Sage Therapeutics(SAGE) - 2024 Q4 - Annual Results

Revenue and Sales Performance - In Q4 2024, nearly 2,500 prescriptions of ZURZUVAE were shipped, representing a 21% increase from Q3 2024, with over 6,600 prescriptions shipped for the full year[4] - Collaboration revenue from ZURZUVAE was $11.4 million in Q4 2024 and $36.1 million for the full year, accounting for 50% of net revenues recorded by Biogen[4] - The company anticipates a significant topline revenue growth in 2025 due to commercialization investments, including joint sales force expansions and digital marketing campaigns[3] - The company reported a strong repeat prescription rate of about 60% among targeted healthcare providers after prescribing ZURZUVAE[4] - Total revenues for the year ended December 31, 2024, were $41,243 thousand, a decrease of 52% compared to $86,455 thousand in 2023[20] - Product revenue, net for the three months ended December 31, 2024, was $442 thousand, down 78% from $1,985 thousand in the same period of 2023[20] - Collaboration revenue from related parties increased significantly to $36,087 thousand for the year ended December 31, 2024, compared to $824 thousand in 2023[20] Financial Position and Cash Flow - Cash, cash equivalents, and marketable securities totaled $504 million as of December 31, 2024, with a cash runway expected to support operations until mid-2027[1] - Cash, cash equivalents, and marketable securities decreased to $504,418 thousand as of December 31, 2024, down from $753,184 thousand in 2023, representing a decline of approximately 33%[18] - Total stockholder's equity decreased to $465,089 thousand as of December 31, 2024, down from $799,530 thousand in 2023, reflecting a decline of about 42%[18] Expenses and Losses - Research and development expenses decreased to $37.0 million in Q4 2024 from $64.3 million in Q4 2023, reflecting cost-saving measures and pipeline prioritization[10] - Selling, general and administrative expenses were $54.0 million in Q4 2024, a slight decrease from $55.1 million in Q4 2023, due to reorganization cost savings[13] - Net loss for Q4 2024 was $95.8 million, compared to $32.7 million in Q4 2023, with a total net loss of $400.7 million for the full year[13] - Research and development expenses for the year ended December 31, 2024, were $225,895 thousand, a reduction of 37% from $356,235 thousand in 2023[20] - The net loss for the year ended December 31, 2024, was $400,666 thousand, compared to a net loss of $541,489 thousand in 2023, indicating an improvement of approximately 26%[20] - Operating costs and expenses for the year ended December 31, 2024, totaled $473,613 thousand, a decrease of 29% from $666,304 thousand in 2023[20] - The company reported a net loss per share of $6.59 for the year ended December 31, 2024, compared to $9.05 in 2023, showing a reduction in loss per share of approximately 27%[20] Future Outlook and Challenges - The company expects to provide updates on SAGE-319 and SAGE-324 in mid-2025, focusing on potential treatments for neurodevelopmental disorders and seizures[5][7] - The company anticipates potential challenges in achieving anticipated cost savings from its reorganization and pipeline prioritization efforts scheduled for October 2024[20] - More than 70% of ZURZUVAE patients received it as their first new treatment for postpartum depression (PPD)[9]