Cassava Sciences reports Q3 loss, continues Alzheimer's clinical program

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Cassava Sciences reports Q3 loss, continues Alzheimer's clinical program
Credit: © Reuters.

Cassava Sciences (NASDAQ: SAVA ) Inc. reported a net loss of $25.7 million in Q3 2023, primarily attributed to the increased costs associated with the Phase 3 clinical program for simufilam. The company's R&D expenses amounted to $23.6 million, while G&A expenses reached $4.3 million, driven by legal services and stock-based compensation increases.

During the first nine months of 2023, the company utilized $59.7 million in operations. It anticipates a net cash use of $40 million to $50 million in H2 2023, largely allocated towards the Alzheimer's clinical program. Despite these expenditures, Cassava Sciences reported cash and equivalents at $142.4 million, with no outstanding debt.

The company has successfully completed enrollment for Phase 3 trials of simufilam, randomizing over 1,900 patients for the study. Interim safety MRI data revealed no treatment-emergent Amyloid-Related Imaging Abnormalities (ARIA) associated with simufilam. This led to a recommendation from the Data Safety Monitoring Board (DSMB) for trial continuation without any modifications.

Looking ahead, Cassava Sciences expects to release results for the 52-week trial by the end of 2024 and for the longer 76-week trial by mid-2025.

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