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Sage Therapeutics Inc. (SAGE+2.80%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes information on the company's financial performance, highlighting a net loss of $400.7 million for the year, compared to $541.5 million in 2023. The company reported an accumulated deficit of $3.0 billion as of December 31, 2024.
Sage's revenue from product sales began in 2019 with ZULRESSO, which was discontinued in the U.S. as of December 31, 2024. The company now focuses on ZURZUVAE, approved by the FDA in August 2023 for postpartum depression (PPD) and commercially available in the U.S. since December 2023.
Sage and its partner, Biogen, are jointly commercializing ZURZUVAE in the U.S., sharing profits and losses equally. The company achieved a $75.0 million milestone for the first commercial sale of ZURZUVAE for PPD in the U.S.
The filing details Sage's strategic reorganization in October 2024, which included a workforce reduction of approximately 33% to focus on ZURZUVAE's launch and prioritized pipeline development.
Sage's pipeline includes SAGE-324 and SAGE-319, with SAGE-324 under evaluation for potential indications such as seizures in developmental and epileptic encephalopathies. The company plans to announce data from a Phase 1 study of SAGE-319 by late 2025.
Sage's collaboration with Biogen includes the development of zuranolone outside the U.S., except in Japan, Taiwan, and South Korea, where rights are granted to Shionogi. Shionogi submitted an NDA for zuranolone in Japan for major depressive disorder in 2024.
The filing also addresses an unsolicited acquisition proposal from Biogen, which Sage's Board of Directors rejected. Sage has initiated litigation against Biogen in the Delaware Court of Chancery regarding this proposal.
Sage anticipates its existing cash, cash equivalents, and marketable securities, along with anticipated funding from collaborations, will support operations to mid-2027, excluding potential milestone payments.
The company continues to explore business development opportunities and aims to expand its intellectual property portfolio to support long-term growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sage Therapeutics Inc. annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.