Scholar Rock Holding Corp SRRK
We are a global biopharmaceutical company dedicated to improving the lives of children and adults with spinal muscular atrophy ("SMA") and additional rare, severe and debilitating neuromuscular diseases. As a leader in the biology of the transforming growth factor beta ("TGFβ") superfamily, our 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. Based on our innovative, proprietary, and scalable technology platform, we are building a world-leading anti-myostatin pipeline. During 2025, we made significant progress in advancing our product candidates. We believe 2026 could be a transformational year for Scholar Rock as we anticipate the potential to become a commercial-stage biotech company.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | — | — | $33.2M | $18.8M | $15.4M | $20.5M | $0 | — | — |
| R&D | $208.4M | $184.6M | $121.9M | $124.4M | $108.5M | $74.1M | $54.2M | $36.3M | $19.9M | — |
| SG&A | $176.2M | $67.5M | $49.4M | $43.1M | $40.3M | $28.2M | $20.8M | $14.4M | $5.1M | — |
| Total operating expenses | $384.6M | $252.1M | $171.3M | $167.6M | $148.7M | $102.3M | $75.0M | $50.7M | $25.0M | — |
| Operating income | -$384.6M | -$252.1M | -$171.3M | -$134.4M | -$129.9M | -$86.9M | -$54.5M | -$50.7M | -$25.0M | — |
| Interest expense | $6.9M | $6.8M | — | — | — | — | — | $1.4M | $44.0K | — |
| Net income | -$378.0M | -$246.0M | -$166.0M | -$134.5M | -$131.8M | -$86.5M | -$51.0M | -$49.3M | -$25.0M | — |
| EPS, basic | -3.29 | -2.47 | -1.99 | -2.26 | -3.59 | -2.81 | — | — | — | — |
| EPS, diluted | -3.29 | -2.47 | -1.99 | -2.26 | -3.59 | -2.81 | -1.85 | -3.15 | -15.30 | — |
| Shares, diluted (wtd. avg.) | $114.7M | $99.8M | $83.3M | $59.6M | $36.7M | $30.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $323.5M | $177.9M | $104.3M | $105.8M | $215.3M | $162.9M | $38.8M | $115.3M | $56.7M | $10.2M |
| Short-term investments | $44.0M | $259.4M | $178.1M | $212.1M | $40.2M | $180.7M | $121.1M | $60.6M | $1.5M | — |
| Receivables | — | — | — | — | — | — | $25.0M | — | — | — |
| Total current assets | $385.1M | $451.2M | $288.2M | $328.0M | $265.3M | $344.4M | $185.2M | $177.9M | $59.2M | — |
| Property, plant and equipment | $1.7M | $2.8M | $4.6M | $7.4M | $9.6M | $8.1M | $4.2M | $3.2M | $2.2M | — |
| Total assets | $404.3M | $474.9M | $311.0M | $358.2M | $304.4M | $388.3M | $196.4M | $181.3M | $61.6M | — |
| Accounts payable | $10.3M | $10.1M | $3.5M | $4.0M | $4.4M | $3.4M | $1.1M | $3.3M | $1.4M | — |
| Short-term debt | — | — | $1.3M | — | $1.6M | — | — | — | — | — |
| Total current liabilities | $55.4M | $46.9M | $32.7M | $36.4M | $64.3M | $42.6M | $32.8M | $31.1M | $5.0M | — |
| Long-term debt | $99.7M | $50.1M | $48.7M | $49.7M | $48.4M | $24.7M | — | — | — | — |
| Total liabilities | $158.8M | $106.3M | $85.8M | $97.9M | $132.4M | $127.5M | $83.5M | $74.7M | $5.9M | — |
| Retained earnings | -$1.30B | -$922.7M | -$676.4M | -$510.6M | -$376.1M | -$244.3M | -$157.8M | -$106.8M | -$57.5M | — |
| Total equity | $245.5M | $368.6M | $225.2M | $260.2M | $172.1M | $260.8M | $112.9M | $106.6M | -$53.5M | -$30.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$300.0M | -$200.9M | -$145.2M | -$132.7M | -$126.8M | -$60.3M | -$63.1M | $24.6M | -$21.7M | — |
| Stock-based compensation | $75.6M | $36.6M | $27.1M | $27.7M | $23.1M | $11.2M | $8.0M | $5.2M | $1.5M | — |
| Capital expenditure | $602.0K | $98.0K | $71.0K | $1.1M | $5.2M | $4.1M | $3.1M | $1.5M | $361.0K | — |
| Investing cash flow | $218.7M | -$76.1M | $41.1M | -$171.7M | $134.3M | -$63.5M | -$62.2M | -$60.2M | $17.7M | — |
| Financing cash flow | $228.4M | $353.0M | $102.6M | $194.8M | $45.0M | $247.8M | $48.9M | $94.3M | $50.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-046917.
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