The earnings call reflects a mix of optimism due to strong financial management, significant trial results for apitegromab, and strategic preparation for commercial launch. However, these positives are tempered by regulatory delays and uncertainties surrounding the approval timeline due to third-party facility compliance issues.

Company Guidance

In the third quarter of 2025, Scholar Rock provided detailed guidance on several key metrics during their earnings call. The company emphasized their commitment to the launch of apitegromab for SMA, despite receiving a complete response letter from the FDA on September 22, 2025, due to compliance issues at a third-party manufacturing facility. Scholar Rock is confident in the eventual approval, aiming for a U.S. launch in 2026, and is expediting efforts to add a second fill/finish facility with commercial capacity secured by Q1 2026. They highlighted the substantial market opportunity, with an estimated 35,000 SMA patients globally eligible for treatment. Financially, Scholar Rock reported $369.6 million in cash and cash equivalents at the end of the quarter, with operating expenses of $103 million, including $18.3 million in noncash stock-based compensation. They bolstered their balance sheet by $141.7 million through an ATM offering and a $50 million draw from an existing debt facility, extending their cash runway into 2027. The company is strategically deferring certain investments while prioritizing key areas, including the apitegromab launch, OPAL study, and SRK-439 clinical development.

Strong Financial Position

Scholar Rock ended the third quarter with $369.6 million in cash and cash equivalents, and expects cash to be sufficient to fund operations into 2027, supported by additional expected cash from warrant exercises.

Robust Phase III Trial Results for Apitegromab

The Phase III trial for apitegromab in SMA showed statistically significant and clinically meaningful benefits in motor function for patients, as measured by the Hammersmith Motor Function Scale.

Strategic Commercial Readiness

Scholar Rock has a small, experienced U.S. customer-facing team in place and is working to broaden and deepen engagement with potential prescribing physicians and SMA treatment teams.

Pipeline Progress

Scholar Rock has initiated dosing in a Phase II OPAL trial evaluating apitegromab in infants and toddlers and plans to advance SRK-439 into a Phase I study by the end of the year.

Successful Balance Sheet Strengthening

The company raised $141.7 million during the third quarter, including $91.7 million from their ATM and $50 million from an existing debt facility.

Scholar Rock Holding (SRRK) Earnings, Revenues Date & History

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SRRK Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 10, 2026	2025 (Q4)	-0.86 / -	-0.62	―	―	―
Nov 14, 2025	2025 (Q3)	-0.84 / -0.90	-0.66	-36.36% (-0.24)	―
Aug 06, 2025	2025 (Q2)	-0.67 / -0.98	-0.6	-63.33% (-0.38)
May 14, 2025	2025 (Q1)	-0.68 / -0.67	-0.59	-13.56% (-0.08)
Feb 27, 2025	2024 (Q4)	-0.60 / -0.62	-0.498	-24.50% (-0.12)
Nov 12, 2024	2024 (Q3)	-0.58 / -0.66	-0.53	-24.53% (-0.13)	―
Aug 08, 2024	2024 (Q2)	-0.59 / -0.60	-0.47	-27.66% (-0.13)
May 07, 2024	2024 (Q1)	-0.48 / -0.59	-0.49	-20.41% (-0.10)	―	―
Mar 19, 2024	2023 (Q4)	-0.47 / -0.50	-0.44	-13.18% (-0.06)	―	―
Nov 07, 2023	2023 (Q3)	-0.50 / -0.53	-0.55	3.64% (+0.02)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SRRK Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 14, 2025	$30.07	$37.41	+24.41%
Aug 06, 2025	$36.98	$34.62	-6.38%
May 14, 2025	$31.40	$30.54	-2.74%
Feb 27, 2025	$37.02	$35.96	-2.86%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.