Welcome, everyone, to the 44th Annual J.P. Morgan Healthcare Conference. My name is Tess Romero, and I'm one of the Senior Biotech Analysts here at J.P. Morgan. We're very pleased to be kicking off the conference with Scholar Rock, and presenting on behalf of the company, we have Chairman and CEO David Hallal. David, over to you.
Thank you very much, Tess. It's great to be kicking off the J.P. Morgan Conference early on a Monday morning, and we are super excited for our week here in San Francisco, as well as 2026, which will be a transformative year for the company. I want to thank Tess, J.P. Morgan, everybody here in the room in California East, as well as many, many others that are tuning in remotely via webcast. Scholar Rock is in a position of strength as we enter 2026. We are the world leaders in myostatin biology, and with that capability, we are shaping the future of treatment for patients living with rare neuromuscular disorders. For the past seven, eight years, we've been focused on developing our highly innovative monoclonal antibody, apitegromab, for children and adults living with SMA.
It is the first myostatin inhibitor that has ever delivered a successful pivotal phase III study, and it's the only muscle-targeted treatment to demonstrate clinically meaningful benefit for patients living with SMA. Based on the strength of that data, in 2026, we remain on track for a U.S. and European approval, with launches to follow. The initial country in Europe will be Germany. There's a large opportunity to serve patients in more than 50 countries around the world, and we are well positioned to meet the patients where they are. We want to make sure that no patients living with SMA are left behind. Importantly now, we are leveraging that seven to eight years of successful drug development experience by delivering the first myostatin inhibitor to be successful in a phase III trial, and we want to now bring that to more patients living and suffering with neuromuscular disorders.
We are pleased to announce this morning that our next indication for apitegromab will be FSHD, and we will begin to dose patients later this year. We're also excited that in Q4, we commence dosing of healthy volunteers and our SRK-439 phase I study, with data to follow later this year. I'll speak more about these programs shortly. And we have a cash balance at our company to support all of our high-value commercial and R&D initiatives moving forward. We thoughtfully fortified our balance sheet throughout 2025. Apitegromab is poised to usher in the next phase of innovation in SMA. Over these last seven, eight years, while we've been developing apitegromab, we've been seeing the initial phase of innovation bring needed benefits to the SMA community. SMN-targeted therapies focus on preserving motor neurons, but that is not the entire motor unit, which drives motor function.
Importantly, the motor unit consists of both the motor neuron and muscle, and now we are on the doorstep of delivering apitegromab to patients and finally being able to address the principal organ that is affected in SMA, the muscle. As I noted, we expect our launches in the U.S. and Europe to commence this year, and that will be followed by a series of milestones as we drive this next phase of innovation forward, targeting the muscle for many years to come. There are now 35,000 patients living with SMA that have received at least one SMN-targeted therapy. The global apitegromab opportunity in SMA alone offers the potential for many years of sustainable growth. This growth in patients receiving SMN-targeted therapies is really driven by high diagnosis rates with the disease and accelerated time to treatment.
We've seen over the last decade there's been an increasing number of patients receiving SMN-targeted therapies, and now apitegromab has the potential to be the world's first and only muscle-targeted treatment for the patients living with SMA. This opportunity has us positioned to power substantial growth for our company through the end of this decade and well into the next. As we've noted, the dynamics with SMA are very similar to other rare disease markets. We see our opportunity to serve patients in the U.S. being about a third to 40% of all patients, but a meaningful proportion of patients are outside of the U.S. We see about a third of the opportunity in Europe and a third of the opportunity in the rest of the world, including important countries in Asia-Pacific and Latin American countries.
That's why, as we have in the past, this management team, we are planning to build a 50-country operating platform so that we can serve patients wherever they may be receiving SMN-targeted therapies upon approval of apitegromab. We are poised for our U.S. and European launches this year, but we will aggressively be moving forward with regulatory and commercial preparation in upwards to these 50 countries around the world. As I noted, Scholar Rock is shaping the future of treatment for patients living with rare neuromuscular diseases. While we anticipate being able to serve a broad range of patients living with SMA with our initial label, we do want to make sure that no patients are left behind, and we're pleased that we have initiated a phase II trial focusing on the youngest patients living with SMA, those patients under two years of age.
As I noted, we're also gratified to be moving apitegromab into a phase II study for patients living with FSHD. And yet the era has not been there. We are focused on additional neuromuscular diseases for which the proof of concept that we have generated with apitegromab provides great hope for those patients. We are also pleased to announce, and I'll share more data, from our subcutaneous formulation of apitegromab, because we expect to be building long-term relationships with the patient community, and we want to continue to bring innovation and optionality to them. And finally, the team at Scholar Rock has done a remarkable job to move SRK-439 into the clinic in Q4 of 2025. Our priorities at Scholar Rock in 2026 are very clear. With focused execution and financial discipline, we will, one, commercialize apitegromab for children and adults living with SMA, beginning in the U.S. and Europe.
We're going to expand the impact that we make with apitegromab, our highly innovative monoclonal antibody, by developing apitegromab for the youngest of patients living with SMA, as well as bringing it to additional rare, severe, and neuromuscular diseases. And we want to continue to advance the world-leading anti-myostatin platform and pipeline that we have built, and that's obviously advancing subcutaneous apitegromab, as well as SRK-439. I'd like to first focus on our important priority of commercializing apitegromab for the treatment of children and adults living with SMA.
We believe that this will transform the treatment paradigm for patients with SMA and the medical community that treats them. As I noted earlier, SMA causes motor neuron loss, leading to muscle atrophy and progressive weakness for the patients. And while SMN-targeted therapies have brought needed innovation to these patients, they really have been remarkable therapies.
They slow further degeneration of motor neurons, but they do not target the muscle. Despite the significant advancements of these SMN-targeted therapies, progressive muscle weakness remains the number one unmet need in the SMA community, and apitegromab has been designed to address just that need to deliver the first muscle-targeted treatment for patients living with this disease. And we see this underscored in the community. 90% of patients with SMA rate muscle strength and motor function as their top unmet needs, and about three-quarters of all neurologists agree that multiple modalities addressing both the motor neuron and the muscle are necessary to optimally treat patients living with SMA. This is a large opportunity that we have to pursue, and we want to make sure that we can serve patients with the highest level of innovation that is coming from Scholar Rock.
Our phase III data really underscore our opportunity to serve patients. We specifically designed our phase III study to take on patients that were receiving chronic ongoing SMN-targeted therapies, and we randomized those patients to either receive apitegromab or placebo. The primary endpoint in this trial was the gold standard Hammersmith Motor Function Scale in SMA. It's the highest bar to hit. And what we saw in our phase III SAPPHIRE trial was quite remarkable. Patients on ongoing chronic SMN-targeted therapies had a loss of motor function, while those patients who received apitegromab with their ongoing SMN-targeted therapies had a gain of motor function. This was a statistically significant and clinically meaningful benefit in a broad range of patients with SMA. There was additional data that was quite compelling from our phase III trial.
About a third of patients who received apitegromab with their SMN-targeted therapies had a three-point improvement or greater in the Hammersmith Motor Function Scale, compared to just 12.5% of those patients on ongoing chronic SMN-targeted therapies alone. We saw a consistent clinical benefit across all patients and a continued encouraging safety profile as 95% of all patients that we have studied with SMA continue to remain in our long-term extension trials. This really underscores the potential of apitegromab to be the first and only muscle-targeted treatment to improve motor function in patients living with SMA. Now I'd like to turn importantly to the timelines and the progress that we are making for our BLA resubmission and U.S. launch upon approval. As many of you know, we were being reviewed under a priority review at the FDA with an action date for September 22nd of 2025.
What we saw in our Complete Response Letter, which we were both surprised and disappointed, was that we met the high bar of the FDA for clinical efficacy and safety based on the strength of that SAPPHIRE data. But the reason for our CRL solely was the general site inspection which took place at Catalent, Indiana, our fill-finish facility, which is owned by Novo Nordisk. Now I'd like to focus on the white boxes on the right-hand side of this slide. After the CRL, we held a constructive and collaborative in-person Type A FDA meeting on November 12th. During that meeting, we were joined by Novo Nordisk and Cure SMA. The patient voice was heard.
There was a shared understanding of the high medical need for the first muscle-targeted therapy to be delivered to the SMA community and a shared sense of urgency with the FDA to move forward expeditiously so that this product could be approved. We knew that a couple of steps needed to take place after that Type A meeting. The FDA needed to communicate with Novo Nordisk on their remediation plan. They did that the next week with their Warning Letter. We then needed Novo Nordisk to respond to that Warning Letter with an update on their remediation plan, not just from their 483 observations, but also from the Warning Letter. They did that within 15 business days. Then the FDA and Novo continued to work up until the holidays and through the holidays, and the next step is a meeting between the two parties.
The FDA has scheduled that meeting for early Q1. This shows the continued sense of urgency amongst the FDA, Novo Nordisk, and Scholar Rock to make sure that we can set ourselves up for a successful reinspection, BLA submission, and as I noted, a U.S. launch following the approval by the FDA. We are pleased with the progress and pleased with the continued efforts of the FDA. This has been on a very rapid pace, and we're happy that this meeting is taking place in early Q1 to discuss the remediation plan. Now we are planning for success. The U.S. commercial team was recently deployed just before the September PDUFA date. It's a top team that is preparing the marketplace for the eventual approval of apitegromab.
The team is focused on engagement, disease education about the importance of the muscle, addressing the muscle component of the disease, as well as the motor neuron component, and they're educating a broad SMA stakeholder base, physicians, SMA centers of excellence, all of the SMA treatment centers. We continue to build strong collaborations with Cure SMA and additional advocacy groups because we know that the success at Scholar Rock is going to be built by lasting relationships, one patient at a time, one caregiver at a time, and one family at a time, and look, we expect that there is going to be strong demand for apitegromab upon approval, and we want that demand to be met with simple, reliable, and trusted access.
Our U.S. commercial team has used this additional time wisely to work with national and regional payers to educate them on the unmet need and the potential benefit of apitegromab so that this opportunity will be well planned for upon approval of apitegromab in the United States. As Keith has often said, the U.S. will be the playbook that we run for our opportunities globally, and Europe is the market that would follow the U.S. We built strong momentum with apitegromab launch readiness in Europe. We're building a world-class team. We're engaging the SMA community, and we are working on all of the important dossiers that will set up for individual country-by-country reimbursement processes. We believe that this work really leads to a successful launch throughout Europe, which will commence with Germany in the second half of 2026, with other important countries to follow.
Apitegromab and SMA represents a large global opportunity to serve patients. Our estimates show that in 2025, the SMN-targeted therapies that are approved will do about $5 billion in global revenue. This marketplace continues to grow. apitegromab is positioned to be the first and only muscle-targeted treatment to show clinical benefit in patients with SMA, and we see a $2 billion + opportunity for apitegromab and SMA alone. We continue to hear from the community that they are demanding access to this treatment as soon as possible. I now want to turn to our other priorities for 2026, including developing apitegromab for patients under the age of two and additional neuromuscular diseases. We've seen all along the opportunity to build a pipeline and a product strategy with apitegromab, given the high innovation that it brings.
As I noted earlier, we are very pleased to have commenced our phase II study looking at patients under the age of two that have received an SMN-targeted gene therapy. We want to make sure that no patients are left behind, especially the youngest patients with SMA. Patient dosing has commenced, and we will continue to provide you updates on the progress with our OPAL trial throughout 2026. We were very pleased this morning to announce our next indication for apitegromab, FSHD. FSHD is a rare, devastating neuromuscular disorder with significant unmet need. More than 30,000 patients are diagnosed in the U.S. and Europe alone, and there are no approved therapies. This is a disease that is caused from abnormal expression of DUX4. Symptoms usually begin in adolescence or early adulthood, and about a fifth of patients will become wheelchair dependent.
Importantly, there's data that really support apitegromab's therapeutic hypothesis in FSHD. Randomized studies of exercise programs suggest muscle has the capacity to show functional benefit, and a study of anabolic agents, human growth hormone and testosterone, suggests increase in lean mass and muscle function, as you can see in this bottom panel on the right-hand slide, in both lean body mass as well as the muscle function as measured by a six-minute walk distance test. We've also done our own preclinical work that provides mechanistic rationale for apitegromab and FSHD. We use the gold standard FLEx DUX4 mouse model, and what we showed with apitegromab preclinically is a robust increase in muscle mass, significant improvements in muscle force, and consistent gains in endurance just 28 days after administering our antibody. Our IND is cleared.
We can proceed, and we're very excited to commence the FORGE phase II trial evaluating apitegromab in patients with FSHD. This will be a high-quality phase II randomized double-blind placebo-controlled studying 60 patients, randomized to receive either apitegromab at 10 mg per kg or placebo. We're going to be focusing on mild to moderately severe FSHD patients, and the primary endpoint will be lean muscle volume change at 12 months. We'll look at additional secondary and other endpoints, including, importantly, the functional endpoint of quantitative myometry testing. This is an important functional measure that's been used in advanced clinical trials for FSHD. Dosing will commence later this year in the FSHD study. As I noted, the era is not then there. We see a world beyond SMA and FSHD with genetic neuropathic diseases, genetic myopathies, and those diseases that are also acquired.
Akshay and team will continue to evaluate how we can maximize our impact with apitegromab across a range of diseases that devastate patients. I want to now close with advancing our world-leading anti-myostatin pipeline so that we can continue to bring innovation to patients who we will start to serve in 2026. We showed some very exciting data with our subcutaneous apitegromab, which demonstrated favorable bioavailability with a pharmacodynamic profile compared to IV administration.
We dosed healthy volunteers at either 800 mg IV or subq, and what you see here is an overlapping pharmacodynamic profile for both of those modes of administration. This really supports further development, which those activities are ongoing, and discussions with U.S. and European regulators later this year. We're also super excited about SRK-439. We're leveraging our world-leading expertise to drive continued innovation by targeting myostatin.
As you can see in this in vitro assay on the left, SRK-439 is 10x more potent than our highly innovative apitegromab molecule. And as you can see, at about 56 days in non-human primates, there was a change in whole body mass, even seen at a very low dose of 0.3 mg per kg with SRK-439. The team was busy at work. Our IND cleared in November. We started to dose healthy volunteers in December, just last month, and we are on track to share top-line data across 76 healthy volunteers in the second half of 2026. I've just got a slide or two to close on our financials and our upcoming milestones. We fortified our balance sheet with minimal dilution in 2025. We have a strong cash position as we enter 2026.
As Vikas is focused on making sure that we operate with financial discipline but yet invest in our high-value programs, we have approximately $365 million in cash and equivalents at the close of 2025. This really provides cash runway to support our operations into 2027, and importantly, it is a very conservative estimate because we do not include monetizing the priority, the rare disease priority review voucher, and/or any revenues for our expected launches in 2026. This cash balance allows us to make our strategic investments to support commercial readiness and our launches in the U.S. and Europe, as well as thoughtful capital allocation to continue to advance our clinical pipeline. So I'll just close with our priorities for 2026. Commercialize apitegromab for children and adults with SMA starting in the U.S. and Europe.
Expand the reach of apitegromab by making sure no patient with SMA is left behind, and also moving apitegromab into additional rare, severe, and debilitating neuromuscular disorders and continuing to advance what we do best, our world-leading anti-myostatin platform and pipeline with subq apitegromab and SRK-439. We are going to drive value through focused execution and financial discipline, and we are very excited for 2026, a transformative year for Scholar Rock. Thank you.
David, do you want to introduce the rest of your team that you'll have up on stage?
Yeah. Thanks, Tess. For Q&A, I'd like to bring up Akshay Vaishnaw, our President of R&D, Keith Woods, our Chief Operating Officer, and Vikas Sinha, our Chief Financial Officer.
Great. Well, thank you so much for the presentation. I thought I would start with a bigger picture commercial and question here. What specifically are the key underlying assumptions underpinning your view of a $2 billion + opportunity in SMA? What are the rest of world regions that are most interesting to pursue globally?
Yeah, I'll start, and then Keith can jump in. Look, we are confident in that projection. We really base it on a couple of things. First of all, ushering in the next era of innovation in SMA, being the first and only therapy that addresses the muscle, an important, really the principal organ that is affected in SMA. We look at the 35,000 patients globally that are receiving at least one SMN-targeted therapy. We look at the demand from the physician and patient community. We obviously are anticipating our labels starting in the U.S. and then in other regions. We think about pricing and reimbursement in the U.S. and around the world.
We think that these are obviously, we're continuing to see 10 years later, Tess, since the first SMN-targeted therapy was approved. Continually, this market is growing with more and more patients receiving the therapy. As we noted, 10 years later, these three approved therapies are reaching $5 billion in global revenue. We see this as a very reasonable and, in some ways, a conservative estimate for us as we think about the opportunity that is in front of us. I would just note for the audience, we've kind of seen this before, our pattern recognition.
Many of us have worked on brands where we build 50-country operating platforms. We did that at Alexion successfully. Keith, after Alexion, did that quite well as the architect of the Vyvgart launch at Argenx. And with that, I'll bring Keith in on just sort of looking at those markets, I think, Tess, outside of the U.S. and Europe, the ones that are particularly attractive. Keith?
Yeah, I mean, first, what I'd add to what you just said is that the $5 billion marketplace for SMN-targeted therapies that continues to grow, this is a space that you're already seeing from the data that David shared that 9 out of 10 patients are saying that muscle strength is one of their most important needs. And already, before even launching a muscle-targeted therapy, we have three-quarters of physicians that are saying multiple modalities are required to treat these patients. It's the unmet medical need that's going to allow us to play in the entire SMN-targeted population eventually. As far as the key marketplaces, look, we're going to stage this.
We're managing our expenses as we do so appropriate, but while we do so, we advance, as we said, U.S. and get this across the finish line. We're making great progress with Europe as we speak. We'll then go to Asia-Pacific, Japan specifically first, and then we'll be going into LatAm. So the opportunity to accomplish this, I think, is not only quite possible, I expect us to.
Okay. And how much of that $2 billion + is U.S.?
I'd like not to break that out at this time, but obviously, we do feel good about the strength of our application with the FDA, the progress that we were making. Akshay may want to comment on just the label itself. And of course, as the global market grows, the U.S. market continues to grow with approximately 7,000 patients receiving at least one SMN-targeted therapy. In many cases, upwards to a quarter to a third are receiving more than one. And so we feel like the U.S. has set up quite nicely for us for a robust launch.
And on the label there, can you give us a little bit of a preview of what the FDA agreed upon? What is the indication statement that we should be thinking about for apitegromab?
Yeah, I'm going to bring Akshay in. One of the things Akshay and I are very thoughtful about is making sure we don't get out in front of the FDA, given that we will be resubmitting our BLA. But as Akshay has noted, we've made meaningful progress there. Akshay?
Yeah. Prior to the Complete Response Letter, we were delighted with the review of the BLA culminating in very robust discussions around the label and the indication statement, Tess. Obviously, we can't say anything until the drug is approved. We've got to let the FDA complete their work. What I would say, a couple of things I think are very important as we look at how the FDA has labeled up drugs in the SMA space. One is that they regard SMA as a single disease. They tend not to use the older Type 1, Type 2, Type 3 type nomenclature. If they feel the mechanism is applicable to the disease broadly, then they allow the drug to be indicated for SMA as opposed to subpopulations. So I think that's important to note, and we're excited about that.
We're also pleased that, in general, they've reflected the unmet need and the breadth of the population, and they look at the inclusion-exclusion criteria in the pivotal studies, those patients older than 2, on background SMN correctors. And previously, they've faithfully stuck to that or built on that for the indication statement. So again, we've got to let the FDA finish their work, but those are some things we have observed about their prior approaches in this space. And certainly, I would say the anti-myostatin mechanism is broadly applicable, we believe, to the entire SMA space.
Okay. I'd love to get into a few manufacturing questions if I could. So the Warning Letter was made public on the FDA's website, and it appeared to have multiple parts to it. In your press release this morning, you also noted that you continue to work closely with the FDA in Catalent, Indiana, to progress remediation activities at the Bloomington fill-finish facility to support your BLA submission as rapidly as possible, or resubmission, rather. Can you elaborate specifically on what you mean here? What is your understanding of what was specifically in that response to the FDA warning letter?
Yes, happy to do so. I think importantly, when we had our in-person constructive and collaborative type A meeting, which Akshay really led our team, which, as I noted, included our Scholar Rock team as well as Cure SMA and Novo Nordisk, we felt like there was an agreement to move with a sense of urgency to sort of get on with the things that needed to happen before we could resubmit our BLA.
As I noted, it would be a communication to Novo. We got the sense in that meeting it might be by the end of the year. I think that shared sense of urgency really manifested itself by the warning letter coming the next week. I actually think in some respects that was very helpful because if you need 15 business days to respond to a warning letter, good that it came out the next week after our Type A meeting as opposed to the end of the year. Importantly for us and Novo Nordisk, there were really no new issues in the warning letter. They didn't raise anything new. They did highlight some parts of the remediation plan that fell short. Novo Nordisk brought in a sensational group to help them provide what we think was a great response.
They've provided the FDA with their progress, not only on remediation from the 483 observations that were seen in July of 2025, but also the warning letter. They made meaningful progress. And then we were really heartened by the fact that Novo and the FDA were really working up till the end of the year to schedule this meeting that is going to be the precursor to a reinspection. And the fact that that is scheduled for early Q1 is actually, we think, really underscores the fact that FDA, Novo, and Scholar Rock are all working with urgency to eventually serve the SMA community with an approval for apitegromab.
Can you confirm that the Bloomington site was indeed inspection-ready at the end of 2025?
Yeah, it's a very good point. What I can confirm for you, again, as Akshay oversaw that meeting, is Novo attended our Type A meeting, and they stated to the FDA, Novo did, that they were reinspection-ready by the end of the year. When we saw the Warning Letter, our question was, is it still going to be by the end of the year? It's a bit irrelevant if the meeting is taking place early in Q1 because we know a reinspection won't happen before that meeting. But I know that Novo Nordisk feels really good about their reinspection readiness here in early 2026, and we're really looking forward to this meeting between FDA and Novo in early Q1.
Okay. Any further granularity on what the dialogue might look like in that meeting?
I think they'll discuss the remediation progress. As I noted, remediation progress will be both the initial 483 observations as well as the additional things that were raised in the Warning Letter, and then we would be hopeful that they're sort of putting a circle around, so what kind of timeline would one be on for an unannounced reinspection of the facility, which obviously then unlocks our application, and again, having the insight that we do, we're pleased with the work that Novo has done. We're pleased with the pace that the FDA has been working on, given the great work that Akshay led at our Type A meeting, and so we're hopeful that it is really the last key step toward the reinspection that really enables a reclassification of the facility, a BLA resubmission, and an approval for apitegromab. We're quite pleased and remain confident in the guidance that we provided for BLA resubmission and U.S. launch here in 2026.
Okay. For the second fill-finish facility, what are the next steps there, and how much time will you need before you can submit an sBLA for this facility?
Yeah, so tech transfer is underway, as we announced on November 14th. This is another fill-finish facility in the U.S. They've got dozens of approved therapies, recent and long-term successful inspection history with regulators. They happen to have a line that was available to us that we were able to unlock that is actually perfect for a vial configuration, a commercial line. We jumped on that, and we locked in commercial capacity reservations beginning in Q1. What would happen is engineering runs and PPQ runs here in Q1, Q2.
That really helps to provide the data for us to then add them, which we would expect we would add them in an sBLA, so we would expect this to be the second facility that we add, but it could be good if for some reason something didn't work out in our favor, good to be moving forward with them with a sense of urgency, and we would expect that to happen in the second half of 2026, but we're working very well with this second fill-finish. Of course, we have to find another fill-finish anyway because Novo wants to internalize operations at Catalent, Indiana, for their own portfolio. They are not going to be in the business of being a third-party manufacturer. They bought this from Catalent for the use of their own portfolio and their own pipeline.
Can you just talk a little bit about your commercial supply build-out, given kind of all these moving parts that we're talking about here? Will you be ready to launch in 2026?
The answer straight away is yes. So we've said all along we've had a lot of product that has been manufactured and vialed and is ready to go. And we believe that supports even the high demand that we expect in the U.S. market that will support the launch. And obviously, we'll be manufacturing and filling more apitegromab at any one of our fill-finish facilities over time. But we've got plenty of drug substance. We've got plenty of vialed finished drug, and it is just awaiting to be labeled and ready to go upon approval.
Okay. Last question for me. I forgot how short these presentations are. How should we think about OpEx in 2026 and cash burn?
Vikas?
Yeah. In terms of OpEx, we have controlled the cost significantly. And as you see, we announced the cash position in Q4. We have really managed it in a good spot, and we'll continue to do that going into 2026. And if we do have a launch in the horizon coming soon, then we'll discuss to augment that further by non-dilutive financing that we will bring in, especially in the form of debt.
And Vikas, I would just say we have very little debt on the balance sheet at this moment. Thank you.
Well, I think we're going to have to leave it there. Thank you so much to the entire Scholar Rock team, and thanks for everyone joining.
Thanks for joining.