Summary by Futu AI
Cassava Sciences, a clinical-stage biotechnology company, has not yet generated revenue from product sales and reported an accumulated deficit of $380.8 million as of December 31, 2023. The company's financial overview indicates that the losses primarily stem from research and development activities, personnel costs, and general corporate expenses. Research and development expenses increased by 31% to $89.4 million in 2023, up from $68.0 million in 2022, mainly due to the ongoing Phase 3 clinical program of simufilam, their lead therapeutic drug candidate for Alzheimer's disease dementia. General and administrative expenses also rose by 38% to $16.5 million in 2023, attributed to higher legal fees, stock-based compensation, and personnel costs. Despite these expenses, Cassava Sciences believes its cash and cash equivalents of $121.1 million as of year-end 2023 will sustain...Show More