$SAGE
Sage Therapeutics, Inc.

2016 Q4 Form 10-Q Financial Statement

#000156459016027173 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 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 $14.40M $9.000M $8.200M
YoY Change 75.61% 36.36% 141.18%
% of Gross Profit
Research & Development $42.00M $29.08M $20.40M
YoY Change 105.88% 66.35% 129.21%
% of Gross Profit
Depreciation & Amortization $100.0K $100.0K $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $56.38M $38.06M $28.61M
YoY Change 97.05% 58.06% 131.47%
Operating Profit -$56.38M -$38.06M -$28.61M
YoY Change 97.05% 58.06% 131.47%
Interest Expense $500.0K $275.0K $100.0K
YoY Change 400.0% 418.87%
% of Operating Profit
Other Income/Expense, Net $0.00 -$7.000K $0.00
YoY Change 16.67%
Pretax Income -$55.90M -$37.80M -$28.60M
YoY Change 95.45% 57.5% 130.65%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$55.90M -$37.80M -$28.56M
YoY Change 95.72% 57.25% 131.07%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.499M -$1.145M -$993.1K
COMMON SHARES
Basic Shares Outstanding 37.17M 32.98M 28.86M shares
Diluted Shares Outstanding 32.98M

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $397.5M $431.3M $186.8M
YoY Change 112.78% 110.48% 46.17%
Cash & Equivalents $168.5M $320.1M $186.8M
Short-Term Investments $229.0M $111.2M
Other Short-Term Assets $5.100M $3.400M $1.700M
YoY Change 200.0% 30.77% 54.55%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $402.6M $434.7M $188.5M
YoY Change 113.58% 109.51% 46.32%
LONG-TERM ASSETS
Property, Plant & Equipment $1.388M $1.000M $286.0K
YoY Change 385.31% 301.61% 75.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $600.0K $600.0K $200.0K
YoY Change 200.0% -14.29% -71.43%
Total Long-Term Assets $1.952M $1.600M $525.0K
YoY Change 271.81% 72.23% -37.72%
TOTAL ASSETS
Total Short-Term Assets $402.6M $434.7M $188.5M
Total Long-Term Assets $1.952M $1.600M $525.0K
Total Assets $404.5M $436.3M $189.0M
YoY Change 114.02% 109.35% 45.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.82M $5.200M $5.159M
YoY Change 148.44% 60.2% 112.39%
Accrued Expenses $22.35M $3.000M $10.15M
YoY Change 120.26% -53.15% 116.51%
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 $35.17M $22.30M $15.31M
YoY Change 129.76% 116.69% 97.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $845.0K $200.0K $14.00K
YoY Change 5935.71% 1233.33% -39.13%
Total Long-Term Liabilities $845.0K $200.0K $14.00K
YoY Change 5935.71% 1233.33% -39.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.17M $22.30M $15.31M
Total Long-Term Liabilities $845.0K $200.0K $14.00K
Total Liabilities $36.01M $22.60M $15.32M
YoY Change 135.06% 119.29% 96.93%
SHAREHOLDERS EQUITY
Retained Earnings -$320.3M -$264.4M -$161.3M
YoY Change 98.54% 99.15% 141.36%
Common Stock $689.0M $678.2M $335.0M
YoY Change 105.64% 104.97% 77.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $368.5M $413.7M $173.7M
YoY Change
Total Liabilities & Shareholders Equity $404.5M $436.3M $189.0M
YoY Change 114.02% 109.35% 45.77%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$55.90M -$37.80M -$28.56M
YoY Change 95.72% 57.25% 131.07%
Depreciation, Depletion And Amortization $100.0K $100.0K $0.00
YoY Change -100.0%
Cash From Operating Activities -$33.80M -$30.80M -$18.10M
YoY Change 86.74% 57.14% 110.47%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$100.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$117.4M -$27.70M
YoY Change
Cash From Investing Activities -$117.9M -$27.70M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 700.0K 189.6M 100.0K
YoY Change 600.0% 189500.0% -150.0%
NET CHANGE
Cash From Operating Activities -33.80M -30.80M -18.10M
Cash From Investing Activities -117.9M -27.70M 0.000
Cash From Financing Activities 700.0K 189.6M 100.0K
Net Change In Cash -151.0M 131.1M -18.00M
YoY Change 738.89% -772.31% 104.55%
FREE CASH FLOW
Cash From Operating Activities -$33.80M -$30.80M -$18.10M
Capital Expenditures -$500.0K -$100.0K $0.00
Free Cash Flow -$33.30M -$30.70M -$18.10M
YoY Change 83.98% 56.63% 110.47%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Type
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dei Amendment Flag
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dei Document Period End Date
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dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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dei Trading Symbol
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dei Entity Registrant Name
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Sage Therapeutics, Inc.
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us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of Operations</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Sage Therapeutics, Inc. (&#8220;Sage&#8221; or the &#8220;Company&#8221;) is a clinical-stage biopharmaceutical company committed to developing and commercializing novel medicines to treat life-altering central nervous system (&#8220;CNS&#8221;) 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-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company was incorporated under the laws of the State of Delaware on April&#160;16, 2010, and commenced operations on January&#160;19, 2011 as Sterogen Biopharma, Inc. On September&#160;13, 2011, the Company changed its name to Sage Therapeutics, Inc. under its Second Amended and Restated Certificate of Incorporation.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;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-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred losses and negative cash flows from operations since its inception. As of September&#160;30, 2016, the Company had an accumulated deficit of $264.4&#160;million. From its inception through September&#160;30, 2016, the Company received net proceeds of $643.3 million from the sales of redeemable convertible preferred stock, the issuance of convertible notes, and the proceeds from its initial public offering (&#8220;IPO&#8221;) in July 2014 and follow-on underwritten public offerings in April 2015, January 2016 and September 2016. Based on its current operating plans, the Company believes its cash, cash equivalents and marketable securities of $431.3&#160;million as of September&#160;30, 2016 will be sufficient to fund its anticipated level of operations and capital expenditures into the second quarter of 2018.</p></div>
us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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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AccruedProfessionalFeesCurrent
935000
CY2016Q1 sage Proceeds From Issuance Of Common Stock Net Of Offering Expenses
ProceedsFromIssuanceOfCommonStockNetOfOfferingExpenses
140400000
CY2016Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1225000
CY2016Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
47.50
CY2016Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
39.75
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
29000
CY2016Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3157894
CY2016Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5062892
CY2016Q3 sage Proceeds From Issuance Of Common Stock Net Of Offering Expenses
ProceedsFromIssuanceOfCommonStockNetOfOfferingExpenses
189200000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4407000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12927000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11154000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
23.32
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
33.44
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2016Q3 sage Milestone Achievement Payment Due
MilestoneAchievementPaymentDue
0
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4748000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8019
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8659
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8012
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9103
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0125
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0180
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0138
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0157
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y11D
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y29D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y11D
sage Share Based Compensation Arrangement By Share Based Payment Award Estimated Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardEstimatedForfeitureRate
0.112
sage Share Based Compensation Arrangement By Share Based Payment Award Estimated Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardEstimatedForfeitureRate
0.100
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28737743
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32218204
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27430275
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27430275

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