Cassava Sciences Q1 net income $25M; Phase 3 Alzheimer's trials on track with >1,900 patients

FILANA THERAPEUTICS, INC.

2024-Q1 EPS reported -$0.43

Net income of $25.0M vs net loss $24.3M in Q1 2023; non-cash warrant gain drove the swing.
$126.3M in gross proceeds from warrant exercise; cash & equivalents $124.2M, no debt as of March 31.
Over 1,900 patients randomized across two Phase 3 simufilam trials; >735 patients have completed.
Top-line data for 52-week RETHINK-ALZ expected year-end 2024; 76-week REFOCUS-ALZ data mid-2025.
Q1 R&D spend $16.2M, down from $22.1M YoY; H1 2024 operating cash burn guided at $35-45M.

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