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Sep 30, 2025
Cassava Sciences Q3 2025 Earnings Report
Cassava Sciences reported a narrower net loss in Q3 2025 compared to the prior year, supported by reduced operating expenses.
Key Takeaways
Cassava Sciences posted a Q3 2025 net loss of $10.8 million as it transitions focus toward epilepsy research. Reduced R&D and legal expenses contributed to significantly lower operating costs year-over-year.
Q3 2025 net loss narrowed to $10.8 million from $27.9 million in Q3 2024
EPS improved to -$0.22 from -$0.58 in the prior-year quarter
Cash and cash equivalents stood at $106.1 million as of September 30, 2025
R&D expenses decreased by 78% following the phase-out of the Alzheimer's program
Forward Guidance
Cassava expects to initiate a proof-of-concept study for simufilam in TSC-related epilepsy in H1 2026. Estimated year-end 2025 cash is between $92–96 million, adjusted downward from prior guidance.
Positive Outlook
- Strong cash position with $106.1 million as of Q3 2025
- Estimated cash runway into 2027
- TSC-related epilepsy study slated for H1 2026
- Positive preclinical data from mouse models of epilepsy
- Strengthened Board and leadership with neuroscience expertise
Challenges Ahead
- No revenue reported in Q3 2025
- Continued net losses despite cost reductions
- Ongoing legal uncertainties with $31.25 million loss contingency
- Expected cash use of $10–14 million in Q4 2025
Historical Earnings Impact
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Avg. Return Before/After Earnings
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