Item 1.01 Entry Into a Material Definitive Agreement
Amendment to Loan and Security Agreement
On November 16, 2021 (the "Effective Date"), Scholar Rock Holding Corporation
(the "Company" or "we") and Scholar Rock, Inc., a wholly-owned subsidiary of the
Company (collectively, the "Borrower"), entered into Amendment No. 1 (the
"Amendment No. 1") to the Loan and Security Agreement (the "Loan Agreement")
dated October 16, 2020 by and with Oxford Finance LLC ("Collateral Agent") and
Silicon Valley Bank ("Bank") (each, a "Lender" and collectively, the "Lenders").
Pursuant to the Loan Agreement, the Company previously received $25.0 million in
loan proceeds under Tranche 1 of the Loan Agreement on October 16, 2020. The
Company has an additional $25.0 million in loan proceeds available to it if it
meets the criteria under Tranche 2 of the Loan Agreement. Amendment No. 1
amended the Loan Agreement to revise the Tranche 2 milestones to be when the
Borrower has: (i) publicly announced the Phase 3 clinical trial (SAPPHIRE)
design for SRK-015 (Apitegromab) and registered such clinical trial with
clinicaltrials.gov; and (ii) initiated Part B of the DRAGON Phase 1 clinical
trial for SRK-181.
The foregoing description of Amendment No. 1 does not purport to be complete and
is qualified in its entirety by reference to the Amendment No. 1, which we
intend to file as an exhibit to our Form 10-K for the year ending December 31,
2021.
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