Scholar Rock Holding Corporation, a late-stage biopharmaceutical firm, announced on Tuesday that its net loss for the entire year was $165.8 million, or $1.99 per share. This is a notable increase compared to the preceding year where they reported a net loss of $134.5 million, or $2.26 per share.
The company revealed that it did not earn any revenue for this year. However, in the previous year, it had registered a revenue of $33.2 million due to a collaboration agreement with Gilead Sciences.
Scholar Rock's financial update also highlighted that as of December 31, 2023, the company held around $280 million in cash, cash equivalents, and marketable securities. This financial buffer is projected to support the firm's operating and capital outlay requirement until the latter half of 2025.
In terms of future endeavours, Scholar Rock is gearing up to announce its topline data from the Phase 3 SAPPHIRE study, related to their drug candidate apitegromab for spinal muscular atrophy. This announcement is targeted for the fourth quarter of 2024.
