SAGE Therapeutics Inc to Review Topline Results from the Phase 3 WATERFALL Study Call Summary

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

Question: Sumant Satchidanand Kulkarni - Canaccord Genuity Corp., Research Division - Analyst : Given the consistency of data theme and the relatively rapid onset of zuranolone in your discussions with your partners, when you meet with the FDA or in real-world usage, what's the preference on positioning zuranolone purely as an acute or episodic treatment for MDD? And how much of a challenge would that be to change this paradigm, given patients are used to chronic treatments and doctors as well? I'm only asking because even 4 treatments per year or 14 days each is much better than the standard of care right now.

Question: Gary Jay Nachman - BMO Capital Markets Equity Research - Analyst : Congrats on hitting the endpoint. Patients came in at a reasonably high HAM-D of 27. So are you surprised you didn't get a bigger treatment effect with the 50-milligram dose with the 14-point reduction in the HAM-D? Specifically, relative to what you saw with some of the lower doses in previous studies and maybe just review those baselines and treatment effects, I'm curious how the FDA is going to look at treatment effect across the doses in the different studies and if they'll be looking for improvement there. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 15, 2021 / 12:00PM, SAGE.OQ - SAGE Therapeutics Inc to Review Topline Results from the Phase 3 WATERFALL Study Call