$SAGE
Sage Therapeutics, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023002964 Filed on February 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $3.294M $2.865M $7.686M
YoY Change 108.22% 74.48% 21.85%
Cost Of Revenue $230.0K $143.0K $813.0K
YoY Change -19.58% 64.37% 47.02%
Gross Profit $3.064M $2.722M $6.873M
YoY Change 136.42% 75.05% 19.43%
Gross Profit Margin 93.02% 95.01% 89.42%
Selling, General & Admin $65.71M $67.33M $227.7M
YoY Change 41.38% 30.49% 24.09%
% of Gross Profit 2144.52% 2473.51% 3312.95%
Research & Development $92.83M $89.30M $326.2M
YoY Change 18.98% 18.36% 15.18%
% of Gross Profit 3029.57% 3280.49% 4745.57%
Depreciation & Amortization $323.0K $290.0K $1.100M
YoY Change 7.67% -12.91% -73.81%
% of Gross Profit 10.54% 10.65% 16.0%
Operating Expenses $158.8M $156.6M $554.7M
YoY Change 27.53% 23.29% 18.86%
Operating Profit -$155.5M -$153.9M -$547.0M
YoY Change 26.19% 22.64% 18.68%
Interest Expense $8.830M $6.793M $14.19M
YoY Change 655.99% 804.53% 392.2%
% of Operating Profit
Other Income/Expense, Net -$188.0K -$37.00K $15.00K
YoY Change 683.33% -254.17% -88.81%
Pretax Income -$146.8M -$147.1M -$532.8M
YoY Change 20.3% 17.99% 16.36%
Income Tax
% Of Pretax Income
Net Earnings -$146.8M -$147.1M -$532.8M
YoY Change 20.3% 17.99% 16.36%
Net Earnings / Revenue -4457.44% -5135.99% -6931.88%
Basic Earnings Per Share -$2.46 -$8.98
Diluted Earnings Per Share -$2.46 -$2.47 -$8.98
COMMON SHARES
Basic Shares Outstanding 59.72M 59.49M 59.31M
Diluted Shares Outstanding 59.67M 59.31M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.130B $1.272B $1.272B
YoY Change -30.5% -26.96% -26.96%
Cash & Equivalents $206.6M $162.7M $162.7M
Short-Term Investments $923.0M $1.110B $1.110B
Other Short-Term Assets $58.85M $50.83M $50.83M
YoY Change 58.17% 27.57% 27.57%
Inventory
Prepaid Expenses
Receivables $15.00M $13.66M $13.66M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.203B $1.337B $1.337B
YoY Change -28.46% -25.75% -25.75%
LONG-TERM ASSETS
Property, Plant & Equipment $2.663M $2.898M $13.43M
YoY Change -6.23% -3.91% -29.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.255M $4.770M $6.039M
YoY Change -27.39% 12.21% 9.4%
Total Long-Term Assets $17.25M $19.47M $19.47M
YoY Change -26.47% -21.0% -21.0%
TOTAL ASSETS
Total Short-Term Assets $1.203B $1.337B $1.337B
Total Long-Term Assets $17.25M $19.47M $19.47M
Total Assets $1.221B $1.356B $1.356B
YoY Change -28.44% -25.69% -25.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.26M $18.95M $18.95M
YoY Change 72.02% 81.34% 81.34%
Accrued Expenses $64.75M $72.67M $37.57M
YoY Change 2.69% 8.01% 40.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $84.69M $99.26M $99.26M
YoY Change 8.99% 16.51% 16.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $102.0K $100.0K $4.591M
YoY Change -98.93% 0.0% -58.51%
Total Long-Term Liabilities $102.0K $100.0K $4.591M
YoY Change -98.93% 0.0% -58.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.69M $99.26M $99.26M
Total Long-Term Liabilities $102.0K $100.0K $4.591M
Total Liabilities $87.56M $103.9M $103.9M
YoY Change 0.41% 7.89% 7.89%
SHAREHOLDERS EQUITY
Retained Earnings -$2.175B -$2.000B
YoY Change 33.74%
Common Stock $3.314B $3.291B
YoY Change 1.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.133B $1.253B $1.253B
YoY Change
Total Liabilities & Shareholders Equity $1.221B $1.356B $1.356B
YoY Change -28.44% -25.69% -25.69%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$146.8M -$147.1M -$532.8M
YoY Change 20.3% 17.99% 16.36%
Depreciation, Depletion And Amortization $323.0K $290.0K $1.100M
YoY Change 7.67% -12.91% -73.81%
Cash From Operating Activities -$153.7M -$126.9M -$460.0M
YoY Change 42.56% 30.19% 21.64%
INVESTING ACTIVITIES
Capital Expenditures $225.0K $282.0K $937.0K
YoY Change -233.14% -175.81% 151.88%
Acquisitions
YoY Change
Other Investing Activities $195.1M $90.06M $326.4M
YoY Change -2177.88% -401.31% -132.57%
Cash From Investing Activities $194.9M $89.78M $325.4M
YoY Change -2138.78% -396.68% -132.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.672M 29.00K 3.070M
YoY Change 48.53% -117.06% -76.98%
NET CHANGE
Cash From Operating Activities -153.7M -126.9M -460.0M
Cash From Investing Activities 194.9M 89.78M 325.4M
Cash From Financing Activities 2.672M 29.00K 3.070M
Net Change In Cash 43.86M -37.13M -131.5M
YoY Change -137.95% -70.98% -90.38%
FREE CASH FLOW
Cash From Operating Activities -$153.7M -$126.9M -$460.0M
Capital Expenditures $225.0K $282.0K $937.0K
Free Cash Flow -$153.9M -$127.2M -$461.0M
YoY Change 43.0% 30.97% 21.77%

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CY2021 us-gaap Investment Income Net Amortization Of Discount And Premium
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 sage Increase Decrease In Operating Lease Right Of Use Asset
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CY2021 sage Increase Decrease In Operating Lease Right Of Use Asset
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CY2020 sage Increase Decrease In Operating Lease Right Of Use Asset
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CY2021 sage Lease Asset De Recognized Upon Lease Cancellation
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CY2022 sage Increase Decrease In Operating Lease Liabilities Current
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CY2021 sage Increase Decrease In Operating Lease Liabilities Current
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CY2020 sage Increase Decrease In Operating Lease Liabilities Current
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CY2022 sage Increase Decrease In Operating Lease Liabilities Non Current
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CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2020 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2021 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2020 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2020 sage Proceeds From The Sale Of Common Stock Under The Stock Purchase Agreement Related Party
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. </span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The full extent to which the COVID-19 pandemic and its downstream effects may directly or indirectly impact the Company’s business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend in large part on future developments, which cannot be predicted with confidence at this time, including: the scope, duration and severity of ongoing and future waves of the pandemic, including the impact of any variant strains of the COVID-19 virus; </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the extent of healthcare staffing shortages that have continued even as COVID-19 related restrictions have eased;</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> the impact of the pandemic on the Company’s customers and vendors, including capacity and resource constraints; the impact of the downstream effects of the pandemic on business operations across the U.S.; and </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">the scope and extent of any future actions or restrictive measures taken to contain or mitigate the impact of the pandemic</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> Company has made estimates of the impact of the COVID-19 pandemic within its consolidated financial statements. </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Due to the evolving nature of the COVID-19 pandemic, its downstream effects, and their impacts,</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> there may be changes to those estimates in future periods, and a</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">ctual results could differ from those estimates.</span></p>
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2022Q4 us-gaap Investments Fair Value Disclosure
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CY2022Q4 us-gaap Assets Fair Value Disclosure
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CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2021Q4 us-gaap Investments Fair Value Disclosure
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0
CY2021Q4 us-gaap Assets Fair Value Disclosure
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CY2022Q4 sage Fair Value Assets Transfers Among Level1 Level2 And Level3 Amount
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0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk and of Significant Suppliers</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains accounts for all cash and cash equivalents at accredited financial institutions, in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company is dependent on third-party manufacturers to supply products for research and development activities for its programs. The Company also relies on and expects to continue to rely on third-party manufacturers to supply it with active pharmaceutical ingredients (“API”) and formulated drugs; and to provide other services related to manufacturing activities for these programs. These programs could be adversely affected by a significant interruption in the supply of API and formulated drugs, or the interruption of manufacturing related services.</span></p>
CY2021Q4 sage Fair Value Assets Transfers Among Level1 Level2 And Level3 Amount
FairValueAssetsTransfersAmongLevel1Level2AndLevel3Amount
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CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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10250000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
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CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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CY2022 us-gaap Asset Impairment Charges
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CY2021 us-gaap Asset Impairment Charges
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 sage Accrued Research And Development Costs
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CY2021Q4 us-gaap Employee Related Liabilities Current
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CY2021Q4 us-gaap Accrued Professional Fees Current
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CY2021Q4 us-gaap Other Accrued Liabilities Current
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617000
CY2022Q4 us-gaap Accrued Liabilities Current
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CY2021Q4 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Lessor Operating Lease Renewal Term
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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CY2020Q4 us-gaap Lessee Operating Lease Term Of Contract
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CY2020Q4 sage Remaining Amount Of Lease Write Off
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CY2020Q4 us-gaap Restricted Cash
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2021Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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4491000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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10964000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
12134000
CY2021Q4 us-gaap Operating Lease Liability
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18432000
CY2022 us-gaap Operating Lease Cost
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6748000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2020 us-gaap Operating Lease Cost
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CY2022 us-gaap Variable Lease Cost
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CY2021 us-gaap Variable Lease Cost
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CY2020 us-gaap Variable Lease Cost
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CY2022 us-gaap Short Term Lease Cost
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206000
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
101000
CY2020 us-gaap Short Term Lease Cost
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74000
CY2022 us-gaap Sublease Income
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421000
CY2021 us-gaap Sublease Income
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234000
CY2022 us-gaap Lease Cost
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CY2021 us-gaap Lease Cost
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CY2020 us-gaap Lease Cost
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P1Y8M4D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P2Y8M4D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.075
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
7468000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
9264000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
9231000
CY2021 sage Lease Asset De Recognized Upon Lease Cancellation
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3733000
CY2020 sage Lease Asset De Recognized Upon Lease Cancellation
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