$SAGE
Sage Therapeutics, Inc.

2018 Form 10-K Financial Statement

#000156459019003191 Filed on February 19, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017 Q3
Revenue $90.27M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $201.4M $19.60M $16.10M
YoY Change 220.2% 36.11% 78.89%
% of Gross Profit
Research & Development $282.1M $50.90M $58.29M
YoY Change 34.16% 21.19% 100.47%
% of Gross Profit
Depreciation & Amortization $1.100M $100.0K $100.0K
YoY Change 120.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $483.5M $70.45M $74.37M
YoY Change 77.01% 24.95% 95.39%
Operating Profit -$393.2M -$70.45M -$74.37M
YoY Change 43.96% 24.95% 95.39%
Interest Expense $20.33M $1.000M $677.0K
YoY Change 556.15% 100.0% 146.18%
% of Operating Profit
Other Income/Expense, Net $22.00K $0.00 -$23.00K
YoY Change -134.38% 228.57%
Pretax Income -$296.0M -$69.40M -$73.70M
YoY Change 9.6% 24.15% 94.97%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$372.9M -$69.42M -$73.72M
YoY Change 38.04% 24.19% 95.04%
Net Earnings / Revenue -413.06%
Basic Earnings Per Share -$8.08
Diluted Earnings Per Share -$8.08 -$1.718M -$1.965M
COMMON SHARES
Basic Shares Outstanding 46.12M 37.54M 37.47M
Diluted Shares Outstanding 46.12M 37.47M

Balance Sheet

Concept 2018 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $922.8M $518.8M $243.5M
YoY Change 77.87% 30.53% -43.55%
Cash & Equivalents $190.9M $306.2M $134.9M
Short-Term Investments $731.8M $212.6M $108.5M
Other Short-Term Assets $21.90M $6.200M $4.900M
YoY Change 253.23% 21.57% 44.12%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $944.7M $525.1M $248.3M
YoY Change 79.91% 30.43% -42.87%
LONG-TERM ASSETS
Property, Plant & Equipment $5.600M $4.013M $1.893M
YoY Change 40.0% 189.12% 89.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.400M $800.0K $800.0K
YoY Change 200.0% 33.33% 33.33%
Total Long-Term Assets $8.000M $4.862M $2.742M
YoY Change 66.67% 149.08% 71.38%
TOTAL ASSETS
Total Short-Term Assets $944.7M $525.1M $248.3M
Total Long-Term Assets $8.000M $4.862M $2.742M
Total Assets $952.7M $529.9M $251.1M
YoY Change 79.79% 31.0% -42.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.00M $9.350M $13.03M
YoY Change 261.7% -27.05% 150.58%
Accrued Expenses $19.90M $42.60M $36.81M
YoY Change 24.38% 90.59% 1126.9%
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 $86.00M $51.95M $49.84M
YoY Change 65.38% 47.72% 123.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.700M $2.511M $1.196M
YoY Change 48.0% 197.16% 498.0%
Total Long-Term Liabilities $3.700M $2.511M $1.196M
YoY Change 48.0% 197.16% 498.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.00M $51.95M $49.84M
Total Long-Term Liabilities $3.700M $2.511M $1.196M
Total Liabilities $89.70M $54.46M $51.03M
YoY Change 64.59% 51.22% 125.81%
SHAREHOLDERS EQUITY
Retained Earnings -$590.4M
YoY Change 84.33%
Common Stock $1.066B $4.000K
YoY Change 54.73% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $863.0M $475.5M $200.1M
YoY Change
Total Liabilities & Shareholders Equity $952.7M $529.9M $251.1M
YoY Change 79.79% 31.0% -42.45%

Cashflow Statement

Concept 2018 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$372.9M -$69.42M -$73.72M
YoY Change 38.04% 24.19% 95.04%
Depreciation, Depletion And Amortization $1.100M $100.0K $100.0K
YoY Change 120.0% 0.0% 0.0%
Cash From Operating Activities -$260.7M -$58.90M -$46.10M
YoY Change 18.88% 74.26% 49.68%
INVESTING ACTIVITIES
Capital Expenditures $2.860M -$800.0K -$300.0K
YoY Change 110.29% 60.0% 200.0%
Acquisitions
YoY Change
Other Investing Activities -$509.6M -$103.8M $44.10M
YoY Change -3133.33% -11.58% -259.21%
Cash From Investing Activities -$512.5M -$104.6M $43.90M
YoY Change -3414.33% -11.28% -258.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $631.5M
YoY Change 93.69%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 659.4M 334.8M 3.700M
YoY Change 92.9% 47728.57% -98.05%
NET CHANGE
Cash From Operating Activities -260.7M -58.90M -46.10M
Cash From Investing Activities -512.5M -104.6M 43.90M
Cash From Financing Activities 659.4M 334.8M 3.700M
Net Change In Cash -113.8M 171.3M 1.500M
YoY Change -182.44% -213.44% -98.86%
FREE CASH FLOW
Cash From Operating Activities -$260.7M -$58.90M -$46.10M
Capital Expenditures $2.860M -$800.0K -$300.0K
Free Cash Flow -$263.5M -$58.10M -$45.80M
YoY Change 19.44% 74.47% 49.19%

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<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;text-indent:4.54%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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>
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<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;">Concentration of Credit Risk and of Significant Suppliers</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains accounts for all cash and cash equivalents at accredited financial institutions, in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. The Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.</p>
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