Sage Therapeutics (SAGE) Q2 2025 earnings summary

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.