Cassava Sciences (NASDAQ: SAVA) Announces Financial Results for Quarter Ended September 30, 2024

Cassava Sciences, Inc., a Delaware corporation, recently reported its financial results for the quarter ended September 30, 2024. In a press release issued on November 7, 2024, the company announced significant developments and progress. The financial information was disclosed in accordance with Form 8-K filed with the Securities and Exchange Commission.

The company highlighted that it furnished a press release, which is attached as Exhibit 99.1 in the Form 8-K filing. The information contained therein is considered a non-filed disclosure and will not impact filings under the Securities Act of 1933 or the Exchange Act.

In the press release, Cassava Sciences stated plans for upcoming clinical milestones and advancements in its precision peptide therapies. These include the completion of the Phase 1 trial of MBX 1416 by late November, with top-line results expected in early January 2025. Additionally, enrollment for the Phase 2 Avail™ trial of MBX 2109 is in progress and anticipated to conclude in the first quarter of 2025, with topline results expected in the third quarter of 2025.

Regarding financial highlights, as of September 30, 2024, Cassava Sciences had cash, cash equivalents, and marketable securities totaling $277.1 million, compared to $80.7 million at the end of 2023. The company stated that based on its current operating plan, the available funds are expected to support operations through mid-2027.

The company’s research and development expenses for the three months ending September 30, 2024, were $16.7 million, reflecting an increase from $9.1 million for the same period in 2023. Likewise, general and administrative expenses for the quarter were $2.9 million, up from $1.9 million for the comparable period in 2023. Cassava Sciences reported a net loss of $18.1 million for the quarter ending September 30, 2024, compared to a net loss of $10.2 million in the corresponding period of the prior year.

Cassava Sciences’ financial information and updates on its clinical programs provide insight into its ongoing operations and strategic developments. Investors and stakeholders will await further updates on the company’s progress as it continues to advance its pipeline and meet its clinical milestones.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cassava Sciences’s 8K filing here.

About Cassava Sciences

Cassava Sciences, Inc, a clinical stage biotechnology company, develops drugs for neurodegenerative diseases. Its lead therapeutic product candidate is simufilam, a small molecule drug, which is completed Phase 2 clinical trial; and investigational diagnostic product candidate is SavaDx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.