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Scholar Rock Holding Corporation (SRRK+0.43%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $64.5 million, compared to $42.4 million in the same quarter the previous year.
Research and development expenses increased to $48.7 million from $30.3 million, primarily due to clinical trial costs and drug supply manufacturing.
General and administrative expenses rose to $16.1 million from $13.3 million, driven by employee-related costs and consulting services.
Cash, cash equivalents, and marketable securities totaled $139.1 million as of September 30, 2024, down from $279.9 million at the end of 2023.
Scholar Rock completed enrollment in its Phase 3 SAPPHIRE clinical trial and announced positive top-line results in October 2024.
The company initiated the Phase 2 EMBRAZE proof-of-concept trial in May 2024 and completed enrollment in September 2024, with results expected in 2025.
Scholar Rock entered into an underwriting agreement in October 2024, raising approximately $324.4 million in net proceeds.
The company reported an accumulated deficit of $856.3 million as of September 30, 2024, and anticipates continued significant operating losses.
The filing outlines various risks, including dependency on third-party manufacturers and regulatory approval challenges.
Scholar Rock continues to focus on developing its product candidates, including apitegromab for the treatment of spinal muscular atrophy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Scholar Rock Holding Corporation quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.