$SAGE
Sage Therapeutics, Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018019644 Filed on August 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $90.00M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $43.17M $15.00M
YoY Change 187.78% 68.54%
% of Gross Profit
Research & Development $68.98M $55.90M
YoY Change 23.4% 114.21%
% of Gross Profit
Depreciation & Amortization $200.0K $100.0K
YoY Change 100.0% 0.0%
% of Gross Profit
Operating Expenses $112.1M $70.85M
YoY Change 58.28% 102.41%
Operating Profit -$22.15M -$70.85M
YoY Change -68.74% 102.41%
Interest Expense $5.137M $700.0K
YoY Change 633.86% 163.16%
% of Operating Profit
Other Income/Expense, Net $32.00K $0.00
YoY Change -100.0%
Pretax Income -$17.00M -$70.20M
YoY Change -75.78% 102.31%
Income Tax
% Of Pretax Income
Net Earnings -$16.98M -$70.20M
YoY Change -75.82% 102.04%
Net Earnings / Revenue -18.86%
Basic Earnings Per Share
Diluted Earnings Per Share -$365.6K -$1.877M
COMMON SHARES
Basic Shares Outstanding 46.54M 37.36M
Diluted Shares Outstanding 46.54M 37.36M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.094B $285.9M
YoY Change 282.55% 5.0%
Cash & Equivalents $327.1M $133.5M
Short-Term Investments $766.6M $152.5M
Other Short-Term Assets $13.00M $5.200M
YoY Change 150.0% 188.89%
Inventory
Prepaid Expenses
Receivables $18.38M
Other Receivables $0.00
Total Short-Term Assets $1.124B $291.1M
YoY Change 286.05% 6.2%
LONG-TERM ASSETS
Property, Plant & Equipment $4.400M $1.400M
YoY Change 214.29% 45.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.300M $800.0K
YoY Change 62.5% 33.33%
Total Long-Term Assets $5.700M $2.300M
YoY Change 147.83% 51.02%
TOTAL ASSETS
Total Short-Term Assets $1.124B $291.1M
Total Long-Term Assets $5.700M $2.300M
Total Assets $1.130B $293.4M
YoY Change 284.97% 6.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.300M $6.000M
YoY Change 38.33% 0.72%
Accrued Expenses $9.700M $4.100M
YoY Change 136.59% -66.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $47.90M $32.30M
YoY Change 48.3% 76.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.800M $800.0K
YoY Change 375.0% 875.61%
Total Long-Term Liabilities $3.800M $800.0K
YoY Change 375.0% 875.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.90M $32.30M
Total Long-Term Liabilities $3.800M $800.0K
Total Liabilities $51.70M $33.10M
YoY Change 56.19% 79.69%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.078B $260.3M
YoY Change
Total Liabilities & Shareholders Equity $1.130B $293.4M
YoY Change 284.97% 6.45%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$16.98M -$70.20M
YoY Change -75.82% 102.04%
Depreciation, Depletion And Amortization $200.0K $100.0K
YoY Change 100.0% 0.0%
Cash From Operating Activities -$100.0K -$59.10M
YoY Change -99.83% 121.35%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$100.0K
YoY Change 300.0% -80.0%
Acquisitions
YoY Change
Other Investing Activities -$237.8M $44.70M
YoY Change -631.99% -153.53%
Cash From Investing Activities -$238.1M $44.60M
YoY Change -633.86% -153.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.600M 2.700M
YoY Change 144.44%
NET CHANGE
Cash From Operating Activities -100.0K -59.10M
Cash From Investing Activities -238.1M 44.60M
Cash From Financing Activities 6.600M 2.700M
Net Change In Cash -231.6M -11.80M
YoY Change 1862.71% -89.35%
FREE CASH FLOW
Cash From Operating Activities -$100.0K -$59.10M
Capital Expenditures -$400.0K -$100.0K
Free Cash Flow $300.0K -$59.00M
YoY Change -100.51% 125.19%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
18378000
CY2018Q2 us-gaap Revenues
Revenues
90000000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
649652000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
4154000
us-gaap Depreciation
Depreciation
493000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
25091000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-903000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-2245000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-78706000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
263460000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
813337000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1054000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-550931000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
19402000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
904000
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
340000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
631494000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
20015000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
307084000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
10000
CY2018Q2 sage Accrued Development Expenses Current
AccruedDevelopmentExpensesCurrent
23679000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:7pt;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>
CY2017Q4 sage Accrued Development Expenses Current
AccruedDevelopmentExpensesCurrent
23473000
CY2018Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9250000
CY2017Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
306235000
CY2017Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
212613000
CY2017Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
518848000
CY2018Q2 sage Fair Value Assets Transfers Among Level1 Level2 And Level3 Amount
FairValueAssetsTransfersAmongLevel1Level2AndLevel3Amount
0
CY2017Q2 sage Fair Value Assets Transfers Among Level1 Level2 And Level3 Amount
FairValueAssetsTransfersAmongLevel1Level2AndLevel3Amount
0
CY2018Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
766748000
CY2018Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2018Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
151000
CY2018Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
766603000
CY2017Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
212642000
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
31000
CY2017Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
212613000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2017 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6011000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5086000
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1566000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1073000
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
200000
CY2017Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
100000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
500000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
300000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29028000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44845000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9350000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
15838000
CY2018Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
6195000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3166000
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
457000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
124000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2867000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6657000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
6784000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
6913000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
7106000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
12189000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
42516000
CY2017Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
4058822
CY2017Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
85.00
CY2017Q4 sage Proceeds From Issuance Of Common Stock Net Of Offering Expenses
ProceedsFromIssuanceOfCommonStockNetOfOfferingExpenses
325800000
CY2018Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
4032012
CY2018Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
164.00
CY2018Q1 sage Proceeds From Issuance Of Common Stock Net Of Offering Expenses
ProceedsFromIssuanceOfCommonStockNetOfOfferingExpenses
631200000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9030623
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1589715
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15558000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
114.72
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
39.62
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46541716
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37361129
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45439666
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37315393
CY2018Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
CY2017Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46541716
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37361129
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45439666
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37315393
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6229126
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5352918
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6229126
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5352918

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