The company continues to operate without meaningful revenue, reporting widening quarterly operating losses that reached $102.0 million in 2026Q1 due to intensive R&D and SG&A spending.
| Sales/Revenue | 0 | 0 | 0 | 0 | 33.19M | 18.82M | 15.4M | 20.49M | 0 | 0 | 379K |
| Revenue Growth % | - | - | - | -100% | 76.41% | 22.16% | -24.83% | - | - | -100% | - |
| Cost of Goods Sold | 752K | 0 | 1.94M | 2.84M | 123.04M | 108.47M | 74.06M | 54.22M | 807K | 669K | 12.48M |
| COGS % of Revenue | - | - | - | - | 370.69% | 576.47% | 480.83% | 264.58% | - | - | 3292.08% |
| Gross Profit | -752K | 0 | -1.94M | -2.84M | -89.85M | -89.65M | -58.66M | -33.73M | -807K | -669K | -12.1M |
| Gross Margin % | - | - | - | - | -270.69% | -476.47% | -380.83% | -164.58% | - | - | -3192.08% |
| Gross Profit Growth % | - | 100% | 31.89% | 96.83% | -0.22% | -52.84% | -73.93% | -4079.06% | -20.63% | 94.47% | - |
| Operating Expenses | 409.15M | 384.64M | 250.12M | 168.45M | 44.52M | 40.27M | 28.22M | 20.82M | 50.69M | 25.03M | 16.59M |
| OpEx % of Revenue | - | - | - | - | 134.12% | 214.01% | 183.2% | 101.59% | - | - | 4377.04% |
| Selling, General & Admin | 198M | 176.21M | 67.5M | 49.4M | 42.62M | 40.27M | 28.22M | 20.82M | 14.38M | 5.08M | 4.11M |
| SG&A % of Revenue | - | - | - | - | 128.4% | 214.01% | 183.2% | 101.59% | - | - | 1084.96% |
| Research & Development | 211.16M | 208.44M | 182.61M | 119.06M | 124.44M | 108.47M | 74.06M | 54.22M | 36.31M | 19.94M | 12.48M |
| R&D % of Revenue | - | - | - | - | 374.91% | 576.47% | 480.83% | 264.58% | - | - | 3292.08% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -122.54M | -108.47M | -74.06M | -54.22M | -56K | -10K | 22K |
| Operating Income | -409.57M | -384.64M | -252.05M | -171.29M | -134.37M | -129.92M | -86.88M | -54.54M | -50.69M | -25.03M | -16.21M |
| Operating Margin % | - | - | - | - | -404.81% | -690.48% | -564.03% | -266.16% | - | - | -4277.04% |
| Operating Income Growth % | - | -52.6% | -47.15% | -27.48% | -3.43% | -49.54% | -59.29% | -7.59% | -102.53% | -54.4% | - |
| EBITDA | -407.97M | -382.99M | -250.12M | -168.45M | -131.38M | -127.29M | -85.39M | -53.24M | -49.88M | -24.36M | -15.63M |
| EBITDA Margin % | - | - | - | - | -395.82% | -676.52% | -554.35% | -259.8% | - | - | -4125.33% |
| EBITDA Growth % | -51.67% | -53.12% | -48.48% | -28.21% | -3.21% | -49.08% | -60.38% | -6.72% | -104.78% | -55.8% | - |
| D&A (Non-Cash Add-back) | 1.6M | 1.66M | 1.94M | 2.84M | 2.99M | 2.63M | 1.49M | 1.3M | 807K | 669K | 575K |
| EBIT | -400.16M | -371.05M | -239.46M | -165.79M | -132.47M | -129.92M | -86.88M | -54.54M | -50.69M | -25.03M | -16.21M |
| Net Interest Income | 5.23M | 7.01M | 5.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19K |
| Interest Income | 12.61M | 13.9M | 12.68M | 0 | 0 | 0 | 0 | 0 | 1.42M | 0 | 0 |
| Interest Expense | 7.38M | 6.89M | 6.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19K |
| Other Income/Expense | 845K | 6.71M | 5.76M | 5.51M | -132K | -1.88M | 395K | 3.54M | 1.37M | 34K | 3K |
| Pretax Income | -408.73M | -377.94M | -246.29M | -165.79M | -134.5M | -131.8M | -86.48M | -51M | -49.33M | -25M | -16.21M |
| Pretax Margin % | - | - | - | - | -405.21% | -700.46% | -561.47% | -248.88% | - | - | -4276.25% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -44K | 19K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.18% | -0.12% |
| Net Income | -408.73M | -377.94M | -246.29M | -165.79M | -134.5M | -131.8M | -86.48M | -51M | -49.33M | -25M | -16.21M |
| Net Margin % | - | - | - | - | -405.21% | -700.46% | -561.47% | -248.88% | - | - | -4276.25% |
| Net Income Growth % | -54.72% | -53.45% | -48.56% | -23.26% | -2.05% | -52.4% | -69.57% | -3.39% | -97.34% | -54.22% | - |
| Net Income (Continuing) | -408.73M | -377.94M | -246.29M | -165.79M | -134.5M | -131.8M | -86.48M | -51M | -49.33M | -25M | -16.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.21 | -3.29 | -2.47 | -1.99 | -2.21 | -3.59 | -2.77 | -1.80 | -3.15 | -1.40 | -0.91 |
| EPS Growth % | -32.69% | -33.2% | -24.12% | 9.95% | 38.44% | -29.6% | -53.89% | 42.86% | -125% | -53.85% | - |
| EPS (Basic) | - | -3.29 | -2.47 | -1.99 | -2.21 | -3.59 | -2.77 | -1.80 | -3.15 | -1.40 | -0.91 |
| Diluted Shares Outstanding | 127.28M | 114.7M | 99.84M | 75.98M | 59.61M | 36.71M | 30.73M | 27.54M | 15.66M | 17.91M | 17.91M |
| Basic Shares Outstanding | 127.28M | 114.7M | 99.84M | 75.98M | 59.61M | 36.71M | 30.73M | 27.54M | 15.66M | 17.91M | 17.91M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution dependency
As reported in recent financial statements, Scholar Rock's quarterly R&D expenditures have climbed to $51.8 million in 2026Q1, while SG&A costs have simultaneously surged to $50.2 million, reflecting the heavy operational weight of late-stage clinical trial management and the necessary infrastructure for potential commercialization.
The simultaneous expansion of both R&D and SG&A suggests that the company is aggressively scaling its organizational footprint ahead of critical data readouts. Investors should monitor whether this cost trajectory remains sustainable if clinical milestones face further delays, as the current burn rate leaves little room for operational inefficiency.
Based on the company's reported figures, operating losses have widened significantly to $102.0 million in 2026Q1, indicating that the firm lacks the revenue base to achieve any meaningful operating leverage as it continues to fund its primary neuromuscular pipeline through heavy, non-recurring cash outflows.
The absence of commercial revenue means that every dollar of increased operating expense directly translates into a deeper net loss. This structure implies that the company is currently a pure-play R&D vehicle where operating leverage will only become a relevant metric upon the successful transition to a commercial-stage entity.
According to recent SEC filings, the company has increasingly utilized stock-based compensation, with quarterly figures reaching $24.4 million in 2025Q2, which complicates the assessment of true operational burn and suggests that equity-linked incentives are becoming a primary mechanism for managing cash preservation during the clinical phase.
The reliance on non-cash compensation masks the true economic cost of talent acquisition and retention in a competitive biotech labor market. Analysts should adjust for these non-cash charges to better understand the underlying cash-burn velocity, as high SBC levels may indicate potential future dilution for existing shareholders.
As indicated by the historical income statement data, the company has operated without consistent revenue for ten consecutive quarters, raising questions about the long-term viability of its current funding model if the Phase 3 SAPPHIRE trial fails to meet its primary endpoints or faces regulatory setbacks.
Short-sellers may focus on the widening gap between cash reserves and the accelerating burn rate, which necessitates periodic capital raises. The lack of a diversified revenue stream makes the company uniquely vulnerable to market sentiment shifts, as any delay in the apitegromab timeline could force management to seek dilutive financing at unfavorable valuations.
Quick answers to the most common questions about buying SRRK stock.
For fiscal year 2025, Scholar Rock Holding Corporation (SRRK) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.4M in 2016.
Scholar Rock Holding Corporation (SRRK) reported a net loss of $377.9M for the fiscal year ending 2025.