$SAGE
Sage Therapeutics, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021039953 Filed on August 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $1.643M $1.089M
YoY Change 50.87% 24.74%
Cost Of Revenue $148.0K $100.0K
YoY Change 48.0% 127.27%
Gross Profit $1.495M $1.000M
YoY Change 49.5% 20.63%
Gross Profit Margin 90.99% 91.83%
Selling, General & Admin $43.35M $38.22M
YoY Change 13.4% -56.68%
% of Gross Profit 2899.4% 3822.4%
Research & Development $66.17M $73.32M
YoY Change -9.75% -17.67%
% of Gross Profit 4426.09% 7332.0%
Depreciation & Amortization $900.0K $700.0K
YoY Change 28.57% 40.0%
% of Gross Profit 60.2% 70.0%
Operating Expenses $109.7M $140.1M
YoY Change -21.7% -21.02%
Operating Profit -$108.0M -$139.0M
YoY Change -22.27% -21.25%
Interest Expense $732.0K $2.686M
YoY Change -72.75% -67.32%
% of Operating Profit
Other Income/Expense, Net $44.00K -$66.00K
YoY Change -166.67% -512.5%
Pretax Income -$107.2M -$136.3M
YoY Change -21.32% -18.97%
Income Tax
% Of Pretax Income
Net Earnings -$107.2M -$136.3M
YoY Change -21.34% -18.95%
Net Earnings / Revenue -6527.39% -12520.39%
Basic Earnings Per Share -$1.83 -$2.63
Diluted Earnings Per Share -$1.83 -$2.63
COMMON SHARES
Basic Shares Outstanding 58.58M 51.93M
Diluted Shares Outstanding 58.58M 51.93M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.913B $758.9M
YoY Change 152.02% -38.63%
Cash & Equivalents $515.4M $260.6M
Short-Term Investments $1.397B $498.3M
Other Short-Term Assets $28.85M $28.90M
YoY Change -0.19% 7.04%
Inventory
Prepaid Expenses
Receivables $48.44M
Other Receivables $0.00
Total Short-Term Assets $1.989B $785.4M
YoY Change 153.2% -37.84%
LONG-TERM ASSETS
Property, Plant & Equipment $3.280M $8.077M
YoY Change -59.39% -3.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.868M $5.800M
YoY Change -16.07% 44.17%
Total Long-Term Assets $26.88M $41.80M
YoY Change -35.7% -19.58%
TOTAL ASSETS
Total Short-Term Assets $1.989B $785.4M
Total Long-Term Assets $26.88M $41.80M
Total Assets $2.015B $827.2M
YoY Change 143.65% -37.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.917M $2.400M
YoY Change 21.54% -80.69%
Accrued Expenses $61.62M $53.33M
YoY Change 15.55% -9.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $71.90M $64.30M
YoY Change 11.82% -18.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.07M $23.00M
YoY Change -38.85% 5509.76%
Total Long-Term Liabilities $14.07M $23.00M
YoY Change -38.85% 5509.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.90M $64.30M
Total Long-Term Liabilities $14.07M $23.00M
Total Liabilities $85.96M $87.30M
YoY Change -1.53% -22.52%
SHAREHOLDERS EQUITY
Retained Earnings -$1.200B -$1.900B
YoY Change -36.84% 46.15%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.930B $739.9M
YoY Change
Total Liabilities & Shareholders Equity $2.015B $827.2M
YoY Change 143.65% -37.12%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$107.2M -$136.3M
YoY Change -21.34% -18.95%
Depreciation, Depletion And Amortization $900.0K $700.0K
YoY Change 28.57% 40.0%
Cash From Operating Activities -$102.8M -$119.0M
YoY Change -13.65% -10.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$288.4M $177.5M
YoY Change -262.48% -417.53%
Cash From Investing Activities -$288.4M $177.4M
YoY Change -262.57% -405.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.088M 300.0K
YoY Change 1929.33% -98.04%
NET CHANGE
Cash From Operating Activities -102.8M -119.0M
Cash From Investing Activities -288.4M 177.4M
Cash From Financing Activities 6.088M 300.0K
Net Change In Cash -385.1M 58.70M
YoY Change -756.0% -133.31%
FREE CASH FLOW
Cash From Operating Activities -$102.8M -$119.0M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$102.8M -$119.0M
YoY Change -13.65% -9.37%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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:3.4%;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 may 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: the </span><span style="color:#000000;">success of the roll-out of vaccines for COVID-19 and the duration of the vaccines’ efficacy against COVID-19 and its variants; the length, location and frequency of surges or waves of COVID-19 cases, including “breakthrough” cases in fully vaccinated people; </span><span style="Background-color:#FFFFFF;color:#212529;">the duration of the pandemic; </span><span style="color:#000000;">the extent to which variants of the virus that causes COVID-19 negatively impact vaccination and other efforts to control the pandemic; the duration and severity of any precautionary measures taken to curb the spread of COVID-19; and the success of the return to normal business operations across the U.S</span><span style="Background-color:#FFFFFF;color:#212529;">. The Company has made estimates of the impact of the COVID-19 pandemic within its condensed 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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CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27663000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24032000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
49639000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27663000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24032000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
54.51
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
37.16
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-107245000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-136347000
us-gaap Net Income Loss
NetIncomeLoss
-203009000
us-gaap Net Income Loss
NetIncomeLoss
-263087000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58582569
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51926074
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58478970
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51917417
CY2021Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0
CY2020Q2 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
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58582569
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51926074
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58478970
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51917417
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.83
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.63
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.47
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.07
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7410721
CY2020Q2 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
7410721
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7735433

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