SAGE Therapeutics Posts Q1 Loss

reported a loss for the first quarter ended March 31, 2015. The Cambridge, Massachusetts-based company posted a quarterly net loss of $16.9 million, or $0.66 per share, versus a year-ago net loss of $5.8 million, or $3.70 per share. Analysts were expecting a loss of $0.49 per share. Research and development expenses in the first quarter increased to $12.9 million, from $4.2 million in the year-ago period. General and administrative expenses rose to $4.0 million from $1.6 million. As of March 31, 2015, the company had $113.2 million in cash and cash equivalents, versus $127.8 million at December 31, 2014. Kimi Iguchi, chief financial officer of SAGE, added, "We believe that we are well-positioned to deliver on several value-creating milestones. We recently completed our successful equity financing, which raised net proceeds of approximately $129.2 million, allowing us to continue investing in the expansion of our pipeline in 2015." SAGE Therapeutics shares fell 1.10 percent to close at $57.29 yesterday.