SRRKScholar Rock Holding Corp

Biological Products, (no Diagnostic Substances)

Revenue: $0
Operating margin: —
EBITDA: −$383M; 53% YoY
Market cap: $5.3B
Employees: 100,000
Net debt / EBITDA: —; −$437M net debt
AI in 10-K: 2.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
62% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 55th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$19M	$33M	—	—	$0
Operating income	−$130M	−$134M	−$171M	−$252M	−$385M	53%
Net income	−$132M	−$135M	−$166M	−$246M	−$378M	54%
Operating cash flow	−$127M	−$133M	−$145M	−$201M	−$300M	49%
Capex	$5M	$1M	$71K	$98K	$602K	514%
Stock-based comp	$23M	$28M	$27M	$37M	$76M	106%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 7, 2025	Samsara BioCapital, L.P.	SCHEDULE 13D/A	1.3%	Passive
Oct 7, 2024	Samsara BioCapital, L.P.	SC 13D/A	8.3%	Passive
Oct 18, 2023	Samsara BioCapital, L.P.	SC 13D/A	11.0%	Passive
Feb 14, 2023	Samsara BioCapital, L.P.	SC 13D	0.2%	Passive

Insider trading

Open-market buys, 12 mo: $12M · 6
Open-market sells, 12 mo: $19M · 38
Net: −$7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	487	—
FY2024	—	—	478	—
FY2023	—	—	208	—