Cassava Sciences, Inc. (SAVA) stock prices were up 5.61% as of market close on April 26th 2021, bringing the price per share up to USD$41.81 at the end of the trading day. Subsequent current market fluctuations saw the stock price climb 3.78% to it USD$43.39.
SAVA’s Net Loss
In their recently disclosed financial reports for Q1 2021, SAVA reported a net loss of USD$3.5 million, a significant increase from their reported net loss of USD$1.2 million in the same period over the previous year. Net loss per share came out to USD$0.09 for Q1 2020, an increase from the USD$0.05 net loss per share reported in Q1 2020.
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SAVA’s Registered Direct Offering
Earlier in February 2021, SAVA announced the closing of its registered direct offering. The offering saw the company put up 4,081,633 shares of its common stock for sale, at a price per share of USD$49. Gross proceeds came out to nearly USD$200 million, with net proceeds of roughly USD$189.7 million after the deduction of costs associated with the offering.
Solid Liquidity Position for SAVA
The company reported USD$282.2 million in cash and cash equivalents as of March 31st 2021, with no outstanding debt. This is compared to the USD$93.5 reported as of December 31st, 2020. SAVA anticipates net cash use for upcoming operations throughout 2021 to be up to USD$25 million. This capital is anticipated to be allocated to personnel expenses associated with an increased workforce, manufacturing costs for the large-scale supply of drugs, and costs associated with clinical programs.
Positive Interim Analysis of Simufilam
On February 2nd, 2021, SAVA announced positive results for the first interim analysis that reported clinical data on a patient cohort being treated with simufilam. The cohort comprised the first 50 patients to have completed 6 months of open label treatment, with patients’ cognition scores having improved from baseline over the course of the 6 months of simufilam treatment. Consistent treatment presented no safety issues and showed a 10% mean improvement in cognition score from baseline to month 6.
Future Outlook for SAVA
Especially interesting is the company’s foray into the development of a treatment for the COVID-19 virus that is ravaging the global economy. Should the company be as successful in that endeavor as they have been in their other clinical trials, the outcome could be massively lucrative for SAVA and its investors. Investors are hopeful that the company will leverage its sturdy financial grounds and recent clinical progress to push for significant and sustained increases in shareholder value over the course of 2021.