On November 7, 2023, Scholar Rock Holding Corp (SRRK, Financial), a Phase 3 clinical-stage biopharmaceutical company, announced its financial results and corporate updates for the third quarter ended September 30, 2023. The company reported a net loss of $42.4 million for the quarter, compared to a net loss of $43.3 million for the same period in 2022.
Company Highlights and Upcoming Milestones
Scholar Rock has made significant progress across its pipeline over the last quarter, including completing enrollment of its Phase 3 SAPPHIRE trial of apitegromab. The company believes apitegromab has the potential to be a transformative therapy for SMA patients. Additionally, Scholar Rock is expanding into cardiometabolic disorders, including obesity, with its highly selective myostatin inhibitor SRK-439.
Financial Results
For the quarter ended September 30, 2023, the company reported no revenue. Research and development expense was $30.3 million, compared to $33.4 million for the same period in 2022. General and administrative expense was $13.3 million, compared to $10.5 million for the same period in 2022. As of September 30, 2023, Scholar Rock had cash, cash equivalents, and marketable securities of approximately $218.6 million.
Public Offering and Cash Runway
The company completed a $98 million public offering, which extends its projected cash runway into the second half of 2025. This offering enables the company to bring its expertise to the cardiometabolic and obesity space with SRK-439, a highly selective myostatin inhibitor.
Future Outlook
Scholar Rock is well-positioned going into 2024, executing against its plan. The company expects to initiate a commercial product launch in 2025 if the Phase 3 SAPPHIRE clinical trial is successful and approved. The company also plans to file an IND in 2025 to initiate clinical testing of SRK-439 in combination with GLP-1 receptor agonists.
Explore the complete 8-K earnings release (here) from Scholar Rock Holding Corp for further details.
