The boys season 5 theory
When Sister Sage and Ashley’s alternate persona were having a conversation, Ashley’s other persona mentioned that Soldier Boy is trying to help Homelander and asked Sage, “What’s the plan now?”
Then Sister Sage picked up a book with Queen Maeve on the cover. After looking at it, she said,
'She saw this coming miles away'
Right after focusing on Maeve’s cover, Sage also mentioned,
By the next morning, V1 will be toast.
So here’s my theory (yeah, it sounds wild, but what if)
Sister Sage actually succeeded in creating V1, but she also discovered the side effects of injecting V1 into a supe who already has Compound V in their system.
What if Sage intentionally allowed Soldier Boy to help Homelander take V1 because she knew it would react negatively with the Compound V already inside him, causing Homelander to slowly lose his powers?
Meanwhile, Sage could give the real V1 to Queen Maeve, since Maeve no longer has Compound V in her system now. That would make her the perfect candidate. And let’s not forget Maeve and Ryan are the only supes who have ever made Homelander bleed.