| Summary of Activity and Reimbursement Amounts Related to Collaboration Agreement |
The following table summarizes the Company’s proportionate share of the activity under the Biogen Collaboration Agreement accounted for under Topic 808, including activities associated with the sale of ZURZUVAE in the U.S., as well as costs during the periods related to the development of SAGE-217 products and SAGE-324 products, through February 17, 2025, the SAGE-324 Termination effective date, as reflected in our condensed consolidated statement of operations and comprehensive loss:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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|
2024 |
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|
2025 |
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|
2024 |
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(in thousands) |
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(in thousands) |
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Collaboration revenue - related party |
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$ |
23,209 |
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$ |
7,420 |
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$ |
37,036 |
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$ |
13,633 |
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Cost of revenues (1) |
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|
5 |
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|
1,294 |
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|
730 |
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|
2,495 |
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Research and development expenses |
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|
738 |
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|
4,943 |
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|
2,034 |
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|
|
11,974 |
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Selling, general and administrative expenses |
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|
22,826 |
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|
13,072 |
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|
43,420 |
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|
26,055 |
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(1) Includes a one-time reversal of previously accrued regulatory expenses in the three and six months ended June 30, 2025, totaling $625. |
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The revenue, cost of revenues, and expense categories in the table below reflect the following reimbursement amounts to (from) Biogen to account for the sharing of economics under the Biogen Collaboration Agreement:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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|
2024 |
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(in thousands) |
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(in thousands) |
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Collaboration revenue - related party |
|
$ |
(23,209 |
) |
|
$ |
(7,420 |
) |
|
$ |
(37,036 |
) |
|
$ |
(13,633 |
) |
Cost of revenues |
|
|
(697 |
) |
|
|
(566 |
) |
|
|
(827 |
) |
|
|
(1,128 |
) |
Research and development expenses(1) |
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|
2,975 |
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|
(3,325 |
) |
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|
2,736 |
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(8,982 |
) |
Selling, general and administrative expenses |
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|
6,231 |
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|
1,019 |
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|
11,017 |
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3,325 |
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(1) Includes a $2,860 credit to Biogen for API shipped to Shionogi in the three and six months ended June 30, 2025 for
expenses previously shared and reimbursed from Biogen to Sage under the Biogen Collaboration Agreement. |
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