$SRRK
Scholar Rock Holding Corp

2022 Q1 Form 10-Q Financial Statement

#000155837022008975 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $33.19M $4.708M
YoY Change 605.03% -6.4%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $29.37M $9.370M
YoY Change 213.4% 61.0%
% of Gross Profit
Research & Development $29.37M $22.55M
YoY Change 30.23% 33.41%
% of Gross Profit
Depreciation & Amortization $749.0K $590.0K
YoY Change 26.95% 51.28%
% of Gross Profit
Operating Expenses $40.13M $31.92M
YoY Change 25.73% 40.45%
Operating Profit -$6.933M -$27.21M
YoY Change -74.52% 53.76%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.017M -$464.0K
YoY Change 119.18% -174.36%
Pretax Income -$7.950M -$27.67M
YoY Change -71.27% 62.1%
Income Tax
% Of Pretax Income
Net Earnings -$7.950M -$27.67M
YoY Change -71.27% 62.1%
Net Earnings / Revenue -23.95% -587.74%
Basic Earnings Per Share -$0.21 -$0.76
Diluted Earnings Per Share -$0.21 -$0.76
COMMON SHARES
Basic Shares Outstanding 37.46M 36.38M
Diluted Shares Outstanding 37.46M 36.38M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $210.2M $314.7M
YoY Change -33.2% 95.95%
Cash & Equivalents $100.2M $159.1M
Short-Term Investments $110.0M $155.6M
Other Short-Term Assets $18.38M $3.800M
YoY Change 383.55% 8.57%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $228.6M $318.5M
YoY Change -28.23% 93.97%
LONG-TERM ASSETS
Property, Plant & Equipment $9.458M $8.925M
YoY Change 5.97% 8.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.668M $996.0K
YoY Change 67.47% -69.82%
Total Long-Term Assets $37.39M $42.09M
YoY Change -11.17% 266.03%
TOTAL ASSETS
Total Short-Term Assets $228.6M $318.5M
Total Long-Term Assets $37.39M $42.09M
Total Assets $266.0M $360.6M
YoY Change -26.24% 105.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.993M $2.196M
YoY Change 36.29% -0.18%
Accrued Expenses $15.94M $14.55M
YoY Change 9.52% 69.22%
Deferred Revenue $47.30M
YoY Change
Short-Term Debt $6.577M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.37M $69.96M
YoY Change -52.29% 158.14%
LONG-TERM LIABILITIES
Long-Term Debt $43.62M $24.76M
YoY Change 76.15%
Other Long-Term Liabilities $17.67M $4.000K
YoY Change 441600.0% -99.99%
Total Long-Term Liabilities $43.62M $24.77M
YoY Change 76.12% -50.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.37M $69.96M
Total Long-Term Liabilities $43.62M $24.77M
Total Liabilities $94.66M $120.0M
YoY Change -21.15% 55.7%
SHAREHOLDERS EQUITY
Retained Earnings -$384.1M -$272.0M
YoY Change 41.2%
Common Stock $35.00K $34.00K
YoY Change 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $171.3M $240.5M
YoY Change
Total Liabilities & Shareholders Equity $266.0M $360.6M
YoY Change -26.24% 105.23%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$7.950M -$27.67M
YoY Change -71.27% 62.1%
Depreciation, Depletion And Amortization $749.0K $590.0K
YoY Change 26.95% 51.28%
Cash From Operating Activities -$42.57M -$26.54M
YoY Change 60.36% -1106.98%
INVESTING ACTIVITIES
Capital Expenditures $443.0K $2.312M
YoY Change -80.84% 1006.22%
Acquisitions
YoY Change
Other Investing Activities -$70.13M $24.87M
YoY Change -382.0% -55.83%
Cash From Investing Activities -$70.58M $22.56M
YoY Change -412.88% -59.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 481.0K 2.737M
YoY Change -82.43% 585.96%
NET CHANGE
Cash From Operating Activities -42.57M -26.54M
Cash From Investing Activities -70.58M 22.56M
Cash From Financing Activities 481.0K 2.737M
Net Change In Cash -112.7M -1.250M
YoY Change 8912.8% -102.11%
FREE CASH FLOW
Cash From Operating Activities -$42.57M -$26.54M
Capital Expenditures $443.0K $2.312M
Free Cash Flow -$43.01M -$28.86M
YoY Change 49.04% -1288.96%

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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
413000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
473000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
812000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
491000
CY2022Q1 srrk Number Of Agreements
NumberOfAgreements
2
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
100175000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
159108000
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
2498000
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
2498000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102673000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
161606000
CY2022Q1 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>
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
110188000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
152000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
110036000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
40194000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
35000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
40159000
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
105200000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
30200000
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
11
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
3
CY2022Q1 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
9181000
CY2021Q4 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
8428000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4467000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7147000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1444000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1421000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
846000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
460000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
15938000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17456000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6828000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4673000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
75959000
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
700000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2161000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
376000
CY2022Q1 us-gaap Lease Cost
LeaseCost
2537000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2263000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2179487
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5612593
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4564746

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