Cassava Sciences Reports 2024 Financial Results and Provides Business Update

Core Viewpoint - Cassava Sciences, Inc. is a clinical-stage biotechnology company focused on developing investigational treatments for CNS disorders, including Alzheimer's disease and TSC-related seizures, and has reported its financial results for the year ended December 31, 2024, along with a business update [1][3]. Financial Results - As of December 31, 2024, the company had cash and cash equivalents of $128.6 million, with no debt [6]. - The net loss for 2024 was $24.3 million, or $0.53 per share, a significant decrease from a net loss of $97.2 million, or $2.32 per share, in 2023 [6]. - Net cash used in operations was $116.9 million in 2024, with an expected cash use of $16 to $20 million for the first half of 2025 [6]. - Research and development (R&D) expenses were $69.6 million in 2024, down from $89.4 million in 2023, primarily due to the completion of enrollment for the Phase 3 Alzheimer's disease clinical program [6]. - General and administrative (G&A) expenses increased to $71.8 million in 2024 from $16.5 million in 2023, largely due to a $40 million settlement with the SEC and increased stock-based compensation [6]. Clinical Trials and Developments - Cassava is preparing to report topline results from the now-discontinued REFOCUS-ALZ Phase 3 study of simufilam in Alzheimer's disease in late Q1/early Q2 2025 [2][5]. - The company has entered a licensing agreement with Yale University to explore simufilam's potential as a treatment for TSC-related seizures [2]. - The REFOCUS-ALZ trial involved approximately 1,125 participants and was designed to evaluate the safety and efficacy of simufilam compared to a placebo [7]. - The RETHINK-ALZ study, which did not meet its prespecified co-primary endpoints, involved 804 participants and was also a Phase 3 trial for simufilam [9][11]. Future Outlook - The company plans to evaluate the next steps for simufilam in Alzheimer's disease after reviewing the results from both the REFOCUS-ALZ and RETHINK-ALZ studies [2]. - Cassava intends to focus on TSC-related seizures, a condition affecting approximately 50,000 people in the U.S. and over one million worldwide [13].