Cassava Sciences Reports Third Quarter 2020 Financial Results
For the third quarter ended
Financial Highlights for Third Quarter 2020
- At
September 30, 2020 , cash and cash equivalents were$24.1 million , compared to$23.1 million atDecember 31, 2019 , with no debt. - Cash balance included
$4.6 million in proceeds from exercise of warrants in the first nine months of 2020. Approximately 0.8 million warrants remain outstanding, each with an exercise price of$1.25 per share. All warrants expireFebruary 2021 . - Net cash used in operations during the nine months ended
September 30, 2020 was$4.2 million , net of reimbursements received fromNational Institutes of Health (NIH) research grant awards. NIH research grant award reimbursements of$1.0 million were received and recorded as a reduction in research and development (R&D) expenses in the third quarter of 2020. This compared to$1.5 million ofNIH research grant award reimbursements received for the same period in 2019.- R&D expenses were
$0.4 million compared to a negative$0.1 million for the same period in 2019. The increase was due primarily to lowerNIH research grant award reimbursements compared to the prior year. - General and administrative (G&A) expenses were
$1.0 million compared to$0.8 million for the same period in 2019. The increase was due primarily to higher insurance expenses compared to the prior year.
About
Cassava Sciences’ mission is to discover and develop innovations for chronic, neurodegenerative conditions. Over the past 10 years,
For More Information Contact:
eschoen@CassavaSciences.com
(512) 501-2450
Cautionary 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 –
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||||||
(unaudited, in thousands, except per share amounts) | ||||||||||||||||
Three months ended |
Nine months ended |
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2020 | 2019 | 2020 | 2019 | |||||||||||||
Operating expenses | ||||||||||||||||
Research and development, net of grant reimbursement | $ | 399 | $ | (52 | ) | $ | 1,534 | $ | 830 | |||||||
General and administrative | 1,038 | 831 | 2,634 | 2,553 | ||||||||||||
Gain on sale of property and equipment | — | — | (346 | ) | — | |||||||||||
Total operating expenses | 1,437 | 779 | 3,822 | 3,383 | ||||||||||||
Operating loss | (1,437 | ) | (779 | ) | (3,822 | ) | (3,383 | ) | ||||||||
Interest income | 7 | 82 | 106 | 268 | ||||||||||||
Net loss | $ | (1,430 | ) | $ | (697 | ) | $ | (3,716 | ) | $ | (3,115 | ) | ||||
Net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.15 | ) | $ | (0.18 | ) | ||||
Weighted-average shares used in computing net loss per share, basic and diluted | 24,972 | 17,162 | 24,745 | 17,162 | ||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||||||
(unaudited, in thousands) | ||||||||||||||||
2020 |
2019 |
|||||||||||||||
Assets | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 24,074 | $ | 23,081 | ||||||||||||
Other current assets | 997 | 268 | ||||||||||||||
Total current assets | 25,071 | 23,349 | ||||||||||||||
Property and equipment, net | 12 | 47 | ||||||||||||||
Operating lease right-of-use assets | 316 | 90 | ||||||||||||||
Total assets | $ | 25,399 | $ | 23,486 | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accounts payable | $ | 465 | $ | 453 | ||||||||||||
Accrued development expense | 558 | 777 | ||||||||||||||
Accrued compensation and benefits | 80 | 58 | ||||||||||||||
Operating lease liabilities, current | 58 | 90 | ||||||||||||||
Other current liabilities | 7 | 9 | ||||||||||||||
Total current liabilities | 1,168 | 1,387 | ||||||||||||||
Operating lease liabilities, non-current | 258 | — | ||||||||||||||
Total liabilities | 1,426 | 1,387 | ||||||||||||||
Stockholders' equity | ||||||||||||||||
Common Stock and additional paid-in-capital | 196,276 | 190,686 | ||||||||||||||
Accumulated deficit | (172,303 | ) | (168,587 | ) | ||||||||||||
Total stockholders' equity | 23,973 | 22,099 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 25,399 | $ | 23,486 | ||||||||||||
Source: Cassava Sciences, Inc.