Cassava Sciences, a clinical-stage biotechnology company, reported its financial and operational performance for the third quarter of 2024. The company, which focuses on the development of treatments for neurodegenerative diseases such as Alzheimer's, has not generated revenue from product sales and reported an accumulated deficit of $377.5 million as of September 30, 2024. Research and development expenses decreased by 25% to $17.7 million for the quarter, primarily due to the completion of patient enrollment for Phase 3 clinical trials of its lead drug candidate, simufilam. General and administrative expenses increased to $12.9 million, largely due to legal costs and stock-based compensation. The company's cash and cash equivalents stood at $149.0 million, bolstered by $123.6 million in net proceeds from the exercise of warrants. Cassava Sciences anticipates...Show More

Cassava Sciences, a clinical-stage biotechnology company, reported its financial and operational performance for the third quarter of 2024. The company, which focuses on the development of treatments for neurodegenerative diseases such as Alzheimer's, has not generated revenue from product sales and reported an accumulated deficit of $377.5 million as of September 30, 2024. Research and development expenses decreased by 25% to $17.7 million for the quarter, primarily due to the completion of patient enrollment for Phase 3 clinical trials of its lead drug candidate, simufilam. General and administrative expenses increased to $12.9 million, largely due to legal costs and stock-based compensation. The company's cash and cash equivalents stood at $149.0 million, bolstered by $123.6 million in net proceeds from the exercise of warrants. Cassava Sciences anticipates top-line results from its 52-week Phase 3 study by the end of 2024 and from its 76-week study by mid-year 2025. The company also announced the extension of its open-label extension trial for simufilam by up to an additional 36 months. Cassava Sciences settled an SEC investigation related to its Phase 2b clinical trial disclosures with a $40 million penalty, without admitting or denying the findings.