NASDAQ:SRRK Scholar Rock Q2 2024 Earnings Report $30.71 +0.95 (+3.18%) Closing price 04/17/2025 03:59 PM EasternExtended Trading$30.76 +0.06 (+0.19%) As of 04/17/2025 04:12 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings HistoryForecast Scholar Rock EPS ResultsActual EPS-$0.60Consensus EPS -$0.61Beat/MissBeat by +$0.01One Year Ago EPS-$0.47Scholar Rock Revenue ResultsActual RevenueN/AExpected RevenueN/ABeat/MissN/AYoY Revenue GrowthN/AScholar Rock Announcement DetailsQuarterQ2 2024Date8/8/2024TimeBefore Market OpensConference Call DateThursday, August 8, 2024Conference Call Time8:15AM ETUpcoming EarningsScholar Rock's Q1 2025 earnings is scheduled for Tuesday, May 6, 2025, with a conference call scheduled at 7:00 AM ET. Check back for transcripts, audio, and key financial metrics as they become available.Q1 2025 Earnings ReportConference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfilePowered by Scholar Rock Q2 2024 Earnings Call TranscriptProvided by QuartrAugust 8, 2024 ShareLink copied to clipboard.There are 10 speakers on the call. Operator00:00:00Good morning, and welcome to Scholar's Rock Second Quarter Financial Results and Business Update Call. All participants will be in listen only mode. After the company's prepared remarks, call participants will have an opportunity to ask Please note this event is being recorded. Before we begin, I'd like to point out that we will be marking various statements about Scholar Rock's expectations, plans and prospects that constitute forward looking statements for the purpose of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Any forward looking statements represent our views only as of today and should not be relied upon as representing our views as of any year to date. Operator00:00:55I encourage you to go to the Investors and Media section of our website to find our most up to date SEC statements and filings. A recording of today's event will also be available on our website should you want to rewatch at a later date. I would now like to turn the conference over to Jay Backstrom, President and CEO of Scholar Rock. Jay, please go ahead. Speaker 100:01:20Thank you, Sandra. Good morning, and welcome to our Scholar Rock's Q2 2024 Business Update. On behalf of our team, I'd like to thank you for joining our call. Turning to slide 4, the focus of today's call is to highlight our exciting progress in 2024. After my introductory remarks, Jing Marantz, our Chief Medical Officer, will provide an update on our development programs, including a review of the 48 month data from TOPAZ, our apitikramab Phase 2 proof of concept study, followed by Moe Katanani, our Chief Scientific Officer, who will review the progress with our SRK439 program in obesity. Speaker 100:01:58I'll close with a summary of upcoming milestones and then open the call up for questions. Moving to slide 5. We've made terrific progress over the first half of twenty twenty four and we're on track to achieve all of our key milestones on time or ahead of schedule. The progress with our SMA program has allowed us to continue to advance toward commercialization, a goal that is coming closer into view for our lead product apidigramab as we remain on track to report the top line results for Saphyr, our Phase 3 registration study in Q4. Thanks to the focus and dedication of our study team and the incredible support from our investigators, their clinical study teams and the families participating in Saphyr, we are now only a few months away. Speaker 100:02:45At Scholar Rock, selectivity was foundational to our approach in designing opidigramab and is the hallmark of our differentiated platform. Our research team has been incredibly productive and has delivered and continues to deliver a portfolio of potential medicines that are highly differentiated and with best in class potential. We focused our industry leading anti myostatin programs in areas where we believe we can make substantial advances in care, creating new possibilities for those living with SMA and with obesity, high value therapeutic areas that provide unique opportunities to fuel our growth. It is an exciting time at Scholar Rock. We are at a point in our trajectory where the next 12 to 24 months will be transformative. Speaker 100:03:31Turning to Slide 6, as a reminder, the scientific foundation for our company was based on deep structural insights that allow us to harness the therapeutic potential of the TGF beta superfamily of growth factors by hitting the right target at the right time, avoiding unwanted toxicities and potentially maximizing efficacy. As shown on Slide 7, we've applied this highly selective approach and produced a robust pipeline of innovative and differentiated products. Starting with our anti myostatin programs, Scholar Rock was instrumental in bringing myostatin back into the forefront as a therapeutic target. With apitigramab and SMA, we've reestablished myostatin as a neuromuscular target and our emerging data with SRK-four thirty nine suggest the best in class potential to address the muscle loss associated with GLP-one receptor agonist treatment leading to sustainable healthy weight management in obesity. For our TGF-eight zero one programs with SRK-one hundred and eighty one in immuno oncology, we have pierced the immunosuppressive armor to overcome checkpoint inhibitor resistance. Speaker 100:04:40And for our latent TGF beta-one selective monoclonal antibody for fibrosis, now referred to as SRK-three seventy three, we applied our deep structural insights and antibody engineering expertise to solve a riddle that has not been done before. SRK-three seventy three is the 1st monoclonal antibody designed to uncouple the pro inflammatory from the pro fibrotic effects of TGF beta-one with the potential to be best in class in indications such as IPF or TGF beta-one and inflammation are key drivers for the disease. As further evidence of our capabilities, we have an elegant monoclonal antibody blocking RGMC, a validated target for unrestricted anemia, and we are excited to advance another neuromuscular program to development candidate from our internal research as we embark on our next wave of innovation. Moving to Slide 8. We have been disciplined and focused in our efforts to advance the pipeline to key developmental milestones across all of the therapeutic areas. Speaker 100:05:41Starting with neuromuscular disorders for our lead program opidigramab, the upcoming readout for Saphyr is just around the corner and we look forward to reporting out the top line results in Q4. SAPPHIRE was designed to meet regulatory requirements for approval and to demonstrate both the statistically significant and clinically meaningful difference in the primary endpoint of mean change from baseline in the Hammersmith score at 12 months compared to placebo with the ability to capture at least a 2 point difference. Saphyr was optimized for clinical success based on the TOPAZ Phase 2 proof of concept study and we're excited to share the TOPAZ 48 month data on today's call. As you will hear from Jing in more detail, the updated TOPAZ data continue to impress, demonstrating sustained clinical benefit through 48 months. The sustained benefit over 48 months is particularly noteworthy when considering the long term results of nusinersen treated patients from the Cherry SHINE study recently presented by Finkel and colleagues at Cure SMA where the initial functional gains seen with nusinersion show a decline over time highlighting the progressive nature of the disease and the need for additional treatment options such as apitigramab, a muscle directed therapy. Speaker 100:06:56In addition to the sustained functional improvement, the updated data continued to reinforce the safety and tolerability of apitigramab with over 90% remaining on treatment and no new safety findings. Taking together, the 48 month data further reinforce our confidence in the Saphyr study and the potential for apitikramab to improve the lives of those living with SMA. A successful SMAHIR study will allow apitigramab to serve as the foundation for building a neuromuscular franchise and we are planning to extend our efforts in estimated children under 2 as well as expanding into other neuromuscular indications. For our cardiometabolic programs, we believe our highly selective approach to blocking the pro and latent forms of myostatin can meaningfully contribute to healthy weight loss management. We formally announced our entry into the cardiometabolic area less than 10 months ago and we've wasted no time in moving our programs forward. Speaker 100:07:53Starting with EMBRISE, our randomized Phase 2 proof of concept study in obesity, assessing apitigramab in combination with a GLP-one agonist, it is ahead of schedule and we are now positioned to complete enrollment in early Q4 and have updated our guidance for the top line results to Q2 2025. As you'll hear from Moe, the non clinical data generated to date with SRK439, our novel anti myostatin, continues to support a potential best in class approach for preserving muscle mass leading to healthy weight loss management. The data presented at ADA add to the body of evidence demonstrating an increase in lean mass and reduced fat mass regain with SRK439 following withdrawal of the GLP-one receptor agonist. For our TGF beta-one programs with SRK-one hundred and eighty one in immuno oncology, we've demonstrated proof of concept and proof of mechanism in overcoming checkpoint inhibitor resistance. And we look forward to discussing the next steps with FDA at our end of Phase 1 meeting. Speaker 100:08:52For SRK-three seventy three, our selective latent TGF beta monoclonal antibody for fibrosis, we are excited about the best in class potential in indications such as IPF where TGF beta-one and inflammation are key drivers for disease and we look forward to advancing the program to IND. The strength of our platform affords us the opportunity to consider these high value opportunities and to thoughtfully grow and advance our pipeline. It is exciting to see what has become possible given our insights into targeting the TGF beta superfamily of growth factors. Turning to Slide 9. As external validation of our innovation, our cutting edge research is increasingly being recognized by the global scientific community. Speaker 100:09:38In the last 2 months alone, our data have been featured at the annual conferences for the American Society of Clinical Oncology and the American Diabetes Association. And most recently, our unique selective latent anti TGF beta-one monoclonal antibody SRK-three seventy three was featured in Science Signaling as further proof of our structural insights leading to potential best in class therapies. As shown in slide 10, we have delivered on all of our key milestones to date and are looking forward to our next major milestone, the top line results for Saphyr in Q4, a very exciting time at Scholar Rock. And with that, I'm pleased to turn the call over to our Chief Medical Officer, Jing Marantz, who will provide an update on our development programs, followed by our Chief Scientific Officer, Mogh Khatsanani, who will walk us through an update from our research team. Jane? Speaker 200:10:30Thank you, Jay. If we can turn to Slide 12, Molly. We have 3 programs in the clinic. In June, as Jay mentioned, we have updated clinical data on our 1 hundred and eighty one programs that was featured at an oral session at ASCO. On today's call, I'll focus on the progress of our SMA program, including an update on the 48 months data from Topaz and the EMBRADE study in obesity. Speaker 200:10:57To start on the left, we have a differentiated approach of selective muscle targeting based on deep insights of how skeletal muscle is regulated. Translating this into the clinic, we saw from the TOPAZ trial substantial and durable benefit across broad SMA patients. Leveraging the learnings from TOPAZ, our pivotal study is designed for clinical success. Lastly and importantly, with over 200 patient years of exposure, the safety profile to date has been favorable with over 90% of our patients with non ambulatory SMA remaining on study, both of these observations support the potential for long term use. Turning to Slide 13. Speaker 200:11:42Before I share the updated data, it's helpful to take a look at the natural trajectory of patients treated with SMN targeted therapy. As Shay mentioned at recent Cures May meeting in June, Doctor. Finkel and colleagues presented the long term outcomes data from the CHERISH SHINE study, which enrolled SMA patients treated with nusinersen. The orange lines represent the trajectory of patients initially randomized to nusinersen. As clear from these graphs, motor function as measured by Hemrismus improved initially. Speaker 200:12:18After 1 to 2 years, Hemrismus started to plateau and over time it started to decline. The solid orange line on top represents the subgroup of patients who did not have any scoliosis surgery, whereas the dotted orange line represents those who underwent scoliosis surgery during the study. Scoliosis is an abnormal and progressive curvature of the spine that's part of the SMA disease pathology. The condition is commonly managed with surgery. Scoliosis surgery is well known to be a confounding factor that impacts the motor functioning assessments. Speaker 200:12:58Therefore, it's not at all surprising for you to see that the hemosmas declined faster for those patients with scoliosis surgery. For this reason, we'll focus on our discussion on data for those without scoliosis surgery. To put things in context, patients enrolled in our TOPAZ study had on average 2 years of prior nusinersen treatment. That's well into the interval where the Hemmer Smith score is expected to plateau or decline. The blue shaded area highlights the relative period of new snorkeling exposure similar to that of TOPAZ patients. Speaker 200:13:36Focusing on this solid orange line within this period over the course of 4 years for patients without scoliosis surgery, the Hammersmith score declined greater than 1 point. The key point here is that despite treatment with a highly effective therapy, the natural trajectory of these patients is that of progressive decline after the initial increase. So turning to Slide 14. It is in this context I'd like to provide a preview of the updated motor function data from the TOPAZ trial at 48 months. Similar to how we previously shared our 24 months 36 months data, these bar graphs represent the motor function outcomes measured by Hemosmith for the pooled non ambulatory SMA patients ages 2 to 21 on the left and the 2 to 12 subset on the right. Speaker 200:14:32Hemmersmith is a validated scale designed specifically for SMA that measures the gross motor function. As mentioned before, scoliosisurgery is a known confounding factor. Assessments for the surgery after the surgery are censored in our analysis. You can see from these graphs that Hemresenus continues to improve. The increase that we see at 6 12 months was maintained over the course of 48 months. Speaker 200:15:00Knowing that the motor function of these patients would otherwise decline at this point of their treatment journey, It is reassuring to see that the motor function benefit that we saw earlier was sustained over the course of 48 months. Turning to the next slide, similar trend was observed for rum, which focuses more on the upper limb function. The improvement in rum seen at 6 12 months continued to strengthen over time and was maintained over 48 months, both in the 2 to 21 group and in the 2 to 12 subset. For patients who are non ambulatory, continued improvement in their upper lung function is particularly important as it represents their ability to perform activities of daily living, such as their ability to lift a cup or pushing a button. Turning to Slide 16. Speaker 200:15:54So taken together, the updated TOPAZ data with sustained clinical benefit, consistency of findings and favorable safety profile with low discontinuation rate reinforces our belief that apidiglimab has the potential to provide substantial benefit to patients with SMA by directly addressing the underlying muscle pathology. We plan to share additional detail at future medical meetings. Turning to Slide 17. Go to the learnings of COPAZ, our pivotal SAFIRE study was designed for clinical success. Here you can see the study schematic to highlight just a few key points. Speaker 200:16:35The main efficacy population for Saphyr reflects the population in TOPAZ that showed transformative potential. The primary endpoint is Hemosimus at 12 months, the same as TOPAZ, and the 20 mg dose was chosen based on sustained target engagement and clinical benefits observed from TOPAZ. The trial is designed to demonstrate both statistically and clinically meaningful difference with the ability to capture at least 2 point difference on Hemrismet versus placebo. Importantly, we have been able to engage with both the FDA and EMA and align with them on key aspects of the ZEDU design. This design balances the objective to optimize for clinical success with our effort to be broadly representative of the patient population we're trying to serve. Speaker 200:17:25Knowing the natural trajectory of the SMA patients instead of progressive decline over time despite the initial improvement seen with SMN therapy, we're encouraged to see that clinical benefit from TOPAZ continues to hold. So taken together, we're optimistic about our goal to bring this potential medicine to patients. Now turning to our cardiometabolic clinical program on Slide 18. Obesity is recognized as a significant unmet need. The rapid adoption of semaglutide and trezapatide has brought about profound benefit to patients with obesity. Speaker 200:18:05A key issue that has risen is the significant loss of lean muscle mass associated with its use. Aside from day to day physical function, muscle plays an important role in energy metabolism and glucose homeostasis. And therefore, maintaining appropriate levels of lean muscle is essential to healthy living. As a company with deep expertise in muscle, we're uniquely positioned to address this unmet need. To that end, I'm incredibly proud of our team that worked hard to enable us to initiate the EMBRACE study ahead of schedule. Speaker 200:18:39We're seeing great momentum in our enrollment and now expect to report top line in Q2 of next year. The primary objective of the study is to demonstrate the effect of a selective MylanStat inhibitor to preserve lean muscle in the setting of obesity. We also want to confirm that the safety and tolerability profile in the obese population remains favorable, thus supportive of long term use. And lastly, we're interested in understanding the potential effect across a number of exploratory endpoints, including the effect on metabolic profile and physical function. So to conclude, the study schematic is shown here. Speaker 200:19:22Overweight or obese patients are randomized 1 to 1 to either the combination of apetigumab plus a GLP agonist or the combination of placebo and a GLP agonist. Treatment duration for the combination is 24 weeks. The primary endpoint is lean muscle mass change from baseline by DEXA scan at 24 weeks. Secondary endpoints include safety and tolerability, PKPD and other weight loss parameters. Exploratory endpoints on metabolic profile and physical function are also included. Speaker 200:19:57The study includes an additional assessment at 32 weeks, so we can get a preliminary read of the durability of effect. In other words, the potential effect to attenuate rebound weight gain. With this, I'm delighted to introduce Moe, our Chief Scientific Officer to show you the exciting science behind our differentiated approach. Speaker 300:20:20Thank you, Jing and good morning everyone. Next slide please. I'm going to start with this slide that emphasizes the points made by Jay and Jing earlier. We have a highly differentiated platform that is producing innovative and very selective candidates. Combined with our translational expertise, focus and passion, we have translated these innovations to success in the clinic across many therapeutic areas to benefit our patients. Speaker 300:20:45First, we developed a particular map, our selective antelain myostatin for SMA, proved its efficacy in translational mouse model, took it to the clinic and as you heard earlier, we have very promising data from our TOPAZ trial in SMA patients where we saw substantial and sustained improvement in motor function over 48 months with superb safety profile and we look forward to seeing our Phase 3 SAFIRE trial data in Q4. 2nd, we developed SRK-one hundred and eighty one, our selective anti LATE NGF beta-one antibody to overcome primary resistance to checkpoint inhibitors in patients with advanced solid tumors. We have shown its efficacy in multiple preclinical translational models, took it to the clinic where we showed promising efficacy across multiple tumor types in our Phase 1b DRAGEN trial as was highlighted in our recent oral presentation at ASCO. Moving to SRK-four thirty nine, our selective anti latent myosin antibody that is designed for obesity. We showed its ability to preserve muscle mass and improve the metabolic profile during GLP-one induced weight loss in multiple studies in translational obese mouse models. Speaker 300:21:54We will be highlighting data that we recently shared in an oral presentation at the American Diabetes Association on this call, we look forward to filing an IND in 2025 and advancing it to the clinic. Finally, we developed SRK-three seventy three, our selective highly differentiated anti LATE TGF-eight zero one antibody that has the added selectivity of inhibiting TGF-eight zero one only when presented in the matrix of tissues, but not immune cells. Given this unique mechanism, a potential efficacy and safety advantage in fibrotic diseases. We showed efficacy of this molecule in multiple translational fibrotic disease models, including lung, renal and liver fibrosis. This was recently highlighted in the publication featured on the cover of Sign Signaling and we look forward to filing an IND in 2026 and testing this unique and differentiated mechanism in the clinic. Speaker 300:22:44Slide 22. Focusing on SRK-four thirty nine, we have strong scientific validation and preclinical evidence that gives us confidence and its potential to drive healthier weight management during GLP-one induced weight loss. We have shown preclinically in a translational obesity mouse model that SRK439 leads to preservation of lean mass during GLP-one induced weight loss, solving one of the biggest challenges in this area. This was also accompanied by improvements in metabolic profile, namely an additional 20% reduction in blood glucose levels on top of the reduction seen with GLP-one treatment alone. That data was shared at the Keystone meeting earlier this year. Speaker 300:23:24We also showed preclinically that treatment with SRK-four thirty nine leads to an increase in lean mass and attenuation of fat mass regain following GLP-one withdrawal leading to improved body composition. This addresses another key challenge of GLP-one receptor treatment, namely the durability of effects after treatment cessation. We will highlight some of that data today. Finally, in a preclinical head to head study in the same diet induced obesity model, we showed that SRK439 is superior to the non selective antiactivin receptor antibody that is currently being tested in the clinic. As highlighted earlier, muscle is critical for overall health and the ability of ASRK-four thirty nine to preserve muscle during weight loss highlights the potential it can play in driving healthier weight management and better outcomes in obese patient population. Speaker 300:24:11Next slide. In addition to loss of lean mass during weight loss, another key challenge of incretin or GLP-one induced weight loss is that durability of effect and the loss of benefits upon cessation of treatment. This slide highlights the ability of ASRK-four twenty nine to address this challenge in translational obesity mouse model. The graph on the upper left shows lean mass in different treatment groups during semaglutide induced weight loss or upon semaglutide withdrawal. As you can see in the blue bar, semaglutide treatment led to considerable lean mass loss during the treatment phase of 35 days as expected. Speaker 300:24:50Co treatment with SRK439 led to the preservation of the lean mass during the semaglutide treatment phase as you can see in the green line. In addition, animals treated with SRK-four twenty nine has significantly higher lean mass after discontinuation of semaglutide if you compare the green line versus the blue line between days 35 and the end of the study. The lower graph shows the fat mass change during the study. Cessation of semaglutide treatment on day 35 leads to rapid rebound effect and fat mass regain as expected. Co treatment with SRK-four thirty nine led to attenuation of the fat mass regain following semaglutide withdrawal as you can see when comparing the blue line for semaglutide along alone and the green line for SRK-four thirty nine for treatment. Speaker 300:25:38Next This slide shows the favorable body composition in the SRK439 treated animals versus controls upon semaglutide withdrawal at the end of the study. In the graph on the left, animals treated with SRK-four thirty nine had higher proportion of lean mass after cessation of semaglutide treatment as you can see in the green bar versus the blue bar. In addition, if you look on the graph on the right that measures fat mass, mice treated with SRK439 in the green bar had significantly lower regain in the fat mass percentage versus IgG control in the blue bar. Hence, SRK-four thirty nine treatment led to a more favorable overall body composition at the end of the withdrawal period. This highlights the potential of SRK-four thirty nine in addressing a key challenge in the GLP-one induced weight loss by supporting a more durable weight management with a more favorable and healthier body composition. Speaker 300:26:31This is data we recently shared during our investor event in May where we highlighted the competitive profile of SRK-four thirty nine versus a non selective myosin approach of another model. This is a head to head study in the translational diet induced obesity mouse model and the graph is showing the percent change in lean mass upon semaglutide treatment. As expected, semaglutide led to significant reduction in lean mass as you can see in the blue bar on the left. ASKAK-four thirty nine treatment led to preservation of lean mass dose dependently and with doses as low as 0.3 mgs per kg as you can see in the bars in green. Muscle preservation was achieved at significantly lower doses than the antiactivin receptor antibody where we see lean mass preservation only at the highest dose tested of 20 mgkg as you can see in the bars in gray. Speaker 300:27:18It is worth noting that we see equivalent lean mass preservation at the 1 mgkg dose level of SRK-four thirty nine versus the 20 mgkg dose for the anti active receptor antibody. Treatment with SRK439 also was associated with enhancement of fat mass loss. This highlights the competitive profile of SRK439 with superb efficacy in preserving muscle mass and enhancing loss of fat mass while avoiding the potential liabilities of non selective approaches. This also supports a best in class subcutaneous profile for XAR-four thirty nine. Speaker 400:27:50Next slide. Speaker 300:27:53Finally, we're leveraging our expertise in myastan and the ability to develop anti myastan antibodies with exquisite selectivity to test our hypothesis and inform our obesity program. Since a particular map is already in the clinic, it allows us to test this hypothesis really quickly in a clinical setting through our EMBRACE proof of concept study. This will demonstrate that a selective anti myastin has the ability to preserve lean mass and influence metabolic parameters in the context of obesity during GLP-one induced spray loss. We announced during our Investor Day back in May that we initiated the trial ahead of schedule and the trial is enrolling well. So we now anticipate top line data in the Q2 of 2025. Speaker 300:28:34We will use our learnings from the EMBRACE trial to inform and potentially accelerate the development of SRK-four thirty nine, where we expect to file an IND in 2025. Now I'll hand it back to Jay. Speaker 100:28:46Well, thank you, Moe. So in closing, it is an exciting time for Scholar Rock. We have met or exceeded all of our goals to date, including conducting a PRIME pre submission meeting with EMA in preparation for our European submission for opidigramab, initiating Embrace, continuing to advance SRK-four thirty nine to IND and we're looking forward to the top line readout for Saphyr as our next important milestone as we continue to initiate key activities in preparation for commercialization. Overall, a great time for Scholar Rock. That concludes our formal presentation. Speaker 100:29:22Sandra, we'll now open the call up for questions. Operator00:29:26Thank We will now take the first question from the line of Michael Yee from Jefferies. Please go ahead. Speaker 500:29:51Hello, good morning. Thank you guys for the update. We had two questions. First, obviously, you are reading out in SMA, the pivotal study and some others are also reading out all around the same time. I guess I just wanted to understand your view on one of the competitors Roche because I think their antibody is similar. Speaker 500:30:14And so I just wanted to understand if you have seen or believe there are any differences in that study design or readout, how to think about that as it relates to your readout also coming around the same time. And on the obesity side, I wanted to understand first, are you stratifying with tirzepatide and sema? Because I noticed you're offering both and those drugs do have different effects. And I want to know if you're stratifying and do you expect that your drug will completely eliminate the lean muscle loss and that is your base case for both of those drugs in your readout? Thank you. Speaker 300:30:53All right. Speaker 100:30:54So Michael, maybe I'll go ahead and tackle, this is Jay. I'll tackle the first question about the upcoming readouts. So clearly, we're excited to report out our top line in Q4. What we've seen is we follow our others in the space, Roche in particular, they continue to suggest that they're going to report out from their, I think, early phase of the study. So they're really establishing dose and effect, as opposed to reporting out their top line Phase 3 trial, which is ongoing. Speaker 100:31:25The most recent update that I'm aware of is that they're targeting somewhere in the 2026 or beyond phase. So I think it will be interesting to see their results, but clearly in a different place and to remind them they're studying only with risdiplam where we're agnostic to both nusinersen and risdiplam. And then with respect to EMBRACE, Jen can answer, but since I'm going to comment. No, we didn't stratify by semaglutide or tirzepatide in this proof of concept study. We're really interested in just seeing the effect on both. Speaker 100:31:56We think we should have an effect on both similar to our SMA program. We think we should be agnostic to treatment and we'll see. I think ultimately the amount of preservation for lean muscle will be interesting. I think what you saw from Moe is that the data presented at ADA were very impressive because it did show that we did actually maintain and preserve. And then of course we saw continued increase in lean muscle mass upon cessation. Speaker 100:32:19I think those results likely will be reproduced in clinic. But again, we're running the proof of concept to see. So looking forward to telling you the top line results. I'm glad we're going fast. The team is impressive, right? Speaker 100:32:32We've accelerated the enrollments and looking forward to reporting our top line for both. Speaker 500:32:39Thank you. Operator00:32:42Thank you. We will now take the next question from the line of David Nierengarten from Wedbush Securities. Please go ahead. Speaker 300:32:54Hey, thanks for taking the question. It's on epinephrine SMA. Just when you look at the longer term data, is there any effect that should be attributed to the children aging? Or are you confident in the differential still from the base case or from background therapy from the historical clinical studies? Thanks. Speaker 100:33:22Yes. Well, maybe I'll start, maybe if Jing wants to add about the historical data. It's really interesting, right? I think the beauty, David, as I see it with the apetigramab program is that given the safety and tolerability that this can be chronic treatment for children with SMA. And we think about the physiology for maintaining and enhancing muscle growth and function. Speaker 100:33:45It actually would be optimal to see that continue through growth and development of these children as they get into young adults and hopefully maintain their activity of daily living and in fact, if not improve it further. So I think that it's likely a combination. I think that the fact that we're continuing treatment is to the good. And again, what Jing said is very, very encouraging. I mean, we're very impressed as we continue to see the maintenance and sustained effect over time, particularly in light of the decline that you see with Nusinersen. Speaker 100:34:12I don't know, Jing, if you wanted to add to that. Speaker 200:34:15Yes. So I think that you covered most of it, Jay. So there are a couple of things to add. One is that mechanistically, I think, Jay pointed out this as well. Myostatin has there has been a large body literature that really speaks to the effect of the myostatin regulating muscle throughout life from early development all the way through adulthood. Speaker 200:34:35And so that has been well documented. And application of milestone has had no documented negative effects and that's true in animals and in human. So that's point number 1. Point number 2 is that the question I think Jay addressed this, there is probably a component of the development. However, what's really important is that the patient population that I showed you and Doctor. Speaker 200:35:02Finkel and colleagues presented are very similar patients. If you look at our the TOPAZ patients from the patient age, the sort of the duration of prior therapy and also type of patients enrolled in baseline functional status, all of those things point out that these patients are very similar. So compared to what these patients are otherwise expected to do, we're very encouraged to see the continued benefit hold. Speaker 600:35:35Thanks. Operator00:35:38Thank you. We will now take the next question from the line of Etzer Darwut from BMO Capital Markets. Please go ahead. Speaker 600:35:49Great. Thanks for taking the question. Just a couple here. As we approach the top line Saphyr data, just wondered if you had any updated insights on sort of potential access or payer dynamics for the use of epedoglimab to standard of care or will you need data in hand, I guess, for more productive conversations? And then as you advance sort of SRK-three seventy three for fibrosis and you look sort of across your TGF beta portfolio as it grows, how are you sort of thinking about, continue to kind of develop these assets relative to kind of the focus on anti myostatin? Speaker 600:36:26Thanks. Speaker 100:36:28Yes, very good. So let me start with the top line and payer interaction. We've had preliminary payer interactions we've shared in previous calls and of course we continue to do that. I do think that there is the prior precedent set with current therapy. So I do think that gives us some insight into the value of functional gains in these children and the ability to add and enhance that. Speaker 100:36:47Of course, we'll continue with more payer interactions as we have the top line data. And as you point out, of course, that gives us a more rich and robust discussion. But I do feel from what I've seen so far very pleased with the preliminary interactions and the recognition that these children need additional care. And I think that is further reinforced by the updated data that we've seen from Cherish and SHINE. It's really interesting. Speaker 100:37:11We've talked a bit about what to expect from the natural history. We've been looking for sources to give us information around it. We've said repeatedly that we expected it to plateau the nusinersen effect. But we did believe everything we've heard and talked to from the community and physicians, there is an inherent progressive nature to this disease. And in fact, the long term data show that. Speaker 100:37:34So that's the kind of the evidence behind what we've been believing. And if you put that together with the data that we're sharing with COPAS, where we're able to maintain and sustain, I think that will translate well into the payer interaction. And then with respect to the pipeline and where to go next, I spent some time on this call talking about the pipeline. I've been here now going on 2 years. I love the pipeline. Speaker 100:37:57I love what Moe and team have done. And it's really finding the opportunity to really further advance. I think our strategic decisions to go into the anti myostatin spaces will prove to be very good as we see the upcoming SMA data and the obesity data, feel very good about that. The TGF beta-one data extraordinarily interesting to me. And I think when we started to highlight programs that I touched on, but really not spoke a lot about, I think we're coming into a phase of our growth as a company that we will have more and more opportunity to further invest behind the pipeline, what I believe really holds enormous promise and great value. Speaker 100:38:34So more to come as we go forward for the year. But again, to be clear to everyone listening, 1st and foremost, very focused company, very deliberately focusing on myostatin. And I'm really pleased with the team and their dedication to get us to the close to the readout for Saphyr. It's really very exciting. It's a very good time for us. Speaker 600:38:53Great. Thank you. Operator00:38:57Thank you. We will now take the next question from the line of Tess Romero from JPMorgan. Please go ahead. Speaker 700:39:09Good morning, Jay and team. Thanks so much for taking our question. So the first question from us is on the longer term data that you presented morning. Can you tell us a little bit more about the distribution of the inputs on the Hammersmith? And what might be driving that mean up from 36 to 48 months, particularly in the 2 to 12 age group? Speaker 700:39:32Just curious like how wide has that range of observations been and has this increased or decreased with time? And then the second question we had was just if you could let us know what percent of patients have seen at least a 3 point of improvement for the age 2 to 21 group? I think it was about 39% as of 36 months. And then, if I can just ask on timing for Saphyr, is there any clarification you can give us on time between last patient out, which I think would be in September and a possible top line result. Can you give us any kind of like what needs to be done in that timeframe? Speaker 700:40:13Thanks so much. Speaker 100:40:15Yes, Tessa. This is Jay. Maybe I'll tackle those. You have really good questions about the granularity around the updated 48 month data. And as Jing mentioned on the call, we have plans to really advance that and get that at a medical meeting where we can go with much more granularity about the details, the distribution, the percent that it achieved 3 point change. Speaker 100:40:37Just recall, when we were asked about 48 month data at the beginning of the year, we were planning, we know this is important data set, we were planning to do it, just not now. We were able to do it now, frankly, because the team has just been so incredibly driving toward getting us in good shape for Saphyr. I didn't want to distract them from the Saphyr data. That's critical to us. The 48 month data is really important, but on a priority list, Saphyr took priority. Speaker 100:41:07They're delivering beautifully, Tess. So that allowed us to update the 48 month data. So as Jing said, this is a bit of a snapshot. So more to come. We'll give you more detail as we get this in front of a medical meeting. Speaker 100:41:18And then that goes to your second part of the question, not to distract this team from where they're going and how to get there. The classic is we've got to clean and lock the database and be sure that the data meets all the quality checks that we have to for registration. So there's some established time frames in there. So I'm not going to give any more granularity on the timing in Q4, just to say this team is driving to get us there as quickly as possible with high quality to be able to allow us to really stand behind the integrity of the data. They've done a fabulous job to date. Speaker 100:41:53And I hope you get the energy from me on this call, right? These teams are really driving. We are driving. We are focused. We're delivering. Speaker 100:42:00So we'll get it as soon as we can, Tess, coming soon, as I said in my remarks. Speaker 700:42:06Okay. Thanks so much for taking our questions. Operator00:42:10Thank you. We will now take the next question from the line of Gary Nachman from Raymond James. Please go ahead. Speaker 800:42:20Thanks. Good morning. So the Saphyr Phase 3 study is only at the 12 months. But if positive, do you think the label could potentially include some of this longer term data from TOPAZ that's pretty compelling and really important for these SMA patients that could also help the case with the payers? And then secondly, just on obesity, if you'll have data from IMBRISE in the Q2 of next year, how soon will you be able to file the IND for 4/39? Speaker 800:42:53I'm assuming it's soon after, but what would the gating factor there be? Thank you. Speaker 100:43:00Yes. Good question. So let me start Gary with the first one about the long term data from TOPAZ. Clearly, we find these data of interest and like you, I think they're meaningful, for a variety of perspectives. From the regulatory perspective, you think about it, the safety and tolerability is essential and that will clearly contribute to our safety profile and expect to see that for the FDA and EMA looking for that data to help them with that benefit risk assessment. Speaker 100:43:30And we will do everything we can to optimize the opportunity for that to be in the for the regulatory review to support the application. Where we move to the payer piece, I think as you know in those interactions, publication data, the additional data that we have, that past sustained over time. My past experience in the payer interactions, that's a meaningful data point that patients continue to benefit. We'll definitely maximize that in those interactions. And then from the SRK439 program, again, these are in parallel. Speaker 100:44:13So Simone and his team are really driving toward the IND. We're doing the IND enabling talks work. So that is kind of maybe the gate to it till we get that done, but it's on track and on schedule. And as we shared at the beginning of our discussion and our journey into the obesity space, we're targeting sometime mid year next year. So they'll be pretty concurrent, although with the speed with which the EMbrace team has enrolled, it's likely we'll report those data out in advance. Speaker 100:44:40It will certainly support the target in our strategy, which will be helpful and we'll include that in the IND interactions. Speaker 800:44:50All right, great. Thank you. Operator00:44:53Thank you. We will now take the next question from the line of Srikripa Devarackonda from Trust Securities. Please go ahead. Hey, guys. Thank you so much Speaker 900:45:09for taking my question. I know you just started enrolling for the obesity study with epinecramab. It looks like you're seeing better enrollment than expected. I was wondering if you can provide a little bit more color, if possible, on what sort of patients seem to be the target for this? And also, you're targeting the certain ratio between overweight and obese patients, does it matter? Speaker 900:45:37And given the just following up on an earlier question, the tirzepatide and semaglutide, they have slightly different profiles. So is there anything you took into account in terms of trial powering assumptions about the distribution between tirzepatide and semaglutide? Thank you. Speaker 100:45:56Yes, good question. So Kripa, this is Jay. Maybe I'll start with the trial design and then I'll have Jing add on to it and talk about sort of the patient population that's being included in the study. Again, this is a proof of concept study, so we really want to be able to kind of see an effect on that preservation of lean muscle mass. I think to your point, tirzepatide and semaglutide both have the effect. Speaker 100:46:19I think the speed with which you see that decline differs between the 2. And so there may be some difference in terms of when you can detect our ability to preserve that. But I think seeing the effect on either of those groups would be helpful. So we considered it, but we didn't really as the earlier question came from on the call, we didn't stratify by that for the study, but we believe that we'll be able to demonstrate the effect that we expect to see. And then Jing about the population that we've included in the EMBRACE study? Speaker 200:46:47Yes. So, Cryfab, we did not strive for a particular ratio for the overweight versus the obese population. Just importantly, the objective for the study is really to have a quick proof of concept, as I mentioned, really just to kind of assess the ability to preserve lean muscle in the context of GLP Agnist. And as to your second question about the ratio between the difference between semaglutide and tirzaptev, our view is to we do not think there's a fundamental difference between those 2. If you look at the degree of weight reduction, I think tirzapatide probably has a greater degree of weight reduction, but the overall safety profile are quite similar between the 2 and the proportion of the lean muscle loss in the context of COP1 are very similar between the 2, their ability to kind of reduce cardiovascular risk in both study have shown that. Speaker 200:47:45So in our view, it's basically it's more thinking about the pathway of those GLP agonism to lose weight, but then lose muscle along that and how do we counter that, so we can preserve lean muscle. That's really the primary objective and the trial is set up to do that. And so therefore, that's our focus. Speaker 900:48:07Okay, great. And then just one more follow-up question on that. So this is a proof of concept study. Your primary endpoint is changed from baseline in lemaz by DEXIScan. By the time you're ready to do a pivotal trial, do you expect any update or change in FDA guidance in terms of how to develop muscle preservation drugs? Speaker 900:48:29Or do you think you have all you need at this point of time? Speaker 100:48:34Yes. Kripa, this is Jay. I think the answer is going to be it's going to be an evolving field and I think FDA will begin to take into consideration the strategies to really have healthy weight loss management. Although as you know, I think regulatory change tends to be delayed. So whether we get greater insight as we go forward remains to be seen. Speaker 100:48:54Having said that, I feel very good about the information we've received to date from the FDA. I think we need to demonstrate clinical benefit in addition. And I think as we've you see from Moe and what really gets me excited is we're walking through what Moe and his team are doing on the non clinical data. I just ask you to take a look at that. It's starting to foreshadow where we could take this medicine, right? Speaker 100:49:18We have an effect on glucose metabolism. That's a clear measure of clinical benefit. The data at the ADA showed that we preserve the lean muscle. In fact, we maintain the lean muscle and in fact increase the lean muscle mass upon withdrawal of semaglutide and we mitigate the weight rebound, the fat rebound. So you're seeing opportunities where what we've been saying is sustainable. Speaker 100:49:44And I think we can find strategies there on the maintenance side or in combination to really position, I think, those trying to lose weight to not lose it at the expense of muscle, which plays such a critical role in metabolism. Speaker 900:49:58Great. Thank you so much. Operator00:50:01Thank you. We will now take the last question from the line of Marc Frahm from TD Cowen. Please go ahead. Speaker 400:50:12Thanks for taking my questions. A lot have already been answered. But maybe to follow-up on Mike's question right at the beginning. Just on these kind of differences between the molecules and the trial designs in SMA, do you guys view that those differences are so significant that they're very likely to lead to completely different outcomes for trials in terms of just outright failing to reach statistical significance or succeeding in other cases? Or do you think that these are likely to be just more subtle aspects of the overall kind of profile that you're able to market to that each company might be able to market to in terms of how big that efficacy signal really is and obviously the safety profile? Speaker 400:50:58And then I'll have a follow-up question after that. Speaker 100:51:04Yes. Okay. Sorry, Mark. This is Jay. Yes. Speaker 100:51:08So talking about the differences in the profiles of the programs, because I got a side distraction as you were answering the question. I want to make sure I got it correctly, in terms of what's expected to be seen from each of the different profiles? Yes. Speaker 400:51:23So let me just start. Is it significant enough that it's going to be very important to success failure? Or is it or do you view it as more subtle as to just how impressive the data is going to be? Speaker 100:51:35Yeah, it's really interesting. I mean, let's start 1st and foremost. Again, I made a comment about we're treating children and young adults and we have plans to move even into earlier ages under 2, right? So if you think about that, as everything we said about our strategy, safety really trumps. You've got to be able to have a safe therapy. Speaker 100:51:55You've got to be able to administer it. It's got to be able to be administered without regard for growth and development and we've been able to demonstrate that across. So safety is really paramount. I think that there is differences in terms of each of the strategies, but I like our strategy on the safety side. So let's start there. Speaker 100:52:13I think with respect to kind of what to see from the efficacy side, again, I think we've selected the Hammersmith scale for a reason. It was what's used for nusinersen. There are other motor scales, but quite honestly from the field, I believe this is the gold standard and we're really looking forward to reporting out our data against that gold standard measures. So I think that's important. I think the tolerability, which is linked back to safety, but the tolerability will be critical as I think about it from a payer interaction and our ability to commercialize. Speaker 100:52:47We have seen very little, if any drop from our TOPAZ data going forward. That really is impressive. I recall from a previous setting that I was in and the CEO at the time would make a comment that he doesn't know what the median duration of treatment is because patients are still on. So if you just think about the implication to that, I think we're really doing well. I'm not sure that's true across the other programs, we'll see. Speaker 100:53:15But I like where we're going. And then the final point is, I do like that we're agnostic to treatment. I think that is really important. This is an established market with several players. We have an opportunity as you'll see going forward to really show this in the background of gene therapy, not just SMN up regulating therapy. Speaker 100:53:35I think that is a really good place to play because we're neutral in terms of the choice and I think that maximizes our opportunity to go forward. So all of those things together, I feel really good about where we are. And frankly, like you, looking forward to being able to tell you the top line results. Speaker 400:53:54Okay. That's helpful. And then just obviously, we're hoping that the trial will be positive. Can you just remind us what else you may need to gather to be ready to file that BLA? Is it really just the data and writing it up? Speaker 400:54:08Or are there other things on the CMC side that still need to kind of come in house? Speaker 100:54:14Yes. As you know with most applications, this is a work in progress. The beauty of it is, is that we've been preparing the BLA over the last 12 to 18 months to be honest, right. There are sections that you can complete and do. The non clinical sections that work is done. Speaker 100:54:28Those reports are written. They're being included. The CMC team is doing their CMC work and PPQ runs and getting all that stuff. So that's running beautifully. And then the clinical team is really working to populate the modules. Speaker 100:54:42There are some things that we will incorporate the TOPAZ data as it was raised earlier by Gary. Definitely, we're going to include that in our application, but that data as well as evolving, we have enough to put in there. So all of that is coming together beautifully. We were pleased and very fortunate to have a really outstanding Head of Regulatory come in and he's just done a fabulous job of getting us ready for submission. So Jing and team are flying, Moe's team is hustling and the rest of us are trying to keep up with them, Mark. Speaker 300:55:13Okay. All right. Thank you. Operator00:55:17Thank you. There are no further questions at this time. Speaker 100:55:22Okay. Well, listen, thank you all. We're going to close the call. Thanks for your interest and I appreciate you joining us today.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallScholar Rock Q2 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) Scholar Rock Earnings HeadlinesScholar Rock: Apitegromab Approval And Obesity Shot Make For Rating UpgradeApril 17 at 1:12 PM | seekingalpha.comScholar Rock Holding Co. (NASDAQ:SRRK) Receives $42.67 Average Target Price from BrokeragesApril 10, 2025 | americanbankingnews.comNow that Trump’s be inaugurated, this day will be key (mark your calendar)Mark your calendar for May 7th. Because on that day, I believe we could see a $2 Trillion shock INTO the market… Unleashing more explosive moves than ever before.April 20, 2025 | Timothy Sykes (Ad)Scholar Rock Announces FDA Priority Review Designation For Apitegromab - Quick FactsMarch 27, 2025 | nasdaq.comFDA accepts Scholar Rock BLA for apitegromab under priority review to treat SMAMarch 27, 2025 | markets.businessinsider.comTD Cowen Reaffirms Their Buy Rating on Scholar Rock Holding (SRRK)March 17, 2025 | markets.businessinsider.comSee More Scholar Rock Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Scholar Rock? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Scholar Rock and other key companies, straight to your email. Email Address About Scholar RockScholar Rock (NASDAQ:SRRK), a biopharmaceutical company, focuses on the discovery, development, and delivery of medicines for the treatment of serious diseases in which signaling by protein growth factors plays a fundamental role. The company develops Apitegromab, an inhibitor of the activation of myostatin that is in Phase 3 clinical trial for the treatment of spinal muscular atrophy; and SRK-181, which has completed Phase 1 clinical trials for the treatment of cancers that are resistant to checkpoint inhibitor therapies, such as anti-PD-1 or anti-PD-L1 antibody therapies. It is developing a pipeline of product candidates to deliver novel therapies to treat a range of serious diseases, including neuromuscular disorders, cardiometabolic disorders, cancer, fibrosis, and iron-restricted anemia. Scholar Rock Holding Corporation was founded in 2012 and is headquartered in Cambridge, Massachusetts.View Scholar Rock ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Archer Aviation Unveils NYC Network Ahead of Key Earnings Report3 Reasons to Like the Look of Amazon Ahead of EarningsTesla Stock Eyes Breakout With Earnings on DeckJohnson & Johnson Earnings Were More Good Than Bad—Time to Buy? 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There are 10 speakers on the call. Operator00:00:00Good morning, and welcome to Scholar's Rock Second Quarter Financial Results and Business Update Call. All participants will be in listen only mode. After the company's prepared remarks, call participants will have an opportunity to ask Please note this event is being recorded. Before we begin, I'd like to point out that we will be marking various statements about Scholar Rock's expectations, plans and prospects that constitute forward looking statements for the purpose of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Any forward looking statements represent our views only as of today and should not be relied upon as representing our views as of any year to date. Operator00:00:55I encourage you to go to the Investors and Media section of our website to find our most up to date SEC statements and filings. A recording of today's event will also be available on our website should you want to rewatch at a later date. I would now like to turn the conference over to Jay Backstrom, President and CEO of Scholar Rock. Jay, please go ahead. Speaker 100:01:20Thank you, Sandra. Good morning, and welcome to our Scholar Rock's Q2 2024 Business Update. On behalf of our team, I'd like to thank you for joining our call. Turning to slide 4, the focus of today's call is to highlight our exciting progress in 2024. After my introductory remarks, Jing Marantz, our Chief Medical Officer, will provide an update on our development programs, including a review of the 48 month data from TOPAZ, our apitikramab Phase 2 proof of concept study, followed by Moe Katanani, our Chief Scientific Officer, who will review the progress with our SRK439 program in obesity. Speaker 100:01:58I'll close with a summary of upcoming milestones and then open the call up for questions. Moving to slide 5. We've made terrific progress over the first half of twenty twenty four and we're on track to achieve all of our key milestones on time or ahead of schedule. The progress with our SMA program has allowed us to continue to advance toward commercialization, a goal that is coming closer into view for our lead product apidigramab as we remain on track to report the top line results for Saphyr, our Phase 3 registration study in Q4. Thanks to the focus and dedication of our study team and the incredible support from our investigators, their clinical study teams and the families participating in Saphyr, we are now only a few months away. Speaker 100:02:45At Scholar Rock, selectivity was foundational to our approach in designing opidigramab and is the hallmark of our differentiated platform. Our research team has been incredibly productive and has delivered and continues to deliver a portfolio of potential medicines that are highly differentiated and with best in class potential. We focused our industry leading anti myostatin programs in areas where we believe we can make substantial advances in care, creating new possibilities for those living with SMA and with obesity, high value therapeutic areas that provide unique opportunities to fuel our growth. It is an exciting time at Scholar Rock. We are at a point in our trajectory where the next 12 to 24 months will be transformative. Speaker 100:03:31Turning to Slide 6, as a reminder, the scientific foundation for our company was based on deep structural insights that allow us to harness the therapeutic potential of the TGF beta superfamily of growth factors by hitting the right target at the right time, avoiding unwanted toxicities and potentially maximizing efficacy. As shown on Slide 7, we've applied this highly selective approach and produced a robust pipeline of innovative and differentiated products. Starting with our anti myostatin programs, Scholar Rock was instrumental in bringing myostatin back into the forefront as a therapeutic target. With apitigramab and SMA, we've reestablished myostatin as a neuromuscular target and our emerging data with SRK-four thirty nine suggest the best in class potential to address the muscle loss associated with GLP-one receptor agonist treatment leading to sustainable healthy weight management in obesity. For our TGF-eight zero one programs with SRK-one hundred and eighty one in immuno oncology, we have pierced the immunosuppressive armor to overcome checkpoint inhibitor resistance. Speaker 100:04:40And for our latent TGF beta-one selective monoclonal antibody for fibrosis, now referred to as SRK-three seventy three, we applied our deep structural insights and antibody engineering expertise to solve a riddle that has not been done before. SRK-three seventy three is the 1st monoclonal antibody designed to uncouple the pro inflammatory from the pro fibrotic effects of TGF beta-one with the potential to be best in class in indications such as IPF or TGF beta-one and inflammation are key drivers for the disease. As further evidence of our capabilities, we have an elegant monoclonal antibody blocking RGMC, a validated target for unrestricted anemia, and we are excited to advance another neuromuscular program to development candidate from our internal research as we embark on our next wave of innovation. Moving to Slide 8. We have been disciplined and focused in our efforts to advance the pipeline to key developmental milestones across all of the therapeutic areas. Speaker 100:05:41Starting with neuromuscular disorders for our lead program opidigramab, the upcoming readout for Saphyr is just around the corner and we look forward to reporting out the top line results in Q4. SAPPHIRE was designed to meet regulatory requirements for approval and to demonstrate both the statistically significant and clinically meaningful difference in the primary endpoint of mean change from baseline in the Hammersmith score at 12 months compared to placebo with the ability to capture at least a 2 point difference. Saphyr was optimized for clinical success based on the TOPAZ Phase 2 proof of concept study and we're excited to share the TOPAZ 48 month data on today's call. As you will hear from Jing in more detail, the updated TOPAZ data continue to impress, demonstrating sustained clinical benefit through 48 months. The sustained benefit over 48 months is particularly noteworthy when considering the long term results of nusinersen treated patients from the Cherry SHINE study recently presented by Finkel and colleagues at Cure SMA where the initial functional gains seen with nusinersion show a decline over time highlighting the progressive nature of the disease and the need for additional treatment options such as apitigramab, a muscle directed therapy. Speaker 100:06:56In addition to the sustained functional improvement, the updated data continued to reinforce the safety and tolerability of apitigramab with over 90% remaining on treatment and no new safety findings. Taking together, the 48 month data further reinforce our confidence in the Saphyr study and the potential for apitikramab to improve the lives of those living with SMA. A successful SMAHIR study will allow apitigramab to serve as the foundation for building a neuromuscular franchise and we are planning to extend our efforts in estimated children under 2 as well as expanding into other neuromuscular indications. For our cardiometabolic programs, we believe our highly selective approach to blocking the pro and latent forms of myostatin can meaningfully contribute to healthy weight loss management. We formally announced our entry into the cardiometabolic area less than 10 months ago and we've wasted no time in moving our programs forward. Speaker 100:07:53Starting with EMBRISE, our randomized Phase 2 proof of concept study in obesity, assessing apitigramab in combination with a GLP-one agonist, it is ahead of schedule and we are now positioned to complete enrollment in early Q4 and have updated our guidance for the top line results to Q2 2025. As you'll hear from Moe, the non clinical data generated to date with SRK439, our novel anti myostatin, continues to support a potential best in class approach for preserving muscle mass leading to healthy weight loss management. The data presented at ADA add to the body of evidence demonstrating an increase in lean mass and reduced fat mass regain with SRK439 following withdrawal of the GLP-one receptor agonist. For our TGF beta-one programs with SRK-one hundred and eighty one in immuno oncology, we've demonstrated proof of concept and proof of mechanism in overcoming checkpoint inhibitor resistance. And we look forward to discussing the next steps with FDA at our end of Phase 1 meeting. Speaker 100:08:52For SRK-three seventy three, our selective latent TGF beta monoclonal antibody for fibrosis, we are excited about the best in class potential in indications such as IPF where TGF beta-one and inflammation are key drivers for disease and we look forward to advancing the program to IND. The strength of our platform affords us the opportunity to consider these high value opportunities and to thoughtfully grow and advance our pipeline. It is exciting to see what has become possible given our insights into targeting the TGF beta superfamily of growth factors. Turning to Slide 9. As external validation of our innovation, our cutting edge research is increasingly being recognized by the global scientific community. Speaker 100:09:38In the last 2 months alone, our data have been featured at the annual conferences for the American Society of Clinical Oncology and the American Diabetes Association. And most recently, our unique selective latent anti TGF beta-one monoclonal antibody SRK-three seventy three was featured in Science Signaling as further proof of our structural insights leading to potential best in class therapies. As shown in slide 10, we have delivered on all of our key milestones to date and are looking forward to our next major milestone, the top line results for Saphyr in Q4, a very exciting time at Scholar Rock. And with that, I'm pleased to turn the call over to our Chief Medical Officer, Jing Marantz, who will provide an update on our development programs, followed by our Chief Scientific Officer, Mogh Khatsanani, who will walk us through an update from our research team. Jane? Speaker 200:10:30Thank you, Jay. If we can turn to Slide 12, Molly. We have 3 programs in the clinic. In June, as Jay mentioned, we have updated clinical data on our 1 hundred and eighty one programs that was featured at an oral session at ASCO. On today's call, I'll focus on the progress of our SMA program, including an update on the 48 months data from Topaz and the EMBRADE study in obesity. Speaker 200:10:57To start on the left, we have a differentiated approach of selective muscle targeting based on deep insights of how skeletal muscle is regulated. Translating this into the clinic, we saw from the TOPAZ trial substantial and durable benefit across broad SMA patients. Leveraging the learnings from TOPAZ, our pivotal study is designed for clinical success. Lastly and importantly, with over 200 patient years of exposure, the safety profile to date has been favorable with over 90% of our patients with non ambulatory SMA remaining on study, both of these observations support the potential for long term use. Turning to Slide 13. Speaker 200:11:42Before I share the updated data, it's helpful to take a look at the natural trajectory of patients treated with SMN targeted therapy. As Shay mentioned at recent Cures May meeting in June, Doctor. Finkel and colleagues presented the long term outcomes data from the CHERISH SHINE study, which enrolled SMA patients treated with nusinersen. The orange lines represent the trajectory of patients initially randomized to nusinersen. As clear from these graphs, motor function as measured by Hemrismus improved initially. Speaker 200:12:18After 1 to 2 years, Hemrismus started to plateau and over time it started to decline. The solid orange line on top represents the subgroup of patients who did not have any scoliosis surgery, whereas the dotted orange line represents those who underwent scoliosis surgery during the study. Scoliosis is an abnormal and progressive curvature of the spine that's part of the SMA disease pathology. The condition is commonly managed with surgery. Scoliosis surgery is well known to be a confounding factor that impacts the motor functioning assessments. Speaker 200:12:58Therefore, it's not at all surprising for you to see that the hemosmas declined faster for those patients with scoliosis surgery. For this reason, we'll focus on our discussion on data for those without scoliosis surgery. To put things in context, patients enrolled in our TOPAZ study had on average 2 years of prior nusinersen treatment. That's well into the interval where the Hemmer Smith score is expected to plateau or decline. The blue shaded area highlights the relative period of new snorkeling exposure similar to that of TOPAZ patients. Speaker 200:13:36Focusing on this solid orange line within this period over the course of 4 years for patients without scoliosis surgery, the Hammersmith score declined greater than 1 point. The key point here is that despite treatment with a highly effective therapy, the natural trajectory of these patients is that of progressive decline after the initial increase. So turning to Slide 14. It is in this context I'd like to provide a preview of the updated motor function data from the TOPAZ trial at 48 months. Similar to how we previously shared our 24 months 36 months data, these bar graphs represent the motor function outcomes measured by Hemosmith for the pooled non ambulatory SMA patients ages 2 to 21 on the left and the 2 to 12 subset on the right. Speaker 200:14:32Hemmersmith is a validated scale designed specifically for SMA that measures the gross motor function. As mentioned before, scoliosisurgery is a known confounding factor. Assessments for the surgery after the surgery are censored in our analysis. You can see from these graphs that Hemresenus continues to improve. The increase that we see at 6 12 months was maintained over the course of 48 months. Speaker 200:15:00Knowing that the motor function of these patients would otherwise decline at this point of their treatment journey, It is reassuring to see that the motor function benefit that we saw earlier was sustained over the course of 48 months. Turning to the next slide, similar trend was observed for rum, which focuses more on the upper limb function. The improvement in rum seen at 6 12 months continued to strengthen over time and was maintained over 48 months, both in the 2 to 21 group and in the 2 to 12 subset. For patients who are non ambulatory, continued improvement in their upper lung function is particularly important as it represents their ability to perform activities of daily living, such as their ability to lift a cup or pushing a button. Turning to Slide 16. Speaker 200:15:54So taken together, the updated TOPAZ data with sustained clinical benefit, consistency of findings and favorable safety profile with low discontinuation rate reinforces our belief that apidiglimab has the potential to provide substantial benefit to patients with SMA by directly addressing the underlying muscle pathology. We plan to share additional detail at future medical meetings. Turning to Slide 17. Go to the learnings of COPAZ, our pivotal SAFIRE study was designed for clinical success. Here you can see the study schematic to highlight just a few key points. Speaker 200:16:35The main efficacy population for Saphyr reflects the population in TOPAZ that showed transformative potential. The primary endpoint is Hemosimus at 12 months, the same as TOPAZ, and the 20 mg dose was chosen based on sustained target engagement and clinical benefits observed from TOPAZ. The trial is designed to demonstrate both statistically and clinically meaningful difference with the ability to capture at least 2 point difference on Hemrismet versus placebo. Importantly, we have been able to engage with both the FDA and EMA and align with them on key aspects of the ZEDU design. This design balances the objective to optimize for clinical success with our effort to be broadly representative of the patient population we're trying to serve. Speaker 200:17:25Knowing the natural trajectory of the SMA patients instead of progressive decline over time despite the initial improvement seen with SMN therapy, we're encouraged to see that clinical benefit from TOPAZ continues to hold. So taken together, we're optimistic about our goal to bring this potential medicine to patients. Now turning to our cardiometabolic clinical program on Slide 18. Obesity is recognized as a significant unmet need. The rapid adoption of semaglutide and trezapatide has brought about profound benefit to patients with obesity. Speaker 200:18:05A key issue that has risen is the significant loss of lean muscle mass associated with its use. Aside from day to day physical function, muscle plays an important role in energy metabolism and glucose homeostasis. And therefore, maintaining appropriate levels of lean muscle is essential to healthy living. As a company with deep expertise in muscle, we're uniquely positioned to address this unmet need. To that end, I'm incredibly proud of our team that worked hard to enable us to initiate the EMBRACE study ahead of schedule. Speaker 200:18:39We're seeing great momentum in our enrollment and now expect to report top line in Q2 of next year. The primary objective of the study is to demonstrate the effect of a selective MylanStat inhibitor to preserve lean muscle in the setting of obesity. We also want to confirm that the safety and tolerability profile in the obese population remains favorable, thus supportive of long term use. And lastly, we're interested in understanding the potential effect across a number of exploratory endpoints, including the effect on metabolic profile and physical function. So to conclude, the study schematic is shown here. Speaker 200:19:22Overweight or obese patients are randomized 1 to 1 to either the combination of apetigumab plus a GLP agonist or the combination of placebo and a GLP agonist. Treatment duration for the combination is 24 weeks. The primary endpoint is lean muscle mass change from baseline by DEXA scan at 24 weeks. Secondary endpoints include safety and tolerability, PKPD and other weight loss parameters. Exploratory endpoints on metabolic profile and physical function are also included. Speaker 200:19:57The study includes an additional assessment at 32 weeks, so we can get a preliminary read of the durability of effect. In other words, the potential effect to attenuate rebound weight gain. With this, I'm delighted to introduce Moe, our Chief Scientific Officer to show you the exciting science behind our differentiated approach. Speaker 300:20:20Thank you, Jing and good morning everyone. Next slide please. I'm going to start with this slide that emphasizes the points made by Jay and Jing earlier. We have a highly differentiated platform that is producing innovative and very selective candidates. Combined with our translational expertise, focus and passion, we have translated these innovations to success in the clinic across many therapeutic areas to benefit our patients. Speaker 300:20:45First, we developed a particular map, our selective antelain myostatin for SMA, proved its efficacy in translational mouse model, took it to the clinic and as you heard earlier, we have very promising data from our TOPAZ trial in SMA patients where we saw substantial and sustained improvement in motor function over 48 months with superb safety profile and we look forward to seeing our Phase 3 SAFIRE trial data in Q4. 2nd, we developed SRK-one hundred and eighty one, our selective anti LATE NGF beta-one antibody to overcome primary resistance to checkpoint inhibitors in patients with advanced solid tumors. We have shown its efficacy in multiple preclinical translational models, took it to the clinic where we showed promising efficacy across multiple tumor types in our Phase 1b DRAGEN trial as was highlighted in our recent oral presentation at ASCO. Moving to SRK-four thirty nine, our selective anti latent myosin antibody that is designed for obesity. We showed its ability to preserve muscle mass and improve the metabolic profile during GLP-one induced weight loss in multiple studies in translational obese mouse models. Speaker 300:21:54We will be highlighting data that we recently shared in an oral presentation at the American Diabetes Association on this call, we look forward to filing an IND in 2025 and advancing it to the clinic. Finally, we developed SRK-three seventy three, our selective highly differentiated anti LATE TGF-eight zero one antibody that has the added selectivity of inhibiting TGF-eight zero one only when presented in the matrix of tissues, but not immune cells. Given this unique mechanism, a potential efficacy and safety advantage in fibrotic diseases. We showed efficacy of this molecule in multiple translational fibrotic disease models, including lung, renal and liver fibrosis. This was recently highlighted in the publication featured on the cover of Sign Signaling and we look forward to filing an IND in 2026 and testing this unique and differentiated mechanism in the clinic. Speaker 300:22:44Slide 22. Focusing on SRK-four thirty nine, we have strong scientific validation and preclinical evidence that gives us confidence and its potential to drive healthier weight management during GLP-one induced weight loss. We have shown preclinically in a translational obesity mouse model that SRK439 leads to preservation of lean mass during GLP-one induced weight loss, solving one of the biggest challenges in this area. This was also accompanied by improvements in metabolic profile, namely an additional 20% reduction in blood glucose levels on top of the reduction seen with GLP-one treatment alone. That data was shared at the Keystone meeting earlier this year. Speaker 300:23:24We also showed preclinically that treatment with SRK-four thirty nine leads to an increase in lean mass and attenuation of fat mass regain following GLP-one withdrawal leading to improved body composition. This addresses another key challenge of GLP-one receptor treatment, namely the durability of effects after treatment cessation. We will highlight some of that data today. Finally, in a preclinical head to head study in the same diet induced obesity model, we showed that SRK439 is superior to the non selective antiactivin receptor antibody that is currently being tested in the clinic. As highlighted earlier, muscle is critical for overall health and the ability of ASRK-four thirty nine to preserve muscle during weight loss highlights the potential it can play in driving healthier weight management and better outcomes in obese patient population. Speaker 300:24:11Next slide. In addition to loss of lean mass during weight loss, another key challenge of incretin or GLP-one induced weight loss is that durability of effect and the loss of benefits upon cessation of treatment. This slide highlights the ability of ASRK-four twenty nine to address this challenge in translational obesity mouse model. The graph on the upper left shows lean mass in different treatment groups during semaglutide induced weight loss or upon semaglutide withdrawal. As you can see in the blue bar, semaglutide treatment led to considerable lean mass loss during the treatment phase of 35 days as expected. Speaker 300:24:50Co treatment with SRK439 led to the preservation of the lean mass during the semaglutide treatment phase as you can see in the green line. In addition, animals treated with SRK-four twenty nine has significantly higher lean mass after discontinuation of semaglutide if you compare the green line versus the blue line between days 35 and the end of the study. The lower graph shows the fat mass change during the study. Cessation of semaglutide treatment on day 35 leads to rapid rebound effect and fat mass regain as expected. Co treatment with SRK-four thirty nine led to attenuation of the fat mass regain following semaglutide withdrawal as you can see when comparing the blue line for semaglutide along alone and the green line for SRK-four thirty nine for treatment. Speaker 300:25:38Next This slide shows the favorable body composition in the SRK439 treated animals versus controls upon semaglutide withdrawal at the end of the study. In the graph on the left, animals treated with SRK-four thirty nine had higher proportion of lean mass after cessation of semaglutide treatment as you can see in the green bar versus the blue bar. In addition, if you look on the graph on the right that measures fat mass, mice treated with SRK439 in the green bar had significantly lower regain in the fat mass percentage versus IgG control in the blue bar. Hence, SRK-four thirty nine treatment led to a more favorable overall body composition at the end of the withdrawal period. This highlights the potential of SRK-four thirty nine in addressing a key challenge in the GLP-one induced weight loss by supporting a more durable weight management with a more favorable and healthier body composition. Speaker 300:26:31This is data we recently shared during our investor event in May where we highlighted the competitive profile of SRK-four thirty nine versus a non selective myosin approach of another model. This is a head to head study in the translational diet induced obesity mouse model and the graph is showing the percent change in lean mass upon semaglutide treatment. As expected, semaglutide led to significant reduction in lean mass as you can see in the blue bar on the left. ASKAK-four thirty nine treatment led to preservation of lean mass dose dependently and with doses as low as 0.3 mgs per kg as you can see in the bars in green. Muscle preservation was achieved at significantly lower doses than the antiactivin receptor antibody where we see lean mass preservation only at the highest dose tested of 20 mgkg as you can see in the bars in gray. Speaker 300:27:18It is worth noting that we see equivalent lean mass preservation at the 1 mgkg dose level of SRK-four thirty nine versus the 20 mgkg dose for the anti active receptor antibody. Treatment with SRK439 also was associated with enhancement of fat mass loss. This highlights the competitive profile of SRK439 with superb efficacy in preserving muscle mass and enhancing loss of fat mass while avoiding the potential liabilities of non selective approaches. This also supports a best in class subcutaneous profile for XAR-four thirty nine. Speaker 400:27:50Next slide. Speaker 300:27:53Finally, we're leveraging our expertise in myastan and the ability to develop anti myastan antibodies with exquisite selectivity to test our hypothesis and inform our obesity program. Since a particular map is already in the clinic, it allows us to test this hypothesis really quickly in a clinical setting through our EMBRACE proof of concept study. This will demonstrate that a selective anti myastin has the ability to preserve lean mass and influence metabolic parameters in the context of obesity during GLP-one induced spray loss. We announced during our Investor Day back in May that we initiated the trial ahead of schedule and the trial is enrolling well. So we now anticipate top line data in the Q2 of 2025. Speaker 300:28:34We will use our learnings from the EMBRACE trial to inform and potentially accelerate the development of SRK-four thirty nine, where we expect to file an IND in 2025. Now I'll hand it back to Jay. Speaker 100:28:46Well, thank you, Moe. So in closing, it is an exciting time for Scholar Rock. We have met or exceeded all of our goals to date, including conducting a PRIME pre submission meeting with EMA in preparation for our European submission for opidigramab, initiating Embrace, continuing to advance SRK-four thirty nine to IND and we're looking forward to the top line readout for Saphyr as our next important milestone as we continue to initiate key activities in preparation for commercialization. Overall, a great time for Scholar Rock. That concludes our formal presentation. Speaker 100:29:22Sandra, we'll now open the call up for questions. Operator00:29:26Thank We will now take the first question from the line of Michael Yee from Jefferies. Please go ahead. Speaker 500:29:51Hello, good morning. Thank you guys for the update. We had two questions. First, obviously, you are reading out in SMA, the pivotal study and some others are also reading out all around the same time. I guess I just wanted to understand your view on one of the competitors Roche because I think their antibody is similar. Speaker 500:30:14And so I just wanted to understand if you have seen or believe there are any differences in that study design or readout, how to think about that as it relates to your readout also coming around the same time. And on the obesity side, I wanted to understand first, are you stratifying with tirzepatide and sema? Because I noticed you're offering both and those drugs do have different effects. And I want to know if you're stratifying and do you expect that your drug will completely eliminate the lean muscle loss and that is your base case for both of those drugs in your readout? Thank you. Speaker 300:30:53All right. Speaker 100:30:54So Michael, maybe I'll go ahead and tackle, this is Jay. I'll tackle the first question about the upcoming readouts. So clearly, we're excited to report out our top line in Q4. What we've seen is we follow our others in the space, Roche in particular, they continue to suggest that they're going to report out from their, I think, early phase of the study. So they're really establishing dose and effect, as opposed to reporting out their top line Phase 3 trial, which is ongoing. Speaker 100:31:25The most recent update that I'm aware of is that they're targeting somewhere in the 2026 or beyond phase. So I think it will be interesting to see their results, but clearly in a different place and to remind them they're studying only with risdiplam where we're agnostic to both nusinersen and risdiplam. And then with respect to EMBRACE, Jen can answer, but since I'm going to comment. No, we didn't stratify by semaglutide or tirzepatide in this proof of concept study. We're really interested in just seeing the effect on both. Speaker 100:31:56We think we should have an effect on both similar to our SMA program. We think we should be agnostic to treatment and we'll see. I think ultimately the amount of preservation for lean muscle will be interesting. I think what you saw from Moe is that the data presented at ADA were very impressive because it did show that we did actually maintain and preserve. And then of course we saw continued increase in lean muscle mass upon cessation. Speaker 100:32:19I think those results likely will be reproduced in clinic. But again, we're running the proof of concept to see. So looking forward to telling you the top line results. I'm glad we're going fast. The team is impressive, right? Speaker 100:32:32We've accelerated the enrollments and looking forward to reporting our top line for both. Speaker 500:32:39Thank you. Operator00:32:42Thank you. We will now take the next question from the line of David Nierengarten from Wedbush Securities. Please go ahead. Speaker 300:32:54Hey, thanks for taking the question. It's on epinephrine SMA. Just when you look at the longer term data, is there any effect that should be attributed to the children aging? Or are you confident in the differential still from the base case or from background therapy from the historical clinical studies? Thanks. Speaker 100:33:22Yes. Well, maybe I'll start, maybe if Jing wants to add about the historical data. It's really interesting, right? I think the beauty, David, as I see it with the apetigramab program is that given the safety and tolerability that this can be chronic treatment for children with SMA. And we think about the physiology for maintaining and enhancing muscle growth and function. Speaker 100:33:45It actually would be optimal to see that continue through growth and development of these children as they get into young adults and hopefully maintain their activity of daily living and in fact, if not improve it further. So I think that it's likely a combination. I think that the fact that we're continuing treatment is to the good. And again, what Jing said is very, very encouraging. I mean, we're very impressed as we continue to see the maintenance and sustained effect over time, particularly in light of the decline that you see with Nusinersen. Speaker 100:34:12I don't know, Jing, if you wanted to add to that. Speaker 200:34:15Yes. So I think that you covered most of it, Jay. So there are a couple of things to add. One is that mechanistically, I think, Jay pointed out this as well. Myostatin has there has been a large body literature that really speaks to the effect of the myostatin regulating muscle throughout life from early development all the way through adulthood. Speaker 200:34:35And so that has been well documented. And application of milestone has had no documented negative effects and that's true in animals and in human. So that's point number 1. Point number 2 is that the question I think Jay addressed this, there is probably a component of the development. However, what's really important is that the patient population that I showed you and Doctor. Speaker 200:35:02Finkel and colleagues presented are very similar patients. If you look at our the TOPAZ patients from the patient age, the sort of the duration of prior therapy and also type of patients enrolled in baseline functional status, all of those things point out that these patients are very similar. So compared to what these patients are otherwise expected to do, we're very encouraged to see the continued benefit hold. Speaker 600:35:35Thanks. Operator00:35:38Thank you. We will now take the next question from the line of Etzer Darwut from BMO Capital Markets. Please go ahead. Speaker 600:35:49Great. Thanks for taking the question. Just a couple here. As we approach the top line Saphyr data, just wondered if you had any updated insights on sort of potential access or payer dynamics for the use of epedoglimab to standard of care or will you need data in hand, I guess, for more productive conversations? And then as you advance sort of SRK-three seventy three for fibrosis and you look sort of across your TGF beta portfolio as it grows, how are you sort of thinking about, continue to kind of develop these assets relative to kind of the focus on anti myostatin? Speaker 600:36:26Thanks. Speaker 100:36:28Yes, very good. So let me start with the top line and payer interaction. We've had preliminary payer interactions we've shared in previous calls and of course we continue to do that. I do think that there is the prior precedent set with current therapy. So I do think that gives us some insight into the value of functional gains in these children and the ability to add and enhance that. Speaker 100:36:47Of course, we'll continue with more payer interactions as we have the top line data. And as you point out, of course, that gives us a more rich and robust discussion. But I do feel from what I've seen so far very pleased with the preliminary interactions and the recognition that these children need additional care. And I think that is further reinforced by the updated data that we've seen from Cherish and SHINE. It's really interesting. Speaker 100:37:11We've talked a bit about what to expect from the natural history. We've been looking for sources to give us information around it. We've said repeatedly that we expected it to plateau the nusinersen effect. But we did believe everything we've heard and talked to from the community and physicians, there is an inherent progressive nature to this disease. And in fact, the long term data show that. Speaker 100:37:34So that's the kind of the evidence behind what we've been believing. And if you put that together with the data that we're sharing with COPAS, where we're able to maintain and sustain, I think that will translate well into the payer interaction. And then with respect to the pipeline and where to go next, I spent some time on this call talking about the pipeline. I've been here now going on 2 years. I love the pipeline. Speaker 100:37:57I love what Moe and team have done. And it's really finding the opportunity to really further advance. I think our strategic decisions to go into the anti myostatin spaces will prove to be very good as we see the upcoming SMA data and the obesity data, feel very good about that. The TGF beta-one data extraordinarily interesting to me. And I think when we started to highlight programs that I touched on, but really not spoke a lot about, I think we're coming into a phase of our growth as a company that we will have more and more opportunity to further invest behind the pipeline, what I believe really holds enormous promise and great value. Speaker 100:38:34So more to come as we go forward for the year. But again, to be clear to everyone listening, 1st and foremost, very focused company, very deliberately focusing on myostatin. And I'm really pleased with the team and their dedication to get us to the close to the readout for Saphyr. It's really very exciting. It's a very good time for us. Speaker 600:38:53Great. Thank you. Operator00:38:57Thank you. We will now take the next question from the line of Tess Romero from JPMorgan. Please go ahead. Speaker 700:39:09Good morning, Jay and team. Thanks so much for taking our question. So the first question from us is on the longer term data that you presented morning. Can you tell us a little bit more about the distribution of the inputs on the Hammersmith? And what might be driving that mean up from 36 to 48 months, particularly in the 2 to 12 age group? Speaker 700:39:32Just curious like how wide has that range of observations been and has this increased or decreased with time? And then the second question we had was just if you could let us know what percent of patients have seen at least a 3 point of improvement for the age 2 to 21 group? I think it was about 39% as of 36 months. And then, if I can just ask on timing for Saphyr, is there any clarification you can give us on time between last patient out, which I think would be in September and a possible top line result. Can you give us any kind of like what needs to be done in that timeframe? Speaker 700:40:13Thanks so much. Speaker 100:40:15Yes, Tessa. This is Jay. Maybe I'll tackle those. You have really good questions about the granularity around the updated 48 month data. And as Jing mentioned on the call, we have plans to really advance that and get that at a medical meeting where we can go with much more granularity about the details, the distribution, the percent that it achieved 3 point change. Speaker 100:40:37Just recall, when we were asked about 48 month data at the beginning of the year, we were planning, we know this is important data set, we were planning to do it, just not now. We were able to do it now, frankly, because the team has just been so incredibly driving toward getting us in good shape for Saphyr. I didn't want to distract them from the Saphyr data. That's critical to us. The 48 month data is really important, but on a priority list, Saphyr took priority. Speaker 100:41:07They're delivering beautifully, Tess. So that allowed us to update the 48 month data. So as Jing said, this is a bit of a snapshot. So more to come. We'll give you more detail as we get this in front of a medical meeting. Speaker 100:41:18And then that goes to your second part of the question, not to distract this team from where they're going and how to get there. The classic is we've got to clean and lock the database and be sure that the data meets all the quality checks that we have to for registration. So there's some established time frames in there. So I'm not going to give any more granularity on the timing in Q4, just to say this team is driving to get us there as quickly as possible with high quality to be able to allow us to really stand behind the integrity of the data. They've done a fabulous job to date. Speaker 100:41:53And I hope you get the energy from me on this call, right? These teams are really driving. We are driving. We are focused. We're delivering. Speaker 100:42:00So we'll get it as soon as we can, Tess, coming soon, as I said in my remarks. Speaker 700:42:06Okay. Thanks so much for taking our questions. Operator00:42:10Thank you. We will now take the next question from the line of Gary Nachman from Raymond James. Please go ahead. Speaker 800:42:20Thanks. Good morning. So the Saphyr Phase 3 study is only at the 12 months. But if positive, do you think the label could potentially include some of this longer term data from TOPAZ that's pretty compelling and really important for these SMA patients that could also help the case with the payers? And then secondly, just on obesity, if you'll have data from IMBRISE in the Q2 of next year, how soon will you be able to file the IND for 4/39? Speaker 800:42:53I'm assuming it's soon after, but what would the gating factor there be? Thank you. Speaker 100:43:00Yes. Good question. So let me start Gary with the first one about the long term data from TOPAZ. Clearly, we find these data of interest and like you, I think they're meaningful, for a variety of perspectives. From the regulatory perspective, you think about it, the safety and tolerability is essential and that will clearly contribute to our safety profile and expect to see that for the FDA and EMA looking for that data to help them with that benefit risk assessment. Speaker 100:43:30And we will do everything we can to optimize the opportunity for that to be in the for the regulatory review to support the application. Where we move to the payer piece, I think as you know in those interactions, publication data, the additional data that we have, that past sustained over time. My past experience in the payer interactions, that's a meaningful data point that patients continue to benefit. We'll definitely maximize that in those interactions. And then from the SRK439 program, again, these are in parallel. Speaker 100:44:13So Simone and his team are really driving toward the IND. We're doing the IND enabling talks work. So that is kind of maybe the gate to it till we get that done, but it's on track and on schedule. And as we shared at the beginning of our discussion and our journey into the obesity space, we're targeting sometime mid year next year. So they'll be pretty concurrent, although with the speed with which the EMbrace team has enrolled, it's likely we'll report those data out in advance. Speaker 100:44:40It will certainly support the target in our strategy, which will be helpful and we'll include that in the IND interactions. Speaker 800:44:50All right, great. Thank you. Operator00:44:53Thank you. We will now take the next question from the line of Srikripa Devarackonda from Trust Securities. Please go ahead. Hey, guys. Thank you so much Speaker 900:45:09for taking my question. I know you just started enrolling for the obesity study with epinecramab. It looks like you're seeing better enrollment than expected. I was wondering if you can provide a little bit more color, if possible, on what sort of patients seem to be the target for this? And also, you're targeting the certain ratio between overweight and obese patients, does it matter? Speaker 900:45:37And given the just following up on an earlier question, the tirzepatide and semaglutide, they have slightly different profiles. So is there anything you took into account in terms of trial powering assumptions about the distribution between tirzepatide and semaglutide? Thank you. Speaker 100:45:56Yes, good question. So Kripa, this is Jay. Maybe I'll start with the trial design and then I'll have Jing add on to it and talk about sort of the patient population that's being included in the study. Again, this is a proof of concept study, so we really want to be able to kind of see an effect on that preservation of lean muscle mass. I think to your point, tirzepatide and semaglutide both have the effect. Speaker 100:46:19I think the speed with which you see that decline differs between the 2. And so there may be some difference in terms of when you can detect our ability to preserve that. But I think seeing the effect on either of those groups would be helpful. So we considered it, but we didn't really as the earlier question came from on the call, we didn't stratify by that for the study, but we believe that we'll be able to demonstrate the effect that we expect to see. And then Jing about the population that we've included in the EMBRACE study? Speaker 200:46:47Yes. So, Cryfab, we did not strive for a particular ratio for the overweight versus the obese population. Just importantly, the objective for the study is really to have a quick proof of concept, as I mentioned, really just to kind of assess the ability to preserve lean muscle in the context of GLP Agnist. And as to your second question about the ratio between the difference between semaglutide and tirzaptev, our view is to we do not think there's a fundamental difference between those 2. If you look at the degree of weight reduction, I think tirzapatide probably has a greater degree of weight reduction, but the overall safety profile are quite similar between the 2 and the proportion of the lean muscle loss in the context of COP1 are very similar between the 2, their ability to kind of reduce cardiovascular risk in both study have shown that. Speaker 200:47:45So in our view, it's basically it's more thinking about the pathway of those GLP agonism to lose weight, but then lose muscle along that and how do we counter that, so we can preserve lean muscle. That's really the primary objective and the trial is set up to do that. And so therefore, that's our focus. Speaker 900:48:07Okay, great. And then just one more follow-up question on that. So this is a proof of concept study. Your primary endpoint is changed from baseline in lemaz by DEXIScan. By the time you're ready to do a pivotal trial, do you expect any update or change in FDA guidance in terms of how to develop muscle preservation drugs? Speaker 900:48:29Or do you think you have all you need at this point of time? Speaker 100:48:34Yes. Kripa, this is Jay. I think the answer is going to be it's going to be an evolving field and I think FDA will begin to take into consideration the strategies to really have healthy weight loss management. Although as you know, I think regulatory change tends to be delayed. So whether we get greater insight as we go forward remains to be seen. Speaker 100:48:54Having said that, I feel very good about the information we've received to date from the FDA. I think we need to demonstrate clinical benefit in addition. And I think as we've you see from Moe and what really gets me excited is we're walking through what Moe and his team are doing on the non clinical data. I just ask you to take a look at that. It's starting to foreshadow where we could take this medicine, right? Speaker 100:49:18We have an effect on glucose metabolism. That's a clear measure of clinical benefit. The data at the ADA showed that we preserve the lean muscle. In fact, we maintain the lean muscle and in fact increase the lean muscle mass upon withdrawal of semaglutide and we mitigate the weight rebound, the fat rebound. So you're seeing opportunities where what we've been saying is sustainable. Speaker 100:49:44And I think we can find strategies there on the maintenance side or in combination to really position, I think, those trying to lose weight to not lose it at the expense of muscle, which plays such a critical role in metabolism. Speaker 900:49:58Great. Thank you so much. Operator00:50:01Thank you. We will now take the last question from the line of Marc Frahm from TD Cowen. Please go ahead. Speaker 400:50:12Thanks for taking my questions. A lot have already been answered. But maybe to follow-up on Mike's question right at the beginning. Just on these kind of differences between the molecules and the trial designs in SMA, do you guys view that those differences are so significant that they're very likely to lead to completely different outcomes for trials in terms of just outright failing to reach statistical significance or succeeding in other cases? Or do you think that these are likely to be just more subtle aspects of the overall kind of profile that you're able to market to that each company might be able to market to in terms of how big that efficacy signal really is and obviously the safety profile? Speaker 400:50:58And then I'll have a follow-up question after that. Speaker 100:51:04Yes. Okay. Sorry, Mark. This is Jay. Yes. Speaker 100:51:08So talking about the differences in the profiles of the programs, because I got a side distraction as you were answering the question. I want to make sure I got it correctly, in terms of what's expected to be seen from each of the different profiles? Yes. Speaker 400:51:23So let me just start. Is it significant enough that it's going to be very important to success failure? Or is it or do you view it as more subtle as to just how impressive the data is going to be? Speaker 100:51:35Yeah, it's really interesting. I mean, let's start 1st and foremost. Again, I made a comment about we're treating children and young adults and we have plans to move even into earlier ages under 2, right? So if you think about that, as everything we said about our strategy, safety really trumps. You've got to be able to have a safe therapy. Speaker 100:51:55You've got to be able to administer it. It's got to be able to be administered without regard for growth and development and we've been able to demonstrate that across. So safety is really paramount. I think that there is differences in terms of each of the strategies, but I like our strategy on the safety side. So let's start there. Speaker 100:52:13I think with respect to kind of what to see from the efficacy side, again, I think we've selected the Hammersmith scale for a reason. It was what's used for nusinersen. There are other motor scales, but quite honestly from the field, I believe this is the gold standard and we're really looking forward to reporting out our data against that gold standard measures. So I think that's important. I think the tolerability, which is linked back to safety, but the tolerability will be critical as I think about it from a payer interaction and our ability to commercialize. Speaker 100:52:47We have seen very little, if any drop from our TOPAZ data going forward. That really is impressive. I recall from a previous setting that I was in and the CEO at the time would make a comment that he doesn't know what the median duration of treatment is because patients are still on. So if you just think about the implication to that, I think we're really doing well. I'm not sure that's true across the other programs, we'll see. Speaker 100:53:15But I like where we're going. And then the final point is, I do like that we're agnostic to treatment. I think that is really important. This is an established market with several players. We have an opportunity as you'll see going forward to really show this in the background of gene therapy, not just SMN up regulating therapy. Speaker 100:53:35I think that is a really good place to play because we're neutral in terms of the choice and I think that maximizes our opportunity to go forward. So all of those things together, I feel really good about where we are. And frankly, like you, looking forward to being able to tell you the top line results. Speaker 400:53:54Okay. That's helpful. And then just obviously, we're hoping that the trial will be positive. Can you just remind us what else you may need to gather to be ready to file that BLA? Is it really just the data and writing it up? Speaker 400:54:08Or are there other things on the CMC side that still need to kind of come in house? Speaker 100:54:14Yes. As you know with most applications, this is a work in progress. The beauty of it is, is that we've been preparing the BLA over the last 12 to 18 months to be honest, right. There are sections that you can complete and do. The non clinical sections that work is done. Speaker 100:54:28Those reports are written. They're being included. The CMC team is doing their CMC work and PPQ runs and getting all that stuff. So that's running beautifully. And then the clinical team is really working to populate the modules. Speaker 100:54:42There are some things that we will incorporate the TOPAZ data as it was raised earlier by Gary. Definitely, we're going to include that in our application, but that data as well as evolving, we have enough to put in there. So all of that is coming together beautifully. We were pleased and very fortunate to have a really outstanding Head of Regulatory come in and he's just done a fabulous job of getting us ready for submission. So Jing and team are flying, Moe's team is hustling and the rest of us are trying to keep up with them, Mark. Speaker 300:55:13Okay. All right. Thank you. Operator00:55:17Thank you. There are no further questions at this time. Speaker 100:55:22Okay. Well, listen, thank you all. We're going to close the call. Thanks for your interest and I appreciate you joining us today.Read morePowered by