Cassava Sciences, a clinical-stage biotechnology company, reported its financial performance and business developments for the quarter. The company, which focuses on the treatment of neurodegenerative diseases such as Alzheimer's, has not generated revenue from product sales and reported an accumulated deficit of $349.6 million as of June 30, 2024. Research and development expenses decreased by 39% to $15.2 million for the quarter, primarily due to the completion of patient enrollment for Phase 3 clinical trials. General and administrative expenses increased significantly to $46.2 million, largely due to a $40.0 million accrual for an estimated legal related loss contingency. The company's cash and cash equivalents stood at $207.3 million, bolstered by $123.6 million in net proceeds from the exercise of warrants. Cassava Sciences is conducting two Phase 3 clinical...Show More

Cassava Sciences, a clinical-stage biotechnology company, reported its financial performance and business developments for the quarter. The company, which focuses on the treatment of neurodegenerative diseases such as Alzheimer's, has not generated revenue from product sales and reported an accumulated deficit of $349.6 million as of June 30, 2024. Research and development expenses decreased by 39% to $15.2 million for the quarter, primarily due to the completion of patient enrollment for Phase 3 clinical trials. General and administrative expenses increased significantly to $46.2 million, largely due to a $40.0 million accrual for an estimated legal related loss contingency. The company's cash and cash equivalents stood at $207.3 million, bolstered by $123.6 million in net proceeds from the exercise of warrants. Cassava Sciences is conducting two Phase 3 clinical trials for its lead therapeutic drug candidate, simufilam, for Alzheimer's disease dementia, with top-line results expected by the end of 2024 and mid-year 2025. The company also plans to extend its open-label extension trial for simufilam and is considering expanding its scientific approach to other diseases. Cassava Sciences owns exclusive, worldwide rights to its drug and diagnostic assets, with patent protection running through 2039.