STOCK TITAN

[Form 4] Sage Therapeutics, Inc Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Director Michael F. Cola filed a Form 4 after Sage Therapeutics (SAGE) completed its merger with Supernus Pharmaceuticals on 07/31/2025. The agreement paid shareholders $8.50 cash plus one contingent value right (CVR) of up to $3.50 per share.

Cola’s only reported transaction is the disposition of 21,500 stock options with a $6.77 exercise price. At the effective time, all in-the-money options vested automatically and were cancelled in exchange for: (i) cash equal to the spread between the $8.50 merger price and the $6.77 strike (≈ $1.73 per option) and (ii) one CVR for each underlying share. Options with strike prices at or above $8.50 were cancelled for no consideration, leaving the reporting person with zero derivative securities in the issuer.

The filing confirms the merger’s close, cash payout mechanics, and termination of Section 16 insider status.

Il direttore Michael F. Cola ha presentato un Modulo 4 dopo che Sage Therapeutics (SAGE) ha completato la fusione con Supernus Pharmaceuticals il 31/07/2025. L'accordo ha previsto un pagamento agli azionisti di 8,50 $ in contanti più un diritto di valore contingente (CVR) fino a 3,50 $ per azione.

L'unica operazione segnalata da Cola è la cessione di 21.500 opzioni su azioni con un prezzo di esercizio di 6,77 $. Al momento dell'efficacia, tutte le opzioni in the money sono state automaticamente maturate e cancellate in cambio di: (i) un pagamento in contanti pari alla differenza tra il prezzo di fusione di 8,50 $ e il prezzo di esercizio di 6,77 $ (circa 1,73 $ per opzione) e (ii) un CVR per ogni azione sottostante. Le opzioni con prezzo di esercizio pari o superiore a 8,50 $ sono state cancellate senza alcun corrispettivo, lasciando il soggetto segnalante con zero titoli derivati nell'emittente.

La comunicazione conferma la chiusura della fusione, le modalità di pagamento in contanti e la cessazione dello status di insider ai sensi della Sezione 16.

El director Michael F. Cola presentó un Formulario 4 tras la finalización de la fusión entre Sage Therapeutics (SAGE) y Supernus Pharmaceuticals el 31/07/2025. El acuerdo pagó a los accionistas 8,50 $ en efectivo más un derecho contingente de valor (CVR) de hasta 3,50 $ por acción.

La única transacción reportada por Cola es la disposición de 21.500 opciones sobre acciones con un precio de ejercicio de 6,77 $. En el momento efectivo, todas las opciones in-the-money se consolidaron automáticamente y fueron canceladas a cambio de: (i) efectivo equivalente a la diferencia entre el precio de fusión de 8,50 $ y el precio de ejercicio de 6,77 $ (≈ 1,73 $ por opción) y (ii) un CVR por cada acción subyacente. Las opciones con precios de ejercicio iguales o superiores a 8,50 $ fueron canceladas sin compensación, dejando a la persona que reporta con cero valores derivados en el emisor.

La presentación confirma el cierre de la fusión, los mecanismos de pago en efectivo y la terminación del estatus de insider según la Sección 16.

이사 Michael F. Cola는 Sage Therapeutics(SAGE)가 Supernus Pharmaceuticals와의 합병을 2025년 7월 31일에 완료한 후 Form 4를 제출했습니다. 해당 계약은 주주들에게 주당 8.50달러 현금과 최대 3.50달러의 조건부 가치권(CVR) 1개를 지급했습니다.

Cola가 보고한 유일한 거래는 행사가격이 6.77달러21,500주 스톡옵션 처분입니다. 합병 발효 시점에, 모든 인더머니 옵션은 자동으로 베스팅되어 다음과 교환되어 취소되었습니다: (i) 8.50달러 합병 가격과 6.77달러 행사가격 간 차액에 해당하는 현금(옵션당 약 1.73달러) 및 (ii) 기초 주식 1주당 1개의 CVR. 행사가격이 8.50달러 이상인 옵션은 보상 없이 취소되어 보고자는 발행사 내에 파생 증권이 전혀 없는 상태가 되었습니다.

해당 제출 서류는 합병 완료, 현금 지급 방식, 섹션 16 내부자 지위 종료를 확인합니다.

Le directeur Michael F. Cola a déposé un formulaire 4 après que Sage Therapeutics (SAGE) ait finalisé sa fusion avec Supernus Pharmaceuticals le 31/07/2025. L'accord a versé aux actionnaires 8,50 $ en espèces ainsi qu'un droit de valeur conditionnel (CVR) pouvant atteindre 3,50 $ par action.

La seule transaction déclarée par Cola est la cession de 21 500 options d'achat d'actions avec un prix d'exercice de 6,77 $. Au moment de l'entrée en vigueur, toutes les options dans la monnaie ont été automatiquement acquises et annulées en échange de : (i) un paiement en espèces égal à l'écart entre le prix de fusion de 8,50 $ et le prix d'exercice de 6,77 $ (environ 1,73 $ par option) et (ii) un CVR pour chaque action sous-jacente. Les options avec un prix d'exercice égal ou supérieur à 8,50 $ ont été annulées sans contrepartie, laissant la personne déclarant aucun titre dérivé dans l'émetteur.

Le dépôt confirme la clôture de la fusion, les modalités de paiement en espèces et la fin du statut d'initié au titre de la Section 16.

Direktor Michael F. Cola reichte ein Formular 4 ein, nachdem Sage Therapeutics (SAGE) am 31.07.2025 die Fusion mit Supernus Pharmaceuticals abgeschlossen hatte. Die Vereinbarung zahlte den Aktionären 8,50 $ in bar sowie ein bedingtes Wertrecht (CVR) von bis zu 3,50 $ pro Aktie.

Colas einzige gemeldete Transaktion ist die Veräußerung von 21.500 Aktienoptionen mit einem Ausübungspreis von 6,77 $. Zum Wirksamkeitszeitpunkt wurden alle im Geld befindlichen Optionen automatisch ausgeübt und im Austausch für (i) Bargeld in Höhe der Differenz zwischen dem Fusionspreis von 8,50 $ und dem Ausübungspreis von 6,77 $ (ca. 1,73 $ pro Option) und (ii) einem CVR für jede zugrundeliegende Aktie storniert. Optionen mit Ausübungspreisen von 8,50 $ oder höher wurden ohne Gegenleistung storniert, wodurch die meldende Person keine Derivatwerte mehr am Emittenten hält.

Die Meldung bestätigt den Abschluss der Fusion, die Auszahlung in bar und die Beendigung des Insider-Status gemäß Abschnitt 16.

Positive
  • Merger consummation: Filing confirms Sage’s cash-and-CVR sale to Supernus closed on 07/31/2025.
  • Cash payout clarity: Shareholders and option-holders receive $8.50 per share plus potential $3.50 CVR, eliminating deal uncertainty.
Negative
  • Out-of-the-money options canceled: Any option with a strike ≥ $8.50 was terminated with no consideration, erasing potential upside for those holders.

Insights

TL;DR: Merger closed; director options cashed out at $8.50 + CVR—no ongoing SAGE exposure.

The Form 4 is primarily procedural, documenting conversion of 21,500 in-the-money options into cash and CVRs once the Supernus takeover became effective. While insider “selling” can appear bearish, the action is automatic under the merger agreement and does not reflect discretionary sentiment. Importantly, it confirms payment terms—$8.50 cash plus up to $3.50 CVR—are now binding. Investors holding SAGE should no longer expect equity upside beyond CVR milestones. Impact is neutral to slightly positive because it evidences deal completion and cash realization.

TL;DR: Filing formalizes option cancellation terms, ensuring compliance post-merger.

The disclosure satisfies Section 16 requirements by documenting how board-level equity was treated at close. Automatic vesting of unexercised options removes potential post-close conflicts and signals that legacy incentive plans are extinguished. Options with strikes ≥ $8.50 were canceled without payment, illustrating equitable application of the merger terms. Overall governance impact is neutral; the event merely codifies contractual obligations already disclosed in the proxy and tender offer materials.

Il direttore Michael F. Cola ha presentato un Modulo 4 dopo che Sage Therapeutics (SAGE) ha completato la fusione con Supernus Pharmaceuticals il 31/07/2025. L'accordo ha previsto un pagamento agli azionisti di 8,50 $ in contanti più un diritto di valore contingente (CVR) fino a 3,50 $ per azione.

L'unica operazione segnalata da Cola è la cessione di 21.500 opzioni su azioni con un prezzo di esercizio di 6,77 $. Al momento dell'efficacia, tutte le opzioni in the money sono state automaticamente maturate e cancellate in cambio di: (i) un pagamento in contanti pari alla differenza tra il prezzo di fusione di 8,50 $ e il prezzo di esercizio di 6,77 $ (circa 1,73 $ per opzione) e (ii) un CVR per ogni azione sottostante. Le opzioni con prezzo di esercizio pari o superiore a 8,50 $ sono state cancellate senza alcun corrispettivo, lasciando il soggetto segnalante con zero titoli derivati nell'emittente.

La comunicazione conferma la chiusura della fusione, le modalità di pagamento in contanti e la cessazione dello status di insider ai sensi della Sezione 16.

El director Michael F. Cola presentó un Formulario 4 tras la finalización de la fusión entre Sage Therapeutics (SAGE) y Supernus Pharmaceuticals el 31/07/2025. El acuerdo pagó a los accionistas 8,50 $ en efectivo más un derecho contingente de valor (CVR) de hasta 3,50 $ por acción.

La única transacción reportada por Cola es la disposición de 21.500 opciones sobre acciones con un precio de ejercicio de 6,77 $. En el momento efectivo, todas las opciones in-the-money se consolidaron automáticamente y fueron canceladas a cambio de: (i) efectivo equivalente a la diferencia entre el precio de fusión de 8,50 $ y el precio de ejercicio de 6,77 $ (≈ 1,73 $ por opción) y (ii) un CVR por cada acción subyacente. Las opciones con precios de ejercicio iguales o superiores a 8,50 $ fueron canceladas sin compensación, dejando a la persona que reporta con cero valores derivados en el emisor.

La presentación confirma el cierre de la fusión, los mecanismos de pago en efectivo y la terminación del estatus de insider según la Sección 16.

이사 Michael F. Cola는 Sage Therapeutics(SAGE)가 Supernus Pharmaceuticals와의 합병을 2025년 7월 31일에 완료한 후 Form 4를 제출했습니다. 해당 계약은 주주들에게 주당 8.50달러 현금과 최대 3.50달러의 조건부 가치권(CVR) 1개를 지급했습니다.

Cola가 보고한 유일한 거래는 행사가격이 6.77달러21,500주 스톡옵션 처분입니다. 합병 발효 시점에, 모든 인더머니 옵션은 자동으로 베스팅되어 다음과 교환되어 취소되었습니다: (i) 8.50달러 합병 가격과 6.77달러 행사가격 간 차액에 해당하는 현금(옵션당 약 1.73달러) 및 (ii) 기초 주식 1주당 1개의 CVR. 행사가격이 8.50달러 이상인 옵션은 보상 없이 취소되어 보고자는 발행사 내에 파생 증권이 전혀 없는 상태가 되었습니다.

해당 제출 서류는 합병 완료, 현금 지급 방식, 섹션 16 내부자 지위 종료를 확인합니다.

Le directeur Michael F. Cola a déposé un formulaire 4 après que Sage Therapeutics (SAGE) ait finalisé sa fusion avec Supernus Pharmaceuticals le 31/07/2025. L'accord a versé aux actionnaires 8,50 $ en espèces ainsi qu'un droit de valeur conditionnel (CVR) pouvant atteindre 3,50 $ par action.

La seule transaction déclarée par Cola est la cession de 21 500 options d'achat d'actions avec un prix d'exercice de 6,77 $. Au moment de l'entrée en vigueur, toutes les options dans la monnaie ont été automatiquement acquises et annulées en échange de : (i) un paiement en espèces égal à l'écart entre le prix de fusion de 8,50 $ et le prix d'exercice de 6,77 $ (environ 1,73 $ par option) et (ii) un CVR pour chaque action sous-jacente. Les options avec un prix d'exercice égal ou supérieur à 8,50 $ ont été annulées sans contrepartie, laissant la personne déclarant aucun titre dérivé dans l'émetteur.

Le dépôt confirme la clôture de la fusion, les modalités de paiement en espèces et la fin du statut d'initié au titre de la Section 16.

Direktor Michael F. Cola reichte ein Formular 4 ein, nachdem Sage Therapeutics (SAGE) am 31.07.2025 die Fusion mit Supernus Pharmaceuticals abgeschlossen hatte. Die Vereinbarung zahlte den Aktionären 8,50 $ in bar sowie ein bedingtes Wertrecht (CVR) von bis zu 3,50 $ pro Aktie.

Colas einzige gemeldete Transaktion ist die Veräußerung von 21.500 Aktienoptionen mit einem Ausübungspreis von 6,77 $. Zum Wirksamkeitszeitpunkt wurden alle im Geld befindlichen Optionen automatisch ausgeübt und im Austausch für (i) Bargeld in Höhe der Differenz zwischen dem Fusionspreis von 8,50 $ und dem Ausübungspreis von 6,77 $ (ca. 1,73 $ pro Option) und (ii) einem CVR für jede zugrundeliegende Aktie storniert. Optionen mit Ausübungspreisen von 8,50 $ oder höher wurden ohne Gegenleistung storniert, wodurch die meldende Person keine Derivatwerte mehr am Emittenten hält.

Die Meldung bestätigt den Abschluss der Fusion, die Auszahlung in bar und die Beendigung des Insider-Status gemäß Abschnitt 16.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
X
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
COLA MICHAEL F

(Last) (First) (Middle)
C/O SAGE THERAPEUTICS, INC.
55 CAMBRIDGE PARKWAY

(Street)
CAMBRIDGE MA 02142

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Sage Therapeutics, Inc. [ SAGE ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $6.77 07/31/2025 D(1)(2) 21,500 (3) 06/10/2035 Common Stock 21,500 (3) 0 D
Explanation of Responses:
1. This Form 4 reports securities disposed of pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of June 13, 2025, among Sage Therapeutics, Inc. (the "Issuer"), Supernus Pharmaceuticals, Inc. ("Parent"), and Saphire, Inc., a wholly owned subsidiary of Parent ("Purchaser"), pursuant to which Purchaser completed a cash tender offer to purchase all outstanding shares of common stock of the Issuer (each, a "Share") for (i) $8.50 per Share in cash (the "Closing Amount"), plus (ii) one contingent value right ("CVR") per Share, each without interest and subject to the withholding of applicable taxes, and thereafter merged with and into the Issuer, effective as of July 31, 2025 (the effective time of the merger, the "Effective Time").
2. (Continued from footnote 1) Each CVR represents the right to receive up to $3.50 per Share in cash upon the satisfaction of specified milestones, as described in the Form 8-K filed by the Issuer with the Securities and Exchange Commission on June 16, 2025.
3. Pursuant to the Merger Agreement, at the Effective Time, each option to purchase Shares (a "Company Option") then outstanding and unexercised, whether or not vested, which had a per Share exercise price less than the Closing Amount was deemed fully vested and cancelled and converted into the right to receive (i) a cash payment (without interest and subject to the withholding of applicable taxes) equal to the product of (a) the excess of the Closing Amount over the per Share exercise price of such Company Option, multiplied by (b) the total number of Shares subject to such Company Option immediately prior to the Effective Time, plus (ii) one CVR for each Share subject to such Company Option immediately prior to the Effective Time. Each Company Option, whether or not vested, which had a per Share exercise price greater than or equal to the Closing Amount was cancelled with no consideration payable in respect thereof.
/s/ Brandon Marsh, attorney in fact for Michael F. Cola 07/31/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did SAGE insiders receive for their options in the merger?

In-the-money options were cashed out for the $8.50–$6.77 spread and one CVR per underlying share.

How many options did Michael F. Cola dispose of?

21,500 stock options were canceled as part of the merger closing.

What is the value of the contingent value right (CVR)?

Each CVR can pay up to $3.50 per share if specified milestones are met.

Does the filing indicate future insider sales?

No. The disposition was automatic under the merger agreement; Cola now holds no SAGE derivative securities.

Is Sage Therapeutics still publicly traded after 07/31/2025?

The merger converted Sage shares to cash and CVRs, ending normal public trading in SAGE common stock.
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