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Jun 30, 2025
Cassava Sciences Q2 2025 Earnings Report
Cassava Sciences reported a net loss in Q2 2025, largely driven by a legal loss contingency and ongoing R&D expenses.
Key Takeaways
Cassava posted a $44.2M net loss in Q2 2025, influenced by a $31.25M estimated litigation-related charge and lower R&D spending following the wind-down of its Alzheimer's program.
Recorded a $44.2M net loss, impacted by a $31.25M litigation charge
EPS dropped to -$0.92 compared to +$0.13 in Q2 2024
R&D expenses fell sharply due to phase-out of Alzheimer’s program
Ended the quarter with $112.4M in cash and no debt
Forward Guidance
Cassava expects to begin a clinical trial for simufilam in TSC-related epilepsy in H1 2026, with continued investment into preclinical work and regulatory planning.
Positive Outlook
- Preclinical results for simufilam in TSC-related epilepsy were encouraging
- Clinical study targeted for H1 2026
- Leadership team strengthened with neuroscience experts
- Estimated year-end cash position of $61–65M
- No outstanding debt as of Q2 2025
Challenges Ahead
- $31.25M litigation-related loss contingency recorded
- Q2 net loss of $44.2M
- No revenue generated in the quarter
- High G&A expenses including legal fees
- Cash burn expected to rise in H2 2025
Historical Earnings Impact
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Avg. Return Before/After Earnings
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