425 Market Street
San Francisco
California  94105-2482 Telephone: 415.268.7000 Facsimile: 415.268.7522 www.mofo.com   morrison & foerster llp beijing, berlin, brussels,
denver, hong kong, london,
los angeles, new york,
northern virginia, palo alto,
san diego, san francisco, shanghai,
singapore, tokyo, washington, d.c.  

Exhibit 5.1

February 12,2021

Cassava Sciences, Inc.

7801 N Capital of Texas Highway, Suite 260

Austin, Texas 78731

Re:Issuance and Sale of 4,081,633 Shares of Common Stock of Cassava Sciences, Inc.

Ladies and Gentlemen:  

We are acting as counsel Cassava Sciences, Inc., a Delaware corporation (the “Company”), in connection with the issuance and sale of4,081,633 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”),  pursuant to the Securities Purchase Agreement, dated February 10, 2021, among the Company and certain purchasers (each, including its successors and assigns, a “Purchaser,”and collectively the “Purchasers”), and pursuant to aRegistration Statement on Form S-3(File No. 333-252931) (the “Registration Statement”) filed with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Act”) on February 10, 2021, which became effective immediately upon filing, the related prospectus included therein (the “Prospectus”), and the prospectus supplement filed with the Commission pursuant to Rule 424(b)(5) promulgated under the Act (the “Prospectus Supplement”). 

In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Amended and Restated Certificate of Incorporation of the Company, as amended through the date hereof; (ii) the Amended and Restated Bylaws of the Company, as amended through the date hereof; (iii) certain resolutions of the Board of Directors (the “Board”) of the Company and the Finance Committee of the Board relating to the issuance, sale and registration of the Shares; (iv) the Registration Statement; (v) the Prospectus and (vi) the Prospectus Supplement. In addition, we have examined originals or copies, certified or otherwise identified to our satisfaction, of certain other corporate records, documents, instruments and certificates of public officials and of the Company, and we have made such inquiries of officers of the Company and public officials and considered such questions of law as we have deemed necessary for purposes of rendering the opinions set forth herein.  Our opinion is limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated.  As to certain factual matters, we have relied upon a certificate of an officer of the Company and have not sought to independently verify such matters.

Based upon, subject to and limited by the foregoing, we are of the opinion that the Shares have been duly and validly authorized and upon issuance, delivery and payment therefor in the manner contemplated by the Registration Statement, the Prospectus and the Prospectus Supplement, will be legally issued, fully paid and nonassessable.

We express no opinion as to matters governed by any laws other than the Delaware General Corporation Law and the federal laws of the United States of America, as in effect on the date hereof.

We hereby consent to the filing of this opinion s Exhibit 5.1 to the Company’s Current Report on Form 8-K to be filed with the Commission on or about February 12, 2021. In giving such permission, we do not admit hereby that we come within the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations of the Commission thereunder. This opinion is expressed as of the date hereof, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable law.

Very truly yours,

/s/ Morrison & Foerster LLP