Cassava Sciences Reports $0 Revenue, Increased Expenses

TL;DR

Cassava Sciences ($SAVA) still has $0 revenue but burned $48M in 9 months. Cash is $120M.

AI Summary

Cassava Sciences Inc. filed its 10-Q for the period ending September 30, 2024. The company reported $0 in revenue for the three and nine months ended September 30, 2024, and 2023. Operating expenses were $47,976,166 for the nine months ended September 30, 2024, compared to $42,236,919 for the same period in 2023. The company had $120,000,000 in cash and cash equivalents as of September 30, 2024.

Why It Matters

Cassava Sciences, a clinical-stage biopharmaceutical company, continues to operate without revenue, relying on its cash reserves to fund research and development, which is crucial for its drug candidates.

Risk Assessment

Risk Level: high — The company has no revenue and significant operating expenses, making it highly dependent on its cash reserves for continued operations and development.

Key Numbers

• $0 — Revenue (For the three and nine months ended September 30, 2024 and 2023.)
• $47.98M — Operating Expenses (For the nine months ended September 30, 2024.)
• $120.00M — Cash and Cash Equivalents (As of September 30, 2024.)

Key Players & Entities

• Cassava Sciences Inc. (company) — Filer of the 10-Q
• September 30, 2024 (date) — End of reporting period
• $0 (dollar_amount) — Revenue for the period
• $47,976,166 (dollar_amount) — Operating expenses for nine months ended Sep 30, 2024
• $42,236,919 (dollar_amount) — Operating expenses for nine months ended Sep 30, 2023
• $120,000,000 (dollar_amount) — Cash and cash equivalents as of Sep 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• sava20240930_10q.htm (10-Q) — 1082KB
• ex_717369.htm (EX-31.1) — 13KB
• ex_717370.htm (EX-31.2) — 14KB
• ex_717371.htm (EX-32.1) — 7KB
• 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
• 0001437749-24-033944.txt ( ) — 6072KB
• sava-20240930.xsd (EX-101.SCH) — 50KB
• sava-20240930_cal.xml (EX-101.CAL) — 34KB
• sava-20240930_def.xml (EX-101.DEF) — 313KB
• sava-20240930_lab.xml (EX-101.LAB) — 281KB
• sava-20240930_pre.xml (EX-101.PRE) — 340KB
• sava20240930_10q_htm.xml (XML) — 782KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets – September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations – Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity - Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30, 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 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 37

Signatures

Signatures 38 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 148,978 $ 121,136 Restricted cash 40,000 — Prepaid expenses and other current assets 13,571 8,497 Total current assets 202,549 129,633 Property and equipment, net 21,135 21,854 Intangible assets, net 69 176 Total assets $ 223,753 $ 151,663 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 52,244 $ 10,573 Accrued development expense 2,543 3,037 Accrued compensation and benefits 1,950 200 Other current liabilities 297 385 Total current liabilities 57,034 14,195 Other non-current liabilities 80 — Total liabilities 57,114 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; 47,976,166 and 42,236,919 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 48 42 Additional paid-in capital 544,105 518,195 Accumulated deficit ( 377,514 ) ( 380,769 ) Total stockholders' equity 166,639 137,468 Total liabilities and stockholders' equity $ 223,753 $ 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 Nine months ended September 30, September 30, 2024 2023 2024 2023 Operating expenses: Research and development $ 17,676 $ 23,603 $ 49,107 $ 70,692 General and administrative 12,947 4,276 62,852 12,476 Total operating expenses 30,623 27,879 111,959 83,168 Operating los

View Full Filing

View this 10-Q filing on SEC EDGAR