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Biotechnology · Healthcare · Fiscal year ends Dec 31
Scholar Rock reported revenue of $0 in the fiscal year ended Dec 2025. Net income was −$378M. Operating cash flow of −$300M less capital expenditure of $602,000 left free cash flow of −$301M. It held more cash than debt (net cash $224M).
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 18.8 | 33.2 | – | – | 0.0 |
| Research & development | 108 | 124 | 122 | 185 | 208 |
| Operating income | −130 | −134 | −171 | −252 | −385 |
| Interest expense | 2.1 | 4.7 | 6.5 | 6.8 | 6.9 |
| Net income | −132 | −135 | −166 | −246 | −378 |
| Diluted EPS | −3.59 | −2.26 | −1.99 | −2.47 | −3.29 |
| Diluted shares | 36.7 | 59.6 | 83.3 | 99.8 | 115 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 213 | 103 | 102 | 178 | 324 |
| Current assets | 265 | 328 | 288 | 451 | 385 |
| Net PP&E | 9.6 | 7.4 | 4.6 | 2.8 | 1.7 |
| Total assets | 304 | 358 | 311 | 475 | 404 |
| Payables | 4.4 | 4.0 | 3.5 | 10.1 | 10.3 |
| Deferred revenue | 33.2 | – | – | – | – |
| Current liabilities | 64.3 | 36.4 | 32.7 | 46.9 | 55.4 |
| Short-term debt | 1.6 | – | 1.3 | – | – |
| Long-term debt | 48.4 | 49.7 | 48.7 | 50.1 | 99.7 |
| Total liabilities | 132 | 97.9 | 85.8 | 106 | 159 |
| Shareholders' equity | 172 | 260 | 225 | 369 | 245 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −127 | −133 | −145 | −201 | −300 |
| Capital expenditure | 5.2 | 1.1 | 0.1 | 0.1 | 0.6 |
| Free cash flow | −132 | −134 | −145 | −201 | −301 |
| Depreciation & amortisation | 2.6 | 3.0 | 2.8 | 1.9 | 1.7 |
| Stock-based compensation | 23.1 | 27.7 | 27.1 | 36.6 | 75.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 76.4% | – | – | – |
| Operating margin | −690.5% | −404.8% | – | – | – |
| Net margin | −700.5% | −405.2% | – | – | – |
| Return on equityBlank when equity is negative | −76.6% | −51.7% | −73.6% | −66.8% | −154.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −54.1% | −41.8% | −61.6% | −58.9% | −110.3% |
| Free cash flow margin | −701.7% | −403.0% | – | – | – |
| Cash conversion (CFO ÷ net income) | 0.96x | 0.99x | 0.88x | 0.82x | 0.79x |
| Interest cover | −61.9x | −28.6x | −26.4x | −36.9x | −55.8x |
| Debt ÷ equity | 0.29x | 0.19x | 0.22x | 0.14x | 0.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −163 | −53.5 | −51.8 | −128 | −224 |
| Current ratio | 4.13x | 9.01x | 8.80x | 9.61x | 6.95x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.