Cassava Sciences (now Filana Therapeutics) files $200,000,000 shelf, $50,000,000 ATM

The shelf and the sales agreement

Cassava Sciences, Inc. (Nasdaq: SAVA) filed a Form S-3 shelf registration on November 13, 2025, according to EDGAR. The registration statement is dated November 12, 2025 on its face. The base prospectus covers up to $200,000,000 of common stock, preferred stock, depositary shares, warrants, rights, debt securities and units, to be offered from time to time.

Inside that shelf, an at-the-market prospectus supplement covers up to $50,000,000 of common stock sold under a sales agreement dated November 12, 2025 with Cantor Fitzgerald & Co. as sales agent. The $50,000,000 is part of the $200,000,000. Any unsold portion of the agreement can go to other offerings under the base prospectus.

Costs, banks and counsel

Cantor is not required to sell any specific number or dollar amount of shares. It will use commercially reasonable best efforts, and Cassava will pay it up to 3.0% of the aggregate sales price of each sale. The supplement says Cantor will be deemed an underwriter under the Securities Act, and that Cassava has agreed to indemnify Cantor against certain liabilities.

The filing names Cantor Fitzgerald & Co. as the only sales agent. It does not name counsel for Cantor, and it says counsel for any agents will be named in the applicable supplement. Jones Day passes on the validity of the securities for Cassava. The supplement's date line is blank in the copy filed.

Share count and price

The stock closed at $3.11 on November 11, 2025 on the Nasdaq Capital Market. As of September 30, 2025, Cassava had 48,307,896 shares outstanding. Options for 4,109,093 shares were also outstanding, at a weighted average exercise price of $15.23, well above that close.

Cassava describes itself as a clinical-stage biotechnology company based in Austin, Texas, focused on central nervous system disorders. Its lead diagnostic candidate, SavaDx, is a blood biomarker assay still under study for detecting Alzheimer's disease from a small blood sample.

A lead drug that missed in Alzheimer's

The 2024 annual report, filed March 3, 2025, says simufilam was in Phase 3 testing for Alzheimer's disease through 2024, when all ongoing Alzheimer's trials were discontinued. The first study, RETHINK-ALZ, did not meet each of its pre-specified co-primary, secondary and exploratory biomarker endpoints, the company announced on November 25, 2024. The company said simufilam "continued to demonstrate an overall favorable safety profile" in that study.

Cassava now pursues simufilam for TSC-related epilepsy under a license agreement with Yale signed February 26, 2025. The support it cites is preclinical: published preclinical studies show that overexpression of FLNA in patients with TSC "may be associated" with epileptic seizure activity. The supplement says Cassava plans an initial proof-of-concept clinical study in that indication in the first half of 2026.

The company's patent position for simufilam includes nine issued United States patents covering its composition, solid forms and uses for Alzheimer's and other neurodegenerative diseases. Their terms expire on dates ranging from 2029 to 2040, subject to any patent extensions that may be available.

The money

The supplement says management will have broad discretion over the net proceeds. It warns that the proceeds may not be used effectively, which could result in financial losses. Proceeds are intended for general corporate purposes and working capital, including development of simufilam.

The company describes all its pharmaceutical assets as investigational. The supplement also refers to pending or future litigation and to U.S. government inquiries, without describing either in that section.

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