AUSTIN, Texas, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA), a clinical-stage biotechnology company focused on Alzheimer’s disease, today reported financial results for the third quarter ended September 30, 2020.

For the third quarter ended September 30, 2020, net loss was $1.4 million, or $0.06 per share, compared to a net loss of $0.7 million, or $0.04 per share, for the same period in 2019. Net cash used in operations was $4.2 million during the first nine months of 2020. Net cash use in full-year 2020 is still expected to be approximately $5.0 million. The Company’s cash and cash equivalents were $24.1 million as of September 30, 2020, with no debt.

Financial Highlights for Third Quarter 2020

• At September 30, 2020, cash and cash equivalents were $24.1 million, compared to $23.1 million at December 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 expire February 2021.
• Net cash used in operations during the nine months ended September 30, 2020 was $4.2 million, net of reimbursements received from National 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 of NIH 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 lower NIH 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, 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. For more information, please visit: https://www.CassavaSciences.com