Amendment to Warrant to Purchase Common Stock of the Registrant dated January 31, 2020, to Warrant to Purchase Common Stock of the Registrant issued to Silicon Valley Bank on December 4, 2018

Exhibit 4.6

FIRST AMENDMENT TO WARRANT TO PURCHASE COMMON STOCK

This First Amendment to Warrant to Purchase Common Stock (this “Amendment”) is entered into as of January 31, 2020, by and between SVB FINANCIAL GROUP (“Holder”) and SAVARA INC. a Delaware corporation (“Company”).

RECITALS

Company has issued for the benefit of Silicon Valley Bank (“Bank”) that certain Warrant to Purchase Common Stock dated December 4, 2018 (as amended from time to time, the “Warrant”). Bank has assigned the Warrant to Holder. Holder and Company now desire to amend the Warrant in accordance with the terms of this Amendment.

NOW, THEREFORE, Holder and Company agree as follows:

1.    The Warrant Price for which the Warrant is exercisable is amended and restated in its entirety to read as follows:

“Warrant Price: $2.87”

2.    Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Warrant. The Warrant, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects.

3.    This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

[Balance of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

[Signature Page to First Amendment to Warrant to Purchase Common Stock]