10-K · March 3, 2026
The 2025 10-K positions Scholar Rock as a pipeline-focused biotech transitioning toward commercialization, centered on apitegromab (SMA) with regulatory milestones including a BLA submitted in January 2025 and EMA MAA…
Earnings analysis · 10-Q
SRRK earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Scholar Rock reported Q1 2026 results, with no revenue generated, and a diluted EPS of -$0.83, falling short of estimates. Net loss deepened to $105.5 million from $74.7 million in Q1 2025, highlighting ongoing…
Read full summary
Scholar Rock reported Q1 2026 results, with no revenue generated, and a diluted EPS of -$0.83, falling short of estimates. Net loss deepened to $105.5 million from $74.7 million in Q1 2025, highlighting ongoing financial struggles ahead of a crucial product launch decision by the FDA due by September 30, 2026.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.83
What stood out
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No Revenue Recorded
Scholar Rock reported zero revenue for Q1 2026, consistent with the entire previous fiscal year.
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Increased Net Loss
Net loss rose to $105.5 million for Q1 2026, compared to $74.7 million in Q1 2025, reflecting a 41.2% increase.
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Higher Operating Expenses
Total operating expenses surged by 32.3% to $102.0 million, driven by higher R&D and G&A costs.
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Increased Cash & Equivalents
Cash and cash equivalents improved to $430.5 million from $323.5 million in December 2025.
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Significant Debt Financing
Secured $350 million total in new debt financing in February 2026, providing a potential safety net.
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FDA BLA Submission Accepted
Resubmitted BLA for apitegromab was accepted by the FDA with a PDUFA action date set for September 30, 2026.
What to watch
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No Revenue History
The company has not generated any revenue to date, raising concerns about financial sustainability.
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Increasing Operating Losses
Operating losses increased significantly, indicating ongoing challenges in shifting towards profitability.
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Regulatory Risks
The FDA's prior rejection adds pressure, and there could be significant delays to commercialization if problems persist.
Management's outlook
Management indicated continued operating losses expected and emphasized the importance of future FDA decisions.
Earlier filings 4
10-Q · November 14, 2025
Scholar Rock reported a Q3 2025 net loss of $102,220 (three months ended September 30, 2025) or $(0.90) per share, versus a net loss of $64,479 or $(0.66) per share in Q3 2024, driven by a sharp rise in operating…
10-Q · August 6, 2025
Scholar Rock reported a wider loss in Q2 2025 as operating expenses rose sharply; net loss was $110.0M (-$0.98 per share) vs $58.5M (-$0.60) in Q2 2024. Management highlights regulatory progress for apitegromab (BLA…
10-K · February 27, 2025
Scholar Rock reported a positive pivotal Phase 3 (SAPPHIRE) top-line in October 2024 and submitted a U.S. BLA in January 2025 with an EU filing planned in Q1 2025; management expects to initiate a U.S. commercial launch…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.