Cassava's Simufilam Fails ReThink-ALZ Phase 3 Trial; Shares Plunge 80%

Nov 25, 2024, 12:35 PM

Cassava Sciences announced on November 25th that its Phase 3 ReThink-ALZ trial of simufilam, a treatment for mild-to-moderate Alzheimer's disease, failed to meet co-primary endpoints. The drug did not show a significant reduction in cognitive or functional decline versus placebo. Consequently, the company plans to discontinue the second Phase 3 ReFocus-ALZ trial and the Open Label Extension study. Shares of Cassava Sciences fell over 80% following the announcement. The company stated that simufilam continued to demonstrate an overall favorable safety profile and has $149 million in cash reserves.