Abstract

Scholar Rock Holding Corp will report results on March 03, 2026 Pre-Market; this preview summarizes consensus revenue, profit metrics, and qualitative drivers as investors weigh regulatory and pipeline milestones for apitegromab and related programs.

Market Forecast

Market consensus for the current quarter points to minimal reported revenue and continued operating losses typical of a late-stage biotech without commercialized products. Based on the company’s previous report and latest compiled forecasts, revenue is projected to be near $0.00 million year over year, with EBIT estimated at -$105.49 million and EPS at -0.89; the year-over-year forecast growth rates are -66.77% for EBIT and -47.76% for EPS. Forecast visibility on gross profit margin and net profit margin is limited due to the absence of product sales and the primarily R&D-driven P&L structure. The company’s main business is currently categorized as collaboration revenue, which last quarter totaled $0.38 million with a small contribution to total activity and no sustainable trend. The most promising operating driver remains advancement of the apitegromab program, which underpins prospective revenue inflection but carries timing sensitivity given regulatory and manufacturing milestones; reported revenue for this category is not yet material and thus lacks a year-over-year comparison.

Last Quarter Review

The previous quarter reflected the development-stage profile: GAAP net loss attributable to the parent company was $102.00 million, with quarter-on-quarter net loss growth of 7.10% by tool convention, while gross margin and net profit margin were not applicable; adjusted EPS in that quarter was -0.90 with an actual year-over-year change of -36.36%. Collaboration revenue recognized was $0.38 million, with no comparable year-over-year cadence disclosed and no product revenue recognized. A key operational highlight was continued spending aligned to pivotal program activities, which kept EBIT at -$103.55 million against an estimate of -$96.19 million. The main business highlight centers on the collaboration line item of $0.38 million, which remained immaterial to cash runway planning and strategic execution.

Current Quarter Outlook (with major analytical insights)

Main business: Collaboration and R&D-driven operations

Scholar Rock Holding Corp’s reported operating model is characterized by de minimis collaboration revenue and a cost base dominated by R&D and G&A, which drives negative EBIT and EPS. For the quarter to be reported, forecasts imply revenue around $0.00 million and EPS of -0.89, consistent with a quarter focused on clinical and regulatory progress rather than product monetization. Given the absence of recurring commercial revenue, conventional gross margin and net margin metrics offer limited insight and will likely remain not meaningful. The core focus for investors is the cadence of operating expenses relative to trial execution and regulatory preparation. Variability in R&D outlays, milestone payments, and manufacturing scale-up can skew quarterly results even when revenue is flat. Any commentary on cash runway, spend realignment, or updated guidance on operating expenses could have a notable impact on sentiment, given the estimated EBIT at -$105.49 million and the pattern of year-over-year declines embedded in forecasts.

Most promising program: Apitegromab trajectory

The most promising growth driver remains apitegromab, which is designed to inhibit myostatin to address muscle atrophy in spinal muscular atrophy (SMA). The investment case hinges on clinical differentiation and the potential to complement existing SMA therapies by tackling muscle atrophy. Timing sensitivities persist around regulatory reviews and third-party manufacturing readiness, which can affect commercialization pathways and initial launch phasing. While reported revenue contribution from apitegromab is not yet reflected in the financial statements, it is the key determinant of medium-term value and prospective revenue inflection. Updates on regulatory correspondence, manufacturing remediation timelines, or launch preparation milestones could drive estimates for out-year revenues and reshape investor expectations for operating leverage once commercialization begins.

Stock price drivers this quarter: Regulatory and manufacturing milestones, cash and opex trajectory

Over the near term, pricing will be highly sensitive to clarity on regulatory timelines for apitegromab, including any updates related to filings and manufacturing partners. Any signals that de-risk the path to approval or launch—such as remediation progress or acceptance of resubmissions—could lift sentiment irrespective of near-term losses. Conversely, delays or requests for additional data may weigh on the shares, especially in the absence of offsetting collaboration revenue or nondilutive funding. Another driver will be cash runway and operating expense control. Investors tend to recalibrate valuation based on burn rate and the expected timing to potential revenue generation. Management’s commentary on spending cadence through 2026 and potential partnering strategies to extend runway without excessive dilution will be closely parsed. Finally, any new data readouts or clarity on pipeline prioritization beyond apitegromab can add or subtract to perceived long-term optionality.

Analyst Opinions

Recent research coverage is predominantly bullish. Several well-known institutions have reiterated positive views: Bank of America Global Research initiated and reiterated Buy ratings during the period, citing high unmet need in SMA and estimating multi-billion peak sales potential for apitegromab, while treating manufacturing-related issues as a timing delay. Raymond James reaffirmed a Buy rating with a $53.00 price target, underscoring the thesis that clinical differentiation can translate into commercial uptake once regulatory hurdles are cleared. Truist Financial also maintained a constructive stance. Across the compiled views, the ratio of bullish to bearish opinions skews decisively bullish, with no notable bearish initiations evident in the period. The bullish camp emphasizes three core pillars. First, differentiation: apitegromab’s myostatin inhibition targets muscle atrophy directly, which could complement existing SMA therapies and support adoption among appropriate patient segments. Second, addressable market and duration: analysts highlight persistent unmet need in SMA despite current standards of care, framing scope for durable therapy usage if efficacy and safety are confirmed. Third, execution pathway: while a third-party manufacturing issue has caused timeline slippage, analysts view remediation and resubmission as tractable, reducing perceived binary risk relative to new clinical readouts. Price targets in the $49.00–$53.00 range cluster above the prevailing share price during the coverage period, reflecting expectations of value realization upon regulatory clarity and launch progress.