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Dec 31, 2022
Scholar Rock Q4 2022 Earnings Report
Scholar Rock reported full year 2022 financial results and highlighted business progress.
Key Takeaways
Scholar Rock reported full year 2022 financial results, with revenue at $33.2 million and a net loss of $134.5 million. The company ended the year with approximately $315 million in cash, cash equivalents and marketable securities.
Pivotal Phase 3 SAPPHIRE trial evaluating apitegromab is on track for completion in 2023, and 36-month extension data from Phase 2 TOPAZ trial is expected in mid-2023.
Phase 1 DRAGON trial of SRK-181 continues to advance with biomarker and clinical data updates planned in 2023.
The company expanded commercial experience with the recent appointment of Chief Commercial Officer.
Ended 2022 with approximately $315 million in cash, cash equivalents, and marketable securities, expected to fund operations into 2025.
Scholar Rock
Scholar Rock
Forward Guidance
Scholar Rock expects to advance its clinical trials for apitegromab and SRK-181, with key milestones anticipated in 2023 and 2024. The company's cash runway is expected to fund operations into 2025.
Positive Outlook
- On track to complete enrollment of pivotal SAPPHIRE trial of apitegromab.
- Looking forward to providing 36-month extension data from Phase 2 TOPAZ trial of apitegromab.
- Planning to share biomarker and clinical updates throughout the year from the SRK-181 Phase 1 DRAGON trial.
- Experienced team in place to advance the next phase of growth.
- Strong balance sheet provides a clear line of sight to important anticipated milestones.
Challenges Ahead
- Clinical trial data may not be consistent with earlier data.
- Dependence on third parties for development and manufacture of product candidates.
- Competition from third parties developing products for similar uses.
- Ability to obtain additional funding when needed to support business activities.
- Impacts of public health pandemics such as COVID-19 on business operations and expectations.