Sage Therapeutics, Inc. reported a net loss of $400.6 million for the year ended December 31, 2024, a significant improvement compared to the $541.5 million net loss in 2023. Total revenues decreased by $45.2 million to $41.2 million in 2024, primarily due to a decrease in license and milestone revenue and a decrease in product revenue, net. The decrease in product revenue was attributed to the discontinuation of ZULRESSO commercial availability in the U.S. as of December 31, 2024. Collaboration revenue increased by $35.3 million, reflecting the commercial launch of ZURZUVAE in December 2023.
Significant changes compared to the previous fiscal year include a decrease in research and development expenses by $130.3 million and a decrease in selling, general and administrative expenses by $58.1 million. These reductions were largely attributed to cost-saving initiatives implemented in 2023 and 2024, including workforce reductions. The company also reported a decrease in net reimbursement from Biogen, its collaboration partner, primarily due to lower spending on zuranolone following a complete response letter from the FDA regarding its NDA for the treatment of major depressive disorder. In the fourth quarter of 2024, nearly 2,500 prescriptions for ZURZUVAE were shipped, a 21% increase from the previous quarter.
Strategic developments during the year included the discontinuation of ZULRESSO, the continued commercialization of ZURZUVAE in partnership with Biogen, and the termination of the Biogen Collaboration Agreement with respect to SAGE-324 following negative Phase 2b clinical trial results. The company is evaluating other potential indications for SAGE-324 and expects to provide an update in mid-2025. Sage Therapeutics also announced the rejection of an unsolicited acquisition proposal from Biogen and initiated litigation to enforce the terms of a prior stock purchase agreement. The company is exploring strategic alternatives but has not set a timetable for the process.
Key operational developments included the continued commercialization of ZURZUVAE, with over 6,600 prescriptions shipped in 2024. The company employed 353 full-time employees as of February 4, 2025, with 122 in research and development and 231 in selling, general and administrative. The company's strategy focuses on the successful commercialization of ZURZUVAE, continued development of SAGE-319 and SAGE-324, and exploration of business development opportunities.
Sage Therapeutics anticipates continued operating losses for the foreseeable future, although operating expenses are expected to decrease in 2025 due to cost-saving measures. The company expects its existing cash resources, along with anticipated funding from collaborations and estimated revenues, to support operations to mid-2027. However, the company acknowledges the need for additional funding to support its ongoing and future activities and the inherent uncertainties associated with pharmaceutical development and commercialization.
About Sage Therapeutics, Inc.
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