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Jun 30, 2020
Scholar Rock Q2 2020 Earnings Report
Reported financial results for the second quarter ended June 30, 2020.
Key Takeaways
Scholar Rock reported a net loss of $19.3 million, or $0.65 per share, for the quarter ended June 30, 2020. Revenue for the quarter was $3.9 million, related to the Gilead collaboration. The company's cash, cash equivalents, and marketable securities totaled $141.2 million as of June 30, 2020.
On track to report interim efficacy and safety results from TOPAZ Phase 2 clinical trial of SRK-015 in patients with Type 2 and Type 3 Spinal Muscular Atrophy (SMA) in 4Q20.
Enrollment expected to advance to combination treatment of SRK-181 and an approved anti-PD-(L)1 therapy in Part A of DRAGON Phase 1 clinical trial in 3Q20; update on dose escalation expected in 4Q20.
Tony Kingsley appointed as President and CEO and Ted Myles as CFO and Head of Business Operations.
Company hosting conference call at 8am ET to discuss financial results and introduce newest members of management
Scholar Rock
Scholar Rock
Forward Guidance
Scholar Rock is on track to report interim efficacy and safety data in the fourth quarter of 2020 for SRK-015. Enrollment is expected to advance in the DRAGON Phase 1 trial for SRK-181 in the third quarter of 2020, with an update on dose escalation expected in the fourth quarter of 2020.
Positive Outlook
- On track to report interim efficacy and safety results from TOPAZ Phase 2 clinical trial of SRK-015 in patients with Type 2 and Type 3 Spinal Muscular Atrophy (SMA) in 4Q20
- Enrollment expected to advance to combination treatment of SRK-181 and an approved anti-PD-(L)1 therapy in Part A of DRAGON Phase 1 clinical trial in 3Q20; update on dose escalation expected in 4Q20
- High level of engagement of trial investigators and patients
- High rate of enrollment into the 12-month extension study for SRK-015 TOPAZ trial
- Pleased with the progress to date enrolling patients in our SRK-181 DRAGON trial
Challenges Ahead
- Three patients missed three doses of SRK-015 due to COVID-19-related restrictions at their trial site, and their 6-month assessments will be excluded from the interim analysis.
- One patient discontinued from the trial for reasons unrelated to the study drug and which occurred prior to the COVID-19 pandemic.
- There may be further impacts on the timing of future doses and assessments for patients in the trial as the effects of the COVID-19 pandemic continue to evolve.
- Net loss of $19.3 million or $0.65 per share compared to a net loss of $12.5 million or $0.48 per share for the quarter ended June 30, 2019.
- Decrease in cash, cash equivalents, and marketable securities from $157.4 million as of December 31, 2019 to $141.2 million as of June 30, 2020.