Sage Therapeutics, Inc.

Q1 2025 collaboration revenue from ZURZUVAE was $13.8 million, up 21% from Q4 2024. Sage said ZURZUVAE was shipped to greater than 3,000 women with PPD in the quarter, up 22% from Q4 2024, and that since launch it has shipped to greater than 10,000 women with PPD. R&D expenses were $22.8 million, SG&A expenses were $57.6 million, and net loss was $62.2 million versus $95.8 million in Q4 2024. Sage also said R&D expenses were down 68% versus Q1 2024 and nearly 40% versus Q4 2024. Cash, cash equivalents and marketable securities were $424 million as of March 31, 2025, and the company expects that, plus collaboration funding and estimated revenues, to support operations to mid-2027. Management said ZURZUVAE brand cash flow should turn positive exiting 2026, and reiterated expectations for quarter-to-quarter growth in 2025 and substantially lower overall operating expenses versus 2024.

Barry Greene framed the quarter as a strong start to 2025, emphasizing momentum in ZURZUVAE and a more focused pipeline after last year’s R&D reset. He said the company is seeing a system-wide shift in screening, diagnosis and treatment of postpartum depression, and highlighted the milestone of shipping ZURZUVAE to more than 10,000 women since launch. His tone was confident on the commercial trajectory, repeatedly saying the team expects continued quarter-to-quarter growth and sees ZURZUVAE as the key to unlocking blockbuster potential in PPD. He also stressed that the strategic alternatives review remains ongoing and that Sage is not setting a timetable for it.

Chris Benecchi focused on launch execution, prescriber mix, and cost discipline. He said greater than 70% of women prescribed ZURZUVAE are receiving it as their first new treatment for PPD, almost 80% of prescriptions came from OB/GYNs, and total writers increased by greater than 20% in Q1. On the financial side, he cited $13.8 million in collaboration revenue, R&D of $22.8 million, SG&A of $57.6 million, and net loss of $62.2 million, noting R&D was down 68% year over year and nearly 40% sequentially after the reorganization. He also said the $424 million cash balance should support operations to mid-2027, excluding potential milestone payments, and that overall operating expenses should substantially decrease in 2025 relative to 2024 even as ZURZUVAE commercialization investment rises.

Analysts pressed on early sales-force pull-through, payer coverage, inventory swings, prescriber persistence, and whether ZURZUVAE can inflect enough to outgrow SG&A. Management answered that the expanded sales force is complete, new writers are coming on each quarter, and they expect quarter-to-quarter revenue growth through the rest of the year; they also said they are not seeing a meaningful coverage problem, citing over 95% coverage and fast access for many patients. On inventory, they said quarter-to-quarter changes mostly reflect wholesaler purchasing patterns and that shipments to patients are the best demand signal. On the pipeline, management said SAGE-319 and the NMDA NAMs are being pursued in neuropsychiatry and neurodevelopmental disorders because of strong biological rationale and feasible regulatory paths, while SAGE-324 is under portfolio review with a mid-year update expected.