Cassava Sciences Files 8-K on Operations and Financials

TL;DR

Cassava Sciences dropped an 8-K detailing financials, exit costs, and other events. Check it out.

AI Summary

On January 7, 2025, Cassava Sciences, Inc. filed an 8-K report detailing significant events. The filing indicates the company is reporting on its results of operations and financial condition, costs associated with exit or disposal activities, and other events. It also includes financial statements and exhibits.

Why It Matters

This filing provides investors with crucial updates on Cassava Sciences' financial health and strategic activities, including any potential restructuring or disposal plans.

Risk Assessment

Risk Level: medium — 8-K filings can contain significant corporate news, but the specific details of this filing require further analysis to determine the precise risk implications.

Key Players & Entities

• Cassava Sciences, Inc. (company) — Registrant
• January 7, 2025 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation
• 001-41905 (identifier) — SEC File Number
• 91-1911336 (identifier) — I.R.S. Employer Identification No.
• 6801 N Capital of Texas Highway, Building 1; Suite 300 Austin, TX (address) — Business Address

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value SAVA NASDAQ Capital Market
• $128.6 million — of December 31, 2024 was approximately $128.6 million. The information furnished pursuant to
• $0.4 million — imates that it will incur approximately $0.4 million of one-time costs in connection with th

Filing Documents

• f8k_010725.htm (8-K) — 20KB
• exh_991.htm (EX-99.1) — 12KB
• 0001171843-25-000089.txt ( ) — 234KB
• 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_010725_htm.xml (XML) — 3KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. As discussed in Item 8.01 hereto, on January 7, 2025, Cassava Sciences, Inc. ("Cassava" or the "Company") provided a business update, which included that the Company's unaudited cash and cash equivalents balance as of December 31, 2024 was approximately $128.6 million. The information furnished pursuant to this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such a filing.

05. Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities. On November 25, 2024, the Company reported that the topline results from its Phase 3 ReThink-ALZ study of simufilam in mild-to-moderate Alzheimer's disease did not meet its prespecified co-primary endpoints and announced the Company's decision to discontinue its Phase 3 ReFocus-ALZ study and its open label extension study. In light of the foregoing, the Company today announced that it is reducing its workforce by 10 employees, a reduction of 33% (the "Workforce Reduction"). The Company communicated the Workforce Reduction to affected employees on January 7, 2025. The Company estimates that it will incur approximately $0.4 million of one-time costs in connection with the Workforce Reduction, primarily related to severance payments. The Company expects the Workforce Reduction to be completed, and the majority of the associated costs to be incurred, during the first quarter of 2025.

01. Other Events

Item 8.01. Other Events. Business Update On January 7, 2025, Cassava issued a press release providing a business update, including with respect to the matters discussed in Items 2.02 and 2.05. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated into this Item 8.01 by reference.

Forward-Looking Statements

Forward-Looking Statements This report contains forward-looking statements that include but are not limited to statements regarding: the planned discontinuation of the ReFocus-ALZ and open-label extension studies and the status of their ongoing wind-down; our intent to share detailed study results at a future medical meeting; the timing of anticipated milestones; the reduction in force of employees at the Company and the anticipated costs associated with the reduction in force. These statements may be identified by words such as "anticipate", "before," "believe", "could", "expect", "forecast", "intend", "may", "pending," "plan", "possible", "potential", "prepares for," "will", and other words and terms of similar meaning. Such statements are based on our current expectations and projections about future events. Such statements speak only as of the date of this news release and are subject to a number of risks, uncertainties and assumptions, including, but not limited to, those risks relating to the ability to conduct or complete clinical studies on expected timelines; the clinical results related to studies of simufilam in Alzheimer's disease, results of the ReThink-ALZ study reported on November 25, 2024; our current expectations regarding timing of analysis of clinical data for our Phase 3 studies; the potential for unexpected costs associated with our announced our reduction in force; and other risks inherent in drug discovery and development or specific to Cassava Sciences, Inc., as described in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the period ended September 30, 2024, and future reports to be filed with the SEC. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from expectations in any forward-looking statement. In light of these risks, uncertainties and assumptions, the forward-looking statements and e

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Exhibit No. Description 99.1 Press Release issued by Cassava Sciences, Inc., dated January 7, 2025 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. a Delaware corporation Date: January 7, 2025 By: /s/ Eric J. Schoen Eric J. Schoen Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR