Cassava Sciences Insider Purchases 237,941 Shares at $2.13–$2.29

Rhea-AI Filing Summary

Cassava Sciences (SAVA) Director and President & CEO Barry Richard reported multiple open-market purchases of the company's common stock on September 18-19, 2025, acquiring a total of 237,941 shares at prices between $2.13 and $2.29. Following these transactions he beneficially owned 707,503 shares, held indirectly through a trust. The Form 4 was signed by an authorized POA on September 22, 2025.

Positive

• Insider purchases: Reporting person acquired 237,941 shares on 09/18-09/19/2025.
• Increased beneficial ownership: Post-transactions beneficial ownership rose to 707,503 shares held indirectly by trust.
• Transparent disclosure: Form 4 lists transaction dates, prices ($2.13–$2.29), quantities, and was filed with a dated signature under POA.

Negative

• None.

Insights

Securities Analyst

TL;DR Insider purchases total 237,941 shares, increasing beneficial holdings to 707,503 shares.

These reported purchases are straightforward open-market acquisitions executed over two days at low single-digit dollar prices, recorded on a Form 4. The filings show indirect ownership via a trust and use a Power of Attorney signature, which is common for administrative filing convenience. The transactions are sizable in absolute shares but whether they are material relative to share count or market cap is not provided in this form.

Corporate Governance Expert

TL;DR A senior officer and director increased trust-held ownership; disclosures appear complete and timely.

The report identifies the reporting person as both a director and the President & CEO and discloses multiple purchase transactions over consecutive days. Ownership is reported as indirect (by trust), and the form is signed under POA. The filing provides clear transaction dates, prices, and post-transaction beneficial ownership, meeting standard disclosure elements for Section 16 reporting.

09/22/2025 - 04:07 PM

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)
09/18/2025

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	09/18/2025		P		5,400	A	$2.13	474,962	I	By Trust
Common Stock	09/18/2025		P		185,233	A	$2.24	660,195	I	By Trust
Common Stock	09/19/2025		P		400	A	$2.25	660,595	I	By Trust
Common Stock	09/19/2025		P		46,908	A	$2.29	707,503	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:

	/s/ Eric J. Schoen by Power of Attorney	09/22/2025
	** 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 transactions did Barry Richard report on Form 4 for SAVA?

He reported open-market purchases on 09/18/2025 and 09/19/2025 totaling 237,941 shares at prices between $2.13 and $2.29.

How many SAVA shares does the reporting person beneficially own after these purchases?

Following the reported transactions the reporting person beneficially owned 707,503 shares (indirectly, by trust).

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

The Form 4 lists the reporting person as both a Director and the company’s President & CEO.

Were the Form 4 transactions signed directly by the reporting person?

The Form 4 was signed by Eric J. Schoen by Power of Attorney on 09/22/2025, indicating a POA executed the filing.

What prices were paid for the reported SAVA purchases?

Reported purchase prices were $2.13, $2.24, $2.25, and $2.29 per share for the listed transactions.