Cassava Sciences, Inc. (NASDAQ: SAVA) saw its shares descend Thursday, as the clinical-stage biotechnology company focused on Alzheimer’s disease, today announced financial results for the second quarter ended June 30, 2023. Net loss was $26.4 million, or $0.63 per share, compared to a net loss of $19.3 million, or $0.48 per share, for the same period in 2022. Net cash used in operations was $33.2 million during the first half of 2023. Net cash use in second half 2023 is expected to be $40 to $50 million, driven primarily by expenses for our clinical program in Alzheimer’s disease.
“In July 2023, we announced clinical results of a randomized controlled trial with oral simufilam in over 150 patients with Alzheimer’s disease,” said CEO Remi Barbier. “In this study simufilam treatment for six months slowed cognitive decline by 38% versus placebo over six-month in patients with mild-to-moderate Alzheimer’s disease. In addition, oral simufilam continues to be safe, well-tolerated. We believe these clinical results are noteworthy.”
Cassava Sciences continues to evaluate its lead oral drug candidate, simufilam, in Alzheimer’s disease. Over 1,587 patients with mild-to-moderate Alzheimer’s disease are now enrolled in a Phase 3 program of simufilam, an increase of over 340 patients in the last three months. The target enrollment is approximately 1,750 patients. Cassava Sciences expects to complete patient enrollment for its Phase 3 program in Q4 2023.
SAVA shares dipped 32 cents, or 1.5% to $20.66.
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