Cassava Sciences Inc. (SAVA) shares lost 23.70% in after-hours on Tuesday, August 24, 2021, and closed the daily trading at $89.90. In the regular trading session on Tuesday, SAVA’s stock gained 1.92%. SAVA shares have risen 3782.37% over the last 12 months, and they have moved up 12.63% in the past week. Over the past three months, the stock has gained 146.66%, while over the past six months, it has surged 122.07%.

Let’s see what are the latest developments of the company?

SAVA special agreement with FDA

On August 24, 2021, Cassava Sciences, Inc (SAVA) reached an agreement with the U.S. Food and Drug Administration (FDA) under a Special Protocol Assessment (SPA) for both of its pivotal Phase 3 studies of oral simufilam for the treatment of patients with Alzheimer’s disease.

SAVA recent financial results announcement

On Aug. 03, 2021, Cassava Sciences, Inc (SAVA) announced financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

• The company used $4.7 million of net cash in operating activities in Q2 2021.
• R&D expenses were $3.9 million in Q2 2021 compared to $0.6 million for the same period in 2020.
• General and administrative (G&A) expenses were $1.2 million in Q2 2021 compared to $0.8 million for the same period in 2020.
• It suffered a net loss of 5.1 million, or $0.13 per share in Q2 2021 compared to a net loss of $1.1 million, or $0.05 per share in Q2 2020.
• As of June 30, 2021, the company had cash and cash equivalents of $278.3 million.

SAVA update about Simufilam

On July 29, 2021, Cassava Sciences, Inc (SAVA) announced positive clinical data from an interim analysis of an open-label study with simufilam, the Company’s investigational drug for the treatment of Alzheimer’s disease.

The data proved that the Simufilam Significantly Improves Cognition in Patients with Alzheimer’s in the Interim Analysis of Open-label Study at 9 Months.

During the analysis, No Behavior Disorders was found in Over 50% of patients. Also, there was no safety issue reported.

SAVA update about SavaDx

On July 26, 2021, Cassava Sciences, Inc (SAVA) announced positive clinical data with SavaDx. SavaDx was used to measure plasma levels of altered filamin A before and after simufilam treatment in patients with Alzheimer’s disease. In this Phase 2b randomized, controlled trial sponsored by the National Institutes of Health (NIH), simufilam significantly reduced plasma levels of altered filamin A in Alzheimer’s patients treated for 28 days. Plasma levels of p-tau181 also dropped significantly in these same patients.

SavaDx is an investigational diagnostic/biomarker to detect Alzheimer’s disease with a simple blood test.

Conclusion

Well, we have recent positive news about the company but its loss in the after-hours has no ground at all. We hope that it will return towards positivity in the next trading session.