Scholar Rock Holding Corp
SRRKHealthcare|Biotechnology|USA
$56.75
-1.26 (-2.17%)
Tangible Book
$2.32
Earnings Power
$2.96
Financials
Financial Snapshot
Market Cap
$6.80B
Enterprise Value
$274.3M
Revenue (TTM)
$0.00
Net Income (TTM)
$-408.7M
Cash & Equivalents
—
Net Cash/Share
$1.85
Free Cash Flow (TTM)
$-303.9M
Operating CF (TTM)
$-303.5M
Debt/Equity
0.75
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$75.9M
Monthly Burn
$25.3M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $28.0M | $58.0M | $175.6M | $157.4M | $341.0M | $253.0M | $315.4M | $279.9M | $437.3M | $367.6M | $479.9M | |
| Operating Cash Flow | $-15.1M | $-21.7M | $24.6M | $-63.1M | $-60.3M | $-126.8M | $-132.7M | $-145.2M | $-200.9M | $-300.0M | $-303.5M | |
| Free Cash Flow | $-15.9M | $-22.1M | $23.1M | $-66.2M | $-64.4M | $-132.0M | $-133.8M | $-145.3M | $-201.0M | $-300.6M | $-303.9M | |
| Capital Expenditure | $-794.0K | $-361.0K | $-1.5M | $-3.1M | $-4.1M | $-5.2M | $-1.1M | $-71.0K | $-98.0K | $-602.0K | $-399.0K | |
| Financing Cash Flow | $1.0M | $50.5M | $94.3M | $48.9M | $247.8M | $45.0M | $194.8M | $102.6M | $353.0M | $228.4M | $418.0M |
R&D Spending
R&D (TTM)
$211.6M
R&D Intensity
—
R&D Growth YoY
+1.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $379.0K | $0.00 | $0.00 | $20.5M | $15.4M | $18.8M | $33.2M | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $12.5M | $19.9M | $36.3M | $54.2M | $74.1M | $108.5M | $124.4M | $121.9M | $184.6M | $208.4M | $211.6M | |
| R&D % of Revenue | 3292.1% | — | — | 264.6% | 480.8% | 576.5% | 374.9% | — | — | — | — | |
| SG&A | $4.1M | $5.1M | $14.4M | $20.8M | $28.2M | $40.3M | $43.1M | $49.4M | $67.5M | $176.2M | $198.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $379.0K | $0.00 | $0.00 | $20.5M | $15.4M | $18.8M | $33.2M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $379.0K | $0.00 | $0.00 | $20.5M | $15.4M | $18.8M | $33.2M | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $12.5M | $19.9M | $36.3M | $54.2M | $74.1M | $108.5M | $124.4M | $121.9M | $184.6M | $208.4M | $211.6M | |
| SG&A | $4.1M | $5.1M | $14.4M | $20.8M | $28.2M | $40.3M | $43.1M | $49.4M | $67.5M | $176.2M | $198.0M | |
| Operating Income | $-16.2M | $-25.0M | $-50.7M | $-54.5M | $-86.9M | $-129.9M | $-134.4M | $-171.3M | $-252.1M | $-384.6M | $-409.6M | |
| Interest Expense | $-19.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-6.8M | $-6.9M | $-7.4M | |
| Pretax Income | $-16.2M | $-25.0M | $-49.3M | $-51.0M | $-86.5M | $-131.8M | $-134.5M | $-165.8M | $-246.3M | $-377.9M | $-408.7M | |
| Net Income | $-16.2M | $-25.0M | $-49.3M | $-51.0M | $-86.5M | $-131.8M | $-134.5M | $-165.8M | $-246.3M | $-377.9M | $-408.7M | |
| EPS (Diluted) | -0.91 | -1.40 | -3.15 | -1.85 | -2.81 | -3.59 | -2.26 | -1.99 | -2.47 | -3.29 | -3.59 | |
| EBITDA | $-15.6M | $-24.4M | $-49.9M | $-53.2M | $-85.4M | $-127.3M | $-131.4M | $-168.5M | $-237.5M | $-369.4M | $-399.8M | |
| Shares Out. (M) | 17.91 | 17.91 | 15.65 | 27.54 | 30.73 | 36.71 | 59.61 | 83.35 | 99.84 | 114.70 | 127.28 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.0M | $56.5M | $115.1M | $36.3M | $160.4M | $212.8M | $103.3M | $101.9M | $177.9M | $323.5M | $430.5M | |
| Marketable Securities | $18.0M | $1.5M | $60.6M | $121.1M | $180.7M | $40.2M | $212.1M | $178.1M | $259.4M | $44.0M | $49.4M | |
| Total Current Assets | $28.5M | $59.2M | $177.9M | $185.2M | $344.4M | $265.3M | $328.0M | $288.2M | $451.2M | $385.1M | $515.3M | |
| Total Assets | $32.8M | $61.6M | $181.3M | $196.4M | $388.3M | $304.4M | $358.2M | $311.0M | $474.9M | $404.3M | $535.3M | |
| Total Current Liabilities | $3.0M | $5.0M | $31.1M | $32.8M | $42.6M | $64.3M | $36.4M | $32.7M | $46.9M | $55.4M | $59.6M | |
| Long-Term Debt | $1.0M | $398.0K | $0.00 | $0.00 | $24.7M | $48.4M | $49.7M | $48.7M | $50.1M | $99.7M | $196.6M | |
| Total Liabilities | $62.8M | $115.2M | $74.7M | $83.5M | $127.5M | $132.4M | $97.9M | $85.8M | $106.3M | $158.8M | $259.2M | |
| Stockholders' Equity | $-30.0M | $-53.5M | $106.6M | $112.9M | $260.8M | $172.1M | $260.2M | $225.2M | $368.6M | $245.5M | $276.0M | |
| Retained Earnings | $-32.5M | $-57.5M | $-106.8M | $-157.8M | $-244.3M | $-376.1M | $-510.6M | $-676.4M | $-922.7M | $-1.30B | $-1.41B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-15.1M | $-21.7M | $24.6M | $-63.1M | $-60.3M | $-126.8M | $-132.7M | $-145.2M | $-200.9M | $-300.0M | $-303.5M | |
| Capital Expenditure | $-794.0K | $-361.0K | $-1.5M | $-3.1M | $-4.1M | $-5.2M | $-1.1M | $-71.0K | $-98.0K | $-602.0K | $-399.0K | |
| Free Cash Flow | $-15.9M | $-22.1M | $23.1M | $-66.2M | $-64.4M | $-132.0M | $-133.8M | $-145.3M | $-201.0M | $-300.6M | $-303.9M | |
| Investing Cash Flow | $-20.3M | $17.7M | $-60.2M | $-62.2M | $-63.5M | $134.3M | $-171.7M | $41.1M | $-76.1M | $218.7M | $178.8M | |
| Financing Cash Flow | $1.0M | $50.5M | $94.3M | $48.9M | $247.8M | $45.0M | $194.8M | $102.6M | $353.0M | $228.4M | $418.0M | |
| Issuance of Stock | $0.00 | $0.00 | $94.9M | $48.3M | $215.9M | $13.1M | $195.3M | $97.7M | $324.4M | $91.7M | $98.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $1.3M | $0.00 | $0.00 | $0.00 | $24.6M | $25.0M | $0.00 | $0.00 | $0.00 | $74.7M | $246.7M | |
| Payments of Debt | $-316.0K | $-667.0K | $-667.0K | $-365.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-25.5M | $-103.1M | |
| Stock Based Comp. | $556.0K | $1.5M | $5.2M | $8.0M | $11.2M | $23.1M | $27.7M | $27.1M | $36.6M | $75.6M | $80.4M | |
| Net Change in Cash | $-34.5M | $46.4M | $58.6M | $-76.5M | $124.0M | $52.5M | $-109.6M | $-1.5M | $76.0M | $147.0M | $294.0M |
Dilution Tracker
Shares outstanding grew 246.7% over 5 years — significant dilution
Shares Outstanding
127M
5-Year Share Growth
+246.7%
Stock Issuance (TTM)
$98.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 17.91 | 17.91 | 15.65 | 27.54 | 30.73 | 36.71 | 59.61 | 83.35 | 99.84 | 114.70 | 127.28 | |
| YoY Change % | — | 0.0% | -12.6% | 75.9% | 11.6% | 19.5% | 62.4% | 39.8% | 19.8% | 14.9% | 11.0% | |
| Stock Issuance | $0.00 | $0.00 | $94.9M | $48.3M | $215.9M | $13.1M | $195.3M | $97.7M | $324.4M | $91.7M | $98.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $556.0K | $1.5M | $5.2M | $8.0M | $11.2M | $23.1M | $27.7M | $27.1M | $36.6M | $75.6M | $80.4M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -4277.0% | 0.0% | 0.0% | -266.2% | -564.0% | -690.5% | -404.8% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | -4276.3% | 0.0% | 0.0% | -248.9% | -561.5% | -700.5% | -405.2% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | -4125.3% | 0.0% | 0.0% | -259.8% | -554.4% | -676.5% | -395.8% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | -4204.5% | 0.0% | 0.0% | -323.2% | -417.8% | -701.7% | -403.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | 0.0% | 0.0% | -185.8% | -46.5% | -46.3% | -60.9% | -62.2% | -68.3% | -82.9% | -123.1% | -155.8% | |
| ROA % | -49.4% | -52.9% | -40.6% | -27.0% | -29.6% | -38.1% | -40.6% | -49.5% | -62.7% | -86.0% | -97.4% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S—
Historical3.87 / 27.52 / 182.31
Industry Med.9.51
P/B24.49
Historical0.84 / 4.27 / 24.49
Industry Med.2.93
EV/EBITDA-16.33
Historical-32.50 / -6.08 / 0.63
Industry Med.13.14
EV/Revenue—
Historical-1.76 / 27.14 / 132.37
Industry Med.8.71
P/FCF—
Historical24.48 / 33.37 / 50.62
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$2.32
Net Current Assets
$2.150
Net-Net Working Capital
$1.85
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 0.00 | - | - | 17.72 | 96.87 | 48.42 | 16.25 | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 5.65 | 3.48 | 6.36 | 5.08 | 1.80 | 6.34 | 11.00 | 19.47 | 24.49 | |
| EV/EBITDA | 0.00 | 0.00 | -8.56 | -4.52 | -16.09 | -5.49 | -1.69 | -7.18 | -15.51 | -12.23 | -16.33 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 11.74 | 89.17 | 37.13 | 6.68 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
1
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $6.86M | $152.06M | $366.85M |
| Net Income | $-404.42M | $-332.95M | $-181.88M |
| EPS | -3.22 | -2.49 | -1.37 |
| Book Value per Share | 2.06 | 2.12 | 1.71 |
| Operating Cash Flow per Share | -2.87 | -1.72 | -0.78 |
| Operating CF | $-365.29M | $-219.34M | $-98.64M |
Dividends
Revenue Segments
By Business
| Segment | 2022 |
|---|---|
| Single Segment | $33.2M |
By Geography
| Segment | 2022 |
|---|---|
| United States | $33.2M |