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Sage Therapeutics

Sage Therapeutics, Inc. · Cambridge, MA · founded 2010

Sage Therapeutics is a Cambridge, Massachusetts CNS biotech developing neuroactive steroid drugs that modulate the brain's GABA and NMDA receptor systems. Its commercial product ZURZUVAE is the first oral therapy specifically approved for postpartum depression (with Biogen), and the pipeline targets major depressive disorder, Huntington's disease, and cognitive symptoms in Parkinson's.

Lead asset
ZURZUVAE · Approved · Postpartum Depression
small molecule · positive allosteric modulator of GABA-A
Pipeline
1 drug · 2 programs
2 Neurology
Modalities
small molecule×1
FocusNeurology
0.41
Reliability
Weak
8/14
hits
37d
Next catalyst
enrollment
Last refresh · 3h ago · PR
$8.60+34.80%1Y
SAGE · daily close · illustrative · 0 catalysts marked
$5.80$6.61$7.43$8.25$9.06Apr '25Aug '25Dec '25Apr '26
1Y high$8.791Y low$6.07range$2.72(45%)past catalysts

Peers in this space

same sector or modality · sorted by match strength + market cap
Pipeline & catalysts

Pipeline & catalysts

1 drug · 2 programs · 2 upcoming catalysts
Pipeline by phase2programs
  • Preclin0
  • Ph10
  • Ph20
  • Ph31
  • Filed0
  • Approved1

ZURZUVAE

zuranolone
small moleculepositive allosteric modulator of GABA-A
Postpartum Depression · Major Depressive Disorder
2 programs·2 trials·View drug →
Upcoming catalysts2
Enroll.JUN–JUN2026·32 daysWINDOW

CORAL Phase 3 MDD Enrollment Complete

Procedural milestone: enrollment finishes for the Phase 3 trial of zuranolone added to standard antidepressants in MDD. Anchors the Q1 2027 topline readout date.

Cited“Sage Therapeutics today reaffirmed that enrollment for the CORAL Phase 3 study of zuranolone as adjunctive therapy for major depressive disorder is on pace to complete in mid-2026.”
Enrollment Complete·PR·disclosed 3h ago·NCT04442490n=540
ReadoutQ1'27·8 monthsQTR

CORAL Phase 3 MDD Topline

Phase 3 efficacy readout for zuranolone added to SSRIs/SNRIs in MDD. Two prior MDD trials (MOUNTAIN, WATERFALL) missed primary endpoints. Watch: HAM-D17 change at week 15 vs. placebo, durability beyond the 14-day dosing course.

Cited“Topline results from the CORAL Phase 3 trial are expected in the first quarter of 2027.”
Topline Readout·PR·disclosed 3h ago·NCT04442490n=540

Past catalyst impact

3 historical events · % change vs announcement
DateKindEventOutcome+1W+1M+6M
Mar 31, 2025AdComZURZUVAE — Advisory Committee — 12–2 Vote in FavorPositive+15.7%+17.9%+16.7%
Mar 6, 2024ReadoutZURZUVAE — Phase 3 Topline — Mixed ResultNegative-18.8%-29.6%-16.2%
Oct 8, 2023AdComZURZUVAE — Advisory Committee — 12–2 Vote in FavorPositive+13.0%+34.0%+30.6%
% change vs ticker close on the announcement date · backtest illustrative
Smart money

Insider activity

SEC EDGAR Form 4 · last 90 days
Insider activity · last 90 days
Form 4 trail · 6 transactions · 6 insiders
Net flow
+$115.2K
Buys
$568.1K
1 txns
Sells
$452.9K
3 txns
Largest
+$568.1K
CFO buy
Net flow per quarter · last 8Q
9 txns · sum −$236K
24Q325Q125Q326Q126Q2
buys · $568Ksells · $804K
Insider · roleActionSharesPriceValueDate
A. O'Connor
SVP
Sell9,579$15.31−$146.6K
Mar 15, 2026
A. Volkov
Chair
Award6,335$11.53$73.0K
Mar 9, 2026
E. Chen
CFO
Buy40,022$14.20+$568.1K
Mar 6, 2026
K. Iyer
SVP
Sell17,634$15.99−$281.9K
Feb 27, 2026
K. O'Connor
SVP
Sell2,027$12.00−$24.3K
Feb 15, 2026
K. Kowalski
Chair
Option ex.1,138$12.72$14.5K
Feb 5, 2026

Congressional trading

STOCK Act PTRs · House & Senate
Congressional trading · STOCK Act · last 365d
3 trades · 3 members
Est. net flow
+$3.30M
midpoint · brackets only
Buys
2
Sells
1
Party mix
2 D1 R
Member · chamberActionBracket~ midpointOwnerDate · disclosure
D
Rep. K. Linville
House · WA
Buy$250K–$500K~$375Kjoint
Feb 11, 2026
filed +29d
R
Rep. Q. Yates
House · AL
Buy$1.00M–$5.00M~$3.00Mjoint
Jan 31, 2026
filed +35d
D
Sen. E. Mendoza
Senate · AZ
Sell$50K–$100K~$75Kself
Dec 8, 2025
filed +38d
Source: Senate eFD & House Clerk PTR feeds

Top ETF holders

ETF NAV disclosures · 13F filings
ETF holders · NAV disclosures
2 ETFs hold the position
Held by ETFs
$14.7M
aggregate position
Of market cap
3.07%
aggregate ETF share
Top holder
XBI0.18%
SPDR S&P Biotech ETF
TickerETF · familyThemeNAV% of NAVPosition
XBI
SPDR S&P Biotech ETF
SPDR
Broad biotech$7.90B0.18%$14.2M
PBE
Invesco Dynamic Biotechnology
Invesco
Broad biotech$175.0M0.29%$508K
Source: ETF NAV disclosures + quarterly 13F filings

KOL network

CMS OpenPayments · 2024 – 2025
KOL network · CMS OpenPayments
17 physicians paid · 84 disclosed records
Total 2025+2024
$4.91M
YoY
+90%
Equity / Ownership$1.64MCo-Investigator$1.63MResearch Grant$1.10MConsulting$255.9KSpeaking$235.2KTravel & Lodging$43.2KFood & Beverage$2.0K
Physician · affiliationSpecialtyTop categoryTotalRecords
Dr. Charles Walsh
NYU Langone
Pediatric Rare DiseaseCo-Investigator$625.4K6
Dr. Yuki Patel
Mayo Clinic
Internal MedicineEquity / Ownership$607.0K7
Dr. Priya Tanaka
Penn Medicine
GeneticsResearch Grant$467.4K7
Dr. Vivian Murphy
University of Washington
GeneticsEquity / Ownership$465.0K7
Dr. Robert Andersson
NYU Langone
Internal MedicineCo-Investigator$403.6K6
Dr. James Kowalski
Vanderbilt
GeneticsCo-Investigator$385.4K6
Dr. Sofia Park
Mayo Clinic
Internal MedicineCo-Investigator$330.2K5
Dr. Devon Kowalski
Penn Medicine
Pediatric Rare DiseaseEquity / Ownership$326.8K5
Dr. Sarah Lindberg
NYU Langone
Pediatric Rare DiseaseCo-Investigator$264.3K3
Dr. Kavya Chen
UCSF
Pediatric Rare DiseaseEquity / Ownership$250.8K3
Source: CMS OpenPayments
Government & IP

Federal lobbying

Senate LDA disclosures · last 8 quarters
Federal lobbying · LDA · last 8 quarters
$435K disclosed · 2 firms engaged
YoY change
+8%
last 4Q vs prior 4Q
24Q3Q425Q1Q2Q3Q426Q1Q2
Top lobbying firms · last 8Q
Cassidy & Associates$275K
7 quarters active
Holland & Knight$159K
5 quarters active
Top issues lobbied
  • Cardiovascular drug review guidance$275K
  • Rare Pediatric Disease Priority Review Voucher$80K
  • Medicare Part B coverage for gene therapies$80K
Source: Senate LDA database (lda.senate.gov)

Government contracts

USAspending.gov · BARDA · NIH · DoD · HHS · VA
Federal contracts · USAspending.gov
1 award · 1 agency
Total awarded
$6.0M
across all programs
Active
$6.0M
option periods incl.
Top agency
NIH / NHLBI$6.0M
largest active: Cardiovascular Outcomes Trial Co-Funding
AgencyTitle · type · award IDStatusValueAwarded → ends
NIH / NHLBI
Cardiovascular Outcomes Trial Co-Funding
Cooperative Agreement · NIH-37055152
active$6.0MSep 2025→ May 2029
Source: USAspending.gov · SAM.gov

U.S. Patents

USPTO PEDS & Patent Public Search
U.S. Patents · USPTO
7 granted · 1 pending
Total in portfolio
8
Granted in last 12mo
1
Expiring < 2yr
0
Nearest expiry
Apr 2029
Patent #Title · inventor · drugTypeStatus · filedExpiry
10,047,802
Therapeutic peptide compositions for ZURZUVAE
P. Chen + 4 · ZURZUVAE
Composition of Matter
grantedfiled Apr 2023
exp. Apr 2043
17.0y left
US 2026/3803794 A1
Combination therapy comprising ZURZUVAE
P. Tanaka + 2 · ZURZUVAE
Method of Use
pendingfiled Apr 2026
in prosecution
11,611,394
Sustained-release oral compositions of ZURZUVAE
N. Nguyen + 2 · ZURZUVAE
Formulation
grantedfiled Apr 2021
exp. Apr 2041
15.0y left
12,226,124
Combination therapy comprising ZURZUVAE
M. Voss · ZURZUVAE
Method of Use
grantedfiled Apr 2018
exp. Apr 2038
12.0y left
10,661,503
Dosing regimens for chronic administration of ZURZUVAE
T. Nguyen + 3 · ZURZUVAE
Method of Use
grantedfiled Apr 2014
exp. Apr 2034
8.0y left
11,138,214
Methods of treating advanced disease using ZURZUVAE
B. Romano · ZURZUVAE
Method of Use
grantedfiled Apr 2013
exp. Apr 2033
7.0y left
11,366,102
Subcutaneous injectable formulations of ZURZUVAE
E. Reyes + 2 · ZURZUVAE
Formulation
grantedfiled Apr 2012
exp. Apr 2032
6.0y left
10,800,897
Stable lyophilized formulations of ZURZUVAE
L. Kowalski + 1 · ZURZUVAE
Formulation
grantedfiled Apr 2009
exp. Apr 2029
3.0y left
Source: USPTO PEDS & Patent Public Search
News

News

PR wires · biotech trades · company IR · last 90 days
News · last 90 days
4 items from 3 categories
corporate2regulatory1clinical1
just now
SAGE receives Orphan Drug Designation for ZURZUVAE
PR Newswire·regulatory
5d ago
SAGE doses first patient in Phase 3 ZURZUVAE study
Endpoints News$·clinical
2mo ago
SAGE adds independent director to Board
Business Wire·corporate
2mo ago
SAGE announces $163 million private placement
Business Wire·corporate
Sources: PR wires + biotech-trade publications + company IR
Financials

Financials

snapshot · sourced to filings · refreshed at next 10-Q
Trading
Previous close
$8.60
Open
$8.65
Day Δ
-0.05
-0.58%
Day range
$8.56 – $8.69
52W range
$6.07 – $8.79
Avg daily volume
703K
Valuation & ownership
Enterprise value
$174M
Shares out
55.81M
Float
47.44M
Insider %
8.88%
Institutional %
53.88%
Beta
2.38
vs SPY · 52w
Balance sheet & burn
Cash + invest
$576M
Total debt
$188M
Debt / equity
5.88
Cash burn / Q
$64M
R&D spend TTM
$275M
48% of cash
ATM available
$62M
dilution risk
Earnings
EPS latest
$-0.23
EPS Δ vs prior
+0.08
EPS estimate
$-0.15
next quarter
EPS prior
$-0.31
Next earnings
Jul 5, 2026
Rev guidance
$11M

All values reflect the most recent 10-Q / 10-K filing or seeded equivalent. Beta, IV, short interest, and borrow availability are derived from broker-feed conventions. Upgrade to Pro for live updates.

Recent disclosure activity

last 2 observations
3h agoZURZUVAECORAL Phase 3 MDD Enrollment CompleteHighPR
3h agoZURZUVAECORAL Phase 3 MDD ToplineMedPR

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