$SRRK
Scholar Rock Holding Corp

2023 Q3 Form 10-Q Financial Statement

#000155837023014293 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.34M $12.22M
YoY Change 27.41% 10.3%
% of Gross Profit
Research & Development $30.34M $26.87M
YoY Change -9.15% -16.23%
% of Gross Profit
Depreciation & Amortization $710.0K $731.0K
YoY Change -4.57% -1.75%
% of Gross Profit
Operating Expenses $43.67M $39.08M
YoY Change -0.43% -9.42%
Operating Profit -$43.67M -$39.08M
YoY Change -0.43% -9.42%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.313M $1.157M
YoY Change 132.39% -235.64%
Pretax Income -$42.36M -$37.93M
YoY Change -2.16% -13.81%
Income Tax
% Of Pretax Income
Net Earnings -$42.36M -$37.93M
YoY Change -2.17% -13.81%
Net Earnings / Revenue
Basic Earnings Per Share -$0.53 -$0.47
Diluted Earnings Per Share -$0.53 -$0.47
COMMON SHARES
Basic Shares Outstanding 56.23M 54.29M
Diluted Shares Outstanding 80.61M 80.12M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $218.6M $248.7M
YoY Change -36.39% -32.9%
Cash & Equivalents $67.60M $108.1M
Short-Term Investments $151.0M $140.7M
Other Short-Term Assets $9.800M $11.08M
YoY Change -29.78% -39.97%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $228.5M $259.8M
YoY Change -36.11% -33.23%
LONG-TERM ASSETS
Property, Plant & Equipment $5.283M $5.991M
YoY Change -35.11% -31.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.332M $1.602M
YoY Change -23.09% -4.87%
Total Long-Term Assets $22.22M $25.09M
YoY Change -32.02% -28.29%
TOTAL ASSETS
Total Short-Term Assets $228.5M $259.8M
Total Long-Term Assets $22.22M $25.09M
Total Assets $250.7M $284.9M
YoY Change -35.77% -32.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.968M $3.044M
YoY Change -1.65% 6.77%
Accrued Expenses $17.40M $13.81M
YoY Change -23.92% -22.85%
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 $26.73M $24.27M
YoY Change -20.77% -39.57%
LONG-TERM LIABILITIES
Long-Term Debt $49.96M $49.90M
YoY Change 0.39% 28.57%
Other Long-Term Liabilities $6.300M $8.228M
YoY Change -53.45% -47.42%
Total Long-Term Liabilities $49.96M $49.90M
YoY Change 0.39% 28.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.73M $24.27M
Total Long-Term Liabilities $49.96M $49.90M
Total Liabilities $83.02M $82.40M
YoY Change -14.44% -12.92%
SHAREHOLDERS EQUITY
Retained Earnings -$630.3M -$587.9M
YoY Change 33.71% 37.34%
Common Stock $56.00K $55.00K
YoY Change 7.69% 5.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $167.7M $202.5M
YoY Change
Total Liabilities & Shareholders Equity $250.7M $284.9M
YoY Change -35.77% -32.83%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$42.36M -$37.93M
YoY Change -2.17% -13.81%
Depreciation, Depletion And Amortization $710.0K $731.0K
YoY Change -4.57% -1.75%
Cash From Operating Activities -$32.28M -$32.55M
YoY Change 21.89% -6.3%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $41.00K
YoY Change -100.0% -108.6%
Acquisitions
YoY Change
Other Investing Activities -$8.470M -$15.20M
YoY Change -94.19% -133.78%
Cash From Investing Activities -$8.470M -$15.24M
YoY Change -94.19% -134.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 280.0K 4.689M
YoY Change -162.08% -97.6%
NET CHANGE
Cash From Operating Activities -32.28M -32.55M
Cash From Investing Activities -8.470M -15.24M
Cash From Financing Activities 280.0K 4.689M
Net Change In Cash -40.47M -43.10M
YoY Change -76.56% -120.97%
FREE CASH FLOW
Cash From Operating Activities -$32.28M -$32.55M
Capital Expenditures $0.00 $41.00K
Free Cash Flow -$32.28M -$32.59M
YoY Change 22.01% -4.88%

Facts In Submission

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-3571000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-33193000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-82000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-231000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-75604000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-77304000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
71000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
920000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
13000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
105200000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
80134000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
180000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
55000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
74742000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26054000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5223000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
195770000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
539000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
483000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
3000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5765000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
196253000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4903000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
92895000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
105773000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
215333000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110676000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
308228000
srrk Deferred Offering Costs In Accounts Payable And Accrued Expenses
DeferredOfferingCostsInAccountsPayableAndAccruedExpenses
445000
us-gaap Interest Paid Net
InterestPaidNet
3090000
us-gaap Interest Paid Net
InterestPaidNet
1836000
srrk Number Of Agreements
NumberOfAgreements
2
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
108064000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
305730000
CY2023Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2612000
CY2022Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2498000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110676000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
308228000
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>
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
762000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
833000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13805000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24321000
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
140733000
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
15000
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
78000
CY2023Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
140670000
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
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
85000000.0
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
212100000
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
14
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
23
CY2023Q2 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
5925000
CY2022Q4 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
15178000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5633000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6800000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1485000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1510000
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
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6818000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6791000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12988000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13619000
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
62354000
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
800000
us-gaap Sublease Income
SubleaseIncome
1500000
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2169000
us-gaap Operating Lease Cost
OperatingLeaseCost
4337000
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
669000
us-gaap Variable Lease Cost
VariableLeaseCost
1159000
CY2023Q2 us-gaap Lease Cost
LeaseCost
2838000
us-gaap Lease Cost
LeaseCost
5496000
us-gaap Operating Lease Payments
OperatingLeasePayments
4823000
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M6D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20341402
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17673035

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