SCHEDULE: Madison Avenue Group Exits Sage Therapeutics Stake

A group of investment entities led by Madison Avenue Partners has filed an amended Schedule 13G, reporting zero beneficial ownership in Sage Therapeutics, Inc. common stock.

Summary

• An Amendment No. 2 to Schedule 13G has been filed by a group of reporting persons, including Madison Avenue Partners, LP, Madison Avenue International LP, EMAI Management, LLC, Madison Avenue GP, LLC, Caraway Jackson Investments LLC, and Eli Samaha.
• As of September 30, 2025, the reporting persons collectively beneficially owned 0 shares of Sage Therapeutics, Inc. Common Stock.
• This represents 0% of the outstanding Common Stock of Sage Therapeutics, Inc.
• The percentage is based on 62,784,397 Common Stock outstanding as of July 23, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q.
• The filing certifies that the securities were not acquired or held for the purpose of changing or influencing the control of Sage Therapeutics, Inc.

Sentiment

Score: 5

Explanation: This is a factual disclosure of a change in beneficial ownership to 0%, which is a neutral event in itself without further context on the prior ownership level or reasons for divestment.

Future Outlook

No future outlook or guidance is provided in this beneficial ownership amendment.

Industry Context

This filing is a routine disclosure of a change in passive institutional ownership. It reflects a specific investment group's decision to divest its stake in Sage Therapeutics, Inc., rather than indicating broader industry trends or company-specific operational news.

Stakeholder Impact

• Shareholders of Sage Therapeutics, Inc. may note the exit of this investment group, but without knowing the prior stake, the significance of this divestment is unclear.

Key Dates

Keywords

Sage Therapeutics, Schedule 13G, Beneficial Ownership, Common Stock, Madison Avenue Partners, Institutional Investor, Equity Stake