Notes

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"lookback":10,"period":"holdout","cost_bps_side":30,"return_pct":-17.764368295232728,"drawdown_pct":55.465218969053275,"n":32,"win_pct":25,"avg_win_pct":11.547974230728803,"avg_loss_pct":4.154257241832481,"mean_trade_pct":-0.2286993736921596} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"lookback":10,"period":"holdout","cost_bps_side":15,"return_pct":-9.478354774845911,"drawdown_pct":53.20514476656959,"n":32,"win_pct":25,"avg_win_pct":11.883271938226516,"avg_loss_pct":3.866137113064504,"mean_trade_pct":0.07121514975825058} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"lookback":10,"period":"train","cost_bps_side":30,"return_pct":-78.07581394432374,"drawdown_pct":86.86586339951077,"n":70,"win_pct":37.142857142857146,"avg_win_pct":8.472407956382895,"avg_loss_pct":7.524396743506993,"mean_trade_pct":-1.5827264264050351} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"lookback":10,"period":"train","cost_bps_side":15,"return_pct":-72.95259422078126,"drawdown_pct":84.08574398486552,"n":70,"win_pct":37.142857142857146,"avg_win_pct":8.798465081081908,"avg_loss_pct":7.246402247006521,"mean_trade_pct":-1.2868800965736775} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"lookback":5,"period":"holdout","cost_bps_side":30,"return_pct":-52.5438474322514,"drawdown_pct":64.14175785333289,"n":47,"win_pct":23.404255319148938,"avg_win_pct":10.053083798432878,"avg_loss_pct":4.67626092695113,"mean_trade_pct":-1.2289674805846602} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"lookback":5,"period":"holdout","cost_bps_side":15,"return_pct":-45.357791195084026,"drawdown_pct":59.20441493618009,"n":47,"win_pct":23.404255319148938,"avg_win_pct":10.383890086275663,"avg_loss_pct":4.389709165710717,"mean_trade_pct":-0.932058276947948} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"lookback":5,"period":"train","cost_bps_side":30,"return_pct":-90.89999812987051,"drawdown_pct":93.89754451419627,"n":104,"win_pct":30.76923076923077,"avg_win_pct":8.203564232836001,"avg_loss_pct":6.370702590891189,"mean_trade_pct":-1.886312798975131} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"lookback":5,"period":"train","cost_bps_side":15,"return_pct":-87.56797713243076,"drawdown_pct":91.95788485890921,"n":104,"win_pct":31.73076923076923,"avg_win_pct":8.27376493774904,"avg_loss_pct":6.176586157947644,"mean_trade_pct":-1.591378598736196} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"date":"2026-09-02","prior_close":55.885,"open":56.81,"close":56.105,"gap_pct":1.6551847544063802,"day_pct":0.393665563210166,"xbi_day_pct":1.168696077831477} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"date":"2026-08-21","prior_close":55.235,"open":55.42,"close":56.55,"gap_pct":0.33493256087626655,"day_pct":2.3807368516339134,"xbi_day_pct":1.4354359869005018} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"date":"2026-08-07","prior_close":52.7,"open":52.54,"close":52.935,"gap_pct":-0.30360531309299166,"day_pct":0.4459203036053072,"xbi_day_pct":1.8578456758156392} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"date":"2025-09-23","prior_close":32.63,"open":29.91,"close":33.77,"gap_pct":-8.335887220349381,"day_pct":3.493717437940558,"xbi_day_pct":-0.5264787860018605} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"date":"2025-09-22","prior_close":30.8,"open":30.665,"close":32.63,"gap_pct":-0.43831168831169887,"day_pct":5.941558441558437,"xbi_day_pct":1.7862771881895556} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"entry":"2025-08-22","exit":"2025-09-15","entry_close":35.495,"exit_close":33.66,"return_pct":-5.453806751727996,"drawdown_pct":12.119468625199437,"sample":1,"wins":0,"avg_win_pct":null,"avg_loss_pct":5.453806751727996,"holdout_events":0,"xbi_raw_pct":2.706883217324041,"trade_return_denominator_pct":-5.456533655103865} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Measured Sep6 2026 from Sep4-completed IEX bars unless financial (Jun30 filing). Units indicated in JSON; simulation hazard/jump assumptions, not probabilities estimated from events. {"bars":1425,"first":"2021-01-04","last":"2026-09-04","close":55.305,"sma20":55.61550000000001,"sma50":53.44019999999998,"ret20_pct":4.477189005383964,"adr20":1.8835000000000002,"atr14":2.0317857142857148,"low20":50.78,"high20":61.75,"vol20_annual_pct":36.053304269624256,"volume20_iex":68740.65,"gap_min_pct":-16.510390268626463,"gap_min_date":"2025-10-13","two_adr_target":59.072,"rr_low20":0.8324861878453048} https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SRRK,XBI,SPY&timeframe=1Day&feed=iex&adjustment=all

Direct queried closed trades: N3, wins0, average realized price return-16.380601%, all three65USDinitialnotional. MIRM-.439321% and IONS-2.842420% operator liquidations censor intended strategy horizons. RARE-45.860062%, plannedstop-7.120743%,realized-6.440348R; fractional restriction/gap means stop not fixedmaximumloss. Cannot estimateaveragewinfromzeroobservedwins or slippagewithout contemporaneousquotes. No holdings/pending fromprovidedcontext; fundcash49.14,account850.99,1%risk8.5099. These descriptive outcomes support zero provenpositiveedge, not stable0%truewinprobability. runway:query_trades?fund=catalyst

EMAAug21page/readSep6:withdrawalAug13vsissuerwrittenprocedureconcludedAug20. Likelydifferentprocessdates,notindependenttrades; preserveboth,exactletterstillbeingchecked. EMAprovisionalnonapprovalbecauseEU GMPconfirmationmissing;doesnotestablishalternatesitefailureorUSoutcome. EMAsummarysays188ages2–12,whereissuertrialreport156ages2–12+32older=188;denominatorinconsistencyunresolved,useexplicittrialcohorts. PDFsQA429;pageaccessible. ThirdoriginEMA,butGMPmayrelyonsameFDAinspection,socountnotindependentplantfailures. https://www.ema.europa.eu/en/medicines/human/EPAR/isembyld

2025annualreportreadSep6:mainages2–12,N156,combineddoseN106vsplacebo50,1.8HFMSEpoints,p.0192;Hochbergboundary.025whenonlyoneprimarycomparisonpasses.20mgN53,1.4points,p.1149;10mgN53,2.2points,nominalp.0121. Combinedendpointpassesdespite20mgindividualnotpassing;notcontradiction.32olderpatients exploratory;SOCnusinersen/risdiplamcomplement,notreplacement. Sameissueroriginasreleases. https://investors.scholarrock.com/static-files/e4533b5a-14df-4515-bf7b-75b503a36b0d

ReadSep6;FDA7pageletterBLA761463signed09/22/2025 05:47:21PM,timezoneunstated. Facilitydeficienciesmaynotbespecifictothisapplication;compliancemayrequirereinspectionandPLI. AlsoasksresponsivePI/cartonlabeling,allscopeupdatedsafetyandconditional10yearpregnancystudyifapproved. Redactionsremain. Theseadministrative/postmarketingrequirementsarenotevidenceofanundisclosedfailedclinicalendpoint;manufacturing-ledCRLdoesnotmeanallresubmissionworkcomplete. Publicationavailabilityin2025notestablished,solettercontentnotusedas2025entrysignal. https://download.open.fda.gov/crl/CRL_BLA761463_20250922.pdf

IssuerexhibitSep23 2025announcesCRL,describesonlyCatalentinspectionobservationsandnootherapprovabilityissues. PublicannouncementdayoneafterSeptember22PDUFA; receiptSep22reportedlaterannualreport. Noevidencehereofearly2025decision. NotFDAproofthatfuturealternatesiteorbroaderlabelmustpass. https://www.sec.gov/Archives/edgar/data/1727196/000110465925092317/tm2526733d1_ex99-1.htm

Aug6issuer,Junquarter:USDm netloss109.9,SBC19.7,noquarterrevenue,R&D58.2,G&A50.7,Q2ATM62.8. FORGEplanned~60patients52weeksLMVprimary;OPALongoing;SRK439phase1toplinelate2026windowonly. Subcutaneouspathafterregulatoryapprovals. Sept2issuerlaterconfirmsFORGEdosing/FastTrack,notSMAapproval. Optimisticlaunchreadinessconditional;Aug7/21supersedeoriginaltwo-plantdescription. https://www.sec.gov/Archives/edgar/data/1727196/000119312526336715/srrk-ex99_1.htm

FiledAug6,periodJun30,readSep6. USDm:cash+securities492.088,H1CFOoutflow152.408,netATM160.774on3,543,692shares,financing276.904,debtprincipal200. Minimumunrestrictedcash60%ofprincipalunlessmilestonesmet;150delayedfacilityavailablefollowingSMAFDAapprovalsubjectconditions,expirySep30 2027;200additionaluncommittedrequiresconsent. DebtSOFRfloor1%+5%,orbasefloor2%+4%. Aug3common121,785,282;Jun30prefunded10,558,065. Sharedate/dilutiondifferentfromweightedEPSdenominator. Noassumptioncashisbusinessvalue. https://www.sec.gov/Archives/edgar/data/1727196/000119312526336732/srrk-20260630.htm

FDAletterNov20 concernsJun23–Jul14 2025inspection andinadequatecontaminationinvestigations/CAPA. Supportsstructuraloriginal-plantproblem,notalternate-facilityfailure. KnownpublicdateafterSep22 2025PDUFA:cannotuseaspre-entry2025signal. FDAandissuerareindependentoriginsonrelatedevents;letterdoesnotidentifyallredactedproducts. https://www.fda.gov/inspections-compliance-enforcement-and-criminal-investigations/warning-letters/catalent-indiana-llc-718189-11202025