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Jun 30, 2024
Sage Q2 2024 Earnings Report
Announced second quarter 2024 financial results and highlighted pipeline and business progress.
Key Takeaways
Sage Therapeutics reported $7.4 million in ZURZUVAE collaboration revenue, a 19% increase from Q1 2024. Over 1,400 ZURZUVAE prescriptions were shipped and delivered, nearly doubling from the previous quarter. The company's cash, cash equivalents, and marketable securities totaled $647 million as of June 30, 2024. SAGE-324's clinical development for essential tremor was terminated.
ZURZUVAE collaboration revenue reached $7.4 million, up 19% from the first quarter.
Over 1,400 ZURZUVAE prescriptions were shipped and delivered, nearly doubling from the first quarter.
Topline data from Dalzanemdor (SAGE-718) LIGHTWAVE and DIMENSION Studies are expected in late 2024.
SAGE-324 did not meet the primary endpoint in essential tremor participants, leading to termination of its clinical development for this indication.
Forward Guidance
Sage anticipates its existing cash, collaborations, and revenues will support operations into 2026. Operating expenses are expected to decrease in 2024 relative to 2023, and ZULRESSO revenues are expected to decline with ZURZUVAE's availability.
Positive Outlook
- Existing cash, collaborations, and revenues will support operations into 2026.
- Operating expenses are expected to decrease in 2024 relative to 2023.
- Ongoing commercialization of ZURZUVAE in the treatment of women with PPD
- Present analyses of real-world evidence for ZURZUVAE including health economics and patient reported outcomes
- Expect to report topline data from LIGHTWAVE Study in people with MCI and mild dementia due to AD in late 2024
Challenges Ahead
- No milestone payments are expected from collaborations in the remainder of 2024.
- ZULRESSO revenues are expected to continue to decrease over time.
- SAGE-324 clinical development for essential tremor terminated.
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