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.
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