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Cassava Sciences | 8-K: Cassava Sciences Reports Full-year 2023 Financial Results and Corporate Updates

SEC announcement ·  Feb 28 09:27
Summary by Moomoo AI
On February 28, 2024, Cassava Sciences, a biotechnology company focusing on Alzheimer's disease, reported its full-year financial results for 2023 and provided corporate updates. The company ended the year with $121.1 million in cash and cash equivalents and raised an additional $21.8 million in 2024 through the exercise of warrants. Cassava Sciences completed patient enrollment for its Phase 3 studies with over 555 participants and expects topline data from its 52-week trial by the end of 2024. An internal investigation found no evidence to substantiate allegations of research misconduct. The company reported a net loss of $97.2 million for 2023, or $2.32 per share, compared to a net loss of $76.2 million in 2022. Research and development expenses increased due to patient enrollment and costs associated with the Phase 3 clinical program for...Show More
On February 28, 2024, Cassava Sciences, a biotechnology company focusing on Alzheimer's disease, reported its full-year financial results for 2023 and provided corporate updates. The company ended the year with $121.1 million in cash and cash equivalents and raised an additional $21.8 million in 2024 through the exercise of warrants. Cassava Sciences completed patient enrollment for its Phase 3 studies with over 555 participants and expects topline data from its 52-week trial by the end of 2024. An internal investigation found no evidence to substantiate allegations of research misconduct. The company reported a net loss of $97.2 million for 2023, or $2.32 per share, compared to a net loss of $76.2 million in 2022. Research and development expenses increased due to patient enrollment and costs associated with the Phase 3 clinical program for their investigational drug candidate, simufilam. General and administrative expenses also rose, attributed to stock-based compensation and legal services. Cassava Sciences anticipates a modest decrease in research and development expenses in 2024 as patient screening and enrollment for Phase 3 studies are complete. The company also highlighted recent corporate achievements, including the distribution of common stock warrants, continuous treatment results for Alzheimer's patients, new board member appointments, and significant safety findings from their Phase 3 trial.

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