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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sage Therapeutics
Sage Therapeutics (SAGE) investor relations material
Sage Therapeutics has been delisted
Sage Therapeutics Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
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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Latest events from Sage Therapeutics
- Deal adds unique PPD therapy, $200M synergies, and growth, closing in Q3 2025.SAGE
M&A Announcement - Zurzuvae's strong uptake and expanding pipeline position the company for sustained growth.SAGEPiper Sandler 36th Annual Healthcare Conference
- ZURZUVAE revenue jumped 49% in Q3 as focus shifts to PPD, pipeline, and cost-saving measures.SAGEQ3 2024
- ZURZUVAE prescriptions and revenue surged in Q2, with strong access and cash runway into 2026.SAGEQ2 2024
- ZURZUVAE's strong launch is transforming PPD care and fueling a robust, diversified pipeline.SAGEGoldman Sachs 45th Annual Global Healthcare Conference
- ZURZUVAE shipments and revenue surged in Q1 2025 as net loss narrowed and cash runway extended.SAGEQ1 2025
- ZURZUVAE's robust PPD growth and pipeline focus drive momentum amid acquisition review.SAGE43rd Annual J.P. Morgan Healthcare Conference 2025
- ZURZUVAE's strong 2024 launch drove growth, cost savings, and a cash runway into mid-2027.SAGEQ4 2024
Sage Therapeutics
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Frequently asked questions
Sage Therapeutics Inc is a biopharmaceutical company focused on the development and commercialization of treatments for central nervous system (CNS) disorders. Its research targets psychiatric, neurological, and neurodevelopmental conditions. The company operates across the drug discovery, clinical development, and commercialization stages, aiming to address unmet medical needs in brain health. Sage Therapeutics Inc is headquartered in Cambridge, Massachusetts, and its shares are listed on the NASDAQ.