v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information

12. Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company operates as a single reporting segment, focused on discovering, developing and delivering brain health medicines. The Company’s measure of segment profit or loss is net loss. The CODM is the chief executive officer. The CODM manages and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a consolidated basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions, therapeutic areas and research and development projects that are in line with the Company’s long-term company-wide strategic goals. Consistent with this decision-making process, the CODM uses consolidated financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. Operating expenses are used to monitor budget versus actual results. The CODM also uses net loss in competitive analysis by benchmarking to the Company’s peer group. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment. All the Company’s long-lived assets are held in the United States and all the Company’s revenues are derived from the United States.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment. A reconciliation to the consolidated net loss for the three and six months ended June 30, 2025 and 2024 is included at the bottom of the table below.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

 

 

 

 

 

 

Revenues

 

$

31,660

 

 

$

8,654

 

 

$

45,724

 

 

$

16,556

 

Cost of revenues

 

 

(55

)

 

 

1,407

 

 

 

600

 

 

 

2,676

 

Program expenses (1)

 

 

 

 

 

 

 

 

 

 

 

 

     zuranolone (ZURZUVAE)

 

 

15,835

 

 

 

4,695

 

 

 

27,845

 

 

 

9,952

 

     SAGE-319

 

 

2,954

 

 

 

2,306

 

 

 

4,621

 

 

 

3,259

 

     SAGE-324

 

 

(1,597

)

 

 

2,286

 

 

 

(2,435

)

 

 

6,118

 

     dalzanemdor

 

 

(1,944

)

 

 

15,331

 

 

 

(1,974

)

 

 

38,999

 

     Other research and development programs

 

 

3,472

 

 

 

8,067

 

 

 

6,977

 

 

 

17,524

 

Non-program expenses (2)

 

 

24,299

 

 

 

22,933

 

 

 

43,556

 

 

 

45,065

 

People and staff augmentation

 

 

34,162

 

 

 

45,760

 

 

 

72,013

 

 

 

91,670

 

Restructuring

 

 

(230

)

 

 

—

 

 

 

283

 

 

 

(597

)

Other segment items (3)

 

 

4,416

 

 

 

8,723

 

 

 

6,104

 

 

 

13,227

 

Net loss

 

$

(49,652

)

 

$

(102,854

)

 

$

(111,866

)

 

$

(211,337

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes external research and development, and selling, general and administrative expenses.

 

(2) Includes information technology, infrastructure, facilities, legal, commercial data and systems, chemistry platform, intellectual

 

          property, and other general and administrative expense.

 

(3) Includes stock-based compensation expense, interest income, and other (income) expense.