Inc.

1717 Langhorne Newtown Road

Suite 300

Langhorne, PA 19047

Ladies and Gentlemen:

We are acting as counsel to Savara Inc., a Delaware corporation (the “Company”), in connection with the public offering of up to 23,809,524 shares of common stock, par value $0.001 per share (the “Common Stock”), of the Company, including up to a maximum of 4,642,857 additional shares of Common Stock which may be purchased from the Company as set forth in the Agreement (as defined below) (the “Shares”), and pre-funded warrants to purchase an aggregate of 7,142,857 shares of Common Stock of the Company (the “Warrant Shares”) at an exercise price of $0.001 per share (the “Pre-Funded Warrants”). The offering by the Company is being made pursuant to a prospectus supplement dated October 29, 2025 to the accompanying base prospectus dated May 21, 2024 (such documents, collectively, the “Prospectus”) that form part of the Company’s effective registration statement on Form S-3 (File No. 333-279274) (the “Registration Statement”). This opinion letter is furnished to you at your request to enable the Company to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.

For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinion hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents submitted to us, and the conformity to authentic original documents of all documents submitted to us as copies (including electronic copies). We have also assumed the validity and constitutionality of each relevant statute, rule and regulation covered by this opinion letter. As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

 

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Board of Directors

Savara Inc.

October 30, 2025

Page 2

 

This opinion letter is based as to matters of law solely on the applicable provisions of the following, as currently in effect: (i) as to the opinion given in paragraphs (a) and (c), the Delaware General Corporation Law, as amended, and (ii) as to the opinion given in paragraph (b), the laws of the State of Delaware (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). We express no opinion herein as to any other laws, statutes, ordinances, rules, or regulations (and in particular, we express no opinion as to any effect that such other laws, statutes, ordinances, rules, or regulations may have on the opinions expressed herein).

Based upon, subject to and limited by the foregoing, we are of the opinion that:

(a) Following (i) issuance of the Shares pursuant to the terms of the Underwriting Agreement, dated October 29, 2025, by and among the Company and Jefferies LLC and Piper Sandler & Co., as representatives of the several underwriters listed in Schedule A thereto (the “Agreement”), and (ii) receipt by the Company of the consideration for the Shares specified in the Agreement, the Shares will be validly issued, fully paid, and nonassessable.

(b) The Pre-Funded Warrants, upon due execution and delivery on behalf of the Company against payment therefor as specified in the Agreement, will constitute valid and binding obligations of the Company.

(c) The Warrant Shares have been duly reserved for issuance and, when issued upon the exercise of the Pre-Funded Warrants by the holders thereof in accordance with their terms, will be validly issued, fully paid, and non-assessable.

The opinion expressed in paragraph (b) above with respect to the valid and binding nature of obligations may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws affecting creditors’ rights (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances, fraudulent transfers and preferential transfers) and by the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the Pre-Funded Warrants are considered in a proceeding in equity or at law).

This opinion letter has been prepared for use in connection with the filing by the Company of a Current Report on Form 8-K relating to the offer and sale of the Shares and the Pre-Funded Warrants, which Form 8-K will be incorporated by reference into the Registration Statement and Prospectus, and speaks as of the date hereof. We assume no obligation to advise you of any changes in the foregoing subsequent to the delivery of this letter.

Board of Directors

Savara Inc.

October 30, 2025

Page 3

 

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the above-described Form 8-K and to the reference to this firm under the caption “Legal Matters” in the Prospectus. In giving this consent, we do not thereby admit that we are an “expert” within the meaning of the Securities Act of 1933, as amended.