Safe Harbor Statement The slides presented today and the accompanying oral presentations contain forward-looking statements, which may be identified by the use of words such as "may," "might," "will," "should," "can,","e

J.P. Morgan Healthcare Conference

January 2022 Exhibit 99.1

Safe Harbor Statement The slides

presented today and the accompanying oral presentations contain forward-looking statements, which may be identified by the use of words such as "may," "might," "will," "should,"

"can,","expect," "plan," "anticipate," "believe," "estimate," "project," "intend," "future," "opportunity", "goal",

"mission", "potential," "target", or "continue," and other similar expressions. Forward-looking statements in this presentation include statements regarding: our clinical development plans,

including expected timelines for initiation and completion of trials and reporting of results and our expectations as to potential results; our belief that we have sufficient data to file an NDA for zuranolone, the potential regulatory pathways

for filing and approval of zuranolone, expected timelines for filings and the potential for approval and launch, including anticipated timelines; our belief in the potential benefit and profile of zuranolone and in its potential to be

successful and to meet an unmet need in the treatment of MDD; the potential for commercialization of zuranolone and our commercialization plans, including plans to help enable access; our expectations as to the types of MDD patients who may benefit

from zuranolne, if approved; the potential for success of our other product candidates in various indications, including the potential profile and benefit of our other product candidates; our estimates as to the number of patients with disorders and

diseases of interest to us and that we hope to help and the potential market for zuranolone and our other product candidates, if approved; the goals, opportunity, mission and vision for our Company, including our goals for generating new INDs and

new products or indications and the potential for our business; our views with respect to potential value creation opportunities; the potential benefits and results that may be achieved through our collaborations with Biogen and Shionogi; our plans

for advancing, accelerating and expanding our development efforts and the output of our research engine; our belief in the potential for upcoming catalysts and milestones to support our mission and goals; and our belief in our ability to become the

leading brain health company and top-tier pharmaceutical company in 5 years. These forward-looking statements are neither promises nor guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are

beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements, including the risk that: Our clinical trials may not meet their primary endpoints or key secondary endpoints.

Success in non-clinical studies or in prior clinical trials of our product candidates may not be repeated or observed in ongoing, planned or future studies involving the same compound or other product candidates. Non-clinical and clinical results

from ongoing or future trials may not support further development of the product candidate or filing for or obtaining regulatory approval on the timelines we expect or at all and we may be required to conduct additional clinical trials or

nonclinical studies which may not be successful. We may experience slower than expected enrollment in our clinical trials or may encounter other delays or problems, including in analyzing data or requiring the need for additional analysis, data or

patients, and such issues with any trial could cause delay in completion of the trial, availability of results and timing of future activities. Continued or extended surges of the COVID-19 pandemic may have a more significant impact

on our clinical development timelines, data or business than we expect. We may encounter unexpected safety or tolerability issues with respect to any of our product candidates or marketed products; we may encounter different or more

severe adverse events at the higher doses, different frequency or length of dosing or in new indications we are studying or may study in ongoing or planned trials; we may encounter issues with the efficacy or durability of short-term treatment, or

co-initiated treatment with zuranolone or safety and efficacy concerns with respect to retreatment that require additional studies be conducted; The FDA and other regulatory authorities may ultimately decide that the design or results of our

completed, ongoing or planned clinical trials for zuranolone or any of our other product candidates, even if positive, are not sufficient to file for or obtain regulatory approval in the indications that are the focus of our development plans

despite prior regulatory advice. We may not meet our expected time-lines for filing an NDA for zuranolone or for approval. At any stage, regulatory authorities may ask for additional clinical trials, nonclinical studies or other data in order

for us to proceed further in development or to file for or obtain regulatory approval. Other decisions or actions of the FDA or other regulatory authorities may affect the initiation, timing, design, size, progress and cost of clinical trials

and our ability to proceed with further development; We may never achieve the rate of INDs or new products or new indications from our research and development efforts that we expect in the future. We may not be successful in our

goal to become the leading brain health company or a top tier biopharmaceutical company. Even if our products are successfully developed and approved, the number of patients with the diseases or disorders our products treat, and the actual

market for such products may be smaller than our current estimates; or we may not achieve market acceptance or reimbursement at acceptable levels or on the terms we expect. We may never be successful or achieve our goals with respect to

commercialization. The anticipated benefits of our collaborations, including our collaboration with Biogen, may never be achieved. The need to align with our collaborators may hamper or delay our development and commercialization efforts or increase

our costs; our business may be adversely affected and our costs may increase if any of our key collaborators fails to perform its obligations or terminates our collaboration. We may not be able to obtain and maintain adequate intellectual property

protection or other forms of data and marketing exclusivity for our products, or to defend our patent portfolio against challenges from third parties. We may face competition from others developing products for similar uses as those for which

our product candidates are being developed. Our operating expenses may be higher than forecasted, and we may also face unexpected expenditures which could cause us to change our plans. We may need or choose to raise additional funding, which

may not be available on acceptable terms, or at all. We may not be able to establish and maintain key business relationships with third parties on acceptable terms or we may encounter problems with the performance of such third parties. We may

encounter technical and other unexpected hurdles in the manufacture and development of our products. Any of the foregoing or other factors may negatively impact our ability to achieve our goals, mission, opportunities, plans or expectations for our

business. For additional disclosure regarding these and other risks Sage faces, see the disclosure contained in the "Risk Factors" section of our most recent report, and in our other public filings, with the Securities and Exchange Commission,

available on the SEC's website at http://www.sec.gov. Any forward-looking statement represent our views only as of today, and should not be relied upon as representing our views as of any subsequent date. We undertake no obligation to update or

revise the information contained in this presentation, whether as a result of new information, future events or circumstances or otherwise.

Expertise in brain circuitry Rich

pipeline across 3 franchises First and only product approved specifically for postpartum depression 3 late-stage programs 7 clinical phase NCE development programs across 12+ potential indications Strong intellectual property strategy Product

platform to drive goals for ongoing growth 2 or more INDs per year by 2023 Launch a new product or indication every 12-24 months starting in 2023 $1.8B+ capital/collaborations to fund efforts to accelerate and advance

medicines Potential to impact an estimated >450M patients globally Sage's vision is to fearlessly lead the way to create a world with better brain health

Patient, economic, societal impact of

brain health disorders in the U.S. demonstrates urgent need for innovation BLS CPI (Consumer Price Index) Calculator was used to estimate 2000 and 2021 economic burden amounts using U.S. specific studies in respect to the indications noted. ~$313B

~$551B Major Depressive Disorder (MDD) Postpartum Depression (PPD) General Anxiety Disorder (GAD) Treatment Resistant Depression (TRD) Bipolar Depression (BPD) DEPRESSIVE DISORDERS Huntington's Disease (HD) Parkinson's Disease (PD)

Epilepsy Essential Tremor (ET) Alzheimer's Disease (AD) COGNITIVE & MOTOR DISEASES ~$333B ~$784B 2000 2021 2000 2021 Economic Burden in the US ($B)

COMPOUND PARTNER INDICATIONS

PRECLINICAL PHASE 1 PHASE 2 PHASE 3 REGISTRATION MARKETED DEPRESSION FRANCHISE ZULRESSO (brexanolone) CIV injection Postpartum Depression Zuranolone (SAGE-217) Major Depressive Disorder* Postpartum Depression* Treatment

Resistant Depression Generalized Anxiety Disorder Bipolar Depression NEUROLOGY FRANCHISE SAGE-324 Essential Tremor Epileptiform Disorders Parkinson's Disease SAGE-689 Acute GABA Hypofunction NEUROPSYCHIATRY FRANCHISE SAGE-718

Huntington's Disease Cognitive Dysfunction Parkinson's Disease Cognitive Dysfunction Alzheimer's Disease Mild Cognitive Impairment and Mild Dementia SAGE-904 NMDA Hypofunction EARLY DEVELOPMENT SAGE-421 NMDA Hypofunction

SAGE-319 GABA Hypofunction Sage has a leading brain health portfolio Light shades indicate trials in the planning or evaluation stage *NDA submission planned for zuranolone

Sage's Mission: Pioneer solutions

to deliver life-changing brain health medicines so every person can thrive

Prevalence and impact continue to

increase globally 62% of MDD respondents in the U.S. were severely impaired by their depression in a survey conducted by the World Health Organization1 Depression has generational impact as well as direct impact on caregivers (e.g.,

caregivers/ partners unable to work full time, increasing economic burden exponentially) MDD may present in various phenotypes, such as MDD with elevated anxiety MDD with elevated anxiety is known to be associated with poorer short- and

long-term outcomes in relation to SSRI/SNRI pharmacotherapy2 PPD presents as depression with elevated anxiety3 Paucity of innovation plagues MDD disease landscape In a survey of MDD patients conducted by Sage: 68% reported that they were not

satisfied with the amount of time they take medication4 75% reported being frustrated with the need to switch and try multiple options to treat their MDD4 1Bromet 2018 2Wu et al., 2013; Papakostas et al., 2008; Souery et al., 2007; Fava et al.,

2006; Fava et al, 1997; Fava et al 2008; Ionescu et al, 2013, 2014; Papakostas et al, 2011 3Fairbrother N, Janssen P, Antony MM, et al. J Affect Disord. 2016;200:148-155; Postpartum Depression: Action Towards Causes and Treatment (PACT)

Consortium. Lancet Psychiatry. 2015;2(1):59-67 4Sage Therapeutics, Inc. Data on file.

Zuranolone clinical data supports its

potential to fulfill unmet needs for people with MDD and PPD Profile based on data demonstrated in clinical studies with zuranolone to date Note: Success of zuranolone and the product profile depend on the clinical development program and regulatory

approval. 1Antonoudiou, P. et al. Allopregnanolone mediates affective switching through modulation of oscillatory states in the basolateral amygdala. Biological Psychiatry, 2021.2003.2008.434156, doi:10.1016/j.biopsych.2021.07.017 (2021). Rapid

Onset & Sustained Rapid response Sustained effects lasted beyond completion of treatment Flexible Approach Improvement seen in depressive symptoms in MDD patients when used as mono or adjunctive therapy Potential for MDD/PPD patients with or

without elevated anxiety Novel MOA Selectively modulates GABAAR May help neuronal networks rebalance1 Well-Tolerated Favorable tolerability profile Differentiated side effect profile Short Course As-needed oral therapy 2-week treatment course

Improved Feel/Functioning Improvements across domains of quality of life Benefits that patients are looking for from depression treatment

* -13.6 -17.8 * -10.3 -17.4 -11.2 -12.6

* -12.3 -14.1 -15.2 -16.0 * -12.5 -9.8 * -9.3 -5.2 -6.7 * -8.3 * -9.8 -6.8 Zuranolone has consistently demonstrated rapid improvement in depressive symptoms in clinical trials ROBIN1 MDD-201B2 MOUNTAIN3 WATERFALL LANDSCAPE (MDD) NEST

(PPD) n=74 n=76 n=44 n=45 n=157 n=166 n=268 n=266 Zuranolone 30 mg Placebo Zuranolone 50 mg Day 2/3 Day 15 (Primary endpoint)

HAMD-17 total score CFB, LSM ( SE) *p<0.05 vs placebo. p values for Day 2/3 LSM treatment difference are not adjusted for multiplicity and are nominal. HAMD-17 raw mean change from baseline. CFB = change from baseline; HAMD-17 =

17-item Hamilton Rating Scale for Depression total score; LSM = least squares mean; MDD = major depressive disorder; PPD = postpartum depression. 1. Deligiannidis KM et al. JAMA Psychiatry. 2021 Sep 1;78(9):951-959. 2. Gunduz-Bruce H et al. N Engl J

Med. 2019;381(10):903-911. 3. Mittal A, et al. Poster presented at the American Academy of Neurology Annual Meeting. Toronto, Canada. April 25-May 1, 2020. 4. Data on file. 217-MDD-301 MOUNTAIN CSR. 5. Clayton A, et al. Oral presentation at the

European College of Neuropsychopharmacology Annual Meeting (New Medications Symposium). 2021. 6. Lasser R, et al. Poster presented at: Psych Congress Annual Meeting; 29 Oct-1 Nov 2021; San Antonio, TX. 6. Cutler AJ, et al. Poster presented at: The

Society of Biological Psychiatry Annual Meeting; 2021. Sage Therapeutics 2021 -24 -20 -16 -12 -8 -4 0 ROBIN1 MDD-201B2 MOUNTAIN3,4 WATERFALL5 n=74 n=76 n=44 n=45 n=141 n=153 n=251 n=248 n=687 n=185 SHORELINE6 LANDSCAPE (MDD) NEST (PPD) The

clinical trials above differ in sample size, patient population, entry criteria, study sites as well as other design elements. No direct comparison can be made across these clinical trials based on the graph above. ROBIN enrolled patients with PPD;

MDD-201B, MOUNTAIN, and WATERFALL enrolled patients with MDD. Studies with Day 3 data: ROBIN, MOUNTAIN, WATERFALL; Study with Day 2 data: MDD-201B. The SHORELINE Study is an ongoing, open-label study. In the SHORELINE Study, the Day 15 measurement

refers to the initial treatment course and was not the primary endpoint of the study. It was designed to evaluate efficacy in an observational manner only. No statistical inferences can be drawn from the efficacy outcome data. -24 -20 -16 -12 -8 -4

3 Treatment Courses 4 Treatment

Courses 5 Treatment Courses 10.3% (n = 15) 6.8% (n = 10) 3.4% (n = 5) 3 Treatment Courses 4 Treatment Courses 5 Treatment Courses 11.9% (n = 58) 10.8% (n = 53) 8.8% (n = 43) Zuranolone demonstrated sustained effects in the SHORELINE Study Patients

had the opportunity to be followed for up to 12 months 50 mg* ~80% of patients who responded to initial course received 1 or 2 treatment courses Number of additional treatment courses was similar in patients using zuranolone as monotherapy or add-on

therapy (without or with pre-existing antidepressants).1 The SHORELINE Study was designed to evaluate efficacy in an observational manner, and therefore, statistical inferences cannot be drawn from efficacy outcome data.2 Only responders ( 50%

reduction in HAMD-17 total score from baseline) at Day 15 of the initial treatment period can continue in the SHORELINE Study. Need for repeat treatment courses is first assessed by PHQ-9 every 2- weeks. If PHQ-9 10, a HAMD-17 assessment is

performed within 1 week. If HAMD-17 total score 20, a repeat treatment course may be initiated. There is a minimum of 8 weeks between treatment periods, to allow for a maximum of 5 treatment courses for the 1-year study period; a new repeat

treatment course cannot start after Week 48.1 *30 mg Cohort includes a 30 mg Only Group (patients who received repeat treatment courses with zuranolone 30 mg) and a 30 mg Dose Switch Group (patients who received repeat treatment courses with

zuranolone 50 mg). De novo patients who enrolled into the 50 mg Cohort by September 2020 and had the opportunity to complete 1-year follow-up. The full analysis set consisted of 146 patients who were responders at Day 15 and completed the

initial treatment cycle.1 1. Data on file. SHORELINE Topline results memo (November 2021). 2. Cutler AJ et al. Presented at Society of Biological Psychiatry Annual Meeting, 2021 Virtual Meeting; April 29-May 1, 2021. 30 mg* ~70% of patients who

responded to initial course received 1 or 2 treatment courses 1 Treatment Course 42.9% (n = 210) 2 Treatment Courses 25.6% (n = 125) 1 Treatment Course 54.8% (n = 80) 2 Treatment Courses 24.7% (n = 36)

Zuranolone demonstrated improvements

across domains of quality of life in clinical trials LANDSCAPE and NEST integrated SF-36 patient-reported outcome of functioning and well-being ~8-12% improvement in physical and general health domains Physical Functioning Role-Physical

Bodily Pain General Health ~40-60% improvement in mental health domains Vitality Social Functioning Role-Emotional Mental Health Integrated analyses of SF-36 patient-reported outcomes data combined doses from the ROBIN Study, MDD-201B Study,

MOUNTAIN Study ( 24 HAMD-17 subgroup), and WATERFALL Study. SF-36v2 = 36-Item Short Form Health Survey (version 2). Results reported for zuranolone-treated patients.

Continued unmet need evidenced by

majority of LANDSCAPE program participants meeting criteria for MDD with elevated anxiety Assessed at baseline by elevated anxiety and somatization symptoms in the setting of MDD (e.g., HAMD-17, HAM-A scales) Improvements in depression and

anxiety symptoms observed when elevated anxiety is - or is not - present Well-established that MDD with elevated anxiety as a symptom is associated with: More severe illness More difficulty tolerating antidepressants, potentially

impacting adherence Higher rates of non-response to treatment, and greater need for additional interventions and resources WATERFALL Study: Zuranolone Significantly Improved Depression and Anxiety Symptoms Fava et al, 1997;

Fava et al, 2006; Fava et al 2008; Ionescu et al, 2013, 2014; Papakostas et al, 2011 MDD with elevated anxiety is defined as a person with MDD who has a baseline HAM-A 20 Zuranolone has the potential to address MDD patient populations

for whom standard of care doesn't fully address unmet need -16 -12 -8 -4 0 3 8 12 15 Day 42 -16 -12 -8 -4 0 8 15 Day 42 Depressive symptoms HAM-D improvement Anxiety symptoms HAM-A improvement HAMD-17 LS mean Change from baseline HAM-A LS mean

Change from baseline MDD with elevated anxiety ZRN 50 mg (n=157) MDD without elevated anxiety ZRN 50 mg (n=109)

Zuranolone has demonstrated a

consistent and differentiated tolerability profile in clinical trials "The AEs frequently associated with current antidepressant therapies such as weight gain, sexual dysfunction, euphoria and sleep disruption have not been seen to date with

zuranolone. These are the adverse effects I have to deal with to help my patients be able to continue to take their standard of care antidepressants and they affect a significant percentage of patients. These symptoms also are typically