Scholar Rock Holding Corp (SRRK)

Price$51.85Cached quoteAs of 2026-09-15 01:23 UTC

AI: Fair-priced

Price checkThe current price already assumes a successful launch, so the stock looks fairly priced.

At the observed quote, 121.6 million shares imply about $7.0 billion of equity value. After $492 million of cash and marketable securities and $196 million of debt, the core business is valued near $6.7 billion. Adding 10.6 million pre-funded warrants, nearly paid-for rights to receive shares, pushes economic equity value toward $7.6 billion. Management estimates apitegromab’s global spinal muscular atrophy revenue opportunity above $2 billion, meaning investors are paying roughly 3.4 times that potential sales level before approval. That is promising, but not obviously cheap. MarketWatch +2 SEC +2

Big pictureScholar Rock has strong clinical evidence, but it still burns cash without product revenue.

Scholar Rock has not generated product revenue. In 2025 it lost $378 million and used $300 million of operating cash. In the first half of 2026, net loss widened to $215 million from $185 million, while operating cash burn improved slightly to $152 million from $156 million. Free cash flow, meaning cash left after running and investing in the business, was also roughly negative $152 million because capital spending is tiny. At that pace, $492 million of cash and securities covers roughly 19 months before launch receipts or additional financing. SEC +1

Business strengthThe lead drug is clinically credible, yet funding growth has heavily diluted shareholders.

The Phase 3 SAPPHIRE study met its main goal: average motor-function improvement versus placebo was 1.8 points, while 30.4% of treated patients improved at least three points versus 12.5% on placebo. The prior U.S. rejection cited manufacturing, not efficacy or safety, strengthening the bull case. Short-term finances are also liquid, with $507 million of current assets versus $72 million of current liabilities. However, shares rose from 93.8 million at year-end 2024 to 121.6 million by June 2026, and the first half raised $160.8 million by selling another 3.54 million shares. SEC +3 PubMed +3 Scholar Rock, Inc. +3

What could change the storyApproval and early launch demand could justify the valuation; another delay would quickly weaken it.

The key bull threshold is U.S. approval by September 30 followed by uptake strong enough to support management’s $2 billion-plus global sales case. If annual sales eventually reach $2 billion and 30% becomes free cash flow, valuing that cash at fifteen times annual generation gives roughly $9 billion before discounting time and risk, only moderately above today’s core business value. Faster uptake, younger patients, Japan and Europe could raise that ceiling. Another manufacturing delay or slow insurance coverage would postpone revenue while roughly $300 million of annualized cash burn, debt interest and dilution continue. Scholar Rock, Inc. +2 SEC +2

AI: News

Alternate plant preserves U.S. pathScholar Rock kept its U.S. approval timeline but reset the European filing around a new plant.

On August 21, Scholar Rock said the U.S. Food and Drug Administration had allowed Catalent Indiana to be removed from the apitegromab application while review continued using the alternate manufacturing site. The September 30 decision target remained intact. Europe was less favorable: Scholar Rock withdrew its existing application to resubmit with the alternate site. Japan also agreed that no extra clinical studies were needed. Shares rose about 2.3% that session, although timing alone cannot establish that the announcement caused the move. Scholar Rock, Inc. +1

Catalent inspection failsA manufacturing partner failed inspection standards, forcing Scholar Rock to rely on its backup plant.

On August 7, Catalent Indiana told Scholar Rock that its April inspection received an Official Action Indicated classification, meaning regulators found problems serious enough to require action. Scholar Rock therefore moved to remove that plant from the U.S. application. The important offset was that its second U.S. facility had already supplied the required data and commercial vials were available. The stock fell about 1.9% in the next trading session, but that move cannot be attributed solely to this news. Scholar Rock, Inc. +1

Cash rises before launchQuarterly results showed more launch cash, but the financing used to build it diluted owners.

On August 6, Scholar Rock reported $492 million of cash, cash equivalents and marketable securities, including $63 million raised through its at-the-market share program during the quarter. The quarter still produced a $109.9 million net loss and no product revenue. Across the first half, that share program raised $160.8 million. The stock finished about 10% higher that day; the preserved approval timetable and launch readiness were likely relevant, but the price move cannot reliably be assigned to any single announcement element. Scholar Rock, Inc. +2 SEC +2

Europe decision slipsEurope's expected approval opinion was delayed because regulators were waiting on the same manufacturing site.

On July 20, Scholar Rock said the European regulatory opinion on apitegromab would not arrive on the previously expected schedule because regulators were waiting for the U.S. classification of Catalent Indiana. If the site was not cleared, the alternate facility would need to be incorporated into the European application. Shares fell about 4.2% that day. That timing is consistent with investor concern over a delayed European launch, but it does not prove the announcement alone caused the decline. Reuters +1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$0	$0	$0	$33.2M	$18.8M	$15.4M	$20.5M	$0	N/A
Research & development	$208.4M	$184.6M	$121.9M	$3.7M	$3.7M	$74.1M	$54.2M	$36.3M	$19.9M
Operating expenses	$384.6M	$252.1M	$171.3M	$167.6M	$148.7M	$102.3M	$75.0M	$50.7M	$25.0M
Operating income	−$384.6M	−$252.1M	−$171.3M	−$134.4M	−$129.9M	−$86.9M	−$54.5M	−$50.7M	−$25.0M
Operating margin	N/A	N/A	N/A	−404.81%	−690.48%	−564.03%	−266.16%	N/A	N/A
EBITDA	−$383.0M	−$250.1M	−$168.5M	−$131.4M	−$127.3M	−$85.4M	−$53.2M	−$49.9M	−$24.4M
EBITDA margin	N/A	N/A	N/A	−395.82%	−676.52%	−554.35%	−259.80%	N/A	N/A
Net income	−$377.9M	−$246.3M	−$165.8M	−$134.5M	−$131.8M	−$86.5M	−$51.0M	−$49.3M	−$25.0M
Net profit margin	N/A	N/A	N/A	−405.21%	−700.46%	−561.47%	−248.88%	N/A	N/A
Basic EPSper basic share	-$3.29	-$2.47	-$1.99	-$2.26	-$3.59	-$2.81	-$1.85	-$3.15	-$15.30
Diluted EPSper diluted share	-$3.29	-$2.47	-$1.99	-$2.26	-$3.59	-$2.81	-$1.85	-$3.15	-$15.30

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.80%of listed shares

FMR LLC18M shares · Jun 30, 2026

View holders

Top 20 reported holders of SRRK
Holder	% owned
FMR LLC	14.80%18M shares
Siren, L.L.C.	7.87%9.58M shares
BlackRock, Inc.	7.81%9.49M shares
AKKARAJU SRINIVAS	≈5.70%6.93M shares
SAMSARA BIOCAPITAL, LLC	5.67%6.9M shares
PRICE T ROWE ASSOCIATES INC /MD/	5.59%6.79M shares
WELLINGTON MANAGEMENT GROUP LLP	5.53%6.73M shares
Orbis Allan Gray Ltd	4.88%5.93M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.92%4.77M shares
STATE STREET CORP	3.89%4.73M shares
Redmile Group, LLC	3.55%4.31M shares
NORGES BANK	2.28%2.77M shares
GEODE CAPITAL MANAGEMENT, LLC	2.26%2.75M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	2.14%2.61M shares
Burow Kristina	≈2.02%2.46M shares
Bellevue Group AG	2.01%2.45M shares
JENNISON ASSOCIATES LLC	1.94%2.36M shares
Jupiter Topco LLC	1.84%2.24M shares
Hood River Capital Management LLC	1.83%2.22M shares
Driehaus Capital Management LLC	1.81%2.21M shares

Percentages use 121.6M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Oct 21, 2026 · Quarterly data

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys9$19.99M disclosed value

Sells (SEC code S)113$164.35M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jul 1, 2026Form 4 · 10b5-1	FLIER JEFFREY S.Director	SellCommon Stock	15	$54.88	$823.20	27.9K
Jul 1, 2026Form 4 · 10b5-1	FLIER JEFFREY S.Director	SellCommon Stock	1.5K	$54.24	$79.7K	27.9K
Jul 1, 2026Form 4 · 10b5-1	FLIER JEFFREY S.Director	SellCommon Stock	1.6K	$53.53	$83.9K	29.3K
Jul 1, 2026Form 4 · 10b5-1	Gilman MichaelDirector	SellCommon Stock	43	$54.81	$2.4K	59.5K
Jul 1, 2026Form 4 · 10b5-1	Gilman MichaelDirector	SellCommon Stock	1.2K	$54.23	$62.6K	59.6K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat1 month ago
Scholar Rock wins FDA approval for muscle-targeted SMA treatment
Scholar Rock ($SRRK) received FDA approval for ISEMBYLD, its apitegromab treatment for spinal muscular atrophy, in patients aged two and older receiving SMN2-targeted therapy. The company plans to begin shipping the medicine within days. Th ...
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Scholar Rock Holding Corp (SRRK)

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Scholar Rock wins FDA approval for muscle-targeted SMA treatment