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Jun 30, 2023
Scholar Rock Q2 2023 Earnings Report
Scholar Rock reported financial results and corporate updates.
Key Takeaways
Scholar Rock reported a net loss of $37.9 million for the second quarter of 2023. The company's cash, cash equivalents, and marketable securities were approximately $249 million as of June 30, 2023, expected to fund operations into 2025.
Presented 36-month apitegromab extension data from Phase 2 TOPAZ trial, demonstrating long-term improvement of motor function.
Pivotal Phase 3 SAPPHIRE trial evaluating apitegromab is on track to complete enrollment in Q3 2023, with top-line data expected in 2H 2024.
Clinical and biomarker update from the Part B portion of the Phase 1 DRAGON trial of SRK-181 in solid tumors is anticipated in 2H 2023.
Cash, cash equivalents, and marketable securities were approximately $249 million as of June 30, 2023, expected to fund operations into 2025.
Forward Guidance
Scholar Rock anticipates several important milestones with their current cash runway.
Positive Outlook
- Completion of enrollment for Phase 3 SAPPHIRE clinical trial expected in Q3 2023.
- Top-line data from SAPPHIRE trial expected in 2H 2024.
- Potential commercial product launch in 2025, if SAPPHIRE is successful and approved.
- Biomarker and clinical updates from Part B of the DRAGON trial in the second half of 2023.
- Cash runway is expected to fund operations into 2025.
Challenges Ahead
- Clinical trial data may be inconsistent with future trials.
- Dependence on third parties for development and manufacture of product candidates.
- Competition from third parties developing products for similar uses.
- Uncertainties regarding regulatory approval.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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