$SAGE
Sage Therapeutics, Inc.

2014 Q4 Form 10-K Financial Statement

#000119312515081090 Filed on March 06, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 2013 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.400M $9.700M $1.200M
YoY Change 183.33% 148.72%
% of Gross Profit
Research & Development $8.900M $24.10M $4.500M
YoY Change 97.78% 67.86%
% of Gross Profit
Depreciation & Amortization $100.0K $100.0K $0.00
YoY Change 112.77%
% of Gross Profit
Operating Expenses $12.36M $33.81M $5.700M
YoY Change 116.86% 84.97%
Operating Profit -$12.36M -$33.81M
YoY Change 84.97%
Interest Expense $0.00 $8.000K $0.00
YoY Change 700.0%
% of Operating Profit
Other Income/Expense, Net $0.00 -$9.000K $0.00
YoY Change 200.0%
Pretax Income -$12.40M -$33.80M -$5.700M
YoY Change 117.54% 84.7%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$12.36M -$33.81M -$5.700M
YoY Change 116.86% 84.95%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$574.1K -$1.565M -$232.7K
COMMON SHARES
Basic Shares Outstanding 25.79M shares 21.57M
Diluted Shares Outstanding 21.57M

Balance Sheet

Concept 2014 Q4 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.8M $127.8M $8.100M
YoY Change 1477.78% 1477.78%
Cash & Equivalents $127.8M $127.8M $8.066M
Short-Term Investments
Other Short-Term Assets $1.100M $1.100M $300.0K
YoY Change 266.67% 266.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $128.8M $128.8M $8.407M
YoY Change 1432.32% 1433.33%
LONG-TERM ASSETS
Property, Plant & Equipment $163.0K $200.0K $86.00K
YoY Change 89.53% 100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K $700.0K $0.00
YoY Change
Total Long-Term Assets $843.0K $900.0K $125.0K
YoY Change 574.4% 800.0%
TOTAL ASSETS
Total Short-Term Assets $128.8M $128.8M $8.407M
Total Long-Term Assets $843.0K $900.0K $125.0K
Total Assets $129.7M $129.7M $8.532M
YoY Change 1419.75% 1425.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.429M $2.400M $1.988M
YoY Change 22.18% 20.0%
Accrued Expenses $4.687M $1.300M $327.0K
YoY Change 1333.33% 1200.0%
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 $7.757M $7.800M $2.315M
YoY Change 235.08% 239.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $23.00K $0.00 $44.00K
YoY Change -47.73%
Total Long-Term Liabilities $23.00K $0.00 $44.00K
YoY Change -47.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.757M $7.800M $2.315M
Total Long-Term Liabilities $23.00K $0.00 $44.00K
Total Liabilities $7.780M $7.800M $2.359M
YoY Change 229.8% 225.0%
SHAREHOLDERS EQUITY
Retained Earnings -$66.85M -$31.68M
YoY Change 111.03%
Common Stock $188.7M $139.0K
YoY Change 135676.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $121.9M $121.9M -$31.54M
YoY Change
Total Liabilities & Shareholders Equity $129.7M $129.7M $8.532M
YoY Change 1419.75% 1425.88%

Cashflow Statement

Concept 2014 Q4 2014 2013 Q4
OPERATING ACTIVITIES
Net Income -$12.36M -$33.81M -$5.700M
YoY Change 116.86% 84.95%
Depreciation, Depletion And Amortization $100.0K $100.0K $0.00
YoY Change 112.77%
Cash From Operating Activities -$8.600M -$27.00M -$5.000M
YoY Change 72.0% 54.29%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $128.0K $0.00
YoY Change 4166.67%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 -$100.0K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $96.26M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K 146.9M 300.0K
YoY Change -166.67% 544.3%
NET CHANGE
Cash From Operating Activities -8.600M -27.00M -5.000M
Cash From Investing Activities 0.000 -100.0K 0.000
Cash From Financing Activities -200.0K 146.9M 300.0K
Net Change In Cash -8.800M 119.8M -4.700M
YoY Change 87.23% 2160.38%
FREE CASH FLOW
Cash From Operating Activities -$8.600M -$27.00M -$5.000M
Capital Expenditures $0.00 $128.0K $0.00
Free Cash Flow -$8.600M -$27.13M -$5.000M
YoY Change 72.0% 54.99%

Facts In Submission

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PreferredUnitsDescription
Under the terms of the Company’s Certificate of Incorporation, as amended and restated on March 11, 2014, the holders of the Redeemable Preferred Stock who requested redemption of their Redeemable Preferred Stock were entitled to receive an amount per share equal to the Original Issue Price of $1.00, $1.50 or $4.2345 for each share of Series A, Series B or Series C Preferred Stock, respectively, plus all accruing dividends, whether or not declared, and were to be paid in three annual installments commencing not more than sixty days after receipt of notification by the Company.
CY2014 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P10Y
CY2014 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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0.000 pure
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EffectiveIncomeTaxRateReconciliationTaxCredits
0.085 pure
CY2014 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon the ultimate settlement with the relevant taxing authority.
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-27042000
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001597553
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M17D
CY2014 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
In connection with preparing for the IPO, the Company's board of directors and stockholders approved a 1-for-3.15 reverse stock split of the Company's common stock
CY2014 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.045 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0195 pure
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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 financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21574347 shares
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
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EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.460 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9886 pure
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1791973 shares
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Concentration of Credit Risk and of Significant Suppliers</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company has all cash and cash equivalents balances at two 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.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.</p> </div>
CY2014 us-gaap Preferred Stock Redemption Date
PreferredStockRedemptionDate
2020-09-30
CY2012 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2402000
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21574347 shares
CY2014 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
2285000
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
15564000
CY2014 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
14000
CY2014 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
715000
CY2014 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
40000
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
-33810000
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InterestIncomeExpenseNonoperatingNet
8000
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OtherNonoperatingIncomeExpense
-9000
CY2014 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
2294000
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
128000
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-36105000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-33811000
CY2014 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2512000
CY2014 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
127000
CY2014 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2512000
CY2014 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
51000
CY2014 us-gaap Operating Expenses
OperatingExpenses
33810000
CY2014 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
24100000
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
119700000
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
302000
CY2014 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
2294000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
146870000
CY2014 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
92863000
CY2014 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4374000
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-128000
CY2014 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
40000
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9710000
CY2014 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
441000
CY2014 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
96255000
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
2512000
CY2014 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
15000
CY2014 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2014 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-21000
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
2880000
CY2014 sage Share Based Compensation Arrangement By Share Based Payment Award Estimated Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardEstimatedForfeitureRate
0.10 pure
CY2014 sage Federal And State Net Operating Loss Carry Forwards Expiration Year
FederalAndStateNetOperatingLossCarryForwardsExpirationYear
2031
CY2014 sage Tax Credits Expiration Start Year
TaxCreditsExpirationStartYear
2034
CY2014 sage Stock Issued During Period Value Conversion Of Redeemable Convertible Preferred Stock Dividends
StockIssuedDuringPeriodValueConversionOfRedeemableConvertiblePreferredStockDividends
92863000
CY2014 sage Stockholders Equity Reverse Stock Split Effective Date
StockholdersEquityReverseStockSplitEffectiveDate
2014-07-02
CY2014 sage Redemption Percentage Maximum
RedemptionPercentageMaximum
0.75 pure
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
609000
CY2012 sage Share Based Compensation Arrangement By Share Based Payment Award Estimated Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardEstimatedForfeitureRate
0.10 pure
CY2012 sage Effective Income Tax Rate Reconciliation Permanent Items
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0.001 pure
CY2014 sage Effective Income Tax Rate Reconciliation Permanent Items
EffectiveIncomeTaxRateReconciliationPermanentItems
0.010 pure
CY2014 sage Operating Lease Commenced Date
OperatingLeaseCommencedDate
2013-08-26
CY2014 sage Licensing Or Consultant Fees Paid In Common Stock
LicensingOrConsultantFeesPaidInCommonStock
127000
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.008 pure
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-8926000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.0000 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.052 pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0000 pure
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1118288 shares
CY2012 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.399 pure
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1118288 shares
CY2012 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2012 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-8.62
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0000 pure
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1118288 shares
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
973000
CY2012 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
3000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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OperatingIncomeLoss
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OtherNonoperatingIncomeExpense
-1000
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
111000
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9636000
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-9632000
CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
44000
CY2012 us-gaap Operating Expenses
OperatingExpenses
9631000
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7229000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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OperatingLeasesRentExpenseNet
194000
CY2012 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
4000
CY2012 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
8997000
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IncreaseDecreaseInAccruedLiabilities
-18000
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-111000
CY2012 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
3000

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