$SRRK
Scholar Rock Holding Corp

2023 Q4 Form 10-Q Financial Statement

#000155837023017854 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.07M $13.34M
YoY Change 20.86% 27.41%
% of Gross Profit
Research & Development $34.96M $30.34M
YoY Change 18.06% -9.15%
% of Gross Profit
Depreciation & Amortization $672.0K $710.0K
YoY Change -10.28% -4.57%
% of Gross Profit
Operating Expenses $48.03M $43.67M
YoY Change 18.81% -0.43%
Operating Profit -$43.67M
YoY Change -0.43%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.906M $1.313M
YoY Change 62.49% 132.39%
Pretax Income -$46.13M -$42.36M
YoY Change 17.5% -2.16%
Income Tax
% Of Pretax Income
Net Earnings -$46.13M -$42.36M
YoY Change 17.5% -2.17%
Net Earnings / Revenue
Basic Earnings Per Share -$0.53
Diluted Earnings Per Share -$0.50 -$0.53
COMMON SHARES
Basic Shares Outstanding 72.14M 56.23M
Diluted Shares Outstanding 80.61M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $279.9M $218.6M
YoY Change -11.23% -36.39%
Cash & Equivalents $101.9M $67.60M
Short-Term Investments $178.1M $151.0M
Other Short-Term Assets $8.256M $9.800M
YoY Change -34.8% -29.78%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $288.2M $228.5M
YoY Change -12.14% -36.11%
LONG-TERM ASSETS
Property, Plant & Equipment $4.600M $5.283M
YoY Change -37.7% -35.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.417M $1.332M
YoY Change 156.95% -23.09%
Total Long-Term Assets $22.84M $22.22M
YoY Change -24.23% -32.02%
TOTAL ASSETS
Total Short-Term Assets $288.2M $228.5M
Total Long-Term Assets $22.84M $22.22M
Total Assets $311.0M $250.7M
YoY Change -13.16% -35.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.465M $1.968M
YoY Change -13.24% -1.65%
Accrued Expenses $20.45M $17.40M
YoY Change -15.92% -23.92%
Deferred Revenue
YoY Change
Short-Term Debt $1.334M $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $32.74M $26.73M
YoY Change -10.03% -20.77%
LONG-TERM LIABILITIES
Long-Term Debt $48.68M $49.96M
YoY Change -2.13% 0.39%
Other Long-Term Liabilities $4.392M $6.300M
YoY Change -62.78% -53.45%
Total Long-Term Liabilities $48.68M $49.96M
YoY Change -2.13% 0.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.74M $26.73M
Total Long-Term Liabilities $48.68M $49.96M
Total Liabilities $85.82M $83.02M
YoY Change -12.37% -14.44%
SHAREHOLDERS EQUITY
Retained Earnings -$676.4M -$630.3M
YoY Change 32.47% 33.71%
Common Stock $76.00K $56.00K
YoY Change 46.15% 7.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $225.2M $167.7M
YoY Change
Total Liabilities & Shareholders Equity $311.0M $250.7M
YoY Change -13.16% -35.77%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$46.13M -$42.36M
YoY Change 17.5% -2.17%
Depreciation, Depletion And Amortization $672.0K $710.0K
YoY Change -10.28% -4.57%
Cash From Operating Activities -$37.35M -$32.28M
YoY Change 29.2% 21.89%
INVESTING ACTIVITIES
Capital Expenditures $1.000K $0.00
YoY Change -99.15% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$25.13M -$8.470M
YoY Change -13052.58% -94.19%
Cash From Investing Activities -$25.13M -$8.470M
YoY Change -32733.77% -94.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 96.53M 280.0K
YoY Change -10051.44% -162.08%
NET CHANGE
Cash From Operating Activities -37.35M -32.28M
Cash From Investing Activities -25.13M -8.470M
Cash From Financing Activities 96.53M 280.0K
Net Change In Cash 34.05M -40.47M
YoY Change -214.27% -76.56%
FREE CASH FLOW
Cash From Operating Activities -$37.35M -$32.28M
Capital Expenditures $1.000K $0.00
Free Cash Flow -$37.35M -$32.28M
YoY Change 28.69% 22.01%

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OperatingLeaseRightOfUseAssetAmortizationExpense
5546000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
5122000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2817000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1633000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-387000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
110000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2026000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2245000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-6924000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
5322000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-6117000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-5460000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-33193000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-58000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-227000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-107877000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-103787000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
71000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
947000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
13000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
186673000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
290828000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
253000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
120000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
66269000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-171775000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5223000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
195315000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
819000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
487000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
3000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6045000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
195802000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-35563000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-79760000
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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
70210000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
135573000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
112000
us-gaap Interest Paid Net
InterestPaidNet
4743000
us-gaap Interest Paid Net
InterestPaidNet
3032000
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
151060000
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4000
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
27000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
67598000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
133075000
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2612000
CY2022Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2498000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
70210000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
135573000
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>
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
151037000
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
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
98200000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
212100000
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
27
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
23
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8377000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6800000
CY2023Q3 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
6167000
CY2022Q4 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
15178000
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2028000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1510000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
825000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
833000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17397000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24321000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19963200
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18309589
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7203000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7917000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20191000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21536000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
1200000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
1300000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
55393000
CY2023Q3 us-gaap Sublease Income
SubleaseIncome
500000
us-gaap Sublease Income
SubleaseIncome
2000000.0
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
2169000
us-gaap Operating Lease Cost
OperatingLeaseCost
6506000
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
589000
us-gaap Variable Lease Cost
VariableLeaseCost
1748000
CY2023Q3 us-gaap Lease Cost
LeaseCost
2758000
us-gaap Lease Cost
LeaseCost
8254000
us-gaap Operating Lease Payments
OperatingLeasePayments
7076000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M24D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076

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