$SRRK
Scholar Rock Holding Corp

2023 Q2 Form 10-Q Financial Statement

#000155837023008674 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.22M $10.77M
YoY Change 10.3% -63.31%
% of Gross Profit
Research & Development $26.87M $29.74M
YoY Change -16.23% 1.26%
% of Gross Profit
Depreciation & Amortization $731.0K $733.0K
YoY Change -1.75% -2.14%
% of Gross Profit
Operating Expenses $39.08M $40.51M
YoY Change -9.42% 0.95%
Operating Profit -$39.08M -$40.51M
YoY Change -9.42% 484.29%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.157M $1.130M
YoY Change -235.64% -211.11%
Pretax Income -$37.93M -$39.38M
YoY Change -13.81% 395.33%
Income Tax
% Of Pretax Income
Net Earnings -$37.93M -$39.38M
YoY Change -13.81% 395.33%
Net Earnings / Revenue
Basic Earnings Per Share -$0.47 -$0.49
Diluted Earnings Per Share -$0.47 -$0.49
COMMON SHARES
Basic Shares Outstanding 54.29M 51.99M
Diluted Shares Outstanding 80.12M 79.61M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $248.7M $275.3M
YoY Change -32.9% 30.96%
Cash & Equivalents $108.1M $151.3M
Short-Term Investments $140.7M $124.0M
Other Short-Term Assets $11.08M $11.87M
YoY Change -39.97% -35.38%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $259.8M $287.2M
YoY Change -33.23% 25.62%
LONG-TERM ASSETS
Property, Plant & Equipment $5.991M $6.681M
YoY Change -31.51% -29.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.602M $1.653M
YoY Change -4.87% -0.9%
Total Long-Term Assets $25.09M $27.56M
YoY Change -28.29% -26.28%
TOTAL ASSETS
Total Short-Term Assets $259.8M $287.2M
Total Long-Term Assets $25.09M $27.56M
Total Assets $284.9M $314.7M
YoY Change -32.83% 18.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.044M $3.720M
YoY Change 6.77% 24.29%
Accrued Expenses $13.81M $14.73M
YoY Change -22.85% -7.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.27M $26.21M
YoY Change -39.57% -21.47%
LONG-TERM LIABILITIES
Long-Term Debt $49.90M $49.83M
YoY Change 28.57% 14.23%
Other Long-Term Liabilities $8.228M $10.03M
YoY Change -47.42% -43.23%
Total Long-Term Liabilities $49.90M $49.83M
YoY Change 28.57% 14.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.27M $26.21M
Total Long-Term Liabilities $49.90M $49.83M
Total Liabilities $82.40M $86.07M
YoY Change -12.92% -9.08%
SHAREHOLDERS EQUITY
Retained Earnings -$587.9M -$550.0M
YoY Change 37.34% 43.2%
Common Stock $55.00K $52.00K
YoY Change 5.77% 48.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $202.5M $228.7M
YoY Change
Total Liabilities & Shareholders Equity $284.9M $314.7M
YoY Change -32.83% 18.33%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$37.93M -$39.38M
YoY Change -13.81% 395.33%
Depreciation, Depletion And Amortization $731.0K $733.0K
YoY Change -1.75% -2.14%
Cash From Operating Activities -$32.55M -$43.05M
YoY Change -6.3% 1.15%
INVESTING ACTIVITIES
Capital Expenditures $41.00K $30.00K
YoY Change -108.6% -93.23%
Acquisitions
YoY Change
Other Investing Activities -$15.20M $90.01M
YoY Change -133.78% -228.35%
Cash From Investing Activities -$15.24M $89.98M
YoY Change -134.23% -227.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.689M 1.076M
YoY Change -97.6% 123.7%
NET CHANGE
Cash From Operating Activities -32.55M -43.05M
Cash From Investing Activities -15.24M 89.98M
Cash From Financing Activities 4.689M 1.076M
Net Change In Cash -43.10M 48.01M
YoY Change -120.97% -142.61%
FREE CASH FLOW
Cash From Operating Activities -$32.55M -$43.05M
Capital Expenditures $41.00K $30.00K
Free Cash Flow -$32.59M -$43.08M
YoY Change -4.88% 0.18%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
105773000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
215333000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
153778000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102673000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
413000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
1491000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
812000
CY2023Q1 srrk Number Of Agreements
NumberOfAgreements
2
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
124333000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
151280000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
100175000
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2498000
CY2022Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2498000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
153778000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102673000
CY2023Q1 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>
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
331000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
124004000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
212970000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
884000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
212086000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
114000000.0
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
212100000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
13
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
23
CY2023Q1 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
7986000
CY2022Q4 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
15178000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4047000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6800000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1928000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1510000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
769000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
833000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14730000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24321000
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
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6170000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6828000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
65271000
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
700000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2169000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
489000
CY2023Q1 us-gaap Lease Cost
LeaseCost
2658000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2341000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20323732
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5612593

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