$SAGE
Sage Therapeutics, Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019015034 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $465.0K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $83.92M $28.80M
YoY Change 191.39% 134.15%
% of Gross Profit
Research & Development $86.40M $49.27M
YoY Change 75.36% 9.0%
% of Gross Profit
Depreciation & Amortization $400.0K $200.0K
YoY Change 100.0% -33.33%
% of Gross Profit
Operating Expenses $170.3M $78.12M
YoY Change 118.02% 35.91%
Operating Profit -$169.9M -$78.12M
YoY Change 117.43% 35.91%
Interest Expense $6.442M $3.500M
YoY Change 84.06% 395.05%
% of Operating Profit
Other Income/Expense, Net $4.000K $0.00
YoY Change -100.0%
Pretax Income -$163.4M -$74.60M
YoY Change 119.03% 31.34%
Income Tax
% Of Pretax Income
Net Earnings -$163.4M -$74.60M
YoY Change 119.05% 31.39%
Net Earnings / Revenue -35141.08%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.369M -$1.684M
COMMON SHARES
Basic Shares Outstanding 48.49M 44.33M
Diluted Shares Outstanding 48.49M 44.33M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.354B $1.085B
YoY Change 24.78% 216.14%
Cash & Equivalents $344.7M $558.8M
Short-Term Investments $1.009B $526.0M
Other Short-Term Assets $20.30M $11.60M
YoY Change 75.0% 78.46%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.372B $1.095B
YoY Change 25.24% 213.78%
LONG-TERM ASSETS
Property, Plant & Equipment $6.513M $4.300M
YoY Change 51.47% 168.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.378M $1.300M
YoY Change 236.77% 116.67%
Total Long-Term Assets $51.38M $5.600M
YoY Change 817.54% 154.55%
TOTAL ASSETS
Total Short-Term Assets $1.372B $1.095B
Total Long-Term Assets $51.38M $5.600M
Total Assets $1.423B $1.101B
YoY Change 29.27% 213.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.56M $8.400M
YoY Change 61.38% 2.44%
Accrued Expenses $47.65M $4.600M
YoY Change 935.89% 119.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.40M $37.90M
YoY Change 80.47% 18.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $35.00M $3.500M
YoY Change 900.0% 337.5%
Total Long-Term Liabilities $35.00M $3.500M
YoY Change 900.0% 337.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.40M $37.90M
Total Long-Term Liabilities $35.00M $3.500M
Total Liabilities $103.4M $41.40M
YoY Change 149.76% 26.61%
SHAREHOLDERS EQUITY
Retained Earnings -$1.127B
YoY Change
Common Stock $2.447B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.320B $1.059B
YoY Change
Total Liabilities & Shareholders Equity $1.423B $1.101B
YoY Change 29.27% 213.41%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$163.4M -$74.60M
YoY Change 119.05% 31.39%
Depreciation, Depletion And Amortization $400.0K $200.0K
YoY Change 100.0% -33.33%
Cash From Operating Activities -$149.9M -$78.57M
YoY Change 90.83% 42.34%
INVESTING ACTIVITIES
Capital Expenditures $1.257M $652.0K
YoY Change 92.79% 166.12%
Acquisitions
YoY Change
Other Investing Activities -$273.7M -$312.1M
YoY Change -12.3% -1081.45%
Cash From Investing Activities -$274.9M -$312.8M
YoY Change -12.11% -1089.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $561.3M $631.5M
YoY Change -11.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 576.2M 643.1M
YoY Change -10.41% 107085.33%
NET CHANGE
Cash From Operating Activities -149.9M -78.57M
Cash From Investing Activities -274.9M -312.8M
Cash From Financing Activities 576.2M 643.1M
Net Change In Cash 151.4M 251.7M
YoY Change -39.88% -1194.52%
FREE CASH FLOW
Cash From Operating Activities -$149.9M -$78.57M
Capital Expenditures $1.257M $652.0K
Free Cash Flow -$151.2M -$79.22M
YoY Change 90.84% 42.89%

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<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;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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200000
CY2019Q1 sage Right Of Use Assets Recorded From New Lease Liabilities
RightOfUseAssetsRecordedFromNewLeaseLiabilities
0
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7149000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
41677000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2444000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
7918000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
8299000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
8463000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
8692000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
8894000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
5415000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
47681000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M18D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2354000
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
CY2019Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3833334
CY2019Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
150.00
CY2019Q1 sage Proceeds From Issuance Of Common Stock Net Of Offering Expenses
ProceedsFromIssuanceOfCommonStockNetOfOfferingExpenses
560900000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11493302
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2821785
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44116000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15817000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
98.23
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
125.80
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48491834
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44325371
CY2019Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
CY2018Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48491834
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44325371
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7556233
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5608243

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