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Sage Therapeutics (SAGE) investor relations material
Sage Therapeutics Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Entered into a definitive merger agreement with Supernus Pharmaceuticals, offering $8.50 per share plus up to $3.50 per share in CVRs, with total consideration up to $795M; transaction expected to close after July 30, 2025, pending customary conditions.
ZURZUVAE, the first oral treatment for postpartum depression, continues U.S. commercial launch with over 4,000 prescriptions shipped in Q2 2025, a 36% sequential increase.
Cash, cash equivalents, and marketable securities totaled $366M as of June 30, 2025.
Discontinued ZULRESSO as of December 2024 and withdrew its NDA in April 2025; pipeline reprioritized following negative trial results for dalzanemdor and SAGE-324.
Over 13,500 ZURZUVAE prescriptions since launch; 80% of Q2 2025 prescriptions from OBGYNs; 80% first-time PPD treatment.
Financial highlights
Total revenue for Q2 2025 was $31.7M, up from $8.7M in Q2 2024; six-month revenue was $45.7M, up from $16.6M year-over-year.
Collaboration revenue from ZURZUVAE was $23.2M in Q2 2025, up from $7.4M in Q2 2024.
Net loss for Q2 2025 was $49.7M, improved from $102.9M in Q2 2024; net loss per share was $(0.79), improved from $(1.70).
R&D expenses decreased to $23.9M in Q2 2025 from $62.6M in Q2 2024; SG&A expenses increased to $62.0M from $56.0M year-over-year.
Other collaboration revenue reached $8.5M in Q2 2025, up from $0.6M in Q2 2024.
Outlook and guidance
Current cash and expected revenues, excluding milestones, projected to fund operations through mid-2027.
Anticipates significant topline revenue growth for ZURZUVAE in 2025, supported by expanded sales force and marketing.
Operating expenses expected to decrease in 2025 due to restructuring and pipeline prioritization, but significant commercialization and development costs will continue.
Focus remains on ZURZUVAE commercialization, SAGE-319 development, and evaluating SAGE-324 for new indications.
Expects Phase 1 MAD study data for SAGE-319 by late 2025 and an update on SAGE-324 in mid-2025.
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