10:28 AM EDT, 08/08/2024 (MT Newswires) -- Cassava Sciences ( SAVA ) shares dropped nearly 18% in recent Thursday trading after the company said it expects a $40 million charge in the second half of the year to resolve the US Securities and Exchange Commission's investigation.

In July, Cassava said it was cooperating with the SEC and the US Department of Justice's investigations into the company and two of its senior employees over its Alzheimer's disease candidate simufilam.

Cassava reported early Thursday that its Q2 swung to earnings of $0.13 per diluted share from a loss of $0.63 a year earlier. A single analyst surveyed by Capital IQ expected a loss of $0.44.

As expected, no revenue for the quarter ended June 30 was reported.

As of June 30, the company said it had $207.3 million in cash and cash equivalents and no debt.

Price: 24.87, Change: -5.33, Percent Change: -17.65