Stock Track | Cassava Sciences Stock Dips Despite Q3 Beat as Investors Await Key Alzheimer's Data

Stock Track11-07

Shares of Cassava Sciences Inc (NASDAQ: SAVA) fell 5.08% on Tuesday, despite the clinical-stage biotech company reporting better-than-expected third quarter financial results. The stock drop likely reflects investor caution ahead of a highly anticipated readout from Cassava's Phase 3 trial for its lead Alzheimer's drug candidate, simufilam.

For the quarter ended September 30, 2024, Cassava posted a net loss of $27.9 million, or $0.58 per share, beating analysts' consensus estimate of a $0.88 per share loss. While the company had no revenue for the quarter, its research and development expenses declined year-over-year due to the completion of patient enrollment for the Phase 3 program in fall 2023.

Cassava provided updates on its two ongoing global Phase 3 studies for simufilam, RETHINK-ALZ and REFOCUS-ALZ, which are fully enrolled with approximately 1,900 Alzheimer's patients randomized across the trials. The company said it expects to report topline data from the RETHINK-ALZ trial before the end of 2024, with results from REFOCUS-ALZ anticipated around mid-2025.

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