$SAGE
Sage Therapeutics, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020038597 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $1.089M $873.0K $465.0K
YoY Change 24.74% -99.03%
Cost Of Revenue $100.0K $44.00K
YoY Change 127.27%
Gross Profit $1.000M $829.0K
YoY Change 20.63%
Gross Profit Margin 91.83% 94.96%
Selling, General & Admin $38.22M $88.23M $83.92M
YoY Change -56.68% 104.39% 191.39%
% of Gross Profit 3822.4% 10642.58%
Research & Development $73.32M $89.06M $86.40M
YoY Change -17.67% 29.11% 75.36%
% of Gross Profit 7332.0% 10742.94%
Depreciation & Amortization $700.0K $500.0K $400.0K
YoY Change 40.0% 150.0% 100.0%
% of Gross Profit 70.0% 60.31%
Operating Expenses $140.1M $177.3M $170.3M
YoY Change -21.02% 58.12% 118.02%
Operating Profit -$139.0M -$176.5M -$169.9M
YoY Change -21.25% 696.75% 117.43%
Interest Expense $2.686M $8.220M $6.442M
YoY Change -67.32% 60.02% 84.06%
% of Operating Profit
Other Income/Expense, Net -$66.00K $16.00K $4.000K
YoY Change -512.5% -50.0%
Pretax Income -$136.3M -$168.2M -$163.4M
YoY Change -18.97% 889.41% 119.03%
Income Tax
% Of Pretax Income
Net Earnings -$136.3M -$168.2M -$163.4M
YoY Change -18.95% 890.82% 119.05%
Net Earnings / Revenue -12520.39% -19269.3% -35141.08%
Basic Earnings Per Share -$2.63
Diluted Earnings Per Share -$2.63 -$3.279M -$3.369M
COMMON SHARES
Basic Shares Outstanding 51.93M 51.26M 48.49M
Diluted Shares Outstanding 51.93M 51.26M 48.49M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $758.9M $1.237B $1.354B
YoY Change -38.63% 13.06% 24.78%
Cash & Equivalents $260.6M $166.2M $344.7M
Short-Term Investments $498.3M $1.070B $1.009B
Other Short-Term Assets $28.90M $27.00M $20.30M
YoY Change 7.04% 107.69% 75.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $785.4M $1.264B $1.372B
YoY Change -37.84% 12.44% 25.24%
LONG-TERM ASSETS
Property, Plant & Equipment $8.077M $8.363M $6.513M
YoY Change -3.42% 90.07% 51.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.800M $4.023M $4.378M
YoY Change 44.17% 209.46% 236.77%
Total Long-Term Assets $41.80M $51.98M $51.38M
YoY Change -19.58% 811.88% 817.54%
TOTAL ASSETS
Total Short-Term Assets $785.4M $1.264B $1.372B
Total Long-Term Assets $41.80M $51.98M $51.38M
Total Assets $827.2M $1.316B $1.423B
YoY Change -37.12% 16.47% 29.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.400M $12.43M $13.56M
YoY Change -80.69% 49.77% 61.38%
Accrued Expenses $53.33M $58.91M $47.65M
YoY Change -9.48% 507.34% 935.89%
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 $64.30M $78.95M $68.40M
YoY Change -18.56% 64.83% 80.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $23.00M $410.0K $35.00M
YoY Change 5509.76% -89.21% 900.0%
Total Long-Term Liabilities $23.00M $410.0K $35.00M
YoY Change 5509.76% -89.21% 900.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.30M $78.95M $68.40M
Total Long-Term Liabilities $23.00M $410.0K $35.00M
Total Liabilities $87.30M $112.7M $103.4M
YoY Change -22.52% 117.93% 149.76%
SHAREHOLDERS EQUITY
Retained Earnings -$1.900B -$1.300B -$1.127B
YoY Change 46.15%
Common Stock $2.497B $2.447B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $739.9M $1.203B $1.320B
YoY Change
Total Liabilities & Shareholders Equity $827.2M $1.316B $1.423B
YoY Change -37.12% 16.47% 29.27%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$136.3M -$168.2M -$163.4M
YoY Change -18.95% 890.82% 119.05%
Depreciation, Depletion And Amortization $700.0K $500.0K $400.0K
YoY Change 40.0% 150.0% 100.0%
Cash From Operating Activities -$119.0M -$133.4M -$149.9M
YoY Change -10.79% 133300.0% 90.83%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$2.100M $1.257M
YoY Change -100.0% 425.0% 92.79%
Acquisitions
YoY Change
Other Investing Activities $177.5M -$55.90M -$273.7M
YoY Change -417.53% -76.49% -12.3%
Cash From Investing Activities $177.4M -$58.10M -$274.9M
YoY Change -405.34% -75.6% -12.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $561.3M
YoY Change -11.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K 15.30M 576.2M
YoY Change -98.04% 131.82% -10.41%
NET CHANGE
Cash From Operating Activities -119.0M -133.4M -149.9M
Cash From Investing Activities 177.4M -58.10M -274.9M
Cash From Financing Activities 300.0K 15.30M 576.2M
Net Change In Cash 58.70M -176.2M 151.4M
YoY Change -133.31% -23.92% -39.88%
FREE CASH FLOW
Cash From Operating Activities -$119.0M -$133.4M -$149.9M
Capital Expenditures $0.00 -$2.100M $1.257M
Free Cash Flow -$119.0M -$131.3M -$151.2M
YoY Change -9.37% -43866.67% 90.84%

Facts In Submission

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<p style="margin-top:9pt;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. <span style="Background-color:#FFFFFF;color:#212529;">The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including developments related to the scope and duration of the pandemic; the timing, extent and frequency of surges in the number of cases of COVID-19; new information that may emerge concerning COVID-19; and the actions taken to contain the COVID-19 pandemic. The Company has made estimates of the impact of the COVID-19 pandemic within its consolidated financial statements and there may be changes to those estimates in future periods. </span>Actual results could differ from those estimates.</p>
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CY2020Q2 sage Marketable Securities Held To Maturity Fair Value
MarketableSecuritiesHeldToMaturityFairValue
35900000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2019 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13625000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5830000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4499000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8077000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9126000
CY2020Q2 us-gaap Depreciation
Depreciation
700000
CY2019Q2 us-gaap Depreciation
Depreciation
500000
us-gaap Depreciation
Depreciation
1300000
us-gaap Depreciation
Depreciation
900000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13907000
CY2020Q2 sage Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
27697000
CY2019Q4 sage Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
46940000
CY2020Q2 sage Accrued Restructuring Expenses
AccruedRestructuringExpenses
11406000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7564000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
22011000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
5599000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
16720000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1062000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
947000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
53328000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
86618000
CY2020Q2 us-gaap Lessor Operating Lease Renewal Term
LessorOperatingLeaseRenewalTerm
P5Y
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5300000
CY2019Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y
CY2019 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2022-01-31
CY2020Q2 sage Remaining Amount Of Lease Write Off
RemainingAmountOfLeaseWriteOff
2300000
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
CY2020Q2 sage Stock Option Modification As Part Of Restructuring
StockOptionModificationAsPartOfRestructuring
1788000
sage Stock Option Modification As Part Of Restructuring
StockOptionModificationAsPartOfRestructuring
1788000
CY2020Q2 sage Allocated Share Based Compensation Expense Including Restructing
AllocatedShareBasedCompensationExpenseIncludingRestructing
24032000
CY2019Q2 sage Allocated Share Based Compensation Expense Including Restructing
AllocatedShareBasedCompensationExpenseIncludingRestructing
34767000
sage Allocated Share Based Compensation Expense Including Restructing
AllocatedShareBasedCompensationExpenseIncludingRestructing
55142000
sage Allocated Share Based Compensation Expense Including Restructing
AllocatedShareBasedCompensationExpenseIncludingRestructing
78883000
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7735433
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7401774
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51926074
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51257640
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51917417
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49882377
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.63
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.28
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.07
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-6.65
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
37.16
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
99.11
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12668833
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
4077818
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-168221000
us-gaap Net Income Loss
NetIncomeLoss
-263087000
us-gaap Net Income Loss
NetIncomeLoss
-331627000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51926074
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51257640
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51917417
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49882377
CY2020Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
CY2019Q2 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 Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7735433
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7401774
CY2020Q2 sage Operating Expenses Workforce Reduction Percentage
OperatingExpensesWorkforceReductionPercentage
0.53
CY2020Q2 us-gaap Restructuring Charges
RestructuringCharges
28402000
CY2020Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
14558000
CY2020Q2 us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
2438000
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
11406000

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