{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-24-238425","form_type":"8-K","ticker":null,"cik":"0001597553","company_name":"Sage Therapeutics, Inc.","filed_at":"2024-10-17T23:59:59+00:00","discovered_at":"2026-05-14T18:03:08.920661+00:00","generated_at":"2026-05-30T13:19:29.293166+00:00","sec_items":["2.05","5.02"],"event_type":"other_material","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Sage Therapeutics restructures, reduces workforce by 33%; CFO and GC to leave; new COO","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-24-238425","json":"https://secwatch.observer/filing/0001193125-24-238425.json","markdown":"https://secwatch.observer/filing/0001193125-24-238425.md","text":"https://secwatch.observer/filing/0001193125-24-238425.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1597553/000119312524238425/0001193125-24-238425-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1597553/000119312524238425/d891074d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-30T13:19:29.293166+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"712efc6e5c","claim":"Kimi Iguchi departed as Chief Financial Officer and Treasurer at Sage Therapeutics, Inc..","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1597553/000119312524238425/0001193125-24-238425-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"separation"},{"label":"Role","value":"Chief Financial Officer and Treasurer"}],"fact_type":"executive_change"},{"claim_id":"738e537fd3","claim":"Anne Marie Cook departed as Senior Vice President, General Counsel, and Secretary at Sage Therapeutics, Inc..","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1597553/000119312524238425/0001193125-24-238425-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"separation"},{"label":"Role","value":"Senior Vice President, General Counsel, and Secretary"}],"fact_type":"executive_change"},{"claim_id":"baac884333","claim":"Chris Benecchi was appointed as Chief Operating Officer and Treasurer at Sage Therapeutics, Inc..","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1597553/000119312524238425/0001193125-24-238425-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Chief Operating Officer and Treasurer"}],"fact_type":"executive_change"},{"claim_id":"de181a1f6e8eee07f9cddd6f14cb6b017f59f4dc","claim":"Sage Therapeutics, Inc. announced a restructuring with charges of approximately $26 million to $28 million (approximately 33%).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1597553/000119312524238425/0001193125-24-238425-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"approximately $26 million to $28 million"},{"label":"Headcount","value":"approximately 33%"}],"fact_type":"restructuring_charge"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}