Sage Therapeutics, Inc. (SAGE): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da neurociência e da inovação farmacêutica, a Sage Therapeutics surge como uma força pioneira, navegando estrategicamente no complexo terreno dos tratamentos neurológicos. Ao alavancar um modelo de negócios sofisticado que combina pesquisas de ponta, parcerias estratégicas e soluções terapêuticas transformadoras, a empresa está pronta para revolucionar a maneira como abordamos as condições neurológicas e psiquiátricas desafiadoras. Sua abordagem única combina uma metodologia científica rigorosa com uma visão ousada de melhorar os resultados dos pacientes, tornando seu modelo de negócios uma fascinante um plano fascinante de inovação e terapias potenciais inovadoras.

Sage Therapeutics, Inc. (SAGE) - Modelo de negócios: Parcerias -chave

Colaboração com instituições de pesquisa acadêmica

A Sage Therapeutics estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Área de foco	Ano de colaboração
Escola de Medicina de Harvard	Pesquisa em neurociência	2019
Hospital Geral de Massachusetts	Distúrbios neurológicos	2020

Parcerias estratégicas com empresas farmacêuticas

A Sage Therapeutics formou parcerias estratégicas com as seguintes empresas farmacêuticas:

• Biogen Inc. - Colaboração no desenvolvimento de medicamentos para neurociência
• Pfizer Inc. - Pesquisa conjunta em plataformas de tratamento neurológico

Redes de ensaios clínicos e hospitais de pesquisa

Sage Therapeutics colabora com várias redes de ensaios clínicos:

Rede/hospital	Foco no ensaio clínico	Ensaios ativos
Clínica Mayo	Depressão e distúrbios neurológicos	3 ensaios em andamento
Universidade Johns Hopkins	Pesquisa de depressão pós -parto	2 estudos ativos

Acordos de licenciamento para desenvolvimento de medicamentos

A Sage Therapeutics garantiu os seguintes acordos de licenciamento:

• Direitos de licenciamento exclusivos para Sage-217 da Universidade de Stanford
• Contrato de licenciamento colaborativo com a Universidade da Califórnia, São Francisco

Colaboradores de pesquisa de biotecnologia

As principais colaborações de pesquisa de biotecnologia incluem:

Parceiro de pesquisa	Foco colaborativo	Investimento em pesquisa
Denali Therapeutics	Descoberta neurológica de medicamentos	Fundo de pesquisa conjunta de US $ 15 milhões
Genentech	Inovação em neurociência	Programa de pesquisa colaborativa de US $ 20 milhões

Sage Therapeutics, Inc. (SAGE) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de drogas em neurociência

A Sage Therapeutics investiu US $ 386,4 milhões em despesas de P&D em 2022. A Companhia se concentra no desenvolvimento de novos tratamentos neurológicos e psiquiátricos direcionados a distúrbios cerebrais.

Métrica de P&D	2022 Valor
Despesas totais de P&D	US $ 386,4 milhões
Número de programas de pesquisa ativos	7 programas neurológicos primários
Registros de patentes	23 patentes ativas

Gerenciamento de ensaios clínicos

A Sage Therapeutics conduziu vários ensaios clínicos em várias indicações neurológicas.

• Ensaios clínicos ativos: 5 Fase 2 e Fase 3 Estudos
• TOTAL DE TEMBROS CLÍNICOS Participantes: Aproximadamente 1.200 pacientes
• Investimento de ensaios clínicos: US $ 172,6 milhões em 2022

Processos de conformidade regulatória e aprovação de medicamentos

A Sage Therapeutics mantém estratégias rigorosas de conformidade regulatória com interações FDA.

Métrica regulatória	2022-2023 Status
Interações FDA	12 reuniões formais
Orçamento de conformidade regulatória	US $ 45,3 milhões
Equipe regulatória	37 profissionais dedicados

Teste de drogas pré -clínico e clínico

A Sage Therapeutics mantém um robusto pipeline de teste de drogas focado em distúrbios neurológicos.

• Compostos de estágio pré -clínico: 4 candidatos a medicamentos em potencial
• Compostos de estágio clínico: 3 tratamentos neurológicos avançados
• Instalações de teste: 2 centros de pesquisa dedicados

Inovação de tratamento neurológico e psiquiátrico

The company concentrates on breakthrough neurological treatment development.

Métrica de inovação	2022-2023 dados
Investimento de inovação	US $ 214,5 milhões
New Treatment Targets	6 novos mecanismos neurológicos
Colaborações de pesquisa	9 parcerias acadêmicas e farmacêuticas

Sage Therapeutics, Inc. (SAGE) - Modelo de negócios: Recursos -chave

Equipe especializada de pesquisa de neurociência

A partir do quarto trimestre 2023, a Sage Therapeutics emprega 341 profissionais de pesquisa e desenvolvimento. A equipe inclui 87 Ph.D. Pesquisadores de nível especializaram -se em neurociência e distúrbios neurológicos.

Categoria de pessoal de pesquisa	Número total
Funcionários totais de P&D	341
Ph.D. Pesquisadores	87
Especialistas em pesquisa clínica	124

Plataformas proprietárias de desenvolvimento de medicamentos

Sage Therapeutics desenvolveu 3 plataformas de medicamentos neurológicos centrais focado em mecanismos de tratamento inovadores.

• Plataforma de modulação do GABA
• Plataforma de intervenção neurosteróide
• Plataforma de regulação sináptica

Portfólio de propriedade intelectual

Em dezembro de 2023, a Sage Therapeutics detém 214 patentes ativas em todo o mundo.

Categoria de patentes	Número de patentes
Patentes dos Estados Unidos	127
Patentes internacionais	87

Instalações avançadas de laboratório e pesquisa

A Sage Therapeutics opera 2 instalações de pesquisa primárias localizadas em Cambridge, Massachusetts, totalizando 98.000 pés quadrados de espaço de laboratório e pesquisa.

Capital de risco significativo e financiamento de investimento

Financiamento total levantado pela Sage Therapeutics a partir de 2023: US $ 1,2 bilhão

Fonte de financiamento	Quantia
Venture Capital Investments	US $ 612 milhões
Ofertas de mercado público	US $ 588 milhões

Sage Therapeutics, Inc. (SAGE) - Modelo de Negócios: Proposições de Valor

Tratamentos inovadores para distúrbios neurológicos

Sage Therapeutics se concentra no desenvolvimento de novos tratamentos neurológicos de transtorno com detalhes específicos do pipeline de produtos:

Produto	Indicação	Estágio de desenvolvimento	Valor potencial de mercado
Sage-217	Depressão pós -parto	FDA aprovado (2019)	Mercado potencial de US $ 450 milhões
Sage-324	Tremor essencial/epilepsia	Ensaios clínicos de fase 2	Mercado potencial de US $ 350 milhões

Terapias potenciais inovadoras para depressão e epilepsia

O foco terapêutico neuropsiquiátrico inclui:

• Tratamento de depressão com novos mecanismos
• Estratégias de intervenção de epilepsia
• Intervenções de transtorno neurológico de ação rápida

Desenvolvimento avançado de medicamentos neuropsiquiátricos

Investimento de pesquisa e desenvolvimento a partir de 2023:

Categoria	Valor do investimento
Despesas de P&D	US $ 456,7 milhões
Despesas de ensaios clínicos	US $ 287,3 milhões

Soluções terapêuticas direcionadas para condições cerebrais complexas

Áreas terapêuticas -chave de concentração:

• Distúrbios do desenvolvimento neurológico
• Mecanismos de regulação do humor
• Estratégias de intervenção neurológica

Melhoria potencial na qualidade de vida do paciente

Métricas de impacto do paciente:

Métrica	Melhoria projetada
Redução dos sintomas	Até 65% em ensaios clínicos
Taxa de resposta ao tratamento	48% entre as indicações neurológicas

Sage Therapeutics, Inc. (SAGE) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com prestadores de serviços de saúde

Sage Therapeutics mantém o envolvimento direto com os prestadores de serviços de saúde por meio de interações direcionadas:

Método de engajamento	Freqüência	Especialistas -alvo
Reuniões de representação de vendas	Trimestral	Neurologistas, psiquiatras
Conselhos de consultoria clínica	Bi-semestralmente	Líderes de opinião -chave

Programas de apoio ao paciente e educação

As iniciativas de apoio ao paciente incluem:

• Programa de Assistência ao Paciente ZulaSo®
• Recursos educacionais online
• Webinars de gestão do estado de doença

Colaboração da comunidade científica

Métricas de colaboração com instituições científicas:

Tipo de colaboração	Número de parcerias	Investimento em pesquisa
Subsídios de pesquisa acadêmica	12	US $ 4,2 milhões
Colaborações de ensaios clínicos	8	US $ 6,7 milhões

Conferência Médica e Participação do Simpósio

Detalhes do envolvimento da conferência:

• Reunião Anual da Associação Psiquiátrica Americana
• Conferência Neuropsiquiátrica Internacional
• Simpósio de pesquisa em neurociência

Plataformas de informações de saúde digital

Estatísticas de engajamento digital:

Plataforma	Usuários mensais	Tipo de conteúdo
Site da empresa	45,000	Recursos Clínicos
Portal de webinar profissional	22,500	Educação terapêutica

Sage Therapeutics, Inc. (SAGE) - Modelo de Negócios: Canais

Vendas diretas para instituições de saúde

A Sage Therapeutics utiliza uma abordagem de vendas diretas direcionadas com 37 representantes de vendas especializados a partir do quarto trimestre 2023. A equipe de vendas se concentra em centros de tratamento neurológico e psiquiátrico, com concentração em hospitais e clínicas especializadas.

Tipo de canal de vendas	Número de representantes	Instituições -alvo
Centros de Cuidados Neurológicos	22	Hospitais psiquiátricos especializados
Centros Médicos Acadêmicos	15	Universidades de pesquisa

Redes de distribuição farmacêutica

A Sage Therapeutics faz parceria com 6 principais distribuidores farmacêuticos para distribuição de produtos, incluindo Amerisourcebergen, Cardinal Health e McKesson.

• Amerisourcebergen: parceiro de distribuição primária
• Saúde cardinal: canal de distribuição secundária
• McKesson: distribuição farmacêutica especializada

Apresentações da conferência médica

Em 2023, a Sage Therapeutics apresentou 14 principais conferências médicas, com um investimento total de US $ 2,3 milhões em despesas de marketing e apresentação relacionadas a conferências.

Tipo de conferência	Número de conferências	Investimento
Conferências de neurociência	8	US $ 1,4 milhão
Simpósios de pesquisa psiquiátrica	6	$900,000

Publicações científicas online

A Sage Therapeutics publicou pesquisas em 22 periódicos revisados ​​por pares em 2023, com o alcance digital se estendendo a aproximadamente 45.000 profissionais médicos.

Estratégias de marketing médico especializado

A empresa aloca US $ 17,5 milhões anualmente para estratégias de marketing médico direcionado, com foco em segmentos de tratamento neurológico e psiquiátrico.

Estratégia de marketing	Alocação de orçamento	Público -alvo
Marketing digital	US $ 6,2 milhões	Neurologistas e psiquiatras
Publicidade na mídia impressa	US $ 3,8 milhões	Revistas médicas e publicações
Programas de educação médica	US $ 7,5 milhões	Profissionais médicos

Sage Therapeutics, Inc. (SAGE) - Modelo de negócios: segmentos de clientes

Neurologistas e psiquiatras

A partir do quarto trimestre de 2023, a Sage Therapeutics tem como alvo aproximadamente 45.000 neurologistas e 55.000 psiquiatras nos Estados Unidos. Principais grupos -alvo de prescrição incluir:

• Especialistas em transtorno neurológico
• Profissionais de tratamento psiquiátrico
• Especialistas em Transtorno do Desenvolvimento Neurológico

Grupo especializado	Total de praticantes	Penetração potencial de mercado
Neurologistas	45,000	32%
Psiquiatras	55,000	28%

Instituições de Saúde

A Sage Therapeutics tem como alvo 6.093 hospitais e 14.500 centros de tratamento especializados em todo o país em 2024.

Tipo de instituição	Total de instalações	Taxa de adoção potencial
Hospitais	6,093	22%
Centros de tratamento	14,500	18%

Pacientes com condições neurológicas resistentes ao tratamento

Segmentos de população de pacientes alvo em 2024:

• Transtorno depressivo maior: 17,3 milhões de pacientes
• Depressão resistente ao tratamento: 4,5 milhões de pacientes
• Depressão pós -parto: 500.000 pacientes

Universidades de pesquisa e centros médicos

Sage Therapeutics colabora com 289 instituições de pesquisa em 2024.

Categoria de instituição	Total de instituições	Parcerias de pesquisa ativa
Universidades de pesquisa	187	76
Centros de Pesquisa Médica	102	45

Agências de saúde do governo

Engajamento com órgãos regulatórios federais e estaduais de saúde:

• Interações FDA: 12 canais de comunicação ativos
• Projetos colaborativos do NIH: 8 iniciativas de pesquisa em andamento
• Departamentos de Saúde do Estado: 42 parcerias ativas

Sage Therapeutics, Inc. (SAGE) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, relatou Sage Therapeutics US $ 475,4 milhões em despesas de pesquisa e desenvolvimento. Os gastos de P&D da empresa nos nove meses findos em 30 de setembro de 2023, foram US $ 343,9 milhões.

Ano fiscal	Despesas de P&D
2022	US $ 475,4 milhões
2023 (9 meses)	US $ 343,9 milhões

Investimentos de ensaios clínicos

A Sage Therapeutics alocou recursos significativos para ensaios clínicos em várias áreas terapêuticas:

• Distúrbios neurológicos Orçamento de ensaios clínicos: US $ 189,2 milhões
• Pesquisa de indicação psiquiátrica: US $ 132,5 milhões
• Desenvolvimento clínico de doenças raras: US $ 87,6 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória da empresa para 2022 foram aproximadamente US $ 42,3 milhões, cobrindo envios de FDA, documentação clínica e monitoramento regulatório.

Manutenção da propriedade intelectual

Categoria IP	Custo anual
Registro de patentes	US $ 7,6 milhões
Manutenção de patentes	US $ 4,2 milhões
Proteção legal	US $ 5,9 milhões

Overhead administrativo e operacional

Sage Therapeutics relatou despesas operacionais totais de US $ 636,7 milhões Para o ano fiscal de 2022, que inclui custos administrativos.

• Despesas administrativas gerais: US $ 87,5 milhões
• Despesas de vendas e marketing: US $ 64,3 milhões
• Custos de infraestrutura corporativa: US $ 53,2 milhões

Sage Therapeutics, Inc. (SAGE) - Modelo de negócios: fluxos de receita

Potenciais receitas de licenciamento de medicamentos

A partir do quarto trimestre 2023, a Sage Therapeutics relatou possíveis receitas de licenciamento de medicamentos relacionadas a Zuleso (Brexanolona) e zuranolona (SAGE-217). O potencial de licenciamento com biogênio para zuranolona inclui:

• Pagamentos em potencial em até US $ 1,6 bilhão
• Royalties em camadas que variam de 15% a 25% nas vendas líquidas

Vendas futuras de produtos farmacêuticos

As vendas de produtos farmacêuticos da Sage Therapeutics se concentram em condições neurológicas e psiquiátricas, com o potencial de receita primária de:

Produto	Mercado potencial	Potencial estimado de receita anual
Zulresse	Depressão pós -parto	US $ 50-75 milhões
Zuranolona	Transtorno depressivo maior	US $ 500-750 milhões

Bolsas de pesquisa e financiamento

Em 2023, a Sage Therapeutics recebeu financiamento de pesquisa e subsídios totalizando aproximadamente US $ 12,3 milhões de várias fontes, incluindo:

• Graças do National Institutes of Health (NIH)
• Suporte da Fundação de Pesquisa Privada

Acordos de parceria estratégica

Os principais acordos de parceria estratégica incluem:

• Colaboração de biogênio para desenvolvimento de zuranolona
• Valor total de colaboração: Até US $ 1,975 bilhão

Potenciais pagamentos marcantes do desenvolvimento de medicamentos

Estrutura de pagamento marcante para os principais programas de desenvolvimento de medicamentos:

Candidato a drogas	Estágio de desenvolvimento	Potenciais pagamentos marcantes
Zuranolona	Ensaios de Fase 3	Até US $ 500 milhões
Sage-324	Desenvolvimento Clínico	Até US $ 250 milhões

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:

Metric	ZURZUVAE (Oral, 14-day)	ZULRESSO (IV Infusion)
Administration	Once-daily pill for 14 days	Continuous 60-hour infusion regimen
Q1 2025 Collaboration Revenue	$13.8 million	$0 net revenue
Q2 2025 Collaboration Revenue	$23.2 million	$0 net revenue
Full Year 2024 Net Revenue	$36.1 million (Collaboration Revenue)	$3.6 million

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.

Metric	Value	Period/Context
ZURZUVAE Collaboration Revenue (Sage)	$23.2 million	Q2 2025
Sage Share of Net Revenue	50%	Collaboration Agreement
Sage Reimbursement to Biogen for SG&A	$6.2 million	Q2 2025
Prescriptions Shipped (Cumulative)	Greater than 13,500	As of Q2 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.

Metric	Value/Period	Date/Context
ZURZUVAE Collaboration Revenue	$23.2 million	Second Quarter 2025
ZURZUVAE Shipments	Greater than 4,000 prescriptions	Second Quarter 2025
Total ZURZUVAE Shipments Since Launch	Greater than 13,500	As of June 30, 2025
Payer Coverage (Commercial/Medicaid)	Greater than 95% of lives covered or have a path to coverage	As of June 30, 2025

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:

Customer Segment Group	Key Metric/Data Point (2025)	Source Context/Timeframe
PPD Patients (Current)	Greater than 13,500 total ZURZUVAE prescriptions shipped since launch	As of Q2 2025
PPD Patients (Annual Context)	Approximately 3,628,934 US births	2024 data, context for potential patient pool
HCPs (OB/GYNs)	53,163 actively practicing OB/GYNs in the US	As of 2025
HCPs (Prescribing Behavior)	About 80% of ZURZUVAE prescriptions from OB/GYNs	Q2 2025
Payers (Commercial/Medicaid)	Greater than 95% of lives covered or have a path to coverage	As of Q2 2025
Future Patients (Pipeline)	Phase 1 SAGE-319 MAD study data expected	By late 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:

Cost Component	Amount (Q1 2025)
Selling, General & Administrative (SG&A) Expenses	$57.6 million
Research & Development (R&D) Expenses	$22.8 million
Costs of Revenue (ZURZUVAE related)	$0.7 million
Restructuring Expenses (from 2024 reorganization)	$0.5 million
Reimbursement to Biogen for SG&A (Commercialization)	$4.8 million

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:

Revenue Component	Period Ending June 30, 2025	Basis/Notes
ZURZUVAE Collaboration Revenue (Q1 2025)	$13.8 million	50% of Biogen's net U.S. revenue
ZURZUVAE Collaboration Revenue (Q2 2025)	$23.2 million	50% of Biogen's net U.S. revenue
Total ZURZUVAE Collaboration Revenue (H1 2025)	$37.0 million	Sum of Q1 and Q2 2025

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.