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Sep 30, 2020
Scholar Rock Q3 2020 Earnings Report
Scholar Rock reported financial results and highlighted business progress.
Key Takeaways
Scholar Rock reported a net loss of $23.6 million, or $0.79 per share, for the third quarter ended September 30, 2020. Revenue for the quarter was $3.0 million. The company's cash, cash equivalents, and marketable securities totaled $116.3 million as of September 30, 2020.
Positive interim analysis data from the TOPAZ Phase 2 trial demonstrated proof-of-concept for apitegromab (SRK-015) in patients with Type 2 and Type 3 Spinal Muscular Atrophy
Progress update on dose escalation in Part A of the SRK-181 DRAGON Phase 1 trial to be presented at the Society for Immunotherapy of Cancer (SITC) Congress; no dose-limiting toxicities observed as of the data cutoff
Raised $230 million in gross proceeds through a public offering to advance apitegromab, SRK-181 and preclinical programs
Apitegromab high dose (20 mg/kg) attaining a 5.6 point mean improvement at six-months over baseline compared to low dose (2 mg/kg) attaining a 2.4 point mean improvement over baseline.
Scholar Rock
Scholar Rock
Forward Guidance
Scholar Rock anticipates updates from the DRAGON trial over the next year, including updates on dose escalation, an advancement to Part B that is expected in the first quarter of 2021, and clinical response and safety data in the second half of 2021.
Challenges Ahead
- There may be impacts on the timing of future doses and assessments for patients in the TOPAZ trial as the effects of the COVID-19 pandemic continue to evolve.
- There may be impacts on the enrollment rate and dosing of patients in the DRAGON trial as the effects of the COVID-19 pandemic continue to evolve.