0001069530-20-000066 | 10-Q | XBRL Viewer

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Nov. 05, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-29959
Entity Registrant Name	CASSAVA SCIENCES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	91-1911336
Entity Address, Address Line One	7801 N. Capital of Texas Highway
Entity Address, Address Line Two	Suite 260
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78731
City Area Code	512
Local Phone Number	501-2444
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	sava
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,578,673
Amendment Flag	false
Entity Central Index Key	0001069530
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31

Condensed Balance Sheets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 24,074,000	$ 23,081,000
Other current assets	997,000	268,000
Total current assets	25,071,000	23,349,000
Operating lease right-of-use assets	316,000	90,000
Property and equipment, net	12,000	47,000
Total assets	25,399,000	23,486,000
Current liabilities:
Accounts payable	465,000	453,000
Accrued development expense	558,000	777,000
Accrued compensation and benefits	80,000	58,000
Operating lease liabilities, current	58,000	90,000
Other current liabilities	7,000	9,000
Total current liabilities	1,168,000	1,387,000
Operating lease liabilities, non-current	258,000
Total liabilities	1,426,000	1,387,000
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding
Common stock, $.001 par value; 120,000,000 shares authorized; 25,578,673 and 21,841,810 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	26,000	22,000
Additional paid-in capital	196,250,000	190,664,000
Accumulated deficit	(172,303,000)	(168,587,000)
Total stockholders' equity	23,973,000	22,099,000
Total liabilities and stockholders' equity	$ 25,399,000	$ 23,486,000

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Condensed Balance Sheets [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	25,578,673	21,841,810
Common stock, shares outstanding	25,578,673	21,841,810

Condensed Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating expenses:
Research and development, net of grant reimbursement	$ 399	$ (52)	$ 1,534	$ 830
General and administrative	1,038	831	2,634	2,553
Gain on sale of property and equipment			(346)
Total operating expenses	1,437	779	3,822	3,383
Operating loss	(1,437)	(779)	(3,822)	(3,383)
Interest income	7	82	106	268
Net loss	$ (1,430)	$ (697)	$ (3,716)	$ (3,115)
Net loss per share, basic and diluted	$ (0.06)	$ (0.04)	$ (0.15)	$ (0.18)
Shares used in computing net loss per share, basic and diluted	24,972	17,162	24,745	17,162

Condensed Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
Condensed Statements Of Cash Flows - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (3,716)	$ (3,115)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash stock-based compensation	750	992
Depreciation and amortization	21	44
Gain on sale of property and equipment	(346)
Changes in operating assets and liabilities:
Other current assets	(729)	(152)
Accounts payable	12	46
Accrued development expense	(219)	259
Accrued compensation and benefits	22	(6)
Other current liabilities	(2)	7
Net cash used in operating activities	(4,207)	(1,925)
Cash flows from investing activities:
Purchases of property and equipment		(18)
Proceeds from sale of property and equipment	360
Net cash provided by / (used in) investing activities	360	(18)
Cash flows from financing activities:
Issuance costs from 2018 sale of common stock and warrants		(60)
Proceeds from exercise of common stock warrants, net	4,584
Proceeds from exercise of stock options	256
Net cash provided by / (used in) financing activities	4,840	(60)
Net increase / (decrease) in cash and cash equivalents	993	(2,003)
Cash and cash equivalents at beginning of period	23,081	19,807
Cash and cash equivalents at end of period	$ 24,074	$ 17,804

Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Significant Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Use of Estimates

The Company makes estimates and assumptions in preparing its condensed financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. The Company evaluates its estimates on an ongoing basis, including those estimates related to agreements, research collaborations and investments. Actual results could differ from these estimates and assumptions.

Cash and Cash Equivalents and Concentration of Credit Risk

The Company invests in cash and cash equivalents. The Company considers highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Highly liquid investments that are considered cash equivalents include money market funds, certificates of deposits, and treasury bills. The Company maintains its investments at one financial institution.

Fair Value Measurements

The Company reports its cash and cash equivalents at fair value as Level 1, Level 2 or Level 3 using the following inputs:

Level 1 includes quoted prices in active markets. The Company bases the fair value of its money market funds on Level 1 inputs.

Level 2 includes significant observable inputs, such as quoted prices for identical or similar investments, or other inputs that are observable and can be corroborated by observable market data for similar securities. The Company uses market pricing and other observable market inputs obtained from third-party providers. It uses the bid price to establish fair value where a bid price is available. The Company bases the fair value of its certificates of deposit on Level 2 inputs.

Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any investments where the fair value is based on Level 3 inputs.

If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. The fair value of cash and cash equivalents was based on Level 1 and Level 2 inputs at December 31, 2019. A certificate of deposit totaling $13.0 million at December 31, 2019 was included within cash equivalents as a Level 2 input. The fair value of cash and cash equivalents was based on Level 1 inputs at September 30, 2020.

Proceeds from Grants

During the three months ended September 30, 2020 and 2019, the Company received reimbursements totaling $1.0 million and $1.5 million pursuant to National Institutes of Health (“NIH”) research grants, respectively. During the nine months ended September 30, 2020 and 2019, the Company received reimbursements totaling $3.4 million and $3.8 million pursuant to NIH research grants, respectively. The Company records the proceeds from these grants as reductions to its research and development expenses.

Non-cash Stock-based Compensation

The Company recognizes non-cash expense for the fair value of all stock options and other share-based awards. The Company uses the Black-Scholes option valuation model (“Black-Scholes”) to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. For all options granted, it recognizes the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years.

The Company has granted share-based awards that vest upon achievement of certain performance criteria (“Performance Awards”). The Company multiplies the number of Performance Awards by the fair value of its common stock on the date of grant to calculate the fair value of each award. It estimates an implicit service period for achieving performance criteria for each award. The Company recognizes the resulting fair value as expense over the implicit service period when it concludes that achieving the performance criteria is probable. It periodically reviews and updates as appropriate its estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria.

Net Loss per Share

The Company computes basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding common stock options and warrants. There is no difference between the Company’s net loss and comprehensive loss.

The Company included the following in the calculation of basic and diluted net loss per share (in thousands, except per share data):



	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
Numerator:
Net loss	$	(1,430)	$	(697)	$	(3,716)	$	(3,115)
Denominator:
Shares used in computing net loss per share, basic and diluted		24,972		17,162		24,745		17,162
Net loss per share, basic and diluted	$	(0.06)	$	(0.04)	$	(0.15)	$	(0.18)

Dilutive common stock options excluded from net loss per share, diluted		2,184		2,894		2,314		2,939
Common stock warrants excluded from net loss per share, diluted		838		9,127		838		9,127

The Company excluded common stock options and warrants outstanding from the calculation of net loss per share, diluted, because the effect of including options and warrants outstanding would have been anti-dilutive.

Fair Value of Financial Instruments

Financial instruments include accounts payable and accrued liabilities. The estimated fair value of certain financial instruments may be determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value; therefore, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions and/or estimation methodologies may be material to the estimated fair value amounts. The carrying amounts of accounts payable and accrued liabilities are at cost, which approximates fair value due to the short maturity of those instruments.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets these deferred tax assets with a valuation allowance.

The Company accounts for uncertain tax positions in accordance with ASC 740, “Income Taxes”, which clarifies the accounting for uncertainty in tax positions. These provisions require recognition of the impact of a tax position in the Company’s condensed financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense.

Research Contract Costs and Accruals

The Company has entered into various research and development contracts with research institutions and other third-party vendors. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from actual costs.

Right-of-use Asset and Liability

The Company has a single non-cancelable operating lease for approximately 6,000 square feet of office space in Austin, Texas that is scheduled to expire on December 31, 2020, and is used for the development of novel drugs. On September 4, 2020, the Company entered into a lease amendment that extends the termination date of the existing lease to April 30, 2024 and sets new rental rates effective as of January 1, 2021.

The Company recognizes assets and liabilities that arise from leases. For operating leases, the Company is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the condensed statements of financial position. The Company recorded a right-of-use asset and lease liability of $316,000 as a result of the lease modification at September 30, 2020. The Company utilized a discount rate of 3.25% for the modified lease to determine the present value of the future lease payments which approximates the Company’s incremental borrowing rate at September 30, 2020.

The Company recorded a reduction of the lease liability and an offsetting reduction in the right-of-use assets of $22,500 during the three months ended September 30, 2020 and 2019. The Company recorded a reduction of the lease liability and an offsetting reduction in the right-of-use assets of $68,000 during the nine months ended September 30, 2020 and 2019. See additional information regarding leases in Note 6 – Commitments.

Stockholders' Equity And Stock-Based Compensation Expense

9 Months Ended

Sep. 30, 2020

Stockholders' Equity And Stock-Based Compensation Expense [Abstract]

Stockholders' Equity And Stock-Based Compensation Expense

Note 4. Stockholders’ Equity and Stock-Based Compensation Expense

Stockholders’ Equity Activity during the Nine Months Ended September 30, 2020 and 2019

During the nine months ended September 30, 2020 and 2019, the Company’s common stock outstanding and stockholders’ equity changed as follows:



	Common Stock	Stockholders' equity (in thousands)
Balance at December 31, 2018	17,219,300	$	19,628
Non-cash stock-based compensation for:
Stock options for employees	—		342
Stock options for non-employees	—		2
Issuance costs from sale 2018 sale of common stock and warrants	—		(60)
Net loss	—		(1,359)
Balance at March 31, 2019	17,219,300	$	18,553

Non-cash stock-based compensation for:
Stock options for employees	—		328
Stock options for non-employees	—		1
Net loss	—		(1,059)
Balance at June 30, 2019	17,219,300	$	17,823

Non-cash stock-based compensation for:
Stock options for employees	—		318
Stock options for non-employees	—		1
Net loss	—		(697)
Balance at September 30, 2019	17,219,300	$	17,445

Balance at December 31, 2019	21,841,810	$	22,099
Non-cash stock-based compensation for:
Stock options for employees	—		261
Stock options for non-employees	—		9
Proceeds from exercise of common stock warrants	2,888,092		3,613
Net loss	—		(1,150)
Balance at March 31, 2020	24,729,902	$	24,832

Non-cash stock-based compensation for:
Stock options for employees	—		249
Stock options for non-employees	—		3
Proceeds from exercise of common stock warrants	189,431		236
Net loss	—		(1,136)
Balance at June 30, 2020	24,919,333	$	24,184

Non-cash stock-based compensation for:
Stock options for employees	—		224
Stock options for non-employees	—		4
Proceeds from exercise of common stock warrants	588,235		735
Proceeds from exercise of stock options	71,105		256
Net loss	—		(1,430)
Balance at September 30, 2020	25,578,673	$	23,973

At-the-Market Common Stock Offering

On March 27, 2020, the Company established an at-the-market offering program (“ATM”) to sell, from time to time, shares of Company common stock having an aggregate offering price of up to $100 million in transactions pursuant to a shelf registration statement that was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on May 5, 2020. The Company is obligated to pay a commission of 3.0% of the gross proceeds from the sale of shares of common stock in the offering. The Company is not obligated to sell any shares in the offering.

There were no common stock sales under the ATM during the nine months ended September 30, 2020.

Common Stock Warrants

In August 2018, the Company issued warrants to purchase up to an aggregate of 9.1 million shares of its common stock in conjunction with an offering of its common stock. As of September 30, 2020, 0.8 million warrants remain outstanding, each with a strike price of $1.25 per share. Subject to certain ownership limitations described in the warrants, the warrants will remain exercisable until expiration on February 17, 2021. The warrants will be exercisable on a “cashless” basis in certain circumstances, including while there is no effective registration statement registering the shares of common stock issuable upon exercise of the warrants at any time until the expiry of the warrants. Such registration statement was declared effective by the SEC on January 30, 2019. The warrants provide that holders will have the right to participate in any rights offering or distribution of assets together with the holders of common stock on an as-exercised basis.

During the three months ended September 30, 2020, the Company received proceeds of $0.7 million from the exercise of 0.6 million warrants. During the nine months ended September 30, 2020, the Company received proceeds of $4.6 million from the exercise of 3.7 million warrants. There were no warrants exercised during the three and nine months ended September 30, 2019.

Stock Option and Performance Award Activity in 2020

During the nine months ended September 30, 2020, stock options and unvested Performance Awards outstanding under the Company’s stock option plans changed as follows:



	Stock Options	Performance Awards
Outstanding as of December 31, 2019	3,210,965	138,055
Options granted	25,000	—
Options exercised	(71,105)	—
Options forfeited/canceled	(294,843)	—
Outstanding as of September 30, 2020	2,870,017	138,055

The weighted average exercise price of options outstanding at September 30, 2020 was $11.81. As outstanding options vest over the current remaining vesting period of 2.1 years, the Company expects to recognize non-cash expense of $1.5 million. If and when outstanding Performance Awards vest, the Company will recognize non-cash expense of $2.3 million over the implicit service period.

During the three and nine months ended September 30, 2020, there were 71,000 stock options exercised resulting in proceeds to the Company totaling $256,000. There were no stock options exercised during the three and nine months ended September 30, 2019.

Stock-based Compensation Expense in 2020

During the three and nine months ended September 30, 2020 and 2019, the Company’s non-cash stock-based compensation expenses were as follows (in thousands):



	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
Research and development	$	109	$	139	$	335	$	411

General and administrative		119		180		415		581

Total non-cash stock-based compensation expense	$	228	$	319	$	750	$	992

2018 Equity Incentive Plan

In January 2018, the Company’s Board of Directors (the “Board”) approved the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”). The Board or a designated committee of the Board is responsible for administration of the 2018 Plan and determines the terms and conditions of each option granted, consistent with the terms of the 2018 Plan. The Company’s employees, directors, and consultants are eligible to receive awards under the 2018 Plan, including grants of stock options and Performance Awards. Share-based awards generally expire 10 years from the date of grant. The 2018 Plan provides for issuance of up to 1,000,000 shares of common stock, par value $0.001 per share, subject to adjustment as provided in the 2018 Plan.

When stock options or Performance Awards are exercised net of the exercise price and taxes, the number of shares of stock issued is reduced by the number of shares equal to the amount of taxes owed by the award recipient and that number of shares are cancelled. The Company then uses its cash to pay tax authorities the amount of statutory taxes owed by and on behalf of the award recipient.

Recently Issued Accounting Pronouncements	9 Months Ended
Recently Issued Accounting Pronouncements	Sep. 30, 2020
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	Note 10. Recently Issued Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740) Simplifying Accounting for Income Taxes as part of its initiative to reduce complexity in the accounting standards. The guidance amended certain disclosure requirements that had become redundant, outdated or superseded. Additionally, this guidance amends accounting for the interim period effects of changes in tax laws or rates, and simplifies aspects of the accounting for franchise taxes. The guidance is effective for annual periods beginning after December 15, 2020, and is applicable for the Company in fiscal 2021. Early adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its condensed financial statements. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606. The amendments in this update provide guidance on how to assess whether certain transactions between collaborative arrangement participants should be accounted for within the revenue recognition standard. The amendments in this update are effective for interim and annual periods for the Company beginning on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s condensed financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of ASU 2018-13 did not have a material impact on the Company’s condensed financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies (Policy)

9 Months Ended

Sep. 30, 2020

Significant Accounting Policies [Abstract]

Use Of Estimates

Use of Estimates

Cash And Cash Equivalents And Concentration Of Credit Risk

Cash and Cash Equivalents and Concentration of Credit Risk

Fair Value Measurements

The Company reports its cash and cash equivalents at fair value as Level 1, Level 2 or Level 3 using the following inputs:

Level 1 includes quoted prices in active markets. The Company bases the fair value of its money market funds on Level 1 inputs.

Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any investments where the fair value is based on Level 3 inputs.

Proceeds From Grants

Proceeds from Grants

Non-Cash Stock-Based Compensation

Non-cash Stock-based Compensation

Net Loss Per Share

Net Loss per Share

The Company included the following in the calculation of basic and diluted net loss per share (in thousands, except per share data):



	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
Numerator:
Net loss	$	(1,430)	$	(697)	$	(3,716)	$	(3,115)
Denominator:
Shares used in computing net loss per share, basic and diluted		24,972		17,162		24,745		17,162
Net loss per share, basic and diluted	$	(0.06)	$	(0.04)	$	(0.15)	$	(0.18)

Dilutive common stock options excluded from net loss per share, diluted		2,184		2,894		2,314		2,939
Common stock warrants excluded from net loss per share, diluted		838		9,127		838		9,127

Fair Value Of Financial Instruments

Fair Value of Financial Instruments

Income Taxes

Research Contract Costs And Accruals

Research Contract Costs and Accruals

Right-Of-Use Asset And Liability

Right-of-use Asset and Liability

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Significant Accounting Policies [Abstract]

Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share



	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
Numerator:
Net loss	$	(1,430)	$	(697)	$	(3,716)	$	(3,115)
Denominator:
Shares used in computing net loss per share, basic and diluted		24,972		17,162		24,745		17,162
Net loss per share, basic and diluted	$	(0.06)	$	(0.04)	$	(0.15)	$	(0.18)

Dilutive common stock options excluded from net loss per share, diluted		2,184		2,894		2,314		2,939
Common stock warrants excluded from net loss per share, diluted		838		9,127		838		9,127

Stockholders' Equity And Stock-Based Compensation Expense (Tables)

9 Months Ended

Sep. 30, 2020

Stockholders' Equity And Stock-Based Compensation Expense [Abstract]

Common Stock Outstanding And Stockholders' Equity



	Common Stock	Stockholders' equity (in thousands)
Balance at December 31, 2018	17,219,300	$	19,628
Non-cash stock-based compensation for:
Stock options for employees	—		342
Stock options for non-employees	—		2
Issuance costs from sale 2018 sale of common stock and warrants	—		(60)
Net loss	—		(1,359)
Balance at March 31, 2019	17,219,300	$	18,553

Non-cash stock-based compensation for:
Stock options for employees	—		328
Stock options for non-employees	—		1
Net loss	—		(1,059)
Balance at June 30, 2019	17,219,300	$	17,823

Non-cash stock-based compensation for:
Stock options for employees	—		318
Stock options for non-employees	—		1
Net loss	—		(697)
Balance at September 30, 2019	17,219,300	$	17,445

Balance at December 31, 2019	21,841,810	$	22,099
Non-cash stock-based compensation for:
Stock options for employees	—		261
Stock options for non-employees	—		9
Proceeds from exercise of common stock warrants	2,888,092		3,613
Net loss	—		(1,150)
Balance at March 31, 2020	24,729,902	$	24,832

Non-cash stock-based compensation for:
Stock options for employees	—		249
Stock options for non-employees	—		3
Proceeds from exercise of common stock warrants	189,431		236
Net loss	—		(1,136)
Balance at June 30, 2020	24,919,333	$	24,184

Non-cash stock-based compensation for:
Stock options for employees	—		224
Stock options for non-employees	—		4
Proceeds from exercise of common stock warrants	588,235		735
Proceeds from exercise of stock options	71,105		256
Net loss	—		(1,430)
Balance at September 30, 2020	25,578,673	$	23,973

Stock Options And Unvested Performance Award Outstanding Activity



	Stock Options	Performance Awards
Outstanding as of December 31, 2019	3,210,965	138,055
Options granted	25,000	—
Options exercised	(71,105)	—
Options forfeited/canceled	(294,843)	—
Outstanding as of September 30, 2020	2,870,017	138,055

Non-Cash Stock-Based Compensation Expenses



	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
Research and development	$	109	$	139	$	335	$	411

General and administrative		119		180		415		581

Total non-cash stock-based compensation expense	$	228	$	319	$	750	$	992

Significant Accounting Policies (Narrative) (Details)			3 Months Ended		9 Months Ended
Significant Accounting Policies (Narrative) (Details)	Sep. 04, 2020	Sep. 03, 2020	Sep. 30, 2020 USD ($) ft²	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) ft²	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Certificates of deposit							$ 13,000,000
Reimbursement from National Institutes of Health research grants			$ 1,000,000	$ 1,500,000	$ 3,400,000	$ 3,800,000
Vesting period of stock options					4 years
Operating lease right-of-use assets			316,000		$ 316,000		$ 90,000
Operating lease liability			$ 316,000		$ 316,000
Leases, discount rate			3.25%		3.25%
Reduction of non-current lease liability and offsetting reduction in right-of-use assets			$ 22,500	$ 22,500	$ 68,000	$ 68,000
Austin [Member]
Summary Of Significant Accounting Policies [Line Items]
Office space \| ft²			6,000		6,000
Lease expiration date	Apr. 30, 2024	Dec. 31, 2020

Significant Accounting Policies (Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net loss	$ (1,430)	$ (1,136)	$ (1,150)	$ (697)	$ (1,059)	$ (1,359)	$ (3,716)	$ (3,115)
Denominator:
Shares used in computing net loss per share, basic and diluted	24,972			17,162			24,745	17,162
Net loss per share, basic and diluted	$ (0.06)			$ (0.04)			$ (0.15)	$ (0.18)
Stock Options [Member]
Denominator:
Common stock shares excluded from net loss per share, diluted	2,184			2,894			2,314	2,939
Stock Warrants [Member]
Denominator:
Common stock shares excluded from net loss per share, diluted	838			9,127			838	9,127

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity And Stock-Based Compensation Expense (Narrative) (Details) - USD ($)			3 Months Ended		9 Months Ended
	Mar. 27, 2020	Jan. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Aug. 31, 2018
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Number of Options, Exercised			71,105
Proceeds from exercise of stock options			$ 256,000		$ 256,000
Proceeds from exercise of warrants					$ 4,584,000
Vesting period of stock options					4 years
Non-cash stock-based compensation expense			$ 228,000	$ 319,000	$ 750,000	$ 992,000
Par value per share			$ 0.001		$ 0.001		$ 0.001
Warrants [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Remaining outstanding			800,000		800,000
Strike price					$ 1.25
Expiration date					Feb. 17, 2021
Proceeds from exercise of warrants			$ 700,000		$ 4,600,000
Number of warrants exercised			600,000	0	3,700,000	0
Warrants [Member] \| Maximum [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Aggregate shares to be purchased								9,100,000
ATM [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Percentage of commission in ATM offering	3.00%
Number of common stock sold shares					0
ATM [Member] \| Maximum [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Aggregate offering price	$ 100,000,000
2018 Equity Incentive Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expiration period		10 years
Par value per share		$ 0.001
2018 Equity Incentive Plan [Member] \| Maximum [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Shares issued		1,000,000
Stock Options [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Number of Options, Exercised					71,105
Stock Options [Member] \| Stock Option And Performance Award Activity 2020 Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Number of Options, Exercised			71,000		71,000
Proceeds from exercise of stock options			$ 256,000	$ 0	$ 256,000	$ 0
Weighted average exercise price or options			$ 11.81		$ 11.81
Vesting period of stock options					2 years 1 month 6 days
Non-cash stock-based compensation expense					$ 1,500,000
Performance Awards [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Number of Options, Exercised
Performance Awards [Member] \| Stock Option And Performance Award Activity 2020 Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense					$ 2,300,000

Stockholders' Equity And Stock-Based Compensation Expense (Common Stock Outstanding And Stockholders' Equity) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Common Stock, Beginning balance	24,919,333	24,729,902	21,841,810	17,219,300	17,219,300	17,219,300	21,841,810	17,219,300
Common Stock, Proceeds from exercise of common stock warrants	588,235	189,431	2,888,092
Common Stock, Proceeds from exercise of stock options	71,105
Common Stock, Issuance costs from sale 2018 sale of common stock and warrants
Net loss
Common Stock, Ending balance	25,578,673	24,919,333	24,729,902	17,219,300	17,219,300	17,219,300	25,578,673	17,219,300
Stockholders' equity, Beginning balance	$ 24,184	$ 24,832	$ 22,099	$ 17,823	$ 18,553	$ 19,628	$ 22,099	$ 19,628
Stockholders' equity, Non-cash stock-based compensation for:							750	992
Stockholders' equity, Proceeds from exercise of common stock warrants	735	236	3,613
Stockholders' equity, Proceeds from exercise of stock options	256						256
Stockholders' Equity, Issuance of common stock and warrants, net of issuance costs						(60)
Net loss	(1,430)	(1,136)	(1,150)	(697)	(1,059)	(1,359)	(3,716)	(3,115)
Stockholders' equity, Ending balance	$ 23,973	$ 24,184	$ 24,832	$ 17,445	$ 17,823	$ 18,553	$ 23,973	$ 17,445
Stock Options [Member]
Common Stock, Non-cash stock-based compensation for:
Common Stock, Proceeds from exercise of stock options							71,105
Stockholders' equity, Non-cash stock-based compensation for:	$ 224	$ 249	$ 261	$ 318	$ 328	$ 342
Non-Employee Stock Options [Member]
Common Stock, Non-cash stock-based compensation for:
Stockholders' equity, Non-cash stock-based compensation for:	$ 4	$ 3	$ 9	$ 1	$ 1	$ 2

General And Liquidity	9 Months Ended
General And Liquidity	Sep. 30, 2020
General And Liquidity [Abstract]
General And Liquidity	Note 1. General and Liquidity Cassava Sciences, Inc. (the “Company”) discovers and develops proprietary pharmaceutical product candidates that may offer significant improvements to patients and healthcare professionals. The Company generally focuses its discovery and product development efforts on disorders of the nervous system. The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for any other interim period or for the year 2020. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Coronavirus Disease 2019 (COVID-19) The recent, widespread outbreak of a novel infectious disease called Coronavirus Disease 2019, or COVID-19, has not significantly impacted the Company’s operations or financial condition as of November 9, 2020. However, this pandemic has created a dynamic and uncertain situation in the national economy. The Company continues to closely monitor the latest information to make timely, informed business decisions and public disclosures regarding the potential impact of pandemic on its operations and financial condition. The scope of pandemic is unprecedented and its long-term impact on the Company’s operations and financial condition cannot be reasonably estimated at this time. Liquidity The Company has incurred significant net losses and negative cash flows since inception, and as a result has an accumulated deficit of $172.3 million at September 30, 2020. The Company expects its cash requirements to be significant in the future. The amount and timing of the Company’s future cash requirements will depend on regulatory and market acceptance of its product candidates and the resources it devotes to researching and developing, formulating, manufacturing, commercializing and supporting its products. The Company may seek additional funding through public or private financing in the future, if such funding is available and on terms acceptable to the Company. There are no assurances that additional financing will be available on favorable terms, or at all. However, management believes that the current working capital position will be sufficient to meet the Company’s working capital needs for at least the next 12 months.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Taxes [Abstract]
Income Taxes	Note 5. Income Taxes The Company did not provide for income taxes during the three and nine months ended September 30, 2020, because it has projected a net loss for the full year 2020 for which any benefit will be offset by an increase in the valuation allowance. There was also no provision for income taxes for the three and nine months ended September 30, 2019.

Collaboration Agreement	9 Months Ended
Collaboration Agreement	Sep. 30, 2020
Collaboration Agreement [Abstract]
Collaboration Agreement	Note 7. Collaboration Agreement The Company had formerly entered into a Development and License Agreement (the “License Agreement”) with Durect Corporation around certain controlled-release technology. In March 2019, the Company gave notice of termination for such License Agreement. This and other actions effectively ended the Company’s development of any product candidates related to such technology.

Sale Of Property And Equipment	9 Months Ended
Sale Of Property And Equipment	Sep. 30, 2020
Sale Of Property And Equipment [Abstract]
Sale Of Property And Equipment	Note 8. Sale of Property and Equipment During the nine months ended September 30, 2020, the Company sold surplus manufacturing equipment to an independent third party and received proceeds totaling $360,000. The original cost of the property and equipment was $892,000 and accumulated depreciation was $878,000, resulting a gain on sale of property and equipment of $346,000 during the nine months ended September 30, 2020. There were no sales of property and equipment during the three months ended September 30, 2020 and the three and nine months ended September 30, 2019.

2020 Cash Incentive Bonus Plan	9 Months Ended
2020 Cash Incentive Bonus Plan	Sep. 30, 2020
Cash Incentive Bonus Plan [Abstract]
2020 Cash Incentive Bonus Plan	Note 9. 2020 Cash Incentive Bonus Plan On August 26, 2020, the Board approved the 2020 Cash Incentive Bonus Plan (the “Plan”). The Plan was established to provide a further incentive to promote the long-term success of the Company by establishing an “at-risk” cash bonus program that rewards Plan participants with additional cash compensation in lockstep with significant increases in the Company’s valuation. The Plan is considered “at-risk” because Plan participants will not receive a cash bonus unless the Company’s valuation increases significantly and certain other thresholds specified in the Plan are met. In addition, Plan participants will not be paid any cash bonuses unless the Board determines the Company has sufficient cash on hand, as defined in the Plan. Because of the inherent discretion and uncertainty regarding these requirements, the Company has concluded that a Plan grant date has not occurred as of September 30, 2020. Plan participants will be paid all earned cash bonuses in the event of a merger or acquisition transaction that constitutes a sale of ownership of the Company or its assets (a “Merger Transaction”). The Company’s valuation is determined based on either (1) the Company’s closing price of one share on the Nasdaq Capital Market multiplied by the total issued and outstanding shares and options to purchase shares of the Company, a calculation commonly referred as ‘market capitalization’ or (2) the aggregate consideration payable to security holders of the Company in a Merger Transaction. This constitutes a market condition under applicable accounting guidance. The Plan triggers a cash bonus each time the Company’s valuation increases significantly, up to a maximum $5 billion in market capitalization. The Plan specifies 14 incremental valuations between $200 million and $5 billion (each increment, a “Valuation Milestone”). Each Valuation Milestone triggers a cash bonus award in a pre-set amount defined in the Plan. Each Valuation Milestone must be achieved and maintained for no less than 20 consecutive trading days for Plan participants to be eligible for a cash bonus award. Approximately 57% of each cash bonus award associated with a Valuation Milestone is subject to adjustment and approval by the Compensation Committee of the Board (the “Compensation Committee”). Any amounts not awarded by the Compensation Committee are no longer available for distribution. If the Company exceeds a $5 billion market capitalization for no less than 20 consecutive trading days, all Valuation Milestones would be deemed achieved, in which case cash bonus awards would range from a minimum of $134.2 million up to a maximum of $322.3 million. Payment of cash bonuses is deferred until such time as (1) the Company completes a Merger Transaction, or (2) the Board determines the Company has sufficient cash on hand to render payment (each, a “Performance Condition”), neither of which may ever occur. Accordingly, there can be no assurance that Plan participants will ever be paid a cash bonus that is awarded under the Plan, even if the Company’s market capitalization increases significantly. The Plan is accounted for as a liability award. The fair value of each Valuation Milestone award will be determined once a grant date occurs and will be remeasured each reporting period. Compensation expense associated with the Plan will be recognized over the expected achievement period for each of the 14 Valuation Milestones, when a Performance Condition is considered probable of being met. On October 13, 2020, the Company achieved the first Valuation Milestone. Subsequently, the Compensation Committee approved a cash bonus award of $7.3 million in total for all Plan participants. However, no compensation expense has been recorded and no payments have been made since no grant date has occurred and no Performance Conditions are considered probable of being met. There is no continuing service requirement for Plan participants once the Compensation Committee approves a cash bonus award.

General And Liquidity (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
General And Liquidity [Abstract]
Accumulated deficit	$ 172,303	$ 168,587

Other Current Assets (Schedule Of Other Current Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Current Assets [Abstract]
Prepaid insurance	$ 686	$ 226
Offering costs	180
Other receivables	86
Interest income receivable		29
Other	45	13
Total prepaid expenses	$ 997	$ 268

Stockholders' Equity And Stock-Based Compensation Expense (Stock Options And Unvested Performance Award Outstanding Activity) (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised	(71,105)
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding as of, beginning		3,210,965
Options granted		25,000
Options exercised		(71,105)
Options forfeited/canceled		(294,843)
Outstanding as of, ending	2,870,017	2,870,017
Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding as of, beginning		138,055
Options granted
Options exercised
Options forfeited/canceled
Outstanding as of, ending	138,055	138,055

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Taxes [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0	$ 0

Commitments (Narrative) (Details) $ in Thousands			3 Months Ended		9 Months Ended
Commitments (Narrative) (Details) $ in Thousands	Sep. 04, 2020	Sep. 03, 2020	Sep. 30, 2020 USD ($) ft²	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) ft²	Sep. 30, 2019 USD ($)
Building [Member]
Operating Leased Assets [Line Items]
Rent \| $			$ 25	$ 24	$ 75	$ 72
Austin [Member]
Operating Leased Assets [Line Items]
Office space \| ft²			6,000		6,000
Lease expiration date	Apr. 30, 2024	Dec. 31, 2020

Commitments (Minimum Lease Payments) (Details)	Sep. 30, 2020 USD ($)
For the year ending December 31,
2020	$ 25,000
2021	66,000
2022	102,000
2023	107,000
2024	36,000
Total future minimum lease payments	336,000
Lease: imputed interest	(20,000)
Total	$ 316,000

2020 Cash Incentive Bonus Plan (Narrative) (Details) - 2020 Cash Incentive Bonus Plan [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Oct. 13, 2020
Cash Incentive Bonus Plan [Line Items]
Compensation expense	$ 0.0
Percentage of each cash bonus award associated with Valuation Milestone subject to adjustment and approval	57.00%
Cash bonus award	$ 0.0	$ 7.3
Minimum [Member]
Cash Incentive Bonus Plan [Line Items]
Valuation milestone amount in market capitalization	200.0
Minimum [Member] \| Exceeds $5 Billion Market Capitalization For No Less Than 20 Consecutive Trading Days [Member]
Cash Incentive Bonus Plan [Line Items]
Cash bonus award	134.2
Maximum [Member]
Cash Incentive Bonus Plan [Line Items]
Valuation milestone amount in market capitalization	5,000.0
Maximum [Member] \| Exceeds $5 Billion Market Capitalization For No Less Than 20 Consecutive Trading Days [Member]
Cash Incentive Bonus Plan [Line Items]
Cash bonus award	$ 322.3