Scholar Rock Q3 2020 Earnings Report
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.
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Scholar Rock Revenue by Segment
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.