Cassava Sciences Files 8-K on Financials and Listing Status

TL;DR

Cassava Sciences (SAVA) filed an 8-K detailing financials and potential delisting concerns.

AI Summary

Cassava Sciences, Inc. filed an 8-K on August 8, 2024, reporting on its results of operations and financial condition. The filing also addresses a notice of delisting or failure to satisfy a continued listing rule or standard, and includes financial statements and exhibits. The company, formerly known as Pain Therapeutics Inc., is incorporated in Delaware and headquartered in Austin, Texas.

Why It Matters

This filing is important as it provides updates on Cassava Sciences' financial health and potential issues with its stock exchange listing, which could impact investors.

Risk Assessment

Risk Level: medium — The mention of 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard' introduces significant uncertainty and potential risk for the company and its shareholders.

Key Players & Entities

• Cassava Sciences, Inc. (company) — Registrant
• Pain Therapeutics Inc. (company) — Former company name
• August 8, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation
• Austin, Texas (location) — Business Address City, State

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value SAVA NASDAQ Capital Market

Filing Documents

• f8k_080824.htm (8-K) — 17KB
• exh_991.htm (EX-99.1) — 76KB
• 0001171843-24-004561.txt ( ) — 298KB
• gnw-20190101.xsd (EX-101.SCH) — 3KB
• gnw-20190101_def.xml (EX-101.DEF) — 25KB
• gnw-20190101_lab.xml (EX-101.LAB) — 33KB
• gnw-20190101_pre.xml (EX-101.PRE) — 22KB
• f8k_080824_htm.xml (XML) — 3KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On August 8, 2024, the Registrant issued a press release announcing financial results for the quarter ended June 30, 2024, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information provided in this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in such filing.

01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On August 5, 2024, Cassava Sciences, Inc. (the "Company") issued a press release regarding the passing of one of its long-time directors, Sanford Robertson on August 3, 2024. Mr. Robertson served as a member of the Audit Committee of the Company's Board of Directors at the time of his death. Mr. Robertson's death reduced the number of directors currently serving on the Company's Audit Committee to two, rendering the Company noncompliant with Rule 5605(c)(2) of the listing rules of The NASDAQ Stock Market LLC ("Nasdaq"), which requires that the Audit Committee of a Nasdaq-listed company have at least three members, each meeting independence and certain other criteria. In accordance with Nasdaq listing rules, the Company notified Nasdaq on August 7, 2024, of the resulting non-compliance with the listing rules caused by Mr. Robertson's passing. Pursuant to Nasdaq Listing Rule 5605(c)(4)(B), the Company is entitled to a cure period to regain compliance with Nasdaq Listing Rule 5605(c)(2), which cure period will expire upon the earlier of the Company's next annual meeting of stockholders or August 3, 2025. The Company also informed Nasdaq that the Company's Board of Directors (the "Board") plans regain compliance with the listing rules at its earliest opportunity by appointing an additional independent director of the Company to fill the vacancy on the Company's Audit Committee.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Exhibit No. Description 99.1 Press Release dated August 8, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Cassava Sciences, Inc. Date: August 8, 2024 By: /s/ Eric J. Schoen Eric J. Schoen Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR