2022 Q1 Form 10-Q Financial Statement
#000156459022017225 Filed on May 03, 2022
Income Statement
| Concept | 2022 Q1 | 2021 Q1 |
|---|---|---|
| Revenue | $1.582M | $1.600M |
| YoY Change | -1.13% | -30.01% |
| Cost Of Revenue | $286.0K | $200.0K |
| YoY Change | 43.0% | 0.0% |
| Gross Profit | $1.296M | $1.400M |
| YoY Change | -7.43% | -33.33% |
| Gross Profit Margin | 81.92% | 87.5% |
| Selling, General & Admin | $46.48M | $39.80M |
| YoY Change | 16.78% | -43.22% |
| % of Gross Profit | 3586.19% | 2842.86% |
| Research & Development | $78.02M | $58.10M |
| YoY Change | 34.28% | -8.66% |
| % of Gross Profit | 6019.91% | 4150.0% |
| Depreciation & Amortization | $300.0K | $2.600M |
| YoY Change | -88.46% | 271.43% |
| % of Gross Profit | 23.15% | 185.71% |
| Operating Expenses | $124.5M | $97.90M |
| YoY Change | 27.17% | -26.89% |
| Operating Profit | -$123.2M | -$96.51M |
| YoY Change | 27.66% | -26.68% |
| Interest Expense | $1.168M | $708.0K |
| YoY Change | 64.97% | -85.03% |
| % of Operating Profit | ||
| Other Income/Expense, Net | -$24.00K | $35.00K |
| YoY Change | -168.57% | -77.42% |
| Pretax Income | -$122.1M | -$95.80M |
| YoY Change | 27.41% | -24.39% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$122.1M | -$95.76M |
| YoY Change | 27.45% | -24.44% |
| Net Earnings / Revenue | -7715.23% | -5985.25% |
| Basic Earnings Per Share | -$2.07 | |
| Diluted Earnings Per Share | -$2.068M | -$1.640M |
| COMMON SHARES | ||
| Basic Shares Outstanding | 59.03M | 58.37M |
| Diluted Shares Outstanding | 59.03M | 58.37M |
Balance Sheet
| Concept | 2022 Q1 | 2021 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $1.625B | $2.005B |
| YoY Change | -18.95% | 129.14% |
| Cash & Equivalents | $178.7M | $900.5M |
| Short-Term Investments | $1.447B | $1.105B |
| Other Short-Term Assets | $37.21M | $23.10M |
| YoY Change | 61.06% | -9.41% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $19.80M | $24.80M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $1.682B | $2.052B |
| YoY Change | -18.02% | 128.44% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $2.840M | $4.173M |
| YoY Change | -31.94% | -51.95% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $5.860M | $4.700M |
| YoY Change | 24.68% | 27.23% |
| Total Long-Term Assets | $23.46M | $28.80M |
| YoY Change | -18.55% | -38.38% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $1.682B | $2.052B |
| Total Long-Term Assets | $23.46M | $28.80M |
| Total Assets | $1.706B | $2.081B |
| YoY Change | -18.02% | 120.19% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $7.129M | $3.300M |
| YoY Change | 116.03% | -58.28% |
| Accrued Expenses | $63.05M | $51.42M |
| YoY Change | 22.62% | -1.46% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $77.70M | $62.00M |
| YoY Change | 25.33% | -11.88% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $9.498M | $15.40M |
| YoY Change | -38.32% | -39.37% |
| Total Long-Term Liabilities | $9.498M | $15.40M |
| YoY Change | -38.32% | -39.37% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $77.70M | $62.00M |
| Total Long-Term Liabilities | $9.498M | $15.40M |
| Total Liabilities | $87.20M | $77.40M |
| YoY Change | 12.66% | -19.21% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$1.100B | |
| YoY Change | -38.89% | |
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $1.619B | $2.003B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $1.706B | $2.081B |
| YoY Change | -18.02% | 120.18% |
Cashflow Statement
| Concept | 2022 Q1 | 2021 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$122.1M | -$95.76M |
| YoY Change | 27.45% | -24.44% |
| Depreciation, Depletion And Amortization | $300.0K | $2.600M |
| YoY Change | -88.46% | 271.43% |
| Cash From Operating Activities | -$107.8M | -$109.1M |
| YoY Change | -1.18% | -20.2% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$169.0K | |
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$9.389M | -$658.8M |
| YoY Change | -98.57% | -419.03% |
| Cash From Investing Activities | -$9.558M | -$658.8M |
| YoY Change | -98.55% | -419.39% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 1.799M | 5.623M |
| YoY Change | -68.01% | 77.94% |
| NET CHANGE | ||
| Cash From Operating Activities | -107.8M | -109.1M |
| Cash From Investing Activities | -9.558M | -658.8M |
| Cash From Financing Activities | 1.799M | 5.623M |
| Net Change In Cash | -115.6M | -762.3M |
| YoY Change | -84.84% | -1147.96% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$107.8M | -$109.1M |
| Capital Expenditures | -$169.0K | |
| Free Cash Flow | -$107.6M | |
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022Q1 | us-gaap |
Lessor Operating Lease Option To Extend
LessorOperatingLeaseOptionToExtend
|
true | |
| CY2021Q1 | us-gaap |
Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
|
24766000 | |
| CY2021Q1 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
51000 | |
| CY2021Q1 | sage |
Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
|
-1333000 | |
| CY2021Q1 | sage |
Increase Decrease In Operating Lease Liabilities Current
IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent
|
44000 | |
| CY2021Q1 | sage |
Increase Decrease In Operating Lease Liabilities Non Current
IncreaseDecreaseInOperatingLeaseLiabilitiesNonCurrent
|
-1498000 | |
| CY2021Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-406000 | |
| CY2021Q1 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-4140000 | |
| CY2021Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-109086000 | |
| CY2021Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
182970000 | |
| CY2021Q1 | us-gaap |
Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
|
841786000 | |
| CY2021Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
5623000 | |
| CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-762279000 | |
| CY2022Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="text-align:justify;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:2.5%;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 scope and duration of the pandemic; the </span><span style="color:#000000;">effectiveness of vaccination campaigns, vaccine mandates, and other efforts to control the pandemic; the duration of the vaccines’ efficacy against COVID-19 and its variants; the duration and severity of any restrictive measures taken to curb the spread of COVID-19; healthcare staffing shortages; and the impact of the pandemic on the Company’s customers and vendors.</span><span style="Background-color:#FFFFFF;color:#000000;font-size:13.5pt;"> </span><span style="color:#000000;">The</span><span style="Background-color:#FFFFFF;color:#212529;"> Company has made estimates of the impact of the COVID-19 pandemic within its condensed consolidated financial statements. </span><span style="color:#000000;">Due to the evolving nature of the COVID-19 pandemic, and the emergence of highly contagious variants,</span><span style="Background-color:#FFFFFF;color:#212529;"> there may be changes to those estimates in future periods, and a</span>ctual results could differ from those estimates. </p> | |
| CY2022Q1 | us-gaap |
Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
|
177548000 | |
| CY2022Q1 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
1446567000 | |
| CY2022Q1 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
1624115000 | |
| CY2021Q4 | us-gaap |
Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
|
293439000 | |
| CY2021Q4 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
1448063000 | |
| CY2021Q4 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
1741502000 | |
| CY2022Q1 | sage |
Fair Value Assets Transfers Among Level1 Level2 And Level3 Amount
FairValueAssetsTransfersAmongLevel1Level2AndLevel3Amount
|
0 | |
| CY2021Q1 | sage |
Fair Value Assets Transfers Among Level1 Level2 And Level3 Amount
FairValueAssetsTransfersAmongLevel1Level2AndLevel3Amount
|
0 | |
| CY2022Q1 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
1457768000 | |
| CY2022Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
13000 | |
| CY2022Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
11214000 | |
| CY2022Q1 | us-gaap |
Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
|
1446567000 | |
| CY2021Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
1450723000 | |
| CY2021Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
27000 | |
| CY2021Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
2687000 | |
| CY2021Q4 | us-gaap |
Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
|
1448063000 | |
| CY2022Q1 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | |
| CY2021 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | |
| CY2022Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
8088000 | |
| CY2022Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
5248000 | |
| CY2022Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2840000 | |
| CY2021Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
3016000 | |
| CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
300000 | |
| CY2021Q1 | us-gaap |
Depreciation
Depreciation
|
2600000 | |
| CY2022Q1 | sage |
Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
|
43939000 | |
| CY2021Q4 | sage |
Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
|
39147000 | |
| CY2021Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
18618000 | |
| CY2021Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
8893000 | |
| CY2021Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
617000 | |
| CY2022Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
63051000 | |
| CY2021Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
67275000 | |
| CY2022Q1 | us-gaap |
Lessor Operating Lease Renewal Term
LessorOperatingLeaseRenewalTerm
|
P5Y | |
| CY2021Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
3700000 | |
| CY2021Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
21976000 | |
| CY2022Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
18553000 | |
| CY2021Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
21976000 | |
| CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
27.93 | |
| CY2021Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
54.93 | |
| CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-122055000 | |
| CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-95764000 | |
| CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
59028858 | |
| CY2021Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
58374219 | |
| CY2022Q1 | us-gaap |
Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
|
0 | |
| CY2021Q1 | us-gaap |
Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
|
0 | |
| CY2022Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
59028858 | |
| CY2021Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
58374219 | |
| CY2022Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-2.07 | |
| CY2021Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-1.64 | |
| CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
7500674 | |
| CY2021Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
8270344 |
