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Cassava Sciences issued its financial and operational results for Q1 2019.
Cassava Sciences (NASDAQ:SAVA) issued its financial and operational results for Q1 2019.
As quoted in the press release:
Net loss was US$1.4 million, or $0.08 per share. This compared to a net loss of US$2.2 million, or US$0.33 per share, for the same period in the prior year. Cash and cash equivalents were US$19.1 million as of March 31, 2019. The Company has no debt. Cassava Sciences utilized $0.7 million of cash during the first quarter of 2019 and expects cash use to be US$5.0 – US$6.0 million for full year 2019.
“As we enter 2019, our financial expectations reflect a thoughtful balance between maintaining fiscal discipline and advancing our series of product candidates aimed at Alzheimer’s disease,” said Remi Barbier, President & CEO. “One thing that won’t change is our focus on developing potential breakthrough innovations and an unwavering dedication to improve people’s lives. This emphasis has characterized our history and remains core to our strategy for 2019 and beyond.”
Cassava Sciences is conducting a Phase 2 clinical program with its investigational drug, PTI-125, in patients with Alzheimer’s disease. PTI-125 is designed to exert anti-neuroinflammatory effects and to restore the function of three key receptors in the brain. The National Institutes of Health (NIH) is providing substantial scientific and financial support for the Company’s clinical program.
Cassava Sciences expects to announce results of its Phase 2a study in the second half of 2019, after study participants complete drug treatment and their data are analyzed.
