Cassava Sciences (SAVA): Game over!

Quintessential Capital Management is SHORT shares of SAVA

Executive Summary

  • We performed an in-depth study into Cassava Sciences (Nasdaq: SAVA), a $2.3bn biotech firm ostensibly developing Simufilam, a “disease modifying” drug for the treatment of Alzheimer Disease, currently in phase II of clinical trials.
  • Our in-depth investigation included: 
  • infiltration of undercover investigator into the Simufilam clinical research enrollment
    • conversations with former employees
    • surveillance of its research facilities 
    • background checks on the actors involved 
    • multiple expert opinions from industry leaders.
  • We are of the opinion that Cassava Sciences is a scheme orchestrated by management to enrich itself at the expense of shareholders, patients, and the US Federal Government
  • This alleged exercise in deception has taken place with the involvement of an astounding number of questionable characters
  • Cassava’s former Senior Clinical Research Associate is a convicted felon and a fraudster
    • Cassava’s main research site is owned by a highly controversial character and  crack addict 
    • Simufilam’s Principal Investigator has been recently hit by rare FDA warning letter
    • Cassava’s board member, Richard Barry, has been involved with multiple real or suspected frauds
    • Cassava’s CEO and CMO have been caught making allegedly fraudulent statements about Simufilam’s predecessor Remoxy 
  • Phase II trials have been conducted with serious irregularities which appear to have allowed management to deceive investors about the effectiveness of the drug. 
  • The much touted “cognitive improvement” appears to be the result of a combination of data forgery“cherry picking” of patients and statistical manipulation of data, for which we have plenty of disturbing new evidence.
  • If our allegations are substantiated, Cassava’s behavior might constitute securities fraud, FDA fraud and a violation of the False Claims Act: we have alerted all relevant federal institutions which have received a copy of this report. 
  • The consequences of federal enforcement and lawsuits for management and shareholders alike would be terminal. 

We believe that Cassava’s equity is correspondingly worthless, and we assign it a target price of 0 (zero).


This report reflects the opinions and projections of Quintessential Capital Management (“QCM”) as of the date of publication, which is subject to change without notice at any time following the date of issue.   QCM does not represent that any opinion or projection will be realized.  While the information presented in this report is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented in this report or its attachments.   All information provided in this report is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security.