SCHOLAR ROCK HOLDING CORP (SRRK)
Health Care · biotechnology · NASDAQ
Scholar Rock is a clinical-stage biopharma company pioneering anti-myostatin therapies to treat rare neuromuscular diseases like SMA by selectively inhibiting growth factor activation.
What SCHOLAR ROCK HOLDING CORP does
Scholar Rock is a biopharmaceutical company focused on the discovery and development of monoclonal antibodies for the treatment of neuromuscular diseases. The company utilizes its proprietary platform to selectively target the precursor or latent forms of growth factors, particularly within the TGFβ superfamily. Its lead product candidate, apitegromab, is an anti-myostatin antibody currently in development for spinal muscular atrophy (SMA) and facioscapulohumeral muscular dystrophy (FSHD).
Themes: neuromuscular diseases, spinal muscular atrophy (SMA), muscle atrophy therapies, rare disease drug development, TGFβ signaling pathway
Fundamentals
- Price$43.00 as of 2026-10-21 close
- Market cap$5.2B as of 2026-08-03 (share count; price 2026-10-21)
- 1-year return+52.6% 2025-10-21 close $28.17 → 2026-10-21 close $43.00
- P/En/a negative earnings
- ROE-154.0% FY2025, SEC XBRL
- ROICn/a No figure: its pre-tax income was zero or negative, so there is no tax rate to apply.
- Debt / equity0.77 borrowings, leases excluded / equity — 10-Q/10-K balance sheet 2026-06-30
- Beta1.31 as of 2026-09-02
- Last reported earnings2026-08-06 SEC EDGAR Form 8-K (Item 2.02)
How SRRK compares in its sector
- return on equitybottom 10% 510 covered Health Care peers, as of 2026-09-02
- free cash flow (absolute dollars, latest fiscal year)bottom 10% 494 covered Health Care peers, as of FY2025
Position among covered Health Care companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
Quarterly results
| Quarter | Revenue | Operating income | Net income | Diluted EPS | Operating cash flow | Capex |
|---|---|---|---|---|---|---|
| Q2 FY2026 2026-06-30 | — | -$109M | -$110M | -$0.84 | -$70M† | $1000† |
| Q1 FY2026 2026-03-31 | $0 | -$102M | -$106M | -$0.83 | -$82M | $68000 |
| Q4 FY2025 2025-12-31 | — | -$92M† | -$91M† | -$0.75† | -$75M† | $32000† |
| Q3 FY2025 2025-09-30 | — | -$104M | -$102M | -$0.90 | -$69M† | $84000† |
| Q2 FY2025 2025-06-30 | — | -$112M | -$110M | -$0.98 | -$77M† | $215000† |
| Q1 FY2025 2025-03-31 | — | -$77M | -$75M | -$0.67 | -$79M | $271000 |
| Q4 FY2024 2024-12-31 | — | -$69M† | -$66M† | -$0.61† | -$50M† | $22000† |
| Q3 FY2024 2024-09-30 | — | -$65M | -$64M | -$0.66 | -$52M† | $31000† |
† Not filed as a discrete quarter: derived from the company's own year-to-date figures (for example the fourth quarter as the fiscal year minus the first nine months). A derived per-share figure is approximate, because the share count moves within the year.
Balance sheet at 2026-06-30
- Cash and equivalents$437M
- Short-term investments$55M
- Total debt$196M borrowings only; leases excluded
- Net debt-$296M total debt − cash − short-term investments
From the company's own SEC 10-Q and 10-K filings (XBRL), re-read every week. Figures in US dollars as filed; informational only — not financial advice.
How SCHOLAR ROCK HOLDING CORP looks technically
SCHOLAR ROCK HOLDING CORP (SRRK) is trading 14.2% below its 200-day average, the long-term trend line — a long-term downtrend. Its 50-day average crossed above its 200-day average about 222 trading days ago — a "golden cross", a bullish long-term signal. A strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 39, with sellers in control. Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 36, neither overbought (above 70) nor oversold (below 30). It made a new 20-day low about 5 trading days ago. It is 33.0% below its highest point of the past year.
Trend
8
| Distance from the 200-day | it is trading 14.2% below its 200-day average, the long-term trend line — a long-term downtrend | -14.2% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $50.23 | $50.23 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $48.20 | $48.20 |
| Swing structure | its recent peaks and dips disagree — one of them is rising while the other is not, so there is no clean up or down pattern in the swings | mixed — one of the two is not confirming |
| Last swing turn | its last significant turn was a swing high 27 calendar days ago — the swings before that are what the structure reading is measured on | 27 sessions |
| Wave structure | its recent swings can be read as a completed three-part upward correction — a pullback in the A-B-C shape Elliott-wave chartists use; the labelling fails if price closes above 51.735. It is the only labelling that fits, though not with textbook proportions, and it describes the swings already printed, not what comes next. | possible three-wave upward correction, complete (atypical proportions) |
| Since the 50/200 cross | its 50-day average crossed above its 200-day average about 222 trading days ago — a "golden cross", a bullish long-term signal | 222 sessions |
| Trend strength (14-day ADX) | a strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 39, with sellers in control | 39.2 |
Momentum
3
| 14-day RSI | momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 36, neither overbought (above 70) nor oversold (below 30) | 35.8 |
|---|---|---|
| Position in its 14-day range | it is trading in the lower half of its 14-day range ($38.69 to $48.82) — its "stochastic" reading is 26 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been climbing within that range over the last few sessions. | 26.4 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, is in negative territory (momentum leaning bearish) | 34 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $61.76 | $61.76 |
|---|---|---|
| From the 52-week high | it is 33.0% below its 52-week high (its highest price of the past year) | -33.0% |
| Above the 52-week low | it is 52.8% above its 52-week low (its lowest price of the past year) | +52.8% |
| Below the 52-week high | it is 33.0% below its highest point of the past year | 33.0% |
| Since a 20-day breakout | it made a new 20-day low about 5 trading days ago | 5 sessions |
| Since a 55-day breakout | it made a new 55-day low about 5 trading days ago | 5 sessions |
| All-time high | its highest closing price on record is $69.53 (set on 2021-03-16) | $69.53 |
| Given back of the 52-week move | over the past year its closes ranged ($27.92 to $60.04), and it has given back a bit over half of its rise from last year’s low — 58% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $39.16 to $40.19. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 58.2% |
| From the all-time high | it is 40.5% below its all-time high | -40.5% |
| Nearest price level | it is trading 2.5% above a support level at $40.34 — a price it turned at three times since 2024-12-19, most recently on 2026-01-12. Since 2024-10-21 it has 8 such levels below the current price and 6 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | -2.5% |
| All-time low | its lowest closing price on record is $4.33 (set on 2022-06-02) | $4.33 |
| Above the all-time low | it is 855.2% above its all-time low | +855.2% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are unusually wide versus its own recent history (wider than about 91% of the past ~6 months) | 91st percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $2.13 between its high and its low — about 5.2% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $2.13 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $37.08 and $51.11 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $37.08 – $44.10 – $51.11 |
| Typical daily range (% of price) | its price moves about 5.2% in a typical session — about typical for the companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 5.2% |
| Stretch from the 200-day average | it is trading 3.2 daily ranges below its 200-day average price (14.2% below it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 3.2 daily ranges below its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 0.73× |
|---|
Analyst
2
| Change in the average price target | analysts' average price target is unchanged from the prior reading | 0.0% |
|---|---|---|
| Change in the consensus rating | the analyst consensus rating is unchanged since the prior reading | unchanged |
Candlestick patterns
1
| Since a doji | 6 sessions ago it opened and closed at almost the same price after trading through a wider range — a "doji", the classic picture of buyers and sellers finishing the session level | 6 sessions ago |
|---|
Price gaps
3
| Gap at the open | it opened on 2026-10-20 0.4% above the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and had not traded back through that level by the close | +0.3% |
|---|---|---|
| Open gap | it gapped 2.1% below the previous close 25 sessions ago and has not traded back through the level it left behind at 51.85 — an "unfilled gap", which describes a price range no trade has since crossed and is not a forecast that it will be crossed | -2.1% |
| Gap filled | a 2.0% gap down opened on 2026-09-18 has been "filled" 21 sessions ago — price traded back through the level the gap left behind, and it took 1 session to close | 21 sessions ago |
Price streaks
1
| Closing streak | it has closed higher 2 sessions in a row, a +3.66% move over the run — an unbroken run of up days, which describes what has already happened and says nothing about the next session | 2 sessions up |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 12.3 percentage points (the stock lost 11.3% while the market gained 1.0%) | -12.3% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock lagged the market by 22.0 percentage points (the stock lost 18.4% while the market gained 3.6%) | -22.0% |
| vs market, 6 months | over the past 6 months this stock lagged the market by 22.0 percentage points (the stock lost 13.5% while the market gained 8.5%) | -22.0% |
| vs market, 12 months | over the past 12 months this stock beat the market by 33.6 percentage points (the stock gained 48.1% while the market gained 14.6%) | +33.6% |
Signal agreement
2
| Bullish technical signals | 1 of the 9 technical signals we can compute for it is currently in a bullish state: a "golden cross" — its 50-day average is above its 200-day — these describe past price behaviour, not a forecast | 1 of 9 |
|---|---|---|
| Bearish technical signals | 5 of the 9 technical signals we can compute for it are currently in a bearish state: trading below its 200-day average, MACD momentum is negative, a strong downtrend, with sellers in control, lagging the market over 6 months, trading below the Ichimoku cloud — these describe past price behaviour, not a forecast | 5 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 23% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-09-14 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is moderate, spanning 4.3% of the share price. | -23.0% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is 15% below the average price paid so far this year, so the typical buyer over that stretch is under water. That average is $48.40 — a volume-weighted average of daily closes over 198 sessions, not a true tick-by-tick VWAP. | -14.5% |
|---|---|---|
| Vs the average paid since it last reported | the price is 16% below the average price paid since it last reported on 2026-08-06 (its 10-Q), so the typical buyer over that stretch is under water. That average is $49.31 — a volume-weighted average of daily closes over 53 sessions, not a true tick-by-tick VWAP. | -16.1% |
Price levels it has turned at before
SRRK last closed at $41.36 on 2026-10-20. Since 2024-10-21 it has turned at 8 prices below its last close and 6 above; the 3 nearest below and the 3 nearest above are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $40.34 | Support | 2.5% below the last close | turned there three times · 2024-12-19 to 2026-01-12 |
| $42.52 | Resistance | 2.8% above the last close | turned there three times · 2025-12-17 to 2026-03-02 |
| $39.56 | Support | 4.3% below the last close | turned there twice · 2025-03-03 to 2025-12-02 |
| $43.52 | Resistance | 5.2% above the last close | turned there four times · 2024-11-25 to 2026-06-11 |
| $38.78 | Support | 6.3% below the last close | turned there three times · 2025-01-10 to 2026-03-19 |
| $45.83 | Resistance | 10.8% above the last close | turned there 10 times · 2024-12-10 to 2026-09-18 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a three-part upward correction — the A-B-C shape chartists use for a pullback — now complete.
This labelling fails — stops being a possible reading at all — if it closes above $51.73.
It is the only labelling that fits these swings, though its proportions are not the textbook ones. It was chosen from 3 labellings that survived the rules, counting shorter readings of the same bars.
This reading has stood for 15 trading days, since 2026-09-30.
Read from daily closes as of 2026-10-20.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading below the 200-day moving average · Trading below the 50-day moving average · Pulled back from the 12-month high · lagging the market · Under water since its last earnings report (below the anchored VWAP) · Trading below the Ichimoku cloud | Learn: moving average · golden cross · adx · rsi · breakout · fifty two week high low
Based on daily closing prices as of 2026-10-20. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Consensus ratingStrong Buy (1.22 mean, 1=Strong Buy…5=Strong Sell) — 16 analysts
- Mean price target$70.44 range $58.00 – $84.00; median $71.50
Analyst estimates, as of 2026-10-19. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for SRRK
- Consensus EPS estimate-$0.839 next reporting period, as of 2026-10-19
- Estimate change, 30 days-$0.01258 from -$0.8264, on 2026-09-14, 35-day window
- Readings revised upward0% of 7 comparable readings
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["Significant dependence on the regulatory approval of the lead candidate, apitegromab, which has already faced delays due to a complete response letter (CRL) related to third-party manufacturing.","The company has no history of commercializing a product and faces execution risks in building commercial, medical, and compliance infrastructure.","Uncertainty regarding pricing, reimbursement, and market access, particularly in the EU, which could limit the commercial viability of its products."]
What changed in the latest 10-Q
AI-assisted comparison of SRRK's 10-Q filed 2026-05-07 against the prior one filed 2025-11-14.
Management's Discussion & Analysis (MD&A)
- Reworded:
- Reference to Annual Report on Form 10-K year-end changed from 'December 31, 2024' (filed 2025-11-14) to 'December 31, 2025' (filed 2026-05-07)
- Notes:
- Both filings appear to be truncated at the same point ('Part II,'). Comparison is limited to the text provided.
Risk Factors
- Added:
- New risk factor added: 'we may receive regulatory approval for only a subset of SMA patients' (filed 2026-05-07)
- New risk factor added: 'in March 2026 we resubmitted the apitegromab BLA which was accepted by the FDA' (filed 2026-05-07)
- New risk factor added: 'The CRL could impact the current review process of our MAA with the EMA, which could result in a delay or a resubmission of the MAA to the EMA' (filed 2026-05-07)
- New risk factor added: 'Unfavorable pricing and reimbursement decisions in the EU could significantly delay or limit patient access to apitegromab, if approved, and materially reduce our anticipated revenues' (filed 2026-05-07)
- New risk factor added: 'the EU health technology assessment bodies and national payors may impose price reductions, require additional clinical or real world evidence, restrict reimbursement, or deny coverage altogether' (filed 2026-05-07)
- New risk factor added: 'Pricing and reimbursement negotiations in the EU are often lengthy, highly uncertain, and subject to country by country requirements, reference pricing, budget impact assessments, and mandatory discounts' (filed 2026-05-07)
- Removed:
- Risk factor section heading changed from 'Risks Related to Intellectual Property' to 'Risks Related to Our Intellectual Property' (filed 2026-05-07)
- Removed risk factor: 'Our commercial success depends in part on our ability to develop, manufacture, market and sell our product candidates and use our proprietary technologies without infringing the proprietary rights of third parties. Third-party claims of intellectual property infringement may prevent or delay our product discovery, development, and commercialization efforts' (filed 2025-11-14)
- Removed risk factor section: 'Risks Related to Our Financial Condition and Capital Requirements' (filed 2025-11-14)
- Removed risk factor: 'We have incurred net losses in every year since our inception and anticipate that we will continue to incur net losses in the future' (filed 2025-11-14)
- Removed risk factor: 'We will require additional capital to fund our operations and if we fail to obtain necessary capital, we will not be able to complete the development and commercialization of apitegromab, SRK-181, SRK-439 and any future product candidates' (filed 2025-11-14)
- Removed risk factor section: 'Risks Related to Our Common Stock' (filed 2025-11-14)
- Reworded:
- Changed from 'The Complete Response Letter ("CRL") received from the FDA in September 2025 will require us to resubmit the apitegromab biologics license application ("BLA")' to 'We received a CRL from the FDA in September 2025 and in March 2026 we resubmitted the apitegromab BLA which was accepted by the FDA' (filed 2026-05-07)
- Changed from 'timely review and potential approval of our biologics license application ("BLA") when resubmitted' to 'timely review and potential approval of our accepted BLA resubmission' (filed 2026-05-07)
- Changed from 'Failure to comply with health care privacy and data protection laws' to 'Failure to comply with health care, privacy and data protection laws' (filed 2026-05-07)
- Changed from 'government enforcement actions' to 'government or competent authority enforcement actions' (filed 2026-05-07)
- Notes:
- Older filing text appears truncated at end ('The price of our stock is volatile, and you co'), preventing complete comparison of all removed sections
- Page number changed from 35 (older) to 31 (newer), indicating content reorganization
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
No open-market insider purchases or sales recorded in the last 90 days, of which we have read Form 4 filings through 2026-10-16. The 6 days since 2026-10-16 have not been checked yet.
- Last 180 days · read to 2026-10-160 buys · 13 sells ($923084) — 5 selling insiders
Most recent open-market transaction: 2026-07-01. Based on Form 4 filings read through 2026-10-16; anything filed since is not yet included.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about SRRK's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
5 institutional 13F filers reported holding SRRK as of 2026-06-30 (quarter-end position, filed within 45 days).
- Distinct 13F filers 5
- Reported shares held 33,228,808
- Reported value $1,827,584,419
reported quarterly holdings change (2026-03-31 → 2026-06-30): 1 new, 3 increased, 1 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Ask about SRRK's institutional holders → See what each manager we track holds →
Short interest (FINRA)
SRRK had 22,722,119 shares of reported short interest as of the 2026-09-30 FINRA settlement date (delayed, bi-monthly; not real-time).
SRRK had 18.7% of its shares outstanding sold short as of the 2026-09-30 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 9.32 days to cover at the same settlement.
- Reported short interest (shares) 22,722,119
- Short interest (% of shares outstanding) 18.7%
- Prior settlement (shares) 19,407,706
- Reported change 17.08%
- Days to cover (reported) 9.32
Reported to FINRA as of the 2026-09-30 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
Compare SRRK vs…
Frequently asked questions
What does SCHOLAR ROCK HOLDING CORP (SRRK) do?
Scholar Rock is a biopharmaceutical company focused on the discovery and development of monoclonal antibodies for the treatment of neuromuscular diseases. The company utilizes its proprietary platform to selectively target the precursor or latent forms of growth factors, particularly within the TGFβ superfamily. Its lead product candidate, apitegromab, is an anti-myostatin antibody currently in development for spinal muscular atrophy (SMA) and facioscapulohumeral muscular dystrophy (FSHD).
What sector is SCHOLAR ROCK HOLDING CORP (SRRK) in?
SCHOLAR ROCK HOLDING CORP (SRRK) is classified in the Health Care sector. Its industry is biotechnology. It trades on NASDAQ.
Who are SCHOLAR ROCK HOLDING CORP's (SRRK) competitors?
Notable peers of SCHOLAR ROCK HOLDING CORP (SRRK) include Biogen, Roche, Novartis, PTC Therapeutics and Sarepta Therapeutics. This peer set is informational only — not financial advice.
Is SCHOLAR ROCK HOLDING CORP (SRRK) overbought or oversold right now?
SCHOLAR ROCK HOLDING CORP (SRRK) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 36, in the neutral middle (as of 2026-10-20). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on SRRK come from?
Fundamentals come from SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest; prices are market data, as of 2026-09-02; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-10-21.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.