Revenue: As of FY2025 Q2, the actual value is USD 31.66 M, beating the estimate of USD 16.73 M.

EPS: As of FY2025 Q2, the actual value is USD -0.79, beating the estimate of USD -0.9521.

EBIT: As of FY2025 Q2, the actual value is USD -53.97 M.

Segment Revenue

• Collaboration Revenue - Related Party: $23.2 million for the three months ended June 30, 2025, compared to $7.4 million for the same period in 2024. For the six months ended June 30, 2025, collaboration revenue was $37.0 million, compared to $13.6 million in 2024.
• Other Revenue: $8.1 million for the three months ended June 30, 2025, compared to $0.6 million for the same period in 2024. For the six months ended June 30, 2025, other revenue was $8.1 million, compared to $0.6 million in 2024.

Operational Metrics

• Net Loss: $49.7 million for the three months ended June 30, 2025, compared to $102.9 million for the same period in 2024. For the six months ended June 30, 2025, net loss was $111.9 million, compared to $211.3 million in 2024.
• Research and Development Expenses: $23.9 million for the three months ended June 30, 2025, compared to $62.6 million for the same period in 2024. For the six months ended June 30, 2025, research and development expenses were $46.7 million, compared to $134.3 million in 2024.
• Selling, General and Administrative Expenses: $62.0 million for the three months ended June 30, 2025, compared to $56.0 million for the same period in 2024. For the six months ended June 30, 2025, these expenses were $119.6 million, compared to $108.6 million in 2024.

Cash Flow

• Net Cash Used in Operating Activities: - $140.4 million for the six months ended June 30, 2025, compared to - $118.3 million for the same period in 2024.
• Net Cash Provided by Investing Activities: $126.8 million for the six months ended June 30, 2025, compared to $139.1 million in 2024.

Future Outlook and Strategy

• Core Business Focus: The company plans to continue focusing on the commercialization of ZURZUVAE for the treatment of women with postpartum depression in the U.S., with goals to establish it as the standard of care, expand market growth, and accelerate topline revenue growth.
• Non-Core Business: The company is evaluating other potential indications for SAGE-324, including seizures in developmental and epileptic encephalopathies, and plans to announce data from a Phase 1 study of SAGE-319 by late 2025.

Priority

• The company anticipates that its existing cash, cash equivalents, and marketable securities will support operations to mid-2027, based on current operating plans and anticipated funding from ongoing collaborations.