SCHEDULE: Vanguard Group Updates Stake in Cassava Sciences, Now Below 5% Threshold

The Vanguard Group has updated its beneficial ownership in Cassava Sciences Inc., reporting a 4.49% stake as of June 30, 2025, falling below the 5% Schedule 13G reporting threshold.

Summary

• The Vanguard Group reported beneficial ownership of 2,170,072 shares of Cassava Sciences Inc. common stock.
• This represents 4.49% of the class of securities, a decrease that places their holding below the 5% threshold for mandatory Schedule 13G filings.
• Vanguard holds sole dispositive power over 2,154,175 shares and shared dispositive power over 15,897 shares.
• Vanguard holds no sole or shared voting power over these shares.
• This filing is an Amendment No. 3 to a previously filed Schedule 13G.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Cassava Sciences Inc.

Sentiment

Score: 5

Explanation: The filing is a routine regulatory disclosure of beneficial ownership by a passive institutional investor, providing factual data without indicating positive or negative sentiment regarding the issuer's performance or outlook.

Positives

• A major institutional investor, The Vanguard Group, maintains a significant holding in Cassava Sciences Inc., indicating continued inclusion in their investment portfolios.

Negatives

• The Vanguard Group's beneficial ownership in Cassava Sciences Inc. has decreased to 4.49%, falling below the 5% threshold that typically triggers a Schedule 13G filing, suggesting a reduction in their overall stake from previous periods.

Risks

• NA

Future Outlook

This filing does not provide any forward-looking statements or guidance regarding Cassava Sciences Inc.'s operations or financial performance.

Management Comments

• The Vanguard Group certified that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Cassava Sciences Inc.

Industry Context

This filing represents a routine disclosure of institutional ownership by a major asset manager, The Vanguard Group, reflecting its passive investment strategy across its various funds and managed accounts. Such disclosures provide transparency on significant shareholder positions within publicly traded companies.

Stakeholder Impact

• Shareholders: Provides transparency on a major institutional investor's stake, noting a slight decrease in their reported beneficial ownership below the 5% threshold.

Next Steps

• The Vanguard Group will file further amendments if its beneficial ownership in Cassava Sciences Inc. changes significantly (e.g., increases above 5% again) or if its investment intent shifts from passive.

Key Dates

Keywords

Cassava Sciences, Vanguard Group, SEC filing, Schedule 13G, beneficial ownership, common stock, institutional investor, passive investment