8-K
filed October 17, 2024, 7:59 PM ET
CIK 0001597553
other material
confidence high
sentiment negative
materiality 0.75
Sage Therapeutics, Inc.: restructuring charge — Sage Therapeutics restructures, reduces workforce by 33%; CFO and GC to leave; new COO
Sage Therapeutics, Inc.
- Workforce cut of ~33%, including ~55% of R&D; severance charge of $26-28M in Q4 2024.
- CFO Kimi Iguchi and SVP/GC Anne Marie Cook depart effective Oct 31, 2024.
- Chris Benecchi named COO and Treasurer effective Nov 1, 2024, assuming principal financial and accounting officer roles.
- Company expects lower operating expenses and extended cash runway from reorganization and pipeline prioritization.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kimi Iguchi departed as Chief Financial Officer and Treasurer at Sage Therapeutics, Inc..
- Action
- separation
- Role
- Chief Financial Officer and Treasurer
Exact text from the filing
the Board also approved the separation of Kimi Iguchi, its Chief Financial Officer and Treasurer, and Anne Marie Cook, its Senior Vice President, General Counsel, and Secretary, in each case effective October 31, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Anne Marie Cook departed as Senior Vice President, General Counsel, and Secretary at Sage Therapeutics, Inc..
- Action
- separation
- Role
- Senior Vice President, General Counsel, and Secretary
Exact text from the filing
the Board also approved the separation of Kimi Iguchi, its Chief Financial Officer and Treasurer, and Anne Marie Cook, its Senior Vice President, General Counsel, and Secretary, in each case effective October 31, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Chris Benecchi was appointed as Chief Operating Officer and Treasurer at Sage Therapeutics, Inc..
- Action
- appointed
- Role
- Chief Operating Officer and Treasurer
Exact text from the filing
the Board appointed Chris Benecchi, the Company’s current Chief Business Officer, to the position of Chief Operating Officer and Treasurer, effective November 1, 2024
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Sage Therapeutics, Inc. announced a restructuring with charges of approximately $26 million to $28 million (approximately 33%).
- Type
- restructuring
- Charge
- approximately $26 million to $28 million
- Headcount
- approximately 33%
Exact text from the filing
on October 14, 2024 (the “Effective Date”), the board of directors (the “Board”) of Sage Therapeutics, Inc. (the “Company”) committed to a plan to reorganize its business operations to support the ongoing launch of ZURZUVAE TM (zuranolone) for the treatment of women with postpartum depression (“PPD”) and to focus pipeline development efforts ahead of the data readout for dalzanemdor in Huntington’s Disease expected later this year (the “Reorganization”). As part of the Reorganization, the Company plans to implement a reduction of the Company’s workforce by approximately 33%, including approximately 55% of the Company’s research and development workforce; make changes to the Company’s leadership team; and implement early-stage pipeline prioritization. The Company expects a non-recurring charge for severance and related employee costs associated with the workforce reduction of approximately $26 million to $28 million, primarily incurred in the fourth quarter of 2024.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.