$SAGE
Sage Therapeutics, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024014934 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $7.902M $77.97M $86.46M
YoY Change 139.89% 2621.54% 1024.84%
Cost Of Revenue $1.269M $820.0K $2.159M
YoY Change 451.74% 473.43% 165.56%
Gross Profit $6.633M $77.15M $84.30M
YoY Change 116.48% 2734.39% 1126.48%
Gross Profit Margin 83.94% 98.95% 97.5%
Selling, General & Admin $52.57M $55.11M $274.5M
YoY Change -19.99% -18.15% 20.56%
% of Gross Profit 792.61% 71.43% 325.67%
Research & Development $71.73M $64.33M $356.2M
YoY Change -22.72% -27.96% 9.22%
% of Gross Profit 1081.47% 83.38% 422.6%
Depreciation & Amortization $336.0K $393.0K $1.400M
YoY Change 4.02% 35.52% 27.27%
% of Gross Profit 5.07% 0.51% 1.66%
Operating Expenses $124.3M $119.4M $666.3M
YoY Change -21.7% -23.74% 20.13%
Operating Profit -$117.7M -$42.29M -$579.8M
YoY Change -24.31% -72.52% 6.01%
Interest Expense $9.204M $9.467M $38.74M
YoY Change 4.24% 39.36% 173.03%
% of Operating Profit
Other Income/Expense, Net -$12.00K -$99.00K -$383.0K
YoY Change -93.62% 167.57% -2653.33%
Pretax Income -$108.5M -$32.71M -$541.5M
YoY Change -26.12% -77.77% 1.63%
Income Tax
% Of Pretax Income
Net Earnings -$108.5M -$32.71M -$541.5M
YoY Change -26.12% -77.77% 1.63%
Net Earnings / Revenue -1372.85% -41.95% -626.32%
Basic Earnings Per Share -$1.80 -$9.05
Diluted Earnings Per Share -$1.80 -$0.55 -$9.05
COMMON SHARES
Basic Shares Outstanding 60.11M 59.97M 59.84M
Diluted Shares Outstanding 60.14M 59.84M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $717.0M $753.2M $753.2M
YoY Change -36.52% -40.81% -40.81%
Cash & Equivalents $172.7M $70.99M $70.99M
Short-Term Investments $544.4M $682.2M $682.2M
Other Short-Term Assets $24.32M $33.16M $26.06M
YoY Change -58.67% -34.76% -48.73%
Inventory $1.500M
Prepaid Expenses
Receivables $14.11M $83.01M $88.61M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $755.4M $869.4M $869.4M
YoY Change -37.23% -34.98% -34.98%
LONG-TERM ASSETS
Property, Plant & Equipment $4.442M $1.921M $6.379M
YoY Change 66.8% -33.71% -52.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.716M $6.548M $6.548M
YoY Change 81.34% 37.27% 8.43%
Total Long-Term Assets $12.16M $12.93M $12.93M
YoY Change -29.51% -33.6% -33.6%
TOTAL ASSETS
Total Short-Term Assets $755.4M $869.4M $869.4M
Total Long-Term Assets $12.16M $12.93M $12.93M
Total Assets $767.6M $882.3M $882.3M
YoY Change -37.12% -34.96% -34.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.479M $10.32M $10.32M
YoY Change -47.17% -45.55% -45.55%
Accrued Expenses $44.14M $67.26M $63.84M
YoY Change -31.82% -7.43% 69.91%
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 $61.80M $82.75M $82.75M
YoY Change -27.03% -16.64% -16.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.80M $82.75M $82.75M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $61.80M $82.75M $82.75M
YoY Change -29.42% -20.32% -20.32%
SHAREHOLDERS EQUITY
Retained Earnings -$2.678B -$2.570B
YoY Change 23.13% 28.48%
Common Stock $3.385B $3.370B
YoY Change 2.16% 2.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $705.8M $799.5M $799.5M
YoY Change
Total Liabilities & Shareholders Equity $767.6M $882.3M $882.3M
YoY Change -37.12% -34.96% -34.96%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$108.5M -$32.71M -$541.5M
YoY Change -26.12% -77.77% 1.63%
Depreciation, Depletion And Amortization $336.0K $393.0K $1.400M
YoY Change 4.02% 35.52% 27.27%
Cash From Operating Activities -$37.83M -$119.5M -$540.6M
YoY Change -75.38% -5.87% 17.51%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$147.0K $553.0K
YoY Change -100.0% -152.13% -40.98%
Acquisitions
YoY Change
Other Investing Activities $139.4M $41.97M $443.5M
YoY Change -28.53% -53.4% 35.88%
Cash From Investing Activities $139.4M $42.01M $442.9M
YoY Change -28.45% -53.2% 36.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.557M -273.0K 6.027M
YoY Change -41.73% -1041.38% 96.32%
NET CHANGE
Cash From Operating Activities -37.83M -119.5M -540.6M
Cash From Investing Activities 139.4M 42.01M 442.9M
Cash From Financing Activities 1.557M -273.0K 6.027M
Net Change In Cash 103.2M -77.74M -91.65M
YoY Change 135.22% 109.41% -30.33%
FREE CASH FLOW
Cash From Operating Activities -$37.83M -$119.5M -$540.6M
Capital Expenditures $0.00 -$147.0K $553.0K
Free Cash Flow -$37.83M -$119.3M -$541.1M
YoY Change -75.42% -6.19% 17.39%

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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">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</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">and </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p>
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;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:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;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, and consequently, the Company believes that such funds are subject to minimal credit risk. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company’s marketable securities, which primarily consist of U.S. government agency securities and treasuries, corporate bonds and commercial paper, potentially subject the Company to concentrations of credit risk. The Company has adopted an investment policy that limits the amounts the Company may invest in any one type of investment, defines allowable investments and requires all investments held by the Company to minimum credit rating standards, thereby reducing credit risk exposure. The Company has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;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>
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CY2023 sage Share Based Compensation Arrangement By Share Based Payment Award Award Cliff Vesting Period
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CY2022 us-gaap Operating Lease Payments
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CY2022Q4 us-gaap Preferred Stock Shares Issued
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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CY2023Q4 us-gaap Common Stock Shares Authorized
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CY2022Q4 us-gaap Common Stock Shares Authorized
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CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023 us-gaap Common Stock Voting Rights
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Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.
CY2023 us-gaap Dividends Common Stock
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CY2022 us-gaap Dividends Common Stock
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2023 us-gaap Allocated Share Based Compensation Expense
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