Cassava Science provided a business update. In November 2024, Cassava reported that the topline results from the Phase 3 RETHINK-ALZ study evaluating simufilam as a potential treatment for patients with mild-to-moderate Alzheimer’s disease did not meet its prespecified co-primary endpoints and that the company intended to share a detailed analysis of data from the study at a future medical meeting. The company also outlined its plan to discontinue the Phase 3 REFOCUS-ALZ study and open label extension study and to analyze the complete 52-week dataset from the REFOCUS-ALZ study, along with a large portion of 76-week data. The company is on track to complete these efforts and plans to release top-line REFOCUS-ALZ results late first-quarter/early second-quarter 2025. The company announced that it is reducing its workforce by 10 employees, or approximately 33%, in the first quarter of 2025, as well as continuing strategic expense management efforts. Expense reductions include halting the planned biomarker analysis of additional plasma samples from prior Phase 2 studies. The company estimates that it will incur approximately $0.4M of one-time costs in Q1 2025 related to the workforce reduction. The company’s unaudited cash and cash equivalents balance as of December 31, 2024 was approximately $128.6M.
Stay Ahead of the Market:
- Discover outperforming stocks and invest smarter with Top Smart Score Stocks
- Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on SAVA:
- Cassava Sciences call buyer realizes 60% same-day gains
- Lost Money on Cassava Sciences, Inc.(SAVA)? Join Class Action Suit Seeking Recovery – Contact Levi & Korsinsky LLP
- Largest borrow rate increases among liquid names
- Biotech Alert: Searches spiking for these stocks today
- Trump threatens tariffs, Zoom reports Q3 beat: Morning Buzz
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
