$SAGE
Sage Therapeutics, Inc.

2017 Form 10-K Financial Statement

#000156459018002772 Filed on February 22, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016 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 $62.90M $14.40M $9.000M
YoY Change 59.64% 75.61% 36.36%
% of Gross Profit
Research & Development $210.3M $42.00M $29.08M
YoY Change 74.13% 105.88% 66.35%
% of Gross Profit
Depreciation & Amortization $500.0K $100.0K $100.0K
YoY Change 66.67%
% of Gross Profit
Operating Expenses $273.2M $56.38M $38.06M
YoY Change 70.55% 97.05% 58.06%
Operating Profit -$273.2M -$56.38M -$38.06M
YoY Change 97.05% 58.06%
Interest Expense $3.099M $500.0K $275.0K
YoY Change 158.25% 400.0% 418.87%
% of Operating Profit
Other Income/Expense, Net -$64.00K $0.00 -$7.000K
YoY Change 16.67%
Pretax Income -$270.1M -$55.90M -$37.80M
YoY Change 69.87% 95.45% 57.5%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$270.1M -$55.90M -$37.80M
YoY Change 69.9% 95.72% 57.25%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$7.089M -$1.499M -$1.145M
COMMON SHARES
Basic Shares Outstanding 38.11M 37.17M 32.98M
Diluted Shares Outstanding 38.11M 32.98M

Balance Sheet

Concept 2017 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $518.8M $397.5M $431.3M
YoY Change 30.52% 112.78% 110.48%
Cash & Equivalents $306.2M $168.5M $320.1M
Short-Term Investments $212.6M $229.0M $111.2M
Other Short-Term Assets $6.200M $5.100M $3.400M
YoY Change 21.57% 200.0% 30.77%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $525.1M $402.6M $434.7M
YoY Change 30.43% 113.58% 109.51%
LONG-TERM ASSETS
Property, Plant & Equipment $4.000M $1.388M $1.000M
YoY Change 185.71% 385.31% 301.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $600.0K $600.0K
YoY Change 33.33% 200.0% -14.29%
Total Long-Term Assets $4.800M $1.952M $1.600M
YoY Change 152.63% 271.81% 72.23%
TOTAL ASSETS
Total Short-Term Assets $525.1M $402.6M $434.7M
Total Long-Term Assets $4.800M $1.952M $1.600M
Total Assets $529.9M $404.5M $436.3M
YoY Change 31.0% 114.02% 109.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.400M $12.82M $5.200M
YoY Change -26.56% 148.44% 60.2%
Accrued Expenses $16.00M $22.35M $3.000M
YoY Change 162.3% 120.26% -53.15%
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 $52.00M $35.17M $22.30M
YoY Change 47.73% 129.76% 116.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.500M $845.0K $200.0K
YoY Change 212.5% 5935.71% 1233.33%
Total Long-Term Liabilities $2.500M $845.0K $200.0K
YoY Change 212.5% 5935.71% 1233.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.00M $35.17M $22.30M
Total Long-Term Liabilities $2.500M $845.0K $200.0K
Total Liabilities $54.50M $36.01M $22.60M
YoY Change 51.39% 135.06% 119.29%
SHAREHOLDERS EQUITY
Retained Earnings -$320.3M -$264.4M
YoY Change 98.54% 99.15%
Common Stock $689.0M $678.2M
YoY Change 105.64% 104.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $475.5M $368.5M $413.7M
YoY Change
Total Liabilities & Shareholders Equity $529.9M $404.5M $436.3M
YoY Change 31.0% 114.02% 109.35%

Cashflow Statement

Concept 2017 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$270.1M -$55.90M -$37.80M
YoY Change 69.9% 95.72% 57.25%
Depreciation, Depletion And Amortization $500.0K $100.0K $100.0K
YoY Change 66.67%
Cash From Operating Activities -$219.3M -$33.80M -$30.80M
YoY Change 84.77% 86.74% 57.14%
INVESTING ACTIVITIES
Capital Expenditures $1.360M -$500.0K -$100.0K
YoY Change -4.29%
Acquisitions
YoY Change
Other Investing Activities $16.80M -$117.4M -$27.70M
YoY Change -107.35%
Cash From Investing Activities $15.46M -$117.9M -$27.70M
YoY Change -106.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $326.0M
YoY Change -1.26%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 341.8M 700.0K 189.6M
YoY Change 3.27% 600.0% 189500.0%
NET CHANGE
Cash From Operating Activities -219.3M -33.80M -30.80M
Cash From Investing Activities 15.46M -117.9M -27.70M
Cash From Financing Activities 341.8M 700.0K 189.6M
Net Change In Cash 138.0M -151.0M 131.1M
YoY Change -879.19% 738.89% -772.31%
FREE CASH FLOW
Cash From Operating Activities -$219.3M -$33.80M -$30.80M
Capital Expenditures $1.360M -$500.0K -$100.0K
Free Cash Flow -$220.6M -$33.30M -$30.70M
YoY Change 83.71% 83.98% 56.63%

Facts In Submission

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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:11pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-size:11pt;font-family:Times New Roman;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 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 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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OperatingLeasesRentExpenseNet
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OperatingLeasesFutureMinimumPaymentsDueInThreeYears
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CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3485000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
5450000
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DividendsCommonStock
0
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0
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CommonStockVotingRights
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TreasuryStockSharesAcquired
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TreasuryStockSharesAcquired
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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P6Y10D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y18D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y10D
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38113678
CY2017 sage Share Based Compensation Arrangement By Share Based Payment Award Estimated Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardEstimatedForfeitureRate
0.133
CY2016 sage Share Based Compensation Arrangement By Share Based Payment Award Estimated Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardEstimatedForfeitureRate
0.096
CY2015 sage Share Based Compensation Arrangement By Share Based Payment Award Estimated Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardEstimatedForfeitureRate
0.100
CY2017 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
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WeightedAverageNumberOfSharesOutstandingBasic
33492795
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WeightedAverageNumberOfSharesOutstandingBasic
27778288
CY2015 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
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WeightedAverageNumberOfDilutedSharesOutstanding
38113678
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33492795
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27778288
CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4956739
CY2016 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3992719
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.064
CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.010
CY2015 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.009
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.032
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.031
CY2015 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
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CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
-0.072
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
-0.103
CY2015 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
-0.132
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.225
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.431
CY2015 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.001
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.246
CY2017 us-gaap Effective Income Tax Rate Reconciliation Deductions Medicare Prescription Drug Benefit
EffectiveIncomeTaxRateReconciliationDeductionsMedicarePrescriptionDrugBenefit
0.024
CY2016 us-gaap Effective Income Tax Rate Reconciliation Deductions Medicare Prescription Drug Benefit
EffectiveIncomeTaxRateReconciliationDeductionsMedicarePrescriptionDrugBenefit
0.029
CY2015 us-gaap Effective Income Tax Rate Reconciliation Deductions Medicare Prescription Drug Benefit
EffectiveIncomeTaxRateReconciliationDeductionsMedicarePrescriptionDrugBenefit
0.042
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2017Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
131151000
CY2016Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
84374000
CY2017Q4 sage Deferred Tax Assets Capitalized Start Up Costs
DeferredTaxAssetsCapitalizedStartUpCosts
1362000
CY2016Q4 sage Deferred Tax Assets Capitalized Start Up Costs
DeferredTaxAssetsCapitalizedStartUpCosts
2155000
CY2016Q4 sage Deferred Tax Assets Change In Accounting Method
DeferredTaxAssetsChangeInAccountingMethod
673000
CY2017Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
54523000
CY2016Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
33477000
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
3057000
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
2287000
CY2017Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
685000
CY2016Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
999000
CY2017Q4 sage Deferred Tax Assets Stock Options
DeferredTaxAssetsStockOptions
13573000
CY2016Q4 sage Deferred Tax Assets Stock Options
DeferredTaxAssetsStockOptions
12103000
CY2017Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1090000
CY2016Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
350000
CY2017Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
205441000
CY2016Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
135072000
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
205441000
CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2017Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
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CY2017Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
479900000
CY2017 sage Federal And State Net Operating Loss Carry Forwards Expiration Year
FederalAndStateNetOperatingLossCarryForwardsExpirationYear
2031
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2017Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
40000000
CY2017 sage Tax Credits Expiration Start Year
TaxCreditsExpirationStartYear
2034
CY2017 sage Tax Cuts And Jobs Act Of2017 Decrease In Deferred Tax Assets
TaxCutsAndJobsActOf2017DecreaseInDeferredTaxAssets
66400000
CY2017 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
70400000
CY2017Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2016Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2017Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2017 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2016 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2015 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
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CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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OperatingIncomeLoss
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CY2017 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.06
CY2016 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.06
CY2015 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.06
CY2017 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
900000
CY2016 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000
CY2015 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
57480000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
70854000
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
74373000
CY2017Q4 us-gaap Operating Expenses
OperatingExpenses
70448000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-57480000
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.15
CY2016Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.52
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
30714000
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CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
38064000
CY2016Q4 us-gaap Operating Expenses
OperatingExpenses
56379000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2016Q1 us-gaap Net Income Loss
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CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2016Q2 us-gaap Operating Income Loss
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CY2016Q3 us-gaap Operating Income Loss
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CY2016Q4 us-gaap Operating Income Loss
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CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
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-0.97
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.08

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