Cassava Sciences reported Q2 2024 financial results with net income of $6.2 million compared to a net loss of $26.4 million in Q2 2023. Revenue remained at zero while research and development expenses decreased 39% to $15.2 million due to completed Phase 3 trial enrollment. General and administrative expenses increased significantly to $46.2 million, primarily due to a $40 million legal contingency accrual.The company's Phase 3 clinical program for simufilam in Alzheimer's disease has randomized approximately 1,900 patients, with over 975 completing the trials. Top-line results from the 52-week RETHINK-ALZ study are expected by end of 2024, while results from the 76-week REFOCUS-ALZ study are anticipated mid-2025. About 70% of enrolled patients have mild Alzheimer's disease.Cash and cash equivalents stood at $207.3 million as of June 30, 2024, bolstered by $123.6 million in net proceeds from warrant exercises. The company underwent significant leadership changes, with Richard Barry appointed as Executive Chairman following CEO Remi Barbier's resignation. Additionally, the DOJ announced an indictment of former scientific collaborator Dr. Wang, prompting internal investigations of previous research data.

Cassava Sciences reported Q2 2024 financial results with net income of $6.2 million compared to a net loss of $26.4 million in Q2 2023. Revenue remained at zero while research and development expenses decreased 39% to $15.2 million due to completed Phase 3 trial enrollment. General and administrative expenses increased significantly to $46.2 million, primarily due to a $40 million legal contingency accrual.The company's Phase 3 clinical program for simufilam in Alzheimer's disease has randomized approximately 1,900 patients, with over 975 completing the trials. Top-line results from the 52-week RETHINK-ALZ study are expected by end of 2024, while results from the 76-week REFOCUS-ALZ study are anticipated mid-2025. About 70% of enrolled patients have mild Alzheimer's disease.Cash and cash equivalents stood at $207.3 million as of June 30, 2024, bolstered by $123.6 million in net proceeds from warrant exercises. The company underwent significant leadership changes, with Richard Barry appointed as Executive Chairman following CEO Remi Barbier's resignation. Additionally, the DOJ announced an indictment of former scientific collaborator Dr. Wang, prompting internal investigations of previous research data.