On February 14, 2024, Sage Therapeutics Inc (SAGE, Financial) released its 8-K filing, announcing its financial results for the fourth quarter and full year ended December 31, 2023. Sage Therapeutics, a clinical-stage biopharmaceutical company focused on brain health medicines, reported significant progress in its pipeline and business operations, including the commercial launch of ZURZUVAEâ„¢ (zuranolone), the first-and-only oral treatment indicated for adults with postpartum depression (PPD).
Company Overview
Sage Therapeutics is dedicated to developing medicines targeting diseases and disorders of the brain, with a focus on depression, neurology, and neuropsychiatry. The company targets two critical central nervous system (CNS) receptor systems, GABA and NMDA, which are implicated in a broad range of CNS disorders.
Financial and Operational Highlights
The company achieved $0.8 million in collaboration revenue by the end of 2023, which represents 50% of the net revenues reported by its collaborator, Biogen, for ZURZUVAE. Approximately 120 prescriptions of ZURZUVAE were filled in December, reflecting the demand for the newly launched product. Sage's year-end financial position was strong, with $753 million in cash, cash equivalents, and marketable securities.
CEO Barry Greene expressed pride in the team's efforts and optimism for ZURZUVAE's potential impact on PPD treatment. The company anticipates multiple catalysts in 2024, including topline data from studies evaluating dalzanemdor (SAGE-718) and SAGE-324, which could lead to significant long-term value creation.
2023 was a pivotal year for Sage, with key accomplishments achieved across our pipeline, culminating with the recent encouraging launch of ZURZUVAE," said Barry Greene, Chief Executive Officer at Sage Therapeutics.
Financial Performance Analysis
The fourth quarter saw a total revenue of $77.972 million, with a net loss of $32.706 million, or $0.55 per share. For the full year, total revenue was $86.455 million, with a net loss of $541.489 million, or $9.05 per share. The net loss was attributable to significant investments in research and development, which totaled $356.235 million for the year, and selling, general, and administrative expenses of $274.524 million.
Despite the net loss, the company's financial health remains robust, with a strong cash position that supports ongoing research and commercialization efforts. The financial results reflect the company's strategic investments in its pipeline, particularly in the development and commercialization of ZURZUVAE and other clinical-stage programs.
As Sage Therapeutics continues to advance its mission of delivering life-changing brain health medicines, investors and stakeholders will be closely watching the company's progress and the impact of its innovative treatments on the market.
For more detailed information on Sage Therapeutics Inc's financial results, please refer to the full 8-K filing.
Investors and interested parties are invited to join the conference call and webcast to discuss the company's updates. For further inquiries, contact Investor Relations or Media Relations at Sage Therapeutics.
Explore the complete 8-K earnings release (here) from Sage Therapeutics Inc for further details.
