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Mar 31, 2022
Cassava Sciences Q1 2022 Earnings Report
Reported financial results for the first quarter ended March 31, 2022 and provided a clinical update on its Phase 3 clinical program of simufilam in Alzheimer’s disease.
Key Takeaways
Cassava Sciences reported a net loss of $17.5 million, or $0.44 per share, for the first quarter of 2022. The company had $209.7 million in cash and cash equivalents as of March 31, 2022 and over 120 patients are now enrolled in the Phase 3 program.
Net loss was $17.5 million, or $0.44 per share.
Net cash used in operations was $23.5 million.
Cash and cash equivalents totaled $209.7 million at the end of the quarter.
Over 120 patients have been enrolled in the Phase 3 program.
Cassava Sciences
Cassava Sciences
Forward Guidance
Cassava Sciences is moving forward with Phase 3 studies of simufilam in Alzheimer’s disease, while keeping an eye on the balance sheet.
Positive Outlook
- Phase 3 program consists of two double-blind, randomized, placebo-controlled studies of simufilam in patients with mild-to-moderate Alzheimer’s disease.
- Both Phase 3 studies have Special Protocol Assessments (SPA) from the U.S. Food and Drug Administration.
- A total of over 120 subjects have now been enrolled in Phase 3 studies.
- Studies are being conducted in over 115 clinical trial sites across the U.S., Canada and Puerto Rico.
- Expect to announce full study results second half 2022.
Challenges Ahead
- Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product.
- Clinical results from earlier-stage clinical trials may not be indicative of full results or results from later-stage or larger scale clinical trials and do not ensure regulatory approval.
- The severity and duration of health care precautions given the COVID-19 pandemic, any unanticipated impacts of the pandemic on our business operations.
- Ability to conduct or complete clinical studies on expected timelines.
- Ability to demonstrate the specificity, safety, efficacy or potential health benefits of our product candidates.