Scholar Rock Holding Corp Segments Disclosure
17. Segment Reporting
The Company operates and manages its business on a consolidated basis as a reportable and operating segment for the purposes of assessing performance and making operating decisions. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), reviews the Company’s financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. When evaluating the Company’s financial performance, the CODM regularly reviews net loss. The CODM considers net loss in making decisions on how to allocate resources. Net loss is used to monitor budget versus actual results in an effort to refine forecasts and control costs. The measure of segment assets is reported on the balance sheet as total consolidated assets. All of the Company's long-lived assets are held in the United States.
The following table presents significant expense information about the Company’s operating segment:
Year Ended December 31, | ||||||
2025 | 2024 | |||||
Operating expenses: | ||||||
Employee related expense(1) | $ | 119,262 | $ | 68,790 | ||
External R&D expense - Apitegromab(3) | 89,802 | 78,290 | ||||
External R&D expense - SRK-181 | 2,408 | 9,957 | ||||
External R&D expense - SRK-439(3) | 8,969 | 11,638 | ||||
External R&D expense - Early research and other(3) | 6,677 | 3,047 | ||||
External expense - G&A | 56,083 | 22,384 | ||||
Other segment items(2) | 24,187 | 19,383 | ||||
Equity-based compensation expense | 75,600 | 36,628 | ||||
Depreciation and amortization expense | 1,657 | 1,937 | ||||
Other non-operating expense/(income), net(3) | (6,706) | (5,760) | ||||
Net loss | $ | 377,939 | $ | 246,294 | ||
(1) Excludes equity-based compensation expense.
(2) Consists of other segment expenses related to supplies, corporate and facilities expenses.
(3) Certain prior period amounts have been recast to conform with current period presentation.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 3, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.