Sage Therapeutics, Inc. (SAGE): Business Model Canvas [Dec-2025 Updated]

You're digging into Sage Therapeutics, Inc. (SAGE) right as the Supernus acquisition announcement sets the stage for a major shift, but the real story is how they are executing on ZURZUVAE, their first-and-only oral treatment for postpartum depression (PPD), which generated $37.0 million in collaboration revenue in the first half of 2025. Honestly, seeing the business model now means balancing that revenue against the significant Selling, General & Administrative (SG&A) spend of $119.6 million in H1 2025, all while managing the transition to a new owner; as someone who's tracked these pharma plays for decades, I can tell you that understanding this canvas-from the Biogen profit-share to the cash position of $366 million as of June 30, 2025-is critical to seeing the near-term opportunity and the inherent pipeline risk. Dive into the nine building blocks below to see the precise structure of this evolving enterprise.

Sage Therapeutics, Inc. (SAGE) - Canvas Business Model: Key Partnerships

You're looking at the structure of Sage Therapeutics, Inc. (SAGE) right after the Supernus Pharmaceuticals acquisition closed. The partnerships form the backbone of the commercial strategy for ZURZUVAE and the future of the pipeline.

Supernus Pharmaceuticals, Inc. for pending acquisition and integration

The acquisition by Supernus Pharmaceuticals, Inc. was completed on July 31, 2025. This deal brought ZURZUVAE under the Supernus umbrella, aiming to leverage their existing infrastructure. Supernus expects cost synergies of up to $200 million on an annual basis from the integration. The transaction was structured with an upfront cash payment and performance-based payments tied to ZURZUVAE sales milestones.

The CVR payments are tied to specific net sales and commercial milestones. As of the June 2025 announcement, the CVR structure included targets for the coming years.

• $0.50 for ZURZUVAE's first commercial sale in Japan by June 2026.
• $1.00 for U.S. sales exceeding $250M by 2027.
• $1.00 for U.S. sales over $300M by 2028.
• $1.00 for U.S. sales surpassing $375M by 2030.

The tender offer, which expired on July 30, 2025, saw 36,313,509 Shares tendered, representing approximately 58 percent of outstanding shares. The acquisition is projected to be accretive in 2026.

Biogen Inc. for joint U.S. commercialization and 50/50 profit share of ZURZUVAE

The collaboration with Biogen Inc. governs the U.S. commercialization of ZURZUVAE. Sage Therapeutics recognizes collaboration revenue equal to 50% of the net revenue Biogen records for ZURZUVAE sales in the U.S.. The momentum for ZURZUVAE accelerated through the first half of 2025.

Commercial execution highlights for Q2 2025 included that OBGYNs accounted for about 80% of all prescriptions, and about 80% of women prescribed ZURZUVAE received it as their first new treatment for PPD. Furthermore, greater than 95% of Commercial and Medicaid lives have coverage or a path to coverage. Reimbursement from Sage to Biogen for SG&A expenses was $6.2 million in Q2 2025.

Shionogi & Co., Ltd. for zuranolone development/commercialization in select Asian markets

Sage Therapeutics granted Shionogi & Co., Ltd. exclusive rights to develop and commercialize zuranolone in specific Asian territories. This agreement was established in June 2018.

• Territory includes Japan, Taiwan, and South Korea.
• Shionogi submitted a New Drug Application (NDA) in Japan for zuranolone for Major Depressive Disorder (MDD).
• The Japanese Phase 3 validation trial evaluated efficacy in 412 patients with moderate to severe MDD.
• It is estimated that approximately 5 million patients in Japan have depression.
• A Japanese health ministry panel recommended approval for Shionogi's zuranolone on October 30, 2025.

Specialty pharmacies and distributors for ZURZUVAE supply chain

The supply chain for ZURZUVAE utilizes a specialty pharmacy distribution model. This means the product is shipped directly to women with PPD who have been prescribed the treatment, rather than through traditional retail pharmacies. This model was also used for ZULRESSO® (brexanolone).

Academic and clinical research organizations for pipeline development

Sage Therapeutics continues to advance its pipeline through external research collaborations. For the SAGE-319 program, data from a Phase 1 multiple ascending dose (MAD) study is expected by late 2025. The company is evaluating next steps for SAGE-324 in seizures and epileptic encephalopathies (DEEs), with an update anticipated by mid-2025.

Sage Therapeutics, Inc. (SAGE) - Canvas Business Model: Key Activities

You're looking at the core engine driving Sage Therapeutics, Inc. right now, which is heavily weighted toward commercial execution post-approval and managing a major ownership transition. Here's a breakdown of the required activities, grounded in the numbers from the first half of 2025.

Commercializing ZURZUVAE as the standard of care for PPD

The primary activity is pushing ZURZUVAE to become the first-line therapy for postpartum depression (PPD). The momentum is building, though it's still early days for this novel oral treatment. You need to track the prescription velocity closely.

Here are the hard numbers reflecting this commercial push through the second quarter of 2025:

The goal is establishing ZURZUVAE as the standard of care for PPD, a condition where treatment options were limited. It's definitely a high unmet need area.

Executing joint sales force expansion and targeted marketing campaigns

Sage Therapeutics, in partnership with Biogen, is actively investing to accelerate ZURZUVAE growth. This isn't passive; it involves boots on the ground and digital spend.

The commercialization investment plan includes recent joint sales force expansions and marketing tactics.

• The impact of prior sales force expansion in Q4 2024 territories showed a 33% growth rate in prescriptions shipped.
• The company is also focusing on expanded disease state awareness efforts to support increased PPD screening and diagnosis.
• SG&A expenses related to the ZURZUVAE commercialization effort are reflected in the reimbursement structure; for instance, the reimbursement from Sage to Biogen for SG&A was $6.2 million in Q2 2025, up from $1.0 million in Q2 2024.

They are definitely spending to capture market share now.

Focused research and development (R&D) on prioritized pipeline candidates

The R&D activity has been recalibrated to focus on neurodevelopmental disorders and neuropsychiatry, following pipeline reprioritization and cost-saving measures from 2024 reorganizations. This focus is meant to drive down overall operating costs substantially in 2025 relative to 2024.

Here's a look at the R&D financial activity for Q1 2025:

• R&D expenses were reported at $22.8 million in Q1 2025.
• The net reimbursement from Biogen to Sage for R&D expenses was $3.0 million in Q2 2025, a slight decrease from the $3.3 million reimbursement in Q2 2024.

This focused approach is intended to support an extended cash runway to mid-2027.

Managing the strategic transition and integration with Supernus Pharmaceuticals

This is a massive operational activity as of mid-2025: managing the definitive agreement to be acquired by Supernus Pharmaceuticals. The deal structure dictates specific near-term actions.

The transaction details as announced in June 2025 include:

The CVR payout hinges on achieving certain net sales and commercial milestones for ZURZUVAE.

Conducting clinical trials for SAGE-319 and SAGE-324 programs

Advancing the prioritized pipeline candidates through key clinical milestones is a critical ongoing activity.

For SAGE-319, an extrasynaptic-preferring GABAA receptor positive allosteric modulator (PAM) for neurodevelopmental disorders:

• The company expects data from a Phase 1 Multiple Ascending Dose (MAD) study by late 2025.

For SAGE-324, which is being evaluated for potential indications including seizures in developmental and epileptic encephalopathies (DEEs):

• An update on next steps was expected by mid-2025.

If onboarding takes 14+ days, churn risk rises for these programs waiting on data. Finance: draft 13-week cash view by Friday.

Sage Therapeutics, Inc. (SAGE) - Canvas Business Model: Key Resources

You're looking at the core assets Sage Therapeutics, Inc. (SAGE) holds as of late 2025, which are critical for their value proposition, especially given the pending acquisition by Supernus Pharmaceuticals.

The foundation of Sage Therapeutics, Inc.'s value rests heavily on its proprietary receptor modulator platforms. These are the scientific engines driving their pipeline. Specifically, you have the GABA-A receptor positive allosteric modulator (PAM) platform and the NMDA receptor negative allosteric modulator (NAM) platform. These platforms underpin their current commercial success and future potential.

• Proprietary GABA-A receptor modulator platform, investigating SAGE-319, with Phase 1 multiple ascending dose (MAD) study data anticipated by late 2025.
• NMDA receptor negative allosteric modulator (NAM) platform, continuing targeted early discovery work, including SAGE-817 and SAGE-039.
• SAGE-324, an asset evaluated for indications like seizures in developmental and epileptic encephalopathies (DEEs), with an update on next steps expected in mid-2025.

The most tangible resource is the FDA-approved ZURZUVAE (zuranolone) for postpartum depression (PPD). This is their flagship commercial asset, co-commercialized with Biogen. The collaboration revenue Sage Therapeutics, Inc. recognizes is 50% of Biogen's net revenue from U.S. sales. The momentum here is a key resource.

Here's a quick look at the commercial traction for ZURZUVAE through the second quarter of 2025:

The commercial execution team is translating this product into market presence. As of the second quarter of 2025, OBGYNs accounted for about 80% of all prescriptions, and about 80% of women prescribed ZURZUVAE received it as their first new treatment for PPD. Also, greater than 95% of Commercial and Medicaid lives have coverage or a path to coverage, with the majority having no step edits or complex prior authorizations.

Financially, a critical resource is the liquidity position. As of June 30, 2025, Sage Therapeutics, Inc. reported cash, cash equivalents, and marketable securities of $366 million. This cash, combined with anticipated funding from collaborations and estimated revenues, was expected to support operations to mid-2027.

The company's intellectual property and patents form a protective moat around ZURZUVAE and its pipeline assets. The June 2025 Agreement and Plan of Merger with Supernus Pharmaceuticals specifically references 'Intellectual Property Rights' including all U.S. and foreign patents and patent applications, which are essential for long-term value capture, especially through the contingent value right (CVR) structure tied to sales milestones.

Finally, the specialized commercial and medical affairs teams focused on brain health are a vital human capital resource. These teams executed joint sales force expansions and marketing tactics intended to accelerate ZURZUVAE growth in PPD and expand disease state awareness efforts. The structure of the collaboration with Biogen also means access to a broader commercial infrastructure for the product.

Sage Therapeutics, Inc. (SAGE) - Canvas Business Model: Value Propositions

You're looking at the core value Sage Therapeutics, Inc. (SAGE) delivers right now, centered on their approved and pipeline assets for brain health disorders.

ZURZUVAE: First-and-only oral, 14-day treatment for adults with PPD.

• ZURZUVAE is the first-and-only oral, 14-day treatment approved by the FDA in August 2023 for adults with postpartum depression (PPD).
• Collaboration revenue from ZURZUVAE sales reached $13.8 million in the first quarter of 2025.
• Collaboration revenue increased to $23.2 million in the second quarter of 2025.
• In Q2 2025, the company shipped greater than 4,000 prescriptions, representing a 36% increase from Q1 2025.
• More than 70% of women prescribed ZURZUVAE in Q1 2025 were receiving it as their first new treatment for PPD.
• OBGYNs accounted for about 80% of all prescriptions in Q2 2025.

Convenience of an oral medication versus intravenous (IV) administration (ZULRESSO).

The shift from the prior treatment option highlights a major value driver. Here's the quick math on the commercial results:

Rapid onset of action for severe brain health disorders.

While ZURZUVAE is for PPD, the company's foundational science suggests rapid action is a core value proposition for severe disorders. For instance, in a prior Phase II study for bipolar depression using a related compound (SAGE-217), patients showed a rapid and durable response. Sage Therapeutics developed the only two FDA-approved treatments indicated for postpartum depression.

Pioneering new therapeutic pathways for unmet needs in brain health.

Sage Therapeutics is advancing a pipeline targeting significant unmet needs beyond PPD. They focus research on modulation of GABA and NMDA receptors.

• SAGE-319 Phase 1 multiple ascending dose (MAD) study data expected by late 2025.
• SAGE-324 is being evaluated for seizures in developmental and epileptic encephalopathies (DEEs), with an update expected in mid-2025.
• The company continues early discovery work within its NMDA receptor negative allosteric modulator (NAM) platform.

The cash position as of March 31, 2025, was $424 million, which the company anticipates will support operations to mid-2027. Finance: draft 2026 operating expense forecast by next Tuesday.

Sage Therapeutics, Inc. (SAGE) - Canvas Business Model: Customer Relationships

You're looking at how Sage Therapeutics, Inc. (SAGE) manages its connections with the medical community and patients for its key product, ZURZUVAE. This is heavily influenced by the partnership with Biogen, so the relationship structure is critical.

Co-promotion and high-touch support through the Biogen joint sales force.

The commercialization of ZURZUVAE relies on the combined efforts of both companies, which includes recent joint sales force expansions. The financial structure reflects this shared effort. For the second quarter ended June 30, 2025, Sage Therapeutics generated $23.2 million in collaboration revenue from ZURZUVAE. This figure represents exactly 50% of the net revenue recorded when Biogen ships ZURZUVAE to the distributors, aligning with the original 50/50 profit sharing scheme for the product. To support these efforts, the reimbursement from Sage to Biogen for Selling, General, and Administrative (SG&A) expenses pursuant to the Collaboration and License Agreement was $6.2 million in Q2 2025. The overall joint commercialization investment with Biogen was anticipated to increase in 2025.

Patient advocacy and support programs for PPD treatment access.

Getting the medicine to the patient involves dedicated support structures. The ZURZUVAE For You program acts as a patient support system, offering Support Coordinators to help patients navigate their treatment journey and answer product and disease questions. Sage Patient Advocacy also works as a trusted ally to the advocacy community, focusing on understanding how brain health disorders affect lives and supporting efforts to close gaps in education and improve care. Shipment data shows the reach of this access effort:

• Shipped greater than 4,000 prescriptions in the second quarter of 2025.
• In Q2 2025, about 80% of women prescribed ZURZUVAE received it as their first new treatment for PPD.
• In Q1 2025, More than 70% of women prescribed ZURZUVAE were receiving it as their first new treatment.

Direct engagement with healthcare providers (HCPs) via Medical Hub and education.

Direct engagement focuses on educating and supporting the prescribers. The primary prescribers are clear from the data. For the second quarter of 2025, OBGYNs accounted for about 80% of all prescriptions, a figure consistent with the first quarter of 2025 where OBGYNs accounted for almost 80%. Sage Therapeutics maintains the Sage Medical Hub, a resource for licensed HCPs and key stakeholders. This hub allows visitors to Request a call from an MSL (Medical Science Liaison) and submit Medical Information Requests. Furthermore, the commercialization plan includes expanded disease state awareness efforts to support increased PPD screening and diagnosis. Data shared in November 2025 context suggested that while 90% of providers had a screening protocol implemented, only 80% consistently followed these protocols, highlighting an area for targeted HCP education.

Managed access programs to navigate insurance and affordability.

Navigating insurance hurdles is a key part of the customer relationship for a specialty drug. Sage Therapeutics and Biogen have achieved significant formulary wins. As of the second quarter of 2025, greater than 95% of Commercial and Medicaid lives are covered or have a path to coverage. The majority of these covered lives benefit from having no step edits or complex prior authorizations. Looking at earlier data from December 2024, ZURZUVAE was covered for ~95% of insured Commercial and Medicaid patients and was covered by the 3 largest pharmacy benefit managers. For patients needing financial help, the ZURZUVAE Savings Card Program may be available to eligible adult patients with commercial insurance, potentially allowing them to pay as little as a $0 copay for their prescription.

Sage Therapeutics, Inc. (SAGE) - Canvas Business Model: Channels

The commercialization strategy for Sage Therapeutics, Inc. relies on a focused, multi-pronged channel approach to drive adoption of ZURZUVAE for postpartum depression (PPD).

Joint U.S. Sales Force Targeting

• Joint sales force expansions are part of the commercialization investment plan to scale and accelerate ZURZUVAE growth in PPD.
• Total ZURZUVAE writers increased by greater than 20% in the first quarter of 2025.
• In the second quarter of 2025, OB/GYNs accounted for about 80% of all ZURZUVAE prescriptions.
• In the first quarter of 2025, OBGYNs accounted for almost 80% of all prescriptions.

Specialty Pharmacy Network for Drug Distribution and Fulfillment

Distribution for ZURZUVAE utilizes a specialty network model, typical for complex therapeutics. As of the second quarter ended June 30, 2025, ZURZUVAE shipments were greater than 4,000 prescriptions.

Digital Marketing and Disease State Awareness Campaigns

Sage Therapeutics has planned digital marketing campaigns and expanded disease state awareness efforts to support increased PPD screening and diagnosis.

• Global digital ad spending in 2025 is projected to be over $734.6 billion.
• Businesses on average earn $5 for every $1 spent on digital marketing.
• Short-form videos in content marketing show an ROI of 31%.

Investor Relations and Corporate Communications (pre-acquisition)

Corporate communications included regular financial reporting and updates regarding the strategic alternatives review process, which concluded with an acquisition announcement in mid-2025.

The definitive agreement for Supernus Pharmaceuticals to acquire Sage Therapeutics was announced in June 2025.

• Cash offer per share: $8.50 (Aggregate approximately $561 million).
• Contingent Value Right (CVR) value per share: Up to $3.50 (Aggregate up to approximately $234 million).
• Total potential consideration per share: Up to $12.00.
• Cash, cash equivalents, and marketable securities as of June 30, 2025: $366 million.
• Sage anticipates its cash runway extends to mid-2027 based on the current operating plan.

Sage Therapeutics, Inc. (SAGE) - Canvas Business Model: Customer Segments

You're looking at the core groups Sage Therapeutics, Inc. (SAGE) targets right now to drive adoption of ZURZUVAE (zuranolone) for postpartum depression (PPD). This is where the near-term revenue is, so the numbers here are what matter most for the 2025 outlook.

The primary patient segment is adult women recently diagnosed with PPD. While the US saw approximately 3,628,934 registered births in 2024, the immediate target is the subset of these women who develop PPD and are prescribed ZURZUVAE. Since its launch in December 2023, Sage Therapeutics has shipped greater than 13,500 total prescriptions of ZURZUVAE to women with PPD as of the second quarter of 2025. The momentum is clear; in the second quarter of 2025 alone, greater than 4,000 prescriptions were shipped.

Healthcare providers (HCPs) are the gatekeepers to this patient group. Sage Therapeutics is heavily focused on two specialties:

• The number of actively practicing OB/GYNs in the United States as of 2025 is cited as 53,163.
• OB/GYNs accounted for about 80% of all ZURZUVAE prescriptions in the second quarter of 2025.
• Psychiatrists are also key screeners and prescribers, though their specific prescription volume share for ZURZUVAE is not explicitly stated, company data suggests greater than 90% aided brand awareness among both OB/GYNs and psychiatrists as of late 2024.

Payers are a critical segment because access dictates utilization. For a high-value, novel therapy, coverage terms are everything. As of the second quarter of 2025, greater than 95% of Commercial and Medicaid lives are covered or have a path to coverage for ZURZUVAE, with the majority having no step edits or complex prior authorizations. This high coverage rate supports the goal of establishing ZURZUVAE as the standard of care in a US PPD treatment market that was valued at $370.7 million in 2024.

Future patients represent the pipeline segment, which is a strategic focus for long-term value. Sage Therapeutics anticipates data from the Phase 1 Multiple Ascending Dose study of SAGE-319, a potential treatment for behavioral symptoms associated with certain neurodevelopmental disorders, by late 2025.

Here's a quick look at the key segment metrics as of mid-2025:

It's important to note the patient profile for ZURZUVAE: About 80% of women prescribed the drug received it as their first new treatment for PPD, which shows the high unmet need Sage Therapeutics is addressing. Also, the company is focused on driving repeat prescribing; about 60% of targeted HCPs wrote repeat prescriptions after their initial ZURZUVAE script in 2024.

Finance: draft 13-week cash view by Friday.

Sage Therapeutics, Inc. (SAGE) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Sage Therapeutics, Inc. (SAGE) engine, which is heavily weighted toward supporting the ZURZUVAE launch and maintaining pipeline progress, even after the 2024 reorganization. Honestly, the cost structure reflects a company transitioning from pure R&D spend to a commercial reality.

The overall Selling, General & Administrative (SG&A) expenses for the first half of 2025 totaled $119.6 million. This figure is the sum of the first quarter's $57.6 million and the second quarter's $62.0 million in SG&A spend.

Research and Development (R&D) expenses show the impact of the prior year's streamlining efforts. For the first quarter of 2025, R&D expenses were $22.8 million, which was a sharp reduction year-over-year, reflecting reduced headcount and reprioritization of early-stage programs. Still, R&D remains a significant, though leaner, cost center.

Costs directly tied to the product, specifically Costs of Revenues related to ZURZUVAE manufacturing and distribution, were quite low in the first quarter of 2025 at $0.7 million. To be fair, the second quarter showed a slight negative cost of revenues at negative ($0.1) million, which included a one-time reversal of previously accrued regulatory expenses of $0.6 million.

The collaboration with Biogen creates a unique cost flow, particularly around commercialization. Sage Therapeutics, Inc. incurs costs that are then reimbursed. For instance, the reimbursement Sage paid to Biogen for SG&A expenses pursuant to the collaboration agreement was $4.8 million in the first quarter of 2025. This reflects the ongoing joint investment in promoting ZURZUVAE.

You can see the breakdown of some key cost components for Q1 2025 below:

The company also recorded minor, non-recurring costs related to the 2024 reorganization in the first quarter of 2025, specifically $0.5 million in restructuring charges.

Here's a quick look at how the SG&A costs trended across the first two quarters:

• Selling, General & Administrative (SG&A) Expenses (Q1 2025): $57.6 million
• Selling, General & Administrative (SG&A) Expenses (Q2 2025): $62.0 million
• Total H1 2025 SG&A: $119.6 million

The increase in Q2 SG&A was primarily due to higher collaboration commercialization efforts and professional fees related to the strategic alternatives review process.

Finance: draft 13-week cash view by Friday.

Sage Therapeutics, Inc. (SAGE) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Sage Therapeutics, Inc. as of late 2025, which are heavily weighted toward product collaboration milestones following the Supernus acquisition closing in the third quarter of 2025. The core of the near-term revenue is tied to the commercial success of ZURZUVAE in the United States.

The primary revenue driver is collaboration revenue from ZURZUVAE U.S. sales, which operates under a 50% profit share arrangement with Biogen. This structure means Sage Therapeutics receives half of the net revenue Biogen records for ZURZUVAE shipments to distributors in the U.S..

For the first half of 2025, this collaboration stream delivered solid results, directly matching the expected figure. Specifically, ZURZUVAE collaboration revenue totaled $37.0 million in the first half of 2025. This was comprised of $13.8 million recognized in the first quarter of 2025 and $23.2 million in the second quarter of 2025. The second quarter revenue represented a significant acceleration, showing a 68% increase from the first quarter of 2025.

The revenue structure is summarized below based on the first half performance:

A major shift in the revenue outlook comes from the acquisition by Supernus Pharmaceuticals, which closed on July 31, 2025. This introduced potential contingent value right (CVR) payments from Supernus acquisition upon milestone achievement. The total consideration included one non-tradable CVR per share, representing the right to receive up to $3.50 per share in cash upon specified milestones.

These CVR milestones represent future, contingent revenue streams, not yet realized as of the end of the second quarter:

• First commercial sale in Japan for MDD by June 30, 2026, for $0.50 per CVR.
• U.S. Net Sales equal to or exceeding $250 million in a calendar year on or before December 31, 2027, for $1.00 per CVR.
• U.S. Net Sales equal to or exceeding $300 million in a calendar year on or before December 31, 2028, for $1.00 per CVR.

The aggregate maximum payable amount across all CVRs was up to approximately $234 million based on the total shares tendered.

Finally, there is other collaboration revenue from partners like Shionogi. This revenue stream is distinct from the Biogen ZURZUVAE profit share. For the second quarter of 2025, this category brought in $8.5 million. This is significantly higher than the estimated $0.3 million for the first quarter of 2025 (derived from Total Revenue of $14.1M minus ZURZUVAE revenue of $13.8M). The Shionogi agreement specifically covers zuranolone development and commercialization in Japan, Taiwan, and South Korea, with potential milestone payments reaching up to $485 million from that partnership alone.