$SAGE
Sage Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023016436 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $2.474M $3.294M $1.582M
YoY Change 64.82% 108.22% -1.13%
Cost Of Revenue $205.0K $230.0K $286.0K
YoY Change 2.5% -19.58% 43.0%
Gross Profit $2.269M $3.064M $1.296M
YoY Change 74.4% 136.42% -7.43%
Gross Profit Margin 91.71% 93.02% 81.92%
Selling, General & Admin $75.57M $65.71M $46.48M
YoY Change 44.18% 41.38% 16.78%
% of Gross Profit 3330.32% 2144.52% 3586.19%
Research & Development $97.16M $92.83M $78.02M
YoY Change 25.7% 18.98% 34.28%
% of Gross Profit 4282.11% 3029.57% 6019.91%
Depreciation & Amortization $331.0K $323.0K $300.0K
YoY Change 18.64% 7.67% -88.46%
% of Gross Profit 14.59% 10.54% 23.15%
Operating Expenses $172.7M $158.8M $124.5M
YoY Change 32.96% 27.53% 27.17%
Operating Profit -$170.5M -$155.5M -$123.2M
YoY Change 32.75% 26.19% 27.66%
Interest Expense $10.17M $8.830M $1.168M
YoY Change 383.97% 655.99% 64.97%
% of Operating Profit
Other Income/Expense, Net -$41.00K -$188.0K -$24.00K
YoY Change -191.11% 683.33% -168.57%
Pretax Income -$160.3M -$146.8M -$122.1M
YoY Change 26.98% 20.3% 27.41%
Income Tax
% Of Pretax Income
Net Earnings -$160.3M -$146.8M -$122.1M
YoY Change 26.98% 20.3% 27.45%
Net Earnings / Revenue -6480.4% -4457.44% -7715.23%
Basic Earnings Per Share -$2.68 -$2.46 -$2.07
Diluted Earnings Per Share -$2.68 -$2.46 -$2.068M
COMMON SHARES
Basic Shares Outstanding 59.76M 59.72M 59.03M
Diluted Shares Outstanding 59.77M 59.67M 59.03M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.003B $1.130B $1.625B
YoY Change -33.76% -30.5% -18.95%
Cash & Equivalents $121.4M $206.6M $178.7M
Short-Term Investments $881.2M $923.0M $1.447B
Other Short-Term Assets $46.32M $58.85M $37.21M
YoY Change 11.74% 58.17% 61.06%
Inventory
Prepaid Expenses
Receivables $15.09M $15.00M $19.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.064B $1.203B $1.682B
YoY Change -32.61% -28.46% -18.02%
LONG-TERM ASSETS
Property, Plant & Equipment $10.04M $2.663M $2.840M
YoY Change 241.73% -6.23% -31.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.221M $4.255M $5.860M
YoY Change 67.54% -27.39% 24.68%
Total Long-Term Assets $18.26M $17.25M $23.46M
YoY Change -18.81% -26.47% -18.55%
TOTAL ASSETS
Total Short-Term Assets $1.064B $1.203B $1.682B
Total Long-Term Assets $18.26M $17.25M $23.46M
Total Assets $1.082B $1.221B $1.706B
YoY Change -32.42% -28.44% -18.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.283M $12.26M $7.129M
YoY Change 71.59% 72.02% 116.03%
Accrued Expenses $27.79M $64.75M $63.05M
YoY Change -63.56% 2.69% 22.62%
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 $96.81M $84.69M $77.70M
YoY Change 8.48% 8.99% 25.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.105M $102.0K $9.498M
YoY Change 1005.0% -98.93% -38.32%
Total Long-Term Liabilities $1.105M $102.0K $9.498M
YoY Change 1005.0% -98.93% -38.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.81M $84.69M $77.70M
Total Long-Term Liabilities $1.105M $102.0K $9.498M
Total Liabilities $97.91M $87.56M $87.20M
YoY Change 0.79% 0.41% 12.66%
SHAREHOLDERS EQUITY
Retained Earnings -$2.335B -$2.175B
YoY Change 37.37%
Common Stock $3.326B $3.314B
YoY Change 1.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $984.4M $1.133B $1.619B
YoY Change
Total Liabilities & Shareholders Equity $1.082B $1.221B $1.706B
YoY Change -32.42% -28.44% -18.02%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$160.3M -$146.8M -$122.1M
YoY Change 26.98% 20.3% 27.45%
Depreciation, Depletion And Amortization $331.0K $323.0K $300.0K
YoY Change 18.64% 7.67% -88.46%
Cash From Operating Activities -$131.5M -$153.7M -$107.8M
YoY Change 23.56% 42.56% -1.18%
INVESTING ACTIVITIES
Capital Expenditures $112.0K $225.0K -$169.0K
YoY Change -191.8% -233.14%
Acquisitions
YoY Change
Other Investing Activities $45.70M $195.1M -$9.389M
YoY Change -65.99% -2177.88% -98.57%
Cash From Investing Activities $45.59M $194.9M -$9.558M
YoY Change -66.04% -2138.78% -98.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 847.0K 2.672M 1.799M
YoY Change 6415.38% 48.53% -68.01%
NET CHANGE
Cash From Operating Activities -131.5M -153.7M -107.8M
Cash From Investing Activities 45.59M 194.9M -9.558M
Cash From Financing Activities 847.0K 2.672M 1.799M
Net Change In Cash -85.08M 43.86M -115.6M
YoY Change -405.64% -137.95% -84.84%
FREE CASH FLOW
Cash From Operating Activities -$131.5M -$153.7M -$107.8M
Capital Expenditures $112.0K $225.0K -$169.0K
Free Cash Flow -$131.6M -$153.9M -$107.6M
YoY Change 23.81% 43.0%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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></p><p style="text-indent:3.333%;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 condensed 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 condensed 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 will depend in large part on future developments, which cannot be predicted with confidence at this time. </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 condensed 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><span style="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;"> </span></p>
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CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2023Q1 us-gaap Available For Sale Securities Debt Securities Current
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CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2023Q1 us-gaap Asset Impairment Charges
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CY2023Q1 sage Accrued Research And Development Costs
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CY2022Q4 sage Accrued Research And Development Costs
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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