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EXHIBIT 99.1 Cassava Sciences Reports Second Quarter 2021 Financial Results - Conference Call Today at 9 a.m. ET - AUSTIN , Texas , Aug. 03 , 2021 ( GLOBE NEWSWIRE ) -- Cassava Sciences , Inc. ( Nasdaq : SAVA ) , a clinical - stage biotechnology company focused on Alzheimer's disease , today announced financial results for the second quarter ended June 30 , 2021. Net loss for the second quarter ended June 30 , 2021 , was $ 5.1 million , or $ 0.13 per share , compared to a net loss of $ 1.1 million , or $ 0.05 per share , for the same period in 2020. Net cash used in operations was $ 7.4 million during the first six months of 2021. Net cash use for operations for full - year 2021 is expected to be approximately $ 20 to $ 25 million , consistent with previous financial guidance . Cash and cash equivalents were $ 278.3 million as of June 30 , 2021 , with no debt . Remi Barbier , President & CEO , and Eric Schoen , Chief Financial Officer , will host a conference call to review financial results and to preview the Company's growth strategy . The conference call is scheduled to begin at 9:00 am ET on Tuesday , August 3 , 2021. Please dial in 15 minutes in advance to ensure a timely connection to the call . Conference call detail are as follows : Toll Free : 1-888-254-3590 Toll / International : 1-323-794-2575 Financial Highlights for Second Quarter 2021 • At June 30 , 2021 , cash and cash equivalents were $ 278.3 million , compared to $ 93.5 million at December 31 , 2020 , with no debt . • Net cash used in operations during the six months ended June 30 , 2021 was $ 7.4 million , net of reimbursements received from the National Institutes of Health ( NIH ) grant awards . • Research grant funding reimbursements of $ 0.9 million were received from NIH and recorded as a reduction in research and development ( R & D ) expenses . This compared to $ 1.1 million of NIH grant receipts received for the same period in 2020 . • Net cash use for operations for full year 2021 is expected to be approximately $ 20 to $ 25 million . Net cash use in 2021 is expected to be driven by higher headcount and personnel expenses , manufacturing costs around large - scale drug supply , professional services expenses related to clinical programs , and operating costs such as insurance , office space and IT related expenses . • R & D expenses were $ 3.9 million compared to $ 0.6 million for the same period in 2020. This increase was due primarily to costs related to manufacture of clinical trial supplies in anticipation of launching a Phase 3 clinical program in simufilam , costs of an on - going open - label study in simufilam , as well as increased personnel expenses . • General and administrative ( G & A ) expenses were $ 1.2 million compared to $ 0.8 million for the same period in 2020. This increase was due primarily to higher annual shareholder meeting and insurance costs compared to the prior year . About Simufilam Simufilam is a proprietary , small molecule ( oral ) drug that restores the normal shape and function of altered filamin A ( FLNA ) , a scaffolding protein , in the brain . Altered FLNA in the brain disrupts the normal function of neurons , leading to Alzheimer's pathology , neurodegeneration and neuroinflammation . The underlying science for simufilam is published in peer - reviewed journals , including Journal of Neuroscience , Neurobiology of Aging , Journal of Biological Chemistry , Neuroimmunology and Neuroinflammation and Journal of Prevention of Alzheimer's Disease . Cassava Sciences is also developing an investigational diagnostic , called SavaDx , to detect Alzheimer's disease with a simple blood test . Simufilam and SavaDx were both developed in - house . Both product candidates are substantially funded by peer - review research grant awards from the National Institutes of Health ( NIH ) . Cassava Sciences owns worldwide development and commercial rights to its research programs in Alzheimer's disease , and related technologies , without royalty obligations to any third party . About Alzheimer's Disease Alzheimer's disease is a progressive brain disorder that destroys memory and thinking skills . As of 2020 , there were approximately 50 million people worldwide living with dementia , a figure expected to increase to 150 million by 2050.¹ The annual global cost of dementia is now above $ 1 trillion , according to Alzheimer's Disease International , a charitable organization . About Cassava Sciences , Inc. Cassava Sciences ' mission is to discover and develop innovations for chronic , neurodegenerative conditions . Over the past 10 years , Cassava Sciences has combined state - of - the - art technology with new insights in neurobiology to develop novel solutions for Alzheimer's disease . For more information , please visit : https://www.CassavaSciences.com .