UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported):
(Exact Name of Registrant as Specified in Charter)
|
| |||
(State or Other Jurisdiction of | (Commission File Number) | (I.R.S. Employer Identification Number) |
(Address of Principal Executive Offices) (Zip Code)
(
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 12, 2024, Scholar Rock Holding Corporation (the “Company”) issued a press release announcing its financial and operating results for the quarter ended September 30, 2024. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8-K.
The information in this Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
A copy of the Company’s current corporate slide presentation is being filed herewith as Exhibit 99.2 to this Report on Form 8-K and is incorporated herein by reference. The Company undertakes no obligation to update, supplement or amend the materials attached hereto as Exhibit 99.2.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
| Description | |||
|
|
| |||
99.1 |
| Press Release issued by the Company on November 12, 2024, furnished hereto. | |||
99.2 |
| ||||
104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Scholar Rock Holding Corporation | |
|
|
|
Date: November 12, 2024 | By: | /s/ Junlin Ho |
|
| Junlin Ho |
|
| General Counsel and Corporate Secretary |
Exhibit 99.1
Scholar Rock Reports Third Quarter 2024 Financial Results and Highlights Business Progress
| - | Reported positive topline data from pivotal Phase 3 SAPPHIRE trial evaluating apitegromab in patients with Spinal Muscular Atrophy (SMA), achieving primary endpoint |
| - | On track to submit a U.S. Biologics License Application (BLA) and European Union marketing authorisation application (MAA) in 1Q 2025 |
| - | Phase 2 EMBRAZE trial enrollment completed for apitegromab in obesity with topline data expected in 2Q 2025 |
| - | Successful completion of upsized $345 million public offering to fund planned commercial launch in SMA and continue to advance priority programs |
| - | Management to host update call today at 8:15 a.m. ET |
CAMBRIDGE, Mass.— (BUSINESS WIRE)— November 12, 2024—Scholar Rock (NASDAQ: SRRK), a late-stage biopharmaceutical company focused on advancing innovative treatments for spinal muscular atrophy (SMA), cardiometabolic disorders, and other serious diseases where protein growth factors play a fundamental role, today reported financial results and corporate updates for the third quarter ended September 30, 2024.
“We were thrilled to announce positive and statistically significant topline data from the pivotal Phase 3 SAPPHIRE trial, a major achievement that underscores apitegromab’s potential to redefine the standard of care for patients with SMA,” said Jay Backstrom, M.D., MPH, President and Chief Executive Officer of Scholar Rock. “The positive SAPPHIRE trial validates our approach to targeting pro-and latent myostatin and demonstrates apitegromab’s potentially transformative benefit. Based on these results, we plan to submit a BLA and MAA in the first quarter of 2025 and are working diligently to prepare for the commercial launch of apitegromab, and if approved, to deliver the potentially transformative benefits of apitegromab to children and adults living with SMA.”
Dr. Backstrom continued, “The robust results from SAPPHIRE also reinforce the broader potential of our selective myostatin inhibition strategy across our pipeline, with potential readthrough to our cardiometabolic program as we evaluate apitegromab in obesity in our Phase 2 EMBRAZE proof-of-concept trial. We were pleased to announce in September that the EMBRAZE trial is fully enrolled, and we expect to report initial data in the second quarter of next year.”
Company Highlights and Upcoming Milestones
SMA Program
Apitegromab is an investigational, fully human monoclonal antibody that inhibits myostatin activation by selectively binding the pro- and latent forms of myostatin in skeletal muscle and is being developed as a potential first muscle-targeted therapy for the treatment of SMA. Apitegromab is the first muscle-targeted therapy to show clinical proof-of-concept in SMA.
| ● | Reported positive topline data from Phase 3 SAPPHIRE clinical trial. The study achieved its primary endpoint demonstrating a statistically significant and clinically meaningful improvement for apitegromab versus placebo |
| in motor function as measured by the gold standard HFMSE in SMA patients on chronic dosing of standard of care therapies (either nusinersen or risdiplam). |
| o | In the main efficacy population (ages 2-12), the mean difference in change from baseline in HFMSE was 1.8 points (p=0.0192) for all patients receiving apitegromab 10 mg/kg and 20 mg/kg (n=106) compared to placebo (n=50). Patients receiving 20 mg/kg of apitegromab (n=53) showed a 1.4 point mean difference compared to placebo (p=0.1149). |
| o | The prespecified analysis of the 10 mg/kg dose showed that patients receiving 10 mg/kg of apitegromab (n=53) showed a mean difference in change from baseline in HFMSE of 2.2 points compared to placebo (nominal p=0.0121). |
| o | Based upon PK/PD data from the SAPPHIRE trial, similar levels of target engagement were observed for the 10 mg/kg and 20 mg/kg dose groups. |
| o | Scholar Rock plans to submit a U.S. BLA and a European Union MAA in 1Q 2025. |
| ● | Presented preliminary baseline characteristics from SAPPHIRE during a poster presentation at the 29th Annual Congress of the World Muscle Society in October in Prague, Czech Republic. Analyses of the full Phase 3 SAPPHIRE data are ongoing, and Scholar Rock plans to present detailed results at an upcoming medical conference in early 2025. |
| ● | The ONYX open-label, multi-center extension study remains ongoing. The study is evaluating the long-term safety and efficacy of apitegromab in patients who completed the TOPAZ or SAPPHIRE trials. More than 90 percent of patients on combination therapy in the TOPAZ trial have completed 4 years of apitegromab treatment and enrolled into ONYX. Following trial completion, 98 percent of SAPPHIRE patients (185/188) enrolled in the ongoing ONYX open-label expansion study. |
| ● | On track to initiate OPAL clinical trial in SMA patients under two years old in mid-2025. |
Cardiometabolic Program
SRK-439 is a novel, preclinical, investigational myostatin inhibitor that binds to pro- and latent myostatin with high affinity and is selective for myostatin (i.e., no GDF11 or Activin A binding), and is initially being developed for the treatment of obesity. Based on preclinical data, SRK-439 has the potential to support healthier weight management by preserving lean mass during weight loss.
| ● | Completed enrollment of Phase 2 EMBRAZE proof-of-concept trial with apitegromab in combination with a GLP-1 receptor agonist (GLP-1 RA) in obesity in September. The Phase 2 trial is a randomized, double-blind, placebo-controlled, multi-center study evaluating the safety and efficacy of apitegromab, a highly selective investigational myostatin inhibitor, to preserve muscle mass as an adjunctive therapy in overweight and obese adults who are taking a GLP-1 RA. Data are expected in the second quarter of 2025 and will be used to guide clinical development of SRK-439. The Company plans to file an IND for SRK-439 for the treatment of obesity in 2025. |
Immuno-Oncology Program
SRK-181 is an investigational selective inhibitor of latent TGFβ1 activation and is being developed with the aim of overcoming resistance to checkpoint therapy, such as anti-PD-(L)1 antibodies, in patients with advanced cancer.
| ● | New SRK-181 data from the Phase 1 DRAGON proof-of-concept trial presented at the SITC 39th Annual Meeting in November. The presentation, “DRAGON Trial: Durable remission rate with the latent TGFβ1 inhibitor linavonkibart (SRK-181) and pembrolizumab in patients with immune checkpoint inhibitor resistant advanced cancers,” highlighted new clinical and biomarker results. Highlights since the Company’s last update on the DRAGON trial include one additional complete response, seen in the clear cell renal cell (ccRCC) cohort (ORR=23.3%) and durable responses in multiple cohorts. Additionally, biomarker results continue to support proof of mechanism; new data shows suppressed granulocytic myeloid-derived suppressor cells (gMDSC) levels in the tumor microenvironment of responders. Notably new biomarker data in the ccRCC cohort supports a potential patient selection strategy with positive correlations between clinical response and baseline CD8+ infiltration status, elevated baseline Treg levels, and elevated baseline TGFβ1 levels in the tumor compartment. |
| Enrollment of the DRAGON trial was completed in December 2023, and patients who remain on the study continue to be treated. |
Other Corporate Updates
| ● | Appointed Beth Shafer, Ph.D., to the newly created role of Chief Business Officer. Ms. Shafer brings over 20 years of biopharmaceutical industry leadership and expertise to Scholar Rock, where she will drive the Company’s long-term corporate and business development strategy. |
| ● | Raised $345 million in upsized follow-on offering. In October, the Company completed an upsized follow-on offering raising aggregate gross proceeds of $345 million. |
Third Quarter 2024 Financial Results
For the quarter ended September 30, 2024, net loss was $64.5 million or $0.66 per share compared to a net loss of $42.4 million or $0.53 per share for the quarter ended September 30, 2023.
| ● | The Company did not record any revenue for the quarter ended September 30, 2024, or for the quarter ended September 30, 2023. |
| ● | Research and development expense was $48.7 million for the quarter ended September 30, 2024, compared to $30.3 million for the quarter ended September 30, 2023. The increase was primarily attributable to costs associated with the ONYX and EMBRAZE trials, and the development of SRK-439. |
| ● | General and administrative expenses were $16.1 million for the quarter ended September 30, 2024, compared to $13.3 million for the quarter ended September 30, 2023. The increase was due to employee-related costs. |
| ● | As of September 30, 2024, Scholar Rock had cash, cash equivalents and marketable securities of approximately $139.1 million ($463.5 million, on a proforma basis, including the approximately $324.4 million raised in the October 2024 equity offering). Along with cash available to the Company, runway is extended into 4Q 2026. |
“Supported by our recent upsized public offering on the heels of successful SAPPHIRE data, Scholar Rock is advancing our mission from a position of strength as we move forward with preparations for our first commercial launch in the fourth quarter of 2025,” said Ted Myles, Chief Operating Officer and Chief Financial Officer of Scholar Rock. “We are working tirelessly to obtain approval for apitegromab and deliver it to patients with SMA as soon as possible, as well as continuing to advance our portfolio of highly selective myostatin inhibition programs.”
Conference Call Information
Management will provide an update on the Company and discuss third quarter 2024 results via conference call on Tuesday, November 12 at 8:15 am ET. To access the live conference call, participants may register here. The live audio webcast of the call will be available under “Events and Presentations” in the Investor Relations section of the Scholar Rock website at http://investors.scholarrock.com. To participate via telephone, please register in advance here. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. An archived replay of the webcast will be available on the Company’s website for approximately 90 days.
About Scholar Rock
Scholar Rock is a biopharmaceutical company that discovers, develops, and delivers life-changing therapies for people with serious diseases that have high unmet need. As a global leader in the biology of the transforming growth factor beta (TGFβ) superfamily of cell proteins and named for the visual resemblance of a scholar rock to protein structures, the clinical-stage company is focused on advancing innovative treatments where protein growth factors are fundamental. Over the past decade, Scholar Rock has created a pipeline with the potential to advance the standard of care for neuromuscular disease, cardiometabolic disorders, cancer, and other conditions where growth factor-targeted drugs can play a transformational role.
This commitment to unlocking fundamentally different therapeutic approaches is powered by broad application of a proprietary platform, which has developed novel monoclonal antibodies to modulate protein growth factors with extraordinary selectivity. By harnessing cutting-edge science in disease spaces that are historically under-addressed through traditional therapies, Scholar Rock works every day to create new possibilities for patients.
The efficacy and safety of apitegromab, SRK-181, and SRK-439 have not been established and apitegromab, SRK-181, and SRK-439 have not been approved for any use by the FDA or any other regulatory agency.
Scholar Rock® is a registered trademark of Scholar Rock, Inc.
Availability of Other Information About Scholar Rock
Investors and others should note that we communicate with our investors and the public using our company website www.scholarrock.com, including, but not limited to, company disclosures, investor presentations and FAQs, Securities and Exchange Commission filings, press releases, public conference call transcripts and webcast transcripts, as well as on Twitter and LinkedIn. The information we post on our website, Twitter or LinkedIn could be deemed material information. As a result, we encourage investors, the media and others interested to review the information we post there regularly. The contents of our website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Scholar Rock’s future expectations, plans and prospects, including without limitation, Scholar Rock’s expectations regarding its growth, strategy, progress and timing of its clinical trials for apitegromab and SRK-181 and its preclinical programs, including SRK-439, and indication selection and development timing, including the timing of any regulatory submissions, the therapeutic potential, clinical benefits and safety of any product candidates, expectations regarding timing, success and data announcements of current ongoing preclinical and clinical trials, its cash runway, expectations relating to commercial launch in the US in the fourth quarter of 2025, expectations regarding the achievement of important milestones, the ability of any product candidate to perform in humans in a manner consistent with earlier nonclinical, preclinical or clinical trial data, and the potential of its product candidates and proprietary platform. The use of words such as “may,” “might,” “could,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify such forward-looking statements. All such forward-looking statements are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, without limitation, that preclinical and clinical data, including the results from the Phase 3 SAPPHIRE trial will be sufficient to support regulatory approval, that the full results from the Phase 3 SAPPHIRE trial may differ from the topline data, that preclinical and clinical data, including the results from the Phase 2 or Phase 3 clinical trial of apitegromab, or Part A or Part B of the Phase 1 clinical trial of SRK-181, are not predictive of, may be inconsistent with, or more favorable than, data generated from future or ongoing clinical trials of the same product candidates; the data generated from Scholar Rock’s nonclinical and preclinical studies and clinical trials; Scholar Rock’s ability to provide the financial support, resources and expertise necessary to identify and develop product candidates on the expected timeline; the data generated from Scholar Rock’s nonclinical and preclinical studies and clinical trials; information provided or decisions made by regulatory authorities; competition from third parties that are developing products for similar uses; Scholar Rock’s ability to obtain, maintain and protect its intellectual property; Scholar Rock’s dependence on third parties for development and manufacture of product candidates including, without limitation, to supply any clinical trials; and Scholar Rock’s ability to manage expenses and to obtain additional funding when needed to support its business activities and establish and maintain strategic business alliances and new business initiatives, and as well as those risks more fully discussed in the section entitled "Risk Factors" in Scholar Rock’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as well as discussions of potential risks, uncertainties, and other important factors in Scholar Rock’s subsequent filings with the Securities and Exchange Commission. Any forward-looking statements represent Scholar Rock’s views only as of today and should not be relied upon as representing its views as of any subsequent date. All information in this press release is as of the date of the release, and Scholar Rock undertakes no duty to update this information unless required by law.
Scholar Rock Holding Corporation
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share data)
| | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||||||
|
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||||
| | | | | | | | | | | | |
Operating expenses | |
|
| |
|
| |
|
| |
|
|
Research and development | | $ | 48,719 | | $ | 30,337 | | $ | 134,185 | | $ | 86,939 |
General and administrative | |
| 16,061 | |
| 13,335 | |
| 48,512 | |
| 36,324 |
Total operating expenses | |
| 64,780 | |
| 43,672 | |
| 182,697 | |
| 123,263 |
Loss from operations | |
| (64,780) | |
| (43,672) | |
| (182,697) | |
| (123,263) |
Other income (expense), net | |
| 301 | |
| 1,313 | |
| 2,857 | |
| 3,600 |
Net loss | | $ | (64,479) | | $ | (42,359) | | $ | (179,840) | | $ | (119,663) |
Net loss per share, basic and diluted | | $ | (0.66) | | $ | (0.53) | | $ | (1.86) | | $ | (1.49) |
Weighted average common shares outstanding, basic and diluted | |
| 97,050,637 | |
| 80,606,438 | |
| 96,587,149 | |
| 80,115,143 |
Scholar Rock Holding Corporation
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
|
| September 30, 2024 |
| December 31, 2023 | ||
Assets | | | | | | |
Cash, cash equivalents and marketable securities | | $ | 139,065 | | $ | 279,938 |
Other current assets | |
| 13,862 | |
| 8,256 |
Total current assets | |
| 152,927 | |
| 288,194 |
Other assets | |
| 26,206 | |
| 22,841 |
Total assets | | $ | 179,133 | | $ | 311,035 |
| | | | | | |
Liabilities and Stockholders' Equity | | | | | | |
Current liabilities | | $ | 39,372 | | $ | 32,741 |
Long-term liabilities | |
| 60,565 | |
| 53,076 |
Total liabilities | |
| 99,937 | |
| 85,817 |
Total stockholders' equity | |
| 79,196 | |
| 225,218 |
Total liabilities and stockholders' equity | | $ | 179,133 | | $ | 311,035 |
Scholar Rock:
Investors
Rushmie Nofsinger
Scholar Rock
rnofsinger@scholarrock.com
ir@scholarrock.com
857-259-5573
Media
Molly MacLeod
Scholar Rock
mmacleod@scholarrock.com
media@scholarrock.com
802-579-5995
| © 2024 Scholar Rock, Inc. All rights reserved. Third Quarter 2024 Business Update November 12, 2024 1 Exhibit 99.2 |
| © 2024 Scholar Rock, Inc. All rights reserved. Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Scholar Rock’s future expectations, plans and prospects, including without limitation, Scholar Rock’s expectations regarding its growth, strategy, progress and timing of its clinical trials for apitegromab and SRK-181 and its preclinical programs, including SRK-439, and indication selection and development timing, including the timing of any regulatory submissions, the therapeutic potential, clinical benefits and safety of any product candidates, expectations regarding timing, success and data announcements of current ongoing preclinical and clinical trials, its cash runway, expectations regarding the achievement of important milestones, the ability of any product candidate to perform in humans in a manner consistent with earlier nonclinical, preclinical or clinical trial data, and the potential of its product candidates and proprietary platform. The use of words such as “may,” “might,” “could,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify such forward-looking statements. All such forward-looking statements are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, without limitation, whether the results from the Phase 3 SAPPHIRE trial will be sufficient to support regulatory approval, that the full results from the Phase 3 SAPPHIRE trial may differ from the topline data, that preclinical and clinical data, including the results from the Phase 2 or Phase 3 clinical trial of apitegromab, or Part A or Part B of the Phase 1 clinical trial of SRK-181, are not predictive of, may be inconsistent with, or more favorable than, data generated from future or ongoing clinical trials of the same product candidates, including, without limitation, the Phase 2 clinical trial of apitegromab in obesity or Part B of the Phase 1 clinical trial of SRK-181; Scholar Rock’s ability to provide the financial support, resources and expertise necessary to identify and develop product candidates on the expected timeline; the data generated from Scholar Rock’s nonclinical and preclinical studies and clinical trials; information provided or decisions made by regulatory authorities; competition from third parties that are developing products for similar uses; Scholar Rock’s ability to obtain, maintain and protect its intellectual property; Scholar Rock’s dependence on third parties for development and manufacture of product candidates including, without limitation, to supply any clinical trials; and Scholar Rock’s ability to manage expenses and to obtain additional funding when needed to support its business activities and establish and maintain strategic business alliances and new business initiatives, and as well as those risks more fully discussed in the section entitled "Risk Factors" in Scholar Rock’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as well as discussions of potential risks, uncertainties, and other important factors in Scholar Rock’s subsequent filings with the Securities and Exchange Commission. Any forward-looking statements represent Scholar Rock’s views only as of today and should not be relied upon as representing its views as of any subsequent date. All information in this presentation is as of the date of the presentation, and Scholar Rock undertakes no duty to update this information unless required by law. This presentation may also contain estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we compete are necessarily subject to a high degree of uncertainty and risk. Apitegromab, SRK-181, and SRK-439 are investigational drug candidates under evaluation. Apitegromab, SRK-181, and SRK-439 have not been approved for any use by the FDA or any other regulatory agency and the safety and efficacy of apitegromab, SRK-181 and SRK-439 have not been established. |
| © 2024 Scholar Rock, Inc. All rights reserved. Company Overview Jay Backstrom, M.D., MPH President & Chief Executive Officer 3 |
| © 2024 Scholar Rock, Inc. All rights reserved. 4 Company Speakers Jay Backstrom, M.D., MPH President & Chief Executive Officer Ted Myles, MBA Chief Operating Officer and Chief Financial Officer |
| © 2024 Scholar Rock, Inc. All rights reserved. Today’s Agenda 5 Topic Speaker Company Overview Jay Backstrom, President & Chief Executive Officer Ted Myles, Chief Operating Officer & Chief Financial Officer Financial Update Conclusions Jay Backstrom, President & Chief Executive Officer Q&A Session |
| © 2024 Scholar Rock, Inc. All rights reserved. Expanding the Executive Team • Beth Shafer, Ph.D. joined as Chief Business Officer Advancing apitegromab in SMA • Positive Phase 3 SAPPHIRE Study • BLA/MAA submission planned for Q1 2025 • Preparing for commercial launch EMBRAZE Ph 2 Trial continuing momentum • Enrollment completed early with topline expected in Q2 2025 SRK-439 data demonstrating value in obesity program • Updated data November 5 at Obesity Week SRK-181 data reinforcing clinical proof of concept • Additional clinical data November 9 at SITC 6 A Successful Q3, Continuing to Build on Strong 2024 Progress Advancing Corporate Strategy Beth Shafer, Ph.D., Chief Business Officer |
| © 2024 Scholar Rock, Inc. All rights reserved. Our Purpose: Create Possibilities for Those Living with Spinal Muscular Atrophy (SMA) Muscle is everything. I want to live knowing that I have the strength to take care of myself if left alone. - Lyza 7 © 2024 Scholar Rock, Inc. All rights reserved. |
| © 2024 Scholar Rock, Inc. All rights reserved. 8 CONSISTENT clinically meaningful benefit across all age groups (2-21) FAVORABLE SAFETY profile consistent with >48 months experience in Phase 2 TOPAZ trial 30% of apitegromab patients ACHIEVED ≥3 POINT IMPROVEMENT IN HFMSE† 1.8 (p=0.0192) POINT IMPROVEMENT in HFMSE* vs. placebo MET PRIMARY ENDPOINT: Positive Phase 3 SAPPHIRE Trial: Transformative Benefit in SMA Apitegromab has the potential to alter the course of SMA * Based on apitegromab combined dose (10 mg/kg and 20 mg/kg) + SOC versus placebo + SOC † 12.5% of patients on placebo + SOC achieved a ≥3-point improvement in HFMSE SOC=Standard of care (i.e., nusinersen or risdiplam) SPINAL MUSCULAR ATROPHY SAPPHIRE – APITEGROMAB IN SMA |
| © 2024 Scholar Rock, Inc. All rights reserved. 9 SAPPHIRE – APITEGROMAB IN SMA Early-dosed (CHERISH/SHINE) Delayed-dosed (SHINE) Sham control (CHERISH) -6 -4 -2 0 2 4 6 ∆ -1.3 (SD: 9.3) From Baseline ∆ -2.3 (SD: 9.6) From Baseline ∆ -0.4 (SD: 4.9) From Baseline Study Day [Year] Change (SE) in HFMSE Early-dosed (CHERISH/SHINE) n= Delayed-dose (SHINE) n= Sham control (CHERISH) n= 84 42 42 84 41 84 41 84 40 41 83 18 42 76 24 39 83 37 83 37 79 35 74 29 75 30 54 22 61 39 0 92 [0.3] 169 [0.5] 253 [0.7] 350 [1.0] 450 [1.2] 690 [1.9] 930 [2.5] 1170 [3.2] 1410 [3.9] 1710 [4.7] 2070 [5.7] 2430 [6.7] 2790 [7.6] Time Period Similar to TOPAZ study Time Period Similar to SAPPHIRE study Finkel RS et al. “Final Safety and Efficacy Data From the SHINE Study in Participants With Infantile-Onset and Later-Onset SMA.” Presented at Cure SMA Annual Conference, July 2024 *Patient age based on those received active treatment (mean or median) 1. This information from third-party studies is provided for background purposes only and is not intended to convey or imply a comparison to the SAPPHIRE clinical trial results SMN=survival motor neuron SMN-targeted therapies prevent further degeneration of motor neurons1, yet lack any direct impact on muscle atrophy Substantial room for improvement in the current approved treatment landscape exists Despite Chronic SMN Therapy, SMA Patients Continue To Lose Function Over Time SPINAL MUSCULAR ATROPHY |
| © 2024 Scholar Rock, Inc. All rights reserved. 10 CI=Confidence Interval; EXP=Exploration Subpopulation; HFMSE=Hammersmith Functional Motor Scale Expanded; LS=Least Squares; MEP=Main Efficacy Population; SOC=standard of care. SAPPHIRE – APITEGROMAB IN SMA Early and Increasing HFMSE Improvement vs. Placebo Least Squares Mean (+/- SE) Change from Baseline in HFMSE Total Score by Visit (MITT Set) Apitegromab-treated patients improved on HFMSE, while placebo patients declined on HFMSE over 12 months -2 -1 0 1 2 Placebo + SOC (N=50) Apitegromab combined dose + SOC (N=106) 0 8 16 24 32 40 Time (weeks) 52 LS Mean Change from Baseline in HFMSE Placebo + SOC 50 50 50 48 50 49 48 Apitegromab + SOC 106 105 105 101 102 102 102 SPINAL MUSCULAR ATROPHY |
| © 2024 Scholar Rock, Inc. All rights reserved. -5 -4 -3 -2 -1 0 1 2 3 4 5 11 Improvement in HFMSE Consistent Across Doses and Age Groups SAPPHIRE – APITEGROMAB IN SMA LS Mean Difference (95% CI) [Active-Placebo] 1.8 (0.30, 3.32) 2-12 years apitegromab combined dose (10 & 20 mg/kg; n=106) vs. placebo (n=50) 1.4 (-0.34, 3.13) 2-12 years apitegromab 20 mg/kg dose (n=53) vs. placebo (n=50) 2.2 (0.49, 3.95) 2-12 years apitegromab 10 mg/kg dose (n=53) vs. placebo (n=50) 1.8 (-1.06, 4.57) 13-21 years apitegromab 20 mg/kg dose (n=22) vs. placebo (n=10) 1.8 (0.46, 3.16) Pooled 2-21 years apitegromab (n=128) vs. placebo (n=60) Favor Placebo Favor Apitegromab Change from Baseline in HFMSE Total Score at 12 Months* CI=Confidence Interval; EXP=Exploration Subpopulation; HFMSE=Hammersmith Functional Motor Scale Expanded; SOC=standard of care. *n values at 12-month endpoint SPINAL MUSCULAR ATROPHY |
| © 2024 Scholar Rock, Inc. All rights reserved. 30% of Apitegromab Patients Achieved ≥3 Points on HFMSE SA PPH IRE – APITEGR OMA B IN S MA ≥3 Point Improvement in HFMSE 30.4% 16 HFMSE=Hammersmith Functional Motor Scale Expanded; SOC=standard of care. 12.5% 10% 5% 0% 15% 30% 25% 20% 35% Apitegromab Combined Dose + SOC Placebo + SOC Proportion of Patients n/N 31/102 6/48 Proportion of patients achieving ≥3 Point Improvement in HFMSE was higher for apitegromab vs. placebo in combined dose (odds ratio 3.0, p=0.0256) SPINAL MUSCULAR ATROPHY |
| © 2024 Scholar Rock, Inc. All rights reserved. 13 Broadly representative study population Improvement seen across all age groups (2-21) Moving quickly on filing BLA and MAA in Q1 2025 * If approved by regulatory authorities Potential to be Suitable for Broad SMA Population* SPINAL MUSCULAR ATROPHY SAPPHIRE – APITEGROMAB IN SMA |
| © 2024 Scholar Rock, Inc. All rights reserved. Next Wave of Innovation: Selective Anti-Myostatin for Healthy Weight Management 14 Tests hypothesis of selective anti-myostatin in obese population POC study start* POC data readout Q2* Ph 2 proof-of-concept trial APITEGROMAB + GLP-1 Agonist 2024 2025 IND* SRK-439 + GLP-1 Receptor Agonist Novel asset for cardiometabolic indication Phase 1 trial Cardiometabolic Disorders *Expected timelines POC = Proof of Concept OBESITY |
| © 2024 Scholar Rock, Inc. All rights reserved. 15 OBESITY Preclinical data to date show strong potential to support healthier weight loss in combination with GLP-1 RA: Preservation of lean mass during GLP-1 RA-induced weight loss and improvement in fasting glucose Increase in lean mass and attenuation of fat mass regain following GLP-1 RA withdrawal Greater potency compared to an anti-ACTRII antibody Increase in lean mass and lowered fat mass gain following treatment with metformin and SRK-439 Give Us Confidence in SRK-439 Strong Scientific Validation and Promising Preclinical Evidence |
| © 2024 Scholar Rock, Inc. All rights reserved. Potential Benefits Our Solution Delivers Attractive Clinical Risk/Benefit Profile 16 • Inhibition of myostatin, a negative regulator of muscle, is known to promote muscle growth and function • Apitegromab, a selective myostatin inhibitor, has been shown in a Phase 2 Proof-of-Concept study to improve motor function • Given muscle’s important role in energy metabolism, preserving lean mass has the potential to improve durability of weight loss • Selective targeting minimizes off-target effects, potentially supporting long-term use for healthy weight management THERAPEUTIC POTENTIAL OF OUR MUS CLE-TARGETED APPROACH IN OBESIT Y Preserving muscle Improving function Improving durability Long-term safety Key Points OBESITY |
| © 2024 Scholar Rock, Inc. All rights reserved. Financial & Business Update Ted Myles Chief Operating Officer & Chief Financial Officer |
| © 2024 Scholar Rock, Inc. All rights reserved. Commercial Prep Underway • Continuing SMA stakeholder engagement and education • Ensuring an optimized treatment experience • Building team to deliver US & European launch Financial Update 18 High Sense of Urgency to Deliver for Patients Strong Balance Sheet • Cash balance as of September 30, 2024, $139 million, in addition to $324 million of net proceeds from October follow-on offering • Pro forma cash of approximately $463 million, runway into Q4 2026 Expanding Anti-Myostatin Platform • Expanding to SMA <2 with OPAL • Plans for EMBRAZE readout and SRK-439 filing in 2025 show pipeline momentum |
| © 2024 Scholar Rock, Inc. All rights reserved. Building to Achieve Commercial Success 19 Geographic Expansion • Commercialize in selected European countries* • Remaining Europe and ROW expansion through distributorships & partnerships • Commercialize in selected European countries* • Remaining Europe and ROW expansion through distributorships & partnerships Geographic Expansion • Commercialize in selected European countries* • Remaining Europe and ROW expansion through distributorships & partnerships U.S. Launch* • Payer engagement • Patient services implementation • Monthly home infusion • Efficient US customer-facing footprint (<50 FTEs) • Payer engagement • Patient services implementation • Monthly home infusion • Efficient US customer-facing footprint (<50 FTEs) U.S. Launch* • Payer engagement • Patient services implementation • Monthly home infusion • Efficient US customer-facing footprint (<50 FTEs) Building the Foundation • MSL engagement at CureSMA and MDA centers • Life Takes Muscle – first muscle-focused disease education • Continued partnership with patient advocacy groups • MSL engagement at CureSMA and MDA centers • Life Takes Muscle – first muscle-focused disease education • Continued partnership with patient advocacy groups Building the Foundation • MSL engagement at CureSMA and MDA centers • Life Takes Muscle – first muscle-focused disease education • Continued partnership with patient advocacy groups 2024 2025 2026+ * Subject to regulatory approval ROW= Rest of world |
| © 2024 Scholar Rock, Inc. All rights reserved. Path to Achieving Commercial Success in SMA 20 Clear unmet need and favorable market dynamics Competitive and attractive potential profile Engagement, patient focus & execution The right market The right medicine The right plan Apitegromab global revenue potential >$1.0B1 1 Scholar Rock internal estimates as of May 2024 |
| © 2024 Scholar Rock, Inc. All rights reserved. 21 Upcoming Planned Key Milestones * If approved by relevant health authorities • Submit FDA and EMA applications in Q1 2025 • Request priority review (FDA) and accelerated assessment (EMA) Apitegromab Regulatory Submissions • US launch in Q4 2025 and European launch to follow Apitegromab Commercial Launch in SMA* • Obesity: EMBRAZE readout expected in Q2 2025 • SMA: Under 2 study initiation planned for mid-2025 Anti-Myostatin Clinical Momentum |
| © 2024 Scholar Rock, Inc. All rights reserved. Conclusions Jay Backstrom, M.D., MPH President & Chief Executive Officer 22 |
| © 2024 Scholar Rock, Inc. All rights reserved. TGFβ=Transforming growth factor-beta. OUR MISSION To discover, develop, and deliver life-changing therapies by harnessing cutting-edge science to create new possibilities for people living with serious diseases We are a global leader in harnessing the life-changing potential of the TGFβ superfamily |
| © 2024 Scholar Rock, Inc. All rights reserved. 18 Potential to Transform Standard of Care in SMA 1.8-point improvement in HFMSE (p=0.0192) compared to placebo Patients improving on apitegromab vs. declining on placebo Favorable safety profile supports durability of treatment >48 months treatment experience in SMA1 Clear and Meaningful Improvement Well-tolerated Safety Profile Broadly representative study population Improvement across all age groups (2-21) Potential to be Suitable for Broad SMA Population* 1 Based on TOPAZ patients receiving combination therapy after 4 years of treatment. Data cutoff date: April 2024 * If approved by regulatory authorities |
| © 2024 Scholar Rock, Inc. All rights reserved. Q&A Session 25 |
| © 2024 Scholar Rock, Inc. All rights reserved. 26 Company Speakers Jay Backstrom, M.D., MPH President & Chief Executive Officer Ted Myles, MBA Chief Operating Officer and Chief Financial Officer |
| © 2023 Scholar Rock, Inc. All rights reserved. 27 Thank you! |
