Cassava Sciences, Inc., a biotechnology company focusing on Alzheimer's disease, reported a significant turnaround in its financial results for the first quarter of 2024, with a net income of $25.0 million compared to a net loss of $24.3 million in the same period of the previous year. The positive financial outcome was primarily attributed to the change in fair value of warrant liabilities, a non-cash item. The company also announced the completion of patient enrollment in two global Phase 3 clinical trials of its Alzheimer's drug candidate, Simufilam, with over 1,900 patients randomized and more than 735 patients having completed the trials. The Data Safety and Monitoring Board recommended the continuation of the studies without modification. Cassava Sciences expects to release top-line...Show More

Cassava Sciences, Inc., a biotechnology company focusing on Alzheimer's disease, reported a significant turnaround in its financial results for the first quarter of 2024, with a net income of $25.0 million compared to a net loss of $24.3 million in the same period of the previous year. The positive financial outcome was primarily attributed to the change in fair value of warrant liabilities, a non-cash item. The company also announced the completion of patient enrollment in two global Phase 3 clinical trials of its Alzheimer's drug candidate, Simufilam, with over 1,900 patients randomized and more than 735 patients having completed the trials. The Data Safety and Monitoring Board recommended the continuation of the studies without modification. Cassava Sciences expects to release top-line data from the 52-week study by the end of 2024 and from the 76-week study by mid-2025. Additionally, the company completed a successful warrant distribution, generating $126.3 million in total gross proceeds. As of March 31, 2024, Cassava Sciences had $124.2 million in cash and cash equivalents, with no debt. Research and development expenses decreased compared to the previous year due to the completion of patient screening and enrollment for the Phase 3 clinical program.