The announcement of Sage Therapeutics' substantial cash reserves and marketable securities totaling $753 million as of the end of 2023 is a strong indicator of the company's financial health and operational stability. This level of liquidity not only ensures the company's ability to sustain its operations well into 2026 without immediate financial pressures but also serves as a positive signal to investors regarding the company's risk management and future prospects. Such financial stability is likely to be viewed favorably by the market, potentially leading to a positive short-term impact on the stock price as investor confidence grows.