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EXHIBIT 99.1 Cassava Sciences Reports Third Quarter 2021 Financial Results AUSTIN , Texas , Nov. 10 , 2021 ( GLOBE NEWSWIRE ) -- Cassava Sciences , Inc. ( Nasdaq : SAVA ) , a clinical - stage biotechnology company focused on Alzheimer's disease , today announced financial results for the third quarter ended September 30 , 2021. Net loss for the third quarter ended September 30 , 2021 , was $ 9.6 million , or $ 0.24 per share , compared to a net loss of $ 1.4 million , or $ 0.06 per share , for the same period in 2020. Net cash used in operations was $ 22.2 million during the first nine months of 2021. Net cash use for operations for full - year 2021 is expected to be approximately $ 25 to $ 30 million , up from previous guidance of $ 20 to $ 25 million due to a significant prepayment made to a contract research organization for our Phase 3 clinical program with simufilam . An additional $ 22.0 million was used during the third quarter of 2021 for an all - cash purchase of an office complex in Austin , Texas , which will serve as the Company's future corporate headquarters . Cash and cash equivalents were $ 241.5 million as of September 30 , 2021 , with no debt . Financial Highlights for Third Quarter 2021 • At September 30 , 2021 , cash and cash equivalents were $ 241.5 million , compared to $ 93.5 million at December 31 , 2020 , with no debt . • Net cash used in operations during the nine months ended September 30 , 2021 was $ 22.2 million , net of reimbursements received from the National Institutes of Health ( NIH ) grant awards . An additional $ 22.0 million was used during the third quarter of 2021 for the purchase of an office complex in Austin , Texas , which will serve as the Company's future corporate headquarters . • Net cash use for operations for full year 2021 is expected to be approximately $ 25 to $ 30 million , up from previous guidance of $ 20 to $ 25 million due to a prepayment made to a contract research organization for Phase 3 clinical program with simufilam . Net cash use in 2021 is expected to be driven by prepayments made for clinical trial management services for Phase 3 studies , higher headcount and personnel expenses , manufacturing costs around large - scale drug supply , and professional services expenses related to clinical programs . • R & D expenses were $ 8.0 million compared to $ 0.4 million for the same period in 2020. This increase was due primarily to costs related to manufacture of clinical trial supplies for and the initiation of a Phase 3 clinical program with simufilam , costs of an on - going open - label study in simufilam , as well as increased personnel expenses . These increases were partially offset by an increase in grant funding received from NIH and recorded as a reduction in research and development expenses . • Research grant funding reimbursements of $ 2.0 million were received from NIH and recorded as a reduction in research and development ( R & D ) expenses . This compared to $ 1.0 million of NIH grant receipts received for the same quarter in 2020 . • General and administrative ( G & A ) expenses were $ 1.7 million compared to $ 1.0 million for the same period in 2020. This increase was due primarily to higher legal fees and insurance costs as well as depreciation and amortization for an office complex in Austin , Texas , purchased in third quarter 2021 as compared to the prior year . 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 . We are testing simufilam , our lead drug candidate for people with Alzheimer's disease , in a Phase 3 clinical program , an open - label study and a cognition maintenance extension study . For more information , please visit : https://www.CassavaSciences.com . For More Information Contact : Eric Schoen , Chief Financial Officer eschoen@CassavaSciences.com ( 512 ) 501-2450 Cautionary Note Regarding Forward - Looking Statements : This news release contains forward - looking statements , including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 , relating to : our strategy and plans ; expected cash use in future periods ; the treatment of Alzheimer's disease ; the status of current and future clinical studies with simufilam ; the timing , enrollment , duration and other details of a Phase 3 clinical program with simufilam ; and potential benefits , if any , of our product candidates . These statements may be identified by words such as " may , " " anticipate , ” “ believe , ” “ could , ” “ expect , ” “ would ” , “ forecast , ” “ intend , ” “ plan , ” “ possible , ” “ potential , " and other words and terms of similar meaning . Drug development and commercialization involve a high degree of risk , and only a small number of research and development programs result in commercialization of a product . Our clinical results from earlier - stage clinical trials may not be indicative of full results or results from later - stage or larger scale clinical trials and do not ensure regulatory approval . You should not place undue reliance on these statements or any scientific data we present or publish .