Scholar Rock Holding Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Scholar Rock Holding Corp's Q1 2024 10-Q filing reveals a slight increase in retained earnings and substantial asset levels.</b>

AI Summary

Scholar Rock Holding Corp (SRRK) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Scholar Rock Holding Corp reported total assets of $95,892,601 as of March 31, 2024. The company's retained earnings were $79,744,654 as of March 31, 2024, compared to $75,979,495 as of December 31, 2023. Additional Paid-In Capital stood at $95,892,601 as of March 31, 2024. Accumulated Other Comprehensive Income was $95,892,601 as of March 31, 2024. The filing covers the quarterly period from January 1, 2024, to March 31, 2024.

Why It Matters

For investors and stakeholders tracking Scholar Rock Holding Corp, this filing contains several important signals. The filing provides a snapshot of the company's financial position at the end of the first quarter of 2024, including asset and equity details. Investors can analyze the changes in retained earnings and other equity components to understand the company's profitability and financial health trends.

Risk Assessment

Risk Level: low — Scholar Rock Holding Corp shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without significant new risks or disclosures.

Analyst Insight

Monitor future filings for updates on the company's financial performance and strategic initiatives.

Key Numbers

• 95892601 — Total Assets (As of March 31, 2024)
• 79744654 — Retained Earnings (As of March 31, 2024)
• 95892601 — Additional Paid-In Capital (As of March 31, 2024)
• 95892601 — Accumulated Other Comprehensive Income (As of March 31, 2024)
• 2024-03-31 — Report Date (Period End Date)

Key Players & Entities

• Scholar Rock Holding Corp (company) — Filer
• 301 BINNEY STREET (address) — Business Address
• CAMBRIDGE (location) — Business Address City
• MA (location) — Business Address State
• 02142 (postal_code) — Business Address Zip
• 857-259-3860 (phone_number) — Business Phone

FAQ

Industry Context

Scholar Rock operates in the biotechnology sector, focusing on the discovery and development of novel therapies.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular financial disclosures from public companies.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management's discussion.
2. Compare Q1 2024 financial metrics against previous periods to identify trends.
3. Note any specific disclosures related to ongoing clinical trials or business development activities.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported as of this date.
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-Q filing provides the financial update for the first quarter of 2024, following the company's previous filings.

Key Financial Figures

• $0.001 — h registered Common Stock , par value $0.001 per share SRRK The Nasdaq Global Sel

Filing Documents

• srrk-20240331x10q.htm (10-Q) — 1477KB
• srrk-20240331xex31d1.htm (EX-31.1) — 10KB
• srrk-20240331xex31d2.htm (EX-31.2) — 10KB
• srrk-20240331xex32d1.htm (EX-32.1) — 8KB
• 0001558370-24-006908.txt (&nbsp;) — 5426KB
• srrk-20240331.xsd (EX-101.SCH) — 28KB
• srrk-20240331_cal.xml (EX-101.CAL) — 44KB
• srrk-20240331_def.xml (EX-101.DEF) — 135KB
• srrk-20240331_lab.xml (EX-101.LAB) — 290KB
• srrk-20240331_pre.xml (EX-101.PRE) — 241KB
• srrk-20240331x10q_htm.xml (XML) — 829KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 5 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 5 Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 77

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 77

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 77

Other Information

Item 5. Other Information 77

Exhibits

Item 6. Exhibits 79

SIGNATURES

SIGNATURES 80 4 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

. Financial Statements

Item 1 . Financial Statements SCHOLAR ROCK HOLDING CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share data) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 91,979 $ 101,855 Marketable securities 146,453 178,083 Prepaid expenses and other current assets 8,501 8,256 Total current assets 246,933 288,194 Property and equipment, net 4,038 4,600 Operating lease right-of-use asset 9,805 11,417 Restricted cash 2,407 2,407 Other long-term assets 4,102 4,417 Total assets $ 267,285 $ 311,035 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,868 $ 3,465 Accrued expenses 21,411 20,449 Operating lease liability 7,619 7,408 Short-term debt 5,501 1,334 Other current liabilities 107 85 Total current liabilities 37,506 32,741 Long-term portion of operating lease liability 2,412 4,392 Long-term debt 44,594 48,684 Total liabilities 84,512 85,817 Commitments and contingencies (Note 9) Stockholders' equity: Preferred stock, $ 0.001 par value; 10,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 150,000,000 shares authorized; 79,744,654 and 75,979,495 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 80 76 Additional paid-in capital 916,017 901,471 Accumulated other comprehensive income (loss) ( 50 ) 92 Accumulated deficit ( 733,274 ) ( 676,421 ) Total stockholders' equity 182,773 225,218 Total liabilities and stockholders' equity $ 267,285 $ 311,035 The accompanying notes are an integral part of these consolidated financial statements. 5 Table of Contents SCHOLAR ROCK HOLDING CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (In t

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. Nature of the Business Scholar Rock Holding Corporation (the "Company") is a late-stage biopharmaceutical company focused on the discovery, development, and delivery of innovative medicines for the treatment of serious diseases in which signaling by protein growth factors plays a fundamental role. As a global leader in transforming growth factor beta ("TGF") superfamily biology, the Company's novel understanding of the molecular mechanisms of growth factor activation enabled the development of a proprietary platform for the discovery and development of monoclonal antibodies that locally and selectively target the precursor, or latent, forms of growth factors. By targeting the signaling proteins at the cellular level and acting in the disease microenvironment, the Company believes that it may avoid the historical dose-limiting safety challenges associated with inhibiting growth factors for therapeutic effect. The Company's first product candidate, apitegromab, is a highly selective, fully human, monoclonal antibody, with a unique mechanism of action that results in inhibition of the activation of the growth factor, myostatin, in skeletal muscle. Apitegromab is being developed as a potential first muscle-targeted therapy for the treatment of spinal muscular atrophy ("SMA"). The Company is conducting SAPPHIRE, a pivotal Phase 3 clinical trial to evaluate the efficacy and safety of apitegromab in patients with nonambulatory Type 2 and Type 3 SMA. In 2023, the Company completed enrollment for the Phase 3 SAPPHIRE trial and announced data from the Phase 2 TOPAZ trial extension period evaluating patient outcomes at 36 months of treatment with apitegromab. The U.S. Food and Drug Administration ("FDA") granted Fast Track designation, Rare Pediatric Disease designation and Orphan Drug designation to apitegromab for the treatment of SMA in May 2021, August 2020 and March 2018, respectively. The European Medicines A

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View this 10-Q filing on SEC EDGAR