$SAGE
Sage Therapeutics, Inc.

2015 Q4 Form 10-Q Financial Statement

#000119312515370112 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.200M $6.600M $2.900M
YoY Change 141.18% 127.59% 163.64%
% of Gross Profit
Research & Development $20.40M $17.48M $6.601M
YoY Change 129.21% 164.78% 93.69%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $28.61M $24.08M $9.471M
YoY Change 131.47% 154.27% 109.58%
Operating Profit -$28.61M -$24.08M -$9.471M
YoY Change 131.47% 154.27% 109.58%
Interest Expense $100.0K $53.00K $3.000K
YoY Change 1666.67%
% of Operating Profit
Other Income/Expense, Net $0.00 -$6.000K -$1.000K
YoY Change 500.0%
Pretax Income -$28.60M -$24.00M -$9.500M
YoY Change 130.65% 152.63% 111.11%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$28.56M -$24.04M -$9.468M
YoY Change 131.07% 153.86% 109.52%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$993.1K -$836.2K -$484.7K
COMMON SHARES
Basic Shares Outstanding 28.86M shares 28.74M 19.58M shares
Diluted Shares Outstanding 28.74M 19.58M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $186.8M $204.9M $136.7M
YoY Change 46.17% 49.89%
Cash & Equivalents $186.8M $204.9M $136.7M
Short-Term Investments
Other Short-Term Assets $1.700M $2.600M $1.100M
YoY Change 54.55% 136.36%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $188.5M $207.5M $137.8M
YoY Change 46.32% 50.58%
LONG-TERM ASSETS
Property, Plant & Equipment $286.0K $249.0K $134.0K
YoY Change 75.46% 85.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $700.0K $0.00
YoY Change -71.43%
Total Long-Term Assets $525.0K $929.0K $173.0K
YoY Change -37.72% 436.99%
TOTAL ASSETS
Total Short-Term Assets $188.5M $207.5M $137.8M
Total Long-Term Assets $525.0K $929.0K $173.0K
Total Assets $189.0M $208.4M $138.0M
YoY Change 45.77% 51.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.159M $3.246M $2.157M
YoY Change 112.39% 50.49%
Accrued Expenses $10.15M $6.404M $2.853M
YoY Change 116.51% 124.47%
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 $15.31M $10.29M $5.010M
YoY Change 97.33% 105.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.00K $15.00K $34.00K
YoY Change -39.13% -55.88%
Total Long-Term Liabilities $14.00K $15.00K $34.00K
YoY Change -39.13% -55.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.31M $10.29M $5.010M
Total Long-Term Liabilities $14.00K $15.00K $34.00K
Total Liabilities $15.32M $10.31M $5.044M
YoY Change 96.93% 104.32%
SHAREHOLDERS EQUITY
Retained Earnings -$161.3M -$132.8M -$54.48M
YoY Change 141.36% 143.7%
Common Stock $335.0M $330.9M $3.000K
YoY Change 77.52% 11029300.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $173.7M $198.1M $132.9M
YoY Change
Total Liabilities & Shareholders Equity $189.0M $208.4M $138.0M
YoY Change 45.77% 51.06%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$28.56M -$24.04M -$9.468M
YoY Change 131.07% 153.86% 109.52%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$18.10M -$19.60M -$7.500M
YoY Change 110.47% 161.33% 44.23%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$100.0K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$100.0K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 100.0K 95.10M
YoY Change -150.0% -99.89% 443.43%
NET CHANGE
Cash From Operating Activities -18.10M -19.60M -7.500M
Cash From Investing Activities 0.000 0.000 -100.0K
Cash From Financing Activities 100.0K 100.0K 95.10M
Net Change In Cash -18.00M -19.50M 87.50M
YoY Change 104.55% -122.29% 611.38%
FREE CASH FLOW
Cash From Operating Activities -$18.10M -$19.60M -$7.500M
Capital Expenditures $0.00 $0.00 -$100.0K
Free Cash Flow -$18.10M -$19.60M -$7.400M
YoY Change 110.47% 164.86% 42.31%

Facts In Submission

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<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: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>1. Nature of Operations</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: 17%; -webkit-text-stroke-width: 0px"> Sage Therapeutics, Inc. (&#x201C;Sage&#x201D; or the &#x201C;Company&#x201D;) is a clinical-stage biopharmaceutical company committed to developing and commercializing novel medicines to treat life-altering central nervous system (&#x201C;CNS&#x201D;) disorders, where there are inadequate or no approved existing therapies. The Company is targeting CNS indications where patient populations are easily identified, clinical endpoints are well-defined, and development pathways are feasible. This focus allows the Company to make highly informed decisions when advancing its product candidates through the development process.</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: 17%; -webkit-text-stroke-width: 0px"> The Company was incorporated under the laws of the state of Delaware on April&#xA0;16, 2010 and commenced operations on January&#xA0;19, 2011 as Sterogen Biopharma, Inc. On September&#xA0;13, 2011, the Company changed its name to Sage Therapeutics, Inc. under its Second Amended and Restated Certificate of Incorporation.</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: 17%; -webkit-text-stroke-width: 0px"> The Company is subject to risks and uncertainties common to companies in the biotech industry, including, but not limited to, the risks associated with developing product candidates at each stage of nonclinical and clinical development; the challenges associated with gaining regulatory approval of such product candidates; the potential for development by third parties of new technological innovations that may compete with the Company&#x2019;s products; the dependence on key personnel; the challenges of protecting proprietary technology; the need to comply with government regulations; the high costs of drug development; and the uncertainty of being able to secure additional capital when needed to fund operations.</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: 17%; -webkit-text-stroke-width: 0px"> The Company has incurred losses and negative cash flows from operations since its inception. As of September&#xA0;30, 2015, the Company had an accumulated deficit of $132.8 million. From its inception through September&#xA0;30, 2015, the Company has raised aggregate net proceeds of $90.6 million from the issuance of Series A, Series B and Series C redeemable convertible preferred stock. In July 2014, the Company raised net proceeds of $94.0 million from the sale of common stock in its initial public offering, (&#x201C;IPO&#x201D;). In April 2015, the Company raised net proceeds of $129.1&#xA0;million from the sale of common stock in a follow-on underwritten public offering. Based on its current operating plans, the Company believes its cash and cash equivalents balance of $204.9 million as of September&#xA0;30, 2015 will be sufficient to fund its anticipated level of operations through mid-2017.</p> </div>
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dei Entity Registrant Name
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 13%"> The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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. Actual results could differ from those estimates.</p> </div>
dei Trading Symbol
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sage Stockholders Equity Reverse Stock Split Effective Date
StockholdersEquityReverseStockSplitEffectiveDate
2014-07-02
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
24082000
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19581624 shares
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-9468000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
808000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
129720000
us-gaap Depreciation
Depreciation
83000
us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
sage Licensing Or Consultant Fees Paid In Common Stock
LicensingOrConsultantFeesPaidInCommonStock
1211000
sage Public Offering Costs Included In Current Liabilities
PublicOfferingCostsIncludedInCurrentLiabilities
4000
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M16D
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0199 pure
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.50
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1783209 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.0043 pure
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9859000
CY2014Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
3000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-9470000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000
CY2014Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
391000
CY2014Q3 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
9470000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6601000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
690000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2869000
CY2014Q3 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y29D
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0180 pure
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.84
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2585022 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8659 pure
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28737743 shares
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-24035000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24035000
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
53000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-24082000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17478000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4407000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-6000
CY2015Q3 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6604000
CY2015Q3 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0

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