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Sep 30, 2025
Scholar Rock Q3 2025 Earnings Report
Scholar Rock reported a higher net loss and significantly increased operating expenses in Q3 2025 compared to the prior year.
Key Takeaways
Scholar Rock recorded no revenue for Q3 2025 while net loss widened due to substantial increases in administrative and R&D expenses tied to commercialization efforts.
No revenue was recorded in Q3 2025, consistent with the same quarter in 2024.
Net loss increased to $102.2 million from $64.5 million year-over-year.
Operating expenses rose sharply, mainly due to apitegromab commercialization activities.
Cash and equivalents totaled $369.6 million, expected to fund operations into 2027.
Forward Guidance
Scholar Rock anticipates resubmitting its BLA and preparing for a potential U.S. launch of apitegromab in 2026 while extending its cash runway into 2027.
Positive Outlook
- Type A meeting with FDA completed; constructive outcome.
- Catalent facility expected to be reinspection-ready by year-end.
- U.S. launch of apitegromab projected for 2026.
- Additional U.S. fill-finish facility secured for Q1 2026.
- Cash expected to fund operations through 2027.
Challenges Ahead
- No revenue generated in Q3 2025.
- Net loss significantly increased year-over-year.
- G&A expenses surged, primarily due to launch readiness spending.
- No product approvals or launches achieved yet.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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