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Cassava Sciences Inc (NASDAQ: SAVA) is an American pharmaceutical company headquartered in Austin, Texas. Founded in May 1998 as Pain Therapeutics, Inc., the company shifted its focus to the development of Alzheimer's disease treatments in 2018 and rebranded as Cassava Sciences in 2019. On September 23, 2025, shares traded at $2.9312, reflecting a 26.34% increase on a volume of 10,864,551 shares.
Corporate Structure and Leadership
As of 2021, Cassava Sciences employed 25 staff members; by mid-2025, the organization included a specialized research and development team. Key officers include:
- Rick Barry, Chief Executive Officer and Executive Chairman (appointed September 9, 2024)
- Claude Nicaise, Chairman of the Board (appointed September 9, 2024)
- James W. Kupiec, Chief Medical Officer (resigned May 2025)
- Jack Moore, Senior Vice President of Clinical Development (appointed May 2025)
- Eric Schoen, Chief Financial Officer
The company has maintained advisory relationships with external researchers and has received National Institutes of Health grants totaling $20 million since 2015.
Cassava Sciences by Akhilesh Ghatate
Recent Developments and News
- November 2024: The company discontinued Phase III trials of simufilam (formerly PTI-125) for Alzheimer’s disease after not demonstrating clinical benefit.
- June 2024: The U.S. Department of Justice charged Cassava advisor Hoau-Yan Wang with research fraud.
- July 2024: Remi Barbier resigned as CEO, and Lindsay Burns, Senior Vice President, also resigned following the indictment of Wang.
- September 2024: The Securities and Exchange Commission filed fraud charges against Cassava Sciences, Barbier, Burns, and Wang; a proposed settlement includes a $40 million corporate fine subject to court approval.
- May 2025: Angélique Bordey was appointed Senior Vice President for Neuroscience, replacing Burns.
- August 14, 2025: A Form 10-Q was filed for the quarter ended June 30, 2025, alongside an 8-K reporting operational results and financial condition.
- September 8, 2025: A Current Report on Form 8-K disclosed management’s securities transaction and updated exhibits.
Financial and Strategic Analysis
Cassava Sciences is currently pre-revenue and relies on equity financing, grants, and collaborations. Key metrics as of September 23, 2025:
| Metric | Value |
|---|---|
| Share Price | $2.9312 |
| 52-Week Range | $1.15 – $33.98 |
| Market Capitalization | $110.14 million |
| Trailing EPS (TTM) | –$2.63 |
| Net Loss (TTM) | –$123.17 million |
| Total Cash (MRQ) | $112.38 million |
| Levered Free Cash Flow (TTM) | –$29.07 million |
| Price/Book (MRQ) | 1.25 |
| Beta (5Y Monthly) | –2.07 |
The second-quarter 2025 filings indicated continued net losses consistent with prior periods. Strategic priorities include advancing simufilam for tuberous sclerosis-related epilepsy under Jack Moore’s leadership and maintaining compliance with settlement requirements pending SEC litigation resolution.
Market Position and Industry Context
Cassava Sciences operates in the biotechnology sector, characterized by high regulatory requirements and significant R&D investments without guaranteed approvals. The discontinuation of the Phase III trial places the company among others facing challenges in Alzheimer’s research execution. With no product revenues since 2013, Cassava’s valuation reflects investor sentiment regarding its pipeline prospects and legal outcomes. Its negative correlation to the broader market (beta –2.07) indicates stock price sensitivity to market developments.
tl;dr
On September 23, 2025, Cassava Sciences shares increased by 26.34% to $2.9312 amid increased trading activity. The company continues without commercial products, reporting a net loss of $123.17 million over the trailing twelve months and holding $112.38 million in cash. Corporate restructuring is ongoing with Jack Moore leading clinical development for simufilam’s prospective applications. Pending SEC settlement and future trial milestones may impact funding and share performance into 2026.
