Scholar Rock Holding Corporation, a biopharmaceutical company, focuses on improving the lives of children and adults with spinal muscular atrophy (SMA) and other rare, severe, and debilitating neuromuscular diseases. The company's novel understanding of the molecular mechanisms of growth factor activation within the transforming growth factor beta (TGFΓ) superfamily has enabled the development of a proprietary platform. This platform is used for the development of monoclonal antibodies that locally and selectively target the precursor, or latent, forms of growth factors. The company is developing Apitegromab, an inhibitor of the activation of myostatin, which is in a Phase 2 clinical trial for the treatment of SMA and facioscapulohumeral muscular dystrophy (FSHD). Additionally, SRK-439, an anti-pro/latent myostatin antibody, is in a Phase 1 clinical trial for the treatment of patients with rare, severe, and debilitating neuromuscular diseases. SRK-181 is a Phase 2-ready investigational inhibitor of latent TGFΓ1 for the treatment of patients with solid tumors that are resistant to anti-PD-(L)1 antibody therapies. The company also offers products in pre-clinical development, including SRK-373, a selective inhibitor of the latent TGFΓ1 isoform with selective activity in the fibrotic extracellular matrix, for the treatment of fibrotic diseases, and SRK-256, an inhibitor of RGMc, or hemojuvelin, for the treatment of iron-restricted anemias. Scholar Rock Holding Corporation is also developing a pipeline that includes programs for the treatment of patients with rare, severe, and debilitating neuromuscular diseases. Scholar Rock Holding Corporation was founded in 2012 and is headquartered in Cambridge, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-369M | $-378M | $-301M | -154.0% | - | - |
| 2024 | $0M | $-238M | $-246M | $-201M | -66.8% | - | - |
| 2023 | $0M | $-168M | $-166M | $-145M | -73.6% | -100.0% | - |
| 2022 | $33M | $-131M | $-135M | $-134M | -51.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 33.19 | 0 | 0 | 0 |
| Operating Expense | 167.56 | 171.29 | 252.05 | 384.64 |
| Operating Income | -134.37 | -171.29 | -252.05 | -384.64 |
| EBITDA | -131.38 | -168.45 | -237.52 | -369.39 |
| EBIT | -134.37 | -171.29 | -239.46 | -371.05 |
| Pretax Income | -134.50 | -165.79 | -246.29 | -377.94 |
| Net Income | -134.50 | -165.79 | -246.29 | -377.94 |
| Net Income Common Stockholders | -134.50 | -165.79 | -246.29 | -377.94 |
| Total Expenses | 167.56 | 171.29 | 252.05 | 384.64 |
| Interest Expense | 0 | 0 | 6.84 | 6.89 |
| Interest Income | 0 | 0 | 12.68 | 13.90 |
| Research And Development | 124.44 | 121.90 | 184.55 | 208.44 |
| Selling General And Administration | 43.12 | 49.40 | 67.50 | 176.21 |
| Normalized EBITDA | -131.38 | -168.45 | -237.52 | -369.39 |
| Normalized Income | -134.50 | -165.79 | -246.29 | -377.94 |
| Basic EPS | -2.26 | -1.99 | -2.47 | -3.29 |
| Diluted EPS | -2.26 | -1.99 | -2.47 | -3.29 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -134.50 | -165.79 | -246.29 | -377.94 |
| Reconciled Depreciation | 2.99 | 2.84 | 1.94 | 1.66 |
| Net Interest Income | 0 | 0 | 5.84 | 7.01 |
| Net Income From Continuing And Discontinued Operation | -134.50 | -165.79 | -246.29 | -377.94 |
| Total Operating Income As Reported | -134.37 | -171.29 | -252.05 | -384.64 |
| Diluted Average Shares | 59.61 | 83.35 | 99.84 | 114.70 |
| Basic Average Shares | 59.61 | 83.35 | 99.84 | 114.70 |
| Diluted NI Availto Com Stockholders | -134.50 | -165.79 | -246.29 | -377.94 |
| Net Income Including Noncontrolling Interests | -134.50 | -165.79 | -246.29 | -377.94 |
| Net Income Continuous Operations | -134.50 | -165.79 | -246.29 | -377.94 |
| Other Income Expense | -0.13 | 5.51 | -0.09 | -0.30 |
| Other Non Operating Income Expenses | -0.13 | 5.51 | -0.09 | -0.30 |
| Net Non Operating Interest Income Expense | 0 | 0 | 5.84 | 7.01 |
| Interest Expense Non Operating | 0 | 0 | 6.84 | 6.89 |
| Interest Income Non Operating | 0 | 0 | 12.68 | 13.90 |
| General And Administrative Expense | 43.12 | 49.40 | 67.50 | 176.21 |
| Other Gand A | 43.12 | 49.40 | 67.50 | 176.21 |
| Operating Revenue | 33.19 | 0 | 0 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Scholar Rock Holding Corporationthis co. | SRRK | $5.5B | - | 20.46 | -154.0% | -13.21 |
| Celcuity Inc. | CELC | $5.8B | - | 57.10 | -176.1% | -32.74 |
| Mirum Pharmaceuticals, Inc. | MIRM | $5.7B | - | 15.53 | -7.4% | 2666.18 |
| CG Oncology, Inc. | CGON | $5.7B | - | 6.94 | -21.4% | -24.99 |
| Rhythm Pharmaceuticals, Inc. | RYTM |
| $5.6B |
| - |
| 39.69 |
| -72.8% |
| -28.64 |
| Immunovant, Inc. | IMVT | $5.5B | - | 5.56 | -58.5% | -9.23 |
| Oscar Health, Inc. | OSCR | $5.4B | - | 5.45 | -45.2% | -5.02 |
| Xenon Pharmaceuticals Inc. | XENE | $5.4B | - | 7.67 | -59.5% | -11.06 |
| Lantheus Holdings, Inc. | LNTH | $5.3B | 23.80 | 4.81 | 21.4% | 14.41 |
| Peer Median | - | 23.80 | 7.30 | -51.8% | -10.14 | |