filo
Cassava Sciences swung to Q1 2024 net income -- representing a beat -- while reporting that more than 735 patients have completed either of the drugmaker's two phase 3 trials for Alzheimer's disease candidate simufilam.
In the quarter, net income was $25M compared to a net loss of $24.3 million in the year-ago period. EPS, basic, was $0.58 compared to -$0.58 in Q1 2023.
Cassava attributed the income to a change in fair value of warrant liabilities. However, the company noted that this gain was partially offset by increases in patient enrollment and costs to conduct the phase 3 simufilam program.
The company was also helped by a ~25% year-over-year decrease in overall operating expenses to $19.9M. The biopharma noted that the R&D spending decline was the result of finishing patient screening and enrollment for the phase 3 simufilam program in fall 2023.
Regarding simufilam development, Cassava (NASDAQ:SAVA) said that ~800 patients have been randomized in the 52-week RETHINK-ALZ study, while ~1,100 patients are randomized in the 76-week REFOCUS-ALZ study.
More than 435 patients have completed RETHINK-ALZ, while over 300 patients have finished REFOCUS-ALZ study.
The company also noted that ~90% of patients who have finished phase 3 treatments have chosen to join an open-label extension study. So far, more than 655 patients have done so.