Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Prepaid contracted research and development costs	$	3,635	$	3,159
R&D tax credit receivable		844		864
Prepaid insurance		186		215
VAT receivable		209		390
Royalty purchase and sale agreement derivative		247		394
Deposits and other		1,372		892
Total prepaid expenses and other current assets	$	6,493	$	5,914

As of March 31, 2026, Prepaid contracted research and development costs are primarily comprised of contractual prepayments associated with the Company's clinical trial for MOLBREEVI for the treatment of autoimmune PAP. This includes prepaid amounts paid under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers that provide services in connection with the Company's research and development activities.

The Company has recorded a Danish tax credit earned by its subsidiary, Savara ApS, as of March 31, 2026. Under Danish tax law, Denmark remits a research and development tax credit equal to 22% of qualified research and development expenditures, not to exceed established thresholds. During the year ended December 31, 2025, the Company generated a Danish tax credit of $0.8 million, which is included in Prepaid expenses and other current assets and is expected to be received in the fourth quarter of 2026. During the three months ended March 31, 2026, the Company generated a Danish tax credit of $0.8 million, which is recorded in Other non-current assets in the condensed consolidated balance sheet and is expected to be received in the fourth quarter of 2027.