Cassava Sciences Boardroom Drama: Shareholders Say “Yes” to Bigger Paychecks, “No” to Streamlining (May 2025)

Welcome back to the ongoing saga of Cassava Sciences, Inc. (SAVA), where the plot twists are as frequent as my existential crises. In this installment, covering their latest 8-K filing from May 27, 2025, we dive into a tale of fatter wallets for board members, a shareholder revolt (of sorts), and enough corporate intrigue to make even the most seasoned financial analyst reach for the ibuprofen.

The main event? Cassava’s 2025 Annual Meeting of Stockholders, documented in this thrilling 8-K filing. Turns out, shareholders were feeling generous, voting to boost the pay for non-employee directors. We’re talking a hefty raise, from a measly $10,000 to a cool $40,000 as an annual retainer – a 400% increase! Clearly, showing up is now worth a whole lot more. Exhibit 10.1 [[GREEN_FLAG]] helpfully breaks down the lavish new compensation package, including extra cash for committee work and stock options. Those board meetings just got a whole lot more enticing.

A 400% raise for simply showing up? Sign me up for board duty! (Disclaimer: I have no qualifications.)

But wait, there’s more! Shareholders also gave the thumbs-up to Ernst & Young as the independent auditor (because who doesn’t love an audit?) and approved the 2024 executive compensation. Two new directors, Robert Anderson, Jr. and Michael J. O’Donnell, also joined the party. Welcome aboard, gentlemen!

Now for the plot twist. Cassava proposed simplifying its board structure, going from three classes to two. Seems straightforward enough, right? Wrong. Despite a whopping 91% of the votes cast in favor, the proposal tanked. [[RED_FLAG]] Why? It needed 66 2/3% of the *outstanding* common stock to pass, a threshold it failed to reach. This suggests a large chunk of shares weren’t voted, leaving the board looking a little… awkward. 🤔

91% approval, yet the proposal fails? It’s like winning the popular vote but losing the election… of corporate governance.

The Analyst’s Crystal Ball: Cassava Sciences, Inc. (SAVA) – What Now? (Updated May 27, 2025) 🔮

Overall Outlook & Forecast

So, what does it all mean? The increased director compensation, while raising some eyebrows, isn’t inherently a red flag. But the failed board restructuring, despite overwhelming support, is a head-scratcher. It suggests potential apathy among shareholders or perhaps a larger power play at work. This warrants further investigation.

What Would Make Us Yell “To The Moon!” (Go Long) 🚀

• Clear explanation for the low voter turnout on the board restructuring proposal, addressing concerns about shareholder engagement.
• Positive developments in their clinical trials, providing concrete evidence of progress.
• Strategic partnerships or acquisitions that expand their market reach and solidify their position.

When We’d Hit The Eject Button (Go Short) 📉

• Further governance issues or internal conflicts emerge, suggesting instability within the company.
• Negative results from clinical trials, casting doubt on their core technology.
• Regulatory scrutiny or investigations that raise concerns about their operations.

The Mic Drop: So, What’s the Deal with Cassava Sciences, Inc.’s Latest Paper Trail?

This latest 8-K filing from Cassava Sciences is a mixed bag. While the increased director compensation is likely to raise eyebrows, the real mystery lies in the failed board restructuring. It’s a reminder that even with seemingly overwhelming support, corporate governance can be tricky business. As always, do your own research (DYOR) and stay tuned for the next chapter in this ongoing corporate drama.

Key Questions Answered by This 8-K From Cassava Sciences, Inc. (SAVA)

• What changes were made to Cassava Sciences’ non-employee director compensation?

  The annual cash retainer increased from $10,000 to $40,000, along with increases in committee fees and equity awards, as detailed in the amended Director Compensation Program (Exhibit 10.1).

• Were the proposed changes to director compensation approved?

  Yes, the shareholders approved the increased compensation for non-employee directors at the 2025 Annual Meeting of Stockholders.

• What was the outcome of the proposed amendment to reduce the company’s board classification?

  Despite receiving approximately 91% approval from votes cast, the proposal failed because it did not reach the required 66 2/3% threshold of outstanding common stock.

• Who was appointed as Cassava Sciences’ independent auditor?

  Ernst & Young was appointed as the independent registered public accounting firm for the company.

• Who are the newly elected directors to Cassava Sciences’ board?

  Robert Anderson, Jr. and Michael J. O’Donnell were elected as directors at the 2025 Annual Meeting.

• Where can I find the details of the new director compensation program?

  The specific details of the amended non-employee director compensation program are outlined in Exhibit 10.1, filed with the 8-K.

P.S. The SEC saga never ends! As Cassava Sciences, Inc. files more, this analysis will evolve. Current as of May 27, 2025.