Form 8-K
0001069530 False 0001069530 2021-11-10 2021-11-10 iso4217:USD xbrli:shares iso4217:USD xbrli:shares



Washington, D.C. 20549





Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 10, 2021


Cassava Sciences, Inc.

(Exact name of registrant as specified in its charter)


Delaware 000-2995991-1911336
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

7801 N. Capital of Texas Highway, Suite 260

Austin, Texas 78731

(Address of Principal Executive Offices) (Zip Code)

(512) 501-2444

(Registrant's telephone number, including area code)


(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par valueSAVANASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 10, 2021, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information provided in this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in such filing.

Item 9.01. Financial Statements and Exhibits.
Exhibit Number Description
99.1 Press Release dated November 10, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 Cassava Sciences, Inc.
Date: November 10, 2021By: /s/ Eric J. Schoen        
  Eric J. Schoen
  Chief Financial Officer




Cassava Sciences Reports Third Quarter 2021 Financial Results

AUSTIN, Texas, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA), a clinical-stage biotechnology company focused on Alzheimer’s disease, today announced financial results for the third quarter ended September 30, 2021. Net loss for the third quarter ended September 30, 2021, was $9.6 million, or $0.24 per share, compared to a net loss of $1.4 million, or $0.06 per share, for the same period in 2020. Net cash used in operations was $22.2 million during the first nine months of 2021. Net cash use for operations for full-year 2021 is expected to be approximately $25 to $30 million, up from previous guidance of $20 to $25 million due to a significant prepayment made to a contract research organization for our Phase 3 clinical program with simufilam. An additional $22.0 million was used during the third quarter of 2021 for an all-cash purchase of an office complex in Austin, Texas, which will serve as the Company’s future corporate headquarters. Cash and cash equivalents were $241.5 million as of September 30, 2021, with no debt.

Financial Highlights for Third Quarter 2021

About Cassava Sciences, Inc.
Cassava Sciences’ mission is to discover and develop innovations for chronic, neurodegenerative conditions. Over the past 10 years, Cassava Sciences has combined state-of-the-art technology with new insights in neurobiology to develop novel solutions for Alzheimer’s disease. We are testing simufilam, our lead drug candidate for people with Alzheimer’s disease, in a Phase 3 clinical program, an open-label study and a cognition maintenance extension study. For more information, please visit:

For More Information Contact:
Eric Schoen, Chief Financial Officer
(512) 501-2450

Cautionary Note Regarding Forward-Looking Statements: This news release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, relating to: our strategy and plans; expected cash use in future periods; the treatment of Alzheimer’s disease; the status of current and future clinical studies with simufilam; the timing, enrollment, duration and other details of a Phase 3 clinical program with simufilam; and potential benefits, if any, of our product candidates. These statements may be identified by words such as “may,” “anticipate,” “believe,” “could,” “expect,” “would”, “forecast,” “intend,” “plan,” “possible,” “potential,” and other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Our clinical results from earlier-stage clinical trials may not be indicative of full results or results from later-stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements or any scientific data we present or publish.

Such statements are based largely on our current expectations and projections about future events. Such statements speak only as of the date of this news release and are subject to a number of risks, uncertainties and assumptions, including, but not limited to, those risks relating to the ability to conduct or complete clinical studies on expected timelines, to demonstrate the specificity, safety, efficacy or potential health benefits of our product candidates, the severity and duration of health care precautions given the COVID-19 pandemic, any unanticipated impacts of the pandemic on our business operations, and including those described in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 and future reports to be filed with the SEC. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from expectations in any forward-looking statement. In light of these risks, uncertainties and assumptions, the forward-looking statements and events discussed in this news release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Except as required by law, we disclaim any intention or responsibility for updating or revising any forward-looking statements contained in this news release. For further information regarding these and other risks related to our business, investors should consult our filings with the SEC, which are available on the SEC's website at

The content of this press release is solely our responsibility and does not necessarily represent the official views of the National Institutes of Health (NIH).

– Financial Tables Follow –

(unaudited, in thousands, except per share amounts) 
 Three months ended September 30, Nine months ended September 30, 
 2021  2020  2021  2020  
Operating expenses            
Research and development, net of grant reimbursement$8,041  $399  $14,471  $1,534  
General and administrative 1,712   1,038   3,953   2,634  
Gain on sale of property and equipment          (346) 
Total operating expenses 9,753   1,437   18,424   3,822  
Operating loss (9,753)  (1,437)  (18,424)  (3,822) 
Interest income 15   7   35   106  
Other income, net 176      176     
Net loss$(9,562) $(1,430) $(18,213) $(3,716) 
Net loss per share, basic and diluted$(0.24) $(0.06) $(0.46) $(0.15) 
Weighted-average shares used in computing net loss per share, basic and diluted 39,957   24,972   39,218   24,745  
(unaudited, in thousands) 
       September 30, 2021 December 31, 2020 
Current assets            
Cash and cash equivalents      $241,524  $93,506  
Prepaid expenses and other current assets       10,391   488  
Total current assets       251,915   93,994  
Operating lease right-of-use assets       231   295  
Property and equipment, net       20,695   11  
Intangible assets, net       1,209     
Other assets       199     
Total assets      $274,249  $94,300  
Liabilities and stockholders' equity            
Current liabilities            
Accounts payable      $2,345  $911  
Accrued development expense       3,251   719  
Accrued compensation and benefits       126   83  
Operating lease liabilities, current       95   58  
Other accrued liabilities       509   94  
Total current liabilities       6,326   1,865  
Operating lease liabilities, non-current       164   235  
Other non- current liabilities       194     
Total liabilities       6,684   2,100  
Stockholders' equity            
Common Stock and additional paid-in-capital       460,699   267,121  
Accumulated deficit       (193,134)  (174,921) 
Total stockholders' equity       267,565   92,200  
Total liabilities and stockholders' equity      $274,249  $94,300