Cassava Sciences, Inc. (NASDAQ: SAVA) saw its shares progress first thing Monday. The company, a clinical-stage biotechnology company focused on Alzheimer’s disease, today announced financial results for the third quarter, and provided a clinical update on its Phase 3 clinical program of simufilam in Alzheimer’s disease. Simufilam is Cassava Sciences’ lead drug candidate for the proposed treatment of Alzheimer’s disease.
“The clinical development of oral simufilam for Alzheimer’s disease continues to make headway,” said CEO Remi Barbier.
“We now have over 650 patients enrolled in our on-going Phase 3 studies of simufilam in Alzheimer’s disease, up from 150 patients approximately six months ago. We also look forward to presenting new clinical data for simufilam from two other ongoing studies in Alzheimer’s disease.”
Net loss for Q3 2022 was $20.3 million, or $0.51 per share, compared to a net loss of $9.6 million, or $0.24 per share, for the same period in 2021. Net cash used in operations was $56.2 million during the first nine months of 2022. Net cash use for operations for full-year 2022 is expected to be approximately $80 to $90 million, consistent with previous guidance. Cash and cash equivalents were $174.7 million as of September 30, 2022, with no debt.
SAVA shares gained 63 cents, or 1.8%, to $35.90.