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SAVA

Cassava Sciences, Inc.

SAVA

Cassava Sciences, Inc. • NASDAQ
$3.26 ▼ -3.81% (-0.13)
Market Cap $157.53 M
52w High $4.98
52w Low $1.15
Dividend Yield 0%
P/E -1.47
Volume 846.34K
Outstanding Shares 48.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $11.66M ▼ $-10.807M ▲ 0% $-0.22 ▲ $-10.607M ▲
Q2-2025 $0 $40.276M ▲ $-44.224M ▼ 0% $-0.92 ▼ $-13.874M ▲
Q1-2025 $0 $10.92M ▲ $-23.403M ▲ 0% $-0.48 ▲ $-21.366M ▼
Q4-2024 $0 $8.957M ▼ $-27.597M ▲ 0% $-0.57 ▲ $-19.327M ▲
Q3-2024 $0 $12.947M $-27.943M 0% $-0.58 $-31.464M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $106.08M ▼ $129.733M ▼ $48.165M ▲ $81.568M ▼
Q2-2025 $112.381M ▼ $135.384M ▼ $47.411M ▲ $87.973M ▼
Q1-2025 $117.328M ▼ $140.932M ▼ $13.316M ▲ $127.616M ▼
Q4-2024 $128.574M ▼ $157.533M ▼ $11.829M ▼ $145.704M ▼
Q3-2024 $148.978M $223.753M $57.114M $166.639M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-10.807M ▲ $-6.221M ▼ $-80K ▼ $0 $-6.301M ▼ $-6.301M ▼
Q2-2025 $-44.224M ▼ $-4.947M ▲ $0 $0 ▼ $-4.947M ▲ $-4.947M ▲
Q1-2025 $-23.403M ▲ $-11.336M ▲ $0 ▲ $90K ▼ $-11.246M ▲ $-11.336M ▲
Q4-2024 $-27.597M ▲ $-61.265M ▼ $-57K ▼ $918K ▲ $-60.404M ▼ $-61.322M ▼
Q3-2024 $-27.943M $-18.296M $-17K $0 $-18.313M $-18.313M

Five-Year Company Overview

Income Statement

Income Statement Cassava has been a classic early‑stage biotech story on the income side: no product sales at all, only research and operating expenses. That means the company has reported steady losses year after year. Those losses have widened as development costs ramped up, especially during the later‑stage trials of its Alzheimer’s drug. There is no sign yet of any operating line that can replace the discontinued drug program, so the income statement is entirely expense‑driven, with no offsetting revenue stream.

Balance Sheet

Balance Sheet The balance sheet shows a small, shrinking pool of assets mainly made up of cash and equivalents. The company carries essentially no financial debt, which reduces pressure from lenders, but shareholders’ equity has been eroding as losses accumulate. In simple terms, Cassava has been living off its cash reserves, and with no commercial products and its lead program now cancelled, those reserves are more a runway than a growth base. The balance sheet is clean but fragile: simple structure, limited resources, and a clear dependence on future financing or strategic change.

Cash Flow

Cash Flow Cash flows tell the same story from another angle: money consistently flows out of the business to fund research and operations, with no operating cash flowing in from product sales. Operating cash burn has increased over time in line with development efforts. Capital spending on physical assets is minimal, so almost all cash use is tied to people, trials, and overhead. With the main program discontinued and reputation issues looming, the key question is how quickly existing cash will run down and whether the company can realistically refill it through new funding or partnerships.

Competitive Edge

Competitive Edge Cassava’s former edge was a differentiated, oral Alzheimer’s drug built on a novel scientific idea. That potential advantage has effectively disappeared. The failure of late‑stage trials removes the company’s only meaningful product candidate, while legal and fraud allegations have seriously damaged trust with regulators, partners, and the scientific community. In a fiercely competitive Alzheimer’s and neurology landscape dominated by far larger, better‑funded players, Cassava now stands without a viable product, without a clear pipeline, and with a significant reputational handicap. Its competitive position is, at best, extremely weak.

Innovation and R&D

Innovation and R&D Historically, Cassava’s value was all about innovation: a unique mechanism targeting a brain protein and a companion blood test concept. That innovation thesis has largely collapsed. The main drug has been discontinued after failing to show clinical benefit, and the research behind it is under a cloud due to misconduct and fraud allegations and regulatory actions. The company’s R&D pipeline was heavily concentrated on this single idea, so there is no visible second act in place. Future innovation would require not only new scientific directions but also a rebuilding of credibility, which is a long, uncertain process in biotech.

Summary

Cassava Sciences is a pre‑revenue biotech that just lost its core asset and faces serious legal and credibility challenges. Financially, it has a modest but declining cash cushion, no debt, and ongoing operating losses with no product sales to offset them. Strategically, its competitive moat and innovation story have been dismantled by failed trials and fraud allegations, leaving no clear remaining pipeline. The company’s future now hinges on its ability to conserve cash, resolve legal and reputational issues, and either reinvent its scientific strategy or pursue some form of strategic restructuring. The uncertainty around all of these paths is very high.

NEWS

October 22, 2025 · 4:05 PM UTC

Halper Sadeh LLC Encourages Cassava Sciences, Inc. Shareholders to Contact the Firm to Discuss Their Rights

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October 22, 2025 · 8:00 AM UTC

Cassava Sciences Appoints Dawn C. Bir to the Board of Directors

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