Cassava reports Q1 net loss of $23.4M, discontinues Alzheimer's program, pivots to TSC epilepsy

FILANA THERAPEUTICS, INC.

2025-Q1 EPS reported -$0.48

Net loss of $23.4M vs net income of $25.0M in Q1 2024; cash and equivalents $117.3M, no debt.
R&D expenses $13.7M (down 16% YoY); G&A $10.9M including $3.0M legal accrual, no insurance recoveries.
Workforce reduced by 10 employees (~33%) in Q1; Alzheimer's program with simufilam to be fully discontinued by end of Q2 2025.
New license from Yale for TSC-related epilepsy; plans to initiate first clinical study in H1 2026.
Appointed Dr. Bordey as SVP Neuroscience and Dr. Moore as SVP Clinical Development; CMO Kupiec retiring May 9.

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