Scholar Rock (NASDAQ: SRRK) recently reported its financial results for the third quarter ended September 30, 2025. The company's net loss for the quarter was $102.2 million, including stock-based compensation of $18.3 million, compared to a net loss of $64.5 million, including stock-based compensation of $9.7 million, for the same period in 2024. The net loss per common share was $0.90 for the third quarter of 2025, compared to $0.66 per common share for the third quarter of 2024.
Scholar Rock did not record any revenue for the third quarter of 2025 or for the same period in 2024. The research and development expense was $50.5 million, including $5.5 million in stock-based compensation, for the third quarter of 2025, compared to $48.7 million, including $4.4 million in stock-based compensation, for the third quarter of 2024. The general and administrative expense was $53.1 million, including $12.8 million in stock-based compensation, for the third quarter of 2025, compared to $16.1 million, including $5.2 million in stock-based compensation, for the third quarter of 2024.
As of September 30, 2025, Scholar Rock had cash, cash equivalents, and marketable securities of approximately $369.6 million, expected to fund operations into 2027. The company had net proceeds of $91.7 million from the sale of 2.77 million common shares and a drawdown of $50.0 million from its debt facility. Additionally, it anticipated approximately $60 million to be available from common warrants expiring on December 31, 2025.
The company also provided updates on its business highlights, including the completion of a constructive in-person Type A meeting with the U.S. Food and Drug Administration (FDA) on November 12 for the biologics license application (BLA) for the treatment of children and adults with spinal muscular atrophy (SMA) using apitegromab. The resubmission of BLA and U.S. launch following approval of apitegromab for children and adults with SMA is anticipated in 2026. Furthermore, Scholar Rock had initiated dosing in the Phase 2 Opal study evaluating apitegromab in infants and toddlers under two years of age with SMA.
The company also shared that it had received FDA clearance for its SRK-439 investigational new drug application, with dosing in healthy volunteers expected to commence in the fourth quarter of 2025.
Additionally, Scholar Rock expects to initiate clinical development activities in a second neuromuscular disorder by the end of 2025.
The company will be hosting a conference call to further discuss its third quarter 2025 financial results and recent business updates.
The market has reacted to these announcements by moving the company's shares -2.43% to a price of $30.07. If you want to know more, read the company's complete 8-K report here.
