Tue, Apr 29, 8:27 PM (19 days ago)
**Sage Therapeutics, Inc. (SAGE) Q1 2025 Financial Summary** **Revenue & Performance Metrics:** - **Revenue:** $14.1 million (Q1 2024: $7.9 million) - **Product Revenue:** $0 (Q1 2024: $1.7 million) - **Collaboration Revenue - Related Party:** $13.8 million (Q1 2024: $6.2 million) - **Other Collaboration Revenue:** $0.2 million (Q1 2024: $0) - **Gross Margin:** Negative, due to operating losses. - **Net Loss:** $62.2 million (Q1 2024: $108.5 million) - **Earnings per Share (EPS):** -$1.01 (Q1 2024: -$1.80) **Cash Flow:** - **Net Cash Used in Operating Activities:** -$81.7 million (Q1 2024: -$37.8 million) - **Net Cash Provided by Investing Activities:** $45.8 million (Q1 2024: $139.4 million) - **Net Cash Provided by Financing Activities:** $0.1 million (Q1 2024: $1.6 million) - **Net Increase (Decrease) in Cash:** -$35.8 million (Q1 2024: $103.2 million) **Balance Sheet:** - **Cash & Cash Equivalents:** $45.2 million (Q1 2024: $81.0 million) - **Total Assets:** $469.7 million (Q1 2024: $547.2 million) - **Total Liabilities:** $59.8 million (Q1 2024: $82.1 million) - **Stockholders' Equity:** $409.8 million (Q1 2024: $465.1 million) **Operational Highlights:** - **Product:** ZURZUVAE® (zuranolone) approved for postpartum depression (PPD) in adults. - **Collaborations:** Ongoing with Biogen and Shionogi for various indications. - **Pipeline:** Focus on SAGE-319 for behavioral symptoms in neurodevelopmental disorders and evaluating SAGE-324 for other indications. - **Restructuring:** Implemented in October 2024, reducing workforce by 33% and R&D workforce by 55% to focus on ZURZUVAE and prioritized pipeline development. **Future Operations Impact:** - **Revenue Projections:** Anticipates support for operations to mid-2027 based on current plans and collaborations. - **Expenses:** Expects decreased operating expenses in 2025 due to restructuring and pipeline prioritization. - **Uncertainties:** Dependence on collaborations, regulatory approvals, market acceptance, and competitive landscape. **Trends:** - **Revenue Growth:** Increase in collaboration revenue due to ZURZUVAE sales. - **Expense Management:** Reduction in R&D and SG&A expenses due to restructuring. - **Cash Flow:** Negative operating cash flow, offset by investing activities. **Uncertainties:** - **Regulatory:** Dependence on FDA and other regulatory approvals. - **Market:** Competitive landscape and market acceptance of ZURZUVAE. - **Financial:** Dependence on collaborations and potential milestone payments. **Future Operations Impact:** - **Revenue:** Continued focus on ZURZUVAE and potential new indications for SAGE-319 and SAGE-324. - **Expenses:** Continued cost management and potential additional restructuring. - **Cash Flow:** Need for additional financing to support operations and development activities.