$SRRK
Scholar Rock Holding Corp

2024 Q3 Form 10-Q Financial Statement

#000155837024011461 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
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 $48.72M $42.37M
YoY Change 60.59% 57.71%
% of Gross Profit
Depreciation & Amortization $446.0K $498.0K
YoY Change -37.18% -31.87%
% of Gross Profit
Operating Expenses $64.78M $59.50M
YoY Change 48.33% 52.24%
Operating Profit -$64.78M -$59.50M
YoY Change 48.33% 52.24%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $301.0K $990.0K
YoY Change -77.08% -14.43%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$64.48M -$58.51M
YoY Change 52.22% 54.27%
Net Earnings / Revenue
Basic Earnings Per Share -$0.66 -$0.60
Diluted Earnings Per Share -$0.66 -$0.60
COMMON SHARES
Basic Shares Outstanding 80.03M 79.75M
Diluted Shares Outstanding 97.05M 96.81M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.1M $190.5M
YoY Change -36.38% -23.41%
Cash & Equivalents $76.39M $93.37M
Short-Term Investments $62.67M $97.12M
Other Short-Term Assets $12.74M $8.643M
YoY Change 30.02% -21.97%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $152.9M $199.1M
YoY Change -33.06% -23.35%
LONG-TERM ASSETS
Property, Plant & Equipment $3.156M $3.549M
YoY Change -40.26% -40.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.809M $3.797M
YoY Change 185.96% 137.02%
Total Long-Term Assets $26.21M $27.73M
YoY Change 17.92% 10.51%
TOTAL ASSETS
Total Short-Term Assets $152.9M $199.1M
Total Long-Term Assets $26.21M $27.73M
Total Assets $179.1M $226.9M
YoY Change -28.54% -20.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.071M $3.315M
YoY Change 106.86% 8.9%
Accrued Expenses $29.26M $21.89M
YoY Change 68.19% 58.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.588M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.37M $32.99M
YoY Change 47.3% 35.92%
LONG-TERM LIABILITIES
Long-Term Debt $50.10M $48.49M
YoY Change 0.28% -2.84%
Other Long-Term Liabilities $10.47M $11.77M
YoY Change 66.13% 43.08%
Total Long-Term Liabilities $50.10M $48.49M
YoY Change 0.28% -2.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.37M $32.99M
Total Long-Term Liabilities $50.10M $48.49M
Total Liabilities $99.94M $93.25M
YoY Change 20.37% 13.16%
SHAREHOLDERS EQUITY
Retained Earnings -$856.3M -$791.8M
YoY Change 35.86% 34.67%
Common Stock $80.00K $80.00K
YoY Change 42.86% 45.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.20M $133.6M
YoY Change
Total Liabilities & Shareholders Equity $179.1M $226.9M
YoY Change -28.54% -20.37%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$64.48M -$58.51M
YoY Change 52.22% 54.27%
Depreciation, Depletion And Amortization $446.0K $498.0K
YoY Change -37.18% -31.87%
Cash From Operating Activities -$52.46M -$49.20M
YoY Change 62.5% 51.14%
INVESTING ACTIVITIES
Capital Expenditures $31.00K $22.00K
YoY Change -46.34%
Acquisitions
YoY Change
Other Investing Activities $35.34M $50.64M
YoY Change -517.23% -433.18%
Cash From Investing Activities $35.31M $50.62M
YoY Change -516.86% -432.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 166.0K -33.00K
YoY Change -40.71% -100.7%
NET CHANGE
Cash From Operating Activities -52.46M -49.20M
Cash From Investing Activities 35.31M 50.62M
Cash From Financing Activities 166.0K -33.00K
Net Change In Cash -16.98M 1.393M
YoY Change -58.04% -103.23%
FREE CASH FLOW
Cash From Operating Activities -$52.46M -$49.20M
Capital Expenditures $31.00K $22.00K
Free Cash Flow -$52.49M -$49.22M
YoY Change 62.6% 51.02%

Facts In Submission

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5223000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
6106000
us-gaap Payments Of Debt Restructuring Costs
PaymentsOfDebtRestructuringCosts
80000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
466000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
539000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
3000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6492000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5765000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8483000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4903000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
104262000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
105773000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
95779000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110676000
srrk Operating Lease Liability Adjustment From Rent Modification
OperatingLeaseLiabilityAdjustmentFromRentModification
9451000
us-gaap Interest Paid Net
InterestPaidNet
3330000
us-gaap Interest Paid Net
InterestPaidNet
3090000
us-gaap Net Income Loss
NetIncomeLoss
-115400000
us-gaap Net Income Loss
NetIncomeLoss
-77300000
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-791800000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
93372000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
108064000
CY2024Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2407000
CY2023Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2612000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
95779000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110676000
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>
srrk Transfer Of Assets Between Fair Value Measurement Levels
TransferOfAssetsBetweenFairValueMeasurementLevels
0
CY2023 srrk Transfer Of Assets Between Fair Value Measurement Levels
TransferOfAssetsBetweenFairValueMeasurementLevels
0
CY2024Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
97176000
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
55000
CY2024Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
97122000
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
CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
81300000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
11900000
CY2024Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
47
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
3
CY2024Q2 srrk Prepaid External Research And Development Expense Current
PrepaidExternalResearchAndDevelopmentExpenseCurrent
3392000
CY2023Q4 srrk Prepaid External Research And Development Expense Current
PrepaidExternalResearchAndDevelopmentExpenseCurrent
4059000
CY2024Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2906000
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2486000
CY2024Q2 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
1288000
CY2023Q4 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
1076000
CY2024Q2 us-gaap Prepaid Insurance
PrepaidInsurance
1057000
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
635000
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8643000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8256000
CY2024Q2 srrk Prepaid External Research And Development Expense Noncurrent
PrepaidExternalResearchAndDevelopmentExpenseNoncurrent
3399000
CY2023Q4 srrk Prepaid External Research And Development Expense Noncurrent
PrepaidExternalResearchAndDevelopmentExpenseNoncurrent
4074000
CY2024Q2 us-gaap Prepaid Expense Other Noncurrent
PrepaidExpenseOtherNoncurrent
375000
CY2023Q4 us-gaap Prepaid Expense Other Noncurrent
PrepaidExpenseOtherNoncurrent
312000
CY2024Q2 srrk Prepaid Insurance Noncurrent
PrepaidInsuranceNoncurrent
23000
CY2023Q4 srrk Prepaid Insurance Noncurrent
PrepaidInsuranceNoncurrent
31000
CY2024Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3797000
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4417000
CY2024Q2 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
9339000
CY2023Q4 srrk Accrued External Research And Development Expense
AccruedExternalResearchAndDevelopmentExpense
6825000
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7352000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10591000
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4254000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2267000
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
941000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
766000
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
21886000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20449000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9311000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6818000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17476000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12988000
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
77586000
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1751000
us-gaap Operating Lease Cost
OperatingLeaseCost
3576000
CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
363000
us-gaap Variable Lease Cost
VariableLeaseCost
723000
CY2024Q2 us-gaap Lease Cost
LeaseCost
2114000
us-gaap Lease Cost
LeaseCost
4299000
us-gaap Operating Lease Payments
OperatingLeasePayments
3963000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M12D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.131
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21309711
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20341402

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