Summary by Futu AI
Cassava Sciences reported Q3 2024 financial results with a net loss of $27.9 million compared to a $25.7 million loss in Q3 2023. Research and development expenses decreased 25% to $17.7 million, while general and administrative expenses increased to $12.9 million. The company ended the quarter with $149 million in cash and cash equivalents.The company announced completion of patient visits in its 52-week Phase 3 RETHINK-ALZ trial for simufilam in Alzheimer's disease, with top-line results expected by end of 2024. Approximately 635 patients completed this study, while over 550 patients completed the 76-week REFOCUS-ALZ study. The company's Phase 3 program has randomized approximately 1,900 patients total.Significant corporate developments included settling with the SEC for $40 million regarding Phase 2b trial disclosures, and leadership changes with Richard Barry appointed as President and CEO following Remi Barbier's resignation. The company raised $123.6 million through warrant exercises in 2024 and expanded its open-label extension studies by up to 36 months.
