[Form 4] CASSAVA SCIENCES INC Insider Trading Activity

Rhea-AI Filing Summary

Cassava Sciences insider purchase by CEO and director. Barry Richard, serving as President & CEO and a director, reported open-market purchases of 7,172 shares of Cassava Sciences Inc. (SAVA) on 09/22/2025 at a weighted average price of $2.28 per share (individual trades ranged $2.27–$2.29). After the transactions the reporting person beneficially owns 714,675 shares indirectly through a trust. The Form 4 was signed by power of attorney on 09/23/2025.

Positive

• Insider purchase disclosed: 7,172 shares acquired, showing an executive-level buy that is fully reported.
• Transparent pricing detail: weighted average price $2.28 with explicit range $2.27$2.29 provided in footnote.
• Significant beneficial ownership: reporting person beneficially owns 714,675 shares indirectly via a trust.

Negative

• None.

Insights

Securities Analyst

TL;DR: CEO/director purchased 7,172 SAVA shares at ~$2.28; holds 714,675 shares indirectly.

The filing documents a modest open-market purchase by Barry Richard, identified as both President & CEO and a director. The aggregate 7,172-share acquisition at a weighted average price of $2.28 is small relative to the reported 714,675 shares he beneficially owns via a trust, but it is a clear, contemporaneous purchase disclosed under Section 16 reporting rules. This transaction is factual and routine: it reports execution details, the price range of the trades ($2.27–$2.29), and the resulting indirect ownership. No derivative transactions or dispositions are reported.

Corporate Governance Expert

TL;DR: Form 4 shows an insider purchase by an executive, fully documented with price range and beneficial ownership.

The Form 4 provides required disclosure for an insider purchase made on 09/22/2025. It specifies the reporting persons roles, the open-market nature of acquisitions (Code P), the weighted average price, and the post-transaction beneficial ownership held indirectly by trust. The filing is complete for the reported non-derivative transaction and includes an explanatory footnote on price layering. No amendments or additional transactions are shown.

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)
09/22/2025

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	09/22/2025		P		7,172	A	$2.28(1)	714,675	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 $2.27 to $2.29 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	09/23/2025
	** 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 did the Cassava Sciences (SAVA) Form 4 filed by Barry Richard report?

The Form 4 reports open-market purchases of 7,172 shares on 09/22/2025 at a weighted average price of $2.28 per share; post-transaction beneficial ownership is 714,675 shares held indirectly by a trust.

What price did Barry Richard pay for the SAVA shares on 09/22/2025?

The weighted average price reported is $2.28 per share, with individual trades ranging from $2.27 to $2.29.

What is the reporting person's role at Cassava Sciences in this Form 4?

Barry Richard is reported as both a Director and President & CEO of Cassava Sciences.

How is the reported ownership held according to the Form 4?

The Form 4 indicates the shares are held indirectly through a trust, resulting in 714,675 shares beneficially owned following the transaction.

When was the Form 4 signed and filed?

The signature on the Form 4 is dated 09/23/2025, executed by power of attorney.