Mon, Mar 3, 9:29 PM (55 days ago)
Cassava Sciences, Inc. (SAVA) reported a significant decline in its financial performance for the year ending December 31, 2024, with a net loss of $24.3 million and an accumulated deficit of $405.1 million. Research and development expenses decreased to $69.6 million, primarily due to the discontinuation of clinical trials for its lead candidate, simufilam, which failed to meet primary endpoints in the RETHINK-ALZ Phase 3 trial. General and administrative expenses surged to $71.8 million, largely attributed to a $40 million SEC settlement. The company has cash reserves of $128.6 million, expected to sustain operations for at least 12 months. Strategically, Cassava plans to focus on simufilam for Tuberous Sclerosis Complex-related epilepsy following a license agreement with Yale. However, ongoing government investigations and lawsuits pose significant risks. Future outlook remains uncertain as the company navigates the aftermath of trial failures and legal scrutiny, potentially impacting its market position and financial stability.