$SAGE
Sage Therapeutics, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019028984 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $873.0K $90.00M
YoY Change -99.03%
Cost Of Revenue $44.00K
YoY Change
Gross Profit $829.0K
YoY Change
Gross Profit Margin 94.96%
Selling, General & Admin $88.23M $43.17M
YoY Change 104.39% 187.78%
% of Gross Profit 10642.58%
Research & Development $89.06M $68.98M
YoY Change 29.11% 23.4%
% of Gross Profit 10742.94%
Depreciation & Amortization $500.0K $200.0K
YoY Change 150.0% 100.0%
% of Gross Profit 60.31%
Operating Expenses $177.3M $112.1M
YoY Change 58.12% 58.28%
Operating Profit -$176.5M -$22.15M
YoY Change 696.75% -68.74%
Interest Expense $8.220M $5.137M
YoY Change 60.02% 633.86%
% of Operating Profit
Other Income/Expense, Net $16.00K $32.00K
YoY Change -50.0%
Pretax Income -$168.2M -$17.00M
YoY Change 889.41% -75.78%
Income Tax
% Of Pretax Income
Net Earnings -$168.2M -$16.98M
YoY Change 890.82% -75.82%
Net Earnings / Revenue -19269.3% -18.86%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.279M -$365.6K
COMMON SHARES
Basic Shares Outstanding 51.26M 46.54M
Diluted Shares Outstanding 51.26M 46.54M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.237B $1.094B
YoY Change 13.06% 282.55%
Cash & Equivalents $166.2M $327.1M
Short-Term Investments $1.070B $766.6M
Other Short-Term Assets $27.00M $13.00M
YoY Change 107.69% 150.0%
Inventory
Prepaid Expenses
Receivables $18.38M
Other Receivables $0.00
Total Short-Term Assets $1.264B $1.124B
YoY Change 12.44% 286.05%
LONG-TERM ASSETS
Property, Plant & Equipment $8.363M $4.400M
YoY Change 90.07% 214.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.023M $1.300M
YoY Change 209.46% 62.5%
Total Long-Term Assets $51.98M $5.700M
YoY Change 811.88% 147.83%
TOTAL ASSETS
Total Short-Term Assets $1.264B $1.124B
Total Long-Term Assets $51.98M $5.700M
Total Assets $1.316B $1.130B
YoY Change 16.47% 284.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.43M $8.300M
YoY Change 49.77% 38.33%
Accrued Expenses $58.91M $9.700M
YoY Change 507.34% 136.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.95M $47.90M
YoY Change 64.83% 48.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $410.0K $3.800M
YoY Change -89.21% 375.0%
Total Long-Term Liabilities $410.0K $3.800M
YoY Change -89.21% 375.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.95M $47.90M
Total Long-Term Liabilities $410.0K $3.800M
Total Liabilities $112.7M $51.70M
YoY Change 117.93% 56.19%
SHAREHOLDERS EQUITY
Retained Earnings -$1.300B
YoY Change
Common Stock $2.497B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.203B $1.078B
YoY Change
Total Liabilities & Shareholders Equity $1.316B $1.130B
YoY Change 16.47% 284.97%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$168.2M -$16.98M
YoY Change 890.82% -75.82%
Depreciation, Depletion And Amortization $500.0K $200.0K
YoY Change 150.0% 100.0%
Cash From Operating Activities -$133.4M -$100.0K
YoY Change 133300.0% -99.83%
INVESTING ACTIVITIES
Capital Expenditures -$2.100M -$400.0K
YoY Change 425.0% 300.0%
Acquisitions
YoY Change
Other Investing Activities -$55.90M -$237.8M
YoY Change -76.49% -631.99%
Cash From Investing Activities -$58.10M -$238.1M
YoY Change -75.6% -633.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.30M 6.600M
YoY Change 131.82% 144.44%
NET CHANGE
Cash From Operating Activities -133.4M -100.0K
Cash From Investing Activities -58.10M -238.1M
Cash From Financing Activities 15.30M 6.600M
Net Change In Cash -176.2M -231.6M
YoY Change -23.92% 1862.71%
FREE CASH FLOW
Cash From Operating Activities -$133.4M -$100.0K
Capital Expenditures -$2.100M -$400.0K
Free Cash Flow -$131.3M $300.0K
YoY Change -43866.67% -100.51%

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StockIssuedDuringPeriodValueNewIssues
560948000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29028000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
78883000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44845000
CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
409000
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-692000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-163406000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
1319534000
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
15601000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
34280000
CY2019Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1681000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-168221000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
1202875000
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1300000000
us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2018Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
731833000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
41100000
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
0
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
44200000
CY2019Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
166185000
CY2018Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
922776000
CY2019Q2 sage Fair Value Assets Transfers Among Level1 Level2 And Level3 Amount
FairValueAssetsTransfersAmongLevel1Level2AndLevel3Amount
0
CY2018Q2 sage Fair Value Assets Transfers Among Level1 Level2 And Level3 Amount
FairValueAssetsTransfersAmongLevel1Level2AndLevel3Amount
0
CY2019Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
1068789000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1679000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
104000
CY2019Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
1070364000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
732348000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
30000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
545000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
731833000
sage Number Of Marketable Securities Not Part Of Remaining Contractual Maturities Of One Year Or Less
NumberOfMarketableSecuritiesNotPartOfRemainingContractualMaturitiesOfOneYearOrLess
48
CY2019Q2 sage Marketable Securities Held To Maturity Fair Value
MarketableSecuritiesHeldToMaturityFairValue
185000000.0
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2018 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11499000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7859000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3136000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2216000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8363000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5643000
CY2019Q2 us-gaap Depreciation
Depreciation
500000
CY2018Q2 us-gaap Depreciation
Depreciation
200000
CY2019Q2 sage Accrued Development Expenses Current
AccruedDevelopmentExpensesCurrent
28498000
CY2018Q4 sage Accrued Development Expenses Current
AccruedDevelopmentExpensesCurrent
21216000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
15585000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
19638000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
14299000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
10903000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
530000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
237000
CY2019Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
58912000
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
51994000
CY2019Q2 us-gaap Lessor Operating Lease Renewal Term
LessorOperatingLeaseRenewalTerm
P5Y
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
37224000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7393000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
33309000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
40702000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2436000
us-gaap Operating Lease Cost
OperatingLeaseCost
4880000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
100000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
300000
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
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
2513000
us-gaap Operating Lease Payments
OperatingLeasePayments
4867000
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
872000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
872000
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
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11045846
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2781281
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
34767000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
34767000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
78883000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44845000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
99.11
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
114.72
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-168221000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-16978000
us-gaap Net Income Loss
NetIncomeLoss
-331627000
us-gaap Net Income Loss
NetIncomeLoss
-91576000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51257640
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46541716
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49882377
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45439666
CY2019Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
CY2018Q2 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
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51257640
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46541716
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49882377
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45439666
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.02
CY2018Q2 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
7401774
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6229126
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7401774

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