$SAGE
Sage Therapeutics, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019042533 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $3.570M $273.0K $0.00
YoY Change
Cost Of Revenue $100.0K
YoY Change
Gross Profit $3.400M
YoY Change
Gross Profit Margin 95.24%
Selling, General & Admin $88.50M $75.70M $53.69M
YoY Change 64.83% 286.22% 233.5%
% of Gross Profit 2602.94%
Research & Development $102.1M $88.80M $75.05M
YoY Change 36.05% 74.46% 28.77%
% of Gross Profit 3003.18%
Depreciation & Amortization $700.0K $300.0K $300.0K
YoY Change 133.33% 200.0% 200.0%
% of Gross Profit 20.59%
Operating Expenses $190.7M $164.5M $128.7M
YoY Change 48.16% 133.51% 73.11%
Operating Profit -$187.2M -$164.2M -$128.7M
YoY Change 45.39% 133.12% 73.11%
Interest Expense $7.200M $5.900M $5.817M
YoY Change 23.78% 490.0% 759.23%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $10.00K
YoY Change -100.0% -143.48%
Pretax Income -$180.0M -$158.4M -$122.9M
YoY Change 46.46% 128.24% 66.76%
Income Tax
% Of Pretax Income
Net Earnings -$180.0M -$158.4M -$122.9M
YoY Change 46.4% 128.16% 66.74%
Net Earnings / Revenue -5040.84% -58017.58%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.482M -$3.377M -$2.632M
COMMON SHARES
Basic Shares Outstanding 51.70M 46.71M
Diluted Shares Outstanding 51.70M 46.71M

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.125B $922.8M $1.023B
YoY Change 9.9% 77.85% 320.34%
Cash & Equivalents $261.5M $190.9M $255.0M
Short-Term Investments $863.1M $731.8M $768.3M
Other Short-Term Assets $30.40M $21.90M $18.50M
YoY Change 64.32% 253.23% 277.55%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.153B $944.7M $1.040B
YoY Change 10.85% 79.92% 318.74%
LONG-TERM ASSETS
Property, Plant & Equipment $9.365M $5.643M $5.200M
YoY Change 80.1% 40.62% 174.7%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.818M $2.400M $1.900M
YoY Change 100.95% 200.0% 137.5%
Total Long-Term Assets $51.03M $8.010M $7.100M
YoY Change 618.69% 64.75% 158.94%
TOTAL ASSETS
Total Short-Term Assets $1.153B $944.7M $1.040B
Total Long-Term Assets $51.03M $8.010M $7.100M
Total Assets $1.204B $952.7M $1.047B
YoY Change 14.97% 79.78% 316.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.041M $34.04M $5.900M
YoY Change -14.56% 264.02% -54.72%
Accrued Expenses $78.13M $51.99M $13.20M
YoY Change 491.87% 22.05% -64.14%
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 $90.96M $86.03M $54.50M
YoY Change 66.89% 65.6% 9.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $340.0K $3.704M $4.000M
YoY Change -91.5% 47.51% 234.45%
Total Long-Term Liabilities $340.0K $3.704M $4.000M
YoY Change -91.5% 47.51% 234.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.96M $86.03M $54.50M
Total Long-Term Liabilities $340.0K $3.704M $4.000M
Total Liabilities $122.7M $89.73M $58.50M
YoY Change 109.67% 64.76% 14.63%
SHAREHOLDERS EQUITY
Retained Earnings -$1.475B -$963.3M -$804.9M
YoY Change 83.23% 63.15%
Common Stock $2.555B $1.827B $1.794B
YoY Change 42.4% 71.38% 44847625.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.081B $863.0M $988.5M
YoY Change
Total Liabilities & Shareholders Equity $1.204B $952.7M $1.047B
YoY Change 14.97% 79.78% 316.99%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$180.0M -$158.4M -$122.9M
YoY Change 46.4% 128.16% 66.74%
Depreciation, Depletion And Amortization $700.0K $300.0K $300.0K
YoY Change 133.33% 200.0% 200.0%
Cash From Operating Activities -$128.7M -$101.8M -$80.20M
YoY Change 60.47% 72.84% 73.97%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$800.0K -$1.000M
YoY Change 100.0% 0.0% 233.33%
Acquisitions
YoY Change
Other Investing Activities $209.7M $39.20M $1.100M
YoY Change 18963.64% -137.76% -97.51%
Cash From Investing Activities $207.8M $38.40M $0.00
YoY Change -136.71% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.00M 1.700M 8.000M
YoY Change 75.0% -99.49% 116.22%
NET CHANGE
Cash From Operating Activities -128.7M -101.8M -80.20M
Cash From Investing Activities 207.8M 38.40M 0.000
Cash From Financing Activities 14.00M 1.700M 8.000M
Net Change In Cash 93.10M -61.70M -72.20M
YoY Change -228.95% -136.02% -4913.33%
FREE CASH FLOW
Cash From Operating Activities -$128.7M -$101.8M -$80.20M
Capital Expenditures -$2.000M -$800.0K -$1.000M
Free Cash Flow -$126.7M -$101.0M -$79.20M
YoY Change 59.97% 73.84% 72.93%

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CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
560948000
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
CY2018Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
922776000
CY2019Q3 sage Fair Value Assets Transfers Among Level1 Level2 And Level3 Amount
FairValueAssetsTransfersAmongLevel1Level2AndLevel3Amount
0
CY2018Q3 sage Fair Value Assets Transfers Among Level1 Level2 And Level3 Amount
FairValueAssetsTransfersAmongLevel1Level2AndLevel3Amount
0
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
CY2019Q3 sage Marketable Securities Held To Maturity Fair Value
MarketableSecuritiesHeldToMaturityFairValue
170700000
CY2019Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
3946000
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
43053000
CY2019Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
202000
CY2019Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-1483000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-179958000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
1081071000
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 condensed 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 condensed 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 Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
0
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
44200000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
41100000
CY2019Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
259181000
CY2019Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
863069000
CY2019Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1122250000
CY2018Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
190943000
CY2018Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
731833000
CY2019Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
861292000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1866000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
89000
CY2019Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
863069000
CY2018 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2019Q3 us-gaap Depreciation
Depreciation
700000
CY2018Q3 us-gaap Depreciation
Depreciation
300000
us-gaap Depreciation
Depreciation
1600000
us-gaap Depreciation
Depreciation
800000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13199000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7859000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3834000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2216000
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9365000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5643000
CY2019Q3 sage Accrued Development Expenses Current
AccruedDevelopmentExpensesCurrent
42736000
CY2018Q4 sage Accrued Development Expenses Current
AccruedDevelopmentExpensesCurrent
21216000
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
17391000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
19638000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
17109000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
10903000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
891000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
237000
CY2019Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
78127000
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
51994000
CY2019Q3 us-gaap Lessor Operating Lease Renewal Term
LessorOperatingLeaseRenewalTerm
P5Y
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25478000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
35514000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7557000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
31360000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
38917000
us-gaap Operating Lease Cost
OperatingLeaseCost
7342000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
300000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
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
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10712317
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2801948
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
2537000
us-gaap Operating Lease Payments
OperatingLeasePayments
7404000
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 Shares Issued Price Per Share
SharesIssuedPricePerShare
150.00
CY2019Q1 sage Proceeds From Issuance Of Common Stock Net Of Offering Expenses
ProceedsFromIssuanceOfCommonStockNetOfOfferingExpenses
560900000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
43669000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
122552000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
70323000
CY2018Q3 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
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51704687
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46706770
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50496489
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45866676
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.48
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.63
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-10.13
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.68
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
43669000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25478000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
99.49
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
113.12
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-179958000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-122918000
us-gaap Net Income Loss
NetIncomeLoss
-511585000
us-gaap Net Income Loss
NetIncomeLoss
-214494000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51704687
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46706770
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50496489
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45866676
CY2019Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7096222
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6416456
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7096222
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6416456

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