---
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"
generated_at: "2026-05-30T13:19:29.293166+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Sage Therapeutics restructures, reduces workforce by 33%; CFO and GC to leave; new COO

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-238425
- form_type: 8-K
- cik: 0001597553
- company_name: Sage Therapeutics, Inc.
- filed_at: 2024-10-17T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.05, 5.02
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-238425
- JSON: https://secwatch.observer/filing/0001193125-24-238425.json
- Plain text: https://secwatch.observer/filing/0001193125-24-238425.txt

## Key facts
- Executive change
  Kimi Iguchi departed as Chief Financial Officer and Treasurer at Sage Therapeutics, Inc..
  - Action: separation
  - Role: Chief Financial Officer and Treasurer
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1597553/000119312524238425/0001193125-24-238425-index.htm
- Executive change
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1597553/000119312524238425/0001193125-24-238425-index.htm
- Executive change
  Chris Benecchi was appointed as Chief Operating Officer and Treasurer at Sage Therapeutics, Inc..
  - Action: appointed
  - Role: Chief Operating Officer and Treasurer
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1597553/000119312524238425/0001193125-24-238425-index.htm
- Restructurings & Charges
  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%
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1597553/000119312524238425/0001193125-24-238425-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.