SAGE Therapeutics Inc Q1 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Malcolm Smith - J.P. Morgan - Analyst : Hi, thanks for taking the question. This is actually a Malcolm Cuno on for Anupam Rama. What kind of early pull through are you seeing from your, salesforce initiatives?

Question: Malcolm Smith - J.P. Morgan - Analyst : Great. Thank you.

Question: Shrunatra Mishra - Goldman Sachs - Analyst : Hi, this is Shrunatra on for Salveen. Could you provide some additional color on the pipeline and your upcoming catalysts. And particularly what is driving SAGE's confidence in the GABA and NMDAR pathways, given the setbacks on the pipeline that we saw last year. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 8:30PM, SAGE.OQ - Q1 2025 SAGE Therapeutics Inc Earnings Call

Question: Shrunatra Mishra - Goldman Sachs - Analyst : Thanks, Mike. Thanks, Laura.

Question: Morgan Gryga - Morgan Stanley - Analyst : Hi, this is Morgan Gryga on for Vikram. Thanks for taking our question. So on ZURZUVAE for those prescribers and patients deciding not to use ZURZUVAE as their first line treatment. What do you believe are the key factors as to why? And which efforts do you have underway that you think are likely to be key to addressing these reasons? And then second question. Could you speak about the concentrations of the salesforce in particular regions? I know in the last update you had said in the regions where the salesforce had been expanded, you had seen, I believe it was a 33% uplift. Could you provide any color details there on updates and how that's panning out? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 8:30PM, SAGE.OQ - Q1 2025 SAGE Therapeutics Inc Earnings Call

Question: Morgan Gryga - Morgan Stanley - Analyst : Okay. Thank you.

Question: Athena Chin - TD Cowen - Analyst : Hi guys, this is Athena on for Ritu Baral. Thanks for taking the question. During the last earnings calls, you guys noted that inventory levels for ZURZUVAE were kind of fluid. So how should we, look at these levels now and when can we expect them to stabilize? Thank you.

Question: Ami Fadia - Needham & Co - Analyst : Hi, good afternoon. Thanks for taking my question. Just a quick follow up to the previous question, As we think about the expansion and the commercial efforts by both yourself and Biogen. How should we think about kind of the acceleration in growth, in these sort of shipments, as the quarters progress. Maybe if you could sort of help us sort of get some sort of a sizing of by how much you've expanded the efforts. And what type of impact do you expect from that would be helpful. And then a quick follow up on the inventory question. Can you just quantify if there was any inventory changes in the quarter that might have impacted the market revenue? Thank you.

Question: Brian Abrahams - RBC Capital Markets - Analyst : Okay. Thanks so much for taking my question. What do you guys sense is the overall awareness of ZURZUVAE, both amongst [Ogus] and amongst the, expecting a new mother community. And I guess I'm also curious that what kind of metrics you can use to assess both that awareness as well as the degree to which screening for PPD may be increasing. Thanks.

Question: David Amsellem - Piper Sandler - Analyst : Thanks. So wanted to ask you about your partner and specifically, is anything changed regarding their commitment to the product. And I guess to the extent that, things are status quo strategically, just looking at ZURZUVAE as primarily a women's health product and where the rest of Biogen's business is. Do you get the sense that their commitment to the product might wane just given the strategic fit or lack of strategic fit? Just wanted to get your thoughts there. Thank you.

Question: David Amsellem - Piper Sandler - Analyst : Okay. Thank you.

Question: Douglas Tsao - H.C. Wainwright & Co LLC - Analyst : Hi, good afternoon. Can you hear me?

Question: Douglas Tsao - H.C. Wainwright & Co LLC - Analyst : So I think that you mentioned that once the driver writes a script was over there you could see greater activity for PPD in that office, are they? And I think you might have said, and I'm sorry if I misheard, but they might be writing other products as well. So I'm just curious sort of how you're seeing that mix and ultimately what it takes to shift them just so they can immediately go for that.

Question: Douglas Tsao - H.C. Wainwright & Co LLC - Analyst : Okay. And that that's really helpful. And then I guess, I'm just curious if you any, and obviously you did grow quarter-on-quarter. I'm just curious if you saw any regional impact, obviously across the industry we typically be, resets and so forth. And so, I'm just curious if, as we think about the future quarters of sort of catch up in terms of the drug.

Question: Douglas Tsao - H.C. Wainwright & Co LLC - Analyst : Great. Thank you very much.

Question: Uy Ear - Mizuho Securities USA - Analyst : Hey guys, thanks for taking a question. Just curious, could you speak a bit about Gross and that, whether you've seen it improve from our, from the fourth quarter, or does it, -- or did in this quarter did experience a typical, gross and net depression that other products, in the space experience. Thanks.

Question: Uy Ear - Mizuho Securities USA - Analyst : Thanks, Chris. Thanks for the question. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 8:30PM, SAGE.OQ - Q1 2025 SAGE Therapeutics Inc Earnings Call

Question: Joel Beatty - Robert W. Baird & Co - Analyst : Thanks. In the survey we published earlier this month, we received comments from quite a few docs that said they liked the profile of ZURZUVAE and wanted to prescribe it more. But then they said that getting par coverage is often challenging, that this had been a barrier to their use. I'm so curious, how does that fit with what you're hearing from OBGYNs regarding challenging payer coverage?

Question: Joel Beatty - Robert W. Baird & Co - Analyst : Thank you.

Question: Laura Chico - Wedbush Securitie - Analyst : Hi, good afternoon. Thanks very much for putting me in here. I guess, one question I just wanted to clarify, I know there were about 3,000 shipments in the quarter that occurred. Have you quantified the number of HCPs you have that are actively prescribing? And I'm just trying to understand what would be a reasonable or aspirational goal in terms of the number of prescribers. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 8:30PM, SAGE.OQ - Q1 2025 SAGE Therapeutics Inc Earnings Call

Question: Laura Chico - Wedbush Securitie - Analyst : Okay, that's helpful, Barry. Maybe I'll just to one. I'll talk kind of related, but I don't know if you'll be able to answer this in terms of the average script per provider, how are you, would you be able to quantify kind of the changes you're seeing there? I think your qualitative commentary suggest it's increasing but wondering if you can add any metrics there. Thank you.

Question: Laura Chico - Wedbush Securitie - Analyst : Thanks very much.

Question: Sumant Kulkarni - Canaccord Genuity - Analyst : Good afternoon. Thanks for taking my question. It's nice to see the growth on the ZURZUVAE, but what specifically needs to happen to get a more meaningful inflection on the product? Ao we could see sales far outstrip the SG&A dollars that are spent currently, and how would you put that in context relative to your current cash runway or versus the timelines on any meaningful pipeline catalyst that might help extend that runway?

Question: Sumant Kulkarni - Canaccord Genuity - Analyst : Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 29, 2025 / 8:30PM, SAGE.OQ - Q1 2025 SAGE Therapeutics Inc Earnings Call

Question: Ronal Dias - Truist Securities - Analyst : Good afternoon. This is awesome. Ronal on for Joon. Congrats on the quarter and thanks for taking the questions. Just a question on 324. I mean, what remaining work are you looking to do on 324 to develop for DEE? And then, in terms of ZURZUVAE, what's the persistence of prescribers? Do you see any prescribers that start the drug and then stop prescribing? Thank you.

Question: Ronal Dias - Truist Securities - Analyst : Thank you.