$SRRK
Scholar Rock Holding Corp

2021 Q4 Form 10-Q Financial Statement

#000155837021015180 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $4.049M $5.464M $3.037M
YoY Change 17.7% 79.91% -36.38%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.36M $11.28M $8.270M
YoY Change 33.53% 36.35% 33.82%
% of Gross Profit
Research & Development $29.05M $31.27M $18.38M
YoY Change 33.38% 70.08% 17.1%
% of Gross Profit
Depreciation & Amortization $727.0K $673.0K $390.0K
YoY Change 127.19% 72.56% 18.18%
% of Gross Profit
Operating Expenses $39.41M $42.54M $26.66M
YoY Change 33.42% 59.6% 21.82%
Operating Profit -$37.08M -$23.62M
YoY Change 56.99% 38.07%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$550.0K -$430.0K $57.00K
YoY Change 17.02% -854.39% -94.06%
Pretax Income -$35.91M -$37.51M -$23.56M
YoY Change 35.17% 59.2% 45.88%
Income Tax
% Of Pretax Income
Net Earnings -$35.91M -$37.51M -$23.56M
YoY Change 35.17% 59.19% 45.92%
Net Earnings / Revenue -886.98% -686.44% -775.8%
Basic Earnings Per Share -$1.02 -$0.79
Diluted Earnings Per Share -$965.5K -$1.02 -$0.79
COMMON SHARES
Basic Shares Outstanding 35.11M 36.68M 29.78M
Diluted Shares Outstanding 36.68M 29.78M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $253.0M $246.4M $116.3M
YoY Change -25.81% 111.9% -33.96%
Cash & Equivalents $212.8M $176.1M $56.23M
Short-Term Investments $40.16M $70.30M $60.00M
Other Short-Term Assets $12.33M $11.72M $3.100M
YoY Change 262.5% 278.1% -3.13%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $265.3M $258.2M $119.4M
YoY Change -22.96% 116.25% -33.38%
LONG-TERM ASSETS
Property, Plant & Equipment $9.564M $9.546M $5.550M
YoY Change 17.77% 72.0% -38.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.622M $1.105M $1.050M
YoY Change 58.86% 5.24% 250.0%
Total Long-Term Assets $39.13M $40.23M $44.04M
YoY Change -10.88% -8.64% 373.55%
TOTAL ASSETS
Total Short-Term Assets $265.3M $258.2M $119.4M
Total Long-Term Assets $39.13M $40.23M $44.04M
Total Assets $304.4M $298.4M $163.4M
YoY Change -21.6% 82.59% -13.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.434M $2.037M $1.106M
YoY Change 30.07% 84.18% -63.13%
Accrued Expenses $17.46M $17.90M $10.97M
YoY Change 16.7% 63.18% 19.22%
Deferred Revenue $33.19M $37.24M $16.71M
YoY Change 76.41% 122.93%
Short-Term Debt $1.577M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.30M $64.60M $32.87M
YoY Change 51.06% 96.54% 1.14%
LONG-TERM LIABILITIES
Long-Term Debt $48.42M $24.93M $0.00
YoY Change 96.2%
Other Long-Term Liabilities $19.65M $21.60M $67.60M
YoY Change 392940.0% -68.05% 97.66%
Total Long-Term Liabilities $48.42M $24.93M $67.60M
YoY Change 96.16% -63.12% 97.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.30M $64.60M $32.87M
Total Long-Term Liabilities $48.42M $24.93M $67.60M
Total Liabilities $132.4M $111.1M $100.4M
YoY Change 3.79% 10.64% 50.37%
SHAREHOLDERS EQUITY
Retained Earnings -$376.1M -$340.2M -$217.8M
YoY Change 53.94% 56.23%
Common Stock $35.00K $35.00K $30.00K
YoY Change 2.94% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $172.1M $187.3M $62.98M
YoY Change
Total Liabilities & Shareholders Equity $304.4M $298.4M $163.4M
YoY Change -21.6% 82.59% -13.3%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$35.91M -$37.51M -$23.56M
YoY Change 35.17% 59.19% 45.92%
Depreciation, Depletion And Amortization $727.0K $673.0K $390.0K
YoY Change 127.19% 72.56% 18.18%
Cash From Operating Activities -$32.46M -$35.98M -$23.40M
YoY Change 64.91% 53.75% 54.86%
INVESTING ACTIVITIES
Capital Expenditures -$542.0K -$1.411M -$1.830M
YoY Change -72.63% -22.9% 394.59%
Acquisitions
YoY Change
Other Investing Activities $30.00M $4.694M -$34.04M
YoY Change -124.86% -113.79% -52.59%
Cash From Investing Activities $29.46M $3.283M -$35.88M
YoY Change -124.02% -109.15% -50.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 39.70M 1.906M 370.0K
YoY Change -83.89% 415.14% -93.96%
NET CHANGE
Cash From Operating Activities -32.46M -35.98M -23.40M
Cash From Investing Activities 29.46M 3.283M -35.88M
Cash From Financing Activities 39.70M 1.906M 370.0K
Net Change In Cash 36.70M -30.79M -58.91M
YoY Change -64.76% -47.74% -27.41%
FREE CASH FLOW
Cash From Operating Activities -$32.46M -$35.98M -$23.40M
Capital Expenditures -$542.0K -$1.411M -$1.830M
Free Cash Flow -$31.91M -$34.57M -$21.57M
YoY Change 80.3% 60.25% 46.34%

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us-gaap Profit Loss
ProfitLoss
-95885000
us-gaap Profit Loss
ProfitLoss
-59912000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1900000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1172000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
248000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-24000
us-gaap Share Based Compensation
ShareBasedCompensation
17053000
us-gaap Share Based Compensation
ShareBasedCompensation
8645000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-808000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
188000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
4755000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
791000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-25000000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
7876000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4197000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
84000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
952000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1194000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-24000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4120000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1864000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-3663000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-818000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-14767000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-11967000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
227000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-94334000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-40586000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4706000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2114000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
60437000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
79443000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
170000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
140700000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
104857000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
59143000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5269000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1377000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-19000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-15000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5250000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1362000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15773000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
19919000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
162856000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38806000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
178629000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58725000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
10000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
424000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
31286000
us-gaap Interest Paid Net
InterestPaidNet
1494000
srrk Number Of Agreements
NumberOfAgreements
2
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
176131000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
56227000
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
2498000
CY2020Q3 us-gaap Restricted Cash
RestrictedCash
2498000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
178629000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58725000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 10pt 0pt;"><span style="font-style:normal;font-weight:normal;">The preparation of financial statements in accordance with GAAP requires management to make estimates and judgments that may affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the related reporting of revenues and expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.</span></p>
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6154000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4036000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17053000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8645000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
1500000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
1500000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
59688000
CY2021Q3 us-gaap Sublease Income
SubleaseIncome
700000
us-gaap Sublease Income
SubleaseIncome
1600000
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
2161000
us-gaap Operating Lease Cost
OperatingLeaseCost
6473000
CY2021Q3 us-gaap Lease Cost
LeaseCost
2677000
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
516000
us-gaap Variable Lease Cost
VariableLeaseCost
1669000
us-gaap Lease Cost
LeaseCost
8142000
us-gaap Operating Lease Payments
OperatingLeasePayments
6617000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
us-gaap Payments To Suppliers
PaymentsToSuppliers
2000000.0
CY2019Q4 us-gaap Other Commitment
OtherCommitment
3700000
CY2019Q4 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
3700000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
14800000
CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2179487
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3995170
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4232969
CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
70304000
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3000
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3000
CY2021Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
70304000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
180675000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
7000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
9000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
180673000
CY2021Q3 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
9024000
CY2020Q4 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
5387000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6959000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6663000
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1524000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1141000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
381000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
476000
CY2021Q3 srrk Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
10000
CY2020Q4 srrk Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
1291000
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17898000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14958000

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