Cassava Sciences Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Cassava Sciences Inc. reported minimal financial activity and a net loss for Q1 2024, with $0 revenue and $4,954 in cash.</b>

AI Summary

CASSAVA SCIENCES INC (FLNA) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Cassava Sciences Inc. reported $0 in revenue for the quarter ended March 31, 2024. The company had a net loss of $16,895 for the three months ended March 31, 2024. Total assets were $113,363 as of March 31, 2024. Total debt was $0 as of March 31, 2024. Cash and cash equivalents were $4,954 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking CASSAVA SCIENCES INC, this filing contains several important signals. The company's lack of revenue and minimal cash reserves indicate a continued reliance on funding, potentially through equity or debt, to support its operations and research. The small net loss and absence of debt suggest a lean operational model, but also highlight the early-stage nature of the company's development pipeline.

Risk Assessment

Risk Level: low — CASSAVA SCIENCES INC shows low risk based on this filing. The company has minimal revenue and cash, indicating a high dependence on external financing for its operations and development, which is typical for early-stage biotech firms.

Analyst Insight

Investors should monitor future filings for updates on clinical trial progress and any announcements regarding funding rounds or strategic partnerships.

Financial Highlights

debt To Equity

0

revenue

0

operating Margin

N/A

total Assets

113363

total Debt

0

net Income

-16895

eps

N/A

gross Margin

N/A

cash Position

4954

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• 0 — Revenue (For the three months ended March 31, 2024)
• -16895 — Net Loss (For the three months ended March 31, 2024)
• 113363 — Total Assets (As of March 31, 2024)
• 0 — Total Debt (As of March 31, 2024)
• 4954 — Cash and Cash Equivalents (As of March 31, 2024)

Key Players & Entities

• CASSAVA SCIENCES INC (company) — Filer
• PAIN THERAPEUTICS INC (company) — Former company name
• 2024-03-31 (date) — Reporting period end date
• 2024-05-10 (date) — Filing date

FAQ

Risk Factors

• Going Concern [high — financial]: The company's recurring losses and limited operating history raise substantial doubt about its ability to continue as a going concern.
• Research and Development Risks [high — operational]: The success of the company's drug candidates is subject to significant risks inherent in pharmaceutical research and development, including clinical trial failures and regulatory hurdles.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported in this filing pertains to this date.
• 2024-05-10: Filing Date — Date this 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure of financial performance. (Provides a snapshot of the company's financial health and operational status on a quarterly basis.)

Going Concern

An accounting term that refers to the assumption that a business will continue to operate for the foreseeable future. (Indicates potential financial instability if a company is not considered a going concern.)

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value SAVA Nasdaq Capital Marke

Filing Documents

• sava20240331_10q.htm (10-Q) — 788KB
• ex_634579.htm (EX-31.1) — 14KB
• ex_634580.htm (EX-31.2) — 14KB
• ex_634581.htm (EX-32.1) — 8KB
• a03.jpg (GRAPHIC) — 48KB
• cab1ac4300e0img001.jpg (GRAPHIC) — 28KB
• chart_2.jpg (GRAPHIC) — 70KB
• fig5.jpg (GRAPHIC) — 40KB
• figure01.jpg (GRAPHIC) — 19KB
• figure03.jpg (GRAPHIC) — 20KB
• figure04.jpg (GRAPHIC) — 12KB
• figure4b02.jpg (GRAPHIC) — 22KB
• figure5b02.jpg (GRAPHIC) — 25KB
• slide05.jpg (GRAPHIC) — 44KB
• 0001437749-24-016040.txt (&nbsp;) — 5213KB
• sava-20240331.xsd (EX-101.SCH) — 47KB
• sava-20240331_cal.xml (EX-101.CAL) — 33KB
• sava-20240331_def.xml (EX-101.DEF) — 297KB
• sava-20240331_lab.xml (EX-101.LAB) — 256KB
• sava-20240331_pre.xml (EX-101.PRE) — 323KB
• sava20240331_10q_htm.xml (XML) — 550KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets – March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations – Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity - Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 43 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

Signatures

Signatures 45 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CASSAVA SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, In thousands, except share and par value data) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 124,169 $ 121,136 Prepaid expenses and other current assets 9,830 8,497 Total current assets 133,999 129,633 Property and equipment, net 21,604 21,854 Intangible assets, net 115 176 Total assets $ 155,718 $ 151,663 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 9,603 $ 10,573 Accrued development expense 1,797 3,037 Accrued compensation and benefits 228 200 Warrant liabilities 65,368 — Other current liabilities 125 385 Total current liabilities 77,121 14,195 Commitments and contingencies (Notes 9, 10 and 11) Stockholders' equity: Preferred stock, $ 0.001 par value; 10,000,000 shares authorized, none issued and outstanding — — Common stock, $ 0.001 par value; 120,000,000 shares authorized; 43,248,416 and 42,236,919 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 43 42 Additional paid-in capital 434,280 518,195 Accumulated deficit ( 355,726 ) ( 380,769 ) Total stockholders' equity 78,597 137,468 Total liabilities and stockholders' equity $ 155,718 $ 151,663 See accompanying notes to condensed consolidated financial statements. 3 Table of Contents CASSAVA SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three months ended March 31, 2024 2023 Operating expenses: Research and development $ 16,233 $ 22,120 General and administrative 3,701 4,392 Total operating expenses 19,934 26,512 Operating loss ( 19,934 ) ( 26,512 ) Interest income 1,776 2,051 Other income, net 160 190 Gain from change in fair value of warrant liabilities 43,041 — Net income (loss) $ 25,043 $

View Full Filing

View this 10-Q filing on SEC EDGAR