$SRRK
Scholar Rock Holding Corp

2024 Q2 Form 10-Q Financial Statement

#000155837024006908 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $42.37M $43.09M
YoY Change 57.71% 44.93%
% of Gross Profit
Depreciation & Amortization $498.0K $598.0K
YoY Change -31.87% -18.42%
% of Gross Profit
Operating Expenses $59.50M $58.42M
YoY Change 52.24% 44.21%
Operating Profit -$59.50M -$58.42M
YoY Change 52.24% 44.21%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $990.0K $1.566M
YoY Change -14.43% 38.58%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$58.51M -$56.85M
YoY Change 54.27% 44.37%
Net Earnings / Revenue
Basic Earnings Per Share -$0.60 -$0.59
Diluted Earnings Per Share -$0.60 -$0.59
COMMON SHARES
Basic Shares Outstanding 79.75M 77.87M
Diluted Shares Outstanding 96.81M 95.89M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $190.5M $238.4M
YoY Change -23.41% -13.39%
Cash & Equivalents $93.37M $91.98M
Short-Term Investments $97.12M $146.5M
Other Short-Term Assets $8.643M $8.501M
YoY Change -21.97% -28.41%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $199.1M $246.9M
YoY Change -23.35% -14.01%
LONG-TERM ASSETS
Property, Plant & Equipment $3.549M $4.038M
YoY Change -40.76% -39.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.797M $4.102M
YoY Change 137.02% 148.15%
Total Long-Term Assets $27.73M $20.35M
YoY Change 10.51% -26.16%
TOTAL ASSETS
Total Short-Term Assets $199.1M $246.9M
Total Long-Term Assets $27.73M $20.35M
Total Assets $226.9M $267.3M
YoY Change -20.37% -15.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.315M $2.868M
YoY Change 8.9% -22.9%
Accrued Expenses $21.89M $21.41M
YoY Change 58.54% 45.36%
Deferred Revenue
YoY Change
Short-Term Debt $1.588M $5.501M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $32.99M $37.51M
YoY Change 35.92% 43.11%
LONG-TERM LIABILITIES
Long-Term Debt $48.49M $44.59M
YoY Change -2.84% -10.51%
Other Long-Term Liabilities $11.77M $2.412M
YoY Change 43.08% -75.95%
Total Long-Term Liabilities $48.49M $44.59M
YoY Change -2.84% -10.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.99M $37.51M
Total Long-Term Liabilities $48.49M $44.59M
Total Liabilities $93.25M $84.51M
YoY Change 13.16% -1.81%
SHAREHOLDERS EQUITY
Retained Earnings -$791.8M -$733.3M
YoY Change 34.67% 33.32%
Common Stock $80.00K $80.00K
YoY Change 45.45% 53.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $133.6M $182.8M
YoY Change
Total Liabilities & Shareholders Equity $226.9M $267.3M
YoY Change -20.37% -15.07%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$58.51M -$56.85M
YoY Change 54.27% 44.37%
Depreciation, Depletion And Amortization $498.0K $598.0K
YoY Change -31.87% -18.42%
Cash From Operating Activities -$49.20M -$49.79M
YoY Change 51.14% 15.63%
INVESTING ACTIVITIES
Capital Expenditures $22.00K $23.00K
YoY Change -46.34% -23.33%
Acquisitions
YoY Change
Other Investing Activities $50.64M $33.41M
YoY Change -433.18% -62.89%
Cash From Investing Activities $50.62M $33.38M
YoY Change -432.14% -62.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.00K 6.525M
YoY Change -100.7% 506.41%
NET CHANGE
Cash From Operating Activities -49.20M -49.79M
Cash From Investing Activities 50.62M 33.38M
Cash From Financing Activities -33.00K 6.525M
Net Change In Cash 1.393M -9.876M
YoY Change -103.23% -120.57%
FREE CASH FLOW
Cash From Operating Activities -$49.20M -$49.79M
Capital Expenditures $22.00K $23.00K
Free Cash Flow -$49.22M -$49.81M
YoY Change 51.02% 15.61%

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
105773000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
94386000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
153778000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
13000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
1656000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
1491000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
91979000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
151280000
CY2024Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2407000
CY2024Q1 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
1122000
CY2023Q4 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
1076000
CY2024Q1 us-gaap Prepaid Insurance
PrepaidInsurance
301000
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
635000
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8501000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8256000
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2498000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
94386000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
153778000
CY2024Q1 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>
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
146503000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
56000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
146453000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
177991000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
93000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
178083000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
113200000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
11900000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
38
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
3
CY2024Q1 srrk Prepaid External Research And Development Expense Current
PrepaidExternalResearchAndDevelopmentExpenseCurrent
4471000
CY2023Q4 srrk Prepaid External Research And Development Expense Current
PrepaidExternalResearchAndDevelopmentExpenseCurrent
4059000
CY2024Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2607000
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2486000
CY2024Q1 srrk Prepaid External Research And Development Expense Noncurrent
PrepaidExternalResearchAndDevelopmentExpenseNoncurrent
3701000
CY2023Q4 srrk Prepaid External Research And Development Expense Noncurrent
PrepaidExternalResearchAndDevelopmentExpenseNoncurrent
4074000
CY2024Q1 us-gaap Prepaid Expense Other Noncurrent
PrepaidExpenseOtherNoncurrent
374000
CY2023Q4 us-gaap Prepaid Expense Other Noncurrent
PrepaidExpenseOtherNoncurrent
312000
CY2024Q1 srrk Prepaid Insurance Noncurrent
PrepaidInsuranceNoncurrent
27000
CY2023Q4 srrk Prepaid Insurance Noncurrent
PrepaidInsuranceNoncurrent
31000
CY2024Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4102000
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4417000
CY2024Q1 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
10473000
CY2023Q4 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
6825000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6109000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10591000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3915000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2267000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
914000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
766000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
21411000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20449000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8164000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6170000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
84375000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1825000
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
360000
CY2024Q1 us-gaap Lease Cost
LeaseCost
2185000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1981000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M24D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21295323
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20323732

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