Sage Therapeutics, Inc.

Good afternoon. Welcome to Sage Therapeutics' fourth quarter and full year 2024 Financial Results Conference call. Currently, all participants are in a listen-only mode. This call is being webcast live on the Investors and Media section of Sage's website at sagerx.com. This call is the property of Sage Therapeutics and recording, reproduction, or transmission of this call are without the express written consent of Sage Therapeutics, is strictly prohibited. Please note that this call is being recorded. I would now like to introduce Ashley Kaplowitz, Vice President of Investor Relations and Capital Markets at Sage.

Good afternoon, and thank you for joining Sage Therapeutics' fourth quarter and full year 2024 financial results conference call. Before we begin, I encourage everyone to go to the Investors and Media section of our website at sageRx.com, where you can find the press release and slides related to today's call. I would like to point out that we will be making forward-looking statements, which are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties, and our actual results may differ materially. Please review the risk factors discussed in today's press release and in our SEC filings for additional details. We will begin the call with prepared remarks by Barry Green, our Chief Executive Officer, who will provide an overview of our progress during the fourth quarter and full year 2024. Our Chief Operating Officer, Chris Bonecki, will provide an update on the ongoing commercialization of Zerzuve and key financial results. Our Chief Medical Officer, Laura Gault, will then provide a brief update on our pipeline. In addition, Mike Quirk, our Chief Scientific Officer, will be available for questions during the Q&A portion of the call. With that, I'll now turn the call over to Barry.

Thanks, Ashley, and thank you, everyone, for joining us this afternoon. 2024 was an important year for SAGE, underscored by the early commercial success of Zerzuve, the first and only oral treatment approved for adults with postpartum depression, or PPD. We entered 2025 with a plan to build on Zerzuve's commercial momentum, a recalibrated R&D approach, and a commitment to financial discipline as we focus on enhancing growth for our shareholders. As we outlined at the J.P. Morgan Conference in January, we're focused on executing against these three core priorities in 2025, which are intended to deliver short, medium, and long-term value creation for shareholders and serve unmet needs of patients and families. Our foremost priority is to continue efforts to establish the resume as the standard of care for PPD. The first year of launch exceeded expectations, and we plan to invest in 2025 to fuel top-line revenue growth. In 2024, we were pleased to see more than 6,600 shipments of Zirzuva to women with PPD, which we believe reflects the growing demand for a fast-acting treatment for PPD and physician adoption across HCPs who treat PPD. There are two important dynamics we're starting to see as the launch progresses, a promotionally responsive market and a system-wide paradigm shift. Specifically, we're seeing signs of Zerzuve changing practice patterns among OBGYNs and elevating a national dialogue around maternal mental health. These dynamics have the potential to accelerate growth and further drive urgency among HCPs in treating PPD. We believe these early successes validate our commercial strategy and provide greater evidence that Zirzuve is the key to unlocking blockbuster potential in PPD. Importantly, that means helping many women suffering from this urgent medical condition. In addition to building on the commercial momentum of Zirzuve, we're prioritizing our pipeline to focus on neuropsych and neurodevelopmental disorders. We believe our recalibrated R&D approach can create value over the long term. Laura will provide additional details on Stage 319 and Stage 324, as well as our NMDA receptor NAM platform. Lastly, we're committed to maintaining the strength of our financial position. With the commercial momentum of Zerzulian PPD, our R&D approach, and an expected cash runway to mid-2027, we believe we are well-positioned to focus on our goal of creating value for our shareholders. Now, before I turn the call over to Chris, I want to briefly acknowledge Biogen's unsolicited non-binding proposal to acquire SAGE, as well as our board's decision to initiate a strategic alternatives process. As we stated in our press release last month, the SAGE board concluded that the proposal significantly undervalues SAGE and is not in the best interest of shareholders. The board also decided to initiate a strategic review to evaluate a broad range of opportunities to maximize value for shareholders. As a reminder, we've not set a timetable for the review process, nor is there any assurance that the review process will result in any transaction or other strategic outcome. With this in mind, we will not be talking about this further on this call. I do appreciate your understanding. And with that, we'll move forward, and I'll now turn the call over to Chris. Chris?