Shares of Sage Therapeutics Inc. (NASDAQ: SAGE) plummeted 5.78% in after-hours trading on Monday, October 29, 2024, following the company's third-quarter 2024 financial results and pipeline updates.
The biopharmaceutical company reported a narrower net loss of $93.6 million for the quarter, compared to a net loss of $201.6 million in the same period last year. However, the market reacted negatively to Sage's decision to halt further development of its investigational drug zuranolone as a treatment for major depressive disorder (MDD) in the U.S.
Sage and its partner Biogen had previously received a Complete Response Letter from the U.S. Food and Drug Administration (FDA) regarding the New Drug Application for zuranolone in MDD. The companies concluded that the significant additional investment and time required for further studies made the MDD program commercially unviable in the U.S. market.
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