Cassava Sciences(SAVA) - 2024 Q3 - Quarterly Results

Financial Position - As of September 30, 2024, Cassava Sciences reported cash and cash equivalents of $149.0 million, expected to support operations into 2026[1] - Total assets increased to $223,753,000 in September 2024 from $151,663,000 in December 2023, representing a growth of approximately 47.4%[24] - Current liabilities rose significantly to $57,034,000 in September 2024 from $14,195,000 in December 2023, indicating an increase of about 301.5%[24] - Total stockholders' equity improved to $166,639,000 in September 2024 compared to $137,468,000 in December 2023, reflecting an increase of approximately 21.3%[25] - Cash and cash equivalents stood at $148,978,000 in September 2024, a substantial rise from $40,000,000 in December 2023[24] - The accumulated deficit decreased to $377,514,000 in September 2024 from $380,769,000 in December 2023, showing a reduction of about 0.6%[25] - Accounts payable and accrued expenses surged to $52,244,000 in September 2024 from $10,573,000 in December 2023, marking an increase of approximately 393.5%[24] - The company reported a total of $202,549,000 in current assets as of September 2024, up from $129,633,000 in December 2023, which is an increase of about 56.2%[24] - The total liabilities increased to $57,114,000 in September 2024 from $14,195,000 in December 2023, reflecting a growth of approximately 302.5%[25] Operational Performance - The net loss for Q3 2024 was $27.9 million, or $0.58 per share, compared to a net loss of $25.7 million, or $0.61 per share, for the same period in 2023[11] - Research and development (R&D) expenses for Q3 2024 were $17.7 million, down from $23.6 million in Q3 2023, primarily due to the completion of patient screening and enrollment[13] - General and administrative (G&A) expenses increased significantly to $12.9 million in Q3 2024, compared to $4.3 million in Q3 2023, driven by higher legal expenses and increased compensation costs[14] - Net cash used in operations for the first nine months of 2024 was $55.7 million, with an expected range of $40 to $50 million for the second half of 2024[12] - The company plans to pay a $40 million SEC investigation settlement, which has been placed in escrow and excluded from cash and cash equivalents[12] Clinical Trials - Both Phase 3 studies, RETHINK-ALZ and REFOCUS-ALZ, are fully enrolled with approximately 1,900 patients randomized, including 800 in RETHINK-ALZ and 1,100 in REFOCUS-ALZ[5] - The Data and Safety Monitoring Board (DSMB) recommended that both Phase 3 studies continue as planned, with no modifications, following their September 2024 meeting[7] - Top-line data for the RETHINK-ALZ trial is expected to be reported before the end of 2024, with REFOCUS-ALZ data anticipated around mid-2025[9] - Approximately 88% of patients who completed treatment in the Phase 3 studies opted to enter the open-label extension study, totaling over 1,040 patients[10]