$SAGE
Sage Therapeutics, Inc.

2016 Q2 Form 10-Q Financial Statement

#000119312516675953 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.900M $6.500M
YoY Change 36.92% 261.11%
% of Gross Profit
Research & Development $26.10M $18.60M
YoY Change 40.28% 324.63%
% of Gross Profit
Depreciation & Amortization $100.0K $100.0K
YoY Change 0.0%
% of Gross Profit
Operating Expenses $35.01M $25.06M
YoY Change 39.69% 304.96%
Operating Profit -$35.01M -$25.06M
YoY Change 39.69% 304.96%
Interest Expense $266.0K $41.00K
YoY Change 548.78% 4000.0%
% of Operating Profit
Other Income/Expense, Net -$7.000K -$9.000K
YoY Change -22.22% 80.0%
Pretax Income -$34.70M -$25.00M
YoY Change 38.8% 303.23%
Income Tax
% Of Pretax Income
Net Earnings -$34.75M -$25.03M
YoY Change 38.84% 304.18%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.081M -$896.1K
COMMON SHARES
Basic Shares Outstanding 32.06M 27.86M shares
Diluted Shares Outstanding 32.06M 27.86M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $272.3M $224.2M
YoY Change 21.45% 356.62%
Cash & Equivalents $189.0M $224.2M
Short-Term Investments $83.29M
Other Short-Term Assets $1.800M $3.300M
YoY Change -45.45% 37.5%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $274.1M $227.5M
YoY Change 20.48% 341.39%
LONG-TERM ASSETS
Property, Plant & Equipment $959.0K $285.0K
YoY Change 236.49% 313.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $600.0K $700.0K
YoY Change -14.29%
Total Long-Term Assets $1.523M $965.0K
YoY Change 57.82% 793.52%
TOTAL ASSETS
Total Short-Term Assets $274.1M $227.5M
Total Long-Term Assets $1.523M $965.0K
Total Assets $275.6M $228.5M
YoY Change 20.64% 342.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.957M $5.195M
YoY Change 14.67% 179.0%
Accrued Expenses $12.38M $5.164M
YoY Change 139.78% 149.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.34M $11.00M
YoY Change 66.72% 179.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $82.00K $22.00K
YoY Change 272.73% -45.0%
Total Long-Term Liabilities $82.00K $22.00K
YoY Change 272.73% -45.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.34M $11.00M
Total Long-Term Liabilities $82.00K $22.00K
Total Liabilities $18.42M $11.02M
YoY Change 67.13% 177.56%
SHAREHOLDERS EQUITY
Retained Earnings -$226.6M -$108.7M
YoY Change 108.41% 142.77%
Common Stock $483.8M $326.2M
YoY Change 48.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $257.2M $217.5M
YoY Change
Total Liabilities & Shareholders Equity $275.6M $228.5M
YoY Change 20.64% 342.34%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$34.75M -$25.03M
YoY Change 38.84% 304.18%
Depreciation, Depletion And Amortization $100.0K $100.0K
YoY Change 0.0%
Cash From Operating Activities -$26.70M -$18.40M
YoY Change 45.11% 247.17%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$100.0K
YoY Change 400.0%
Acquisitions
YoY Change
Other Investing Activities -$83.50M
YoY Change
Cash From Investing Activities -$84.10M -$100.0K
YoY Change 84000.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $129.1M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 129.6M
YoY Change -100.0% -13060.0%
NET CHANGE
Cash From Operating Activities -26.70M -18.40M
Cash From Investing Activities -84.10M -100.0K
Cash From Financing Activities 0.000 129.6M
Net Change In Cash -110.8M 111.1M
YoY Change -199.73% -1863.49%
FREE CASH FLOW
Cash From Operating Activities -$26.70M -$18.40M
Capital Expenditures -$500.0K -$100.0K
Free Cash Flow -$26.20M -$18.30M
YoY Change 43.17% 245.28%

Facts In Submission

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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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Sage Therapeutics, Inc.
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; 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; WORD-SPACING: 0px; TEXT-TRANSFORM: none; 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"> 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.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; 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 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; WORD-SPACING: 0px; TEXT-TRANSFORM: none; 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 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 non-clinical and clinical development; the challenges associated with gaining regulatory approval of such product candidates; the risks associated with commercializing pharmaceutical products, if it is able to obtain regulatory approval; 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; WORD-SPACING: 0px; TEXT-TRANSFORM: none; 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 has incurred losses and negative cash flows from operations since its inception. As of June&#xA0;30, 2016, the Company had an accumulated deficit of $226.6 million. From its inception through June&#xA0;30, 2016, the Company received net proceeds of $454.1&#xA0;million from the sales of redeemable convertible preferred stock, the issuance of convertible notes, and the proceeds from its initial public offering (&#x201C;IPO&#x201D;) in July 2014 and follow-on underwritten public offerings in April 2015 and January 2016. Based on its current operating plans, the Company believes its cash, cash equivalents and marketable securities of $272.3&#xA0;million as of June&#xA0;30, 2016 will be sufficient to fund its anticipated level of operations and capital expenditures into late 2017.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <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: 4%"> 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>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardCliffVestingPeriod
P1Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31835194 shares
dei Trading Symbol
TradingSymbol
SAGE
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
49677000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8011 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
22.23
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y22D
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31835194 shares
sage Premium On Marketable Securities
PremiumOnMarketableSecurities
269000
sage Share Based Compensation Arrangement By Share Based Payment Award Estimated Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardEstimatedForfeitureRate
0.096 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0141 pure
us-gaap Share Based Compensation
ShareBasedCompensation
8179000
CY2015Q2 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
600000
CY2016Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
600000
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1749374 shares
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.90
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5398000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6456000
CY2015Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-25027000
CY2015Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
41000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-9000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
25059000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-25027000
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-25059000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27860332 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27860332 shares
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18603000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8858 pure
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0169 pure
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y8M16D
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27860332 shares
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3463965 shares
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.08
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4465000
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8910000
CY2016Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-34708000
CY2016Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
266000
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-7000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
35006000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-34747000
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
39000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-35006000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
39000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32062298 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32062298 shares
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
26096000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8073 pure
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0142 pure
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y22D
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32062298 shares

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