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Mar 31, 2024
Cassava Sciences Q1 2024 Earnings Report
Reported a net income and provided updates on Phase 3 trials of Simufilam.
Key Takeaways
Cassava Sciences reported a net income of $25.0 million for the first quarter of 2024, a significant improvement compared to the net loss of $24.3 million for the same period in 2023. Both Phase 3 studies are fully enrolled, with approximately 1,900 patients randomized. Top-line data readout for the 52-week study (RETHINK-ALZ) is anticipated approximately year-end 2024, and for the 76-week study (REFOCUS-ALZ) approximately mid-year 2025.
Net income for Q1 2024 was $25.0 million, compared to a net loss of $24.3 million in Q1 2023.
Net cash used in operations was $19.1 million during the first quarter of 2024.
Approximately 1,900 patients are randomized in both Phase 3 studies.
Over 735 patients have completed the Phase 3 studies.
Forward Guidance
Cassava Sciences expects cash use for operations for the first half of 2024 to be $35 to $45 million, driven primarily by expenses for the clinical program in Alzheimer’s disease. Top-line data readout for the 52-week study (RETHINK-ALZ) is anticipated approximately year-end 2024. Top-line data readout for the 76-week study (REFOCUS-ALZ) is anticipated approximately mid-year 2025.
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