[Form 4] CASSAVA SCIENCES INC Insider Trading Activity

Rhea-AI Filing Summary

Cassava Sciences (SAVA) reported an insider stock purchase by its President and CEO, who is also a director. On 11/19/2025, a trust associated with the reporting person bought 73,385 shares of Cassava Sciences common stock in open market transactions at a weighted average price of about $2.75 per share, with individual trade prices ranging from $2.73 to $2.75 per share. After this transaction, the trust beneficially owns 788,060 shares of Cassava Sciences common stock.

Insights

Equity Compensation and Governance Analyst

CEO, also a director, made a sizable open-market share purchase via a trust at around $2.75 per share.

The filing reports that the President & CEO, who is also a director of Cassava Sciences Inc., bought 73,385 shares of common stock on 11/19/2025. The transaction code is "P", which denotes an open-market or private purchase of non-derivative securities. The purchase price is disclosed as a weighted average within a narrow band of $2.73 to $2.75 per share, indicating execution through multiple trades the same day.

After this transaction, the reporting person beneficially owns 788,060 shares held indirectly "By Trust", so the form clarifies that the ownership is indirect rather than in a personal account. The explanation commits to providing detailed trade breakdowns on request, which supports transparency on execution prices. This type of open-market purchase increases the reporting person’s economic exposure to the issuer’s equity and therefore tightens alignment with common shareholders’ outcomes.

Items to watch include any future Form 4 filings that show a pattern of continued purchases or, conversely, sales by this executive. Tracking changes in this indirect trust holding around and after 11/19/2025 can help gauge how the executive’s equity exposure evolves over time, particularly if the trust remains the primary vehicle for beneficial ownership.

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)
11/19/2025

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	11/19/2025		P		73,385	A	$2.75(1)	788,060	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 $2.73 to $2.75 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	11/20/2025
	** 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 transaction did Cassava Sciences (SAVA) report in this Form 4?

The filing reports that the President & CEO, who is also a director, had a trust purchase 73,385 shares of Cassava Sciences common stock in the open market.

On what date did the Cassava Sciences (SAVA) insider purchase occur?

The insider purchase took place on 11/19/2025.

What price did the insider pay for Cassava Sciences (SAVA) shares?

The shares were bought at a weighted average price of about $2.75 per share, with individual trades ranging from $2.73 to $2.75 per share.

How many Cassava Sciences (SAVA) shares does the reporting person now beneficially own?

Following the reported transaction, the trust beneficially owns 788,060 shares of Cassava Sciences common stock.

How is the Cassava Sciences (SAVA) insider ownership held?

The reported ownership of 788,060 shares is held indirectly through a trust.

What type of securities were involved in this Cassava Sciences (SAVA) Form 4?

The transaction involved non-derivative securities, specifically Cassava Sciences common stock.