Cambridge biotech tracker · Cambridge
Scholar Rock
Listed on Nasdaq as SRRK, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $492M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $74.2M
- avg. operating cash flow, 4 qtrs
- Runway
- 20 mo
- 12 to 24 months
- Net loss
- $110M
- Q2 '26
- R&D expense
- $58.2M
- 53% of opex
- Raised, last 4 qtrs
- +$495M
- net financing cash flow
- Next readout
- Jun 2028
- Phase 2 · cash to the catalyst, barely
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
20 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $24.7M a month.
Management’s own date
Into H2 2027
Jul–Dec 2027
That implies $27.2M to $40.9M a month, 1.1–1.7× the recent pace.
In line with the last year“Based on our current operating model, we expect that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into the second half of 2027.”
Cash against the calendar
What the runway has to reach.
Jun 2028estimated
Phase 2 Study Evaluating Apitegromab for the Treatment of FSHD
Facioscapulohumeral Muscular Dystrophy · FSHD
NCT07435129 on ClinicalTrials.govDoes the cash reach it?
Cash to the catalyst, barely
- Runway
- 20 months
- Time to the date
- 19 months
It is about 19 months out. At the current burn the cash lasts roughly 1 months past it. That is a thin margin: a slipped enrollment date or a delayed database lock turns a data-driven raise into a necessary one.
Catalysts ahead
Pipeline
4 active trials, through phase 3.
Phase 2 · 2Phase 3 · 1Phase 1 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Long-Term Safety & Efficacy of Apitegromab in Patients With SMA Who Completed Previous Trials of ApitegromabNCT05626855 · Spinal Muscular Atrophy, Spinal Muscular Atrophy Type 3Phase 3Nov 2026est.· not a catalyst | Phase 3 | Active, not recruiting | ||
| Phase 2 Study Evaluating Apitegromab for the Treatment of FSHDNCT07435129 · Facioscapulohumeral Muscular Dystrophy, FSHDPhase 2Jun 2028est. | Phase 2 | Recruiting | ||
| A Study to Evaluate How Apitegromab Works in Subjects Who Are Less Than 2 Years Old and Have Spinal Muscular AtrophyNCT07047144 · Spinal Muscular Atrophy, SMAPhase 2Nov 2028est. | Phase 2 | Recruiting | ||
| A Single- and Multiple-Ascending Dose Study of SRK-439 in Healthy AdultsNCT07444294 · HealthyPhase 1Dec 2026est.· not a catalyst | Phase 1 | Recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash reaches the next catalyst with little to spare
The next dated event is a phase 2 readout in Jun 2028, about 19 months out. That leaves roughly 1 months of cash on the other side. Enrollment slipping a quarter would erase it, which is why the cash forecast and the clinical timeline belong in the same model.
About 20 months of runway
Cash and investments of $492M at Q2 '26 against an average operating cash burn of $74.2M per quarter over the last four reported quarters runs out around January 2028. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position up $353M since Q3 '24
Net financing inflows of $495M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $39.6M above cash burn
The Q2 '26 net loss of $110M includes non-cash charges, including $19.7M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 53% of operating expenses
$58.2M of R&D against $109M of total operating expenses in Q2 '26, with G&A at $50.7M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
$196M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Accumulated deficit of $1.52B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $139M | −$52.5M | −$64.5M | $48.7M | $16.1M | — | $9.7M | $166K |
| Q4 '24 · Dec 31, 24 | $437M | −$49.5M | −$66.2M | $50.4M | $19.0M | — | $9.5M | $346M |
| Q1 '25 · Mar 31, 25 | $364M | −$78.7M | −$74.7M | $48.7M | $28.4M | — | $13.4M | $4.2M |
| Q2 '25 · Jun 30, 25 | $295M | −$76.9M | −$110M | $62.4M | $49.7M | — | $24.4M | $6.5M |
| Q3 '25 · Sep 30, 25 | $370M | −$68.9M | −$102M | $50.5M | $53.1M | — | $18.3M | $144M |
| Q4 '25 · Dec 31, 25 | $368M | −$75.5M | −$91.0M | $46.9M | $45.0M | $0 | $19.4M | $73.3M |
| Q1 '26 · Mar 31, 26 | $480M | −$82.1M | −$106M | $51.8M | $50.2M | $0 | $18.2M | $194M |
| Q2 '26 · Jun 30, 26 | $492M | −$70.3M | −$110M | $58.2M | $50.7M | — | $19.7M | $83.1M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.