Cassava Sciences Reports 2024 Financial Results and Strategic Updates

Cassava Sciences ( (SAVA) ) has released its Q4 earnings. Here is a breakdown of the information Cassava Sciences presented to its investors.

Cassava Sciences, Inc., based in Austin, Texas, is a clinical-stage biotechnology company focused on developing novel treatments for central nervous system disorders, including Alzheimer’s disease and seizures related to tuberous sclerosis complex (TSC). The company is known for its investigational drug, simufilam, which targets the filamin A protein.

In its latest earnings report, Cassava Sciences highlighted its financial performance for 2024 and provided updates on its clinical programs. The company reported a significant decrease in net loss compared to the previous year, largely due to a gain from changes in the fair value of warrant liabilities. Additionally, Cassava announced a new licensing agreement with Yale University to explore simufilam’s potential in treating TSC-related seizures.

Key financial metrics revealed that Cassava ended 2024 with $128.6 million in cash and cash equivalents and no debt, reflecting its strategic expense management. The net loss for the year was $24.3 million, a substantial improvement from the $97.2 million loss in 2023. Research and development expenses decreased due to the completion of enrollment for its Alzheimer’s clinical program, while general and administrative expenses increased, primarily due to a settlement with the SEC.

Strategically, the company is preparing to report topline results from its REFOCUS-ALZ Phase 3 study in Alzheimer’s disease by early 2025. Despite the discontinuation of its Alzheimer’s trials, Cassava is optimistic about simufilam’s potential in other applications, such as TSC-related seizures, supported by its new collaboration with Yale.

Looking ahead, Cassava Sciences plans to focus on advancing its clinical and preclinical programs while maintaining financial discipline. The company aims to update investors on its progress and explore further opportunities for simufilam in treating CNS disorders.