Sage Therapeutics layoffs, on the record
Every job cut, severance charge and restructuring Sage Therapeutics reported in its annual reports, 2022 to 2024, quoted from the filings.
Job cuts, severance and restructuring
Our summaryThe company recorded restructuring operating costs in 2020, and the filing says its leases were terminated as part of an April 2020 restructuring.
Word for word“During the year ended December 31, 2020, these leases were terminated as part of the restructuring during April 2020, and the remaining right-of-use asset of $ 2.3 million and the associated liabilities related to these leases were de-recognized upon termination of the leases.” 10-K for 2022
Our summaryImplemented a strategic corporate reorganization and reprioritization of its pipeline that cut the workforce by about 40%.
Word for word“The reorganization included a reduction of our workforce by approximately 40%, designed to right-size the organization as we worked to achieve sustained growth and support the goal of successful commercialization of ZURZUVAE to treat women with PPD.” 10-K for 2023
Our summaryRecorded restructuring expense, mainly for one-time termination benefits such as severance, healthcare and outplacement for affected employees.
Word for word“During the year ended December 31, 2023, we recorded $33.4 million of expense for restructuring, representing total restructuring charges expected to be incurred, primarily for one-time termination benefits to the affected employees, primarily for cash payments of severance, healthcare benefits and outplacement assistance.” 10-K for 2023
Our summaryIn October 2024 the company carried out a strategic reorganization that cut about 33% of its total workforce and about 55% of its research and development workforce.
Word for word“As part of the 2024 Restructuring, we implemented a reduction of approximately 33% of our total workforce and approximately 55% of our research and development workforce.” 10-K for 2024
Our summaryThe company recorded $22.3 million of expense in 2024 for the 2024 Restructuring, mainly one-time termination benefits such as severance, healthcare benefits and outplacement help.
Word for word“During the year ended December 31, 2024, we recorded a total of $22.3 million of expense related to the 2024 Restructuring, primarily for one-time termination benefits to the affected employees, primarily consisting of cash payments of severance, healthcare benefits and outplacement assistance.” 10-K for 2024
Our summaryThe company recorded a total of $32.9 million of expense for the 2023 Restructuring, mostly severance, healthcare benefits and outplacement assistance.
Word for word“As of December 31, 2024, we recorded a total of $32.9 million of expense related to the 2023 Restructuring, primarily for one-time termination benefits to the affected employees and, primarily consisting of cash payments of severance, healthcare benefits and outplacement assistance.” 10-K for 2024
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2020-12-31 | $27.7 million | — | $25.1 million |
| 2021-12-31 | — | — | $203,000 |
| 2023-12-31 | $33.4 million | — | $19.2 million |
| 2024-12-31 | $21.9 million | $32.9 million | $16.9 million |
Sage Therapeutics filed 3 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Sage Therapeutics’s annual reports (10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2025-02-11. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.