Cassava Sciences Announces Second Quarter 2019 Financial Results
PTI-125 is an investigational drug candidate for Alzheimer’s disease. We developed this small molecule drug to target a process known as “protein misfolding.” PTI-125 has a novel mechanism of action: it stabilizes a critical protein that is otherwise altered and misfolded in the Alzheimer’s brain. PTI-125 has demonstrated both cognitive improvement and slowing of disease progression in animal models of disease. We are also developing a blood-based diagnostic to detect Alzheimer’s disease, called PTI-125Dx. The goal of PTI-125Dx is to make the detection of Alzheimer’s disease as simple as getting a blood test.
The underlying science for our scientific programs is published in prestigious peer-reviewed technical journals, including
Financial Highlights for Second Quarter 2019
June 30, 2019, cash and cash equivalents were $18.5 million, compared to $19.8 millionat December 31, 2018. Net cash utilized during the second quarter 2019 was $0.6 million. We have no debt.
- Net loss was
$1.1 millioncompared to $2.5 millionfor the same period in the prior year, representing a 57% decrease. Net loss per share was $0.06compared to $0.36for the same period in the prior year.
- We received research grant funding reimbursements of
$1.4 millionfrom NIH and recorded this as a reduction in research and development expenses (“R&D”). This compared to $0.4 millionof NIH grant receipts received for the same period in the prior year.
- Net R&D expenses were
$0.3 million. This compared to $1.5 millionfor the same period in the prior year, representing a 79% decrease. The decrease was due primarily to the increase in NIH grant funding in 2019 compared to the prior year combined with a decrease in non-cash stock-based compensation expense. R&D expenses included non-cash stock related compensation costs of $0.1 millioncompared to $0.3 millionfor same period in the prior year.
- General and administrative (“G&A”) expenses were
$0.8 million. This compared to $1.0 millionfor the same period in 2018, representing a 15% decrease. G&A expenses included non-cash stock-based compensation costs of $0.2 millioncompared to $0.4 millionfor the same period in the prior year.
About Alzheimer's Disease
Alzheimer’s disease is a progressive brain disorder that destroys memory and thinking skills. Eventually, a person with Alzheimer’s disease may be unable to carry out even simple tasks. Currently, there are no drug therapies to halt Alzheimer’s disease, much less reverse its course.
An estimated 5.8 million Americans of all ages are living with Alzheimer's disease in 2019.
The mission of
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Chief Financial Officer
Note Regarding Forward-Looking Statements: This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act").
– Financial Tables Follow –
|CASSAVA SCIENCES, INC.|
|CONDENSED STATEMENTS OF OPERATIONS|
|(unaudited, in thousands, except per share amounts)|
|Three months ended June 30,||Six months ended June 30,|
|Research and development||$||308||$||1,463||$||882||$||2,532|
|General and administrative||845||998||1,722||2,097|
|Total operating expenses||1,153||2,461||2,604||4,629|
|Net loss per share, basic and diluted||$||(0.06||)||$||(0.36||)||$||(0.14||)||$||(0.68||)|
|Weighted-average shares used in computing net loss per share, basic and diluted||17,162||6,838||17,162||6,739|
|CONDENSED BALANCE SHEETS|
|(unaudited, in thousands)|
|December 31, 2018|
|Cash and cash equivalents||$||18,534||$||19,807|
|Other current assets||49||233|
|Total current assets||18,583||20,040|
|Property and equipment, net||75||87|
|Operating lease right-of-use assets||135||—|
|Liabilities and stockholders' equity|
|Accrued development expense||179||156|
|Accrued compensation and benefits||60||61|
|Operating lease liabilities, current||90||—|
|Other accrued liabilities||14||—|
|Total current liabilities||937||511|
|Operating lease liabilities, non-current||45||—|
|Common Stock and additional paid-in-capital||184,197||183,584|
|Total stockholders' equity||17,823||19,628|
|Total liabilities and stockholders' equity||$||18,805||$||20,139|
Source: Cassava Sciences, Inc.