SAVA insider purchase: CEO adds 150,000 Cassava shares

Rhea-AI Filing Summary

Cassava Sciences (SAVA) President and CEO, who is also a director, reported an open-market purchase of common stock. On 11/20/2025, a trust for the reporting person bought 150,000 Cassava shares at a weighted average price of $2.76 per share, with individual trades executed between $2.74 and $2.80.

After this transaction, the trust beneficially owns 938,060 shares of Cassava common stock, reported as indirect ownership. The filing notes that full detail on the number of shares purchased at each price within the range is available upon request.

Insights

Equity Ownership and Governance Analyst

CEO, as director and officer, increased indirect ownership by 150,000 shares through an open-market purchase at a weighted price near recent levels.

The filing shows the President & CEO of Cassava Sciences Inc acquired 150,000 shares of common stock on 11/20/2025. The transaction was a purchase in the open market, with a weighted average price of about $2.76 per share, across a range from $2.74 to $2.80. After this transaction, the reporting person beneficially owns 938,060 shares indirectly through a trust.

This type of Form 4 event reflects an increase in beneficial ownership rather than a sale or option exercise. The shares are held indirectly, classified as "I – By Trust," which indicates a trust structure holds legal title while the reporting person remains the beneficial owner under SEC rules. The disclosure that the purchase price is a weighted average, along with the commitment to provide detailed trade breakdowns upon request, follows standard Section 16 reporting practice.

The concrete item to track from this filing is the higher post-transaction beneficial position of 938,060 shares as of the transaction date. Any future Form 4s involving this trust or this officer, especially additional open-market purchases or changes in indirect holdings, will update that figure and may clarify how the ownership profile of key management evolves over time.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Barry Richard

(Last) (First) (Middle)

6801 N CAPITAL OF TEXAS HWY, BLDG 1

SUITE 300

(Street)

AUSTIN TX 78731

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CASSAVA SCIENCES INC [ SAVA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/20/2025		P		150,000	A	$2.76(1)	938,060	I	By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The purchase reported in column 4 is a weighted average price. The shares were purchased in multiple open market transactions at prices ranging from $2.74 to $2.80 per share. The reporting person undertakes to provide to Cassava, any security holder of Cassava or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares acquired at each price within the range set forth in this footnote.

	/s/ Eric J. Schoen by Power of Attorney	11/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider trade did Cassava Sciences (SAVA) report in this Form 4?

The President & CEO, who is also a director, reported an open-market purchase of 150,000 shares of Cassava Sciences common stock on 11/20/2025.

At what price were the Cassava Sciences (SAVA) shares purchased by the insider?

The reported purchase had a weighted average price of $2.76 per share, with individual trades between $2.74 and $2.80 per share.

How many Cassava Sciences (SAVA) shares does the insider own after this transaction?

Following the transaction, the reporting person beneficially owns 938,060 Cassava Sciences shares indirectly through a trust.

What is the relationship of the reporting person to Cassava Sciences (SAVA)?

The reporting person is both a director and an officer of Cassava Sciences, serving as President & CEO.

How were the Cassava Sciences (SAVA) insider share purchases executed?

The shares were acquired in multiple open market transactions at prices ranging from $2.74 to $2.80 per share.

Is detailed trade information for the Cassava Sciences (SAVA) insider purchase available?

Yes. The reporting person undertook to provide Cassava, any security holder, or SEC staff full details on the number of shares bought at each price upon request.