Cassava Sciences beats in Q3 ahead of key Alzheimer’s readout

seekingalpha11-07

travellinglight/iStock via Getty ImagesCassava Sciences (NASDAQ:SAVA) reported better-than-expected earnings with its Q3 2024 financials on Thursday and reaffirmed its timeline to deliver a key Phase ...

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SAVA’s Phase 3 program for simufilam comprises two fully enrolled global Phase 3 trials, RETHINK-ALZ or REFOCUS-ALZ, which are expected to generate topline data this year and next. Out of approximately 800 patients and 1,100 randomized, SAVA said that RETHINK-ALZ or REFOCUS-ALZ’s dropout rates stood at 21% and 25%, respectively, in line with its expectations.  “We look forward to the release of topline results from RETHINK-ALZ, our first Phase 3 trial for simulfilam, by the end of 2024,” SAVA's newly appointed CEO Rick Barry said. As for financials, the company reported a $0.58 net loss per share with ~ a 5% YoY decline, exceeding forecasts despite zero revenue. At the end of the quarter, it recorded $149M in cash and cash equivalents with no debt. Edmund Ingham, SA's Investing Group Leader for Haggerston BioHealth, noted that the company’s Q3 results confirmed “judgment day is nigh for its oral Alzheimer’s pill simufilam,” with topline data from RETHINK-ALZ expected this year. Cassava Sciences (NASDAQ:SAVA) said that nearly 635 patients have already completed the trial, which Edmund Ingham,said, “is surely a large enough population to make results, whether positive or negative, hard to deny.”","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481186849"}