7Baggers

Scholar Rock Holding Corporation
(NASDAQ:SRRK) 

SRRK stock logo

Scholar Rock Holding Corporation, a biopharmaceutical company, focuses on the discovery and development of medicines for the treatment of serious diseases in which signaling by protein growth factors plays a fundamental role. The company develops Apitegromab, a novel inhibitor of the activation of l...

Founded: 2012
Full Time Employees: 93
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 
                                    
      operating expenses:
    		                                
      research and development
    		51,814,000 46,875,000 50,486,000 62,401,000 48,678,000 50,365,000 48,719,000 42,373,000 43,094,000 34,961,000 30,337,000 26,867,000 29,735,000 29,613,000 33,392,000 32,073,000 29,366,000 29,051,000 31,265,000 25,603,000 22,549,000 21,780,000 18,383,000 16,997,000 16,902,000 14,064,000 15,699,000 13,715,000 10,739,000 10,125,000 8,061,000 11,424,000 
      general and administrative
    		50,202,000 45,021,000 53,064,000 49,708,000 28,412,000 18,992,000 16,061,000 17,125,000 15,325,000 13,071,000 13,335,000 12,215,000 10,774,000 10,815,000 10,470,000 11,074,000 10,760,000 10,362,000 11,276,000 9,265,000 9,366,000 7,760,000 8,272,000 6,365,000 5,822,000 5,856,000 6,181,000 4,710,000 4,070,000 5,435,000 3,173,000 3,460,000 
      total operating expenses
    		102,016,000 91,896,000 103,550,000 112,109,000 77,090,000 69,357,000 64,780,000 59,498,000 58,419,000 48,032,000 43,672,000 39,082,000 40,509,000 40,428,000 43,862,000 43,147,000 40,126,000 39,413,000 42,541,000 34,868,000 31,915,000 29,540,000 26,655,000 23,362,000 22,724,000 19,920,000 21,880,000 18,425,000 14,809,000 15,560,000 11,234,000 14,884,000 
      income from operations
    		-102,016,000 -91,896,000 -103,550,000 -112,109,000 -77,090,000 -69,357,000 -64,780,000 -59,498,000 -58,419,000 -48,032,000 -43,672,000 -39,082,000 -40,509,000 -40,428,000 -43,862,000 -43,147,000 -6,933,000 -35,364,000 -37,077,000 -30,273,000 -27,207,000 -26,104,000 -23,618,000 -19,462,000 -17,694,000 -12,347,000 -17,106,000 -13,386,000 -11,703,000 -15,560,000 -11,234,000 -14,884,000 
      yoy
    		32.33% 32.50% 59.85% 88.42% 31.96% 44.40% 48.33% 52.24% 44.21% 18.81% -0.43% -9.42% 484.29% 14.32% 18.30% 42.53% -74.52% 35.47% 56.99% 55.55% 53.76% 111.42% 38.07% 45.39% 51.19% -20.65% 52.27% -10.06%     
      qoq
    		11.01% -11.25% -7.63% 45.43% 11.15% 7.07% 8.88% 1.85% 21.63% 9.98% 11.74% -3.52% 0.20% -7.83% 1.66% 522.34% -80.40% -4.62% 22.48% 11.27% 4.23% 10.53% 21.35% 9.99% 43.31% -27.82% 27.79% 14.38% -24.79% 38.51% -24.52%  
      operating margin %
    		-Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% NaN% NaN% NaN% -Infinity% NaN% NaN% -20.89% -873.40% -678.57% -658.82% -577.89% -759.72% -777.68% -499.03% -351.77% -163.04% -358.32% -265.65% -376.79% -Infinity% -Infinity% -Infinity% 
      other income:
    		                                
      loss on extinguishment of debt
    		-3,337,000                                
      interest income
    		2,935,000 3,526,000 2,733,000 3,411,000                         948,000 594,000 472,000 213,000 
      interest expense
    		-2,302,000 -2,534,000 -1,334,000 -1,206,000                             
      other expense
    		-790,000 -61,000 -69,000 -127,000                            -36,000 
      total other income
    		-3,494,000 931,000 1,330,000 2,078,000                         948,000 594,000 472,000 177,000 
      net income
    		-105,510,000 -90,965,000 -102,220,000 -110,031,000 -74,723,000 -66,454,000 -64,479,000 -58,508,000 -56,853,000 -46,126,000 -42,359,000 -37,925,000 -39,379,000 -39,255,000 -43,297,000 -44,000,000 -7,950,000 -35,914,000 -37,507,000 -30,707,000 -27,671,000 -26,571,000 -23,561,000 -19,281,000 -17,070,000 -11,573,000 -16,147,000 -12,525,000 -10,755,000 -14,966,000 -10,762,000 -14,707,000 
      yoy
    		41.20% 36.88% 58.53% 88.06% 31.43% 44.07% 52.22% 54.27% 44.37% 17.50% -2.17% -13.81% 395.33% 9.30% 15.44% 43.29% -71.27% 35.16% 59.19% 59.26% 62.10% 129.59% 45.92% 53.94% 58.72% -22.67% 50.04% -14.84%     
      qoq
    		15.99% -11.01% -7.10% 47.25% 12.44% 3.06% 10.21% 2.91% 23.26% 8.89% 11.69% -3.69% 0.32% -9.34% -1.60% 453.46% -77.86% -4.25% 22.14% 10.97% 4.14% 12.78% 22.20% 12.95% 47.50% -28.33% 28.92% 16.46% -28.14% 39.06% -26.82%  
      net income margin %
    		-Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% NaN% NaN% NaN% -Infinity% NaN% NaN% -23.95% -886.98% -686.44% -668.27% -587.74% -773.31% -775.80% -494.38% -339.36% -152.82% -338.23% -248.56% -346.27% -Infinity% -Infinity% -Infinity% 
      net income per share
    		-0.83 -0.75 -0.9 -0.98 -0.67 -0.61 -0.66 -0.6 -0.59 -0.5 -0.53 -0.47 -0.49 -0.46 -0.55 -1.06 -0.21 -0.97 -1.02 -0.84 -0.76 -0.79 -0.79 -0.65 -0.58 -0.39 -0.55 -0.48 -0.42 -0.43 -0.44 -1.39 
      weighted-average common shares outstanding, basic and diluted
    		127,277,144 114,701,154 113,729,850 112,703,014 111,838,272 99,838,102 97,050,637 96,813,116 95,892,601 83,347,086 80,606,438 80,117,983 79,610,059 59,611,656 79,336,161 41,622,392 37,456,574 36,711,833 36,683,026 36,582,708 36,380,438 30,734,109 29,779,114 29,690,280 29,527,349 27,537,939 29,232,158 25,922,833 25,592,659 15,655,293 24,310,681 10,593,987 
      comprehensive loss:
    		                                
      other comprehensive income:
    		                                
      unrealized loss on marketable securities
    		-71   -71 -31                            
      foreign currency translation adjustments
    		667                                
      total other comprehensive income
    		596 -23 59   32 182 -4 -142     -225.25 -857 73 -117 0.5 -9 -14 25 -5 -46 -185 197 11 -32 42 24 0.5  2 
      comprehensive loss
    		-104,914 -90,988 -102,161 -110,102 -74,754 -66,422 -64,297 -58,512 -56,995 -46,011 -42,319 -37,659 -38,824 -39,203 -44,154 -43,927 -8,067 -35,949 -37,516 -30,721 -27,646 -26,576 -23,607 -19,466 -16,873 -11,562 -16,179 -12,483 -10,731 -14,974 -10,762 -14,705 
      unrealized gain on marketable securities
    		 -21 59   32 182 -4 -142 115 40 266 555 -225.25 -857 73 -117 0.5 -9 -14 25 -5 -46 -185 197 11 -32 42 24 0.5  2 
      other comprehensive loss:
    		                                
      total other comprehensive loss
    		   -71 -31                            
      other income
    		    2,367,000 2,903,000 301,000 990,000 1,566,000 1,906,000 1,313,000 1,157,000 1,130,000 1,173,000 565,000 -853,000 -1,017,000 -550,000 -430,000 -434,000 -464,000 -467,000 57,000 181,000 624,000 774,000 959,000 861,000     
      revenue
    		                33,193,000 4,049,000 5,464,000 4,595,000 4,708,000 3,436,000 3,037,000 3,900,000 5,030,000 7,573,000 4,774,000 5,039,000 3,106,000    
      yoy
    		          NaN% NaN% NaN%  NaN% NaN% 605.03% 17.84% 79.91% 17.82% -6.40% -54.63% -36.38% -22.60% 61.94%        
      qoq
    		          NaN% NaN%   NaN% NaN% 719.78% -25.90% 18.91% -2.40% 37.02% 13.14% -22.13% -22.47% -33.58% 58.63% -5.26% 62.23%     
      total other comprehensive gain
    		         215.25 40 266 555                    
      net loss per unit, basic and diluted
    		                                
      weighted-average common units outstanding, basic and diluted
    		                                
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 
                                      
        assets
      		                                
        current assets:
      		                                
        cash and cash equivalents
      		430,543,000 323,527,000 286,770,000 152,925,000 137,926,000 177,878,000 76,391,000 93,372,000 91,979,000 101,855,000 67,598,000 108,064,000 151,280,000 103,275,000 133,075,000 305,730,000 100,175,000 212,835,000 176,131,000 206,919,000 159,108,000 160,358,000 56,227,000 115,128,000 95,434,000 36,308,000 32,641,000 113,798,000 67,004,000 115,069,000 103,986,000 115,061,000 
        marketable securities
      		49,401,000 44,036,000 82,860,000 142,088,000 226,449,000 259,400,000 62,674,000 97,122,000 146,453,000 178,083,000 151,037,000 140,670,000 124,004,000 212,086,000 210,580,000 64,958,000 110,036,000 40,159,000 70,304,000 75,298,000 155,581,000 180,673,000 60,037,000 26,048,000 65,214,000 121,140,000 143,441,000 71,333,000 92,662,000 60,576,000   
        prepaid expenses and other current assets
      		35,340,000 17,584,000 21,081,000 24,113,000 20,872,000 13,887,000 13,862,000 8,643,000 8,501,000 8,256,000 9,830,000 11,076,000 11,874,000 12,663,000 13,957,000 18,451,000 18,375,000 12,325,000 11,721,000 8,149,000 3,803,000 3,373,000 3,117,000 4,011,000 3,525,000 2,719,000 3,157,000 3,247,000 2,362,000 2,296,000 2,201,000 1,856,000 
        total current assets
      		515,284,000 385,147,000 390,711,000 319,126,000 385,247,000 451,165,000 152,927,000 199,137,000 246,933,000 288,194,000 228,465,000 259,810,000 287,158,000 328,024,000 357,612,000 389,139,000 228,586,000 265,319,000 258,156,000 290,366,000 318,492,000 344,404,000 119,381,000 145,187,000 164,173,000 185,167,000 179,239,000 188,378,000 162,028,000 177,941,000 106,187,000 116,917,000 
        property and equipment
      		1,435,000 1,705,000 2,116,000 2,437,000 2,639,000 2,761,000 3,156,000 3,549,000 4,038,000 4,600,000 5,283,000 5,991,000 6,681,000 7,384,000 8,142,000 8,747,000 9,458,000 9,564,000 9,546,000 9,433,000 8,925,000 8,121,000 5,550,000 3,690,000 4,013,000 4,171,000 4,311,000 3,471,000 3,644,000 3,190,000 2,626,000 1,856,000 
        operating lease right-of-use asset
      		10,139,000 10,382,000 11,767,000 13,111,000 14,403,000 15,644,000 16,834,000 17,975,000 9,805,000 11,417,000 12,997,000 14,885,000 16,731,000 18,543,000 20,319,000 22,060,000 23,767,000 25,442,000 27,084,000 28,733,000 29,675,000 32,261,000 34,942,000 3,924,000 4,188,000 4,447,000 4,702,000 4,857,000 5,105,000    
        restricted cash
      		3,807,000 3,807,000 3,807,000 2,407,000 2,407,000 2,407,000 2,407,000 2,407,000 2,407,000 2,407,000 2,612,000 2,612,000 2,498,000 2,498,000 2,498,000 2,498,000 2,498,000 2,498,000 2,498,000 2,498,000 2,498,000 2,498,000 2,498,000 2,498,000 2,498,000 2,498,000 205,000 205,000 205,000 205,000 205,000 205,000 
        other long-term assets
      		4,589,000 3,231,000 3,317,000 2,964,000 2,857,000 2,945,000 3,809,000 3,797,000 4,102,000 4,417,000 1,332,000 1,602,000 1,653,000 1,719,000 1,732,000 1,684,000 1,668,000 1,622,000 1,105,000 1,021,000 996,000 1,021,000 1,050,000 1,061,000 830,000 98,000 85,000      
        total assets
      		535,254,000 404,272,000 411,718,000 340,045,000 407,553,000 474,922,000 179,133,000 226,865,000 267,285,000 311,035,000 250,689,000 284,900,000 314,721,000 358,168,000 390,303,000 424,128,000 265,977,000 304,445,000 298,389,000 332,051,000 360,586,000 388,305,000 163,421,000 156,360,000 175,702,000 196,381,000 188,542,000 196,911,000 170,982,000 181,336,000 109,018,000 118,978,000 
        liabilities and stockholders’ equity
      		                                
        current liabilities:
      		                                
        accounts payable
      		9,218,000 10,303,000 6,765,000 1,104,000 4,437,000 10,095,000 4,071,000 3,315,000 2,868,000 3,465,000 1,968,000 3,044,000 3,720,000 3,994,000 2,001,000 2,851,000 2,993,000 4,434,000 2,037,000 1,627,000 2,196,000 3,409,000 1,106,000 2,680,000 2,229,000 1,130,000 3,032,000 1,863,000 3,249,000 3,303,000 1,809,000 2,598,000 
        accrued expenses
      		44,349,000 39,566,000 49,882,000 44,119,000 27,640,000 31,067,000 29,260,000 21,886,000 21,411,000 20,449,000 17,397,000 13,805,000 14,730,000 24,321,000 22,866,000 17,894,000 15,938,000 17,456,000 17,898,000 15,454,000 14,553,000 14,958,000 10,968,000 8,233,000 7,376,000 9,610,000 8,141,000 5,584,000 4,141,000 7,157,000 3,360,000 3,356,000 
        operating lease liability
      		6,076,000 5,550,000 5,325,000 5,212,000 5,497,000 5,774,000 6,041,000 6,198,000 7,619,000 7,408,000 7,200,000 7,280,000 7,637,000 7,852,000 8,064,000 7,840,000 7,621,000 7,407,000 7,196,000 6,999,000 5,670,000 5,366,000 4,072,000 1,272,000 1,203,000 1,135,000 1,082,000 1,063,000 1,036,000    
        total current liabilities
      		59,643,000 55,419,000 61,972,000 50,435,000 37,574,000 46,936,000 39,372,000 32,987,000 37,506,000 32,741,000 26,730,000 24,270,000 26,208,000 36,389,000 33,736,000 40,162,000 33,373,000 64,297,000 64,601,000 67,022,000 69,955,000 42,564,000 32,869,000 32,567,000 27,100,000 32,814,000 32,522,000 32,049,000 34,075,000 31,123,000 5,761,000 6,685,000 
        long-term portion of operating lease liability
      		2,984,000 3,656,000 5,140,000 6,561,000 7,905,000 9,206,000 10,466,000 11,773,000 2,412,000 4,392,000 6,335,000 8,228,000 10,031,000 11,800,000 13,535,000 15,648,000 17,668,000 19,652,000 21,600,000 23,523,000 25,324,000 27,093,000 28,830,000 3,490,000 3,832,000 4,168,000 4,484,000 4,655,000 4,930,000    
        long-term debt
      		196,614,000 99,709,000 99,611,000 49,756,000 49,741,000 50,146,000 50,099,000 48,485,000 44,594,000 48,684,000 49,959,000 49,901,000 49,829,000 49,744,000 49,767,000 38,811,000 43,620,000 48,422,000 24,928,000 24,847,000 24,763,000 24,680,000           
        total liabilities
      		259,241,000 158,784,000 166,723,000 106,752,000 95,220,000 106,288,000 99,937,000 93,245,000 84,512,000 85,817,000 83,024,000 82,399,000 86,068,000 97,933,000 97,038,000 94,621,000 94,661,000 132,371,000 111,129,000 115,395,000 120,046,000 127,535,000 100,444,000 74,186,000 77,055,000 83,480,000 66,752,000 67,956,000 73,459,000 74,713,000 6,675,000 7,366,000 
        commitments and contingencies
      		                                
        stockholders’ equity:
      		                                
        preferred stock, 0.001 par value...
      		                                
        common stock, 0.001 par value...
      		119,000 108,000 99,000 96,000 95,000 94,000 80,000 80,000 80,000 76,000 56,000 55,000 52,000 52,000 52,000 52,000 35,000 35,000 35,000 34,000 34,000 34,000 30,000 30,000 30,000 30,000 30,000 29,000 26,000 26,000 25,000 25,000 
        additional paid-in capital
      		1,681,368,000 1,545,940,000 1,454,468,000 1,340,608,000 1,309,547,000 1,291,095,000 935,249,000 925,376,000 916,017,000 901,471,000 797,927,000 790,445,000 778,941,000 771,699,000 765,526,000 757,614,000 555,513,000 548,204,000 527,441,000 519,322,000 512,485,000 505,069,000 280,704,000 276,294,000 273,301,000 270,682,000 268,009,000 258,996,000 215,084,000 213,453,000 194,204,000 192,711,000 
        accumulated other comprehensive income
      		690,000 94,000 117,000 58,000 129,000 160,000 128,000 -54,000 -50,000 92,000          9,000 23,000 -2,000 3,000 49,000 234,000 37,000 26,000 58,000     
        accumulated deficit
      		-1,406,164,000 -1,300,654,000 -1,209,689,000 -1,107,469,000 -997,438,000 -922,715,000 -856,261,000 -791,782,000 -733,274,000 -676,421,000 -630,295,000 -587,936,000 -550,011,000 -510,632,000 -471,377,000 -428,080,000 -384,080,000 -376,130,000 -340,216,000 -302,709,000 -272,002,000 -244,331,000 -217,760,000 -194,199,000 -174,918,000 -157,848,000 -146,275,000 -130,128,000 -117,603,000 -106,848,000 -91,886,000 -81,124,000 
        total stockholders’ equity
      		276,013,000 245,488,000 244,995,000 233,293,000 312,333,000 368,634,000 79,196,000 133,620,000 182,773,000 225,218,000 167,665,000 202,501,000 228,653,000 260,235,000 293,265,000 329,507,000 171,316,000 172,074,000 187,260,000 216,656,000 240,540,000 260,770,000 62,977,000 82,174,000 98,647,000 112,901,000 121,790,000 128,955,000 97,523,000 106,623,000 102,343,000 111,612,000 
        total liabilities and stockholders’ equity
      		535,254,000 404,272,000 411,718,000 340,045,000 407,553,000 474,922,000 179,133,000 226,865,000 267,285,000 311,035,000 250,689,000 284,900,000 314,721,000 358,168,000 390,303,000 424,128,000 265,977,000 304,445,000 298,389,000 332,051,000 360,586,000 388,305,000 163,421,000 156,360,000 175,702,000 196,381,000 188,542,000 196,911,000 170,982,000    
        short-term debt
      		       1,588,000 5,501,000 1,334,000     805,000 11,577,000 6,577,000 1,577,000               
        other current liabilities
      		        107,000 85,000 165,000 141,000 121,000 222,000   244,000 230,000 228,000 236,000 235,000 15,000 17,000 20,000 19,000 16,000 15,000 15,000 15,000    
        accumulated other comprehensive loss
      		          -23,000 -63,000 -329,000 -884,000 -936,000 -79,000 -152,000 -35,000           16,000    
        deferred revenue
      		                 33,193,000 37,242,000 42,706,000 47,301,000 18,816,000 16,706,000 20,362,000 16,273,000 20,923,000 20,252,000 23,524,000 25,364,000 20,209,000   
        other long-term liabilities
      		                   3,000 4,000 5,000 6,000 9,000 14,000 9,000 13,000 17,000 20,000    
        long-term portion of deferred revenue
      		                     33,193,000 38,739,000 38,120,000 46,109,000 46,489,000 29,733,000 31,235,000 34,434,000 42,695,000   
        accounts receivable
      		                         25,000,000       
        deferred rent
      		                             16,000   
        loan payable
      		                            270,000  578,000 731,000 
        long-term portion of deferred rent
      		                             871,000 886,000 681,000 
        liabilities, convertible preferred stock and stockholders’ equity
      		                                
        loan and capital lease payable
      		                             438,000   
        long-term portion of loan and capital lease payable
      		                             24,000   
        warrant to purchase redeemable security
      		                                
        convertible preferred stock (series a-1, a-2, a-3, a-4, b and c), 0.001 par value...
      		                                
        stockholders’ equity
      		                                
        total liabilities, convertible preferred stock and stockholders’ equity
      		                             181,336,000 109,018,000 118,978,000 
        capital lease payable
      		                              14,000  
        long-term portion of loan payable
      		                                
        long-term portion of capital lease payable
      		                              28,000  
        convertible preferred stock
      		                                
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 
                                       
          cash flows from operating activities:
        		                               
          net loss
        		-105,510,000 -90,965,000 -102,220,000 -110,031,000 -74,723,000 -66,454,000 -64,479,000 -58,508,000 -56,853,000 -46,126,000 -42,359,000 -37,925,000 -39,379,000 -39,255,000 -43,297,000 -44,000,000 -7,950,000 -35,914,000 -37,507,000 -30,707,000 -27,671,000 -26,571,000 -23,561,000 -19,281,000 -17,070,000 -11,573,000 -16,147,000 -12,525,000 -10,755,000 -14,966,000 -10,761,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                               
          depreciation and amortization
        		335,000 425,000 423,000 417,000 393,000 395,000 446,000 498,000 598,000 672,000 708,000 731,000 733,000 749,000 744,000 744,000 749,000 727,000 673,000 637,000 590,000 319,000 388,000 393,000 391,000 386,000 331,000 315,000 271,000   
          amortization of debt discount and debt issuance costs
        		34,000 98,000 -137,000 14,000 448,000 47,000 71,000 58,000 77,000 59,000 58,000 72,000 85,000 147,000 184,000 191,000 198,000 87,000 81,000 84,000 83,000           
          loss on disposal of property and equipment
        		3,000             1,000 0   0 0 0 24,000           
          equity-based compensation
        		18,245,000 19,423,000 18,331,000 24,433,000 13,413,000 9,502,000 9,650,000 9,312,000 8,164,000 6,951,000 7,203,000 6,818,000 6,170,000 6,165,000 7,917,000 6,791,000 6,828,000 6,096,000 6,154,000 6,226,000 4,673,000 2,530,000 4,036,000 2,395,000 2,214,000 1,852,000 2,688,000 1,814,000 1,618,000 2,154,000 1,486,000 
          accretion of investment securities
        		-169,000                               
          non-cash operating lease expense
        		1,540,000 1,385,000 1,344,000 1,292,000 1,241,000 1,190,000 1,141,000 1,281,000 1,612,000 1,580,000 1,888,000 1,846,000 1,812,000 1,777,000 1,740,000 1,707,000 1,675,000 1,642,000 1,648,000 1,570,000 1,537,000 1,589,000 268,000 264,000 259,000 255,000      
          loss on extinguishment of debt
        		3,337,000                               
          change in operating assets and liabilities:
        		                               
          prepaid expenses and other current assets
        		-2,035,000 2,268,000 4,088,000 -3,084,000 -6,969,000 -36,000 -5,208,000 -142,000 -384,000 1,713,000 1,246,000 798,000 773,000 1,311,000 4,493,000 -76,000 -6,050,000 -654,000 -3,521,000 -4,974,000 619,000 836,000 -2,905,000 -486,000 -806,000 262,000 90,000 -885,000 -206,000 -168,000 -355,000 
          other assets
        		-37,000 86,000 -353,000 -107,000 88,000 864,000 -12,000 305,000 315,000 -3,085,000 270,000 51,000 66,000 13,000 -48,000 -16,000 -46,000 -517,000   25,000 29,000 11,000 -231,000 -732,000 -13,000      
          accounts payable
        		-1,085,000 3,539,000 5,660,000 -3,333,000 -5,658,000 6,024,000 756,000 460,000 -610,000 1,497,000 -1,076,000 -676,000 -274,000 1,994,000 -851,000 186,000 -1,580,000 2,210,000 585,000 -551,000 -1,228,000 2,125,000 -1,567,000 454,000 1,089,000 -678,000 364,000 -930,000 -98,000 1,370,000 -170,000 
          accrued expenses
        		4,684,000 -10,298,000 5,801,000 16,442,000 -3,446,000 1,826,000 7,365,000 493,000 963,000 2,997,000 3,592,000 -925,000 -9,591,000 1,567,000 5,305,000 1,596,000 -1,579,000 -457,000 2,893,000 721,000 506,000 3,225,000 3,241,000 857,000 -2,234,000 1,469,000 2,755,000 1,245,000 -3,016,000 3,818,000 352,000 
          operating lease liabilities
        		-1,443,000 -1,259,000 -1,308,000 -1,629,000 -1,578,000 -1,527,000 -1,464,000 -1,511,000 -1,769,000 -1,735,000 -1,973,000 -2,160,000 -1,984,000 -1,947,000 -1,889,000 -1,801,000 -1,770,000 -1,737,000 -1,726,000 -472,000 -1,465,000 -443,000 -277,000 -273,000 -268,000 -263,000 -247,000 -248,000 -130,000   
          net cash from operating activities
        		-82,101,000 -75,496,000 -68,923,000 -76,941,000 -78,675,000 -49,513,000 -52,455,000 -49,196,000 -49,785,000 -37,349,000 -32,273,000 -32,550,000 -43,054,000 -28,907,000 -26,483,000 -34,739,000 -42,565,000 -32,455,000 -35,977,000 -31,813,000 -26,544,000 -19,685,000 -23,395,000 -19,827,000 2,636,000 -16,067,000 -15,112,000 -16,406,000 -15,530,000 55,094,000 -9,013,000 
          capital expenditures
        		-68,000 -32,000 -84,000 -215,000 -271,000 -22,000 -31,000 -22,000 -23,000 0 0 -41,000 -30,000 -117,000 -27,000 -477,000 -443,000 -542,000 -1,411,000 -983,000 -2,312,000 -1,974,000 -1,831,000 0 -209,000 -1,470,000 -366,000 -598,000 -681,000 -701,000 -599,000 
          free cash flows
        		-82,169,000 -75,528,000 -69,007,000 -77,156,000 -78,946,000 -49,535,000 -52,486,000 -49,218,000 -49,808,000 -37,349,000 -32,273,000 -32,591,000 -43,084,000 -29,024,000 -26,510,000 -35,216,000 -43,008,000 -32,997,000 -37,388,000 -32,796,000 -28,856,000 -21,659,000 -25,226,000 -19,827,000 2,427,000 -17,537,000 -15,478,000 -17,004,000 -16,211,000 54,393,000 -9,612,000 
          cash flows from investing activities:
        		                               
          purchases of property and equipment
        		-68,000 -32,000 -84,000 -215,000 -271,000 -22,000 -31,000 -22,000 -23,000 0 0 -41,000 -30,000 -117,000 -27,000 -477,000 -443,000 -542,000 -1,411,000 -983,000 -2,312,000 -1,974,000 -1,831,000         
          purchases of marketable securities
        		-25,267,000 0 -18,717,000 -21,219,000 -58,073,000 -210,448,000 -14,261,000 -33,456,000 -34,993,000 -104,128,000 -81,473,000   -9,806,000 -210,694,000 -1,000 -80,133,000 0 -30,306,000 0 -30,131,000 -120,667,000 -60,043,000         
          sales and maturities of marketable securities
        		20,000,000 39,000,000 78,500,000 106,900,000 92,898,000                 0    63,488,000 45,500,000 21,700,000 45,600,000 15,001,000 1,000 
          net cash from investing activities
        		-5,335,000 38,968,000 59,699,000 85,466,000 34,554,000 -195,370,000 35,308,000 50,622,000 33,384,000 -25,128,000 -8,473,000 -15,241,000 89,983,000 77,000 -145,721,000 44,522,000 -70,576,000 29,458,000 3,283,000 79,017,000 22,557,000 -122,641,000 -35,874,000 38,926,000 56,091,000 21,209,000 -72,169,000 21,102,000 -32,378,000 -60,939,000 -598,000 
          cash flows from financing activities:
        		                               
          proceeds from stock option exercises
        		3,473,000 12,866,000 2,819,000 3,106,000 5,020,000 18,437,000 211,000 47,000 419,000 580,000 280,000 292,000 247,000 5,000 4,000 2,000 481,000 1,623,000 1,915,000 611,000 2,743,000 5,917,000 374,000 598,000 405,000 821,000 0 79,000 13,000 3,000  
          proceeds from sale of common shares
        		98,000,000                               
          proceeds from debt facility
        		196,683,000 0                              
          payment of debt issuance costs
        		-1,312,000                               
          proceeds from debt refinancing
        		 0 0 1,000 24,667,000                           
          payment of long-term debt
        		-103,058,000 0 0                             
          other
        		  0 0 2,000     0 0 1,000 2,000     -1,000 -9,000 -4,000 -6,000 -4,000 -6,000   -3,000     13,000 
          net cash from financing activities
        		193,786,000 73,287,000 144,469,000 6,474,000 4,169,000 346,370,000 166,000 -33,000 6,525,000 96,529,000 280,000 4,689,000 1,076,000 -970,000 -451,000 195,772,000 481,000 39,701,000 1,906,000 607,000 2,737,000 246,457,000 368,000 595,000 399,000 818,000 6,124,000 42,098,000 -157,000 16,928,000 -1,464,000 
          net increase in cash, cash equivalents and restricted cash
        		106,350,000 36,759,000      1,393,000 -9,876,000   -43,102,000 48,005,000 -29,800,000 -172,655,000   36,704,000 -30,788,000 47,811,000 -1,250,000           
          effect of exchange rate on cash, cash equivalents and restricted cash
        		666,000                               
          cash, cash equivalents and restricted cash, beginning of period
        		327,334,000 0 0 0 180,285,000 0 0 0 104,262,000 0 0 0 105,773,000 0 0 0 215,333,000 0 0 0 162,856,000           
          cash, cash equivalents and restricted cash, end of period
        		434,350,000 36,757,000 135,245,000 14,999,000 140,333,000 101,487,000 -16,981,000 1,393,000 94,386,000 34,052,000 -40,466,000 -43,102,000 153,778,000 -29,800,000 -172,655,000 205,555,000 102,673,000 36,704,000 -30,788,000 47,811,000 161,606,000           
          supplemental disclosure for non-cash items:
        		                               
          debt issuance costs in accrued expenses
        		100,000                               
          stock options exercised receivable
        		1,947,000                               
          receivable from atm sale
        		13,774,000                               
          right-of-use assets obtained in exchange for operating lease liabilities
        		1,297,000                               
          supplemental cash flow information:
        		                               
          cash paid for interest
        		2,368,000 2,028,000 1,283,000 1,255,000 1,500,000 1,614,000 1,673,000 1,674,000 1,656,000 1,656,000 1,653,000 1,599,000 1,491,000 1,340,000 1,196,000 1,024,000 812,000 588,000 502,000 501,000 491,000      1,000 2,000 4,000 7,000 8,000 
          amortization of investment securities
        		                           -329,000 -365,000   
          proceeds from pre-funded and common warrant exercises
        		 60,421,000 0   3,519,000 0 0 6,106,000                       
          proceeds from sale of common shares and pre-funded warrants to purchase common shares
        		                               
          debt modification payment
        		     0 -45,000                         
          operating lease liability adjustment from rent modification
        		     0 0                         
          offering costs in accrued expenses
        		                               
          amortization/accretion of investment securities
        		  -495,000 -1,391,000 -1,905,000 -1,346,000 -709,000 -1,317,000 -1,919,000 -1,803,000 -1,854,000 -1,200,000 -1,363,000 -1,648,000 -785,000 152,000 139,000 110,000 291,000 269,000 248,000 26,000 8,000 -19,000 -177,000 -367,000      
          proceeds from the sale of common shares
        		                               
          property and equipment purchases in accounts payable & accrued expenses
        		        13,000                       
          other liabilities
        		   36,000 21,000 2,000 -12,000 -125,000 21,000 -80,000 24,000 20,000 -102,000 219,000 4,000 -245,000 14,000 1,000 0 4,000 223,000     0 0 -72,000 13,000   
          net decrease in cash, cash equivalents and restricted cash
        		   14,999,000 -39,952,000     34,052,000       -112,660,000               
          extinguishment of long-term debt
        		    -25,520,000                           
          proceeds from sale of property and equipment
        		         0 0 0 13,000             0      
          maturities of marketable securities
        		     15,100,000 49,600,000 84,100,000 68,400,000 79,000,000 73,000,000 90,000,000 90,000,000 10,000,000 65,000,000 45,000,000 10,000,000 30,000,000 35,000,000 80,000,000 55,000,000   39,000,000 75,700,000       
          proceeds from sale of common shares and pre-funded warrants to purchase common shares, net of issuance costs
        		                               
          proceeds from sale of common shares, net of issuance costs
        		            827,000                   
          deferred revenue
        		             0 0 0 -33,193,000 -4,049,000 -5,464,000 -4,595,000 -4,708,000 -3,436,000 -3,037,000 -3,900,000 -5,030,000 17,427,000 -4,774,000 -5,039,000 -3,106,000   
          proceeds from sale of common shares, pre-funded warrants and warrants to purchase common shares, net of issuance costs
        		         92,486,000 0   0 -455,000                 
          supplemental disclosure of non-cash items:
        		                               
          property and equipment purchases in accounts payable and accrued expenses
        		                413,000 202,000 -625,000 162,000 473,000 944,000 417,000 -3,000 10,000       
          proceeds from debt
        		                               
          accounts receivable
        		                     0 0 0 25,000,000       
          proceeds from sale of common shares and pre-funded warrants, net of issuance costs
        		                               
          operating lease right-of-use asset obtained in exchange for operating lease obligation
        		                     0    0 95,000 0 5,349,000   
          gain or loss on sale of property and equipment
        		                               
          deferred payroll tax credit
        		                             73,000 9,000 
          principal payments on debt
        		                               
          net increase in cash and cash equivalents and restricted cash
        		                     104,131,000 -58,901,000 19,694,000 59,126,000 5,960,000 -81,157,000   11,083,000 -11,075,000 
          cash and cash equivalents and restricted cash, beginning of period
        		                     0 0 0 38,806,000 0 0 0 115,274,000 0 0 
          cash and cash equivalents and restricted cash, end of period
        		                     104,131,000 -58,901,000 19,694,000 97,932,000 5,960,000 -81,157,000 46,794,000 67,209,000 11,083,000 -11,075,000 
          principal payments on loan payable
        		                         0 0 -198,000 -167,000  -167,000 
          proceeds from sale of common stock, net of issuance costs
        		                         0 6,128,000     
          offering costs in accounts payable and accrued expenses
        		                               
          purchase of property and equipment
        		                        -209,000 -1,470,000 -366,000 -598,000 -681,000 -701,000 -599,000 
          purchase of marketable securities
        		                        -19,400,000 -40,809,000 -117,311,000 0 -77,297,000   
          deferred rent
        		                               
          amortization of operating lease right-of-use asset
        		                           248,000 244,000   
          property and equipment purchases in accounts payable
        		                           -456,000 483,000   
          net decrease in cash and cash equivalents and restricted cash
        		                            -48,065,000   
          deferred offering costs in accounts payable and accrued expenses
        		                               
          change in fair value of warrant liability
        		                               
          principal payments on loan and capital lease payable
        		                               
          proceeds from initial public offering of common stock, net of issuance costs
        		                             0 -1,298,000 
          proceeds from sale of common stock
        		                               
          proceeds from issuance of series b convertible preferred units
        		                               
          proceeds from issuance of series c convertible preferred shares, net of issuance costs
        		                               
          purchase under capital lease
        		                             0  
          depreciation
        		                              208,000 
          amortization of deferred rent
        		                              205,000 
          payment of capital lease obligation
        		                               
          proceeds from issuance of series b convertible preferred units, net of issuance costs
        		                               
          property and equipment purchases in accounts payable and accrued liabilities
        		                               
          offering costs in accounts payable and accrued liabilities