AUSTIN, Texas - Cassava Sciences, Inc. (NASDAQ:SAVA), a biotech firm targeting Alzheimer's disease, disclosed its year-end financials for 2023 and recent corporate updates. The company ended the year with $121.1 million in cash and cash equivalents. Additionally, in 2024, Cassava Sciences raised about $21.8 million through warrant exercises.
The company's net loss for 2023 was $97.2 million or $2.32 per share, compared to a net loss of $76.2 million or $1.90 per share in 2022. The increased loss is attributed mainly to the higher costs associated with patient enrollment and the ongoing Phase 3 clinical program for its drug candidate, simufilam.
Research and development expenses rose to $89.4 million from $68 million the previous year.
Cassava Sciences expects a modest decrease in research and development expenses in 2024, with the completion of patient screening and enrollment for Phase 3 studies. However, this decrease might be partially offset by other operational expenses.
The company's investigational drug, simufilam, has completed a two-year treatment study showing promising results in patients with mild Alzheimer's disease. Over 555 participants have finished the Phase 3 studies, and top-line data from the 52-week trial is anticipated by year-end 2024.
An internal investigation, prompted by allegations of research misconduct, found no evidence to support the claims. The investigation was conducted by outside counsel and covered company personnel, communications, documents, data, and information.
Cassava Sciences also highlighted the completion of a common stock warrant distribution in January 2024. These warrants, trading on Nasdaq under SAVAW, are separate from the common stock and are set to expire on November 15, 2024.
The company's focus remains on addressing the challenges of Alzheimer's disease, with its CEO expressing commitment to making a meaningful difference in the lives of those affected. This news article is based on a press release statement from Cassava Sciences.
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