INANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2021
- Cash Position: Cash, cash equivalents and marketable securities as of
December 31, 2021 were$1.7 billion compared to$1.8 billion atSeptember 30, 2021 .
- Revenue: Net revenue from sales of ZULRESSO was
$1.6 million in the fourth quarter of 2021 compared to$1.7 million in the same period of 2020. For the year endedDecember 31, 2021 , net revenue from sales of ZULRESSO was$6.3 million compared to$6.7 million in the same period of 2020. Additionally, in the fourth quarter of 2020, Sage recorded$1.1 billion of collaboration revenue from Biogen that consisted of an upfront payment of$875 million plus$232.5 million in excess proceeds from the equity investment under the stock purchase agreement.
- R&D Expenses: Research and development expenses were
$75.4 million , including$9.1 million of non-cash stock-based compensation expense, in the fourth quarter of 2021 compared to$81.7 million , including$10.1 million of non-cash stock-based compensation expense, for the same period in 2020. For the year endedDecember 31, 2021 , R&D expenses were$283.2 million , including$49.7 million of non-cash stock-based compensation expense, compared to$292.7 million , including$42.4 million of non-cash stock-based compensation expense, for the same period in 2020. For the year, the decrease in R&D expenses was primarily due to the reimbursement from Biogen of$79.8 million pursuant to the Sage/Biogen Collaboration and License Agreement, partially offset by an increase in spending of$70.3 million . The increase in spending was mainly attributable to increased spending on zuranolone and Sage’s wholly owned pipeline including SAGE-718 and other programs. For the year, non-cash stock-based compensation expense increased because the Company incurred$9.8 million of expense in 2021 due to the achievement of milestones for certain outstanding performance restricted stock units and incurred no expense for such grants in 2020.
- SG&A Expenses: Selling, general and administrative expenses were
$51.6 million , including$11.5 million of non-cash stock-based compensation expense, in the fourth quarter of 2021 compared to$53.5 million , including$10.6 million of non-cash stock-based compensation expense, for the same period in 2020. For the year endedDecember 31, 2021 , SG&A expenses were$183.5 million , including$54.9 million of non-cash stock-based compensation expense, compared to$197.0 million , including$51.8 million of non-cash stock-based compensation expense, for the same period in 2020. For the year, the decrease in SG&A expenses was primarily due to the reimbursement from Biogen of$11.3 million pursuant to the Sage/Biogen Collaboration and License Agreement, along with the impact of the restructuring that the Company announced during the second quarter of 2020. For the year, non-cash stock-based compensation expense increased because the Company incurred$6.7 million of expense in 2021 due to the achievement of milestones for certain outstanding performance restricted stock units and incurred no expense for such grants in 2020.
- Net Income (loss): Net loss was
$124.7 million for the fourth quarter of 2021 compared to net income of$974.9 million for the same period in 2020. For the year endedDecember 31, 2021 , net loss was$457.9 million compared to net income of$606.1 million for the same period in 2020. In both periods, the decrease was due to the collaboration revenue from Biogen.
FINANCIAL GUIDANCE
- Sage anticipates cash, cash equivalents and marketable securities of approximately
$1.3 billion at the end of 2022. - The Company does not anticipate receipt of any milestone payments from collaborations in 2022.
- The Company believes its cash and cash equivalents, ongoing collaboration funding, and potential revenue, will support its operations into 2025.
Conference Call Information
Sage will host a conference call and webcast today,
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