$SRRK
Scholar Rock Holding Corp

2022 Q3 Form 10-Q Financial Statement

#000155837022012641 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $33.19M
YoY Change -100.0% -100.0% 605.03%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.47M $11.07M $29.37M
YoY Change -7.15% 19.53% 213.4%
% of Gross Profit
Research & Development $33.39M $32.07M $29.37M
YoY Change 6.8% 25.27% 30.23%
% of Gross Profit
Depreciation & Amortization $744.0K $744.0K $749.0K
YoY Change 10.55% 16.8% 26.95%
% of Gross Profit
Operating Expenses $43.86M $43.15M $40.13M
YoY Change 3.11% 23.74% 25.73%
Operating Profit -$43.86M -$43.15M -$6.933M
YoY Change 18.3% 42.53% -74.52%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $565.0K -$853.0K -$1.017M
YoY Change -231.4% 96.54% 119.18%
Pretax Income -$43.30M -$44.00M -$7.950M
YoY Change 15.44% 43.29% -71.27%
Income Tax
% Of Pretax Income
Net Earnings -$43.30M -$44.00M -$7.950M
YoY Change 15.44% 43.29% -71.27%
Net Earnings / Revenue -23.95%
Basic Earnings Per Share -$0.55 -$1.06 -$0.21
Diluted Earnings Per Share -$0.55 -$1.06 -$0.21
COMMON SHARES
Basic Shares Outstanding 51.64M 41.62M 37.46M
Diluted Shares Outstanding 79.34M 41.62M 37.46M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $343.7M $370.7M $210.2M
YoY Change 39.45% 31.35% -33.2%
Cash & Equivalents $133.1M $305.7M $100.2M
Short-Term Investments $210.6M $64.96M $110.0M
Other Short-Term Assets $13.96M $18.45M $18.38M
YoY Change 19.08% 126.42% 383.55%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $357.6M $389.1M $228.6M
YoY Change 38.53% 34.02% -28.23%
LONG-TERM ASSETS
Property, Plant & Equipment $8.142M $8.747M $9.458M
YoY Change -14.71% -7.27% 5.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.732M $1.684M $1.668M
YoY Change 56.74% 64.94% 67.47%
Total Long-Term Assets $32.69M $34.99M $37.39M
YoY Change -18.75% -16.06% -11.17%
TOTAL ASSETS
Total Short-Term Assets $357.6M $389.1M $228.6M
Total Long-Term Assets $32.69M $34.99M $37.39M
Total Assets $390.3M $424.1M $266.0M
YoY Change 30.8% 27.73% -26.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.001M $2.851M $2.993M
YoY Change -1.77% 75.23% 36.29%
Accrued Expenses $22.87M $17.89M $15.94M
YoY Change 27.76% 15.79% 9.52%
Deferred Revenue
YoY Change
Short-Term Debt $805.0K $11.58M $6.577M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.74M $40.16M $33.37M
YoY Change -47.78% -40.08% -52.29%
LONG-TERM LIABILITIES
Long-Term Debt $49.77M $38.81M $43.62M
YoY Change 99.64% 56.2% 76.15%
Other Long-Term Liabilities $13.54M $15.65M $17.67M
YoY Change -37.34% 521500.0% 441600.0%
Total Long-Term Liabilities $49.77M $38.81M $43.62M
YoY Change 99.64% 56.18% 76.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.74M $40.16M $33.37M
Total Long-Term Liabilities $49.77M $38.81M $43.62M
Total Liabilities $97.04M $94.62M $94.66M
YoY Change -12.68% -18.0% -21.15%
SHAREHOLDERS EQUITY
Retained Earnings -$471.4M -$428.1M -$384.1M
YoY Change 38.55% 41.42% 41.2%
Common Stock $52.00K $52.00K $35.00K
YoY Change 48.57% 52.94% 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $293.3M $329.5M $171.3M
YoY Change
Total Liabilities & Shareholders Equity $390.3M $424.1M $266.0M
YoY Change 30.8% 27.73% -26.24%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$43.30M -$44.00M -$7.950M
YoY Change 15.44% 43.29% -71.27%
Depreciation, Depletion And Amortization $744.0K $744.0K $749.0K
YoY Change 10.55% 16.8% 26.95%
Cash From Operating Activities -$26.48M -$34.74M -$42.57M
YoY Change -26.39% 9.18% 60.36%
INVESTING ACTIVITIES
Capital Expenditures -$27.00K -$477.0K $443.0K
YoY Change -98.09% -51.57% -80.84%
Acquisitions
YoY Change
Other Investing Activities -$145.7M $45.00M -$70.13M
YoY Change -3203.83% -43.75% -382.0%
Cash From Investing Activities -$145.7M $44.52M -$70.58M
YoY Change -4538.65% -43.65% -412.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $195.3M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -451.0K 195.8M 481.0K
YoY Change -123.66% 32312.58% -82.43%
NET CHANGE
Cash From Operating Activities -26.48M -34.74M -42.57M
Cash From Investing Activities -145.7M 44.52M -70.58M
Cash From Financing Activities -451.0K 195.8M 481.0K
Net Change In Cash -172.7M 205.6M -112.7M
YoY Change 460.79% 330.02% 8912.8%
FREE CASH FLOW
Cash From Operating Activities -$26.48M -$34.74M -$42.57M
Capital Expenditures -$27.00K -$477.0K $443.0K
Free Cash Flow -$26.46M -$34.26M -$43.01M
YoY Change -23.46% 11.12% 49.04%

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us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-517000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
3382000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
3107000
CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
65000000.0
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
30200000
CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
5
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
3
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-9303000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-231000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
227000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-77304000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-58357000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
6126000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4355000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
62000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1394000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1779000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
17000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1227000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-3571000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1937000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-33193000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
920000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3295000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
80134000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
30131000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
55000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
135000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26054000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
101574000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
195770000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
483000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3354000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-10000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
196253000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3344000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
92895000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
46561000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
215333000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
162856000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
308228000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
209417000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
635000
srrk Deferred Offering Costs In Accounts Payable And Accrued Expenses
DeferredOfferingCostsInAccountsPayableAndAccruedExpenses
445000
us-gaap Interest Paid Net
InterestPaidNet
1836000
us-gaap Interest Paid Net
InterestPaidNet
992000
srrk Number Of Agreements
NumberOfAgreements
2
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
305730000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
206919000
CY2022Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2498000
CY2021Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2498000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
308228000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
209417000
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>
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
65037000
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
79000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
64958000
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
CY2022Q2 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
8978000
CY2021Q4 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
8428000
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4982000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7147000
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1988000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1421000
CY2022Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1363000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
583000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
460000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17894000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17456000
CY2022Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
16326530
CY2022Q2 srrk Proceeds From Issuance Of Stock Gross
ProceedsFromIssuanceOfStockGross
205000000.0
CY2022Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
195300000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6791000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6226000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13619000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10899000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
66877000
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
700000
us-gaap Sublease Income
SubleaseIncome
1400000
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2169000
us-gaap Operating Lease Cost
OperatingLeaseCost
4337000
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
528000
us-gaap Variable Lease Cost
VariableLeaseCost
903000
CY2022Q2 us-gaap Lease Cost
LeaseCost
2697000
us-gaap Lease Cost
LeaseCost
5240000
us-gaap Operating Lease Payments
OperatingLeasePayments
4527000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
27689692
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17673035
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4599878
CY2022Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
39
CY2022Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.25
us-gaap Restructuring Charges
RestructuringCharges
1900000
CY2022Q2 us-gaap Restructuring Charges
RestructuringCharges
1900000
CY2022Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1400000
us-gaap Restructuring Charges
RestructuringCharges
1900000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
100000

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