FILANA THERAPEUTICS, INC. FLNA
Filana Therapeutics, Inc. (formerly Cassava Sciences, Inc.) is a clinical-stage biotechnology company based in Austin, Texas. Our mission is to develop transformative medicines to improve the lives of patients with central nervous system (CNS) disorders, such as Tuberous Sclerosis Complex (TSC)-related epilepsy and other diseases associated with dysregulation or overexpression of filamin A. Our science is based on modulating the activity of a critical protein in the brain for patients with certain CNS disorders, such as TSC. Our lead therapeutic drug candidate, simufilam, was under clinical evaluation for the proposed treatment of Alzheimer's disease in two Phase 3 clinical studies through 2024, when all ongoing clinical trials for simufilam in Alzheimer's disease were discontinued. The phase out of the Company's Alzheimer's disease development program was completed in the second quarter of 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D | $26.6M | $69.6M | $89.4M | $68.0M | $24.8M | — | — | $3.0M | $7.6M | $9.2M |
| SG&A | $68.8M | $71.8M | $16.5M | $12.0M | $8.1M | $3.7M | $3.4M | $3.7M | $4.3M | $5.8M |
| Total operating expenses | $95.4M | $141.4M | $106.0M | $80.0M | $32.9M | $6.4M | $5.0M | $6.7M | $11.9M | $15.0M |
| Operating income | -$95.4M | -$141.4M | -$106.0M | -$80.0M | -$32.9M | -$6.4M | -$5.0M | -$6.7M | -$11.9M | -$15.0M |
| Pre-tax income | -$91.0M | -$24.3M | — | — | — | — | — | — | — | — |
| Income tax | $0 | $0 | — | — | — | — | — | — | — | — |
| Net income | -$91.0M | -$24.3M | -$97.2M | -$76.2M | -$32.4M | -$6.3M | -$4.6M | -$6.6M | -$11.9M | -$14.8M |
| EPS, basic | -1.88 | -0.53 | -2.32 | -1.90 | -0.82 | — | — | — | — | — |
| EPS, diluted | -1.88 | -1.46 | -2.32 | -1.90 | -0.82 | -0.24 | -0.27 | -0.61 | -1.82 | -2.28 |
| Shares, diluted (wtd. avg.) | 48.3M | 46.6M | 41.9M | 40.2M | 39.4M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $95.5M | $128.6M | $121.1M | $201.0M | $233.4M | $93.5M | $23.1M | $19.8M | $10.5M | $16.6M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $2.1M |
| Total current assets | $97.7M | $136.5M | $129.6M | $211.2M | $244.5M | $94.0M | $23.3M | $20.0M | $10.7M | $19.1M |
| Property, plant and equipment | $20.6M | $21.0M | $21.9M | $22.9M | $20.6M | $11.0K | $47.0K | $87.0K | $156.0K | $232.0K |
| Other intangibles | $193.0K | $37.0K | $176.0K | $622.0K | $1.1M | — | — | — | — | — |
| Total assets | $118.4M | $157.5M | $151.7M | $234.8M | $266.8M | $94.3M | $23.5M | $20.1M | $10.8M | $19.3M |
| Accounts payable | — | — | — | $4.0M | $7.1M | $911.0K | $453.0K | $294.0K | $424.0K | $303.0K |
| Total current liabilities | $43.8M | $11.8M | $14.2M | $7.1M | $12.5M | $1.9M | $1.4M | $511.0K | $1.1M | $665.0K |
| Total liabilities | $44.0M | $11.8M | $14.2M | $7.3M | $12.9M | $2.1M | $1.4M | $511.0K | $1.1M | $665.0K |
| Retained earnings | -$496.1M | -$405.1M | -$380.8M | -$283.6M | -$207.3M | -$174.9M | -$168.6M | -$164.0M | -$157.4M | -$145.5M |
| Total equity | $74.4M | $145.7M | $137.5M | $227.5M | $253.9M | $92.2M | $22.1M | $19.6M | $9.7M | $18.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$32.3M | -$116.9M | -$82.0M | -$77.5M | -$30.2M | -$5.4M | -$2.5M | -$4.8M | -$8.2M | -$12.2M |
| Depreciation and amortisation | $903.0K | $952.0K | $1.1M | $804.0K | $310.0K | $22.0K | $58.0K | — | — | — |
| Stock-based compensation | $19.6M | $16.3M | $4.6M | $2.1M | $1.8M | $988.0K | $1.3M | $2.4M | $3.0M | $4.3M |
| Capital expenditure | $581.0K | $103.0K | $414.0K | $2.7M | $22.2M | — | $18.0K | — | — | $75.0K |
| Investing cash flow | -$581.0K | -$103.0K | -$414.0K | -$2.7M | -$22.2M | $360.0K | -$18.0K | — | $2.1M | -$2.2M |
| Financing cash flow | -$239.0K | $124.5M | $2.6M | $47.8M | $192.3M | $75.4M | $5.8M | $14.1M | — | -$284.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-013654.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$14.8M | -$11.9M | -$6.6M | -$4.6M | -$6.3M | -$32.4M | -$76.2M | -$97.2M | -$24.3M | -$91.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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