Sage Therapeutics Reports $31.7M Revenue and $49.7M Net Loss for Q2 2025

Sage Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated total revenues of $31.7 million for the quarter, a substantial increase from $8.7 million in the same period last year. This growth was primarily driven by collaboration revenue from its partnership with Biogen, which amounted to $23.2 million, compared to $7.4 million in the prior year. Other revenue also saw a notable rise, reaching $8.5 million, up from $634,000 in the previous year. Despite this increase in revenue, Sage Therapeutics reported a net loss of $49.7 million for the quarter, an improvement from a net loss of $102.9 million in the same quarter of 2024.

The company's operating expenses decreased significantly, totaling $85.6 million for the quarter, down from $120 million in the prior year. This reduction was largely attributed to a decrease in research and development expenses, which fell to $23.9 million from $62.6 million, reflecting the completion of several clinical trials and a strategic reorganization that included a workforce reduction of approximately 33%. Selling, general, and administrative expenses increased slightly to $62 million from $56 million, primarily due to higher professional fees associated with ongoing litigation and strategic reviews.

Sage Therapeutics is currently focused on the commercialization of its product ZURZUVAE (zuranolone), which was approved by the FDA for the treatment of postpartum depression in August 2023 and became available in December 2023. The company reported that over 4,000 prescriptions for ZURZUVAE were shipped in the second quarter of 2025, marking a 36% increase from the previous quarter. The company has also implemented a patient support program to facilitate access to the medication, which includes educational resources and financial assistance for eligible patients.

In addition to its operational updates, Sage Therapeutics announced a proposed acquisition by Supernus Pharmaceuticals, Inc. On June 13, 2025, the company entered into a merger agreement, with a tender offer initiated on July 2, 2025, to purchase all outstanding shares for $8.50 per share, plus a contingent value right that could yield additional payments based on future sales milestones. The merger is subject to various conditions, including regulatory approvals and shareholder acceptance. The company has faced legal challenges related to this acquisition, including class action lawsuits alleging misrepresentation and seeking damages, which could impact the transaction's completion.

Looking ahead, Sage Therapeutics anticipates that its existing cash, cash equivalents, and marketable securities, totaling $365.6 million as of June 30, 2025, will support its operations through mid-2027. However, the company acknowledges the need for additional funding to support ongoing commercialization efforts and product development. The future success of Sage Therapeutics will depend on its ability to effectively commercialize ZURZUVAE, navigate the complexities of the proposed merger, and manage its financial resources amid ongoing operational challenges.